"24 July 2020" Archive

Reverse Charge Mechanism on Goods & Services under GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means liability to pay the tax is on the person receiving goods/services instead of the person supplying the ...

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Credit Note Vs Discount | Section 15(3) | CGST Act 2017

My questions for examination in this article are 1. Whether credit note issued for reducing price towards goods supplied shall be treated as discount given or just reduce the price without treating it as discount given; 2. Whether the supplier can reduce tax liability on credit note issued for reducing price when there is no […]...

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OIDAR Services Under GST Regime

What is OIDAR? Online Information Database Access and Retrieval services (hereinafter referred to as OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. downloading of an e-book online for a payment woul...

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Upcoming changes in GST return filing & GST online portal

Upcoming changes in GST return filing & GST online portal GST has been the chest of confusion since its inception. With every new amendment & notification, Traders, Manufacturers etc. rides a roller coaster ride. This lockdown imposed by the government brought some stability & relaxations in this ride. This has given some time...

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Bonded Manufacturing- a new opportunity to manufacturers

Aatma Nirbhara Bharat is recent mission of the Central Government to promote manufacture in India. This is to ensure that India will be self-reliant and generate employment. Under the Invest India Scheme, the Central Government has introduced a facility called Bonded Manufacturing. Bonded manufacturing allows the manufacturer to import th...

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Presence of advocate during GST search proceedings

There is no provision in CGST Act 2017 indicating that GST search proceedings have to be carried out in presence of an Advocate and, thus, assessee's request for same could not be allowed....

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Section 44AD Linkage with Tax Audit under section 44AB updated by Finance Act, 2020

Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. ...

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Taxability of Back to Back Contracts in GST

Back-to-back contracts are not current phenomena but an old trend which was also in the picture and a matter of discussion from VAT & Service Tax Era where there was huge debate and subsequently resulted in various litigation before Entry No. 29 (h) of Mega Exemption Notification No. 25/2012 dated 20.06.2012 provided exemption to sub-...

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Challenges in Revocation of Cancellation of GST Registration

CBIC through Removal of Difficulty Order No. 01/2020-Central Tax dated 25.06.2020 seeks to extend the time limit for filing an application for revocation of cancellation of registration for specified taxpayers. However, GSTN hasn’t started the process on the common portal. Recently, GST Update on the common portal that says 1. In case y...

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Interest to be considered in Aggregate Turnover under GST?

Interest to be considered in Aggregate Turnover or not? I think this could be a question of many and many of us might have taken a simple stand GST is not applicable on Interest received on Fixed Deposits, Interest on PPF, or Interest on Savings Banks therefore let’s not consider it while calculating aggregate turnover […]...

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Section 54/54F- Cost of new residential house includes cost of land also!

This article aims to highlight the meaning of 'Cost of new residential house' in the context of deduction under section 54 of Income Tax Act. To resolve the controversy of claiming deduction under section 54/54F of the Act, 'cost of new residential property includes cost of land'....

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Calculation of Fair Value in a Merger

What Is a Merger? The term ‘merger’ is not defined under the Companies Act, 1956, and under Income Tax Act, 1961. However, the Companies Act, 2013 without strictly defining the term explains the concept. A ‘merger’ is a combination of two or more entities into one; the desired effect being not just the accumulation of […]...

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HC confirms presumption of investments out of interest-free funds

PCIT Vs Shapoorji Pallonji & Co. Ltd. (Bombay High Court)

The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?...

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Limitation of Interest Deduction in Certain Cases [Section 94B]

Preference of debt over equity as a measure to finance businesses: Debt and equity are the instruments through which a company is generally financed or capitalized. The manner in which a company is capitalized has a major impact on the amount of taxable profit as the tax laws of countries generally provide for a deduction […]...

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Section 80M- Deduction – Inter-corporate dividends

Salient Features on Deduction us 80M with other ancillary aspects of the Income Tax Act, 1961 Amidst high expectations the Finance Bill, 2020 was presented by Hon’ble Finance Minister before The House of Parliament on 1st February 2020. The Finance Bill, 2020 proposes 104 amendments including Re-Taxation of Dividend Income in the hands ...

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AskCred comes to the rescue of borrowers caught in a debt trap

76 % of Indians are financially illiterate as per a Standard & Poor Survey done across the world. Traditional methods of imparting financial education have proved ineffective and costly. Indeed, the problem is so large that only technology can help in addressing it. AskCred is an AI based chatbot that helps customers to answer their [...

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FM lauds IT Department for being responsive to people

(Release ID: 1640966 (24/07/2020)

Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building...

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Mistake of two digits of vehicle no. in invoice & E-way bill is typographic error

M/s Mahalakshmi Packagers Manufacture Vs ACST&E-cum-Proper Officer (GST Appellate Authority, Himachal Pradesh)

As per the facts in hand it appears that the mistake of two digits while entering vehicle no in invoice and E-way bill is a typographic error and may be treated as a minor one....

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E-way bill- Shifting of Goods by other vehicle due to breakdown- Penalty despite vehicle no. updation unsustainable

Integrated Constructive Solutions Vs Vs ACST&E-cum-Proper Officer (GST Appellate Authority, Himachal Pradesh)

Integrated Constructive Solutions Vs Vs ACST&E-cum-Proper Officer (GST Appellate Authority, Himachal Pradesh) It appears that there is no dispute regarding quantity of goods and further all concerns documents were placed before the proper officer. It is a fact that the E-way Bill for the material in question was generated at 05:52 pm ...

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Penalty imposed ignoring updated e-way bill is unsustainable

On Dutt S/o Shri Bal Krishan Vs ACST&E-cum-Proper Officer (GST Appellate Authority, Himachal Pradesh)

On Dutt S/o Shri Bal Krishan Vs ACST&E-cum-Proper Officer (GST Appellate Authority, Himachal Pradesh) It appears that there is no dispute regarding quantity of goods and further all concerns documents were placed before the proper officer. It is a fact that The E Way bill for the goods in question was generated at 09:43 pm […]...

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Justice Delayed – Justice Crucified

The old legal maxim reads ‘Justice delayed is justice denied’. It means that if legal redressal or equitable relief to an injured party is not available early, it is effectively the same as having no remedy at all. Justice is one of civilisation’s foundational goals. It is therefore imperative for the judiciary to perform it...

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Inclusion of E-commerce under New Consumer Protection Act, 2019

The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]...

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SDMC extends last date to file Property Tax in Delhi

SDMC Notification- Extension of the last date to file Property Tax in Delhi! If you are a resident of Delhi and probably tensed to miss the deadline for filing the return for property tax, the South Delhi Municipal Corporation (SDMC) has extended the due date to submit the property tax returns till July 31 along with a rebate sum [&he...

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Income Tax Slab for Individuals for Financial Year 2019-20

Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess R...

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Money Laundering is an act of financial terrorism: HC

Mohammad Arif Vs Directorate Of Enforcement (Orissa High Court)

High Court of Orissa held that The offence of Money Laundering is nothing but an act of financial terrorism that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation....

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Scheme for Manufacturing In Customs Bonded Facility

MANUFACTURING IN CUSTOMS BONDED FACILITY ‘A Scheme for manufacturing and other operations in a Customs Bonded Facility to Promote India as a Global Manufacturing Hub’ OVERVIEW India allows duty-free import of raw materials and capital goods for manufacturing and other operations in a bonded manufacturing facility. Deferment of...

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5 Upcoming Changes on GST Portal- You Must Know

1. Changes Related to GSTR-3B: – 1. Linking GSTR-1 with GSTR-3B (for the flow of liability).PDF Mail of filed GSTR-3B. 2. Linking GSTR-2A/2B & Ice-gate data with GSTR-3B for better ITC Availment. 2. Changes Related to GSTR-1: – 1. De-Linking of GSTR-1 invoices for Credit/ Debit notes. So now we can enter the details of [&h...

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Party Wise Break Up of TCS- CBDT Amends Income Tax rules

Notification No. 54/2020-Income Tax [G.S.R. 464(E)] (24/07/2020)

Credit for tax collected at source shall be given to the person from whose account tax is collected and paid to the Central Government account for the assessment year relevant to the previous year in which such tax collection is made...

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Composition of Board of Director – LODR & Companies Act 2013

Minimum / Maximum Number of Directors in a Company- Under Section 149 -Section 149 of the Companies Act, 2013 requires that every company shall have a minimum number of 3 directors in the case of a public company, 2 directors in the case of a private company, and 1 director in the case of a […]...

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PMLA: Small account to remain operational till 30.09.2020

G.S.R. 465(E) (24/07/2020)

Prevention of Money-laundering (Maintenance of Records) Rules, 2005- Central Government hereby extend the period for which small account shall remain operational till 30th September, 2020....

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Consumer Protection (Administrative Control over the State Commission and the District Commission) Regulations, 2020

F. No.A-105/ACR/NCDRC/2020 (24/07/2020)

These regulations may be called the Consumer Protection (Administrative Control over the State Commission and the District Commission) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

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Effective dates of provisions related to Consumer Protection Act, 2019

–Notification No. S.O. 2351(E) dated 15th July 2020. -Notification No. S.O. 2421(E) dated 23rd July 2020. The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Ol...

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Consumer Protection (Consumer Commission Procedure) Regulations, 2020

F. No. A-1 05/CCPR/NCDRC/2020 (24/07/2020)

(1)These regulations may be called the Consumer Protection (Consumer Commission Procedure) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Companies (Indian Accounting Standards) Amendment Rules, 2020

Notification No.G.S.R. 463(E) (24/07/2020)

(1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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An Overview of Employee Provident Fund – Withdrawal

CS Lily Bali We all know that provident fund is a welfare scheme for employees and where both employer and employee contribute their  part but it’s a liability of employer to deposit whole part. Employer deducted the employee share from the salary of the employee. PERCENTAGE OF CONTRIBUTION:  Both employee and employer are required to...

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Prohibition of selling of Health Supplement containing PABA

Instruction No. 16/2020-Customs (24/07/2020)

FSSAIhas banned the use of MBA (Para Amino Benzoic Acid) in the products covered under Nutraceuticals Regulations due to safety concerns with immediate effect. Para No. 2 (c) of the said order cilso directs the FBOs that no further manufacturing of products using this ingredient is allowed....

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Mandatory Testing & Certification of Telecommunications Equipment wef 01.10.2020

Instruction No. 15/2020-Customs (24/07/2020)

Telecommunication Engineering Centre has notified that testing and certification for telecommunications equipment under phase-II of Mandatory Testing and Certification of Telecommunications Equipment (MTCTE) regime as provisioned in India Telegraph (Amendment) Rules 2017, shall be mandatory w.e.f. 1st Oct 2020...

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GST on construction of Water Park, Water Slides, Wave Pool etc.

In re Atriwal Amusement Park (GST AAR Madhya Pradesh)

In re Atriwal Amusement Park (GST AAR Madhya Pradesh) Regarding the eligibility of ITC in case of Input Tax paid on Purchase of Water Slides, we have to state that Water Slides shall fall within the meaning of the term apparatus, equipment and machinery and therefore, shall be eligible for claim of ITC. Regarding the […]...

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18% GST payable on coal handling & distribution charges

In re Agarwal Coal Corporation Pvt. Ltd. (GST AAR Madhya Pradesh)

In re Agarwal Coal Corporation Pvt. Ltd. (GST AAR Madhya Pradesh) Whether the Applicant is liable to discharge tax liability @ 18% on coal handling and distribution charges wherever supply of such services is intended to be made expressly to a customer or will the Applicant be entitled to charge GST at the rate of […]...

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ITC on Lifts procured & installed in hotel building not eligible

In re Jabalpur Hotels Pvt Ltd (GST AAR Madhya Pradesh)

AAR held that  input tax credit of tax paid on Lifts procured and installed in hotel building shall not be available to the applicant as the same is blocked in terms of Section 17(5)(d) of the CGST Act 2017, become an integral part of the building....

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GST on mounting of Bus/Truck Body by job worker on chassis supplied by principle

In re V E Commercial Vehicles Limited (GST AAR Madhya Pradesh)

In re V E Commercial Vehicles Limited (GST AAR Madhya Pradesh) Whether mounting of Bus/ Truck Body by the job worker on the chassis supplied by the principle for which the applicant charged fabrication charges including cost of certain material that was consumed during the process of job work would be classified as supply of […]...

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Supply, installation & fixing of furniture cannot be a works contract

In re Methodex System Pvt. Ltd. (GST AAR Madhya Pradesh)

The supply, installation and fixing of furniture, customized or customized cannot be a works contract, as the items of furniture have been made or manufactured at the supplier's place which have been installed or fixed at the place of the recipient. Such installed or fixed items of furniture can be removed/ moved to any place without dama...

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GST on amount received from government departments for doing research work & study

In re Atal Bihari Vajpayee Institute of Good Governance & Policy Analysis (GST AAR Madhya Pradesh)

In re Atal Bihari Vajpayee Institute of Good Governance & Policy Analysis (GST AAR Madhya Pradesh) The amount recovered by the applicant from other government departments for doing research work and study, which help them make policies or understand its impact, shall be exempt subject to satisfaction of conditions laid down under Entr...

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No GST on Bio Processed Meal for Animal Feeding (AAR Revises Order)

In re Vippy Industries Ltd. (GST AAR Madhya Pradesh)

In re Vippy Industries Ltd. (GST AAR Madhya Pradesh) In a revised order AAR Madhya Pradesh Held that The product Preparation of a kind used in Animal Feeding – Bio Processed Meal’ is entitled to classify under HS code 23099090 and therefore entitled to clear the said goods for specific use of Animal Feeding without […]...

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Procedure for transfer of unclaimed shares to IEPF authority

Procedure for transfer of unclaimed shares to the Investor Education and Protection Fund (IEPF) authority as required under section 124(6) of companies act, 2013 When Dividend Warrant has not been encashed by the Shareholders for a Continuous period during the last seven years Sr. No Steps Regulatory provisions Action required to be taken...

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Designation of Special Courts at Kamrup (Guwahati) under Company Law

Notification No. S.O. 2445 (E) (24/07/2020)

Chief Justice of the High Court of Gauhati hereby designates Court of Chief Judicial Magistrate, Kamrup (M) at Guwahati as Special Court for the purposes of providing speedy trial of offences under clause (b) of sub-section (2) of section 435 of the Companies Act, 2013. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 24th July, ...

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Depositories to Record of all types of Encumbrances: SEBI

Circular No. SEBI/HO/MRD2/DDAP/CIR/P/2020/137 (24/07/2020)

SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 requires promoters of a company to disclose details of their encumbered shares. In this regard, it was observed that apart from pledge, hypothecation and non-disposal undertakings(NDUs), currently there is no framework to capture the details of other types of encumbra...

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SEBI extends Relaxations related to Rights Issue till 31.12.2020

Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/136 (24/07/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/DIL1/CIR/P/2020/136 July 24, 2020 To All Registered Merchant Bankers All Recognized Stock Exchanges All Registered Registrars to an Issue All Self Certified Syndicate Banks All listed entities All entities who propose to list the specified securities Dear Sir/Madam, Sub: Relaxati...

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New Consumer Protection Act, 2019- Product Liability & Penal Consequences

The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]...

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Insider Trading & ongoing dilemma in the wake of COVID-19

Insider trading is a common phenomenon, known as a transgression wherein, trade of securities of the various companies is taken up by the people, who by righteousness of their work, have access to the contrarily non-public information, which could be considered as an important facet for making decisions on investment...

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Arogya Sanjeevani Policy allowed to be offered as a group policy

Ref. No:IRDAI/HLT/REG/CIR/197/07/2020 (24/07/2020)

1. IRDAI stipulated to all general and health insurers to offer standard individual health insurance policy called “Arogya Sanjeevani” Policy to the public from 01.04.2020.  The terms and conditions of the policy are the same across insurers except that premium rates are left to be fixed by the insurers. 2. All the insurers dealing w...

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No provision in GST Act to Transfer AAR application or Refund Fees

In re M/s. Apar Industries Limited (GST AAR Maharashtra)

In re M/s. Apar Industries Limited (GST AAR Maharashtra) Authority for Advance Ruling is supposed to function within the parameters or the GST Act and Rules and we find that there are no specific provisions under the GST Act, to transfer such application proceeding to the concerned State and there are no provisions for refund […]...

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Extension of time to comply with Standards & Benchmarks for Hospitals in Provider Network

Ref. No:IRDAI/HLT/REG/CIR/199/07/2020 (24/07/2020)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/HLT/REG/CIR/199/07/2020 Date:24-07-2020 To All Insurance Companies and Third Party Administrators Re: Extension of timelines to comply with the Standards and Benchmarks for the Hospitals in the Provider Network 1. Reference is invited to Chapter IV of the Guidelines on ...

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ITC not eligible on purchase of Paver Blocks laid on land

In re M/s. Sundharams Private Ltd (GST AAR Maharashtra)

Applicant contended that Laying of Paver Blocks on land does not amount to construction of Immovable property u/s. 17(5) (c) of the CGST Act, 2017 and are to be construed as moveable items. With respect to eligibility of ITC applicant has stated that, the prohibition to avail input tax credit is applicable only in respect of expenditure w...

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GST on Shatamrut Chyavan (prepared animal feed)

In re Vivek V. Ratnaparkhi- M/s. Madhurya Chemicals (GST AAR Maharashtra)

In re Vivek V. Ratnaparkhi- M/s. Madhurya Chemicals (GST AAR Maharashtra) A. Whether the classification of ‘Shatamrut Chyavan’ falling under TSH 2309 90 10 of Customs Tariff Act, 1975 as adopted to GST attracting ‘NIL’ rate (0%) of IGST (0%) CGST + (0%) SGST) as per List of Exempted Goods as per Sr. No. 102 [&helli...

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AAR can reject an application if same issue already pending with it

In re Vardhan Holidays (GST AAR Uttarakhand)

We find that as per applicant's argument their application can be admitted in as much as no case is pending before Hon'ble Court in the name of the applicant on the issue in hand. In this context we find that applicant has been defined under Section 95(c) of the Act which means any person registered or desirous of obtaining registration u...

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Gift not unexplained merely because donor holds Low Economic class Ration Card

Lokadri Naidu Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the Ration Card can be considered as a source of determining financial status of assessee and whether gift from person holding Ration Card of Low Economic class can betreated as unexplained Credit under section 68 of Income Tax Act, 1961 ?...

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RBI releases Financial Stability Report, July 2020- Highlights

Press Release: 2020-2021/96 (24/07/2020)

Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development a...

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HC denies relief in section 147 proceedings for not replying notice for 6 Months

Kuldip Kumar Goel Vs ACIT & Anr. (Delhi High Court)

he Supreme Court in GKN Driveshafts (India Ltd.) v. Income Tax Officer 259 ITR 19 (SC) has clarified that when a notice under Section 148 of the Income Tax Act is issued, the proper course of action for the notice is to file a return and if he so desire, to seek reasons for issuing notices....

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Notional Interest on loan to AE assessable as income, if assessee having PE in India

Sabre Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai)

Whether notional interest income on the loan (interest-free) that was advanced by the assessee to its AE would be assessable as the income of the assessee which has a business connection or Permanent Establishment (PE) in India?...

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No Section 263 invocation If AO taken One possible view out of Many

Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata)

PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore....

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No Custom Penalty for goods cleared by officers after signing Bond

Bharat Tissues Pvt. Ltd. Vs C.C. (CESTAT Bangalore)

Penalty under Section 114A and other penal provisions cannot be invoked when the goods were permitted to be cleared by the officers. However, the Revenue will be free to recover duty along with interest in terms of the Notification....

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RBI on Treatment of Unrealised gain/loss on a derivative transaction

RBI/2020-21/15 DOR (NBFC).CC.PD.No.116/22.10.106/2020-21 (24/07/2020)

On a review, it has been decided that the unrealised gain/loss on a derivative transaction undertaken for hedging may be offset against the unrealised loss/gain recognized in the capital (either through Profit or Loss or through Other Comprehensive Income) on the corresponding underlying hedged instrument....

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Cross Empowerment of officers for Search & Seizure under GST

One of the key feature of GST is concurrent jurisdiction for levy & collection of GST by the Centre & the States. Only ‘proper officer’ has been empowered under GST law to execute and administer compliance of various sections and rules under GST law, to protect the revenue and to exercise rights relating to enforcement [&helli...

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Plugging the Loophole: Sharing of ITR data with MSME Ministry

MSMEs are the backbone of the Indian economy; they are one of the largest employment generators and contribute roughly about 35% to the GDP. Recently the Government has shifted its focus on this micro, small and medium enterprises and have developed various schemes and measures to enhance their growth. After 14 years since the MSME [&hell...

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Works Contract & Medical Prosthetics under Taxation Law

In the GST Era, the issue of Works Contract is simplified as the charging section (Section 9 of the CGST/SGST Act) makes no distinction between goods and services. Also, the term ‘works contract’ has been limited to immovable property only now....

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Section 14A of Income Tax r.w. Rule 8D – Supreme Court upheld no income tax in absence of exempt income

Section 14A of Income Tax Act, 1961 r.w. Rule 8D of Income Tax Rules: Supreme Court standpoint – No tax in the absence of any exempt income The much debated and extensively litigated issue has been resolved by the Supreme Court in 2018 & 2019. The article below summarises issues encountered by the assessee’s prior […]...

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Why you should buy the new corona specific insurance policies?

After the fear of real pandemic of Covid-19, the stories of hugely high cost of treatment of corona in private hospitals has created another pandemic of fear amongst almost all the persons specially those who presently do not have any health insurance. In order to help such persons to get at least financially secured against […]...

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Section 54/54F exemption: ITAT directs AO to consider additional evidence

Hemalatha Mallapuram Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the tribunal can give fresh opportunity to the assessee to submit evidence which assessee might not have been able to provide at the time of hearing?...

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