☛ Income Tax: Tax Audit Report u/s 44AB - Form 3CD - the proposed clause 30C and proposed clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2019 - Accordingly reporting of information regarding GAAR and GST deferred.

☛ GST: Levy of GST - Whether the money paid by the customer to the driver of the cab for the services of the trip is liable to GST and whether the applicant company is liable to pay GST on this amount? - Held Yes

☛ GST: Levy of GST - Supply or not - The conversion of e-Units into diamonds would constitute a supply of diamonds liable to tax under the Goods and Services Tax Act.

☛ GST: Levy of GST - diamonds - e-units - The derivative contracts in e-Units and settlement thereof would be treated as transactions in securities in case it involves only e-Units without any involvement of physical diamonds and thereby would remain out of the scope of levy under GST.

☛ Income Tax: Validity of notice issued u/s 148 - service of notice at an address obtained from bank account - when the Department had correct address of the assessee, sending notice at incorrect address and then presumption drawn of service of notice is wholly erroneous

☛ Income Tax: Levy of penalty u/s 271(1)(c) - appellant wrongly claimed loss by debiting it to P & L Account on account of loss on sale of assets whereas the same was capital loss and not business loss. - Levy of penalty deleted as there is no concealment of income

☛ Income Tax: It was permissible for the AO to reject the books of account u/s 145 and pass assessment order u/s 144 - Instead, the AO had disallowed the claim of expenditure on "Consumable Stores" only 10%. The assessee is not prejudiced in any manner in not resorting to the best judgment assessment by the AO.

☛ Income Tax: Assessment in the hands of representative / agent - Chief Financial officer (CFO) of the non-resident assessee - Merely because those shares related to the Indian company, that would not make the Indian company as agent qua deemed capital gain purportedly earned by the foreign company.

☛ Income Tax: Nature of sale of Hotel premises - the intention of the parties was to sell the hotel business as a going concern and the same is nothing but a slump sale - Liable to the taxed u/s 50B of the I.T.Act

☛ Income Tax: STCG or LTCG - determination of period of holding of property - The registration of the property which was done subsequently on 11-07-2008 was only a formality. And therefore the period of 36 months of holding of long term capital Assets should be reckoned from 24-04-2008 and not from 11-07-2008 as wrongly adopted by the LD AO

More Highlights

☛ SPECIAL ECONOMIC ZONE (SEZ) AUTHORITY

☛ Procedure for Striking off a Company under Companies Act 2013

☛ GST Reverse charge liability u/s 9(3) and 9(4) of CGST Act, 2017

☛ DOCTRINE OF READING DOWN

☛ TOWARDS LESSER GST RATE SLABS

☛ Doctors- after PG course - PAYMENT AGAINST SERVICE BOND IS ALLOWABLE EXPENDITURE

☛ ANALYSIS OF FUGITIVE ECONOMIC OFFENDERS BILL

☛ Is 34(6) of Arbitration Act is mandatory directory?

☛ Intangible assets in case of professions – cost of education and training to acquire know-how, expertise, to be eligible for grant of licenses – depreciation can be claimed.

☛ CIN in Tax Invoices

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☛ FTP - Amendment of import policy condition of Petcoke.

☛ Cus (NT) - Exchange Rates Notification No.74/2018-Custom(NT) dated 16.08.2018

☛ Cus (NT) - Customs (Finalisation of Provisional Assessment) Regulations, 2018

☛ Cus (NT) - Exchange Rates Notification No.72/2018-Custom(NT) dated 14.08.2018

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

☛ Cus - Corrigendum - Notification No. 58/2018-Customs, dated the 7th August, 2018

☛ Indian Law - The Constitution (One Hundred and Second Amendment) Act, 2018.

☛ IT - U/s 10(46) of the Income-tax Act, 1961 Central Government notifies Madhya Pradesh Real Estate Regulatory Authority, a body constituted by Government of Madhya Pradesh, in respect of the specified income arising to that body

☛ IT - Central Government notifies ‘Insolvency and Bankruptcy Board of India’, New Delhi, a board established by the Central Government,in respect of the specified income arising to that board

☛ CGST - Seeks to prescribe the due dates for filing FORM GSTR-3B for the months from July, 2018 to March, 2019

☛ CGST - Seeks to prescribe the due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto ₹ 1.5 crores for the period from July, 2018 to March, 2019

☛ CGST - Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than ₹ 1.5 crores for the months from July, 2018 to March, 2019

☛ Cus (NT) - Appointment of Common Adjudicating Authority by DGRI-reg.

☛ Cus (NT) - Appointment of Common Adjudicating Authority by DGRI-reg.

☛ IT - U/s 280A(1) Of IT Act 1961, Central Government, in consultation with the Chief Justice of the Gauhati High Court designate the Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region

More Notifications

☛ DGFT - Allowing import of 125 MT of Peas (under Exim Code 07131000) or less (entire quantity as applied) per contract irrespective of advance payment made before 25.04.2018.

☛ Income Tax - Tax Audit Report - For 3CD - reporting of information regarding GAAR and GST deferred.

☛ DGFT - Status of Norms Fixation of Advance Authorisations obtained under Self declaration basis- reg.

☛ DGFT - Acceptance of installation certificate under EPCG Scheme by the RAs, wherein installation certificate is submitted beyond 18 months, without penalty

☛ Customs - Clarification regarding bank guarantee requirement for bond executed by EOUs-reg.

☛ Customs - Safeguard duty on Solar cells whether or not assembled in modules or panels regarding.

☛ Insolvency and Bankruptcy - Notice for Meetings of the Committee of Creditors under section 24 (3) (a) of the Insolvency and Bankruptcy Code, 2016 read with regulation 21 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

☛ Goods and Services Tax - Taxability of services provided by Industrial Training Institutes (ITI) - reg.

☛ Customs - Simplification and rationalization of processing of AEO-T1 application - reg.

☛ Goods and Services Tax - Classification of fertilizers supplied for use in the manufacture of other fertilizers at 5% GST rate- reg.

☛ Goods and Services Tax - Clarification regarding applicability of GST on the petroleum gases retained for the manufacture of petrochemical and chemical products – regarding

☛ Goods and Services Tax - Clarification regarding applicability of GST on various goods and services–reg.

☛ DGFT - Provision for HS Code 63029100 under MEIS incentives for the period 01.04.2015 to 30.09.2015

☛ DGFT - Amendment in Policy and Procedure for online IEC applications – regd.

☛ DGFT - Enhancement of rates for certain HS codes in the Appendix 3B, Table 2 under MEIS

More Circulars

☛ Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

☛ CBDT issues Circular on amendment of Tax Audit Report

☛ Innovation in Retail Payments

☛ Draft notification proposing an amendment of the Income-tax Rules, 1962 for making the process of issue of certificate for no deduction, lower deduction and collection of tax electronic – reg.

☛ Minutes of the Monetary Policy Committee Meeting July 30-August 1, 2018 [Under Section 45ZL of the Reserve Bank of India Act, 1934]

☛ Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

☛ Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified

☛ Extension of time inviting comments on updating National Voluntary Guidelines till August 31, 2018

☛ NITI Aayog launches “Pitch to MOVE”

☛ Consumer Price Index Numbers on base 2012=100 for Rural, Urban and Combined for the Month of July 2018

☛ Total number of subscribers under APY is 1,09,66,981 as on 06.08.2018 out of which 43,87,993 subscribers are women

☛ Consultative Paper on proposed SEBI (Fiduciaries in the Securities Market) (Amendment) Regulations uploaded on the SEBI website for seeking public comments

☛ India’s GDP expected to grow significantly

☛ Instruction for Safety of Lockers in Banks

☛ Settlement of Insurance Claims

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