"06 March 2020" Archive

Filing of forms in Registry MCA-21 by IRP or RP or Liquidator- MCA clarifies

General Circular No. 08/2020 (06/03/2020)

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional) (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC), 2016 MINISTRY OF CORPORATE AFFAIRS vide General Circular No. 08/2020 dated 06.03.2020, has issued clarification for statutory...

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Applicability of Tax Audit under Income Tax for Assessment Year 2020-21

​In this article we tried to clear confusion for TAX AUDIT APPLICABILITY from AY 2020-21. Hope you all find it useful, Please give your valuable feedback. & do lt me know if any error. Thanks in advance. The finance Bill, 2020 has brought a major amendment to section 44AB of Income Tax Act, 1961. Moreover, […]...

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Posted Under: Company Law |

Income from cloud services was neither taxable as ‘Royalty’ nor as ‘fees for included services’

Rackspace, US INC Vs DCIT (ITAT Mumbai)

Income from cloud services was neither taxable as 'royalty' nor as 'fees for included services' as the customers did not operate the equipment or have physical access to or control over the equipment used by the assessee to provide cloud support services and did not make available technical knowledge, experience, skill, know-how etc....

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Benefit of exemption u/s 11 cannot be denied in case of deemed registration u/s 12A

The Bengal Chamber of Commerce & Industry Vs Income-tax Officer (ITAT Kolkata)

Order under section 143(1) denying benefit of exemption under section 11 in case of granting of deemed registration by CIT after expiry of time limit of six months was contrary to the legal principles and thus, rejection of assessee’s application for rectification under section 154 was invalid....

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No Exemption from MAT as Assessee is a developer not having any unit in a SEZ

Gee City Builders (P) Ltd. Vs DCIT (ITAT Chandigarh)

Assessee was not eligible for exemption from payment of MAT as per the provisions of section 115JB(6), since, admittedly, it did not qualify as a business or services rendered by an entrepreneur or developer in a unit or SEZ as per definition of the said terms in the SEZ Act....

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Document containing offer of securities for sale to be deemed prospectus

DOCUMENT CONTAINING OFFER OF SECURITIES FOR SALE TO BE DEEMED PROSPECTUS 1. Any document by which the offer for sale to the public is made shall, for all purposes, be deemed to be a prospectus issued by the company; 2. All enactments and rules of law as to the contents of prospectus and as to […]...

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Posted Under: Company Law |

HC: No evidentiary value of statement which was retracted later

Manak Kala Vs Union of India & Anr. (Delhi High Court)

Assessee could not be held guilty for violation of provisions of Section 9(1)(b) of FERA, on the sole basis of the statement of Sh. Ashish Jain, which was retracted later on as none of the orders of the authorities, namely, the Adjudicating Authority, the Appellate Authority or the Tribunal refer to any cogent material to substantiate the...

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No reassessment can be made solely on basis of statement recorded u/s 133A

A. Thangavel Nadar Stores Vs ITO (Madras High Court)

Reassessment was not justified wholly on the basis of a sworn statement recorded in the course of survey in the absence of any other tangible evidence available with the Assessing Officer as the materials collected and the statement obtained under Section 133A would not automatically bind upon the assessee....

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Strategic Cost Management

Due to increased competition and ever changing customer’s preference and  expectation,  cost management has become a critical survival skill for many organisations. While every business organisation faces  domestic as well as global competition,  customers expect timely delivery of quality products at competitive price. Business ent...

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Posted Under: Company Law |

Suggestions/Clarification Under Vivad Se Vishwas Scheme

CLARIFICATION REQUIRED AFTER Circular NO. 7 DT 4-3-2020 on VIVAAD SE VISHWAS SCHEME, 2020 1. As per the scheme appellant will file a declaration before “DA” on prescribed form and “DA” will take 15 days to file issue certificate under 5(1) and then within 15 days the tax is to be deposited. This will defeat […]...

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Posted Under: Company Law |

SC Instructs To Lift Ban on Cryptocurrency Imposed By RBI

Crypto trading started in 2009 with Bitcoin and later it grew in volumes and many other crypto players came in market with their own crypto currency. This uses strong cryptography to protect end to end financial transaction and this because a means of negotiable instrument across the globe for various transactions. Having understood that ...

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Posted Under: Company Law |

Analysis of LLP Settlement Scheme, 2020 launched by MCA

Ministry of Corporate Affairs (MCA) has come up with a new scheme namely LLP Settlement Scheme, 2020 for Limited Liabilities Partnerships (LLPs), which are majorly small enterprises and struggle to make their feet stand in today’s sharp competitive market place.  Many times it has happened with these entities that, they do not have eno...

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Posted Under: Company Law |

Goods Transport Agency Services not eligible for Cenvat Credit

Hindustan Copper Ltd. Vs C.C.E.& S.T. (CESTAT Mumbai)

The issues involved in this Appeal is whether GTA service is entitle as an input service in terms of Rule 2(l) of Cenvat Credit Rules, 2004 even after 1.4.2008 on FOR sales i.e. delivery upto the factory gate of the customers, which, according to Revenue, was beyond the place of removal?...

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Scrutiny Notice u/s 143(2) to Return corrected u/s 139(9): An Analysis

Please refer the order issued in the case of Kunal Structure (India) Private Limited Vs DCIT (Gujarat High Court) for the validity of issuing scrutiny notice under section 143(2) for the return filed under section 139(9).  Let us analyse the provisions of the sections to understand the order. According to the section 143(2), an Assessing...

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Posted Under: Company Law |

Refund Under GST- Scope and Types

Several types of GST refund : Excess payment of tax due to mistake or inadvertence, Excess balance in Electronic Cash Ledger, Export with payment of IGST or under Bond/ LUT, Supplies made to SEZ unit/developer on payment of IGST or under Bond/LUT, Inverted duty structure, Deemed Exports, Persons holding UIN and Miscellaneous refunds...

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Posted Under: Company Law |

AP HC stays recovery of Section 50 Interest on ITC under GST

Srinidhi Marketing Vs Union of India (Andhra Pradesh High Court)

Considering facts that as per Section 50 of the Central Goods and Services Act, 2017, interest is payable on the delayed payment of tax and that as per the interest statement filed along with the impugned letter, dated 07.02.2020, there was delay in filing GSTR-3B and hence, interest on 'cash set off' and 'ITC set off' has been calculated...

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Procedural law should not take away right to claim Transitional Credit: HC

Rishi Graphics Pvt. Ltd. Vs Union of India & Ors (Calcutta High Court)

Rishi Graphics Pvt. Ltd. Vs Union of India & Ors (Calcutta High Court) A procedural law should not take away the vested rights of persons that are provided to them by statute. The petitioners have approached this court with a prayer for allowing them to file/upload in GST TRAN-1. The petitioners intend to file TRAN-1 […]...

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Draft Reply to Advisory Received for Reversal / Recovery of ITC due to Time Limit U/s. 16(4)

That we are in receipt of the advisory for inadmissibility of Input tax credit availed to the tune of Rs. ………….. We understand that the said advisory is inter-alia founded on the strength of a condition / restriction laid under sub section 4 of Section 16 of the CGST Act, 2017 that any registered person shall not be entitled to ta...

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Transfer Pricing Compliance Chart for Financial Year 2019-20

Transfer Pricing Compliance Chart for Financial Year 2019-20 which includes Transfer Pricing Audit, Transfer Pricing Study- Documentation, Return of Income (Having applicability of  Transfer Pricing Provisions), Master File, Intimation by a designated Constituent Entity, Intimation by Designated Constituent Entity and CbCR. Activity Sect...

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Posted Under: Company Law |

AAR can decide question of Place of Supply: Kerala HC

Sutherland Mortgage Services INC Vs Principal Commissioner (Kerala High Court)

In the instant case, it is true that the issue relating to determination of place supply as aforestated is not expressly enumerated in any of the clauses as per clauses (a) to (g) of Sec. 97(2) of the CGST Act, but there cannot be any two arguments that the said issue relating to determination of place of supply...

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How to find name of person through his PAN

Some times we found difficulties while registering with e-filling website. When we enter the Permanent Account Number (PAN) for registration purpose and other details, it shows error in name , that it’s not matching with the data registered with IT department. What to do? How to know the name of the person, which matches exactly with In...

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How to surrender/Cancel extra /Additional PAN Online / Manually?

An assessee may have been allotted multiple PAN Card. The multiple PAN card may have been allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may have inadvertently allowed multiple PAN card by Income tax Department , NSDL or UTI. Assessee...

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Posted Under: Company Law |

Notification No. 21/2020-Customs (N.T./CAA/DRI), Dated: 06.03.2020

Notification No. 21/2020-Customs (N.T./CAA/DRI) (06/03/2020)

Appointment of CAA by DGRI – Notification No. 21/2020-Customs (N.T./CAA/DRI), Dated: 06.03.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) NOTIFICATION New Delhi, the 6th March, 2020 No. 21/2020-Customs (N.T./CAA/DRI) S.O. 1043(E).—In pursuance of...

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Wild Stone Deodorant Supplier found Guilty of Profiteering: NAA

Rahul Sharma Vs McNROE Consumer Products Pvt. Ltd. (NAA)

Applicant had alleged that theMcNROE Consumer Products Pvt. Ltd had not pass on the benefit of reduction in the GST rate from 28% to 18% on supply of Deodorant Wild Stone Deo Chrome BX 120 ml'....

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LLP Amnesty Scheme 2020: One-time condonation for delay in filing statutory documents

LLP Settlement Scheme, 2020 is being introduced in pursuance of the Government’s objective of providing greater Ease of Living to the citizens of the country and is expected to provide significant relief and a window of opportunity for LLPs to abide by the Law & conduct business accordingly....

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Posted Under: Company Law |

Committee to prepare Investigation manual for SFIO

Notification No. F. No. Legal-35/3/2020 (06/03/2020)

F. No. Legal-35/3/2020 Government of India Ministry of Corporate Affairs 5th Floor, Shastri Bhavan, Dr. Rajendra Prasad Road, New Delhi-110001, Date: 06.03.2020 OFFICE ORDER Subject: Constitution of High Level Committee for preparation of Investigation manual for Serious Fraud Investigation Office (SFIO) With the approval of Competent Aut...

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HC on uploading Form GST TRAN-1 to take credit of Transitional ITC

Schwing Stetter India Ptd. Ltd. Vs Commissioner of GST & Central Excise (Madras High Court)

Schwing Stetter India Ptd. Ltd. Vs Commissioner of GST & Central Excise (Madras High Court) The sum and substance of the prayer of the petitioners is that they are unable to upload Form GST TRAN-1 to take credit of the Input Tax /Service Tax/Central Excise Duty availed by them at the time of migration within […]...

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Variation In Terms of Contract Or Objects In Prospectus

A company shall not vary the terms of a contract referred to in the prospectus, except subject to the approval of, or except subject to an authority given by the company in general meeting by way of SPECIAL RESOLUTION: Details, as may be prescribed, of the notice in respect of such resolution to shareholders, shall also […]...

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Posted Under: Company Law |

Notification No. 20/2020-Customs (N.T./CAA/DRI), Dated: 06.03.2020

Notification No. 20/2020-Customs (N.T./CAA/DRI) (06/03/2020)

Appointment of CAA by DGRI- Notification No. 20/2020-Customs (N.T./CAA/DRI), Dated: 06.03.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence ) NOTIFICATION New Delhi, the 6th March, 2020 No. 20/2020-Customs (N.T./CAA/DRI) S.O. 1020(E).—In pursuance of notif...

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Public Offer of Securities To Be In Dematerialised Form

SECTION 29. PUBLIC OFFER OF SECURITIES TO BE IN DEMATERIALISED FORM COMMENT: DEMATERIALISATION OF SECURITIES The promoters of every public company making a public offer of any convertible securities may hold such securities only in dematerialised form: Entire holding of convertible securities of the company by the promoters held in physic...

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Posted Under: Company Law |

Consultative paper on e-voting facility provided by listed entities

There are multiple e-voting service providers (ESPs) providing e-voting facility to listed entities in India. This necessitates registration on various ESPs and maintenance of multiple user IDs and passwords by shareholders....

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Posted Under: Company Law |

State is employer under Gratuity Act for teachers/employees of aided educational institutions

Ambika Mission Boys Middle School Vs State of Chhattisgarh (Chhattisgarh High Court)

Ambika Mission Boys Middle School Vs State of Chhattisgarh (Chhattisgarh High Court) (i) The State would be employer within the definition of Payment of Gratuity Act, 1972 for the teachers/employees of aided educational institutions. (ii) There cannot be unjustified classification between the two classes of teachers/employees for payment ...

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Deduction of not contingent warrant expenses allowable from book profit

Lenovo India Pvt. Ltd. Vs ITO (ITAT Bangalore)

Provision for warrant expenses was not contingent and had to be allowed as deduction while computing income under the head Income from Business & Profession. Thus, the addition made to the book profits under section 115JB was to be deleted because the liability could not be said to be contingent. ...

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Yes Bank Ltd.: RBI announces Scheme of Reconstruction

Press Release: 2019-2020/2028 (06/03/2020)

he Reserve Bank of India has today placed in public domain a draft scheme of reconstruction of the Yes Bank Ltd. The Reserve Bank invites suggestions and comments from members of public, including the banks' shareholders, depositors and creditors on the draft scheme. The draft scheme has also been sent to Yes Bank Ltd. and State Bank of I...

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6th Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019

6th Report of Standing Committee on Finance on the Insolvency and Bankruptcy (Second Amendment) Bill, 2019 STANDING COMMITTEE ON FINANCE (2019-2020) SEVENTEENTH LOK SABHA THE INSOLVENCY AND BANKRUPTCY (SECOND AMENDMENT) BILL, 2019 (MINISTRY OF CORPORATE AFFAIRS) SIXTH REPORT LOK SABHA SECRETARIAT NEW DELHI March, 2020/Phalguna, 1941 (Saka...

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Posted Under: Company Law |

Appointment of Concurrent Auditor of SITB of Bank of Baroda

Bank of Baroda- Request for Proposal- Appointment of Concurrent Auditor for carrying out Concurrent Audit of Specialized Integrated Treasury Branch (SITB) Mumbai, Treasury of erstwhile Vijaya Bank & Treasury of erstwhile Dena Bank for period of -12- months from 01.04.2020 to 31.03.2021 ...

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Posted Under: Company Law |

Whether FCRA, 2010 allows Govt to decide political Status of an organisation?

Indian Social Action Forum (INSAF) Vs. Union of India (Supreme Court)

Whether Foreign Contribution (Regulation) Act 2010 (FCRA, 2010) (read with rules) allows Central Government to freely decide whether an organisation is political or not? What is Foreign Contribution (Regulation) Act 2010? The Foreign Contribution (Regulation) Act 2010 and rules framed under it (the ‘FCRA’ or ‘Act’) regulate contri...

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CBT of EPFO recommends PF Interest Rate of 8.50% for 2019-20

he Central Board recommended crediting of 8.5% annual rate of interest on the EPF accumulations in the EPF members’ accounts for the year 2019-20. The Central Board ratified and appreciated restoration of normal pension after 15 years from the date of commutation, benefitting about 6.3 Lakh pensioners who had opted for commutation under...

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Posted Under: Company Law |

Clarifications on Point of Sales Products & Persons – Life Insurance

Circular No. IRDAI/LIFE/CIR/MISC/060/03/2020 (06/03/2020)

The existing Non-POS products which meet the parameters of the allowed categories of POS Life Insurance products may be filed, subject to the boundary conditions as applicable to POS Life products, under existing provisions of minor modification, enclosing KFD....

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GST Audit Checklist and Working sheet

Article contains GST Audit Checklist and Working sheet in Excel Format for the benefit of our readers. GST Audit Working sheet have Sheets to Maintain Master Records of Client, For Important Notes related to Client and sheets for GST on Receipt, ITC Availed, Ineligible Credits, Creditor Older than 180 days, RCM Payable, Working of Interes...

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Posted Under: Company Law |

Interest part of Cost of Property & eligible for indexation & deduction

Parwati Devi Totlani Vs ITO (ITAT Jaipur)

Interest paid  on the borrowing made for acquiring Capital Asset (House Property)  is part of the cost of acquisition and therefore eligible for indexation and deduction from the Sale Consideration  for computation of capital gains. ...

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