"11 March 2020" Archive

No deduction for education expenses incurred prior to set up of business

Shri Harshvardhan Johari Vs DCIT (ITAT Jaipur)

Assessee-sole proprietor was not eligible for a tax deduction for his own education expenses as the same could not be treated as business expenses and the point in time when the expenditure was incurred, the business of the assessee was not set up. ...

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Relevant date of which GSTR-2A is used to calculate Restriction on ITC of 10%

Circular No. 123/42/2019– GST (11/03/2020)

Relevant date of which GSTR-2A is used to calculate Restriction on Input tax credit of 10% FORM GSTR-2A being a dynamic document, So the question arise here is that what would be the amount of input tax credit that is admissible to the taxpayers for a particular tax period in respect of invoices/debit notes whose […]...

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NAA not interferes with Business decisions or Right to Trade

Deputy Commissioner of State Tax Vs Le Reve Pvt. Ltd. (National Anti-Profiteering Authority)

Deputy Commissioner of State Tax Vs Le Reve Pvt. Ltd. (National Anti-Profiteering Authority) The Respondent has also contended that right to trade was a fundamental right guaranteed under Article 19(1)(g) of the Constitution of India and the right to trade including the right to determine prices and such right which had been granted by th...

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GST on Popcorn manufactured by heating of raw corn/maize grains

In re Jay Jalaram Enterprises (GST AAR Gujarat)

In re Jay Jalaram Enterprises (GST AAR Gujarat) The product namely ‘[J.J.’s] POP CORN’, manufactured from raw corn/maize grains, which, by heating turn into puffed corns/popcorns and then to make it palatable other ingredients like salt and turmeric powder along with oil are added to it fits the description as ‘Pre...

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NO ITC on project development services for immovable property construction

In re Deendayal Port Trust (erstwhile Kandla Port Trust) (GST AAR Gujarat)

The Input Tax Credit shall be NOT be available under the CGST Act, 2017, on the project development services like Programme management consultancy, Marketing Consultancy, Land levelling and other related works, Roads, Water, Electricity, & Drainage Infrastructure and other related works for development of SIPC i.e. construction of an immo...

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BOPP Laminated PP Woven Sacks falls under HS code 3923; Attracts 18% GST

In re Mount Fab Packaging LLP (GST AAR Gujarat)

The product  BOPP (Biaxially Oriented Polypropylene Laminated PP Woven Sacks Polypropylene Woven and Non-Woven Bags and PP Woven and Non-Woven Bags laminated with BOPP would be classified as plastic bags under HS code 3923 and would attract 18% GST....

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Power distribution companies eligible for deduction of efficiency gain amount set apart

DCIT Vs TATA Power Delhi Distribution Ltd. (Delhi High Court)

DCIT Vs TATA Power Delhi Distribution Ltd. (Delhi High Court) Assessee is under a statutory obligation to set apart 50% of the excess amount generated due to the overreaching of the targets, for the purpose of the consideration of the DERC to fix the future tariffs either  to give relief to the consumers or otherwise. […]...

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IF VAT Rate reduced by Govt, Similar reduction should also be in Entry Tax Rate: HC

Jindal Stainless Hisar Ltd Vs State of Gujarat  (Gujarat High Court)

Jindal Stainless Hisar Ltd Vs State of Gujarat  (Gujarat High Court) It is the case of the petitioners that while the State Government reduced the applicable rate of tax under the VAT Act on stainless steel flats and sheets to 1% it did not correspondingly reduce the rate of entry tax applicable to the same goods […]...

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Exemption to Banking Compares from Section 5 & 6 of Competition Act, 2002

Notification No. S.O. ........... (E) (11/03/2020)

In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government hereby exempts a Banking Company in respect of which the Central Government has issued a notification under Section 45 of the Banking Regulation Act, 1949 (10 of 49), from the application of the provisions of S...

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Amendment in Rights and Obligations of Stock Brokers and Clients’

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/33 (11/03/2020)

In case, client opts to receive the contract note in electronic form, he shall provide an appropriate email id (created by the client) to the member (Kindly refer Appendix A of Annexure 3). Member shall ensure that all the Rules / Business Rules / Bye-Laws / Circulars issued from time to time in this regard are complied with. The client s...

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