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F: Availing ITC however outward is exempted

Auction for Sale (re-issue) of (i) ‘7.38 GS 2027’, (ii) ‘GoI Floating ...

F: ITC Eligibility

C: Clarification regarding Chip Import Monitoring System (CHIMS)

NITI Aayog Launches Report on Indias Gig and Platform Economy

A: ANTI-ARBITRATION INJUNCTION

A: TDS u/s 194S on CRYPTO/VDA : ISSUES & CLARIFICATIONS

A: SEBI- NON-SPECIFIC AND OMNIBUS NOTICE FOR PENALTY NEED TO BE CHALLENGE...

H: Format, Procedure and Guidelines for submission of Form No. 1, Form No...

H: Customs Brokers Licensing (Amendment) Regulations, 2022 - Power of Com...

H: Guidelines for Large Value Fund for Accredited Investors under SEBI (A...

H: Implementation of Circular on ‘Guidelines in pursuance of amendment to...

H: Reduction of timelines for listing of units of privately placed Infras...

H: Introduction of Unified Payments Interface (UPI) mechanism for Infrast...

H: Enlistment of PSIA under para 2.55 of HBP 2015-2020 - an additional ag...

F: Error in GST Annual Return

C: Enlistment of PSIA under para 2.55 of HBP 2015-2020

H: Exemption from GST - activity of providing the hostel facility on the ...

H: Concessional rate of tax - Manufacture of Fortified Rice Kernels- Prem...

H: Profiteering - purchase of Flats - it is alleged that Respondent had n...

H: Profiteering - construction service supplied by the Respondent - It is...

H: Profiteering - service of construction of affordable housing provided ...

H: Exemption u/s 10AA or 10A - As such the assessee during the assessment...

H: Penalty u/s 271C - assessee did not remit the TDS on the due date - On...

H: Revision u/s 263 - different treatments cannot be given on the same se...

H: Deduction u/s 80P - Disallowance of deduction under section 80P of the...

H: Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is no...

H: Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is no...

H: Revision u/s 263 - As per CIT penalty proceedings u/s.270A not initiat...

H: Addition u/s 68 - unsecured loan - Merely filing the bank statement by...

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Highlights I.Tax: Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT) - Notification Cus.: Customs Brokers Licensing (Amendment) Regulations, 2022 - Power of Commissioner of Customs at any Customs Station, may recognise more than one Customs Broker association provided that the minimum number of members of each such association shall not be less than thirty percent of the total licenses issued - Notification SEBI: Guidelines for Large Value Fund for Accredited Investors under SEBI (Alternative Investment Funds) Regulations, 2012 and Requirement of Compliance Officer for Managers of all AIFs - Circular SEBI: Implementation of Circular on ‘Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011’ - Circular SEBI: Reduction of timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT) - to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets. - Circular SEBI: Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts - Process flow for applying though UPI mechanism - Circular DGFT: Enlistment of PSIA under para 2.55 of HBP 2015-2020 - an additional agency at is recognized for issuance of Pre-Shipment Inspection Certificates as per provisions of Para 2.55(e) of HBP, 2015-20 - 03 existing Pre-Shipment Inspection Agencies have been allowed to add additional instruments to their existing instruments - Public Notice GST: Exemption from GST - activity of providing the hostel facility on the rent to various students by applicant is exempt (where hostel fees charged per student per day is much less than Rs.1000/-) - It is found that the services to be supplied in the present case are more than two but in the absence of Brochure of Hostel facilities, Break-up of fees in respect of facilities/services to be provided, License from the Local Authority, Details of rooms occupancy and Rent/ lease Agreement etc; we are not in the position to decide - Application rejected - AAR GST: Concessional rate of tax - Manufacture of Fortified Rice Kernels- Premix - the designated Rice Millers have been requisitioned for supply of the fortified rice and the applicant has neither been supplying the said goods for free distribution to the economically weaker sections of the society under a programme duly approved by the Central Government or the State Government concerned, nor they are into final supply of said goods - the applicant is not eligible for concessional rate of tax of 5% under the exemption Notification - AAR GST: Profiteering - purchase of Flats - it is alleged that Respondent had not passed on the benefit of Input Tax Credit (ITC) availed by way of commensurate reduction in the price of the flats - The Respondent has not disputed the findings of the DGAP regarding method of computation of profiteering and the amount worked out by him. As such, the Authority finds no reason to differ from the above-detailed computation of profiteering in the DGAP's Report or the methodology adopted - the Respondent is directed to also pass on interest @18% to the customers/ home/shop buyers on the entire amount profiteered - NAPA GST: Profiteering - construction service supplied by the Respondent - It is established that there had been no additional benefit of ITC to the Respondent and hence he is not required to pass on the benefit to the above Applicants by reducing the prices of the flats. The Applicants could have availed the above benefit only if the above project was under execution/implementation before coming into force of the GST as the Respondent would have been eligible to avail ITC on the purchase of goods and services after 01.07.2017 on which he was not entitled to do so before the above date. - Application dismissed - NAPA GST: Profiteering - service of construction of affordable housing provided by the Respondent - benefit of reduced ITC not passed on by commensurate reduction in the price - the Respondent has denied benefit of ITC to the buyers of his flats in contravention of the provisions of Section 171 (1) of the CGST Act, 2017 and he has thus resorted to profiteering. Hence, he has committed an offence for violation of the provisions of Section 171 (1) during the period from 01.07.2017 to 29.02.2020 and is therefore, liable to imposition of penalty under the provisions of Section 171 (3A) - NAPA I.Tax: Exemption u/s 10AA or 10A - As such the assessee during the assessment proceedings has come forward and filed the revised return of income declaring income under the provisions of AMT under section 115JC of the Act. Furthermore, the assessee cannot be deprived from the benefit granted under the statute merely on the reasoning that the assessee failed to claim the same in the income tax return. It is incumbent upon the revenue to allow the alleged claimed of deduction for which the assessee is entitled under the provisions of law. - AT I.Tax: Penalty u/s 271C - assessee did not remit the TDS on the due date - Only because of these hardships there was delay in remitting the TDS. Therefore, there is reasonable cause as envisaged u/s 273B for the delayed remittance of TDS. Moreover, the assessee had paid the entire TDS amount along with interest on 30.04.2011, much prior to notice u/s 274 r.w.s. 271C of the I.T.Act was issued to the assessee-deductor - No penalty - AT I.Tax: Revision u/s 263 - different treatments cannot be given on the same set of facts in respect of different co-owners of a common piece of land which are subjected to capital gains. If such action on the part of Revision Authority is approved, it would militate against the principle of equality of law as enshrined in the Article 14 of the Constitution. Further, it is seen that the ld.CIT has not taken any steps for reopening the case of other co-owner viz. Shri Vijay Patel and thereby accepted similar long term capital gain and claim of deduction under section 54 and 54F of the Act on the said transaction. - Revision order quashed - AT I.Tax: Deduction u/s 80P - Disallowance of deduction under section 80P of the Act in respect of “rental income” - where the assessee-bank derived the income in question from the house property and not from the banking business, the assessee could not be allowed deduction under section 80P of the Act in respect of the income derived by house property. - AT I.Tax: Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is not the case that the AO has not made enquiry. Indeed the Pr. CIT initiated proceedings under section 263 of the Act on the ground that the AO has not made enquiries or verification which should have been made in respect of exemption claimed under section 54B of the Act. It is not the case of the Pr. CIT that the Ld. AO did not apply his mind to the issue on hand or he had omitted to make enquiries altogether. - Revision order quashed - AT I.Tax: Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is not the case that the AO has not made enquiry. Indeed the Pr. CIT initiated proceedings under section 263 of the Act on the ground that the AO has not made enquiries or verification which should have been made in respect of exemption claimed under section 54B of the Act. It is not the case of the Pr. CIT that the Ld. AO did not apply his mind to the issue on hand or he had omitted to make enquiries altogether. - Revision order quashed - AT I.Tax: Revision u/s 263 - As per CIT penalty proceedings u/s.270A not initiated by AO - the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue and thus, we are of the considered view that the PCIT is erred in revising the assessment order u/s.263 of the Act. - AT I.Tax: Addition u/s 68 - unsecured loan - Merely filing the bank statement by the assessee would not discharge the onus cast upon it to prove the creditworthiness of the loan creditor and genuineness of transaction particularly when the cash was deposited in tranches within a short spam of about ten days before issuing a D.D. in favour of the assessee. - Additions confirmed - AT I.Tax: Validity of Reopening of assessment u/s 147 - requirement of recording of “reasons to believe” - validity of jurisdiction assumed by the AO for reopening the case of the assessee - as the Assessing Officer prior to issuance of Notice u/s.148 had failed to record “reasons to believe”, therefore, he had wrongly assumed jurisdiction and framed the impugned assessment u/s.148/143(3) - AT I.Tax: Income from house property - deemed rental income of the property, which remained vacant during the year - assessee as confronted that house was very old and partly damaged and was not in a livable condition - AO has not based the estimate on any reasonable working in determining the annual letting value. No description of the property as to the area and the market rates prevalent for rentals has been brought on record. - Additions deleted - AT Cus.: Mis-declaration of imported goods - Scania 310 Chassis - one complete amphibian bus body mounted on chassis - malafide intention or not - The imported goods herein is Amphibious bus which is also a specialized motor vehicle which runs on road as well as on water. Thus, being a specialized transport vehicle, it is appropriately classifiable under CTH 87 Section XVII of Custom Tariff Act, which covers vehicles, aircraft, vessels and associated transport equipment. - the appellant had mis-classified the goods with an intention to evade payment of appropriate Custom duty. - Penalty was rightly imposed - AT Cus.: Import of bikes - allegation that the goods do not conform to the BIS requirements - it has to be construed that the appellant has complied with requirement of BIS standard (brand name) as well as identity of 157 nos. of bikes. The order of confiscation and re-export in respect of 157 bikes requires to be set aside - the impugned order is set aside and modified to the effect that the 157 nos. of kids bikes have to be released to the appellants for home consumption. Confiscation and order to re-export or for destruction of remaining 26 nos. of kids bikes is upheld. - AT Indian Laws: Dishonor of Cheque - Legally enforceable debt or not - preponderance of probablities - failure to discharge the fundamental burden of proving his capacity to advance loan - Taking into consideration his background admittedly a small time farmer holding 6 acres of land and not even a bank savings account claiming he advanced loan of Rs.9 lakhs as against the postdated cheque and no other document obtained for the money transaction, is obviously bound to be suspected - this Court holds that the appellate Court erred in reversing the trial Court judgment.- HC More Highlights Articles ⇒ ANTI-ARBITRATION INJUNCTION ⇒ TDS u/s 194S on CRYPTO/VDA : ISSUES & CLARIFICATIONS ⇒ SEBI- NON-SPECIFIC AND OMNIBUS NOTICE FOR PENALTY NEED TO BE CHALLENGED AS VOID. ⇒ ISSUANCE OF SUMMONS UNDER GST ⇒ Taxability of Reimbursement of expenses under Service tax and GST ⇒ Unnecessary litigation by revenue even before the Supreme Court, on settled legal position about power of Tribunal to admit new claims. ⇒ RECENT DEVELOPMENTS IN GST ⇒ Depreciation: cost to secure non competition or reduce competition can be a part of depreciable intangible asset. ⇒ Refund of ITC on export of services - Recent Bombay HC Ruling ⇒ RBI Clarification on new MSME definition More Articles Notifications IT - U/s 280A(1) of IT Act 1961, Central Government, in consultation with the Chief Justice of the High Court of Uttarakhand designates Special Court in the Uttarakhand Cus (NT) - Customs Brokers Licensing (Amendment) Regulations, 2022 IT - Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT) GST CESS - Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 SEBI - Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2022 IT - Income-tax (19th Amendment) Rules, 2022 - Payment on transfer of virtual digital asset - Amends various rules i.e. Due Date of payment of TDS (Rule 30) - Certificate of TDS (Rule 31) - Quarterly statement / Return of TDS (Rule 31A) - New Forms FTP - Amendment in Import Policy Condition of Water Melon Seeds under ITC(HS) Code 1207 70 90 of Chapter-12 of ITC (HS), 2022, Schedule-I (Import Policy) SEBI - Jurisdiction as Special Court in District Leh and District Kargil in the Union territory of Ladakh SEBI - Jurisdiction as Special Court - Seeks to amend Notification No. S.O. 3997(E), dated, the 16th August, 2018 Co. Law - National Financial Reporting Authority Amendment Rules, 2022 IT - Safe Harbour Rule - Income-tax (18th Amendment) Rules, 2022 - Amends Rule 10TD IT - No TDS on on payment in the nature of lease rent or supplemental lease rent to the IFSC for lease of an aircraft - Central Government specifies that no deduction of tax shall be made under section 194-IA of the IT Act 1961 IT - Income-tax (Seventeenth Amendment), Rules, 2022 - Additional conditions required to be fulfilled by a specified fund for availing exemption u/s 10(4D) Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Supersession Notification No. 49/2022-Customs(N.T.), dated 02nd June, 2022 Indian Law - Sovereign Gold Bond Scheme 2022-23 More Notifications Circulars/ Public Notices DGFT - Clarification regarding Chip Import Monitoring System (CHIMS) SEBI - Implementation of Circular on ‘Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011’ SEBI - Reduction of timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT) SEBI - Introduction of Unified Payments Interface (UPI) mechanism for Real Estate Investment Trusts SEBI - Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts SEBI - Guidelines for Large Value Fund for Accredited Investors under SEBI (Alternative Investment Funds) Regulations, 2012 and Requirement of Compliance Officer for Managers of all AIFs DGFT - Enlistment of PSIA under para 2.55 of HBP 2015-2020 Customs - Restrictions on import of products made of plastic Income Tax - Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961 SEBI - Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors – Bank account details to which the payment is to be done electronically SEBI - Naming / Tagging of demat accounts maintained by Stock Brokers Income Tax - Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 SEBI - Nomination for Mutual Fund Unit Holders Insolvency and Bankruptcy - Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 GST - Procedure relating to sanction, post-audit and review of refund claims More Circulars News ⇒ Auction for Sale (re-issue) of (i) ‘7.38 GS 2027’, (ii) ‘GoI Floating Rate Bond 2028’, (iii) ‘7.54% GS 2036’ (iv) ‘6.99% GS 2051’ ⇒ NITI Aayog Launches Report on India's Gig and Platform Economy ⇒ Interview with The Times of India (as published on June 24, 2022) – Shri Shaktikanta Das, Governor, Reserve Bank of India ⇒ Geopolitical Spillovers and the Indian Economy (Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - June 24, 2022 - Standalone session on ‘Geopolitical Spillovers and the Indian Economy’ organised by the PhD Chamber of Commerce and Industry, New Delhi) ⇒ Proposal for National tax tribunal by utilizing existing capacities and infrastructure. ⇒ India’s First Logistics Excellence Awards highlight the contributions of Private Sector driving change and innovation in the Logistics Sector. ⇒ Commerce Minister Piyush Goyal chairs ONDC Advisory Council Meeting ⇒ PM inaugurates 'Vanijya Bhawan' and launches NIRYAT portal ⇒ Minutes of the Monetary Policy Committee Meeting, June 6 to 8, 2022 [Under Section 45ZL of the Reserve Bank of India Act, 1934] ⇒ Income Tax Department conducts searches in Rajasthan and Mumbai ⇒ Capacity Building Initiatives by DEA: Training on Public Private Partnership (PPPs) by AJNIFM ⇒ Mutual funds can resume investing in international stocks: Sebi ⇒ India emerged as the voice of the Developing countries and LDCs in the recently concluded 12th Ministerial Conference (MC12) of the WTO in Geneva, says Shri Piyush Goyal ⇒ Auction for Sale (Issue/re-issue) of (i) ‘New GS 2024’, (ii) ‘7.10% GS 2029’, (iii) ‘6.54% GS 2032’ and (iv) ‘6.95% GS 2061’ ⇒ Income Tax Department conducts searches in Tamil Nadu More News Forum - Popular issues Igst mechanism and availability of itc (20) Export of service by freight forwarder (18) Delay in recovery of export proceeds (17) Scn & order-in-original issued after death of the assesse. whether recovery can be initiated by department ? (16) Input reversal on capital goods (16) In case of death of proprietor, whether reversal of itc is required? (15) Availing itc however outward is exempted (14) Section 18(6) of the cgst act read with rules 40 and 44 (14) Gst on sale of flat (13) Sub contractor of government work (13) Place of supply for renting of immovable property (11) Audit findings under sec 65(6) informed after 30 days (11) What to know about tax management india. (10) Compulsory registration (10) Sale from a sez unit to eou (10) Go to Forum Forum - Recent Replied Issues Itc eligibility (1) Error in gst annual return (5) Reversal on account of sale of asset (6) Bill to and ship to (3) Monetary limit for adjudicting authority (5) Gsr9 annual return (2) Gst on flats allotted to members (4) Issue of credit under gst with irn (3) Appeal issue (7) Wrong place of supply on invoice by supplier ... (4) Works contract (6) Any clerification from the cbic regarding non auto populated of input of is ... ... (6) Place of supply of advertising services (4) Invoice series undet gst (3) Payment of pre-deposit (3) Go to Forum

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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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