"26 January 2020" Archive

KBC: No unfair practice by Star India, Airtel: Penalty not leviable: SC

Star India (P) Ltd. Vs Society of Catalysts & Anr. (Supreme Court)

Star India (P) Ltd. Vs Society of Catalysts & Anr. (Supreme Court) Supreme Court dismissed a ruling of the National Consumer Disputes Redressal Commission (NCDRC) that had ordered Star India and Airtel to pay punitive damages over alleged unfair trade practices in collecting funds to build up the cash prize for the popular quiz progra...

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Section 83 of CGST Act- Power to provisionally attach bank accounts

Kaish Impex Private Limited Vs UOI  (Bombay High Court)

Power to provisionally attach bank accounts is a drastic power. Considering the consequences that ensue from provisional attachment of bank accounts, the Courts have repeatedly emphasized that this power is not to be routinely exercised. Under Section 83, the legislature has no doubt conferred power on the authorities to provisionally att...

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Artificial Intelligence: Future of Finance

Artificial Intelligence (AI) is a form of computer science used to create intelligent machines that can recognise human speeds, objects, can learn, play and solve problems like humans. AI can support companies in performing accounting and legal tasks within limited amount of time....

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Posted Under: Corporate Law |

Section 56(2)(vii)(b) not applicable to Property Purchased before 01.04.2014

Bajrang Lal Naredi Vs ITO (ITAT Ranchi)

Bajrang Lal Naredi Vs ITO (ITAT Ranchi) In the instant appeal, the applicability of Section 56(2)(vii)(b) of the Act as amended by Finance Act, 2013 and applicable to AY 2014-15 in question. On a perusal of pre-amended provisions of Section 56(2)(vii)(b) of the Act, we gather that where an individual or HUF receives from any […]...

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ITAT explains Provisions of Clubbing of Income of Wife with Husband

Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune)

Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) ITAT explains Provisions of Clubbing of Income of Wife with Husband- Allows Losses of F&O Business of Wife to be clubbed with Income of Husband Where the spouse (husband) of an individual (wife) transfers some assets otherwise than for adequate consideration or in connection with an agreement ...

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Direct Payment of THC to Terminals – A Measure to Bring in Transparency

Terminal Handling Charge (THC) is currently levied by the port terminals on the shipping lines for services such as unloading cargo containers from the ship and carting them to the storage yard in case of imports and vice versa for exports. THC is charged by both the load port and discharge port and that is […]...

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Posted Under: Corporate Law |

S 11B limitation held applicable in accumulated Cenvat credit refund is bad law- Part 1

Local taxes & duties cannot be exported & this is the principle followed the world over under the aegis of the WTO. This basic principle cannot be violated  & if the government does that by implying a limitation period not appearing in the law then it is violation of Basic Principles of Law. It is […]...

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Posted Under: Corporate Law |

Term ‘ORDINARY COURSE OF BUSINESS’ under Companies Act, 2013

Article explains Meaning of Ordinary Course of Business, Provisions under the Companies Act, 2013 in Tabular format in which the term ‘Ordinary Course of Business’ is used, Ordinary Course of Business w.r.t, Section 180 of the Companies Act, 2013, Ordinary Course of Business w.r.t, Section 188 of the Companies Act, 2013 and Us...

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Posted Under: Corporate Law |

Section 194M TDS on payment to resident contractors & professionals

The Union Budget 2019-20 for the FY 2019-2020 was presented on 05th July 2019. The Budget proposed new Sections for TDS such as 194M which is applicable from 01st September, 2019. Article explains Reason for introduction of Section 194M, Meaning of Section 194M, Person liable to deduct TDS under Section 194M, Time limit for Tax […]...

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Posted Under: Corporate Law |

Odomos is not a Medicine and is a Mosquito Repellent: HC

Dabur India Ltd. Vs Commissioner of CGST (Allahabad High Court)

The materials in the records before the authorities below corroborate the fact that the petitioners pitched the product in their sale material and advertisements as a mosquito repellent. Various mosquito repelling qualities are identified as defining characteristics of the subject goods in the market....

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Bogus LTCG – ITAT refuses to grant Stay of Demand

Shri Anoop Jain Vs ACIT (ITAT Delhi)

Shri Anoop Jain Vs ACIT (ITAT Delhi) The learned departmental representative vehemently objected to the stay petition and stated that assessee has obtained the bogus long-term capital gain in penny stock and therefore it does not deserve stay of demand. He further submitted that there are equal numbers of judicial precedent against the as...

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Gain on Transfer of development rights of a plot cannot be treated as Short term for delay in registration of Acquisition

Jawahar Hiralal Jethani Vs DCIT (ITAT Pune)

Whatever rights the assessee acquired in the said plot started from 1997, during which year the substantial payment for purchase consideration was also made. The said consideration was recognized in the later registered document, which established the case of assessee of having acquired the rights way back in 1997. Accordingly, the gains ...

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Within what time U.P. GSTAT would be constituted: Allahabad HC Ask

Jai Baba Amarnath Industries Vs State of U.P. (Allahabad High Court)

In the present case a provision has been made in Section 109 for creation of the GST, Appellate Tribunal, but the reasons best known to the respondents only for the State of U.P. said Appellate Tribunal has not been constituted....

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Absence of TRC cannot be a ground for denying DTAA benefit

Smt. Maya C Nair Vs ITO (ITAT Bangalore)

the Tribunal had held that absence of TRC cannot be a ground for denying the benefit of DTAA. It has only held that the assessee should furnish evidence for the claim of exemption....

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Remove GST Audit from statute book

Recently a letter from Advocate Sushil Verma* is doing rounds on Social Media and on few websites. In his letter Mr. Sushil has highlighted complexities in GST and suggest to remove GST Audit.  *We do not confirm the Authenticity of below letter and its Author. Dated: 22nd January, 2020 Hon’ble Prime Minister of India, South […]...

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Posted Under: Corporate Law |

How to Select Cases in Income Tax Scrutiny & Need For Same

Article explains Why there is a need for scrutiny selection by the Income Tax Department, Cases where A.O. must manually pick the case for Income Tax scrutiny, Methods for Picking case under Income Tax Scrutiny and  Steps to be taken by AO after selecting the case under scrutiny to increase Tax Collection. Why there is […]...

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Posted Under: Corporate Law |

‘Taxpayer’s Parade’: Beware of Anti-Tax Evasion Weapons

Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?...

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Posted Under: Corporate Law |

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