"04 December 2019" Archive

Issues in Airline Industry encompassing MRO Services

Goods and Services Tax might have come with the motto of simplifying law. But the industry issues which were or are erupting due to new law or old issues which are still not resolved by GST, need the attention to overcome hurdles in daily business or trade....

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MOS Finance: DRI must employ new-age technology to fight smuggling networks

Ministry of Finance MOS Finance: DRI must employ new-age technology to fight smuggling networks Posted On: 04 DEC 2019 Shri Anurag Thakur, Minister of State for Finance & Corporate Affairs, said that sharing information, using data analytics and usage of non-intrusive technologies should be harnessed to effectively battle the modus op...

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TDR is a capital asset as inextricably linked with immovable property

Adi D Vachha Vs ITO (ITAT Mumbai)

TDR is a capital asset, because it is inextricably linked with immovable property and also flows from transfer of immovable property. When, TDR is considered to be an immovable property/assets within the meaning of section 2(14) of the I.T.Act, then any right in such TDR is also needs to be considered as a asset within the meaning of sect...

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All Industry Rate available to Deemed Export Supplies

DGFT has recently made amendments in chapter 7 of FTP 2015-2020, wherein they have allowed industry to take benefit at All Industry Rate of Duty Drawback schedule notified by department of revenue in case of deemed export supply....

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Penalty for inability to meet contractual obligation cannot be disallowed

DCIT Vs Mahavir Multitrade Pvt. Ltd. (ITAT Delhi)

The inability to meet the contractual obligation by the assessee cannot be termed as an offence or infraction of law so as to deny the claim of the assessee by invoking the expression 1 to sec 37(1) of the Act....

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Reassessment without disposing assessee’s objections by a speaking order is invalid

ITO (E) Vs ICFAI University (ITAT Delhi)

Where AO did not pass any speaking order in disposing of assessee|s objections against notice under section 148, the assessment order passed subsequent to such notice, would be considered as bad in law and hence, the same was liable to be quashed....

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CBIC Withdraw Circular No. 107/26/2019-GST dt. 18.07.2019 – ITeS services under GST

Circular No. 127/46/2019 – GST 04/12/2019

Kind attention is invited to Circular No. 107/26/2019-GST dated 18.07.2019 wherein certain clarifications were given in relation to various doubts related to supply of Information Technology enabled Services (ITeS services) under GST....

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Govt extends SVLDRS, 2019 to 8 More enactments

Notification No. 06/2019 Central Excise (N.T.) [GSR. 895(E).] 04/12/2019

Government hereby specifies the following enactments to which the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 shall be applicable, namely:-...

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Mistake of counsel may be taken into account in condoning delay: ITAT Amritsar

M/s Bhagwati Colonizers Pvt. Ltd Vs ITO (ITAT Amritsar)

M/s Bhagwati Colonizers Pvt. Ltd Vs ITO (ITAT Amritsar) In the affidavit, the main reason cited by the assessee for the delay is that the copy of appellate order was received by the counsel who appeared before the Ld CIT(A), but the counsel never informed the assessee about the disposal of the appeal by Ld […]...

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Government designates Special Court under Black Money Law

[Notification No. 102/2019-Income Tax [S.O. 4344(E)] 04/12/2019

Government, in consultation with Chief Justice of High Court of Himachal Pradesh, Shimla designates Civil Judge-cum-JMIC (3), Shimla and Civil Judge-cum-JMIC(2), Hamirpur as Special Courts under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015...

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December 2021