"18 June 2020" Archive

Permit Petitioner to upload TRAN-I on or before 30.06.2020: HC

Amba Industrial Corporation Vs Union of India & Anr. (Punjab and Haryana HC)

The Respondents are directed to permit Petitioner to upload TRAN-I on or before 30.06.2020 and in case Respondent fails to do so, the Petitioner would be at liberty to avail ITC in question in GSTR-3B of July 2020. ...

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GST: HC cannot be made middle authority between Tax & Appellate Authority

L&T Hydrocarbon Engineering Limited Vs State of Karnataka (Karnataka High Court)

L&T Hydrocarbon Engineering Limited Vs State of Karnataka (Karnataka High Court) Learned Additional Government Advocate Sri.Vikram Huilgol for respondent No.2 submits that the appeal under Section 107 of Central Goods and Services Tax Act, 2017 are to be filed before the appellate authority. As such the petitioner cannot be so hurry a...

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Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961

Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961 The above sections are meant for taxing the persons who are in the intention of selling the assets at a price less than stamp duty value / fair market value. The above said sections are drafted in a lucrative way to the […]...

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Time to file forms for Creation & Modification of Charges relaxed

The Ministry of Corporate Affairs (MCA) has introduced a new scheme vide General Circular No. 23/2020 for relaxing the time for filing of e-Form CHG-1 / CHG-9 for creation or modification of Charges beyond 120 days of such creation or modification. Background As per the provisions of Section 77 of the Companies Act, 2013 (Act), […]...

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Relaxation In Filling Form Chg -1 And Form Chg – 9

'Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013' ('Scheme') by which relaxation has been granted in filling Form CHG – 1 and Form CHG – 9....

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Relaxation Scheme For Filing Charge Related Forms

MCA vide its General Circular no. 23/2020 dated June 17, 2020 has issued Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 (“the Act”). Synopsis of provisions related to filing (section 77 & 78 of the Act) – As per section 77, the charge […]...

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Economic Remedies by Central banks in times of Distress

With the recent Covid 19 situation leading to economic fallout, experts have already warned of profit stagnation, lagging GDP growth, and global recession. In these times of distress, the government and central bank of various nations have resorted to ambitious measures to strengthen the hope ensuring that the pandemic does not cause a pr...

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Multiple independent residential units in same building can be treated as one residential unit for section 54F Exemption

Shri. Navin Jolly Vs ITO (Karnataka High Court)

Multiple independent residential units in same building can be treated as one residential unit for section 54F Exemption and usage of the property has to be considered in determining whether it is a residential property or a commercial property ...

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Clarification on Taxability of Director Remuneration in GST

The recent ruling by GST AAR Rajasthan in the case of M/s Clay Crafts India Pvt Ltd., it was held that the Directors of the company cannot be considered as the employee of the company and thus they are outside the purview of Clause (1) of Schedule III of CGST Act, 2017 and the consideration […]...

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No Capital Gain Tax if Consideration not Discharged by Purchaser

ACIT Vs Sh. Ijyaraj Singh (ITAT Jaipur)

whether the AO is correct in chargeing capital gain in the hands of assessee irrespective of the fact that the full consideration not received by the assessee?...

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