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Archive: 06 January 2020

Posts in 06 January 2020

‘Real Estate Services’ for owned or leased property under GST

January 6, 2020 6729 Views 1 comment Print

Dear professional colleagues, I have received queries from our friends on services relating to ‘Real Estate Services‘ especially services involving in owned and leased property under GST Scenario. I thought and come to the conclusion to prepare an article on the above subject with my little bit knowledge under GST Scenario and share to all […]

IBBI (Liquidation Process) (Amendment) Regulations, 2020

January 6, 2020 1629 Views 0 comment Print

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013.

Provisions- Resignation of Auditor from Listed Companies

January 6, 2020 13182 Views 0 comment Print

SHORT SUMMARY: In this editorial author shall discuss the provisions of Resignation of Auditor under Companies Act, 2013 read with SEBI Guidelines. SEBI on October 18th, 2019 issued circular relating to Resignation of Auditor from Listed Companies and their Subsidiaries. These guidelines are stating compliance required to be done by Resigning auditor and Company. Purpose […]

Companies required to appoint a Company Secretary- New Rules

January 6, 2020 50238 Views 5 comments Print

The amendment has substituted the rule by providing that every private company which has a paid-up share capital of Ten Crore INR or more shall have a whole-time company secretary.

Ind AS 33: Impact of Rights Issue on calculation of Earnings Per Share

January 6, 2020 25161 Views 0 comment Print

Earnings per share (‘EPS’), as the name suggests comprises of two factors: 1. The net profit or loss for the year/period attributable to the ordinary shareholders, and 2. The weighted average number of ordinary shares outstanding during the year/period. While the first component of EPS is easy to determine, the second may pose various challenges […]

Section 68 cannot be applied in relation to the sales receipt

January 6, 2020 6984 Views 0 comment Print

The ITAT Ahmedabad has harped upon the mechanical practices adopted by the Assessing Officers to make addition u/s 68. The moot point is that a sale which already forms part of books of account cannot be added again u/s 68 due to the reasons that Sales are already recorded in the books of accounts and the addition of the same amounts to double taxation. A prejudiced view on sale cannot be drawn when purchases are accepted without any reservation. Section 68 connotate amount credits in books of account remained unexplained need to be added. Recorded sales are not unexplained cash credits.

Interest cannot be levied on Gross GST Liability before adjusting ITC: Madras HC

January 6, 2020 58638 Views 7 comments Print

According to the petitioners, Section 50 that provides for levy of interest on belated payments would apply only to payments of tax by cash, belatedly, and would not stand triggered in the case of available ITC, since such ITC represents credit due to an assessee by the Department held as such.

Tax on consumption of Electricity by person generating electricity is valid: HC

January 6, 2020 10557 Views 0 comment Print

Harekrishna Metallics Pvt. Ltd. Vs State of Karnataka (Karnataka High Court) Section 4[3] of the Karnataka Electricity [Taxation on Consumption] [Amendment] Act, 2013 deals with the payment of tax. In terms of sub-section [3] of Section 4, the incidence of tax is on the consumption. The consumption of electricity relates to every person generating electricity […]

Difference between purchase price of land vis-a-vis Jantri Value could not be treated as assessee’s income

January 6, 2020 3654 Views 0 comment Print

AO was not justified in treating assessee’s transaction of purchase of agricultural land from his wife as colorable device to avoid the legitimate payment of tax on mere difference between purchase price declared by assessee vis-a-vis Jantri Value as assessee had discharged his primary onus by furnishing the necessary details to justify the cost of acquisition and now the onus was on the Revenue to bring on record the details of the cases to justify the actual prevailing market rate at the time of the purchase of land by assessee.

File response against SCN issued by officer against Seized goods: HC directs Assessee

January 6, 2020 549 Views 0 comment Print

In the given case, petitioner is engaged in the business of trading of building material and other items in wholesale. Petitioner has applied for G.S.T.Number with the G.S.T.Authorities and is granted G.S.T.Number.

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