"23 November 2019" Archive

Enable assessee to file rectified TRAN -1 Form: Kerala HC to GST Dept

The South Indian Bank Limited Vs Union of India (Kerala High Court)

In the instant case, as already noted, the availment of credit by the petitioner, and its entitlement to distribute the credit to its various branches is not disputed. I am therefore of the view that the 5th respondent should either permit the petitioner to file a rectified TRAN-1 Form electronically in favour of each of its branches in ...

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Addition without allowing cross-examination despite request of assessee is invalid

Late Harbhajan Singh Makkar Vs ACIT (ITAT Delhi)

Late Harbhajan Singh Makkar Vs ACIT (ITAT Delhi) When the assessee had specifically asked for the cross-examination and if same was not given to the assessee, the addition cannot be made in the hands of the assessee, as denial of opportunity to the assessee to cross-examine the witness whose statements were made the sole basis […]...

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Right to use granted through licensing of a software not taxable as Royally U/s. 9(1)(vi)

DCIT (International Taxation) Vs Qliktech International AB (ITAT Delhi)

DCIT (International Taxation) Vs Qliktech International AB (ITAT Delhi) Right to use granted through licensing of a software does not fall within the meaning of “Royalty” as provided for in the domestic law or the DTAA. Any consideration for the same is not taxable as Royally under section 9(1)(vi) or the relevant DTAA. Thus what [&he...

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Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

Jindal Steel and Power Limited Vs Arun Kumar Jagatramka (National Company Law Appellate Tribunal Delhi)

Promoter, if ineligible under Section 29A cannot make an application for Compromise and Arrangement for taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’....

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Change in registered office from one state to another

SHIFTING OF REGISTERED OFFICE FROM ONE STATE TO ANOTHER STATE A registered office is the official address of a company to which all official letters, notices and reminders will be sent by any person, any government or non-government or regulatory body. In terms of Section 7 of the Companies Act, 2013  (Act), all registered companies [&he...

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ICAI announces financial assistance for needy & meritorious CA students

Scheme of Financial Scheme of Financial Assistance/Scholarship to Students of CA Course, Year 2019-20 The Board of Trustees of the Chartered Accountant Students Benevolent Fund (CASBF) has decided to provide financial assistance/scholarship for amount of Rs. 1500/- PM, to students who are registered in CA Intermediate /IPCC course and ser...

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Important clarifications in relation to export and refund : Part I

The necessary capabilities for making the refund procedure fully electronic, have been deployed on the common portal with effect from 26.09.2019. Accordingly, the Circulars issued earlier laying down the guidelines for manual submission and processing of refund claims need to be suitably modified and a fresh set of guidelines needs to be ...

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MCA notifies rules for Posting and transfer of NCLT Members

Notification No. G.S.R. 682(E). (23/09/2019)

Rule 15 A. Posting and transfer of Members. - (1) Initial posting of a Member shall be done by the Central Government in consultation with the President. (2) Subsequent transfers to different Benches shall be done by the President having regard ordinarily to the following:—...

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Applicability of MAT under Section 115JB on Foreign Companies

MAT is applicable to all companies including foreign companies but excluding following foreign companies. a) Foreign Company incorporated in country outside India or territory outside India and India has Double Tax Avoidance Agreement (DTAA) with that countries and such Foreign Companies does not have any Permanent Establishment in India....

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Core Investment Companies: RBI working committee recommendations- a rational discussion

My routine visits to one of the biggest nationalized banks witnessed an interesting interaction between the bank’s Chief Manager and a messenger from a Gurugram court which involved a question to the bank whether it received money from one of the 63 accounts maintained by a defaulter builder with the said bank. It reminded me […]...

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Analysis of CBIC Circular on 20% GST ITC restrictions

20% ITC restrictions clarified by CBIC Circular No. 123/42/2019– GST dated 11.11.2019 1. Clarification about the new rule 36(4) related to availing input tax credit under the GST. 2. The new rule 36(4) inserted vide Notification No. 49/2019 – Central Tax dated 09.10.2019, limits input tax credit claims to 20% of the “eligible amoun...

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ICAI Releases revised Part-B of Code of Ethics, 2019

As you are aware, ICAI Code of Ethics, 2009 was aligned with the International Ethics Standards Board for Accountants (IESBA) Code of Ethics 2005 for the first time in 2009.This edition of the Code was divided into two parts – A and B , Part-A representing provisions of IESBA Code of Ethics as suitably incorporated […]...

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SOP on Input Tax Credit under GST in case of 20% cap

Section 43A Rule 36(4) of the CGST Act, 2017 and CGST Rules, 2017 – Restricting the Input Tax Credit (ITC) limit to 20% of the eligible ITC which is as per GSTR-2A. GST Payable now shall be paid. ITC Deferred a/c balance left out now shall be recoverable in next months as when appear in […]...

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November 2020