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Highlights

Income Tax: Determination of cost of construction account at CPWD rate - AO directed to allow the rate difference of 15% and supervision charges to the extent of 10% in cost of construction determined by the DVO and recompute the investments subject to minimum of the cost of construction admitted by the assessee.

GST: Detention of goods with vehicle - incomplete e-way bill - What are the documents to be carried along with the goods? - The language and the legislative intent clear, courts, in the name of discretion, cannot do violence to the statutory mandate. Discretion smooths the edges, but does not cut corners - there are no interpretative ambiguity or legislative crevasses to be filled in.

Income Tax: Validity of assessment passed u/s 153A r.w.s. 143(3) - Notice u/s 143(2) is not required for assessment u/s 153A - However, the due date for issue of notice u/s.143(2) - the assessment is undisputedly a non-abated assessment. Therefore, the additions, if any have to be made only with the support of any incriminating material.

Income Tax: Levy of interest u/s 234B - when a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act.

Income Tax: Benefit of DTAA - Article 13(6) can be pressed into service only in the case when the existence of PE of non-resident is not in dispute. In this case the assessee has contended before the lower authorities that it does not have any PE in India and under these facts and circumstances the provisions of Article 13(6) cannot be invoked in the case when the receipt is found as royalty.

Income Tax: Genuineness of commission expenses - AO concluded that no such agent services were required by the Government departments and did not find any genuineness in alleged commission expenses - The findings of the AO are not correct - Claim of deduction allowed.

Income Tax: Set off of brought forward losses - deduction u/s 80IA - the assessee has carried forward the losses till exhausting the 10 years tax holiday period and claimed the loss in the impugned assessment year which is against the provisions of law.

Income Tax: Deduction u/s 54 - LTCG - purchase of new residential house - no provision is made by the statue that the assessee should utilize the amount which he obtained by way of sale consideration for the purpose of meeting the cost of the new asset. - Deduction allowed.

Customs: Compensation fee for extension of time to complete the export obligation - DEEC licence - the impugned order demanding additional sum of composition fee over and above the amount already remitted by the petitioner is without jurisdiction and illegal

Customs: Benefit of exemption form customs duty on imports for medical purpose - discarding of record must not be based on supposition but on hard facts. The data of patients furnished indicates that 40% of the patients have been accorded free treatment and, in the absence of contrary evidence, there is no ground to hold that appellant had failed to fulfill this condition.

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Articles
Notifications

ADD - Seeks to amend Notification No. 8/2018-Customs (ADD) dated 15th March, 2018

ADD - Seeks to amend Notification No. 26/2013-Customs (ADD) dated 28th October, 2013, concerning imports of 'Paracetamol' originating in or exported from China PR

FTP - Amendment of import policy condition of Petcoke.

Indian Law - Central Government appoints the 1st day of September, 2018, as the date on which the provisions of the Negotiable Instruments (Amendment) Act, 2018 shall come into force

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

More Notifications

Circulars/ Public Notices

Customs - Public Notice no. 10/2018 issued by Office of the Chief Commissioner, Central Tax, Central Excise & Customs, Thiruvananthapuram Zone regarding procedure for duty free clearance of materials imported for the purpose of relief and rehabilitation of people affected by flood in Kerala.

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.

Income Tax - Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961

Goods and Services Tax - Constitution of Standing Committee under sub-rule (4) of rule 97 of Central Goods and Services Tax Rules, 2017 -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.

More Circulars

News

Public Credit Registry (PCR) and Goods and Services Tax Network (GSTN): Giant Strides to Democratise and Formalise Credit in India (Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India, August 20, 2018 - at the Annual Global Banking Conference – FIBAC 2018 organised by Federation of Indian Chambers of Commerce and Industry (FICCI) and Indian Banks’ Association (IBA), Mumbai)

Auction for Sale (Re-issue) of Government Stocks

MoveHack, NITI Aayog’s global mobility hackathon, receives strong interest

No ATM to be replenished with cash after 9 pm from next year

Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-tax Rules,1962 by 4th September, 2018

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

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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