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Extend Due date of GST Returns in Flood affected States

August 18, 2019 34104 Views 6 comments Print

Request for Relief by way of Due date Extension for GST Annual Return and Monthly Return, from Disastrous Flood Situation in state of Maharashtra, Karnataka, Kerala Andhra Pradesh Gujarat.

Growing of hybrid seeds is Agricultural Activity

August 17, 2019 2187 Views 0 comment Print

DCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune) The CIT(A) while deciding the issue in the present case had in turn, relied on the decision of Pune Bench of Tribunal in ACIT Vs. Ajeet Seeds Ltd. (supra), which has been confirmed by the Hon’ble High Court. Consequently, we hold that growing of hybrid seeds in […]

Companies (Share Capital and Debentures) Amendment Rules, 2019

August 16, 2019 8190 Views 0 comment Print

(1) These rules may be called the Companies (Share Capital and Debentures) Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette.

Section 80G(5) Registration cannot be denied if CIT(E) was satisfied with objects / activities of assessee 

August 15, 2019 4212 Views 1 comment Print

Bharat Vikas Parishad Maharana Pratap Nyas Vs CIT (ITAT Delhi) After considering the rival submissions, we are of the view that Order under section 80G(5) denying approval to the assessee cannot be sustained in Law. It is not in dispute that assessee has been granted registration under section 12AA of the I.T. Act, 1961, by DIT […]

Section 264 Revision petition maintainable against Section 143(1) intimation

August 15, 2019 5811 Views 0 comment Print

M/s. EPCOS Electronic Components S. A. Vs Union of India (Delhi High Court) The next issue is whether the intimation under Section 143(1) of the Act was prejudicial to the interest of the Assessee. It must be noted here that although the tax calculated as payable in the return filed and accepted by the Department […]

HC refuses to entertain writ challenging mandatory Pre-Deposit requirement

August 15, 2019 2097 Views 0 comment Print

Faisal Ahmed Abdul Malik Javeri Vs Union of India (Bombay High Court) No doubt, there are certain decisions, in which it has been held that the provisions of Customs Act will not affect the powers of jurisdiction of this Court under Article 226 of the Constitution of India. There is absolutely no dispute as regards […]

Section 54B does not specify that entire land should be used for cultivation

August 15, 2019 1554 Views 0 comment Print

Rajendra Bastimal Chordiya Vs ITO (ITAT Pune) The issue in the present ground is with respect to the denial of claim of deduction u/s 54B of the Act for the reason that the land was not cultivable. We find that the reason for denying the claim of deduction u/s 54B of the Act was for […]

Section 54F exemption if Sale Proceed not invested in Specified Govt Scheme but Property purchased within Three Years

August 15, 2019 2112 Views 0 comment Print

Sh. Vijay Chaudhary Vs ITO (ITAT Delhi) Whether the assessee invests the entire sales consideration in construction of a residential house within three years from the date of transfer can he be denied exemption under Section 54F on the ground that he did not deposit the said amount in capital gains account scheme before the […]

Key recommendations of Competition Law Review Committee report

August 14, 2019 1860 Views 0 comment Print

Report of the Competition Law Review Committee submitted to Union Finance and Corporate Affairs Minister Key recommendations include introduction of a ‘Green Channel’ for combination notifications to enable fast-paced regulatory approvals of mergers and acquisitions Shri Injeti Srinivas, Secretary (Corporate Affairs), today presented the Report of the Competition Law Review Committee to the Union Minister […]

DGFT Modifies Para 4.12(vi) of HBP and add Appendix 4P to HBPs

August 14, 2019 6459 Views 0 comment Print

Norms ratified by any Norms Committee (NC) in the O/o DGFT on or after 01.04.2015 in respect of any Advance authorization obtained under paragraph 4.07, shall-be valid for the entire period of the Foreign Trade Policy i.e. up to 31.3.2020 or for a period of three years from the date of ratification, whichever is later.

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