"10 December 2020" Archive

ICAI proposes Changes to Form 18- Form for Change in Particulars of CA Firms

F. No. 1-CA(7)/197/2020 (10/12/2020)

ICAI vide its Draft Chartered Accountants (Amendment) Regulations, 2020 proposed changes to FORM ‘18’ related to PARTICULARS OF OFFICES AND FIRMS (See Section 2(2) of the Chartered Accountants Act, 1949, Regulation 53B and Regulation 190 of the Chartered Accountants Regulations, 1988). THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA N...

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AO cannot made addition under section 68 despite furnishing of confirmations on flimsy Grounds

Nirja Khatuwala Vs ITO (ITAT Gauhati)

Nirja Khatuwala Vs ITO (ITAT Gauhati) I note that the out of total outstanding credits of Rs. 2,23,89,337/-[total number of sundry creditors were eleven (11)], the Assessing Officer was not satisfied about the genuinity in respect of credit worth Rs. 34,35,509/- i.e. only in respect of three sundry creditors which comes to 16% of total [&...

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Stringent Bail conditions violates right of personal liberty of accused: HC

Bhagwat Joshi @ Shankar Lal Joshi Vs State of Chhattisgarh (Chhattisgarh High Court)

Bhagwat Joshi @ Shankar Lal Joshi Vs State of Chhattisgarh (Chhattisgarh High Court) Condition for grant of bail should not be stringent, as it would violate accused right of personal liberty under Article 21 of the Constitution of India. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT “The delicate light of the law favours release [&helli...

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Payment of GST & other Amounts in Installments- 5 FAQs

Section 80 of the CGST Act, 2017 read with Rule 158 of the CGST Rules, 2017 governs the provisions for Payment of tax and other amounts in installments. Following aspects are dealt in the form of questions and their answers. Q 1. Who is allowed to make payment of tax and other amount in installments? […]...

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Posted Under: CA, CS, CMA |

Arrest Under GST: Caution Needs To Be Applied

‘Rule of law’ is the soul of a democratic setup and no one is allowed to breach or even shake the golden thread of the same. Supremacy of rule of law cannot be questioned by anybody and the same cannot be threatened even by the state. Personal liberty is largely associated with the concept of […]...

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Posted Under: CA, CS, CMA |

How to set up Holding/Parent Company abroad from India

A holding company is a parent business entity and usually that doesn’t have any commercial activity or any business operations. Its purpose, as the name implies, is to hold the controlling stock or membership interests in other operating companies called as Subsidiary. It’s typically positioned between the operating company and the sh...

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Posted Under: CA, CS, CMA |

No lack of Jurisdiction if AO of searched person recorded his satisfaction & provided seized material to AO of assessee

Akarsh Residence Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Akarsh Residence Pvt. Ltd. Vs DCIT (ITAT Bangalore) As per the facts noted by learned CIT(A) in the relevant paras of his order as reproduced above, it comes out that search was carried out in the case of M/s. Adarsh Developers and incriminating documents were found and seized in the course of search and those […]...

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SEBI Consultation Paper: Compliance Standards for Index Providers

To solicit the comments / views from market participants on compliance standards for index providers, to enhance greater level of transparency, promoting the reliability of benchmark determinations, addressing benchmark governance and accountability mechanisms, by providing a broad framework for index providers managing / maintaining Indi...

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Posted Under: CA, CS, CMA |

Section 171(3A) penalty provisions not applicable between 01.07.2017 to 31.12.2018

Gopinath Dombla Vs Navkar Associates (NAA)

Gopinath Dombla Vs Navkar Associates (NAA) It is revealed from the perusal of the CGST Act and the Rules framed under it that the Central Government vide Notification No. 01/2020-Central Tax dated 01.01.2020 has implemented the provisions of the Finance (No. 2) Act, 2019 from 01.01.2020 vide which sub-section 171 (3A) was added in Section...

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NAA drops penalty proceedings against Fusion Buildtech Pvt. Ltd.

Pradeep Kumar Vs Fusion Buildtech Pvt. Ltd. (NAA)

Pradeep Kumar Vs Fusion Buildtech Pvt. Ltd. (NAA) Respondent had not passed on the benefit of additional Input tax Credit (ITC) to the above Applicant No. 1 as well a other homebuyers who had purchased them in his Project “Fusion Homes” for the period from 01.07.2017 to 30.09.2018 and hence, the Respondent has violated the [&h...

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