"22 September 2020" Archive

Extend time limit of statutory Company Law compliances

Representation on technical glitches on MCA Web-portal & Request for extension in the time limit on submission of various statutory compliances by CA Social Affiliation (CASA) to Smt Nirmala Sitaraman, Hon. Finance Minister of India, Govt of India. CA Social Affiliation (CASA) Serving CA Profession since 2010 CASA/MCA/20-21/04   Dat...

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Posted Under: Company Law | ,

GST-Inverted duty structure- Section 54 not violates Article 14- HC

Tvl. Transtonnelstroy Afcons Joint venture Vs Union of India (Madras High Court)

1) Section 54(3)(ii) does not infringe Article 14. (2) Refund is a statutory right and the extension of the benefit of refund only to the unutilised credit that accumulates on account of the rate of tax on input goods being higher than the rate of tax on output supplies by excluding unutilised input tax credit that accumulated on accou...

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GST: Taxpayers can demand copies of Seized Documents during Search: HC

Rajive And Company Vs. Assistant Commissioner (Kerala High Court)

Rajive And Company  Vs. Assistant Commissioner Special Circle (Kerala High Court) Petitioners will no doubt be entitled to seek copies of the documents seized from their premises, if and when they are confronted by the respondents with any notice or other proceeding, wherein reliance is placed on the said seized documents. I, therefore, ...

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Revocation of GST registration Cancellation by 30th Sep 2020

Revocation of GST registration Cancellation by 30th September 2020 We have seen many registrations being cancelled due to returns not being filed beyond 6 months by the tax payer. Cancellation of GST registration Suo motu by officer as per Section 29(2) of CGST Act 2017 are 1. A person paying tax under Composition levy has […]...

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Posted Under: Company Law |

Deemed Exports under GST- Complete & Detailed Analysis

Deemed exports are to be treated similar to exports, these supplies are not zero-rated supplies by default. Thus, GST shall be applicable on all the deemed export at the point of supply. Furthermore, these Supplies cannot be made under Bond / LUT without payment of tax....

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Posted Under: Company Law |

Attention GST Taxpayers, now, return GSTR-3B is becoming more robust

Arjuna, it seems that after September 2020, there will be complete changeover of GSTR-3B filing process on GSTN. On inward side, new GSTR 2B will so as to reconcile and match ITC as per GSTR-3B & GSTR-2A. On outward side, GSTR-1 figures may be reflected in GSTR-3B, so as to reconcile and match tax liability.  Be Thus, GSTR-3B will become...

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Posted Under: Company Law |

This September’s- Tarikh pe Tarikh!

Arjun (Fictional Character): Krishna, half year of 2020-21 is about to end. Along with the same, there are many due dates to be complied with in the same month. Please tell which are those due dates? Krishna (Fictional Character): Arjuna, due to the COVID-19 pandemic & the following lockdown situation therein, the due dates for [&hell...

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Posted Under: Company Law |

Advance from Developer cannot be treated as ‘Windfall’ gain & taxed

CIT Vs. City Lubricants Pvt. Ltd (Madras High Court)

CIT Vs. City Lubricants Pvt. Ltd (Madras High Court) Thus, the issue pertaining to the amount of advance received by the assessee, namely, Rs.9 Crores was never the subject matter of the reopening proceedings which is sufficient to hold that the assessment order dated 25.03.2015 to be a nullity. Nevertheless, we heard the learned counsels...

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Forfeited Security deposit given for lease allowable as Business Loss

DCIT Vs Ebony Retail Holdings Ltd. (ITAT Delhi)

DCIT Vs Ebony Retail Holdings Ltd. (Delhi ITAT) It is not in dispute that assessee has given security deposit for taking the premises on lease. Learned Counsel for the Assessee referred to various replies filed by assessee-company at assessment stage which shows that assessee-company filed all the documentary evidences and explanation bef...

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Compilation of CBDT Notifications & Circulars of August 2020

Compilation of Notifications & Circulars issued by CBDT in the month of August 2020 Direct Tax Updates 1. Non-applicability of Section 206AA to non-residents to whom Section 139A does not apply on account of  Rule 114AAB: Section 206AA provides that any person receiving payment (deductee), on which TDS is required to be deducted shal...

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Posted Under: Company Law |

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