"19 December 2019" Archive

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/44 19/12/2019

These regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2019. These regulations shall come into force on the date of their publication in the Official Gazette....

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Compulsory Development fee received by educational society is not a capital receipt

ACIT(E) Vs Scholars Education Trust of India (ITAT Jaipur)01/01/1970

Development fee payment was not optional or voluntary on the part of the students but it was compulsory charge in the nature of fee for studying and continuing study in the institutions of the assessee, therefore, development fee received by assessee could not be classified as capital in nature for specific purpose or part of corpus fund ...

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Ten Points of 38th GST Council meeting

01/01/1970

38th GST Council Meeting dated 18-12- 2019 1) GSTR-1 Late Fee Waiver on GSTR-1 1. Notification 4/2018-CT dated 23-01-2018, reduced late fee for delayed filing of GSTR-1 from Rs. 2 00/- per day to Rs. 50/- per day. For NIL returns it was reduced to Rs. 20/- per day 2. Notification 75/2018-CT dated 31-12-2018 waived […]...

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Posted Under: SEBI |

GST: Liability of interest U/s. 50 is automatic but quantification needs arithmetic exercise

Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court- Third Member)01/01/1970

Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court) View of Third Member The question raised is as to whether interest on delayed payment of tax as contemplated under Section 50 of the Central Goods and Services Tax Act, 2017, is automatic or the same is to be determined, […]...

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Key takeaways from GST Council 38th Meeting held on 18th December 2019

01/01/1970

Rationalize rates on Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods which fallunder HSN 3923 or 6305 - will have uniform rate of 18% from 12% on all bags falling under HSN 3923 or 6305 including Flexible intermediate bulk containers (FIB...

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Posted Under: SEBI |

HC: Department can recover GST dues against Chronic Defaulting Assessee

01/01/1970

The undisputed facts reveal that the Petitioner has filed GSTR-1 Return under Section 37 of the CGST Act, 2017, however, the Petitioner has not filed GSTR-3B Returns, which are to be paid on GST portal based on self-assessed transaction value shown in GSTR-1 Returns by the Petitioner. There are twin effect of such non-filing of GSTR-3B Re...

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Posted Under: SEBI |

Goods cannot be detained if expired E-way Bill extended before detention order

Ram Charitra Ram Harihar Prasad Vs State of Bihar (Patna High Court)01/01/1970

Ram Charitra Ram Harihar Prasad Vs State of Bihar (Patna High Court) In so far as the present case is concerned, the document at Annexure -A series would confirm that the goods were tax paid and thus the exercise had to be regulated under the provisions of Section 129(1 )(b) which provides for a lenient […]...

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No TDS on Commission to non-resident agents for procuring export orders

Punjab Stainless Steel Inds. Vs ACIT (ITAT Delhi)01/01/1970

Commission paid to foreign agents for procuring export orders could not be treated as income taxable in India when parameters of DTAAs were applied to transactions in question. Also non-resident agents did not have PE or business connection in India. Therefore, impugned payment could not be held as taxable in the hands of non-resident age...

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Section 269SS not applicable to transactions between relatives

Snehalata Sitani Vs JCIT (ITAT Kolkata)01/01/1970

Where the loans were taken by assessee in cash from his relatives, the transactions between relatives were not in the nature of loans or deposits as envisaged in section 269SS and the penalty imposed under section 271D was accordingly cancelled....

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Gross receipt cannot be taxed as Income even if Trust is unregistered

Kund Kund Kahan Digamber Jain Versus Mumokshu Ashram Bajaj Palace Vs. ITO (ITAT Jaipur)01/01/1970

Where the exemption claimed under section 11 and 12 has been denied by the Assessing officer, what can be brought to tax is the net income in the hands of the assessee trust and not the gross receipts....

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