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Highlights

DGFT: Extension of the validity period of EPCG Authorisation-reg.

Income Tax: Taxability of compensation received - nexus with professional activities - the said compensation did not accrue / arise out of exercise of profession by the assessee and could not be construed to be the income of the assessee or profits and gains of profession within the meaning of Section 2(24) and Section 28 of the Income Tax Act, 1961

Income Tax: Chargeability of transfer of sale of know-how on sale of product information - whether that amounts to the transfer of right to manufacture, produce or process any article or thing where the cost of acquisition would be nil - Not taxable.

Income Tax: Rate of commission on the business of providing accommodation entry - It is just and proper to estimate the average commission @ 0.30% (30 paise to ₹ 1 per ₹ 100) on credit entries appearing in the bank account of the assessee.

Income Tax: Prior period expenses - It is not the case of the revenue that the expenses have been claimed twice but the short ground of disallowance is that since the expenses pertain to an earlier year, these expenses cannot be allowed. That approach is impermissible in law.

Income Tax: Disallowance of ad-hoc basis for the expenses - There is no statutory provision prescribed under the Act to make the disallowance of the expenses at the same rate at which these were disallowed in the preceding assessment years on year to year basis.

Income Tax: Taxability of lease premium, interest income etc. in the hands of assessee - Ownership of land - irrevocable transfer of lands from the state government to the assessee corporation - assessee cannot be held as owner of the land - income is not taxable in its hand.

Income Tax: Exemption of interest income u/s. 10(15)(iv) - Interest earned on bonds issued by IIFCL - principle of consistency is applicable in the instant case - benefit of exemption allowed.

Indian Laws: Compromise of dispute - Dishonor of Cheque -Since, the petitioner has paid the entire amount as agreed to between the parties, therefore, quashing of the complaint initiated at the instance of complainant/respondent would be a step towards securing the ends of justice and to prevent abuse of process of the Court

Customs: Import of restricted item - Chickpeas - there are large number of suicides by farmers, they still belongs to lower strata of society. - the restriction so imposed can never said to be in violation of Article 19(6) of the Constitution of India.

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Articles
Notifications

Cus (NT) - Exchange Rates Notification No.93/2018-Custom(NT) dated 15.11.2018

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

ADD - Seeks to extension of existing anti-dumping on "O-Acid" originating in or exported from China PR and imposed vide notification No. 6/2018-Customs (ADD) dated 12th March, 2018 to the imports originating and exported from China PR of "O-Ester"

Co. Law - National Financial Reporting Authority Rules, 2018

Co. Law - Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018

CGST - Corrigendum - Notification No. 60/2018-Central Tax, dated the 30th October, 2018

IT - Central Government establishes an Appellate Tribunal at New Delhi

IT - Central Government specifies that the New Delhi Bench of the Adjudicating Authority appointed under section 7 of the Prohibition of Benami Property Transactions Act, 1988 shall exercise jurisdiction under the said Act over the whole of India except the State of Jammu and Kashmir

IT - Central Government appoints an Adjudicating Authority at New Delhi

FEMA - Foreign Exchange Management (Deposit) (Amendment) Regulations, 2018

Indian Law - Senior Citizens’ Welfare Fund (Amendment) Rules, 2018

Cus (NT) - Notification giving Chief Commissioners powers to assign the cases for adjudication of show cause notices within their respective jurisdiction

IT - CBDT specifies the jurisdictions

CGST - TDS under GST - public sector undertaking - supply from one PSU to another PSU exempted from applicability of provisions relating to TDS

FTP - Amendment in Para 4.32(i) of Chapter 4 and in Para 6.01 (a) of Chapter 6 of the Foreign Trade Policy 2015-20

More Notifications

Circulars/ Public Notices

DGFT - Extension of the validity period of EPCG Authorisation-reg.

DGFT - Amendments in Para 2.79A and 2.79B of Handbook of Procedures for issue of export authorization for "Stock and Sale" of SCOMET items.

DGFT - Amendment in Para 2.54 of the Handbook of Procedures, 2015-2020

FEMA - Exim Bank's Government of India supported Line of Credit of USD 3.5 million to the Government of the Republic of Suriname

FEMA - Exim Bank's Government of India supported Line of Credit of USD 27.5 million to the Government of the Republic of Suriname

FEMA - Exim Bank's Government of India supported Line of Credit of USD 2.5 million to the Government of Madagascar

Companies Law - Constitution of Committee for Finalizing Business responsibility reporting (BPR) format for listed and unlisted Companies

Customs - Implementation of PGA eSANCHIT — Paperless Processing under SWIFT-Uploading of Licenses/Permits/Certificates/Other Authorizations (LPCOs) by PGAs - reg.

Customs - Implementation of Paperless Processing under SWIFT-Uploading of Supporting Documents (eSANCHIT) in Exports

FEMA - External Commercial Borrowings (ECB) Policy – Review of Minimum Average Maturity and Hedging Provisions

Goods and Services Tax - Collection of tax at source by Tea Board of India – Reg.

Goods and Services Tax - Scope of principal and agent relationship under Schedule I of CGST Act, 2017 in the context of del-credere agent - Reg.

DGFT - Amendment of Appendix - 2T of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20 - reg.

DGFT - Online issuance of RCMC by EPCs and its uploading on the DGFT server - reg.

Trust and Society - Furnishing of information to Registrar Of Cooperative Societies — reg.

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137
 
 
 
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