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The Commissioner Of Customs Bangalore-1. Versus M/s. Accurate Clearing and Shipping Agency,

Cancellation of licence - Forfeiture of security deposit – penalty – proportionately of punishment - Held that: - when the discretion has been exercised, and considering the facts and circumstances, such discretion exercised cannot be said to be per verse, which would be a case for interference in exercise of power with this Court. It is required to be stated that when two views are possible and if one is opted by the lower authority, such would not call for interference. It is found that even i .....

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Tribunal, whereby the Tribunal has modified the order passed by the Original Authority and has confirmed the order of forfeiture of security deposit. It has further observed that the respondent herein may apply for fresh licence with fresh security deposit, in accordance with law. 2. We have heard Smt. Manjula K.S. for Sri. N.R.Bhaskar, learned Senior Central Government Standing Counsel for the appellant. 3. The contention raised on behalf of the appellant was that the f .....

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prietor cannot get away from the liability on the mere ground that his employee did not properly take care for observance of the regulations. She submitted that the penalty was properly imposed and the appellate Tribunal has erroneously interfered with the order of the first authority. Hence, this Court may consider. She also relied upon a decision of the Apex Court in the case of Commissioner of Customs vs. M/s. K.M.Ganatra & Co. reported in 2016-TIOL-13-SC-CUS (there is no equivalent citat .....

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to Vijayakumar had transpired and therefore, the goods were cleared in the name of V.J. Enterprises. Tribunal also found that Vijayakumar has signed all the papers and therefore it is not a matter where the import has taken place on the name of the parties which did not exist at all. Another ground which has weighed the Tribunal was that the respondent had engaged Sri. T. Saravanan and it was on account of no proper care taken by the employee, the lapse for verification has taken place. The Tri .....

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Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

Forum: Input tax credit

Forum: GST on Notional rent

Forum: GST ON SALES PROMOTION

Forum: 3B mistake

Forum: Excise duty credit on finished stock at additional place of business.

Forum: PROCEDURE FOR SHIFTED OF FINISHED GOODS FROM AP KARNATAKA TO UP

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

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TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

Forum: Input credit of gst paid on urd

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News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

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Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

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Highlight: Merely vehicle numbers was not mentioned on the invoices cannot be the reason to deny Cenvat Credit

Highlight: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 - Circular

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

News: Auction for Sale (Re-issue) of Government Stocks

Article: TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

News: Manmohan takes potshots at note ban, 'hasty' rollout of GST

News: GST on petrol, diesel requires wider discussion: Nitish

Article: WHEN CAN ONE TAKE ITC FOR RCM CASES?

Notification: TDS liability under Section 51 of CGST, 2017 come into force w.e.f. 18-9-2017 - Persons liable to deduct TDS from payment made or credited to the supplier of taxable goods or services specified

Notification: Central Goods and Services Tax (Seventh Amendment) Rules, 2017

Notification: Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017

Circular: Filing of Special Leave Petition against Orders of Hon'ble High Courts staying Collection of Tax under GST- reg.

Highlight: Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

Highlight: Deduction u/s 10B - initial AY - Mere authorization to enable the Assessee to import material or export produce in the earlier date would not ipso facto tantamount to commencement of substantial activity of ‘manufacture’/’production’.



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