"10 July 2020" Archive

Procedure For GST Registration | Section 25 | CGST Act 2017 |GST Series Part 17

The procedure for GST Registration covers under Section 25, Section 26 and Rule 8 to Rule 11 of CGST Rule 2017. Section wise / Rule wise analysis of registration procedure have been brought out in succeeding Paragraphs. 1. Requirements & Procedure for GST Registration Section 25(1) : Section 25(1) Every person who is liable to [&helli...

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Company compliance checklist due to COVID for FY 2019-20

Company compliance checklist due to COVID for FY 2019-20 for Private/Public Limited Companies, Foreign Companies (With FTC in their CIN), Project Office, Liason Office/Branch Office and NBFCs for Compliances under Companies Act, 2013, Income Tax Act, 1961 and FEMA. Compliance checklist – FY: 2019-20 S. No. Particulars Act Form to be...

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Income Tax Return Filing – Caution & Precaution

Dear readers, the season of Income Tax Return filing has been started, as on date, Income Tax department has released Income tax return filing utilities of A.Y -2020-21 in FORM ITR-1, ITR-2 and ITR-4 and remaining ITR Form utilities are expected to be released by the end of this month. In today’s topic, we will […]...

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Position of Multiplicity of Arbitration Proceedings & of Subsequent Award Rendering the Previous Award Illegal

Gammon India Ltd. & Anr. Vs National Highways Authority of India (Delhi High Court)

The Court concluded that the findings of a Subsequent Award would not render the previous Award illegal or contrary to law. To find the validity of the Award, the Award had to be tested as on the date when it was pronounced, on its own merits....

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Woman Living Like A Wife Cannot Be Deprived of Maintenance

'A woman living in the society like a wife, also has the right to live with dignity along with the right of getting the means of subsistence from her husband or the man she is living with under section 125 of Crpc Act 1973. Such cases should be interpreted taking note of the changing legislative provisions to embrace the changing reality ...

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Unlock New ITR-1 Sahaj

The CBDT had notified the New Income Tax Return Form 1 to Form 7 for the assessment year (AY) 2020-21. However, in this article we are going to discuss in details about ITR-1 (Sahaj), including the key changes made in ITR 1 for AY 2020-21. Income tax return filing is currently available only for those […]...

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Hassle Free ITR Filing In Case of Future & Option Trading

Taxpayers often receive many defective return notices from CPC in case of  having business income in the form of future and option trading income regarding non -filing of balance sheet and profit and loss account or for wrong compliance of Tax Audit u/s 44AD/44AE/44ADA . This article shall try to flag off all the confusions regarding tax...

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Checklist for change in directorship-Resignation & Appointment of Director-NRI

A. Resignation of Foreign Director in Private Limited Company 1. Resignee director to do the following: Step 1: The Director intending to resign shall send notice in writing to the Company. They are to intimate the Registrar, about their resignation, by way of filing form DIR-11. However, MCA vide its notification dated 07.05.2018, have...

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Meaning of The Word ‘Accident’ Under Insurance

Dear Friends, you all know that our world is full of uncertainties and risks. Some of these are man made and some made by All Mighty. In the meantime, whole world is facing unprecedented risk of life due to man made COVID-19 pandemic. This virus has changed our lives and forced us to stay in […]...

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Whether the order of liquidation can be reversed ?

As per Insolvency and Bankruptcy code 2016, there are two stages. 1) Resolution 2) Liquidation. The Liquidation order will be pronounced when the resolution of the insolvency is failed. Hence as per the code, the liquidation stage is final one. Liquidation order is once passed it is irreversible. Hence the Tribunals will pass the order [&...

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Prior to A.Y. 2015-16 word ‘a’ employed under Section 54 can include plural residential houses

Tilokchand & Sons Vs ITO (Madras High Court)

If the word 'a' as employed under Section 54 prior to its amendment and substitution by the words 'one' with effect from 01.04.2015 could not include plural units of residential houses, there was no need to amend the said provisions by Finance Act No.2 of 2014 with effect from 01.04.2015 which the Legislature specifically made it clear to...

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Commencement of Business (INC-20A) and CFSS-2020

Commencement of Business (INC-20A) and Companies Fresh Start Scheme, 2020 (‘CFSS-2020’) The concept of Certificate of ‘Commencement of Business’(COB) were earlier provided under Section 149 of the Companies Act, 1956 (Erstwhile Act). The provisions were only applicable to newly incorporated public companies having share capital. I...

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Inter-Corporate Loans & Investments under Companies Act, 2013

Article explains Provisions of Section 186 of Companies Act, 2013 related to Inter-Corporate Loans & Investments. Section 186 is NOT Applicable to Loan Made, guarantee given or security provided or investment made by Banking Company, or Insurance Company or Housing Finance Company in the ordinary course of its business or whose princi...

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3 Months Extension for Re import of Cut and Polished Diamonds

Notification No. 30/2020-Customs [G.S.R. 439(E)] (10/07/2020)

Seeks to amend notification No. 09/2012-Customs dated 09.03.2012, providing for extension of last date of re-import by three months, for those cases where the last date of such re-import falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic. In view of COVID-19 pandemic situation, the Government today extended rel...

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Section 35D benefit once granted in initial year cannot be denied in subsequent years

DCIT Vs Asian Hotels East Limited (ITAT Kolkata)

Once the claim under section 35D of the Act was accepted in the initial year i.e. AY 1995-96, then the clock had started running in favour of the assessee which was to continue for the entire period of ten years and the benefit once granted in the initial year could not be denied in the subsequent years....

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DGFT amends MEIS Schedule for exports made WEF 01.01.2020

Public Notice No. 12/2015-2020-DGFT-F. No. 01/61/180/178/AM 17/PC-30 (10/07/2020)

Certain additions/amendments have been made in the MEIS Schedule which is Appendix 3B, Table 2 to harmonize it with the Notification no. 38 dated 01.01.2020 and the changes in the Finance (No. 2) Act, 2019, Filth Schedule as notified by CBIC. Government of India Ministry of Commerce & Industry Department of Commerce Directorate Genera...

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Group Credit Life Schemes – Modifications to align coverage with moratorium announced by RBI

Ref. No: IRDAI/Life/Cir/Misc/187/07/2020 (10/07/2020)

Life Insurers offering group credit life insurance schemes, where under, the members have availed moratorium on payment of EMIs are allowed to suitably modify the term and sum assured under such schemes, against collection of additional premium as may be required, in respect of such members, so that they may continue to be covered as per ...

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Builder denies ITC benefit to FLAT buyers, Guilty of Profiteering: NAA

Jai Prakash Garg Vs Adarsh thought Works Pvt. Ltd. (NAA)

Jai Prakash Garg Vs Adarsh thought Works Pvt. Ltd. (NAA) Based on the above facts The amount of benefit of ITC which was required to be passed on by the Respondent or the profiteered amount is determined as Rs. 1,70,28,230/- including the GST @12% on the basic profiteered amount of Rs. 1,52.03,777/- as has been […]...

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No taxable gain on Land Purchased & Sold as Agricultural land

J.K. Bros Constrafin Ltd Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the land purchased by the assessee as agricultural land & whether the income from such sale is business income or capital gains?...

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Sale of Shrink-wrap software Not Taxable as Royalty in India

Dassault Systems Solid Works Corporation Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the contention of AO is correct in holding that the income from sale of shrink-wrapped software is taxable in India as a royalty?...

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TCS not applicable on Scrap generated from Trading Activities

Lala Bharat Lal & Sons Vs ITO (ITAT Luknow)

The issue under consideration is whether the TCS u/s 206C at 1% will be applicable on sale of scrap not generated out of manufacturing activities?...

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Waiver of Working Capital Loan Taxable u/s 28(iv) and not u/s 41(1)

ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...

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Reassessment Proceeding completion without section 143(2) notice is invalid

Shri Gaurav Kumar Vs ITO (ITAT Jaipur)

The issue under consideration is whether AO can issue notice under section 148 for re-assessment without issuing notice u/s 143(2)?...

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Investor Education and Protection Fund | Section 125 | Companies Act, 2013

Investor Education and Protection Fund (IEPF) is a fund that is created by Central Government under section 125 of Companies Act, 2013 for promotion of investors’ awareness and protection of interests of investors. ...

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Extended Producers Responsibility (EPR) Framework

Ministry of Environment, Forests and Climate Change has come out with Uniform Framework for Extended Producers Responsibility on 26th June 2020 and is open for public comment upto 31st July 2020. India generates approximately 25,000 to 30,000 tonnes of plastic waste every day. Approximately 10,556 tonnes of this waste remains uncollected ...

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Dispute of A Family Trademark Not A Trademark Dispute But A Family Dispute

INTRODUCTION  A trademark, one of the most important Intellectual property incorporates any word, name, image, or any mix, used , or expected to be used, in business to recognize the products of one producer or dealer from merchandise fabricated or sold by others and to show the wellspring of the products. It is an imprint […]...

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Decoding Various Tax provisions for Charitable Trust/Institutions

Section 12A/12AA of The Income Tax Act, 1961 deals with registration of Charitable Trust/Institutions. In order to get the Trust/institution registered under Section 12A/12AA, the application should be submitted to Commissioner of Income Tax....

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Extension of Time for processing of ITR with Refund claim for AY 2017-18

F. No.225/98/2020/ITA-II (10/07/2020)

CBDT Extends Time Limit for processing of Income Tax Return with Income Tax Refund Claims u/s 143(1) for AY 2017-18 in Non scrutiny cases till 31.10.2020....

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Master Circular for Commodity Derivatives Market updated till 10th July 2020

SEBI/HO/CDMRD/DNPMP/CIR/P/2020/118 (10/07/2020)

SEBI Master Circular for Commodity Derivatives Market updated till 10th July 2020 is a compilation of the circulars issued by Commodity Derivatives Market Regulation Department (CDMRD) pertaining to domestic commodity derivatives segment, which have been issued 10th July 2020. Securities and Exchange Board of india MASTER CIRCULAR SEBI/HO...

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RBI substitute the word ‘VCF Companies’ with ‘AIF Companies’

RBI/2020-21/12 DOR (NBFC).CC.PD.No.115/03.10.001/2020-21 (10/07/2020)

RBI decided to substitute the word 'Venture Capital Fund Companies' with 'Alternative Investment Fund Companies' in exercise of the powers conferred under section 45NC of RBI Act, 1934....

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HC allows to Make Copies of Seized Documents | Section 67(5) | CGST Act 2017

J. S. Pigments Private Ltd. Vs. State of West Bengal & Ors. (Calcutta High Court)

Calcutta High Court Allowed the Petitioner to Approach the Authorities to Make Copies of Seized Documents under Section 67(5) of the CGST Act, 2017 and Reply to Show Cause Notice thereafter....

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MSME legal backdrops series Part – II

In the previous article [MSME Legal backdrops Series – Part I], we have gained knowledge about what is MSME, difference between terms MSE and SSI, legal background of MSME, MSMED Act, 2006, purpose of MSMED Act etc. In this article, we will discuss about some of the important provisions of MSMED Act, 2006 along with […]...

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GST Due Dates, Interest, Late fees and Other Aspects

Central Government provided conditional waiver of late fees on filing of Form GSTR-3B by the dates specified in Notification No 52/2020 dated 24.06.2020 & in Notification No 57/2020 dated 30.06.2020, beyond which the Late fees shall be charged from the Original Date of Return till the date of actual filing of Form GSTR-3B. Category of...

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SC refuses to interfere with period of validity of cheque

In re Cognizance for Extension of Limitation (Supreme Court)

In re Cognizance for Extension of Limitation (Supreme Court) With reference to the prayer, that the period of validity of a cheque be extended, we find that the said  period has  not  been  prescribed by  any Statute but  it  is  a  period  prescribed by the Reserve Bank of India under Section 35A of the Banking […]...

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Corona Kavach Policy

In view of the Covid 19 pandemic, the Authority has designed a standard Covid specific product addressing basic health insurance needs of insuring public with common policy wordings across the industry. The Authority has mandated general and health insurers to offer this indemnity based Individual Covid Standard Health Policy called 'Coro...

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