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Archive: 14 August 2020

Posts in 14 August 2020

Faceless Assessments, Faceless Appeals and Tax Payers Charter

August 14, 2020 2322 Views 0 comment Print

Disposal of income tax cases were big thing for businessman apart from their business. For refund of their own money they faced many problems. People avoided to pay tax when it was well known that their hard earned money will not be used in nation building but will be illegally absorbed into System.

Pure agent of recipient of supply | Advance Ruling | Rule 33 | CGST Rules 2017

August 14, 2020 6786 Views 3 comments Print

As per the Rule 33 of the CGST Rules 2017, Notwithstanding anything contained in the provisions of this Chapter, the expenditure or costs incurred by a supplier as a pure agent of the recipient of supply shall be excluded from the value of supply of all the following conditions are satisfied

Person Eligible for SVLDRS, 2019 even if Amount quantified on or before 30.06.2019 gets Modified Subsequently

August 14, 2020 1086 Views 0 comment Print

Seventh Plane Network Private ltd. Vs. Union of India & ORS. ( Delhi High Court) The issue under consideration is whether the petitioner was eligible to apply under the SVLDRS, 2019 even if the amount of duty involved in the audit had not been quantified before 30th June, 2019? High Court states that, the audit […]

Search & Seizure justified for Goods kept under Illegal Custody: HC

August 14, 2020 1389 Views 0 comment Print

The issue under consideration is whether the initiation of inspection, search and seizure under Section 67 of the CGST Act for goods kept under illegal custody is justified in law?

Decree-Holder cannot be treated as a Financial Creditor for CIRP: NCLAT

August 14, 2020 3288 Views 0 comment Print

Sh. Sushil Ansal Vs. Ashok Tripathi (Delhi NCLAT) (i) Respondent Nos. 1 and 2 can no more claim to be allottees of a Real Estate Project after issuance of Recovery Certificate dated 10th August, 2019 by ‘UP RERA’ directing recovery of Rs.73,35,686.43/- due thereunder as arrears of land revenue by the Competent Authority. On their […]

EU General Court annuls decision of European Commission & rules in favour of Apple by holding no Irish State Aid

August 14, 2020 1923 Views 0 comment Print

Ireland And Others V European Commission (General Court of the European Union, Luxembourg) EU General Court annuls decision of European Commission and rules in favour of Apple by holding no Irish State Aid The General Court, Luxembourg (GC), the second highest judicial body in EU finally rendered its long-awaited judgment in the cases of Ireland […]

No penalty for denying ITC benefit to Customers prior to 01.01.2020: NAA

August 14, 2020 954 Views 0 comment Print

Sh. Varun Goel Vs Director General of Anti-Profiteering (National Anti-Profiteering Authority) Penalty for not issuing an invoice or for issuing an incorrect or false invoice in respect of any supply of goods or services or both is not covered under Section 171(1) It is apparent from the perusal of Section 122 (1) (i) that the […]

Import and Export Code (IEC)

August 14, 2020 9267 Views 2 comments Print

1. Introduction to Import and Export Code (IEC). IEC is a 10 digit alphanumeric registration number issued by DGFT (Directorate General of Foreign Trade). Every importer and exporter irrespective of form of business organization is required to obtain IEC. Import and export business are of critical importance for growth and development of any country, therefore […]

Procedure for issue of NCDs by NBFC

August 14, 2020 14004 Views 3 comments Print

In recent years, number of Non-Banking Finance Companies (NBFCs) are resorting to issue Non-Convertible Debentures on private placement basis. Issue of NCDs through private placement became attractive way to raise funds for NBFCs, for the following reasons: 1. No need to create Debenture Redemption Reserve 2. Where a NBFC intends to issue NCDs with max […]

Capital gain on sale of shares- Taxation

August 14, 2020 44541 Views 6 comments Print

Capital gains in case of transfer of shares ♦ If any capital asset has been transferred like land, building, gold etc. profit shall be called capital gains and if the asset has been transferred within a period of three years, capital gains shall be short term and shall be taxable at the normal rate and […]

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