"09 November 2020" Archive

Govt to regulate Netflix, Amazon Prime & other OTT platforms

Notification No. S.O. 4040(E) (09/11/2020)

Central government has brought Over The Top (OTT) platforms, or video streaming service providers such as Netflix, Amazon Prime, Hotstar ALt Balaji and others, under the Piurview of the Ministry of Information and Broadcasting by issuing Government of India (Allocation of Business) Three Hundred and Fifty Seventh Amendment Rules, 2020. CA...

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MCA permits documents due for filing till 30.11.2020 under LLP Settlement Scheme

General Circular No. 37/2020 (09/11/2020)

Timeline for filing of belated documents has been extended upto 30th November, 2020 due to Extension of LLP Settlement Scheme, 2020. General Circular No. 37/2020– MCA permits Any ‘defaulting LLP’ to tile belated documents, which were due for filing till 30th November, 2020 in accordance with the provisions of LLP Settlem...

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Requirement of holding valid AFA also applies to IPs undertaking voluntary liquidation process under IBC

Order No. IBBI/DC/40/2020   (09/11/2020)

In the present matter, it is observed that, Mr. Dua had mentioned the acceptance of assignment of voluntary liquidation in matter of I V Share and Stock Brokers Ltd before 31.12.2020 however, the documents were not signed until February by one of the key directors. Mr. Dua had given his written consent to act as […]...

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Infinity Retail guilty of Profiteering: NAA

M. Srinivas Vs Infinity Retail Ltd. (NAA)

M. Srinivas Vs Infinity Retail Ltd. (NAA) The present Report dated 23.12.2019, has been furnished by the Applicant No. 2 i.e. the Director-General of Anti-Profiteering (DGAP), under Rule 129 (6) of the Central Goods & Services Tax (CGST) Rules, 2017. The brief facts of the present case are that an application dated 29.03.2019 was file...

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GST Officials Cannot Use Physical Violence: HC

Agarwal Foundries Private Limited Rama Towers Vs Union of India (Telangana High Court)

Agarwal Foundries Private Limited Rama Towers Vs Union of India (Telangana High Court) No provision of any law is cited before us by the respondents to say that they are entitled to use physical violence against persons they suspect of being guilty of tax evasion while discharging their duties under the CGST Act, 2017. Merely […]...

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Annual Aggregate Turnover Computation Methodology under GST

Annual Aggregate Turnover Computation Methodology-Article explains Calculation of Number of GSTR- 3B eligible or liable to filed, Calculation of Number of CMP-08 eligible or liable to be filed, Extracted GSTIN-wise Number of GSTR- 3B filed and Turnover declared in GSTR-3B, Extracted GSTIN- wise Number of CMP-08 filed and Outward supply de...

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Posted Under: Corporate Law |

E-Invoicing – The  Recipient’s  Perspective

1. The Government vides notification no. 61 /2020 CT- dated 30.07.2020 notified that a registered person with an aggregate turnover in a financial year exceeds rupees 500 corers is liable to generate e-invoice. 2. For e-invoice generation, notified suppliers to get their documents registered on the Government designated system i.e. Invoic...

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Posted Under: Corporate Law |

E-way bills in breif with latest Updates

1. What is an e-Way Bill? Electronic Waybill for movement of goods, A GST registered person cannot transport the goods from one state to another state without generation of e-Way bill. which required to generate from ewaybillgst.gov.in. portal. E-Way bill can also be generate / cancelled through SMS, Android App and by site-to-site integr...

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Posted Under: Corporate Law |

Draft of Public Charitable Trust Deed

Draft of Public Charitable Trust Deed THIS INDENTURE made at _____ this ——- day of ———– 1990 BETWEEN __________ called ‘the Settlor’ (which expression shall unless it be repugnant to the context or meaning thereof be deemed to include his heirs, executors or administrator) of the One Part AN...

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Posted Under: Corporate Law |

Weekly newsletter from Chairman, CBIC dated 09/11/2020

D.O. No. 40/CH(IC)/2020 (09/11/2020)

The DGHRD is in the process of developing a utility for monitoring progress of infrastructure projects. While such a mechanism is being put in place, concerned formations should take care to ensure timely submission of the proposals...

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ADD on imports of ‘Carbon Black used in rubber applications’ extended till 31.12.2020

Notification No. 34/2020-Customs (ADD) (09/11/2020)

Seeks to amend notification No. 54/2015-Customs (ADD), dated 18th November 2015 to extend the levy of ADD on imports of ‘Carbon Black used in rubber applications’ originating in or exported from China PR and Russia, for a further period upto and inclusive of 31st December, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTI...

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HC Grant Regular Bail to Petitioner accused of Fraudulently availing ITC

Ganga Ram Vs State of Punjab and another (Punjab & Haryana High Court)

The present petition is filed for seeking bail to the petitioner accused of fraudulently availing ITC without any invoice or bill. The trial will take time to conclude, especially due to prevailing situation of Covid-19. Thus, the petition is allowed and the petitioner is ordered to be released on regular bail. ...

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Banks eligible to avail ITC on Insurances services availed for Rendering Output Services

South Indian Bank Vs C.C., C.E. & S.T-Calicut (CESTAT Bangalore)

The issue under consideration is whether the assessee banks are eligible for cenvat credit of service tax availed on insurance service received by the banks from the Deposit Insurance and Credit Guarantee Corporation?...

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Intermediary services not amount to FTS & not taxable under India-Sweden DTAA

Bombardier Transportation Sweden AB Vs DCIT (ITAT Delhi)

Bombardier Transportation Sweden AB Vs DCIT (ITAT Delhi) Conclusion: Payment of consideration would be regarded as ‘fee for technical/included services’ only if the twin test of rendering services and making technical knowledge available at the same time was satisfied. Intermediary services rendered by assessee did not make av...

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Additions in reopened Assessment not valid if no addition on subject matter of reopening

Sheela Foam Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the re-opening of assessment is valid even if there is no addition on subject-matter being basis for issuing notice under section 148, rather AO made addition on other counts?...

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Commission to Director in terms of Employment is Part of Salary: ITAT Delhi

DCIT Vs Abro Technologies Pvt. Ltd. (ITAT Delhi)

Commission paid to Director in terms of Employment is Considered as Part of Salary. It is also not disputed that TDS has been deducted on such commission as salary. Accordingly, the Revenue’s appeal is dismissed....

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Profit margin disclosed by assessee cannot be rejected arbitrarily

Sukhwinder Singh Vs ACIT (ITAT Delhi)

The issue under consideration is whether addition made by AO by application of N.P. rate of 8% is justified in law? Profit Margin Cannot be Rejected Arbitrarily due to Rejection of Books of Account...

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DTPA submits 15 GST Pre Budget Suggestions for 2021

ITC availment Restriction limit Rule 36(4) of CGST Rules, 2017 specifies that Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 10 per cent of the eligible credit available in res...

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Posted Under: Corporate Law |

Assessee holding General Power of Attorney with respect of Land Sold Not Liable for Capital Gains

ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad)

ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad) The issue under consideration is whether capital gain will be taxed in the hands of general power of attorney holder with respect to land sold? ITAT states that, the assessee was just general Power of Attorney holder with respect to the lands in dispute. This fact has not […]...

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Physical verification report in Form GST REG-30

Form GST REG-30 is a verification report submitted/ uploaded by the proper officer detailing the physical verification conducted of the place of business of the person under Goods and Services Tax (GST). The present article explains the provisions relating to filing of a report in Form GST REG-30 and details covered in Form GST REG-30. [&...

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Posted Under: Corporate Law |

DTPA submits 33 Income Tax Pre Budget Suggestions for 2021

At the outset we convey your honour our Congratulations on introducing Faceless Assessment and Faceless Appeal Schemes and also introducing new Taxpayers Charter. Direct Taxes Vivad Se Vishwas Scheme is also a commendable step to reduce litigations. We assure your honour of our full support in the implementation of the same....

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Posted Under: Corporate Law |

Risk adjustment / Benchmarking of international transactions- ITAT Remands case back to AO

GCO Technologies Centre Private Ltd. Vs ITO (ITAT Mumbai)

GCO Technologies Centre Private Ltd. Vs ITO (ITAT Mumbai) We have deliberated at length on the aforesaid issue under consideration and are unable to persuade ourselves to subscribe to the projection of the aforesaid comparable company viz. M/s Cather Consultancy Services Pvt. Ltd by the assessee as a profit making company during the finan...

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ITAT Allowed Deduction of Municipal Taxes on Area Not Leased Out

Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai)

Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai) The issue under consideration is whether treating municipal taxes paid is considered as a part of rent liable to be taxed u/s 23 of the act? ITAT states that, upon due consideration of factual matrix, the crystal-clear position that emerges is the fact that as per the […]...

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Compliances for Listed Companies with Respect to Companies Came Under the Ambit of IBC, 2016

The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2018 or SEBI (LODR). These companies needs to comply with the Quarterly/half yearly/annual and general compliances under SEBI Listing Regulations (LODR), ...

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Posted Under: Corporate Law |

Due date of Emergency Credit Line Guarantee Scheme extended till 30.11.2020

The Government of India recently had extended the Emergency Credit Line Guarantee Scheme (ECLGS) by a month till 30th November 2020, as the scheme had thus far failed towards meeting the target of Rs 3 lakh crore. The scheme has been launched as part of the Atma Nirbhar Bharat Abhiyan package, which was announced by the Finance Ministe...

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Posted Under: Corporate Law |

Homebuyers can now approach both Consumer Court & RERA for delay in Real estate Projects

The Supreme Court of India has recently held that the homebuyers who after buying houses have not got possession of their flats within the fixed contract time period, will now are free to approach the consumer forum for compensation from the builder for delaying in the handing over possession of their houses, in spite of the enactment [...

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Posted Under: Corporate Law |

CBIC extended due date of GST Annual Return for Financial Year 2018-19

The Central Board of Indirect Taxes and Customs (CBIC) issued a notification to extend the due date for furnishing GSTR-9 and 9C for Financial Year 2018-19 till 31st December 2020. The Government of India on Saturday has extended due dates for filing Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) for Financial Year ...

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Posted Under: Corporate Law |

IGST Exemption available on re-import of repaired parts or aircraft into India

Interglobe Aviation Limited Vs Commissioner of Customs (CESTAT Delhi)

Interglobe Aviation Limited Vs Commissioner of Customs (CESTAT Delhi) Conclusion: Assessee was entitled to exemption from payment of integrated tax under the Exemption Notification on re-import of repaired parts/aircraft into India because in the absence of mention of integrated tax and compensation cess in column (3) under serial no. 2 o...

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Tax Implications of newly inserted Ind AS – 116 ‘Leases’

Introduction MCA vide notification dated 30-03-2019, has notified Ind-AS 116 ‘Leases’ w.e.f 01-04-2019 replacing the erstwhile Ind AS 17 and AS – 19. Prior to 01-04-2019, the accounting treatment of assets taken on lease was done in accordance with Ind AS 17 and AS – 19 [for entities on which Ind AS was not applicable]. [&hell...

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Posted Under: Corporate Law |

Extra Neutral Alcohol (ENA) – A Nascent Under GST

The Future potential in the field of taxation will have many gearing troubles. GST as well is not an exception to it. In its path to perfection, GST has much dust to settle-legislatively and judicially. These are the days of confusion and cacophony: many views, many interpretations, and many jurisprudential mumblings. And in this running ...

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Posted Under: Corporate Law |

Delay in payment of Employee Contribution to PF/ESI, etc. – In dilemma to claim or not?

Delay in payment of Employee Contribution to PF/ESI, etc. – In dilemma to claim or not? Section 2(24)(x) of the Income tax Act 1961 (‘Act’) while defining Income, includes the sum received by taxpayer/employer from employees as contribution towards PF, ESI or any other welfare schemes/fund. Once such sum is treated as Income in hand...

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Posted Under: Corporate Law |

FAQs for Registration on Udyam Registration Portal

What is the validity of Udyam Registration Certificate? Ans. In the new registration portal, it is not specifically mentioned anywhere in the Act as well in the notifications issued by the Ministry that the Udyam Registration Certificate will be valid for certain period of time like 5 years, 10 years etc....

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Posted Under: Corporate Law |

HC: Power To Conduct Service Tax Audit is saved under GST Act

Vianaar Homes Private Limited Vs Assistant Commissioner CGST (Delhi High Court)

Vianaar Homes Private Limited Vs Assistant Commissioner CGST (Delhi High Court) Conclusion: Authorities had power under Section 174(2)(e) of the CGST Act, 2017 to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. under Rule 5A of the Service Tax Rules. Held: Assessee-company was engaged in the ...

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FAQs on the due date extension in holding AGM

The Registrar of Companies (ROC) vide its order dated 8th September, 2020 extended the time for holding Annual General Meeting (AGM) of the companies by a period of 3 months from the due date by which the AGM ought to have been held for the financial year ended 31st March, 2020 i.e. 30th September, 2020. […]...

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Posted Under: Corporate Law |

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