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Section 54: Assessee cannot be treated ‘absolute owner’ of Jointly owned property

December 16, 2019 6009 Views 0 comment Print

Ashok G. Chauhan Vs Asst. CIT (ITAT Mumbai) In the present case, admittedly the flat at Goa was not fully and wholly owned by the assessee as the same was initially owned co-jointly in the name of assessee and his wife. Admittedly, it is nobody’s case that wife was benami of the assessee. Therefore, the […]

HC allows filing of TRAN-1 to appellant to allow him avail un-utilized ITC

December 16, 2019 3021 Views 0 comment Print

It is clarified that in case the petitioner is hampered in any manner from availing the benefit of aforesaid judgment, due to non opening of the Portal by the Respondents, then the petitioner shall be permitted, in the alternative to claim the benefit of unutilized credit in their GST-3B Forms to be filed for the month of January,2020 either electronically or manually.

Assam suspends E-way Bill generation for intra-state movement of goods temporarily

December 16, 2019 3150 Views 0 comment Print

GST Commissioner, Assam temporarily suspend generation of E-way Bill for intra-state movement of goods (movement of goods which commences and terminates within Assam)

Allow petitioner to claim ITC in TRAN-I or in GSTR-3B Form: HC

December 16, 2019 1350 Views 0 comment Print

It is clarified that in case the petitioner is hampered in any manner from availing the benefit of aforesaid judgment, due to non opening of the Portal by the Respondents, then the petitioner shall be permitted, in the alternative to claim the benefit of unutilized credit in their GSTR-3B Forms to be filed for the month of January, 2020 either electronically or manually.

No extension of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

December 16, 2019 1827 Views 0 comment Print

Sabka Vishwas [Legacy Dispute Resolution] Scheme 2019 has now ONLY fifteen calendar days to go before it concludes on 31.12.2019. There shall be  NO extension of the Scheme beyond 31.12.2019.

Section 276-B Criminal Prosecution for TDS default – Who is liable?

December 16, 2019 7107 Views 0 comment Print

Eckhard Garbers Vs Shri Shubham Agrawal (Sessions Court, Mumbai) Section 276-B Criminal Prosecution for TDS default: Chief Finance Officer, who was responsible for the day to day finance matters including recovery of TDS from the customers and to deposit in the account of the Central Government, was prima facie responsible for the criminal prosecution for […]

Liquidity Support (LS) Facility – NEFT 24 x 7

December 13, 2019 1161 Views 0 comment Print

In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS).

Revised Procedure for custom clearance of toys

December 13, 2019 2997 Views 0 comment Print

Sample will be randomly picked from each consignment and will be sent to NABL accredited Labs for testing and clearance may be given by Customs on the condition that the product cannot be sold in the market till successful testing of the sample. Further, if the sample drawn fails to meet the required standards, the consignments will be sent back or will be destroyed at the cost of importer.

National Savings Certificates (VIII Issue) Scheme, 2019

December 12, 2019 7215 Views 0 comment Print

On an application to accounts office in Form-1, following types of accounts can be opened under National Savings Certificates (VIII Issue) Scheme, 2019 namely- (a) Single Holder Type Account; (b) Joint A- Type Account; and (c) Joint B – Type Account.

National Savings (Monthly Income Account) Scheme, 2019

December 12, 2019 4695 Views 0 comment Print

The account under National Savings (Monthly Income Account) Scheme, 2019 may be opened by making an application in Form-1 by-(i) a single adult; (ii) upto a maximum of three adults in joint names; (iii) a minor who has attained the age of ten years; (iv) a guardian on behalf of a minor or a person of unsound mind.

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