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Archive: February, 2020

Posts in February, 2020

HC denies Bail to CA in alleged fake GST invoice case

February 28, 2020 1218 Views 0 comment Print

Arvind Kumar Munka Vs Union of India (Calcutta High Court) The petitioner as I have been found in the earlier order that he is a Chartered Accountant by profession and with the similar contention he has averred that he is no way connected with the instant case. The petitioner has been arraigned as an accused […]

Existing recognized entities in IFSC can apply for IA registration without forming separate company or LLP

February 28, 2020 414 Views 0 comment Print

It is clarified that existing recognized entities in IFSC can also apply for Investment Adviser (IA) registration without forming a separate company or LLP.

Important CBDT instructions on Issue of Section 147 & Section 133(6) Notice

February 28, 2020 23688 Views 1 comment Print

Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued.

Penalty cannot be imposed for mere Section 12A registration cancellation

February 28, 2020 1569 Views 0 comment Print

TAT see no reason to uphold the levy of penalty in the present case U/s 271(1)(c) of the Act, since the basis for levy of penalty, being cancellation of registration granted to the assessee U/s 12A of the Act and as a consequence treating its surplus and corpus donation as not exempt but taxable under the Act, has been quashed by the ITAT.

Mere renting of space cannot be said to be service for storage or warehousing of goods

February 28, 2020 3384 Views 0 comment Print

In re M/s Karnataka Food & Civil Supplies Corporation (GST AAAR Karnataka) CWC is only providing the 488 sq metres of space in the central warehouse for rent. The space has been taken on rent by the Appellant for storing the food grains. The activity which is under consideration here is the activity performed by […]

Classification of Royalty Payment & GST Rate applicable on extraction of iron

February 28, 2020 39843 Views 0 comment Print

The royalty paid by M/s Cosme Costa & Sons in respect of mining lease is classifiable under sub heading 997337- ‘Licensing services for the right to use minerals including its exploration and evaluation’ and is subject to levy of GST @ 5% till 31.12.2018 and thereafter @ 18% under reverse charge basis;

Taxation of joint development agreement

February 28, 2020 137541 Views 16 comments Print

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for litigation from decades:

Get HRA rebate till you move into Your own house

February 28, 2020 5784 Views 0 comment Print

If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is acquired or constructed.

Tonnage Tax Scheme – A simplified approach | Sec 115V to Sec 115VZC

February 28, 2020 82648 Views 1 comment Print

Qualifying Company – Section 115 VC: (a) it is a Indian company; (b) the place of effective management of the company is in India; (c) its own at least one qualifying ship; and (d) the main object of the company is to carry on the business of operating ships.

How to Activate Your PAN If It Has Been Deactivated

February 28, 2020 111744 Views 17 comments Print

Persons to whom PAN under new series has already been allotted shall not apply for such number again. No person who has already been allotted a PAN under the new series shall apply, obtain or possess another PAN.

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