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Bogus GST Bill: Gujarat High Court grants Bail to CA Student

March 13, 2019 6402 Views 0 comment Print

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court) In a Bogus GST Billing Case Submission of learned senior advocate for the applicant that the applicant is a young person pursuing studies in Chartered Accountancy and was employed under the co-accused Hitendra Shah. . Learned advocate appearing on behalf of the applicant submits that […]

Reassessment not Valid if Objection of assessee not disposed of

March 12, 2019 2340 Views 0 comment Print

Reassessment order passed by Assessing Officer without disposing of objections raised by assessee to issuance of notice under section 148 of Income Tax Act, 1961 by a separate order, was not valid and thus, was liable to be quashed.

Input credit based on fake invoices- HC dismisses Writ Petition & Imposes Rs. One Lakh Cost

March 12, 2019 10548 Views 0 comment Print

etitioners have claimed tax input credit on the basis of fake invoices hence Writ Petition is dismissed with cost of Rs.1,00,000/- only.29. The cost amount be deposited with the Rajasthan High Court Legal Services Authority within four weeks of the date of this order and proof thereof, be submitted with the Registrar (Judicial). If the proof of depositing of amount is not submitted, let the matter be listed before the Court for appropriate course of action.

Goods detained shall be released to petitioner on furnishing bank guarantee: HC

March 12, 2019 954 Views 0 comment Print

I am of the view that the goods detained shall be released to the petitioner on furnishing bank guarantee in terms of the order passed under Section 129(1)(a) of the CGST Act, 2017. The petitioner shall file an appeal within a period of one month.

Section 54EC deduction for Amount not invested in REC Bonds within prescribed time due to Delay in receipt of sale consideration amount

March 12, 2019 1998 Views 0 comment Print

Where assessee had deposited sale consideration amount in the Escrow Account as a security in respect of future liabilities of the company/ transferor, the year of taxability, irrespective of the delay in making investment in REC Bonds on account of uncertainty involved for receiving the amount, the year of taxability was year of receipt and therefore, assessee was eligible for deduction under section 54EC.

Constitution of Appellate Tribunal: Allahabad HC directs Centre & States to file Better Affidavits

March 12, 2019 885 Views 0 comment Print

As the Counsel for GST council as well as that for the State were unable to tell as to whether the Appellate Tribunal has been constituted or not, the matter was listed on 28 February 2019. Two affidavits were filed but it is apparent that promises were being made only in the air

Onetime condonation under EPCG Scheme –Extension till 30.09.2019

March 11, 2019 2313 Views 0 comment Print

Onetime condonation of time period in respect of obtaining block-wise extension in Export Obligation period under EPCG Scheme. Director General of Foreign Trade in public interest hereby further extends the time of receipt of requests till 30.09.2019 in respect of the above mentioned Public Notices.

RFP to Appoint Consultants to provide Accounting Support Services to IBBI

March 9, 2019 1491 Views 0 comment Print

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal (RFP) for Appointment of Consultants for providing Accounting Support and Related Services to IBBI TABLE OF CONTENTS S. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines and Instructions 6.  Annexure I 7.  Annexure […]

No penalty for income declared in original return filed within time U/s. 139(1) post Survey

March 8, 2019 1521 Views 0 comment Print

DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune) The issue in the present ground is with respect to levy of penalty u/s 271(1)(c) of the Act. It is an undisputed fact that additional income of Rs.1.49 crores was offered by the assessee during the course of survey conducted on 12.01.2012. It is also a fact […]

Extension of Tenure of High Level Committee on CSR-2018

March 8, 2019 945 Views 0 comment Print

The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs vide OM of even no. dated 22.11.2018 to review the existing framework and formulate a coherent policy on Corporate Social Responsibility.

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