In re Khandelwal Extraction Ltd (GST AAAR Uttar Pradesh) (i) Input Credit attributable to the supply of de-oiled rice bran cake (exempted supply) is to be reversed by the appellant in terms of Section 17(2) of the CGST Act 2017; and (ii) GST @ 5% is payable on supply of de-oiled mahua cake with consequently allowing […]
EFIs may participate in commodity derivatives contracts traded in stock exchanges in IFSC subject to the following conditions:-2.1. The participation would be limited to the derivatives contracts in non-agricultural commodities only,2.2. Contracts would be cash settled on the settlement price determined on overseas exchanges, and2.3. All the transactions shall be denominated in foreign currency only.
Janardhanam Balaji Vs ACIT (Madras High Court) Right of appeal is not automatic. When statute confers a limited right of appeal only in a case which involves substantial question of law, it is not open to sit in appeal over factual findings arrived at by AO, CIT(A) and Appellate Tribunal. Hence, appeal was not entertained. […]
Refund |Enhancements on GST Portal |March 2019 While filing refund application of ITC accumulated due to Inverted Tax Structure, taxpayer can now enter his own GSTIN in the inward supply detail statement on the GST Portal
Shri Hitesh H Budhbhatti Vs ITO (ITAT Ahmedabad) The allowability of interest expenditure on borrowed capital for purchase of residential house under s.24 of the Act is in question. As per Section 23(2) of the Act, the gross annual value of the residential house shall be taken at ‘nil’ where such house is in the […]
No disallowance of expenditure in terms of section 14A read with rule 8D can be made in case where no exempt income is earned in the relevant assessment year.
The Institute of Chartered Accountants of India UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases: […]
Notification No. 11/2019-Customs (N.T./CAA/DRI), Dated: 12.03.2019 to appoint Common Adjudicating Authority mentioning Name of Noticee (s) and Address, Show Cause Notice Number and Date, Name of Adjudicating Authorities and Common Adjudicating Authority appointed. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) NOTIFICATION New Delhi, the 12th March, […]
Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit. These principles are: 1. Businesses should conduct and govern themselves with integrity in a manner […]
Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/DCR2/CIR/P/2019/35 March 13, 2019 To All Listed Entities All Recognized Stock Exchanges All Registered Merchant Bankers Dear Sir / Madam, Sub: SEBI (Delisting of Equity Shares) Regulations, 2015 – “Timelines for Counter Offer Process” 1. SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended to allow promoter(s) […]
