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Highlights

I.Tax: Deduction u/s 80P (2) - scope of introduction of sub-section (4) - Primary Agricultural Credit Society or a Co-operative Bank - AO has to conduct an enquiry into the factual situation as to the activities of the assessee society and arrive at a conclusion whether benefits can be extended or not in the light of the provisions under sub-section (4) of Section 80P

I.Tax: Disallowance of deduction u/s 80JJAA - employment equal to or more than 300 days - by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year - second proviso is clarifactory in nature and is intended to remove the anomaly must be given retrospective effect

I.Tax: Treatment of loss from share trading - The specific admission of the assessee before the assessing officer assumes significance that share trading is sole business during the assessment year - The assessee made an admission on a statement of fact which in our view, must bind it. - the deeming fiction u/s 73 would be attracted.

I.Tax: Treatment of loss from share trading - speculative loss OR business loss - a specific amendment by Parliament in the Explanation to Section 73, insofar as trading in shares is concerned, w.e.f. 01.04.2015. It was intended to take effect from the date stipulated by Parliament - no reason to hold either that it was clarificatory or that the intent of Parliament was to give it retrospective effect

I.Tax: Foreign tax credit u/s 91 - Section 6(6) carves out another category of person in ‘Residents’, who is said to be ‘not ordinarily resident’ in India form part of larger group of the persons who are ‘resident’ - section 91 provides relief/deduction of taxes paid with respect to a person who is a ‘resident’ in India - hence credit allowable to resident but not ordinarily resident

I.Tax: Revision u/s 263 - there is no finding that the GTD activity expenses were not for furtherance of the aims and objects of the assessee society or that the assessment order is erroneous for any reasons to be recorded by the Ld. CIT(E) - it difficult to sustain the impugned order for want of an enquiry to reach such a conclusion

I.Tax: Exemption 10(37) - consideration of CBDT circular No.36 of 2016 and Circular No.11011/30/2015-LA - the department is duty bound to adhere to the instruction of the CBDT while disposing the proceedings before them even if both the circulars, now referred, were not furnished before them by the assessee - restored back to the file of the AO for denovo assessment

I.Tax: Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO consider the same as unexplained investment - AO has to reject the books of account and thereafter, he has to estimate the unexplained investment in WIP in the relevant assessment year by following the market price or cost which was lower which the AO has failed to do so - no addition

Cus.: Valuation of imported goods - rejection of declared value - The mandate to record reasons at the second stage of enquiry is not expressly stipulated, albeit it has been read by us by implication in Rule 12 - mandate if applied to past cases would possibly lead to complications and difficulties - decision will be applicable prospective - past cases will be decided on a case to case basis

Cus.: Valuation of imported goods - rejection of declared value - Formation of belief and recording of reasons as to reasonable doubt and communication of the reasons when required is the only way and manner in which the proper officer in terms of Rule 12 can proceed to make assessment under Rules 4 to 9 after rejecting the transaction value as declared - mandate of Rule 12(2) cannot be ignored or waived

S.Tax: Condonation of delay in filing appeal - Section 85(3A) of the Finance Act, 1994 - Once the period of limitation is specifically prescribed in a statute and stipulates the maximum period/extent of delay which can be condoned, it cannot be condoned under Article 226 of the Constitution of India

S.Tax: CENVAT Credit - no service tax on residential accommodation - When service tax was collected by service provider even on providing for residential accommodation which is admissibly not subjected to service tax, there is no point in denying benefits of availment of CENVAT credit to the appellant when legality of such collection at the receivers end was not questioned

S.Tax: Demand of service tax - brokerage received on IPO related service - Business Auxiliary Services - appellant’s activity is neither covered u/s 65(19)(i) as they are not promoting or marketing or selling any goods nor u/s 65(19)(i) as it is nor rendered in relation to promotion or marketing of service - IPO is only an offer to the prospective buyers - appellant not covered u/s 65(19)- no service tax

C.Ex.: Clandestine removal of goods - the duty could not be demanded on the raw material found short during the course of investigation as the same was not manufactured goods by the respondent - the adjudicating authority also failed to prove that the cash recovered was the sale proceeds of clandestine removed goods - no error or illegality in the findings recorded by the Tribunal - No substantial question of law arises

C.Ex.: Clandestine removal - Bags and Soft Luggage items - bags were not seized from outside the factory premises or during transit and that were seized from the factory premises - duty is payable only at the time of clearance of goods from the factory and addressing presumptions that they were not accounted with intent to clear without payment of duty is not tenable in law.

Cus.: Imposition of safeguard duty - imports of Solar Cells - the balance of convenience lies in favour of the domestic industry. - the domestic industry would suffer irreparable injury if the ad interim relief granted earlier is permitted to continue.

IBC: Reduction of claim - 'existence of dispute' between the 'Corporate Debtor' and the 'Operational Creditor' with regard to supply of coal - Since that order attained finality, the duty is cast upon this Applicant to place the invoices before the RP as against the dates and invoices mentioned in the Original Company Petition.

S.Tax: Reverse charge - import of services or reimbursement of various expenses incurred to associated group companies abroad - These charges are not reimbursement but payments towards the specific service provided by the overseas group associate company and are not reimbursements - Tax liability under RCM confirmed.

S.Tax: Export of Services - intermediary service or not - the services provided by the appellant in respect of the sale of goods of associated group companies cannot be said to be services provided by intermediary as defined in the Rules - Benefit of export allowed.

S.Tax: CENVAT Credit - input services used in ‘setting up’ of their office premises - Some of the services undertaken by the Appellant though are in the nature of civil works, but considering with other works it is definitely relate to repair/renovation, modernization of the existing office premises and eligible to CENVAT Credit.

S.Tax: CENVAT credit - the insurance policy is not availed under any statutory obligation and it is for the personal consumption of the employee and therefore not eligible for credit.

GST: Street lighting services to corporation including operation and maintenance - pure services - notification no. 12/2017-CentraI Tax (Rate) - On the contract, it is clearly specified that all installed equipments constructed or system installed are transferred to BMC in good condition - the activities carried out in the instant case will be considered as a supply of goods - GST applicable

I.Tax: Addition u/s 68 - it is contended before AO that advances (cash credit) were made against the purchase of goods - AO and the Appellate Authority have the power of Civil Court u/s 131 including the power to enforce attendance of the witnesses and the parties - If a half-hearted enquiry was made by the AO and additions were made as unexplained cash credits u/s 68 and such finding of facts were reversed by the Appellate Authority, it would not give rise to any substantial question of law u/s 260A

I.Tax: Addition on the basis of Peak Credit - unexplained credit entries in the bank account - basis of Peak Credit can be adopted to remove the cascading effect of the unexplained credit entries (both cash deposits and withdrawals) in the bank account - this is a well settled and common principle so adopted - The finding of facts cannot be said to be perverse or illegal in any manner

I.Tax: Capital gain computation - determination of the FMV - it is apparent from the report of the Registered valuer that he does not have any authentic basis for the FMV of the land as on the date of conversion and the view taken by the AO in fixing the FMV is equally not proper - remit the matter to the AO for making a reference to the DVO on a rational basis

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Articles
Notifications

SEBI - NSE IFSC Clearing Corporation Limited, Gandhinagar for one year, commencing on the 29th day of May, 2019 and ending on the 28th day of May, 2020

SEBI - Central Government determines that the Securities Appellate Tribunal shall consist of a Presiding Officer, one Judicial Member and two Technical Members to exercise the powers and discharge the functions conferred on it under the SEBI Act 1992

Co. Law - Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019

Cus (NT) - Exchange Rates Notification No.37/2019-Custom(NT) dated 16.05.2019

UTGST - Central Government, notifies the constitution of the Appellate Authority for Advance Ruling in the Union territories

UTGST - Seeks to amend Notification No. 14/2018-Union territory Tax, dated the 8th October 2018

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

SEZ - Central Government notifies an additional area of 10.178 hectares, as a part of above Special Economic Zone, thereby making total area of the Special Economic Zone as 27.298 hectares at Plot No. 3, Rajiv Gandhi Infotech Park, Hinjewadi, Phase II, Village Marunji, Taluka Mulshi, District Pune in the State of Maharashtra

Cus - Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019.

Cus (NT) - Appointment of CAA by Pr. DGRI

Cus (NT) - Appointment of CAA by Pr. DGRI

CGST - Seeks to extend the due date for furnishing FORM GSTR-3B for the month of for the month of April, 2019 for registered persons in specified districts of Odisha till 20.06.2019.

CGST - Seeks to extend the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than ₹ 1.5 crores for the month of April, 2019 for registered persons in specified districts of Odisha till 10.06.2019.

SEBI - Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2019

SEBI - Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2019

More Notifications

Circulars/ Public Notices

DGFT - Prohibition on direct or indirect import and export from/to DPRK (Democratic People’s Republic of Korea) in terms of UNSC Resolutions concerning DPRK – Para 2.17 of the Foreign Trade Policy 2015-20

DGFT - Claim of MEIS benefits for exports made to countries in the OFAC List such as Iran and for Vostro payments

DGFT - Three months time window for applying for MEIS for Shipping bills with HS Codes which were harmonized and notified under MEIS Appendix 3B, Table 2 after a delay

DGFT - Non-requirement of submission of Hard Copy of application at RAs for issue of Advance Authorisation (AA) & EPCG Authorisation

DGFT - Administrative Review of Adjudication Orders passed by subordinate officers

DGFT - Imports of Maize (feed grade) under the TRQ Scheme for 2019-20.

Income Tax - GAAR - reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance - Order under section 119 of the Income-tax Act, 1961

DGFT - Amendment in the Para 3.01(b) of the Handbook of Procedures

DGFT - Discontinuing submission of physical copy of RCMCs with effect from 1.7.2019 while filing application for incentives/entitlements under FTP

Companies Law - Clarification for form ADT-I filed through GNL-2 under the Companies Act, 2013

DGFT - Registration of contracts for Peas (HS - code 0713 10 00) under Trade Notice No. 25/2018-19 dated 17th August, 2018

DGFT - Low Usage of Self-Ratification scheme under para 4.07 A of the Foreign Trade Policy

SEBI - Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by Mutual Funds

Central Excise - Extension of time limit for filing of Monthly Return for production and removal of goods and other relevant particulars and CENVAT credit specified in Form ER-1 and specified in ER-2

SEZ - Uniform list of Services to be followed in Special Economic Zones

More Circulars

News

Finance Commission meets with Ministry of Electronics and Information Technology

Competition Commission of India (CCI) celebrates its 10th Annual Day on 20th May 2019

Amendment of Form No 10B of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public

Auction for Sale (Re-Issue) of Government Stocks

Exchange Rate of conversion of the Foreign Currencies relating to Imported and Export Goods notified

Finance Commission holds meetings with Finance Ministry

India’s Foreign Trade: April 2019

Project ‘SPARROW-CBIC’ for online writing of Annual Performance Appraisal Report (APAR) in SPARROW (Smart Performance Appraisal Report Recording Online Window) for Group ‘B’ and ‘C’ Officers of Central Board of Indirect Taxes & Customs (CBIC) implemented

Interest Rate Benchmark Reform Proposed amendments to IFRS 9 and IAS 39 Comments to be received by 17 June 2019

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

Workshop on Artificial Bio Organs held in Visakhapatnam

FAQs on real estate - GST

FAQs (Part II) on real estate - GST

Outcome of the WTO Ministerial Meeting of Developing Countries Working collectively to strengthening the WTO to promote development and inclusivity

Examination for confirmation of enrollment of GST Practitioners to be conducted by NACIN.

More News

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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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