"20 February 2020" Archive

11 Major GST problems faced by Trade and Industry

Learned GST Expert CA Sudhir Halakhandi has given a Memorandum for GST problems faced by Trade and Industry and made suggestions to solve them to give relief to Trade and Industry. He has made the suggestion to  Give one chance to remove technical mistakes and allow the revision of returns, Waive Interest on gross tax […]...

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Certified Copies of Examination Answer Sheets under RTI by ICAI

Update on Certified Copies of Answer Sheets under the RTI by ICAI for Nov 2019 Examination Dear Friends, I’m receiving many messages and mails reporting certified copies under the RTI was not received even after 30 days from the date of filing RTI application and many are worried about the decrease of marks upon suo-motu […]...

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Section 271J Penalty on professionals for furnishing incorrect information in reports / certificates

The penalty under section 271J of the Income Tax Act are levied on an accountant or a merchant banker or a registered valuer, in case the said professionals have provided incorrect information in any of the report or certificate. The provisions of the said section 271J is taken up and explained in the present article. […]...

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Representation for Amendments made in Section 254 of Income Tax Act, 1961

Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration....

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Unit in Free Trade Warehousing zone exempt from service tax on export

M/s Broekman Logistics India) Pvt Ltd. Vs Commissioner of GST & CE  (CESTAT Chennai)

M/s Broekman Logistics India) Pvt Ltd. Vs Commissioner of GST & CE  (CESTAT Chennai) Appellant is authorized to carry out the operations by setting up a unit in the FTWZ zone. They have been rendering Storage and Warehousing services predominantly to foreign customers. On the charges collected for services rendered to Indian customer...

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Scholarships For CA Students

Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2020 onwards under following categories: Sr. No. Scholarship Category No. of Scholarships Amount (p.m.) Eligibility Criteria 1. Merit-cum-Need As per eligibility criteria Rs.1500/- Rank holders (other than covered ...

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Bogus share capital/ premium- SC dismisses Review Petition of NRA Iron & Steel

NRA Iron & Steel Pvt. Ltd Vs PCIT (Supreme Court)

NRA Iron & Steel Pvt. Ltd Vs PCIT (Supreme Court) In this case earlier Hon’ble SC has upheld addition under Section of Share Capital and Share premium Considering the Same as Bogus as Appellant was  failed to prove the genuineness of the transaction of receiving share application money and to prove the creditworthiness. A petit...

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No Section 271(1)(c) penalty for genuine omissions in Income Tax Returns

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai)

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit and […]...

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Right of Member to Copies of Audited Financial Statement

Copy of Financial Statement (defined under section 2(40) of the Companies Act, 2013 (‘the Act’) shall be sent to persons as envisaged under Section 136 of the Act. Section 136 also tells about the mode, time limit and other additional compliance related to same. This articles briefly elaborates Section 136 of the Act. Section ...

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Bombay HC puts Income Tax Assessment of Deepak Kochhar on hold

Deepak Kochhar Vs DCIT (Bombay High Court)

In the well known case of Deepak Kochhar, the husband of ex-ICICI Bank CEO Chanda Kochhar Bombay High Court has passed an order that the Income Tax (IT) Assessment Order pertaining to the Assessment Year 2012-13 which was passed against Deepak Kochhar was put on hold and further, the High Court ordered to move to the First Appellate Autho...

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