"29 February 2020" Archive

Fable of tumbling Indian SEZ

This explains the whole anatomy of the declining interests of exporters in investing in Special Economic Zone (SEZ).  Let's have a glimpse on the current situation of SEZ....

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Posted Under: Custom Duty |

Delay in filling TRAN-1- Benefit cannot be extended if no effort made by Appellant to file

Jagadamba Hardware Stores Vs Union of India (Chhattisgarh High Court)

In the given case the relief sought for by the petitioner in the present writ petition is for issuance of a writ to the respondents granting permission to the petitioner to submit TRAN-1 form electronically by opening electronic portal or in the alternative allow the petitioner to tender the form manually and thereafter the petitioner's c...

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Discounts/Incentives-GST Implications

1. In many industries (e.g. automobiles, FMCG, etc.) various kinds of discounts/incentives are given to the distributors on achieving certain sales targets. Issue therefore for discussion and analysis is whether such discounts/incentives can be considered as a separate consideration against any services supplied by such distributors. 2. A...

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Posted Under: Custom Duty |

IGST refund allowed even if CG imported under EPCG Scheme for the period of 01.07.2017 to 12.10.2017

IGST refund allowed even if CG imported under EPCG Scheme for the period of July 1, 2017 to October 12, 2017 The Hon’ble HC, Gujarat in the matter of M/S Prince Spintex Pvt Ltd v. Union of India [R/Special Civil Application No. 20756 of 2018 dated February 3, 2020] allowed refund of IGST paid on […]...

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Posted Under: Custom Duty |

What is Non Banking Financial Company (NBFC)

In this article, I have tried to cover important questions relating to Non Banking Financial Company (NBFC) in question and answer mode. I hope you grab and increase your knowledge by reading this article. Article  explains What is a Non Banking Financial Company (NBFC), Are there different types of Non Banking Financial Company (NBFC), ...

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Posted Under: Custom Duty |

PoEM – A New Direction to Indian International Taxation Regime

Place of Effective management means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made....

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Posted Under: Custom Duty |

SPICe+ New Company Incorporation Procedure wef 23.02.2020

Article contains Significant Features of SPICe+, SPICe+ Procedure To Incorporate A New Company W.E.F. 23rd February, 2020, Forms Linked To SPICe+ and  Steps To Upload SPICe+. Pursuant to Companies (Incorporation) Amendment Rules, 2020 MCA has taken another initiative for the speedy incorporation of the Company in order to promote the eas...

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Posted Under: Custom Duty |

‘Nimbooz’ cannot be classified as ‘Lemonade’ : CESTAT Chennai

Ms. Pepsico India Holdings Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

The appellant is engaged in the manufacture of aerated water and beverages which are sold under the brand 'Nimbooz' from March 2009 onwards. The issue under consideration is classification of 'Nimbooz'....

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Only a member of ICAI can file appeal before Appellate Authority

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority of ICAI)

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority) only a member of the Institute can file an appeal before the Appellate Authority if he is aggrieved by any order as provided under Section 21 A(3) or Section 21B(3) of the Chartered Accountants Act, 1949. During the course of arguments, the complainant conceded that under [...

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Subsidy under TUFS scheme was capital receipt and not taxable

PCIT Vs Nitin Spinners Ltd. (Rajasthan High Court)

In the given case the issue under consideration is that the amount claimed as capital receipts, by the assessee are taxable and have to be treated as income or not?...

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SC set aside NCLAT order in the matter of Jaypee Infratech Vs Axis Bank

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. (Supreme Court)

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. Etc (Supreme Court) While setting aside the judgment dated 1st August, 2019 of the NCLAT on avoidance of certain transactions under section 43, 45 and 66 of the Code whereby CD had mortgaged its properties for the financial assistance to JAL [...

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No transfer as per section 47(xiii) in case land acquired by assessee company from partnership-firm succeeded by it

A.C.I.T. Vs Neptune Industries Ltd. (ITAT Ahmedabad)

Where the existing company acquired all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) then the same would not be considered as transfer and there was no requirement under the provisions of section 47(xiii) that the firms should be converted into the company....

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Cenvat credit allowable on HR / MS Flats, MS Coils used for manufacturing ships

Commissioner of Central Excise And Service Tax Vs Pipavav Shipyard Limited (Gujarat High Court)

Commissioner of Central Excise And Service Tax Vs Pipavav Shipyard Limited (Gujarat High Court) Conclusion:  Fabrication of various cranes which were embedded to earth could be treated as excisable goods within the meaning of Capital Goods defined in Cenvat Credit Rules, 2004 and the Cenvat Credit availed of Inputs/Capital Goods like HR ...

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Hardcastle Restaurants- SC Transfers all Writ Petitions to Delhi HC related to Anti Profiteering

NAA Vs Hardcastle Restaurants Pvt. Ltd. & Ors. (Supreme Court)

In the given case, a batch of writ petitions are pending before the High Courts of Delhi, Bombay and Punjab and Haryana in which the constitutional validity of Section 171 of the Central Goods and Services Tax Act 2017 read with Rule 126 of the Central Goods and Services Tax Rules 2017 and other cognate provisions, is under challenge. ...

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There cannot be two parallel investigations under State Act as well as Central Act

Sureshbhai Gadhecha Vs State of Gujarat (Gujarat High Court)

As per clause (b) of sub-section (2) of section 6 of the Goods and Services Tax Act, it was  provides that where a proper officer under Central Goods and Services Tax Act has initiated any proceedings on a subject matter, no proceedings shall be initiated by the proper officer under that Act on the same subject matter....

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Summary of Important Circulars for Bank Branch Audit 2019-20

Summary of Important Circulars for Bank Branch Audit (FY 2019-20-PSB/SCB Bank Branch) Brief Background: The Reserve Bank of India (RBI) at frequent interval issues various circulars/notifications/guidelines applicable to all the regulated entities viz. Scheduled Commercial Bank’s (SCB’s), Regional Rural Banks (RRB’s), Non-Banking Fi...

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Posted Under: Custom Duty |

Annual GST Return GSTR 9 for F.Y. 18-19 – Errors – Rectification Required

Annual GST Return – 9 for Financial Year 2018-19 – Errors – Rectification Required Hope you might be aware of the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. However few registered persons &...

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Posted Under: Custom Duty |

GST Input Tax Credit (ITC) on pipeline cost

We know that among all the means of transportation of liquid products (like oil, Gas, water etc) pipeline is the most economical and efficient means of transportation. A common question arises whether the Input Tax Credit (ITC) is available on pipeline cost. Pipeline cost are of two types 1. Erection cost of pipeline (Capital Expenditure)...

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Posted Under: Custom Duty |

Foreign Asset Management Will Turn Towards India

The Indian regulators of the financial market have changed the landscape of investments, advisory and management fee structure of financial products. Well, I am speaking to that segment of the BFSI industry which is called Mutual Funds and AMC. The way the regulators have brought down the expense ratio and brought transparency in product ...

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Posted Under: Custom Duty |

CARO 2020 – Comparative Insight

Article contains Comparative Analysis of Companies (Auditor’s Report) Order, 2003 (CARO 2003), Companies (Auditor’s Report) Order, 2015 (CARO, 2015), Companies (Auditor’s Report) Order, 2016 (CARO, 2016) and Companies (Auditor’s Report) Order, 2020 (CARO 2020). Download – CARO 2020 – Comparative Insight...

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Posted Under: Custom Duty |

TDS on Pension and Retirement Benefits

1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past emp...

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Treatment of fresh claim of assessee before completion of assessment

Whether an assessing officer is required to entertain and consider a fresh claim or a modification in a claim made at any time before the completion of assessment u/s 143(3) of the income-tax act....

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Posted Under: Custom Duty |

Taxability of Conversion of Stock in trade to Investment

In case of a business of trading in shares assessee may transfer some of his stock in trade into his capital asset by deciding to hold it as an investment or on discontinue of delivery based trading of shares, convert the stock of shares into investments and sell the same at a later stage and pay tax on the profit as capital gain instead ...

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Updated list of Transactions to be reported in AIR

Government has mandated reporting in statement of financial transaction commonly known as AIR Return of Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregates to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in on...

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Posted Under: Custom Duty |

How to Increase Authorized Share Capital of Company under Companies Act

In the Companies Act 2013, the procedure for the increase in the Authorised share capital has been governed in sections 61 and 64 of the Companies Act 2013. In any case related with the share capital in the process of increasing the paid-up share capital of the company by issuing the fresh equity shares, the […]...

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Posted Under: Custom Duty |

Paragraph wise comparison of CARO, 2020 and CARO, 2016

MINISTRY OF CORPORATE AFFAIRS (MCA) vide its Order dated February 25, 2020 substituted the Companies (Auditor’s Report) Order, 2016 by Companies (Auditor’s Report) Order, 2020 after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013. It shall come into f...

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Posted Under: Custom Duty |

Post Budget Memorandum on Direct & Indirect Taxes Provisions

AIFTP has an 'Indirect Tax (GST) Representation Committee' as well as 'Direct Tax Representation Committee' to monitor and suggest the right path for a well-designed and ideal Indirect & Direct Tax Regime as well as to educate the tax fraternity about the finer aspects of the Tax Law implemented in our country....

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Posted Under: Custom Duty |

The Joy of Being Alone

A series of events overtook me few months back in such a way that I felt left alone amidst people. I know not why but when the feeling of loneliness comes, its effect is sometimes devastating leading to depression.  Is it because I smile when I actually want to cry, I talk but I want […]...

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Posted Under: Custom Duty |

Accounting & Billing Software Providers to enrol for update on GST e-invoice

Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice. An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete inter-operability of e-invoices across the entire GST eco-system. The new system elimi...

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Posted Under: Custom Duty |

RBI-FLA Reporting Though Flair

What is an FLA Return As per Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, an Annual Return on Foreign Liabilities and Assets (FLA) is required to be filed by Indian company which has received FDI or made ODI abroad or an LLP which has received investment […]...

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Posted Under: Custom Duty |

Guidelines for Appointment of IPs under SEBI Regulations

Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 27th February 2020 The Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to t...

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Posted Under: Custom Duty |

Income Tax Search led to discovery of hidden cloud servers

NA (29/02/2020)

The highlight of the search is the discovery of hidden cloud servers other than the servers regularly used by the group for accounting, containing unaccounted transaction details often referred by the group as kaccha accounts....

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