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Expense to get finance for normal business operations was revenue expense

October 27, 2019 1074 Views 0 comment Print

The expense incurred for getting the finance for normal business operations does not provide any enduring benefit to the assessee as such, the one-time loan processing fees was revenue expenditure allowable to assessee.

IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2019

October 25, 2019 1662 Views 0 comment Print

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019. They shall come into force on the date of their publication in the Official Gazette.

EPFO to open offices in Jammu & Kashmir and Ladakh

October 25, 2019 3651 Views 2 comments Print

Competent Authority has approved the opening of Regional Offices of the Employees’ Provident Fund Organization (Ministry of Labour & Employment, Government of India) at Jammu & Kashmir and Ladakh with immediate effect.

Single letter of approval (LoA) for all categories under Chapter 71 of ITC HS

October 25, 2019 3567 Views 0 comment Print

I am directed to state that representations had been received in this Department for single LoA for all categories under Chapter 71 of ITC HS. The representations have been examined and following decisions have been taken, with the approval of competent authority, regarding issuance of LoA to a Gems & Jewellery (G&J) unit:

Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

October 24, 2019 2187 Views 0 comment Print

Promoter, if ineligible under Section 29A cannot make an application for Compromise and Arrangement for taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’.

GST on tobacco leaves

October 24, 2019 11082 Views 0 comment Print

In re Deccan Tobacco Company (GST AAR Andhra Pradesh) Question (a): What is the rate of GST applicable on tobacco leaves procured at tobacco auction platforms or directly from farmers, which are cured and dried by farmers themselves? Answer: The GST Rate of tax for the tobacco leaves procured at tobacco auction platforms or directly […]

GST on composite works contract supply for construction service to prospective lessee

October 24, 2019 3402 Views 0 comment Print

In re Nagpur Integrated Township Pvt. Ltd. (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling agree with the findings and order of the Advance ruling authority in as much as the impugned transaction entered into by the parties is not in nature of lease. The same is rather in the nature of  construction of […]

Further directions w.r.t filing of complaints with MahaRERA

October 23, 2019 1758 Views 0 comment Print

The complaints should be filed with MahaRERA, in accordance with Section 31 of the Real Estate (Development and Regulation) Act, 2016 read with rule 6 and 7 of The Maharashtra Real Estate (Regulation & Development) (Recovery of Interest, Penalty, Compensation, fine payable, Forms of Complaints and Appeal etc.) Rules, 2017 and the Regulations, Orders and Circular made

Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019

October 22, 2019 25947 Views 1 comment Print

Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 shall come into force with effect from the 1st day of December, 2019.

Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019

October 22, 2019 11643 Views 2 comments Print

(1) These rules may be called the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019. (2) The provisions of these rules, other than rule 2 and 5, shall come into force with effect from the 1st day of December, 2019.

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