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Companies (Significant Beneficial Owners) Amendment Rules, 2019

February 8, 2019 30537 Views 3 comments Print

Central Government hereby makes the following rules further to amend the Companies (Significant Beneficial Owners) Rules, 2018, namely These rules may be called the Companies (Significant Beneficial Owners) Amendment Rules, 2019.

Leasing of work-wear – Maintenance not means retention of effective control

February 8, 2019 627 Views 0 comment Print

In the instant case, in terms of agreement work-wear rented out always remains within the exclusive possession of their clients and nobody else can use the those work-wear at the same time and hence effective control to lie with the user/ clients. The appellant, therefore, does not have control over the use of the work-wear. Thus the activity is not in the nature of service under the Finance Act in both during the period prior to negative list regime and thereafter.

Invest less while you earn and enjoy more, if you are retired

February 8, 2019 2346 Views 1 comment Print

> Longevity is a fact– we elders live longer. In 2018, in one of our retirement communities, based on eleven of CovaiCare family members who left for their heavenly abode, their average age was 83 years.

CBDT Forms Committees on litigation management including International Good practices

February 8, 2019 1380 Views 0 comment Print

As per the discussion held during Judicial Conference held on 04.01.2019, a committee is being constituted to examine the suggestions/issues on litigation management emerging out of the Conference. The composition or the Committee is as follows:

Addition of debatable nature cannot be subject of Section 154 rectification

February 8, 2019 2058 Views 0 comment Print

ACIT Vs Shri Punit J. Patel (ITAT Mumbai)  In application u/s.154 of the Act, the assessee has asked for rectifying the addition made of long term capital gains on sale of shares of Tripex overseas as undisclosed income. It is the assessee’s claim that the AO has made addition of Rs.3,86,192/- alleged to be bogus […]

ITAT should give independent reasons showing consideration of submissions by assessee

February 8, 2019 963 Views 1 comment Print

Cheryl J. Patel Vs ACIT (Bombay High Court) While discussing various issues, the Tribunal has not given any independent reasons showing consideration of the submissions made on behalf of the assessee. We are conscious of the fact that an appellate order which affirms the order of the lower authority need not be a very detailed […]

Effect of Angel Tax on Indian Startup Ecosystem 

February 7, 2019 1053 Views 1 comment Print

The Government of India has continuously engaged with all stakeholders to address relevant issues related to the Indian Startup eco-system. The Department for Promotion of Industry and Internal Trade (DPIIT) issued notification in April 2018 for easing the norms for providing tax exemption to the Startup companies and further amended the notification on 4th February 2019. […]

Successive writ petitions for same cause of action are not maintainable

February 7, 2019 7227 Views 0 comment Print

Integrated Tech 9 Labs (P) Ltd. Vs State of U.P. & Ors. (Allahabad High Court) In case we allow the petitioner to challenge the said order in this writ petition it would amount to filing of successive writ petitions for one of the causes of action involved in the earlier writ petition. It is settled […]

Customs Rate of Exchange of Foreign Currency wef 08.02.2019

February 7, 2019 3261 Views 0 comment Print

Exchange Rates Notification No. 09/2019-Custom (NT) dated 07.02.2019

Notification No. 4/2019-Customs, Dated: 07.02.2019

February 7, 2019 2052 Views 0 comment Print

Seeks to further amend Notification No. 08/2016- customs dated the 5th February 2016 to allow temporary importation of aircrafts, for the purposes of participation in Aero Show organised by the Central Government, without furnishing a bank guarantee or cash deposit GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 4/2019-Customs New Delhi, the […]

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