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Provision of Section 2(22)(e) cannot be attracted to current account transactions

May 25, 2018 3315 Views 0 comment Print

M/s Mirik Commercial Pvt. Ltd. Vs Pr. CIT (ITAT Kolkata) The purpose of Section 2(22)(e) of the Act is to tax the benefit extended by private limited company to its shareholders holding shares not less than 10% as beneficial owner of shares (not being shares entitled to a fixed rate of dividend income). There is […]

Haryana Goods and Services Tax (Sixth Amendment) Rules, 2018

May 25, 2018 1578 Views 0 comment Print

hese rules may be called the Haryana Goods and Services Tax (Sixth Amendment) Rules, 2018. (5) In the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula:- Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC÷ Adjusted Total Turnover} – tax payable on such inverted rated supply of goods and services.

Extension of ad-hoc appointments of 57 IRS officers to JCIT Grade

May 25, 2018 1686 Views 0 comment Print

ORDER NO. 76 OF 2018 The President is pleased to extend the ad-hoc appointment of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.04.2018 to 30.09.2018

AAR rejects application as applicant was already provisionally assessed on similar issue

May 25, 2018 1038 Views 0 comment Print

The present application has been filed under section 97 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017 [hereinafter referred to as the CGST Act and MGST Act] by MOSAIC INDIA PRIVATE LIMITED, the applicant, seeking an advance ruling in respect of the following questions connected to the issues mentioned in para 02 below:

Mere allegation by investigation dept not sufficient to prove Bogus Capital gains from penny stocks

May 25, 2018 12909 Views 0 comment Print

Meenu Goel Vs ITO (ITAT Delhi) The assessee has submitted various documentary evidences to prove the genuineness of the transaction of sale and purchase of shares which includes a copy of purchase bill dated 22.02.2010; a copy of share transfer form in the favour of the assessee; Copy of bank statement highlighting the payment made […]

Seeks to amend Notification No. 44/2017-Customs (ADD) dated 12.09.2017

May 25, 2018 1029 Views 0 comment Print

Central Government, hereby makes the following amendment in Notification No. 44/2017-Customs (ADD) dated 12.09.2017- In the said notification, in the TABLE, against serial number 1, in column (7), the entry Euro Chem Trading GMBH Through Rawfert Offshore Sal, Lebanon shall be substituted.

Anti-dumping duty on imports of ‘Saturated Fatty Alcohols

May 25, 2018 4383 Views 0 comment Print

NOTIFICATION No. 28/2018-Customs (ADD) Seeks to impose definitive anti-dumping duty on imports of ‘Saturated Fatty Alcohols originating in, or exported from Indonesia, Malaysia and Thailand

AO cannot reopen the case without bringing something new on record

May 25, 2018 7149 Views 0 comment Print

Challenging the order dated 28/01/2016 of CIT(A)-8,Mumbai,the Assessing Officer (AO) has filed the present appeal. The assessee has raised a Cross Objection for the same.Assessee – company engaged in providing cellular mobile services and trades in accessories filed its return of income at Rs.Nil after set off of brought forward business loss.

Procedure for service of notice of Special Court on fugitive economic offenders

May 25, 2018 891 Views 0 comment Print

Govt. prescribes procedure for service of notice of Special Court on fugitive economic offenders vide Fugitive Economic Offenders (Procedure for sending Letter of Request to the Contracting State for Service of Notice and Execution of Order of the Special Court) Rules, 2018.

Experience of CS management training & Mere uploading of ROC Returns cannot be considered as experience in management: IBBI

May 25, 2018 1182 Views 0 comment Print

(applicant) and a professional member of the ICSI Institute of Insolvency Professionals (ICSI IIP) submitted an application under regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) seeking a certificate of registration as an Insolvency Professional (IP). The application carried the recommendation of ICSI IIP for registration of the applicant as an IP.

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