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Alleged Professional Misconduct issue cannot be decided based on law enacted subsequently

November 1, 2018 3924 Views 0 comment Print

Devendraa P. Kapur Vs. ICAI & Others (Appellate Authority) The Appellant has also taken a ground of Appeal before us that the Disciplinary Committee has decided these cases in accordance with the law which was not prevalent when the alleged misconduct was committed but came into effect after the amendment made in the year 2006 […]

Interest on Loan for Land purchased and shown as Stock in Trade is revenue expense

October 31, 2018 3828 Views 0 comment Print

Model Properties Pvt. Ltd. Vs ACIT (ITAT Jaipur) The fact of showing this land in the books of account as stock in trade is not in dispute, however, the ld. CIT(A) has denied the claim on the ground that the assessee has not undertaken any activity which could lead to the inference that the assessee […]

Customs Electronic sealing implementation extended to 01st January, 2019

October 30, 2018 696 Views 0 comment Print

CBIC has decided to extend the date of implementation of Electronic sealing for Deposit in and removal of goods from Customs bonded Warehouses to 01st January, 2019 in order to enable establishment of infrastructure and procurement of seals by warehouse owners.

Slump sale of business as going concern to related party qualifies as supply

October 30, 2018 10029 Views 0 comment Print

Seller has agreed to sell, transfer, convey, assign and deliver to the applicant or to any affiliates as directed by applicant for the BPL business which would be transferred as a slump sale on going concern basis. BPL business means BP business, LS Business and PM business as going concern as outlined in ‘Definitions and Interpretations’.

Exercise Caution in dealing with MSRL Group Limited : DGFT

October 30, 2018 3303 Views 21 comments Print

F. No. 01/142/HQ/18-19/ECA.II Government of India Ministry of Commerce and Industry Directorate General of Foreign Trade (Enforcement-Cum-Adjudication-II) Udyog Bhawan, New Delhi Dated: 30th October , 2018 TRADE NOTICE No.36/2018 To All the RAs All the Export Promotion Councils. Subject:- Caution against dealing with MSRL Group Limited, Miami, Florida, USA-regarding. It has been brought to the notice […]

When ITC has to be blocked/unblocked from Electronic credit ledger

October 30, 2018 24618 Views 0 comment Print

The functionality of blocking and unblocking Input Tax Credit is an important tool for safeguarding the Government revenue particularly in cases of fraudulent activities by the taxpayers. So the jurisdictional officers are hereby directed to use this functionality for blocking/unblocking Input Tax Credit under the following situations:-

GST: Classification of automotive chains used in petrol & diesel engines

October 29, 2018 3417 Views 0 comment Print

In re Borgwarner Morse Systems India Private Limited. (GST AAR Tamil Nadu) Whether automotive chains (i.e., silent chains used in petrol engines and roller chains used in diesel engines) manufactured by the applicant are classifiable under HSN 8409 or 7315? “Roller chains” supplied by the applicant are classifiable under CTH 73151100 and ‘Inverted tooth chains […]

Sunset Review investigation on imports of PVC Suspension Grade Resin

October 29, 2018 1344 Views 0 comment Print

The product under consideration in the previous investigations as well as present investigation is homo-polymer of vinyl chloride monomer (suspension grade), where various polymer chains are not linked to each other, falling under Customs Classification No. 3904.

Govt allows appearance via video-conference in CA Misconduct cases

October 29, 2018 570 Views 0 comment Print

These rules may be called the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Second Amendment Rules, 2018. For the purpose of this rule, the appearance also includes the appearances through video–conference, modalities for which may be as formulated by the Institute from time to time

S. 50C Addition without reference to Valuation Officer not justified

October 26, 2018 4407 Views 0 comment Print

Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through […]

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