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Penalty justified on additional income declared after discovery of same by AO

November 28, 2017 1095 Views 0 comment Print

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particulars of income. Under […]

Notification No. 111/2017-Customs (N.T.), Dated: 28.11.2017

November 28, 2017 1308 Views 0 comment Print

Notification No. 111/2017-Customs (N.T.) CBEC hereby appoints officer mentioned in column 5 of the Table below to exercise the powers and discharge duties conferred or imposed on officers mentioned in column (4) of the Table in respect of Noticees mentioned in column (2) of the Table, for purpose of adjudication of show cause notice mentioned in column No (3) therein, namely:-

Govt appoints Shri B.N. Sharma as Chairman of NAA under GST

November 28, 2017 1410 Views 0 comment Print

In an immediate follow up action of last week’s Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this apex Authority in the rank of Secretary to Government of India.

GST: 28 Latest FAQs on GST as replied by Govt on Twitter

November 27, 2017 10890 Views 1 comment Print

I have submitted Bank guarantee and bond for export purpose. Now as per notification no. 37/2017- Central Tax, I am eligible to export under LUT. When can I take back BG & bond and instead submit LUT?

CBEC relaxes requirement for mandatory e-sealing

November 27, 2017 2658 Views 0 comment Print

Attention of the Exporters, Custom Brokers and all concerned are invited to the Board Circular No. 44/2017-Customs dated 18th November, 2017 and Public Notice No. 145/2017 issued vide F. No. S/12-Gen-82/2015 AM(X) (Part File) dated 10/11/2017.

Rules for Refund of IGST paid on Exports

November 25, 2017 11367 Views 3 comments Print

As per Rule 96, the refund of IGST paid on export of goods is processed and disbursed by Customs. For processing such refund, GST System transmits invoice level data of Table 6A in GSTR 1 subject to following validations: 1. GSTR 3B is filed for corresponding period, with admitted tax liability of IGST under Table […]

Notification No. 19/2017-Customs (N.T./CAA/DRI), Dated: 24.11.2017

November 24, 2017 1452 Views 0 comment Print

In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and as amended by notification No. 133/2015-Customs (N.T.), published

Procedure for transfer of unclaimed suspense shares to demat A/c of IEPF

November 24, 2017 11766 Views 0 comment Print

In respect of shares held in the unclaimed suspense account opened by the company as directed by SEBI, the procedure to be followed for transfer of such shares to demat account of the IEPF Authority held in NSDL system is given below:

FAQs Non-competitive Bidding Facility for Dated Securities and Treasury Bills of the Government of India

November 23, 2017 570 Views 0 comment Print

FAQs Non-competitive Bidding Facility for Dated Securities and Treasury Bills of Government of India To encourage retail participation in the primary market for Government Securities, the facility of non-competitive bidding in Dated Government Securities and Treasury Bills auctions has been introduced. This will enable the investor to purchase a specified number of securities at the […]

Disallowance U/s. 14A untenable in absence of Non-recording of satisfaction

November 23, 2017 1710 Views 0 comment Print

Phraseology of section 14A of the Act itself specifies that the satisfaction contemplated is required to be arrived at having regard to the accounts, an approach which is conspicuous by its absence in the present case.

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