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GST: Profiteering - benefit of reduction in the GST rate not passed - base price of goods also increased - Respondent has violated the provisions of section 171 in as much as the prices have remained the same inspite of reduction in the tax rate. His plea that the base prices were drastically lowered when GST came in effect cannot absolve him from not passing on the benefit.

Income Tax: TDS u/s 194C OR 194J - short deduction of TDS - placement fees / carriage fees paid to cable operators - the activities covered by Section 194C are more specific and the activities covered by Section 194J are more general in terms - TDS liability confirmed u/s 194C

Income Tax: Action against the employer u/s 276B - not depositing the tax deducted at source from the employee in the Government revenues, would amount to misappropriation of public funds - department is expected to take appropriate view on the basis of facts on record.

Income Tax: Deduction u/s. 80IA - nexus with business activity - The assessee having paid excess income tax, received refund with interest - Benefit of deduction allowed.

Income Tax: Exemption u/s 10(23EA) - charitable activities - claim not made by the assessee during the filing of return of income but as an alternative at the appellate stage before the CIT(A) - Benefit of exemption allowed.

Income Tax: Disallowance of excessive licence fee paid to M/s Uflex Ltd. - increase of the license fee from ₹ 50 Lac per month to ₹ 2 Crore per month - the issue of increasing the license fee is considered by all the authorities in the preceding years therefore, in the immediately preceding year, we hold that the CIT(A) was fully justified in allowing the license fee.

Income Tax: Levy of penalty u/s 272A(2)(e) - delay of 509 days in filing the return of income - Once the assessee is liable to file the return of income under the provisions of the Act and it fails to do so, then the provisions of section 272A(2)(e) of the Act automatically arises.

Customs: Effective date of notification - import - setting Minimum Import Price (MIP) on Iron and Steel - Notification No.38/2015-2020 dated 5th February, 2016 published in the Official Gazette on 11th February, 2016 was in force on the date of ‘import’ of goods by the petitioners as the ‘import’ was post publication in the Official Gazette on 11th February, 2016.

Customs: Misdeclaration of goods - clearance of “CR Engine with spares and accessories” - bonafide error or not - EPCG Scheme - error is not bonafide, demand confirmed with penalty.

Service Tax: Refund of service tax paid on cancellation of booking of flats - it is not the case of department that appellant has availed credit in excess of the requisite proportion. Admittedly tax stands paid. Resultantly, the procedural lapse is mere technical for no substantial loss to the department.

More Highlights


Cus (NT) - Exchange Rates Notification No.05/2019-Custom(NT) dated 17.1.2019

Co. Law - National Company Law Tribunal (Amendment) Rules, 2019

FTP - Amendment in policy condition of Nicotinic Acid & Nicotinamide (Niacinamide/ niacin) under HS Code 29362920 of ITC (HS) 2017, Schedule - I (Import Policy)

FTP - Incorporation of Appendix - V under ITC (HS) 2017, Schedule-I (Import Policy).

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

ADD - Seeks to further amend notification No. 1/2017-Customs(ADD) dated 5th January, 2017 to prescribe ADD on exports from Janata Jute Mills Ltd., M/s. Aman Jute Fibrous Ltd. (Producer) and M/s IB Jute Corporation on the basis of final findings of the Designated Authority in this regard

ADD - Seeks to rescind notification Nos.30/2018 - Customs(ADD) and 31/2018 - Customs (ADD) both dated 30.05.2018 that provided for provisional assessment of jute goods exported from Bangladesh or Nepal by M/s Janata Jute Mills Ltd., M/s. Aman Jute Fibrous Ltd. (Producer) and M/s IB Jute Corporation (Exporter/ Trader) till the final findings of New Shipper Review in this regard are recieved

CGST - Seeks to amend notification No. 48/2017 to amend the meaning of Advance Authorisation

PMLA - Seeks to amend Notification No. G.S.R. 381(E), dated the 27th June, 2006

PMLA - Prevention of Money-laundering (Restoration of Confiscated Property) Amendment Rules, 2019

Cus (NT) - Amendment in Notification No. 2/2019-CUSTOMS (N.T.), dated 3rd January, 2019

FTP - Amendment in Para 4.14 and 4.16 (ii) of the Foreign Trade Policy 2015-20

Cus - Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

SEZ - Central Government notifies an additional area of 1.4918 hectares, as a part of above Special Economic Zone, thereby making total area of the Special Economic Zone as 126.5412 hectares, at Village Panoli, Taluka Ankleshwar, District Bharuch in the State of Gujarat

FTP - Errata to Notification No.49/2015-2020 dated 7th January, 2019 notifying Export Policy of Fertilisers under Chapter 31 of ITC(HS) Classification of Export and Import Items 2018

More Notifications

Circulars/ Public Notices

SEBI - Norms for investment and disclosure by mutual funds in derivatives

FEMA - External Commercial Borrowings (ECB) Policy – New ECB Framework

SEBI - Guidelines for public issue of units of InvITs - Amendments

SEBI - Guidelines for public issue of units of REITs - Amendments

Service Tax - Applicability of Service Tax on Asian Development Bank (ADB) and International Finance Corporation (IFC)

DGFT - Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Para 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E S) relaxation of Policy/ Procedure.

DGFT - Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

SEBI - Uniform membership structure across segments

SEBI - Committees at Market Infrastructure Institutions (MIIs)

SEBI - Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds

SEBI - Cyber Security and Cyber Resilience framework for Mutual Funds / Asset Management Companies (AMCs)

DGFT - Amendment in Standard Input-Output Norms (SION) at S.No. H-97

Central Excise - Review of progress of implementation of Scheme of Budgetary Support to eligible industrial units located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North East including Sikkim - clarification

DGFT - Guidelines to RAs for following Standard Operating Procedure (SOP) for EODC monitoring of both Advance as well as EPCG authorizations using software in website

DGFT - Directives for processing of application for MEIS claims under Foreign Trade Policy 2015-20

More Circulars

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