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ICSI represents on Name Availability, Company Incorporation, DIR 3 KYC & DIN Issues

August 25, 2018 2802 Views 0 comment Print

This is in continuation to the meeting held with your goodself on August 16,2018. As you are kindly aware, the Institute of Company Secretaries of India has always pioneered the cause of good governance, the implementation of the law in true letter and spirit while keeping in sight the best interests of all stakeholders.

ICSI represents on 7 Practical issues in Companies Law Rules

August 25, 2018 6798 Views 0 comment Print

Sir, the Institute of Company Secretaries of India has always championed the implementation of the provisions of the law in true letter and spirit so as to promote and pursue good corporate governance. At the same time it has always held an empathetic view towards the concerns of the stakeholders.

IGST payable on transportation of goods by vessel under RCM

August 25, 2018 11058 Views 1 comment Print

In re M/s Chambal Fertilizers And Chemicals Limited (GST AAR Rajasthan) a. The applicant is liable to pay IGST on transportation of goods by vessel under Reverse Charge Mechanism (RCM) under Notification No. 10/2017- Integrated Tax (Rate) dated 28.06.2017. b. Regarding exclusion of any component of expenditure upon imported goods (Ocean freight) while determining their […]

Jaipur Development Authority (JDA) is a Governmental Authority: GST AAR Rajasthan

August 25, 2018 4140 Views 0 comment Print

In re M/S PDCOR Limited (GST AAR Rajasthan) Whether service provided by the applicant is correctly classified under SAC Code 9983. Whether JDA falls under the definition of Local Authority or Governmental Authority or Government Entity.   Whether the services being provided by M/s PDCOR Ltd. in the said case are exempted from GST under the serial […]

Home Loan Interest deduction on House Property under co-ownership

August 25, 2018 2799 Views 0 comment Print

The present appeals filed by the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-44, Mumbai, dated 20.04.2016, for A.Ys 2006-07 and 2007-08, which in itself arises from the orders passed by the A.O under Sec. 147 r.w.s 143(3) of the Income-tax act, 1961 (for short „Act‟), each dated 14.03.2014. That as certain common issues are involved in  the appeals, therefore, they are taken up and disposed of by way of a consolidate order. We shall first take up the appeal for A.Y. 2006-07, wherein the assessee assailing the order of the CIT(A) had raised before us the following grounds of appeal

RFP for Appointment of Firm of CAs with General Insurance Corporation of India

August 24, 2018 1368 Views 0 comment Print

Request For Proposal (RFP) / E-Tender For Appointment Of Firm Of Chartered Accountants For Certification Of Investment Risk Management Systems & Process (IRMSP) by General Insurance Corporation of India General Insurance Corporation of India Suraksha, 170, J. Tata Road, Churchgate, Mumbai – 400 020. Phone -> +9122 22867730 E-mail -> auditteam@gicofindia.com Tender Ref: IAD/2018-19/002 Date […]

Much needed clarification on Removal of restriction of refund of accumulated ITC on fabrics

August 24, 2018 15294 Views 1 comment Print

In the 28th GST Council meeting, it was decided to remove the restriction of not allowing refund of ITC accumulated on account of inverted duty structure on fabrics with prospective effect on the input supplies received after the date of issue of notification.

Advisory to taxpayers for filing refund application under GST-RFD-01A

August 24, 2018 4290 Views 0 comment Print

Advisory to taxpayers for filing refund application under GST-RFD-01A: 1. Refund application can be filed using refund application form GST-RFD-01A. 2. Refund application filing for multiple tax period is available for the below ground of refunds: – Export of Goods and Services – Without payment of Tax

Bogus purchases- Entire purchases cannot be added to total income of assessee

August 24, 2018 3420 Views 0 comment Print

These appeals are filed by the Revenue and cross objections by assessee against the orders of the Ld. Commissioner of Income Tax (Appeals)- 21, Mumbai dated 16.06.2016 for the Assessment Years 2009-10 and 2012-13.

31000% increase in share value can be suspicious but cannot be evidence

August 24, 2018 4431 Views 0 comment Print

The AO further relies on the shop increase of 31000% of the value of shares over the period of 2 years. Though this is highly suspicious, it cannot take the place of evidence. The Hon’ble Supreme Court has stated that suspicion however strong cannot be the basis for making an addition.

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