"05 February 2020" Archive

Streamlining export data to include District level details in Shipping Bills–reg

Circular No. 09/2020-Customs 05/02/2020

With effect from 15.02.2020, apart from the data/ information required to be furnished in the present electronic form of electronic integrated declaration mentioned in Regulation 3 of Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations 2019 , the following additional information will be required to be fu...

Change in Inventory Valuation Method Allowed if Based on AS 2

ACIT  Vs Thiagarajar Mills Ltd. (ITAT Chennai)

The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...

Service Tax on Sale of Books, hostel facility as bundled service with coaching services

Major Kalshi Classes Pvt. Ltd. Vs Commissioner, Central Excise (CESTAT Allahabad)

(i) Whether sale of books is service. (ii) Whether provisions of hostel facility and sale of books are to be combined with provisions of commercial training or coaching service as bundled service. (iii) Whether service tax was exempted on hostel facility....

Summary of Important GST updates for the month of January 2020

The Article below summarizes the GST updates for the month of January 2020 with respect of two important circulars / notifications issued during the month: A. Notification No. 01/2020-Central Tax dated 1 January 2020 The above notification makes applicable certain provisions of the Finance Act, 2019 w.e.f. 1 January 2020. The list of the ...

Posted Under: Custom Duty |

Inflation vs Growth: Which way is the RBI likely to sway?

Inflation jumped above the RBI’s comfort zone in December 2019 and is likely to print above 7% even in January 2020. This increase has been driven by domestic supply disruptions, leading to a spike in vegetable prices (especially onions). However, its not just an onion story, with the rise being more broad based, influenced by increasin...

Posted Under: Custom Duty |

Section 68 addition Not Justified in case of Issue of Shares in Exchange of Shares

ITO Vs DSR Impex Pvt. Ltd. (ITAT Kolkata)

The issue under consideration is whether the addition u/s 68 is justified in case of issuance of shares in exchange of shares?...

Direct Tax Vivad se Vishwas Bill, 2020- Introduced in Lok Sabha

BILL NO. 29 of 2020 05/02/2020

It is, therefore, proposed to introduce The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes, which, inter alia, provides for the following, namely: (a) The provisions of the Bill shall be applicable to appeals filed by taxpayers or the Government, which are pending with the Commissioner (Appeals), Inc...

Budget 2020 Option to assessee to not avail section 35AD deduction

Budget 2020- Providing an option to the assessee for not availing deduction under section 35AD. Section 35AD of the Act, relating to deduction in respect of expenditure on specified business, provides for 100 per cent. deduction on capital expenditure (other than expenditure on land, goodwill and financial assets) incurred by the assessee...

Posted Under: Custom Duty |

Carry forward of losses or depreciation on amalgamations of Banks / Govt Companies

Allowing carry forward of losses or depreciation in certain amalgamations. Section 72AA of the Act provides for carry forward of accumulated losses and unabsorbed depreciation allowance in the case of amalgamation of banking company with any other banking institution under a scheme sanctioned and brought into force by the Central Governme...

Posted Under: Custom Duty |

Definition of business trust to include private unlisted InvITs

Budget 2020- Modification of the definition of ‘business trust’ Section 115UA of the Act provides for a taxation regime applicable to business trusts. Under the said regime, the total income of the trust, excluding capital gains income is charged at the maximum marginal rate. Further, the income by way of interest and rent, re...

Posted Under: Custom Duty |

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