Friday, February 28, 2020
US Supreme Court unanimously rules in a ‘curious corner of law in the Tax Refund case has a Massive Economic Significance
The of the United States of America (U.S.A.) unanimously rules in “a curious corner of the law” in the tax refund case has a massive economic significance.US Supreme Court unanimously rules in a ‘curious corner of law in the Tax Refund case has a Massive Economic Significance In the case of Rodriguez v. Federal Deposit […]
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Expenses on Account of Interest Payment on Loans could not be added while Computing Book Profit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that expenses on account of interest payment on loans could not be added while computing book profit. On verification of the balance sheet, it was found that the assessee company has made an investment in shares and having some exempt income. The assessee has claimed expenditure on […]
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Vacancy for CA at NIWE
The National Institute of Wind Energy (NIWE) has proposed to recruit one post of Additional Director (Finance & Administration) vacancy of CA. The place of posting will be at Chennai on Deputation Basis for one year which is subjected to an extension. The Institute is the technical arm of the Ministry of New and Renewable […]
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SEBI sets Guidelines to facilitate Appointment of Insolvency Professionals as Administrators [Read Order]
The Securities and Exchange Board of India (SEBI) set guidelines to facilitate the appointment of Insolvency Professionals (IPs) as Administrators for the purposes specified. The IBBI and the SEBI have mutually agreed upon to use a Panel of IPs for appointment as Administrators for effective implementation of the Regulations. The IBBI shall prepare a Panel […]
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Vacancy for CA/ICWA at Electronics Corporation of Tamil Nadu
The Electronics Corporation of Tamil Nadu Limited has invited applications from the candidates who are qualified Chartered Accountant, CA(Intern) and ICWA for Direct Recruitment The details of the vacancy are as follows: POST Number of Posts Educational Qualification Work Experience Scale of Pay Manager (Finance & Accounts) 2 [GT- 1, SC(A)- Woman- 1] Chartered Accountant […]
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ITAT allows Deduction on Legal and Professional Fees incurred to improve day to day working of Company [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Ahmedabad held that General Deduction allowable on Legal and Professional Fees incurred for the improvement of day to day working of Company. During the course of assessment proceedings, the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees […]
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Creating Fake GST Invoices to avail ITC is illegal: Patiala House Court dismisses Bail Application [Read Order]
The Patiala House Court, New Delhi has dismissed the Application of Bail, wherein the applicant was allegedly involved in the creation of fake Goods and Service Tax (GST) invoices to avail Input Tax Credit (ITC), which is illegal in the eye of law. In the case of Shri. Naveen Mutreja vs. Central Goods and Service […]
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NCLAT releases Flipkart India from Corporate Insolvency Proceedings [Read Order]
The National Law Company Law Appellate Tribunal (NCLAT) releases Flipkart India from the corporate insolvency proceedings. A three-member bench of the National Law Company Law Appellate Tribunal (NCLAT) has directed the Interim Resolution Professional (IRP), which was appointed by the Bengaluru Bench of the National Company Law Tribunal (NCLT) to hand over the records and […]
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Jammu and Kashmir Govt. extends Amnesty Scheme for settling unresolved GST issues
The Government of Jammu and Kashmir’s Finance Department, has announced an extension of the amnesty scheme for the settlement of unresolved GST issues in the old tax regime for the smooth implementation of Goods and Services Tax (GST). The Scheme now would continue till June 30, 2020. The State Government expects the Scheme to be […]
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Govt bans Import of GSM Mobile Handsets without IMEI to complement New Indian Counterfeited Device Restriction System [Read Notification]
The Office of the Principal Commissioner of Customs (ACC-Import) has notified prohibiting the import of GSM Mobile Handsets without International Mobile Equipment Identity (IMEI) number. This comes as an effort to compliment the operationalization of the Indian Counterfeited Device Restriction (ICDR) system which the government had recently introduced. This new system replaced the now-defunct Mobile […]
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Govt bans Export of Personal Protection Equipment and Masks [Read Notification]
The Government of India has prohibited the export of Personal Protection Equipment and masks as per the notification dated 25th February 2020 of the Ministry of Commerce and Industry. These include NBR Gloves. Medical googles, N-95 masks, and coveralls (class 2/3/4) However, the government has exempted Surgical Masks/ Disposable Masks (2/3 Ply), all gloves, all […]
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No Service Tax on Rent received from Bullock Carts with Tyres & without Driver: CESTAT [Read Order]
The Mumbai bench of the Customs Excise and Service Tax Appellate Tribunal ( CESTAT ) has held that Tyre Bullock Carts without bullocks and driver, provided by the appellant on rent for the purposes relating to agriculture/agricultural produce without having any right of possession or effective will not fall under Supply of Tangible Goods Service. […]
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Thursday, February 27, 2020
WALK-IN interview for CAs in Air India Airport Services
The AI Airport Services Limited (formerly known as Air India Airport Transport Services Limited is inviting applications from Indian Nationals (Male & Female) who are qualified Chartered Accountants for the following posts on a Fixed Term Contract basis which may be renewed subject to their performance and the requirement of the Company to fill in […]
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CBIC directs Action for Recovery of Inadmissible Duty Credit under Incentive and Reward Schemes [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has directed action for recovery of inadmissible duty credit under incentive and reward schemes. The Principal Commissioner of Customs has issued a circular regarding the recovery of export benefits given under Incentive and Reward Schemes under Chapter 3 of FTP on the re-import of exported goods. […]
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Rajasthan Budget 2020 proposes Amnesty Scheme to give 100% Waiver of Interest and Penalty on Stamp Duty Evasion
The Rajasthan Budget 2020 has proposed an Amnesty scheme to give a 100% waiver of interest and penalty payable on stamp duty. The following changes have also been made under Amnesty Scheme to the Stamps and Registration Department; Concession in stamp duty under Amnesty Scheme shall be given on lease deeds executed by State Government […]
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Gujarat HC permits to File Refund application as Chilling and Packaging of Milk is Exempted under GST [Read Judgment]
The Gujarat High Court has permitted the petitioner to file the refund application as chilling and packaging of milk is exempted under Goods and Service Tax (GST). In the case of M/s Gujarat Co-Operative Milk Marketing on Ltd. vs. Union of India, the court observed that the activities of chilling and packaging services of milk […]
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Rajasthan Budget proposes to constitute GST Audit Authority and Business Intelligence Unit
Rajasthan Budget has proposed to constitute a GST Audit Authority and Business Intelligent Unit for efficient management of commercial taxes. The Commercial Taxes Department is also set to be reorganized in the interest of the taxpayers. Rajasthan budget also aims to bring uniformity in administrative structure, the designation of Officers of Commercial Taxes Department will […]
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Sahara India TV Network can utilize Cenvat Credit for payment of Service Tax on reverse charge basis: CESTAT [Read Order]
The Customs, Excise & Service Tax Appellate Tribunal (CESTAT) Mumbai has ruled that Sahara India TV Network is entitled to utilize Cenvat credit for payment of service tax on reverse charge basis on services rendered as output services. The appellant, Sahara India TV Network, is a provider of Broadcasting services, Business Auxiliary Service, renting of […]
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Refund is available on Swachh Bharat Cess used for Export of Services: CESTAT [Read Order]
The Customs Excise and Service Tax Appellate Tribunal (CESTAT) held that the Swachh Bharat Cess paid on input services has to be available as Cenvat Credit and the same can be discharged by utilizing Cenvat Credit and the appellant therein is entitled to a refund of it. The Appeal is arising out of the order […]
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Punjab and Haryana HC grants Bail to Advocate allegedly involved in GST Scam
The Punjab and Haryana High Court has granted bail to an Advocate who was allegedly involved in registering bogus firms for performing GST scam. A secret information was received about the applicants Rajesh Mittal, Inder Partap Singh and Manish that they were creating bogus firms and by transacting with bigger firms, they were getting huge […]
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Rajasthan Budget 2020 proposes setting up of 48 New Courts for the year 2020-21
The Rajasthan State Budget has proposed setting up of 48 New Courts in the different part of the state for the Financial Year 2020-21. Taking into account the increase in the number of pending cases, the Rajasthan Budget 2020 has proposed the establishment of 48 new Courts in the state. Currently, there are 36 courts […]
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Technical Glitches in Common Portal: Haryana GST Dept extends Time Limit for submitting declaration in FORM GST TRAN-1 [Read Circular]
The Haryana GST department has extended the time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Haryana Goods & Service Tax (GST) Rules, 2017. In exercise of the powers conferred by sub-rule (1A) of rule 117 of the Haryana Goods and Services Tax (GST) Rules, 2017 read with section […]
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Haryana GST Department issues Guidelines to be followed before Authorising for Conducting Inspection, Search and Seizure
The Haryana GST Department has issued guidelines to be complied before authorizing for conducting Inspection, Search and Seizure under the Haryana Goods and Service Tax (GST) Act. The notice was issued in the name of Joint Excise and Taxation Commissioner (GST) and it was addressed to all the Joint Excise and Taxation Commissioner (Range/ Appeal) […]
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Chhattisgarh HC rejects writ petition of alleged issuer of Fake Invoices [Read Order]
The Chhattisgarh High Court rejected a writ petition filed by a trader who was penalised for allegedly purchasing goods from bogus dealers and thereby issuing fake invoices for availing input tax credit. The petitioner, Dadhichi Iron, and Steel are engaged in the business of trading of iron and steel items. They purchase goods from steel […]
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SEBI issues stringent Norms to Prevent Misuse of Clients’ Securities available with Intermediaries [Read Circular]
The Security and Exchange Board of India (SEBI) has issued a circular and tighten the norms to prevent the misuse of clients’ securities available with the intermediaries. The circular was issued on February 25, 2020, in the name of D. Rajesh Kumar, General Manager in order to prevent the misuse of securities, the Market Regulator, […]
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Vacancy for CA at MPEDA
THE MARINE PRODUCTS EXPORT DEVELOPMENT AUTHORITY (MPEDA) has announced a vacancy for an Accounts Officer on a contract basis for a period of one year. They are looking for Intermediate CA/ICWA with three years of experience in Accounting and Taxation. The upper age limit has been set at 35 years as of 29.02.2020. The Remuneration […]
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Reimbursement of Vehicle Expenses by Cab Owners not subject to TDS: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the payments made by the cab owners which are in the nature of reimbursement of vehicle expenses to the assessee cannot be treated as payment subject to TDS under section 194 of the Income Tax Act, 1961. During the relevant assessment year, […]
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Wednesday, February 26, 2020
Vacancy for CA / ICWA / CMA at MOIL
MOIL Limited (formerly known as Manganese Ore India Limited) has invited applications from CA/ICWA/CMA for the vacancy/position of Management Trainee (Finance & Accounts) MOIL is the largest Manganese ore producer in the country, operating eleven mines spread in the states of Maharashtra and Madhya Pradesh. MOIL has set up a plant to produce Electrolytic Manganese […]
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Wife eligible for Capital Gain Deduction towards House purchased in Husband’s Name: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the wife is eligible for deduction under section 54 of the Income Tax Act for the investment in a house in the name of her husband. The assessee had sold 76 cents of land at Tharanallur village, Trichy on 25.02.2008 and re-invested […]
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Income From Cloud Hosting Services not Taxable under the head ‘Royalty’, rules ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that, Income From Cloud Hosting Services not Taxable under the head ‘Royalty’. Rackspace, US Inc., the assessee, is a company incorporated in and a tax resident of the USA, involved in cloud hosting. It is alleged that they had failed to file the return of income […]
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CBI Court sentences Four Years Rigorous Imprisonment to Then Income Tax Officer in Bribery Case
The Special Judge, CBI bribery Cases, Chandigarh has sentenced Shri Rakesh Jain, then Income Tax Officer, Ward No. 3(2), Chandigarh to undergo four years Rigorous Imprisonment with fine of Rs. 5 lakh in a bribery case. CBI had registered a case against the accused on the allegations that Shri Rakesh Jain, the then Income Tax […]
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Foreign Exchange Loss on Repayment of Borrowings is Revenue Expenditure: ITAT allows Relief to Cafe Coffee Day [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore has granted relief to Cafe Coffee Day and held that foreign exchange loss due to the reinstatement of the accounts at the end of the financial year as well as loss incurred on account of exchange fluctuation on repayment of borrowings is similar to the interest expenditure and […]
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CA, CA Inter vacancies in Uttar Pradesh State Rural Livelihoods Mission
The Uttar Pradesh State Rural Livelihoods Mission (UPSRLM) has announced various vacancies including Chartered Accountants and Chartered Accountant (CA) interns. It is an autonomous registered society under the aegis of the Rural Development Department, Govt. of UP. The mission is mandated to implement the National Rural Livelihoods Mission (NRLM) across the state and therefore aims […]
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Vacancies for CA, LLB Graduates at Kerala Bank
The newly incorporated Kerala State Co-operative Bank Ltd. (Kerala) has published vacancies in the categories of Chief IS Security and IT Officer, Head Treasury, Chief Risk Officer, Chief Finance Officer, and Chief Legal Officer For the position of Head Treasury the expected qualification from aspirants are: (1)Persons with a minimum of 15 years experience in any leading […]
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Allahabad HC refuses to entertain Writ Petition who consistently Evaded Summons of GST Intelligence [Read Order]
The Allahabad High Court has refused to entertain a writ petition of an applicant who consistently evaded summons of GST Intelligence as the court believed that consistent absence was a sign of disinterest to cooperate with the revenue department. The Writ petitioner, Ankit Bhutani was running a hotel and a Desi wine shop. He was […]
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NBFCs having assets worth 100 Cr and above shall be considered as Financial Institutions: Finance Ministry reduces Eligibility Limit for Debt Recovery [Read Notification]
The Ministry of Finance has notified that Non-Banking Financial Institutions (NBFCs) having assets worth 100 Crore rupees and above can be conferred the status of Financial institutions. This comes in the exercise of the powers conferred by subclause (iv) of clause (m) of subsection (1)of section 2 of the Securitisation and Reconstruction of Financial Assets […]
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Madhya Pradesh Govt. exempts upcoming Film ‘Thappad’ GST Free
The Madhya Pradesh State Government has exempted the upcoming Taapsee Pannu starrer film ‘Thappad’ from State Goods and Services Tax ( SGST ) for a period of three months. Thappad is an upcoming 2020 Indian Hindi-language drama film directed by Anubhav Sinha. The film stars Taapsee Pannu as a woman who files for divorce when her husband slaps her. It will […]
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GST Evasion: CGST Vadodara cracks down Racket of Fake Invoices worth 100cr
The Central Goods and Services Tax (CGST) Department Vadodara has cracked down the racket of fake invoices worth 100 crores. Acting on the Intelligence that one Mr. Manmohan Agrawal and his son Mr. Naman ManMohan Agrawal had been engaged in the business of issuance of fake invoices without actual movement of goods to generate the […]
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CARO 2020: All You Need to Know
In pursuance of its objective of strengthening the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy, powers conferred under sub-section (11) of section 143 of the Companies Act, 2013 and in supersession of the Companies (Auditor’s Report) Order, 2016, the Central Government has […]
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Gauhati HC asks Govt to clarify Whether Moratorium of NCLT also covers Proceedings pending before GST Authorities [Read Order]
The Gauhati High Court has asked the Central government for fresh consideration by examining the aspect as to whether the order of moratorium of the National Company Law Tribunal (NCLT) also covers the proceeding pending before the GST authorities under the GST Act 2017. An order for payment of Rs.1,82,67,651/- on the petitioner M/S National […]
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Facilitating Land and Other Related activities to attract Service Tax under the head ‘Real Estate Agent’: Delhi HC [Read Order]
The Delhi High Court held that the changeability of the activity on facilitating land and other related activities to attract service tax under the head ‘Real Estate Agent’. The respondent is engaged in the business of the real estate. A Memorandum of Understanding was entered into, between the respondent and M/s. Sahara India Commercial Corporation […]
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Gujarat HC dismisses Review Petition filed by Department against Judgment allowing Transitional Credits
The Gujarat High Court has dismissed a review petition filed by the revenue department against a judgment wherein an applicant was allowed to file the declaration in the form GST TRAN-1 and GST TRAN-2 to claim Transitional Credits. The writ-applicant in the original petition was a partnership firm having its registered office at Bharuch, State […]
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Chhattisgarh HC upholds Increased Rates of Development Cess and Environmental Cess on Land used for Mining [Read Judgment]
The Chhattisgarh High Court has upheld the increased rates of development cess and environmental cess on land covered used for mining as per the amendment introduced to the Chattisgarh (Adhosanrachna Vikas Evam Paryavaran) Upkar Adhiniyam, 2005. As per the amendment to the schedule, I and II of the said Act, the rates of Development Cess […]
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Russia slashes VAT Rate to 15%
Russia has proposed a Value-Added Tax (VAT) reduction from 20% to 15%. VAT increase in 2019 was accompanied with a mission to spend the additional forecasted revenue for national capital infrastructure. However, the expected revenue was not generated. It is estimated that the Russia VAT reduction of 5% points would result in a revenue cut […]
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Tuesday, February 25, 2020
NCLT orders to Restore E-way Bill Facility for Taxpayers undergoing Insolvency Proceedings [Read Order]
The National Company Law Tribunal (NCLT), Mumbai has ordered to restore the E-way Bill Facility for Taxpayers undergoing Insolvency Proceedings. In the case of Videocon Group vs. Central Goods and Service Department, the Goods and Service Tax (GST) Department was directed to restore the E-way bill facility for filling the Goods and Service Tax (GST), […]
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29 Chartered Accountant vacancies in ICAI
The Institute of Chartered Accountants of India (ICAI) has invited chartered accountant applications from technically sound candidates for the following positions on contract basis initially for a term of three years for its Accounting Standards Board, Auditing and Assurance Standards Board, Financial Reporting Review Board, Ethical Standards Board, Committee on Public and Government Financial Management […]
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MCA notifies New Auditor’s Report Order 2020: Know Significant Changes
The Ministry of Corporate Affairs (MCA) has issued an order named Companies ( Auditor’s Report ) Order, 2020. The Companies (Auditor’s Report) Order 2020 will be applicable to all the companies including foreign companies and it will be enforced when it will be published in the Official Gazette of India. This order stated that every […]
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Central Govt. approves New ITAT bench in Uttarakhand
The Law Ministry has approved to set up a circuit bench of the Income Tax Appellate Tribunal (ITAT) in Uttarakhand. The ITAT bench is scheduled to be inaugurated on February 27 by Chief Minister Trivendra Rawat. The circuit bench will have jurisdiction on all appeals and application in the field of direct taxes from Uttarakhand. The […]
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APPOSITENESS OF THE INTERNAL COMPLIANT COMMITTEE (ICC) UNDER THE PoSH ACT IN TOADY’S #METOO EPOCH
The Sexual-harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ie; the PoSH Act has been enacted with the objective of preventing and protecting women against workplace sexual harassment and to ensure effective redressal of complaints of sexual harassment. Since the uprise of #MeToo as a movement, several new situations have arisen, some […]
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No debar for Auditor under Companies Act If Fraudulent Intention is not Proved: NCLAT [Read Order]
The National Company Law Tribunal (NCLAT), New Delhi held that the auditor cannot be debarred for 5 years under Companies Act, 2013 in the absence of evidence supporting fraudulent intentions. In the case of Mukesh Maneklal Choksi vs. Union of India and Zen Shaving Ltd., the court allowed the appeal and held that though the […]
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CBDT aims to Complete Panama Paradise Papers probe; sets Deadline for March 31st
The Central Board of Direct Taxes (CBDT) has set a deadline for the completion of the Panama and Paradise Papers probe. It has intimated the tax department’s investigation wing to complete the investigation by March 31 as per a report by Moneycontrol. A source in the Enforcement Directorate told Moneycontrol, “Currently, we are investigating these […]
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ICSI announces Results of Executive and Professional programme of Dec 2019 Session
The Institute of Company Secretaries India (ICSI) has announced the results of both Executive and Professional Programme. The Institute has published results separately for students who appeared in the old or new syllabus. Priya G (roll: 186208) has secured the 1st rank in Executive examination held on old syllabus while Kalyani Ashwin Pundlik (roll: 327282) […]
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CESTAT upholds Penalty against Sales Managers who conspired to wrongly evade Customs Duty on SEGWAY Products [Read Order]
The Customs Excise and Service Tax Appellate Tribunal (CESTAT) on February 24th upheld the order of the Commissioner of Inland Container Depot, wherein penal actions were taken against importers of SEGWAY products who evaded custom duties. The appellant company M/s Bird Retail Pvt. Ltd. is involved in the sale of Segway products/Segway personal transport products […]
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CESTAT ascertains Relevance of Amendment of Section 110(2) of Customs Act, 1962 [Read Order]
The Custom, Excise & Service Tax Appellate Tribunal (CESTAT), West Zone Bench ascertained the relevance of the amendment of Section 110(2) of Customs Act, 1962. In the case of Shreyansh Marble Tiles Pvt. Ltd. vs. Commissioner of Customs, Jamnagar a significant difference between the previous provision and the provision after an amendment was paid heed […]
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Non Disclosure of Godowns and Non Payment of Tax Demonstrated Misconduct: Allahabad HC denies relief [Read Order]
The Allahabad High Court has denied any relief to the petitioner as there was a nondisclosure of godowns and non-payment of tax which ultimately demonstrated misconduct on the part of the petitioner. In the case of M/s Ashu Traders Madar Gate Aligarh vs. Union of India, it was observed that the counter affidavit clearly reflect […]
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CBIC removes Two Customs Officers involved in Smuggling Cases
The Central Board of Indirect Taxes and Customs ( CBIC ) has removed the Two Customs officers CBICinvolved in Smuggling Cases. Two Customs officers of the Customs Preventive Commissionerate, Cochin, who were involved in gold smuggling cases were removed from service by CBIC Shri Sumit Kumar, Commissioner of Customs ( Preventive ). Cochin. The order […]
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Vacancy for ACA/ICWA at Travancore Cements Ltd.
The Travancore Cements Limited has invited applications from candidates for the post of Senior Manager (Finance & Accounts). It is a government of Kerala undertaking based in Nattakom, Kottayam. Qualification: i) Degree from a recognized University ii) ACA or ICWA Age:40 years or below Experience: 5-10 years of post-qualification experience in middle management cadre. Experience […]
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Writ Benefit can’t be extended to Indolent Persons who sleeps over their Rights and Duties: Chhattisgarh HC denies plead for delayed filing of GST TRAN-1 [Read Order]
The Chhattisgarh High Court has ruled that “The writ benefit cannot be extended to such indolent persons who sleep over their rights and duties without any plausible explanation and justification and now at the belated stage woke up from slumber and is trying to get relief from the High Court without any bona fide ground. […]
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Monday, February 24, 2020
Chartered Accountant vacancy in IndusInd Bank
The IndusInd Bank has invited applications from qualified Chartered Accountants for the post of Business Support Manager to fill the vacancy. IndusInd Bank Ltd. is a Customer-focused, technology-based, ISO 9001:2000 certified new generation private sector Bank with an ambitious growth plan that is looking for the following position/vacancy. Job description Liaise and work closely with […]
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Challenge against Provisions on Anti Profiteering Measure: Supreme Court Transfers all Petition to Delhi High Court [Read Order]
The Supreme Court has transferred the petitions challenging the validity of the provision on Anti Profiteering Measure under Section Section 171 of the Central Goods and Services Tax (CGST) Act 2017 from different High Courts. A batch of writ petitions is pending before the High Courts of Delhi, Bombay and Punjab and Haryana in which […]
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Calcutta HC stays Service Tax Audits Post-GST Rollout [Read Order]
The Calcutta High Court has stayed the Service Tax Audits against Magma Housing Finance Ltd. The Petitioner has challenged impugned notices dated December 13, 2018, and April 25, 2019, which demands the details for Service Tax Audits. Counsel appearing on behalf of the respondent authorities has placed reliance on a coordinate Bench judgment of the […]
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Amusement Parks entitled to only One Benefit under Bombay Entertainments Duty Act: Supreme Court [Read Judgment]
The Supreme court last week ruled that amusement parks within limits of Greater Bombay would be entitled to only one benefit i.e. either under Section 3(2) or under Section 3(5)(a) of the Bombay Entertainment Duty Act. The appellants Pan India Prayatan Ltd. owns and runs an amusement park within limits of Greater Bombay which was […]
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SPICe+ to offer 10 services by 3 Central Govt Ministries / Departments in a Single Web Form: Injeti Srinivas launches SPICe+
Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs(MCA), today inaugurated the ‘SPICe+’ Web Form here in Delhi. As part of the Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs (MCA)has notified a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would offer 10 services by 3 […]
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Gujarat HC releases Goods detained by GST Department for want of E-Way Bill
The Gujarat High Court has ordered the GST Department to release goods and consignments which is detained for not carrying E-Way Bill is a result of the wrong interpretation of section 130 of the GST Act. The Court was of the opinion that to issue a notice of confiscation u/s 130 of the Act, mere […]
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DGFT relaxes Submission of Hard Copy for Claiming Assistance under TMA for Specified Agriculture Products Scheme [Read Circular]
The Directorate General of Foreign Trade (DGFT has released a notification wherein the government has allowed a one-time relaxation for submission of hard copy of applications for claiming assistance under ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Products‘ Scheme. This comes amid several grievances received by the Direct General of Foreign Trade(DGFT) where it […]
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Mere Statements can’t be considered as Incriminating Material or Documentary Evidence: Madhya Pradesh HC
The Madhya Pradesh High Court has held that the unexplained investments were made by the Assessing Officer merely on the basis of the statements given during the course of the survey and that there is no incriminating material or documentary evidence available with the Assessing Officer to substantiate the said additions for the assessment year. […]
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Interest earned by Co-operative Society on its Investments in Co-operative Bank eligible for Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai held that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Income Tax Act. The assessee which is a co-operative society had filed its return of income for A.Y. […]
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Sunday, February 23, 2020
Cenvat Credit is not admissible on Goods Transport Agency Services: CESTAT [Read Order]
The Central Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai held that cenvat credit is not admissible on Goods Transport Agency services used for transportation of goods from the place of removal to the buyer’s premises. The appellant is a Government-owned corporation in the Central Public Sector Enterprise under the Ministry of Mines (India), Government […]
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CBIC to Regulate Transportation of Goods to and from India through Foreign Territory to avoid Ineffective Regulations through Bilateral Agreement with Bangladesh
The Central Board of Indirect Taxes & Customs (CBIC) issued circular in order to regulate the transportation of goods to and from India through foreign Territory-reg. Such uncommon movements and ineffective regulations are undertaken due to the absence of the bilateral agreements between India and neighboring countries. The circular was issued in the name of […]
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NAA finds Gurugram based Builder Guilty for not passing Input Tax Credit [Read Order]
The National Anti- Profiteering Authority ( NAA ) has found the builder Ramaprastha Promoter and Developers Gurugram Guilty for not passing Input Tax Credit. The complaint was filed before the Haryana State Screening Committee on Anti-Profiteering by the Applicant No. 1 alleging profiteering by the Respondent in respect of the purchase of Flat No. K-1603 […]
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MCA mandates Filing of MCA-21 by Insolvency Professionals [Read Circular]
The Ministry of Corporate Affairs (MCA) under the Government of India issued a Circular on February 17, 2020, mandating the Insolvency professionals who are also called Interim Resolution Professional (IRP) or Resolution Professionals (RP) or Liquidators, appointed under Insolvency Bankruptcy Code 2016 to fill the forms in the Registry (MCA-21). The circular was issued by […]
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CBIC notifies GST Rate of Lottery [Read Notification]
The Central Board of Indirect Tax & Custom (CBIC) has notified the GST Rate of Lottery. 28% Uniform rate of GST will be applicable to all lotteries. The amendment will be effective from March 1st 2020. Through this amendment, there is no distinction for lottery authorized by State Governments and lottery run by State Governments […]
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Saturday, February 22, 2020
Collection of Contribution to Build Corpus Fund to Secure Depositors Interest liable to pay Service Tax: CESTAT [Read Order]
The Customs Excise & Service Tax Appellate Tribunal (CESTAT) has held that the collection of contribution to build a corpus fund to secure the depositors’ interest is not a mere transaction in money so is the appellant liable to pay Service Tax. The appellant, Kerala Cooperative Deposit Guarantee Fund Board is constituted, under Kerala Cooperative […]
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Goa Govt proposes Revised Motor Vehicle Taxes
The state government of Goa has proposed few revisions in the Goa motor vehicle taxes. The latest changes in the tax rate At the time of registration of the new vehicle: Motorcycle/Motorscooter/Auto rickshaw irrespective of its horsepower, whose cost does not exceed Rs. 1.50 lakhs. 9 % of the cost of the Motorcycle/Motorscooter/Auto rickshaw. […]
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No Denial of Refund of Cenvat Credit for the reasons of a premises being Unregistered: CESTAT [Read Order]
The Customs Excise and Service Tax Appellate Tribunal (CESTAT), Chennai held that the refund of input Cenvat credit cannot be denied for the reasons of premises being unregistered. The assessee-appellant(M/s. MSYS Tech India Private Limited) is challenging the denial of refund of unutilized input Cenvat Credit under Rule 5 of the Cenvat Credit Rules, 2004. […]
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Goa Govt proposes to Re-Introduce quarterly payment of Tax for Trucks Owners involved in Transportation of Mineral Ore
The Goa State Government has proposed to re-introduce quarterly payment of tax for owners of tippers and trucks which are involved in the transportation mineral ore. The state government has decided this move due to the closure of mining activities in the State of Goa because of which, the owners of the tippers and trucks […]
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Goa Budget 2020: Proposed Amendments to Goa GST Act
The Goa Chief Minister Pramod Sawant, who also holds the charge of the finance ministry, on February 6th presented the budget for the financial year 2020 in the Goa state assembly. The Total budget size for 2020-21 is projected at Rs21,056 crore. The changes proposed to the Goa budget 2020 Goods and Service Tax (GST) […]
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Friday, February 21, 2020
Deduction allowable on Interest Paid on Borrowings for Acquisition of Capital Assets: Gujarat HC grants Relief to Vodafone [Read Order]
The Gujarat High Court has held that the interest paid in respect of borrowings for the acquisition of capital assets is an allowable deduction under S.36(1)(iii) of the Income Tax Act. The assessee-company is engaged in providing outsourcing services for finance, accounts, human resources and supply chain management and data centre to Vodafone India Limited […]
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Assessee’s Failure to File Return at the Material Time can’t be considered as Willful: Delhi HC [Read Judgment]
The Delhi High Court upheld the decision of the appellate tribunal that the assessee’s failure to file the return at the material time cannot be considered as willful. That search and seizure operations under Section 132 of the Income Tax Act were conducted in respect of the Standard Watch Group of Concerns. This included search […]
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Madras HC Pulls up Chennai Corporation for not Revising Property Tax Rate for more than Two Decades
The Madras High Court has pulled up the Greater Chennai Corporation for not revising the property taxes for nearly 20 years for the safeguarding of political interests. A Public Interest Litigation has been filed to direct the local bodies to formulate and notify transparent and uniform rules, procedures and applicable rates for determining property taxes […]
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Gujarat HC allows Refund of IGST Paid on Import of Goods under EPCG Scheme [Read Judgment]
The Gujarat High Court has allowed the Refund of Integrated Goods and Services Tax ( IGST ) paid on the Import of Goods under Export Promotion Capital Goods (EPCG) Scheme. In the case of M/s Prince Spintex Pvt. Ltd. vs. Union of India, the High Court of Gujarat granted the exemption under Notification No. 16/2015-cus […]
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Retracted Statement has No Evidentiary Value: Delhi HC on granting relief in FERA Violation Case [Read Order]
The High Court of Delhi has set aside an order passed by the Foreign Exchange Appellate Tribunal on the ground that the evidence on which such penalizing order was passed holds no value if such a statement is retracted. A search was conducted at the residence of one Sh. Satish Kumar Sharma. An aggregate amount […]
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Egypt to remove Baked Snacks from the List of VAT Exempt Goods
The Finance Ministry of Egypt has an amended VAT Act to remove baked snacks and shower gel from the list of VAT-exempt goods says the local press reports. The current rate of 5% will be raised to the standard rate of 14%. Other goods in the list of Egypt VAT-exempt goods include tea, sugar, milk, […]
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Relief for BSNL: Gauhati HC excludes ‘Non-Taxable’ Services from the Gross Receipt of SSA [Read Judgment]
The Gauhati High Court has ordered the revenue department to issue fresh Show Cause notice raising demands for recovery of service tax from BSNL and exclude the “non-taxable” services from the services provided at the Secondary Switching Area (SSA). The Finance Act, 1994 contains a provision for realizing service tax on some of the services […]
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Jammu & Kashmir HC denies Bail to Money Chain Fraudsters [Read Order]
The Jammu and Kashmir High Court has denied bail to two persons who allegedly ran a money chain in Jammu and Kashmir and fled scamming many people of their money. The accused Zafar Iqbal and Zaheer Abass were running a private company in the name and style of Hablas Pvt. Ltd. where they have collected […]
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CGST Delhi North busts Tax Evasion worth Rs. 125 cr
The CGST officers of Delhi (North) have busted a case of tax evasion of Rs 125 crores involving cash transactions amounting to Rs 1040 crores in sale, purchase and export of mobile phones. Evidence shows that whenever the company had to supply mobile phones to any buyer with GST invoices, they would procure good-less invoices […]
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ICAI signs MoU with IIM Jammu to offering Executive Training Programs for Chartered Accountants
The Institute of Chartered Accountants of India ( ICAI ) signed a Memorandum of Understanding (MoU) with Indian Institute of Management ( IIM ) Jammu today on 21st February 2020. Signing of the MoU between ICAI & IIM Jammu would facilitate both institutions working together to explore areas of mutual collaboration and cooperation for offering […]
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Provisions of Disallowance u/s 40(a)(ia) not applicable to Short-Deduction of TDS: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the provisions of disallowance under section 40(a)(ia) of the Income Tax Act, 1961 does not apply to the short deduction of tax as it covers only cases of non-deduction of tax. The department, while completing the proceedings against the assessee-Company, has invoked sec.40(a)(ia) disallowance […]
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ITAT stays Rs. 398 Crores Tax Demand on Lucknow Development Authority [Read Order]
The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has stayed the income tax demand of Rs. 398 crores on the Lucknow Development Authority by observing that the authority has a prima facie case in its favour. The stay was granted on the condition of payment of 20 crore rupees in two equal instalments. […]
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Filing of Financial Statements and Annual Returns are Ministerial Acts of Directors: Bombay HC [Read Order]
The Bombay High Court has disallowed an interim relief to directors who were disqualified under section 164(2) of the Companies Act 2013 for not filing Financial Statements and Annual Returns which is to be considered as Ministerial Acts of Directors. The arguments advanced by the writ Petitioners was that Gujrat, Karnataka and Madras High Courts […]
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India’s GST Council having problems Figuring out Gaming Taxes
India’s GST (Goods & Services Tax) Councils practically rewrote the tax code a few months prior without actually changing anything. It decided to just translate it to the current language and, as a result, online casino operators were suddenly on the hook for hundreds of millions of dollars. The gaming industry has been continuously attempting […]
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CA Freshers Openings in KPMG
The KPMG has invited applications from qualified Chartered Accountants (CA) for the openings in the Chandigarh location. OVERVIEW An independent audit of financial statements is essential for the effective operation of business entities and the capital markets. We are committed to providing a constructive and challenging audit, one that is also independent and delivers the […]
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Allahabad HC rejects Anticipatory Bail to GST evader running alleged Bogus Firm [Read Order]
The Allahabad High Court has rejected anticipatory bail to a proprietor running a bogus firm for alleged GST evading offences. The Revenue Department submitted that there was sufficient basis to conclude that the applicant, Govind Agarwal, was either working in collusion with some unknown firm/person or was working as an agent and in collusion with […]
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No Service Tax on consideration Received from Foreign Service Recipient under Storage and Warehousing Services: CESTAT [Read Order]
The Chennai bench of the Customs Excise and Service Tax Appellate Tribunal (CESTAT) held that the Service Tax on consideration received by the appellant from the Foreign Service Recipient under Storage and Warehousing services cannot be subject to levy of service tax. The appellants are engaged in the business of logistics supply, chain management, clearing […]
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Liability to Pay Interest on Delayed Tax is an Automatic Liability, but Court can’t quantify the Interest: Madras HC [Read Judgment]
The Madras High Court has held that the liability to pay the interest on delayed tax is an automatic liability but the quantification cannot be unilateral. The High Court cannot determine the quantity of interest. The case was that after the introduction of GST basically three types of returns are to be filed. GSTR-1 is […]
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CBDT to Felicitate Outstanding Work of Income Tax Officers in E-Assessment [Read Circular]
The Central Board of Direct Taxes (CBDT), in order to appreciate and encourage the outstanding work of the Income Tax Officers or officials in e-assessment, Central Board of Direct Taxes (CBDT) will felicitate the Income Tax Officer and the criteria are specified for the purpose of felicitation. The felicitation started from January 2020 onwards and […]
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Thursday, February 20, 2020
Delhi HC recalls Look Out Circular against Chartered Accountant where he co-operate in Investigation [Read Order]
The Delhi High Court has recalled the Look Out Circular against a Chartered Accountant (CA), however, the court imposed certain conditions and the petitioner was directed to co-operate in the investigation and join the investigation as and when called by the investigating authority. The petitioner was a qualified Chartered Accountant (CA) and he migrated to […]
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Coronavirus Impact: CBIC to Facilitate 24×7 Custom Clearance across the Nation
The Central Board of Indirect Tax & Customs (CBIC) has issued an instruction wherein it facilitates 24×7 custom clearance facilities across the nation including designated Sea Ports & Airports because of the coronavirus in the country of China. This condition will remain in operation until the end of May 2020. The instruction was issued by […]
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Delegated Authority can exercise the Power to Send Notice when Delegated Authority has ‘Reason to Believe’: Gujarat HC [Read Judgment]
In the case of Nathalal Maganlal Chauhan vs. State of Gujarat, the Gujarat High Court laid down the dictum that delegated authority can exercise the power to send the notice when he has the ‘reason to believe’ for the purpose of exercising the power under Section 69 of the Gujarat Goods and Service Tax (GST) […]
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Developer cannot claim Deduction on Expenses incurred on Land if Bills were generated after It’s Transfer: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the developer is not eligible for claiming deduction in respect of the expenses incurred on the land if the bills were raised after the transfer of such land. The assessee is an individual engaged in the business of Construction and Real Estate Development. While […]
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Gujarat HC grants Bail to accused Who wrongly availed Input Tax Credit [Read Order]
The Gujarat High Court has granted Bail to two dealers who wrongly availed input tax credit (ITC) and also passed it on to the concerned buyer which is an offence punishable under Section 132(1)(b) of the Central Goods & Service Tax (CGST) Act. The Court considered the submissions of the appellants, Akshay Dinesh Patel and […]
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A Decision on a Debatable issue is not ‘Mistake Apparent from Record’ for the Purpose of Rectification: ITAT [Read Order]
While elaborating the Income Tax Appellate Tribunal’s (ITAT) powers under section 254(2) of the Income Tax Act, 1961, the Mumbai bench of the Tribunal has held that such powers cannot be invoked in cases where the decision was rendered on a debatable issue. According to the two-judge bench, the Tribunal cannot re-adjudicate such matters for […]
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Proprietor of Institution need not possess a Qualified Professional Degree for applying Provisions of S. 44AD: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cuttack bench has held that in order to apply the provisions of section 44AD of the Income Tax Act, 1961, there is no requirement that the proprietor of the institution should possess a qualified professional degree. The assessee was engaged in the medical profession and running a nursing home. […]
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ITAT allows Deduction of Expenses incurred for Beautification and Maintenance of Hotel to preserve Three-Star Classification [Read Order]
The Cochin bench of the Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the expenses incurred by a hotel for its beautification and maintenance are allowable as business expenditure. The assessee, a three-Star Hotel incurred certain expenses towards the repair and maintenance of the existing building to keep it fit to get renewal […]
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No Service Tax Refund on the basis of GST Invoices without Supply: CESTAT [Read Order]
The Customs Excise and Service Tax Appellate Tribunal (CESTAT), Bangalore has held that Service Tax Refund paid are not applicable to subsequent invoices issued as per the request of clients. The appellant M/s TPI Advisory Services India is registered for providing Business Management & Consultancy Services. They had filed a refunds application on 28.03.2018 for the […]
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CBDT allows Condonation of Delay to Charitable Institutions in filing Income Tax Returns for AY 2016-17 Onwards [Read Notification]
The Central Board Of Direct Taxes ( CBDT ) has allowed condonation of delay to Charitable Institutions who had to seek the same for the assessment year 2016-2017 onwards on the grounds of Hardship. The Board had earlier issued Circulars authorizing the Commissioners of Income Tax to admit belated applications of Form 9A and Form […]
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CBIC enables option to File GSTR-9 & GSTR-9C for FY 2018-19
The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax […]
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Taxability of Amount seized during Demonetization; Madras HC Applauds Govt for Introducing Faceless E-Assessment [Read Judgment]
The Madras High Court has applauded the Government for introducing Faceless E-assessment facilities while also cautioning the authorities that not all amounts received by a company during the demonetization period which is huge and explained in nature cannot be concluded as unaccounted money. The Assessee Salem Sree Ramavilas Chit Company Pvt. Ltd. contended that the […]
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Cabinet approves Constitution of 22nd Law Commission of India for a term of three years
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the 22nd Law Commission of India for a period of three years from the date of publication of the Order of Constitution in the Official Gazette. Benefits The Government will have the benefit of recommendations from a specialized body on different aspects […]
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‘Mere Skill’ will not fall within the Activity of Gambling or Betting: Rajasthan HC [Read Order]
The Rajasthan High Court has held that the mere skill will not fall within the activity of gambling or betting. The PIL has been filed by the petitioner claiming himself to be a resident of Ajmer City, involved in the business of imparting education by way of coaching to the youth of Ajmer City. The […]
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Wednesday, February 19, 2020
Gujarat HC grants Anticipatory Bail to Accused for Alleged Misappropriation of File with GST Department [Read Order]
The Gujarat High Court has granted the Anticipatory Bail to accused of alleged misappropriation of files with GST Department. In the case of Manmohan Lalman Agarwal vs. the State of Gujarat, the High Court has approved the application requesting the anticipatory bail to the applicant on the alleged charges of misappropriation of File No. IV/06-Prev/32/Gr.IV/2019-20 […]
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Tax Relief to Unauthorized Colonies: CBDT revises Definition to extend Benefit to Colonies of NCT Delhi
The Central Board of Direct Taxes (CBDT) has recently amended the definition of ‘unauthorized colonies tax relief under the newly inserted rule 11UAC wherein it was clarified that ‘unauthorized colony’ shall have same meaning as assigned to it in section 2(b) of the NCT of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) […]
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CGST Delhi South busts Racket of issuing Fake Invoices, Bogus E-Way Bills to encash Tax Credits
The Anti Evasion wing of CGST Delhi South Commissionerate has unmasked yet another case of fake invoicing and GST fraud of duping the exchequer. The investigators have busted a well-organized racket of creating bogus firms, issuing fake invoices and bogus e-way bills to generate and encash tax credits. The main culprit was arrested on 19.02.2020 […]
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Application for Compounding of Offence can’t be rejected on Technical Grounds since It’s Prime Object is to prevent Litigation: CESTAT [Read Order]
In the case of M/s M.C. Punjwani vs. Commissioner of Custom, Mumbai Export I, the Custom, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai held that the purpose of compounding of offence against the payment of compounding amount is to prevent litigation and encourage early settlement of the dispute. The appellant has committed the offence […]
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CBIC invites Suggestions on Faceless E-Assessment
The Central Board of Indirect Taxes and Customs (CBIC) issued a notice inviting the suggestions, views, comments, etc. from the stakeholders for the purpose of Faceless e-Assessment. For the purpose of facilitation of the matters, the members were requested to give suggestions, views, comments, etc. on the concept of paper before March 3, 2020, on […]
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CBIC issues Advisory for Opting in for Composition Filing Form GST CMP-02
The Central Board of Indirect Taxes and Customs (CBIC) has issued the advisory for opting in for Composition Filing Form GST-CMP-02. Who can opt-in for Composition: Eligible existing Registered taxpayers can opt-in for composition, for the financial year 2020-21, by filling up Form GST CMP-02. Your composition scheme shall be effective from 1st April 2020. […]
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Delhi HC denies Bail to Chartered Accountant for committing Non-Disclosure of Documents Required under IndAS [Read Order]
The Delhi High Court has denied Bail to Chartered Accountant Nitin Johari, Ex CFO of Bhushan Steel for committing an offence pertaining to the non-disclosure of the documents which are required under Indian Accounting Standards (IndAS). The petitioner was not only the Chartered Accountant (CA) but also the Chief Financial Officer (CFO) and the whole […]
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ITAT extends Stay Period for Google India due to Delay in disposal of Appeal [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT), on Monday granted an extension of stay period to IT giants Google India citing a reason for the delay in non-disposal of appeal. The two-judge bench of the Tribunal noted that the delay was not due to the fault of the assessee and therefore, the […]
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Cenvat Credit permissible on Renting Premises outside Manufacturing Factory Unit: CESTAT [Read Order]
The Customs Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai held that Cenvat Credit permissible on renting of premises outside the manufacturing factory unit. The appellant is a manufacturer of “piston ring” having its factory at Satpur Industrial Estate, Nasik. It had availed Cenvat Credit on tax paid for renting of immovable property at Delhi and […]
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Tuesday, February 18, 2020
Society imparting Training to State Govt Employees eligible for Tax Exemption: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the society formed to impart training to the State Govt employees are eligible for income tax exemption under section 12AA of the IT Act, 1961. Before the authorities, the assessee-Trust claimed that it is registered under Bombay Public Trust Act, 1950 and […]
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Calling for Income Tax Return, not violative of Right to Privacy as it is a Government Document: Telangana HC [Read Judgment]
The Telangana High Court held that a calling for an income tax return by the court is not violative of the fundamental right i.e. the Right to Privacy under Article 21 of Part III of the Constitution of India. The rationale behind this is that the income tax returns is the government document and is […]
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Tripura HC orders State Govt. to grant Reimbursement of VAT as per Tripura Industrial Investment Promotion Incentive Scheme [Read Judgment]
The Tripura High Court has directed the state government to grant reimbursement of Value Added Tax(VAT) as per the State Government Scheme which ensured so for Commercial Productions in the state. The petitioner, Brite Rubber Processor Pvt. Ltd is a company engaged in the manufacture and sale of rubber. For the industrial development of the […]
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‘Nimbooz’ is not Lemonade: CESTAT allows Excise Duty Exemption to Pepsico [Read Order]
The Customs Excise and Service Tax Appellate Tribunal ( CESTAT ), Chennai observed that the brand Nimbooz is not lemonade and allowed excise duty exemption. The appellant is engaged in the manufacture of aerated water and beverages which are sold under the brand “Nimbooz” from March 2009 onwards. The appellant since then has been classifying […]
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Himachal Pradesh GST Appellate Authority sets aside Penalty on Typographical Error in E-Way Bill [Read Order]
The Himachal Pradesh GST Appellate Authority has set aside a penalty imposed by the revenue department merely because of a typographical error in the E-way bill The Petitioner Godrej Consumer Products is engaged in the manufacture and sale of various personal care and home insecticide products. They had placed a purchase order for one of […]
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Delhi HC stays NAA Order against Johnson & Johnson
The Delhi High Court has stayed the order for a penalty by National Anti-Profiteering Authority ( NAA ) against Johnson and Johnson for allegedly resorting to profiteering by not passing on the benefit of tax reduction to buyers of sanitary napkins through commensurate price cut. A Divison Bench of Justice Vipin Sanghi and Justice Sanjeev […]
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4% Tax Levied on Turnover of Sales in respect of Charter Hire of Vessels: Mumbai Sales Tax Tribunal [Read Order]
The Sales Tax Tribunal at Mumbai held that the turnover of charter hire in respect of the Rig Greadrill Chetna be calculated @ 4%. The appellants applied for and obtained registration under the provisions of the Maharashtra Value Added Tax (MVAT)Act, 2002 with effect from 9/6/2008. This registration was stated to be obtained on account […]
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MCA clarifies on Procedure on Filing of forms in MCA-21 Registry by Insolvency Professional [Read Circular]
The Ministry of Corporate Affairs (MCA) has issued a circular containing clarifications on the procedures to be followed by Insolvency Professional while filing forms in the MCA-21 Registry. The Circular was issued after the MCA received many requests from the Insolvency professional regarding the same. MCA21 is an e-Governance initiative of the Ministry of Company […]
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