"17 June 2020" Archive

Brand Equity judgment continue to apply despite retrospective amendment to Section 140: Delhi HC

SKH Sheet Metals Components Vs Union of India & Ors. (Delhi High Court)

Delhi High Court in its judgment pronounced today has held that judgment in Brand Equity will continue to apply  in-spite of retrospective amendment to Section 140 by The Finance (Amendment) Act, 2020....

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Empanelment with Bank of India for Concurrent/Revenue Audit

Bank of India invites online application from eligible CA firms as Concurrent and Revenue Auditors for empanelment. Notice for CA firms applying for empanelment as Concurrent/Revenue Auditor -Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit assignment for empanelment. -The ...

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In absence of ‘intent to conceal’ cannot be construed as smuggled: CESTAT

Ahamed Gani Natchiar Vs Commissioner of Customs (CESTAT Chennai)

CESTAT directs Customs Authorities to return confiscated gold to Foreign National- lack of evidence and flimsy investigation by the authorities. Held that in the absence of 'intent to conceal' cannot be construed as smuggled....

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ITAT dismisses ex-parte order of CIT denying Section 80G exemption

Dnyanranjan Shikshan Prasarak Mandal Vs CIT Exemptions (ITAT Pune)

Whether the ex-parte order of the CIT(Exemptions) denying 80G exemption is justified in law? ITAT dismissed ex-parte order of CIT(E) on the basis of principles of natural justice...

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High rate Depreciation Not allowed on vehicles used for Advertisement

Tapan Kumar Biswas Vs ITO (ITAT Kolkata)

Whether the higher rate of depreciation can be granted to the vehicles used for the display of advertisement under the provisions of the Income Tax Act, 1961....

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Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore)

The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law?...

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Transponder charges received by assessee are not taxable as Royalty

DCIT (International taxation) Vs Thaicom Public Co. Ltd. (ITAT Delhi)

The issue under consideration is that Whether the receipts of the assessees from transponder is royalty under the Income Tax Act, 1961, and if the answer is in the affirmative, whether it is taxable?...

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Transitional ITC | Tran-1 Credit under GST | A never ending Saga

M/s. Brand Equity Treaties Ltd & many other judgments have allowed transitional ITC inspite of non-filing/incorrect filing of FORM GST TRAN-1 on the following grounds: Disallowing ITC would lead to violation of Article 300A of the Constitution of India....

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Telecommunication Sector in wake of Covid – 19 Pandemic

The current pandemic has painted an entire new image of growth for certain sectors, especially telecommunication sector, which has played a role of life saver for the companies and individuals during quarantine and lockdown. The lockdown and social distancing measures have led to higher dependence on digital tools, which in turn has incre...

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Total Voting Power V/s Total Share Capital

Interpretation of Statutes plays a very important role in understanding the true meaning of law and applies it in ascertaining the correct view of what the law is saying. There are many rules describing the interpretation of statutes, say, Rule of Literal Interpretation, Rule of Logical Interpretation, Rule of Ejusdem Generis, Noscitur a ...

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May-20 CA exams should be held or cancelled to Nov-20- Who will decide?

ICAI came with the Opt-in/Opt-out Scheme for May-20 exams, my son whose is also a student final year asked me Papa what should I do? Should I opt for the May-20 or opt out it for Nov-20 exams. I was not able to answer it as it depended on his preparation. But one thing that came to my mind immediately was that who should have taken the de...

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ITAT Dismiss appeals despite non-issue of Form 3 of Vivad Se Vishwas Scheme 2020

Mahaveer Medicare Vs ACIT (ITAT Bangalore)

Dismissal of Appeal by ITAT after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Department...

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Report on Measures for Strengthening Enforcement Mechanism of SEBI & Incidental Issues


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SEBI invites comment on Report on Measures for Strengthening Enforcement Mechanism

Securities and Exchange Board of India Notice inviting comments on the recommendation made by High Level Committee under the Chairmanship of Justice A. R. Dave, Retired Judge, Supreme Court of India, on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues. Dated the 16th June, 2020 1. The High Level...

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Jio-Facebook Deal – Impact in India: Giants Unite

THE DEAL Launched in September 2016 and owned by Mr. Mukesh Ambani, Jio has spread its wings from digital money to online retail. Jio is a subsidiary of his Reliance Industries (RIL). Meanwhile, for Facebook, India is the world largest user base. It is a huge market for social media platform’s messaging service, Whatsapp. At […]...

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CBDT Clarification on Tax Residency – A Scope for New Interpretation

As per the OECD Convention Model, 2017 the term resident of a country means any person who, under his native country is liable to tax therein by reason of his domicile, residence or place of effective management. Due to COVID-19, if an individual is present in a jurisdiction for a considerable amount of time, it […]...

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Amendment in MAP Rules -A taxpayer’s tool reinvented

Mutual Agreements Procedure (MAP) is a model or mechanism available to taxpayers to resolve disputes that have arisen due to double taxation. When two countries enter into an agreement to avoid double taxation, it gives a clear pathway to the concerned authorities under MAP in those particular jurisdictions....

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Internal Audit for Engineering, Procurement, Construction [EPC] Sector

Introduction The Engineering, Procurement, Construction [EPC] sector, India’s second largest economic segment is a prominent form of contracting agreement in the construction industry. Under this, the contractor will carry out the detailed engineering design of the project, procure all the equipment and materials necessary, and then con...

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Final Findings in anti-dumping investigation concerning imports of Coated/Plated Tin Mill Flat Rolled Steel Products originating in or exported from the European Union, Japan, USA and Korea RP

Case No: ADD-OI 7/2019 / F. No. 6/9/2019-DGTR. (17/06/2020)

Final Findings in anti-dumping investigation concerning imports of Coated/Plated Tin Mill Flat Rolled Steel Products originating in or exported from the European Union, Japan, USA and Korea RP....

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Butterfly Valves (Quality Control) Order, 2020

Notification No. S.O. 1920(E) (17/06/2020)

The goods or articles specified in column (1) of the Table below shall conform to the corresponding Indian Standard as specified in column (2) of the said Table and shall bear the Standard Mark under a licence from the Bureau of Indian Standard as per Scheme-I of Schedule-II of BIS (Conformity Assessment) Regulations, 2018:...

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Why one should buy Term Insurance Plans?

Nowadays people slowly but have realized the necessity of having a term life insurance. With the increasing pace of life and uncertainties rising by the day (just like Covid19 pandemic), every family is very much need of a life cover, so they can deal with the loss of a loved one, at least financially....

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Creation /Modification of Charges – Scheme to Relax Time Period to File Forms

Scheme for Relaxation of Time Period for Filling Forms Related to Creation or Modification of Charges Under  Companies Act, 2013 Relevant Circular: MCA Circular dated 17.06.2020 Relevant Sections: Section 77 and Section 78 of the Companies Act, 2013. Reason of the Circular 1. As per section 77 of the Companies Act, 2013, the companies ar...

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NAA directs builder to pass on benefit of ITC to Flat Buyers

Amarjeet Singh Yadav Vs Radicon Infrastructure & Housing Private Limited (NAA)

Amarjeet Singh Yadav Vs Radicon Infrastructure & Housing Private Limited (National Anti-Profiteering Authority) National Anti-Profiteering Authority hereby determines the profiteered amount as Rs. 40,92,054/- in terms of Rule 133 (1) of the CGST Rules, 2017 and directs the Respondent to pass on the benefit of Rs. 6,982/- [21,496 – 1...

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Creation or Modification of Charges- New MCA Scheme

General Circular No. 23/2020 (17//0/6/20)

In pursuance of the Government of India’s efforts to provide relief to law abiding companies and in the wake of COVID 19, the Ministry of Corporate Affairs, has introduced the Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2o13” vide General Circular no. 23/2020 [...

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Documents required for filing Income Tax Return

When the deadline to file income tax return is approaching fast, first thing that takes of your mind is what all are the documents needed to collect and keep ready for return filing? Therefore, here in this article we have explained in detail about which type of income leviable to tax? who are required to […]...

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Levy of GST on Director’s Remuneration

CBIC has clarified vide circular no :140/2020 on dated 10th June 2020 regarding the confusion whether GST is leviable on directors remuneration paid by companies to their Directors. Earlier as per vide entry no 6 of notification no.13 of CGT Act and entry no 7 of notification no.10 of IGT Act on dated 28th June […]...

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15 Year Journey of RTI Act, 2005 & need for reforms

15 years have passed since the Historic Right to Information Act, 2005 was enacted. How was the journey of this Act for the people of India during this period? Did it bring the requisite ‘Transperancy & Accountability’ as guaranteed by the said Act? Right to Information Act is perhaps the most successful law in India. [&he...

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Taxability of Dividend under Income Tax Act

1. What is Dividend ? – As an investor when you invest in an entity, you expect something in return on the value of investment. The amount invested in an entity is used by the entity to expand and grow their business and earn more profits. The profits earned by the entity is distributed to […]...

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Understand, Implement and make it a successful venture even with failure

I always believed that when it comes to the fact that who is the best nation to produce skilled and mindful entrepreneurs, no doubt it is India but new generation is just weakening my stand on this aspect....

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RBI proposes changes in regulations applicable to HFCs

Press Release No. 2019-2020/2510 (17/06/2020)

a. Defining principal business and qualifying assets for HFCs; b. Defining the phrase ‘providing finance for housing’ or ‘housing finance’; c. Classifying HFCs as systemically important (asset size of ₹500 crore & above) and non-systemically important (asset size less than ₹500 crore); and d. Reserve Bank’s directions on Liq...

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MCA relaxes time to file forms for creation/modification of charges

General Circular No. 23/2020 (17/06/2020)

The companies are required to file forms related to creation or modification of charges within the timelines provided in section 77 of the Companies Act, 2013 (Act), i.e. a total of 120 days of the creation or modification of charge....

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Deductibility of Foreign Exchange Fluctuations in case of Capital Assets

Article deals with treatment of foreign exchange (forex) fluctuations on computation of total income in case of capital assets acquired by using funds borrowed from outside India in the form of ECB, Loans and payment to suppliers (borrowed funds). ...

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TDS Return- Form, Due Date and Mode of Filing

The due dates for filing quarterly TDS statements are as follows: 1. Quarter ending of the financial year If deductor is an office of government In case of non-government deductor 2. 30th June 31st July of the financial year 15th July of the financial year ...

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Micro Small And Medium Enterprises- A Detailed Study

After declaration of economic stimulus package ‘ATMANIRBHAR BHARAT PART 1’ ON 13/05/2020 by finance minister which was largely related to MSME, most of persons are curious about MSME units and it has been one of the most searched words in the web world of Indian sub-continent. To enlighten the public at large on various releva...

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A brief Study on International Taxation

International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at another level....

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Guide to GST Annual Return (GSTR-9) for FY 2018-19

GST Annual Return – It comprises of details regarding the outward and inward supplies made and received during the relevant FY. It is a consolidation of regular returns/ forms (GSTR-1, GSTR-3B) filed on a monthly / quarterly basis. All registered taxpayers (except for Input service distributor [ISD], composition scheme dealer [GSTR-9A a...

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Advance Pricing Agreements

Evolution of advance pricing agreement concept in India The transfer pricing framework in India has been introduced through Finance Act, 2001 which requires determination of Arm Length Price (ALP) for all the international transaction between associated enterprises. Since then, the ALP determination has been the matter of long aged and nu...

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Reimbursement of sales tax levied on taxable turnover of works contracts was allowable to contractor company

State of Orissa Vs B. Engineers & Builders Ltd. (Supreme Court)

he claim of the contractor company for reimbursement of the amount of sales tax levied on the taxable turnover of the works contracts executed by it, i.e., with reference to the expression 'completed item of work' in the said Clause 45.2 and with reference to the stipulations contained in Clauses 13.3 of ITB and 45.1 of GCC, were wholly u...

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Deferred Tax implications – Related to Ind AS-116

Background, Ind AS-116 Leases brings significant changes in accounting requirements for lease accounting, mainly for lessees. The new standard replaces the existing standard i.e. Ind AS-17, Leases with effect from accounting periods beginning on or after 1 April 2019. The new standard requires lessees to recognise “Right-of-use assets...

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Tribunal can direct provisional release of seized gold, jewelry lies

Additional Director General (Adjudication) Vs Its My Name Pvt Ltd (Delhi High Court)

Tribunal's power and jurisdiction of  hearing an appeal against an order of provisional release was coequal with the power exercised by the adjudicating authority. Tribunal had the power to direct provisional release of gold jewellery, seized as well as to fix the terms....

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Section 15 – Value of Supply under GST

Section 15- Value of Supply – (CGST Rules 27-35 ) Today I will discuss provisions of Section 15 – At what value GST is to be levied??? 15(1)- The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said […]...

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December 2020