☛ GST: Levy of GST - place of supply of services - intermediary services - When recipient is located outside India the said provisions of section 12 cannot be made applicable and since provisions of section 8(2) are inter-linked with provisions of section 12, the same cannot be made applicable in case the recipient of service is located outside India.

☛ GST: Profiteering - supply of "Eastern Meat Masala" - benefit of reduction in the rate of tax - The Respondent has not contravened the provisions of Section 171 of the CGST Act, 2017 and hence there is no merit in the application.

☛ Income Tax: Disallowance of expenses - Disallowance has been merely made on the observation that some of the expenditure are incurred in cash and some vouchers are self made - merely making a ad-hoc disallowance and completely disregarding the audited financial statements was certainly not justified on the part of Ld.A.O.

☛ Income Tax: Validity of assessment u/s 158BC r.w.s. 158D - The satisfaction recorded by the AO as per Revenue is incorporated in the order sheet and not in the notice. Thus, it is not a valid satisfaction, as satisfaction u/s 158BD has to be recorded by the AO of the searched person and not by the AO of the other person i.e. assessee.

☛ Income Tax: Deduction u/s 80IC - The allegation of the AO is that assessee has shown the higher profit in the books of accounts to claim the excess deduction u/s 80IC - AO failed to demonstrate that how the assessee has inflated its profit and correspondingly inflated its assets or deflated its liabilities - No additions.

☛ Income Tax: Addition u/s.56(2)(vii)(c) - income from transaction of shares - the offer made by the company was accepted by the shareholders before 1st October, 2009 hence, the contract between the company and the shareholder for issue by the company of shares was completed before 1st October, 2009 - The provisions of section 56(2)(vii) are applicable only from 1st October, 2009.

☛ Income Tax: Addition u/s.56(2)(vii)(c) - income from transaction of shares - there is not even a whisper about money laundering - This object behind introduction of section 56(2)(vii) should be borne in mind - No addition can be made.

☛ Income Tax: Reopening of assessment - Though the return was filed by the assessee beyond the period of time frame as specified u/s. 139(5) of the Act, however, the same was filed much prior to the completion of assessment. Even if the said return was not considered by the AO for the purpose of assessment, the same could have been treated as return in response to the notice u/s. 148 as requested by the assessee.

☛ Income Tax: Addition u/s 68 - In the balance sheet of the assessee company in the schedule to share capital, it is very clearly mentioned by way of note that the fresh share capital was raised during the year for consideration other than cash. Hence we hold that provision of section 68 of the Act are not applicable in the instant case

☛ Income Tax: Addition u/s 68 - bogus purchase of shares - paper transactions - So far as the huge rise in the sale price of the shares is concerned, it is trite law that the additions could not be made merely on the basis of suspicion, conjectures or surmises.

More Highlights

☛ Liability w.r.t. JDA entered prior to GST

☛ Reversal of common ITC availed on inputs and input services

☛ 360 degree analysis of Rule 43 of GST

☛ McDonald’s: Fast Food, Fast Profits  (Part-2)

☛ CORPORATE SOCIAL RESPONSIBILITY IN INDIA

☛ INTEREST SHOULD BE ON THE BASIS OF INCOME AS PER RETURN OF INCOME - a point of view with reasoning

☛ McDonald’s: Fast Food, Fast Profits (Part-1)

☛ Complete analysis-194IA - TDS on sale of Immovable Property

☛ SKILL DEVELOPMENT IN TAMIL NADU

☛ APPLICABILITY OF GST TO UPFRONT CONCESSION FEE

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☛ Cus - Seeks to partially mend notification No. 37/2017-Customs dated 30.06.2017 in order to exempt BCD and IGST for imports by NTRO.

☛ Cus - Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 17th December, 2018 to 31st January, 2019

☛ Cus (NT) - Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver - Reg.

☛ SEBI - Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2018

☛ ADD - Seeks to levy definitive anti-dumping duty on the imports of "Uncoated Copier Paper" originating in or exported from Indonesia, Thailand and Singapore

☛ IT - Central Government consultation Special Courts

☛ Cus (NT) - Amendment to Notification no. 62/94-Customs (N.T.) dated 21.11.1994 notifying Port Meadow u/s 7(a) of Customs Act, 1962 for unloading of imported goods and loading of export goods or any class of goods

☛ SEBI - Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018

☛ Cus (NT) - Exchange Rates Notification No.96/2018-Custom(NT) dated 06.12.2018

☛ Cus (NT) - Revised All Industry Rates of Duty Drawback

☛ IT - Income-tax (13th amendment), Rules, 2018

☛ IT - U/s 115JG(1) of IT ACt 1961 - Central Government notifies conditions a foreign company engaged in the business of banking in India

☛ IT - TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens - reg.

☛ Indian Law - Competition Commission of India (General) Amendment Regulations, 2018.

☛ Cus - Amendment to notification no. 52/2003-Customs dated 31.03.2003 -reg.

More Notifications

☛ DGFT - List of capital goods not permitted/permitted for import under the EPCG Scheme.

☛ SEBI - Review of risk management framework for Equity Derivatives Segment

☛ DGFT - Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

☛ Customs - Forwarding of received applications under Regulation 4 of Customs Brokers Licensing regulations, 2018 to National Academy of Customs, Indirect Taxes and Narcotics, NACIN- reg.

☛ SEBI - Cyber Security Operations Center for the SEBI registered intermediaries

☛ SEBI - Clarification on clubbing of investment limits of Foreign Portfolio Investors ("FPIs")

☛ Companies Law - Extension of the last date of filing of Form NFRA-1-reg.

☛ DGFT - Requirement of documents for online IEC applications-clarifications reg.

☛ DGFT - Inclusion of Paragraph 2.79 E in the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 to lay down the procedure for re-export/return of imported SCOMET items

☛ DGFT - Amendment of Para 2.63 of the Handbook of Procedure (2015-20)

☛ Customs - Revision of All Industry Rates (AIRs) of Duty Drawback.

☛ Customs - IGST Export Refund-extension in SB005 alternate mechanism revised processing in certain cases including disbursal of compensation cess

☛ Goods and Services Tax - Removal of difficulty order regarding extension of due date for filing of Annual return (in FORMs GSTR-9, GSTR-9A and GSTR-9C) for FY 2017-18 till 31st March, 2019

☛ Companies Law - Relaxation of additional fees and extension of last date of in filing of CRA-4 (Cost Audit Report in XBRL format) - regarding.

☛ SEBI - Disclosure of significant beneficial ownership in the shareholding pattern

More Circulars

☛ India – Turkey trade should be balanced and sustainable – Suresh Prabhu

☛ 7th round of India – South Korea CEPA negotiations held

☛ Cabinet approves construction of New 4 - Lane Bridge (Parallel to the Existing MG Setu) with its approaches from km 0/0 to km 14/500 across river Ganga on NH-19 at Patna in the State of Bihar on EPC Mode

☛ Boost to educational infrastructure in tribal areas Each block with over 50% tribal population and over 20,000 tribals to have EMRSs 462 new Eklavya Model Residential Schools to set up Autonomous Society under M/o Tribal Affairs to run the EMRSs Cabinet approves revamping of ‘Eklavya Model Residential Schools’

☛ Cabinet approves expansion of beneficiaries list under Pradhan MantriUjjwalaYojana

☛ Amendments in the Companies (Incorporation) Rules, 2014 – Name Availability

☛ India’s potential for export to SAARC countries must be tapped – Suresh Prabhu

☛ Quarterly Report on Public Debt Management – Q2 FY 2018-19 (July to September 2018)

☛ Measures to help the Rubber Growers

☛ Manual of Operating Practices for Trade Remedy Investigations and Handbook of Operating Procedures released by Commerce Minister

☛ Exports from SEZs at ₹ 3.33 lakh crore; Employment generation at 19.96 lakh persons

☛ E-Commerce Market growing at a rate of about 17% in 2018-19

☛ Transfer of Salt Department Land to Municipal Corporation of Greater Mumbai

☛ FDI on the increase

☛ Make in India

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Can i show 8% profit even though actual profit higher than 8% (44ad)?... (1)

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