"09 November 2020" Archive - Page 3

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: Income Tax |

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: Income Tax |

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: Income Tax |

AAR allowed withdrawal of ruling application as relevant Venture was over

In re Savitri Ashirvaad Buildtech Limited (GST AAR Telangana)

In the reference 5th cited, M/s. Savitri Ashirvaad Buildtech Limited, have informed through mail, that the Venture is over and they don’t need the ruling.  Hence the dealer has withdrawn the advance Ruling Application....

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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: Income Tax |

Charter hire of work over Rigs cannot be classified as ‘repair or maintenance service’ for Service Tax

Dewanchand Ramsaran Industries Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Kolkata)

Dewanchand Ramsaran Industries Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Kolkata) We find that the learned Commissioner, in page No. 7 & 8 of the impugned order, after having noted that aforesaid scope of work, has hurriedly concluded that the work is nothing but maintenance and repair of workover oil wells...

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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: Income Tax |

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