"November, 2019" Archive

Delhi Court convicts a Director for holding Directorship of More than 20 Companies

Registrar of Companies Vs Sh. Roop Kishore Madan (Tis Hazari Court, Delhi)

Under the Rule 16 of The Companies (Appointment and Qualification of Directors) Rules 2014, the accused has the responsibility being Director to forward to the Registrar copy of resignation along with the applicable fees in Form DIR-11 within 30 days of such resignation....

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Independent Director: Feasible or not?

With the increased focus on shareholders’ wealth maximisation as the key corporate objective, regulators worldwide have understood the role independent directors can play to safeguard the interests of minority shareholders....

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Posted Under: Company Law |

Deploy e-Form PAS-6 & Clarify on due date of e-Form PAS-6: ICSI

We request you to arrange to deploy the e-form PAS -6 at the MCA website or issue clarification that for the half year ending September 30, 2019, the period of sixty days for filing of e-form PAS-6 would start from the date of deployment of said e-Form....

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Posted Under: Company Law |

Reopening of Assessment merely based on department advisory is invalid

Ravindra Kumar (HUF) Vs CIT (Patna High Court)

In view of the clear fact situation available on the record where such reopening is simply founded on the advisory dated 10.03.2016 issued by the department and where the reasons so present for the formation of belief is not resting on any tangible material, in possession of the Assessing officer as confirmed from the discussions above, i...

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Adhoc disallowance of expenses not justified without pointing any defects

TUV India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

No enquiries were conducted by the AO/learned CIT(A) even during appellate/remand proceedings . The books of accounts were not rejected by authorities below nor any defect is pointed out by the AO/learned CIT(A) in the books of accounts maintained by the assessee. There is no allegation by Revenue that the assessee claimed any bogus expen...

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Assessment order framed in the name of non-existing person was void ab initio

Pr. CIT Vs Maruti Suzuki India Ltd. (Supreme Court)

Notice under section 143(2) under which jurisdiction was assumed by AO was issued to a non-existent company. The assessment order was also issued against amalgamating company. This was a substantive illegality and not a procedural violation of the nature adverted to in section 292B. Accordingly, assessment order framed in the name of non-...

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FAQs on Issues faced by field users in Assessment module of ITBA

While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA...

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Posted Under: Company Law |

ICAI members to pay Membership/ COP Fees by 31.12.2019

It is just a gentle reminder that Membership/Certificate of Practice Fees for the year 2019-20 became due for payment on 1st April, 2019. If not paid till date, kindly pay Annual Membership/COP Fees by 31st December 2019....

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Posted Under: Company Law |

SAP based filing of Appeal Applications under MVAT & CST Act

Trade Cir. 55T of 2019 (30/11/2019)

The dealers who desire to file Appeal application against the orders passed by the Assessing Authorities under various Acts, apply manually to the Appropriate Authorities. These Appeal Applications are then decided by the Appellate Authorities as per the provisions of the Act....

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Section 153A Assessment -Incriminating material whether necessarily be discovered?

CIT Vs K.P. Ummer (Kerala High Court)

After issuing notice under section 153A revenue can carry out re-assessment or assessment with respect to the six immediate prior years and the year in which the search is carried out. This does not require any incriminating material recovered on search relating to those prior years; in which there is no time left, on the date of search, ...

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Company entitled for depreciation on Vehicle registered in name of director

Gold Finch Jewellery Ltd. Vs D.C.I.T. (ITAT Ahmedabad)

Though vehicles were registered in the name of directors of company, beneficial ownership vested with assessee since payment was made for the purchase of vehicles by the assessee. Thus, assessee was duly entitled for depreciation thereon, especially when assessee had claimed other expenses in connection with vehicle and non-disallowance t...

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Report on Audit Quality Review- 2018-19

Cases of financial irregularities continue unabated, both in India and abroad, bringing to the forefront yet again concerns over the need to improve audit quality. Reports of resignations of auditors to swift actions from various regulatory bodies against auditors continue to grab headlines on a routine basis these days. There are several...

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Posted Under: Company Law |

Viewing Orders of Unblocking of E-Way Bill Generation Facility- FAQs

FAQs on Viewing Orders of Unblocking of E-Way Bill Generation Facility Unblocking of E-Way Bill Generation Facility Q.1 Why my GSTIN is blocked for E-Way Bill generation facility? Ans. Your GSTIN will be blocked for E-Way Bill generation facility, in case, you have failed to file Form GSTR-3B return for last two or more consecutive [&hell...

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Posted Under: Company Law |

RFP for Internal Audit of New York Branch of Bank of India

Bank of India Relationship beyond banking REQUEST FOR PROPOSAL FOR OUTSOURCING OF INTERNAL AUDIT OF NEW YORK BRANCH Ref: BOI:NY:AUDIT:2019-20:125 Dated: 11/27/2019 Contents Description Page No Invitation to Bid 3 Requirements, Terms and Conditions (ANNEXURE- A) 7 Broad Scope of Work (ANNEXURE – B) 18 Technical Bid Proposal Form (For...

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Posted Under: Company Law |

Impact of New ITC Rule 36(4) of CGST Rules, 2017

Article on impact of circular No. 123/42/2019 –GST dated.11.11.2019 (Restriction in availment of input tax credit of sub-rule (4) of rule 36 of CGST Rules, 2017) under GST Law, 2017) on business community under GST Scenario. Dear Colleagues, good morning. You are all aware that CBIC has given Circular on Restriction in availment of inpu...

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Posted Under: Company Law |

Business Loss U/S 28 Vs. Specific Deductions under Business Head

Many times we fall into a confusion regarding the difference between business losses and business expenditure. A business loss can come from the normal operation of the business or an irregular activity arising out of the business whereas expenditure is something which is deliberately incurred for the moving of the business. Let us figure...

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Posted Under: Company Law |

Section 194N TDS on Cash Withdrawal from Bank/Post Office

In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Let’s […]...

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Posted Under: Company Law |

Section 194M TDS Provisions as applicable From September 1 2019

FM Nirmala Sitharaman has presented her first Union Budget on 5 July 2019.  In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction […]...

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Posted Under: Company Law |

GST Policies on Income from Rent

With Goods and Service Tax (GST) being evident in every sector then how can the income from rent escape the premises. Well, GST is much modernized and a well-structured tax collecting mechanism as compared to any tax system in India. Nothing is 100% fine therefore provisions are still being introduced to eliminate the minute flaws [&helli...

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Posted Under: Company Law |

Guidelines for scrutiny of invalid returns selected through CASS

F. No. 225/333/2019/ITA-11 (29/11/2019)

It has been brought to the notice of Board that notices under section 143(2) of the Income-tax Act, 1961 ('Act') were generated in respect of certain invalid returns of the assessees filed for the Assessment Year 2017-18 through CASS Cycle 2018. As the scrutiny of such returns will pose a challenge for the AO and is bad in law, I am direc...

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Cut-off Time for Determining Minimum Threshold of Margins to be Collected from Clients

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2019/149 (29/11/2019)

a. For the purpose of determining minimum threshold of margins to be collected by members from their clients, cut off time shall be kept as 5:00 b. Risk Parameter File (RPF) to be generated at cut-off time shall be applied on clients’ EOD portfolio for the purpose of determining minimum threshold of margin to be collected from clients b...

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Norms for Debt Exchange Traded Funds (ETFs)/Index Funds

Circular No. SEBI/HO/IMD/DF3/CIR/P/2019/147 (29/11/2019)

The following norms are prescribed for Debt ETFs/Index Funds to be adopted by all AMCs: (a) The constituents of the index shall be aggregated at issuer level. (b) The index shall have a minimum of 8 issuers. (c) No single issuer shall have more than 15% weight in the index. (d) The rating of the constituents of the index shall...

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Section 271B Penalty Not Leviable for Undisclosed Turnover

Vinay Agrawal Vs ITO (ITAT Indore)

Penalty U/s. 271B of the Income Tax Act, 1961 is leviable for failure to get accounts audited where the turnover / gross receipts exceeds the prescribed limit. Many times it happens that the turnover as per the regular books of accounts remains under the prescribed limit and as such the assessee do not gets the accounts audited U/s. 44AB....

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Recent Update in GST till 28th November 2019

20 November, 2019 was to last date to file Form GSTR 3B for month of October 2019. The data released by CBIC indicate that returns filed on last two days were 11.52 lakh and 14.36 lakhs where as cumulative figure till 20.11.2019 is 60.91 lakh indicating that bulk of returns are filed on last 2 days or so, of course putting tremendous pres...

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Appeal cannot be dismissed for Manual Filing during transition period: ITAT Mumbai

Mr. Umesh A Mishra Vs ITO (ITAT Mumbai)

Assessee had filed appeal in manual form and such appeal had been filed within prescribed time under the Act, merely because assessee had not filed appeal in electronic form, assessee’s appeal could not be dismissed on technical grounds that too during transition period prescribed by CBDT....

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Settlement Commission was never intended to operate as a parallel, summary adjudicatory forum: HC

Commissioner, Central Excise, Customs & Service Tax Vs Amit Decorative Plywoods Pvt. Ltd. & Ors. (Delhi High Court)

Commissioner, Central Excise, Customs & Service Tax, Sonepat & Ors Vs Amit Decorative Plywoods Pvt. Ltd. & Ors. (Delhi High Court) Settlement Commission could not have returned these findings, which could only have emerged from a formal adjudicatory process. The findings of the Settlement Commission, amount, in effect, to igno...

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Depreciation on Cars used for Business cannot be disallowed

M/s. Bhardwaj Construction Co. Vs ACIT (ITAT Delhi)

M/s. Bhardwaj Construction Co. Vs ACIT (ITAT Delhi) As regards to Ground Nos. 11 and 12, relating to disallowance on account of depreciation claimed at Rs. 33,726/- on Cars, the Ld. AR submitted that this disallowance is without any basis. The Ld. AR further submitted that the vehicles have been used for business purposes and […]...

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AO cannot disallow Section 35(2)(AB) deduction without application of Mind

ACIT Vs M/s. Crompton Greaves Ltd. (ITAT Mumbai)

Disallowance of deduction under section 35(2)(AB) on the ground of non approval of expenditure claimed by the DSIR was allowable as prior to the amendment, i.e., upto 30.06.2016, the pre-requisite for allow ability of deduction was approval for Units and not approval for the quantum of expenditure. Moreover, AO disallowed the claim withou...

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Transfer & Postings of 23 officers in Additional CIT/JCIT Grade

Office Order No. 244 of 2019 (29/11/2019)

Office Order No. 244 of 2019 – Transfer & Postings of the 23 officers in the grade of Additional Commissioner/Joint Commissioner of Income Tax vide Office Order No. 244 of 2019 dated 29.11.2019. F.No. A-22012/1/2019-Ad-VI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes) North Block, Ne...

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Survey cannot be converted into search without recording satisfaction

Pawan Kumar Goel Vs Union of India (Punjab and Haryana HC)

In case there was only a survey operation under section 131 and no proceedings were pending at that point of time in assessee's case, exercising power of search under section 132 by income tax authorities without any satisfaction recorded either of non-­cooperation of assessee or a suspicion that income had been concealed by assessee war...

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Reassessment proceedings on basis of change of opinion was invalid

City Union Bank Limited Vs ACIT (Madras High Court)

Reassessment could not be reopened on basis of change of opinion in case the matter of dis allowance had already been considered during the original assessment proceedings because the authority could not take advantage of their own wrong if they failed to perform their statutory duty....

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Govt. notifies GSTAT Benches for Mizoram, Rajasthan & Karnataka

Notification No. S.O. 4332(E) (29/11/2019)

Govt notifies creation of the State Benches of the Goods and Services Tax Appellate Tribunal (GSTAT) for Mizoram and Rajasthan and Area Benches at Two Area Benches at Bengaluru and One Area Bench at Jodhpur. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 29th November, 2019 S.O. 4332(E).—In exercise of the power...

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Real Estate & Joint Development Agreement under GST

This Article contains provisions in regard of Real Estate and Joint Development Agreement which are applicable from 01-04-2019. It is presumed that all constructions and agreements are effected after 01-04-2019 and there is no case of ongoing project. Index for this Article: A. Definitions B. Supply under Real Estate Business C. Valuation...

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Posted Under: Company Law |

Transitional credit cannot be denied for mere elapse of time to file revised FORM GST TRAN-1

Jakap Metind Pvt Ltd Vs Union of India (Gujarat High Court)

Jakap Metind Pvt Ltd Vs Union of India (Gujarat High Court) In this case, it is not as if the petitioner has not filed FORM GST TRAN-1 within the time provided by the respondents under the rules. The petitioner had filed the form, but on account of not properly understanding the nature of the columns […]...

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Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019

Notification No. 101/2019-Income Tax [G.S.R. 885(E)] (29/11/2019)

(1) These rules may be called the Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019. (2) They shall come into force from the date of their publication in the Official Gazette....

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FAQs on Unique Document Identification Number (UDIN)- E-book

The Institute of Chartered Accountants of India (ICAI), being a proactive regulator of accountancy profession in India, has conceptualized and developed an innovative concept of Unique Document Identification Number (UDIN) under which a unique number is now generated for every document certified/attested by a Chartered Accountant in pract...

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Posted Under: Company Law |

IPs to act as IRPs, Liquidators, RPs and Bankruptcy Trustees (Recommendation) Guidelines, 2019

Insolvency Professionals (IPs) to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2019...

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Posted Under: Company Law |

Requirement of mandatory uploading on e-Sanchit- Reg.

Circular No. 42/2019-Customs (29/11/2019)

Directorate of Systems have issued Advisory No. 25/2019 dated (web link) laying down requirement of mandatory uploading on e-Sanchit, the Invoice/ Invoice cum packing list and Bill of Lading/ Airway bill etc. for every Bill of Entry and subsequent declaration of document code and IRNs in the Bill of Entry. The coding scheme developed by D...

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Clearance of import of metal scrap – Procedure – Regarding

Circular No. 41/2019-Customs (29/11/2019)

Certain field formations have raised doubts regarding treatment of consignments of metal scrap till such time scanning facilities are installed at the gateway ports....

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Tariff Notification No. 86/2019-Customs (N.T.) Dated 29th Nov 2019

Notification No. 86/2019-Customs (N.T.) [S.O. 4309(E).] (29/11/2019)

Custom Tariff Notification No. 86/2019-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 86/2019-CUSTOMS (N.T.) New Delhi, 29th Novembe...

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Transfer / Posting to the grade of Commissioner/Pr. Commissioner/Pr. ADG Commissioner/ADG of Customs

Office Order No. 158/2019 (29/11/2019)

Office Order No. 158/2019 The President of India is pleased to promote following officers of Indian Revenue Service (Customs & Central Excise) to the grade of Commissioner of Customs, CGST & Central Excise in the Pay scale of Rs. 37,400-67,000/ with Grade Pay of Rs. 10,000/- (pre-revised) for the panel years mentioned against their nam...

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ICAI Releases updated Background Material on GST

Continuing with this motive, the Indirect Taxes Committee of ICAI, has recently revised its Background Material on GST Acts and Rules- May 2018 Edition (Two Volumes: Vol-1 : Act & its analysis along with Rules, Vol-02: Notifications, Circulars & Orders)....

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Posted Under: Company Law |

Auto Out of Charge under Express Cargo Clearance System (ECCS)

Circular No. 40/2019-Customs (29/11/2019)

Briefly, courier Bills of Entry (CBE) filed for clearance of imported cargo under ECCS are subjected to Risk Management System. The Risk Management Server either facilitates or interdicts a Courier Bill of Entry (CBE). The facilitated CBEs after payment of duty, if any are diverted for X-ray screening before final out of charge....

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How to upload multiple invoices with GST Refund Application- Advisory

Advisory for taxpayers for uploading multiple invoices/ credit/ debit notes as supporting documents with refund application (RFD-01) Tips for Scanning Documents and Reducing File Size for uploading supporting documents with the refund application Taxpayers are expected to upload the supporting documents while filing their refund applicati...

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Posted Under: Company Law |

Ind AS 40 | Indian Accounting Standard-Investment Property | Summary

Do you think that there is only one standard which is applicable to Property Plant and Equipment: IND AS 16 Property, Plant and Equipment. The answer is No. Aren’t you Surprised? On one hand, it’s 100% true that you are required to apply IND AS 16 for most of your long-term tangible assets, but it’s […]...

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Posted Under: Company Law |

Last chance to claim transitional credit under GST – Now or Never!!!

Government has provided a window enabling the taxpayers to file the Form Tran-1 till 31.03.2019 and which is now extended till 31.12.2019. It should be noted that this facility is available only to the persons who have attempted to file the FORM GST TRAN-1 within the initial due date i.e., 27.12.2017 but could not file the same due to tec...

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Advance Ruling Authority- Tribunal or Court or What? An Analtyical study

INTRODUCTION Globalisation of Indian economy has been gaining unprecedented momentum in recent years – almost two decades now. In its course, overwhelmingly large number of changes, that too of a significant nature / overreaching in effect , have been taking place; not only in the country’s economic front but also in almost every sphe...

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Posted Under: Company Law |

FAQs on Taking Actions in Form GST ANX-2 in Offline Tool

Offline tool can be used for taking actions in auto-populated details in the Form GST ANX-2 by the taxpayers. Taxpayer can also download Form GST ANX-2 JSON file from GST portal to view/ take action on the documents as part of downloaded JSON in the offline tool....

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Posted Under: Company Law |

FAQs on Filling Form GST ANX-1 in Offline Tool

Form GST ANX-1Offline Utility is a tool, inter alia, to facilitate preparation of the Form GST ANX-1 for taxpayers. Taxpayers may use the offline utility to furnish various details regarding outward supplies, imports & inward supplies attracting reverse charge etc. Once Form GST ANX-1 is prepared using offline utility, it is to be uploade...

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Posted Under: Company Law |

All about New GST Returns Dashboard with FAQs

A. FAQs on New GST Returns Dashboard FAQs > New Returns Dashboard 1. What is the GST Return Type? If the return frequency is selected as quarterly, then the taxpayer can change the return type as either Quarterly (Normal), Sahaj or Sugam, based on the types of their transactions. Taxpayer whose aggregate turnover was more […]...

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Posted Under: Company Law |

PAN cards now printed with Enhanced Quick Response Code

ATTENTION PAN CARD APPLICANTS PAN cards are now being printed with Enhanced Quick Response (QR) Code. Features of new PAN Card design: 1. Enhanced QR Code will contain Photograph & Signature of PAN applicant apart from existing information i.e., PAN, Name, Father’s Name/Mother’s Name, Date of Birth/Incorporation/ Formation. The af...

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Posted Under: Company Law |

No TDS u/s 195 on payment of buying agency commission to non-resident

M/s. Adidas India Marketing Pvt. Ltd. Vs ITO (ITAT Delhi)

Consideration paid by assessee for services rendered by non-resident were purely in the nature of procurement services and could not be characterized as ‘managerial’, ‘technical’ or ‘consultancy’ services and thus, could not be classified as fee for technical services and accordingly, not liable for deduction of tax at source ...

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No transfer u/s 2(47)(v) in absence of possession of land to JDA

ITO Vs State Bank of India Staff Vaibhav Co-op. HSG. Ltd. (ITAT Mumbai)

Since possession of land was not handed over to the Developer by assessee-society, therefore, there could not be any transfer within the meaning of section 2(47)(v) read with section 53A of Transfer of Property Act, 1882, even based on part performance of the contract. Accordingly. there was no liability of capital gain tax under section ...

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Detention of conveyance in absence of discrepancy in E Way Bill or Tax Invoice not sustainable

Insha Trading Company Vs. State Of Gujarat (Gujarat High Court)

Insha Trading Company Vs. State Of Gujarat (Gujarat High Court) The reasons for issuance of the notice for confiscation under section 130 of the CGST Act in Form GST MOV-10 are that upon preliminary verification of the dealer online, 42 e-way bills have been generated in December 2018, wherein, IGST has been shown to Rs. […]...

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Form GST ANX-2: Annexure of Inward Supplies- FAQs/Manual

FORM GST ANX-2 contains details of inward supplies as uploaded by supplier in his Form GST ANX-1 (and GSTR-5 and GSTR-6), and recipient needs to take action by either accepting or rejecting these documents, or marking them as pending....

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Posted Under: Company Law |

All about Online Upload and Download of Form GST ANX-2 JSON File

The data in GST ANX-2 is majorly auto-populated from the data uploaded by the supplier in his/her Form GST ANX-1, GSTR-5 and GSTR-6. The recipient is required to take action of Accept/ Reject/ keep Pending on the documents in his /her GST ANX-2....

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Posted Under: Company Law |

Form GST ANX-1: Annexure of Supplies- FAQs/Manual

Form GST ANX-1 contains details of outward supplies, inward supplies liable to reverse charge and import of goods and services. It is an annexure to the return to be filed by a regular taxpayer....

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Posted Under: Company Law |

New Section 194M & Section 194N effective from 1st September 2019

This Article give the snapshot of the newly inserted sections i.e.  Section 194M and Section 194N in the Finance Act (No. 2), 2019. Also covers Income Tax Notification No. 98/2019 dated 18th November 2019 issued by CBDT....

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Posted Under: Company Law |

GST ITC Verification Module

Registered as well as cancelled purchasing dealers shall upload year wise, quarter wise, invoice wise data for the verification of the mismatched ITC using ITC verification module available on the Rajtax Web Portal as mentioned in the prescribed format....

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Posted Under: Company Law |

Analysis of CBIC Notifications issued in respect of Jammu & Kashmir

Analysis of CBIC Notifications issued in respect of Jammu & Kashmir detailing the Migration Plan from Erstwhile State of J & K to UTs of J & K and Ladakh As per Jammu and Kashmir Reorganisation Act, 2019, the State of J & K has been divided between Union Territories, namely, UT of J & […]...

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Posted Under: Company Law |

No Objection Certificate by Principal – AICITSS (AIT/MCS)

Format of No Objection Certificate Letter required at the time of  AICITSS (AIT/MCS) Training. File is attached for reference. TO WHOMSOEVR IT MAY CONCERN NO OBJECTION CERTIFICATE This is to confirm that I, the undersigned do not have any objection for the below mentioned articled assistant to undergo the AICITSS (AIT/MCS) Course in the ...

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Posted Under: Company Law |

SEBI notifies Permissible Jurisdictions for issuance of Depository Receipts

Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2019/146 (28/11/2019)

Listed company shall be permitted to issue permissible securities or transfer Permissible Securities of existing holders, for the purpose of issue of DRs, only in Permissible Jurisdictions and said DRs shall be listed on any of the specified International Exchange(s) of the Permissible Jurisdiction....

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SEBI allows Clearing Corporations to invest in Overnight Funds

Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2019/145 (28/11/2019)

SEBI decided to permit the Clearing Corporations to make investments in Overnight Funds; however, the combined investments made by Clearing Corporations in Liquid Funds and Overnight Funds shall not exceed a limit of ten percent of the total investible resources. Further, the investments in Overnight Funds shall also be considered as 'Liq...

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MVAT on Unmanufactured tobacco, sold in sealed packets under brand name

Trade Cir. 54T of 2019 (28/11/2019)

Guidelines are given to the assessing & appellate authorities, handling cases of dealers, dealing in unmanufactured tobacco, sold in packets under a brand name, in view of the Bombay High Court judgment in the case of M/s Amar Agencies & others....

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Fried Fryums’ classifiable under Tariff Item 21069099

In re Alisha Foods (GST AAR Madhya Pradesh)

In re Alisha Foods (GST AAR Madhya Pradesh) Heading 2106 is an omnibus heading covering all kind of edible preparations, not elsewhere specified or included. Chapter Note 5 provides an inclusive definition of this heading and covers preparations for use either directly or after processing, for human consumption. In 5(b) above preparation ...

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Fried Fryums classifiable under CTH 21069099 -18% GST Applies

In re Alisha Foods (GST AAR Madhya Pradesh)

In re Alisha Foods (GST AAR Madhya Pradesh) The product ‘Fried Fryums’ manufactured and supplied by M/s. M/s ALISHA FOODS  is classifiable under Tariff Item 2106 90 99 of the First Schedule to the Customs Tariff Act, 1975. Goods and Service Tax rate of 18% (CGST 9% + GGST 9% or IGST 18%) is applicable […]...

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IRDAI : Extension of time/withdrawal of existing products

Ref: IRDAI/Life/CIR/MISC/212/11/2019 (28/11/2019)

Authority has received representations from Life Insurance Council and various life insurers requesting for extension of the timelines referred in the quoted circulars citing reasons of ensuring system preparedness and training of personnel required.  On considering the same...

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Bill to Ban use of Electronic Cigarettes Introduced in Lok Sabha

http://164.100.47.4/BillsTexts/LSBillTexts/PassedLoksabha/342-C_2019_LS_Eng.pdf...

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Posted Under: Company Law |

Release of various collection report in ITBA-OLTAS environment

ITBA-OLTAS Instruction No.2 (28/11/2019)

As you may be ware that OLTAS module has been migrated to ITBA environment and presently challan correction facilities are available in ITBA. The various collection MIS/reports which were available in the legacy OLTAS module have been designed and developed in ITBA environment and being release to enable field access and generate. The rep...

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Pr. DG/DG DRI can appoint Pr. Commissioner/ Commissioner of Customs as adjudicating authorities

Circular No. 39/2019-Customs (28/11/2019)

Pr. DG/DG DRI to appoint officers of the rank of Principal Commissioner/ Commissioner of Customs as adjudicating authorities in respect of specified cases. This would be in addition to the authority to appoint Additional Director General (Adjudication) as an adjudicating authority....

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Govt notifies Permissible International Exchange Jurisdictions under PMLA

Notification No. G.S.R. 882(E) (28/11/2019)

Central Government notifies the following jurisdictions under Prevention of Money-laundering Law- (i) United States of America (ii) Japan (iii) South Korea (iv) United Kingdom excluding British Overseas Territories (v) France (vi) Germany (vii) Canada and (viii) International Financial Services Centre in India. MINISTRY OF FINANCE (Depart...

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Notification No. 64/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019

Notification No. 64/2019-Customs (N.T./CAA/DRI) [S.O. 4300(E).] (28/11/2019)

Notification No. 64/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019- Appointment of CAA by DGRI – reg. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 64/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 28th November 2019 ...

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Notification No. 63/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019

Notification No. 63/2019-Customs (N.T./CAA/DRI) [S.O. 4299(E).] (28/11/2019)

Notification No. 63/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019- Appointment of CAA by DGRI – reg. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 63/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 28th November 2019 ...

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Depreciation allowable on Non-Compete Fees – Section 32

DCIT Vs IMCD Group B.V. India Branch (ITAT Mumbai)

DCIT Vs IMCD Group B.V. India Branch (ITAT Mumbai)- The issue under consideration is whether the depreciation is allowed on Non- Compete Fees under section 32 of the Income Tax Act?...

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HC allows GST TRAN-1 filing as system of Taxpayer was down

Mrinal Ghosh Vs Union of India & Ors (Calcutta High Court)

On facts, case of petitioner is that it could not attempt to file GST TRAN –1 form on GST portal because his own system was down. On 9th January, 2018, deadline having expired on 27th December, 2017, petitioner said so to Revenue. Petitioner then has obtained a report, upon forensic examination of his system, having provided password, w...

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Steps taken by Government for growth of TV Industry in India

Government has removed 5% Basic Custom Duty (BCD) on open cell (15.6 and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV Panels vide Notification No. 30/2019-Customs dated 17.09.2019, till September 2020....

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Posted Under: Company Law |

Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 – Amendment

RBI/2019-20/107 FMRD.DIRD.21/14.03.038/2019-20 (28/11/2019)

These Directions shall be called as the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 and shall supersede all other directions issued on the subject and covered by these regulations....

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Extension of last date of filing MGT-7 & AOC-4 | J&K & Ladakh

General Circular No. 15/2019 (28/11/2019)

Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh...

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Classification of work for land filling and site preparation

In re Ashis Ghosh (GST AAAR West Bangal)

In re Ashis Ghosh (GST AAAR West Bangal) As per the work orders issued by MBL, the Appellant is required to fill in the foundation or plinth by silver sand in layers and consolidate the same. Further the job also involves filling in the compound, tank and other low lying areas with sand and good […]...

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Extension of last date of filing Form PAS-6

General Circular No. 16/2019 (28/11/2019)

Time limit for filing Form PAS-6 without additional fees for the half-year ended on 30.09.2019 will be sixty days from the date of deployment of this form on the website of the Ministry. General Circular No. 16/2019 F. No. 01/21/2013 CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr...

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No Service Tax on ‘Allowed Loss and Consumption’ of LNG during regasification

Petronet LNG Limited Vs PCST (CESTAT Delhi)

Petronet LNG Limited Vs Principal Commissioner of Service Tax (CESTAT Delhi) The Appellant regasifies Liquefied Natural Gas owned by customers in terms of Agreements which also contain a clause relating to “allowed loss and consumption” under which a certain percentage of LNG made available to the Appellant by the customers is underst...

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HC held contribution of Land by partner to Firm as SHAM transaction

CIT Vs M/s Carlton Hotel Pvt Ltd. (Allahabad High Court)

The entire consideration for free-hold land was paid by M/s SICCL but in what capacity, was not known and transfer of same land by assessee to SICCPL at a consideration which had a vast difference than that was acquired by assessee after execution of free-hold deed did not conform to even any normal business transaction entered into by a ...

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How to deal with 20% restriction on availment of Input Tax Credit

Article explains What’s the restriction on Input Tax Credit under GST, On what Invoices/debit notes is the restriction on Input Tax Credit under GST imposed,  Calculation of restriction of Input Tax Credit under GST, Amount of ITC to be availed under GST, What would be the impact of the restriction on Input Tax Credit under […]...

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Posted Under: Company Law |

Legal Audit Secures the Business and Boosts it Profitability!

How would you rate the efficiency of the business model in the absence of an advisory team? Of course, zero or below five! In the absence of an advisory team who assist the businessmen to keep plans on the right course, the effect of business model and attainment of business goals become quite dubious. When […]...

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Posted Under: Company Law |

DGGI, Gurugram, arrests two for GST fraud involving Rs 141 crores

The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana has arrested Shri Deepak Mittal, resident of Mayur Vihar, New Delhi, and proprietor of M/s DK Enterprise and Shri Ankur Garg, resident of Hansi, district Hisar, Haryana, proprietor of M/s Garg Enterprises....

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Posted Under: Company Law |

Extension of last date of filing of Form NFRA-2-req

General Circular No. 14/2019 (27/11/2019)

Time limit for filing Form NFRA-2 will be 90 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Racket involving supply of goods-less invoices & invoice-less goods unearthed

Central GST Delhi North Commissionerate has unearthed a racket involving supply of goods-less invoices and invoice-less goods. One person has been arrested and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. The accused was found to be operating 10 fake firms which we...

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Posted Under: Company Law |

Guidelines for preferential issue & institutional placement of units by a listed REIT

SEBI/HO/DDHS/DDHS/CIR/P/2019/142 (27/11/2019)

Institutional Placement shall mean a preferential issue of units by a listed REIT only to Institutional Investors, as defined under REIT Regulations or circulars issued thereunder....

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All about Online Upload /Download of Form GST ANX-1 JSON File

Article explains how to To upload the generated JSON file from the New Return Offline Tool on the GST Portal, Why one need to upload the JSON file into the GST Portal, How to upload the generated JSON file from the New Return Offline Tool, Why do I need to download the JSON file from […]...

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Posted Under: Company Law |

Important Takeaways from Master Circular on GST refund

Circular No. 125/44/2019 – GST dated 18-11-2019:  The circular aims at automating the entire refund process. Many a new concepts and procedures for refunds have been laid. At the same time old guidelines have been consolidated, and some of them have been modified , altered, simplified and rationalized.  This article presents a sum...

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Posted Under: Company Law |

New Online Refund Module- FORM GST RFD-01 & single disbursement

New Online Refund Module (Fully electronic refund process through FORM GST RFD-01 and single disbursement) A. GST Refunds ♠ Online refund processing (End to End) has been deployed by GSTN. Consequently, refund ARNs generated from 26.09.2019 onwards are processed online , including issuance of GST RFD-04, GST RFD-06 orders and disburseme...

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Posted Under: Company Law |

IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG052 and Press Release No. No. IBBI/PR/2019/31 Dated 28.11.2019 (27/11/2019)

The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 vide The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 on 27....

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60 Disclosures to be made in GST Audit Report

The notes for GST Audit are for guidance only. The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. AS THE GST LAW IS EVER CHANGING GSTR-9C and where to put reasons, comments, observations and qualifications and etc. Reasons for unreconciled differences in Table 6,8,10...

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Show Cause Notice for Suo-Motto GST Registration Cancellation

Dear Readers, after the implementation of GST Law in July, 2017, now GST Department has started taking action against GST Defaulter. Due to a decrease in revenue collection of GST from its targeted budget, now GST Department is taking all steps to curb GST malpractices and to catch GST Defaulters. In the recent steps, GST […]...

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Posted Under: Company Law |

Indian Visa Requirements for Foreigners

Under Indian law, the legal rights and the restrictions imposed on foreign nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must regi...

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Posted Under: Company Law |

Protein Powder with Vitamins and Minerals classifiable under HS code 3004

In re M/s Newtramax Healthcare (GST AAR Himachal Pradesh)

We are of the considered opinion that all the goods being manufactured by the applicant which are mentioned (including the goods mentioned at Sr. No. 20 and 21) in the drug license issued to the applicant by the competent authority and have the labels as per the standards prescribed under the Drugs and Cosmetics Act, 1940 can be classifie...

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Probable Consequences of Non-Compliance with 20% Input Tax Credit Restriction

20% CAPPING OF ELIGIBLE CREDIT IN GSTR 2A Amendment to Rule 36(4) Of CGST Rules 2017 Vide Notification No. 49/2019 – Central Tax 09-10-2019 on 20% ITC Restriction Guided by Circular No. 123/42/2019– GST 1) Ques :What is 20% Restriction on ITC as per Notification No 49/2019 ? Ans :Input tax credit to be availed […]...

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Posted Under: Company Law |

Advance ruling application not admittable if applicant is not supplier

In re M/s Bakson Drugs & Pharmaceuticals Pvt. Ltd. (GST AAR Himachal Pradesh)

The applicant is not engaged in the manufacture and supply of ENA presently. The representatives were asked to submit as to why the applicant is seeking advance ruling on this issue in view of the fact that advance ruling is binding only on the takpayer who has sought it. They were told that a ruling on this issue will not help the applic...

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CGST Act not empowers Authority to give Ruling on Place of Supply of Goods or Services

In re M/s PAREXEL International Clinical Research Pvt. Ltd. (GST AAR Karnataka)

In order to decide whether the said services amount to export or not, place of supply of service need to be determined. Section 97(2) of the CGST Act, 2017 empowers the Authority to give a Ruling on time and value of Supply. However it does not empower the Authority to examine the place of supply. In the absence of this provision the Auth...

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