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Archive: 07 January 2020

Posts in 07 January 2020

HC directs Nodal Officer to consider form TRAN-I rectification request

January 7, 2020 804 Views 0 comment Print

Beauty Wares Vs Assistant Commissioner of CT & CE (Madras High Court) The petitioner has filed the writ petition for a mandamus to permit him to avail credit on the closing stock of input footwear available by rectifying Trans-I filed by them earlier. After considering the decision of Punjab and Haryana High Court held in […]

AAR does not have jurisdiction to go beyond issues referred: HC

January 7, 2020 2295 Views 0 comment Print

Abbott Healthcare Private Limited Vs Commissioner of State Tax Kerala (Kerala High Court) Authority for Advance Rulings does not have jurisdiction to go beyond issues referred It is the case of the petitioner that as per the business model operated by it in the State of Kerala, it places its diagnostic instruments at the premises […]

Order passed by AO against directions issued by Tribunal is not sustainable in law

January 7, 2020 5529 Views 0 comment Print

Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) In the given case, Assessee has filed appeal before ITAT against the order passed by the A.O. u/s 44AD. With respect to that appeal ITAT passed the order and state that “the Assessee is directed to attend the assessment proceedings and justify its claim of […]

Disclosure of additional income before settlement commission is allowed: HC

January 7, 2020 3039 Views 0 comment Print

Additional income disclosed to the tune of Rs. 12 Crore by assessee during the course of proceedings before the Commission was just and proper and Commission was right in considering the revised offer made by assessee during the course of the proceedings in the nature of spirit of settlement.

SEBI revised existing Annual System Audit Framework

January 7, 2020 2454 Views 0 comment Print

For the Annual System Audit, the following broad areas shall be considered in order to ensure that the audit is comprehensive and effective: a. The Audit shall be conducted according to the Norms, Terms of Reference (TOR) and Guidelines issued by SEBI.

2nd National GST Conference held for streamlining GST system

January 7, 2020 1731 Views 0 comment Print

Ministry of Finance 2nd National GST Conference held for streamlining GST system Posted On: 07 JAN 2020 6:19PM by PIB Delhi The 2nd National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax was held here today under the chairmanship of Dr Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance. The […]

Is limitation is applicable to IBC ?

January 7, 2020 15303 Views 0 comment Print

Before discussing the subject, first understand what limitation is. According to section 2 (j) of limitation act 1963 , it is defined as ““period of limitation” means the period of limitation prescribed for any suit, appeal or application by the Schedule, and “prescribed period” means the period of limitation computed in accordance with the provisions […]

Removal of Difficulties Orders under GST – Upto December 2019

January 7, 2020 11631 Views 0 comment Print

Article compiles Removal of Difficulties Orders issued by CBIC between 01.07.2017 to 31.12.2019. Article Contains Order Number, date of Order, Subject on which orders been passed and Description of order. Orders also been hyperlinked for ready reference of our readers. THE CENTRAL GOODS AND SERVICES TAX (REMOVAL OF DIFFICULTIES) ORDER, 2017 Sr. No. Order No […]

Transfer of Physical Shares of Private Limited Company

January 7, 2020 35829 Views 0 comment Print

Before understanding Transfer of Shares of Private Limited Company, we need to understand what is a share??? Shares Shares are units of ownership interest in a corporation. These are Moveable property which can be transferred from one person to another. Transfer of shares 1. Transfer of shares means transferring the Title of shares voluntarily by […]

Additions in Scrutiny Assessments under CASS on ground(s) not in notice

January 7, 2020 4656 Views 3 comments Print

In scrutiny assessments, adherence to CBDT instructions is crucial. A recent ITAT decision (Ganadhiraj Mazoor Sahakari Sanstha Ltd vs ITO) emphasizes the importance of following proper procedures, especially when making additions on grounds not communicated to the assessee initially. Taxpayers should be vigilant about their assessments, ensuring compliance with procedural norms.

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January 2020