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Special Clearing operations on March 30 and 31, 2019 in Banks

March 28, 2019 1717 Views 0 comment Print

With a view to facilitate accounting of all the Government transactions for the current financial year (2018-19) by March 31, 2019, it has been decided to conduct Special Clearing at all clearing houses across the country on March 30 and 31, 2019 as detailed below:

No Profiteering as there was commensurate reduction in base price

March 28, 2019 996 Views 0 comment Print

Kerala State Level Screening Committee Vs M/s Peps Industries Pvt. Ltd (NAA) It is apparent from the perusal of the facts of the case that admittedly there was a decrease in the rate of tax on the said product from 28% to 18% w.e.f. 15.11.2017 but it is also established that the base (excluding GST) of the […]

GST: HC releases goods seized without complying Section 129

March 28, 2019 5928 Views 0 comment Print

Synergy Fertichem Pvt.Ltd Vs State of Gujarat (Gujarat High Court) In the present case, the show­ cause notice dated 01.03.2019 has been issued under section 130 of the CGST Act calling upon the petitioner to show cause as to why the goods in question as well as the vehicle should not be confiscated for non-payment […]

HC allows revision of GST TRAN-1 for errors due to Technical reasons

March 28, 2019 4404 Views 0 comment Print

M/s. Atria Convergence Technologies Ltd Vs Union of India (Karnataka High Court) Court is of the considered opinion that the petitioner is entitled to revise or rectify the errors in the FORM GST TRAN-1 in terms of Rule 120A wherein the Commissioner is empowered to extend the time period specified in Rule 117. As the […]

Penalty for Failure to get accounts audited cannot be levied if books not maintained

March 27, 2019 3774 Views 0 comment Print

Assessee assailed the imposition of penalty under section 271B imposed by AO on account of failure to get accounts audited under section 44AB. Assessee contended that penalty was not justified as no books of account were maintained by assessee.

Cabinet Approves creation of Additional posts in NCLT

March 27, 2019 444 Views 0 comment Print

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved creation of additional posts of three Judicial Members and three Technical Members in the National Company Law Appellate Tribunal (NCLAT).

Share of profit from AOP cannot be added while computing section 115JB book profit

March 27, 2019 4860 Views 0 comment Print

By virtue of clause (iic) in Explanation to section 115JB by the Finance Act, 2015 share of profit received from AOP could not be added while computing book profit under section 115JB.

You can still file your ITR for A.Y. 2018-19 (F.Y. 2017-18)

March 27, 2019 6642 Views 3 comments Print

You can still file your ITR for A.Y. 2018-19 (F.Y. 2017-18) by 31 st March, 2019 with a late fee of Rs. 10,000/- if you have not filed yet. It is easy,  Let us show you how in simple steps Step 1: Register Register at e-filing portal (www.incometaxindiaefiling.gov.in) using PAN Step 2: Prepare and submit Return  […]

Notification No. 26/2019-Customs (N.T.) Dated: 27.03.2019

March 27, 2019 876 Views 0 comment Print

Notification No. 26/2019-Customs (N.T.) CBIC hereby appoints Commissioner of Customs, Chennai (Import), Chennai-II to act as a Common Adjudicating Authority

CBDT enables Facility to view Form 2 Declaration filed with DPIIT

March 27, 2019 26154 Views 0 comment Print

Facility to view Form 2 Declaration filed with DPIIT by startup available in Income tax e-Filing portal CBDT has enabled Facility to view Form 2 Declaration filed with DPIIT (Department for Promotion of Industry and Internal Trade) by a startup on its e-filing portal. Form 2 (Section 56 Exemption declaration) is a Declaration by a […]

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