Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

DCIT-10 (3) (2) , Mumbai Versus M/s Phoenix Mecano (I) Pvt. Ltd.

Deduction u/s 10A computation - whether loss from non-eligible unit can be set off against the profit of eligible unit or whether only profit of eligible unit is to be considered for computation of deduction u/s 10B - 'total income' computation - Held that:- Deduction u/s 10A/10B, has to be given effect at the stage of computing the profit & gains of the business under the head ‘income from business or profession’ which shall be arrived at after adjusting loss of ineligible unit with the profit .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is laid down by Hon'ble Apex Court in Jeyar Consultant & Investment Pvt. Ltd. vs CIT (2015 (4) TMI 195 - SUPREME COURT ) although given in context of Section 80HHC of the Act. - Thus,it is of considered view that consequent to amended provisions section 10B makes it clear that it is a deduction and not exemption , and the computation of income has to be in accordance with the provisions of the Act, therefore, not only profits but also losses from the business have to be taken into considera .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rst Appellate Authority, Mumbai. The only ground raised in this appeal, by the Revenue, is with respect to the learned CIT(A) holding that deduction claimed u/s 10B of the Income Tax Act, 1961 (hereinafter the Act) is an exemption, thus do not form part of the total income and further the learned CIT(A) not following the direction contained in the order of CIT vs Black & Veatch Consulting Pvt. Ltd. 348 ITR 72 (Bom.), Hindustan Lever Ltd. vs DCIT 325 ITR 102 and CIT vs Galaxy Surfacatants Ltd .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

decision in the case of KEI Industries Ltd. 373 ITR 574 (Del.). 2.2. I have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee is engaged in the business of electrical components, polyester polycarbonate and aluminium enclosures, specialized motors and aluminium profiles etc and declared loss of ₹ 33,55,143/- in its return of income filed on 30/09/2010. The assessee had profit of ₹ 2,38,49,196/- from the eligible .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ibunal. 2.3. The only question is to be adjudicated by this Tribunal is whether loss from non-eligible unit can be set off against the profit of eligible unit or whether only profit of eligible unit is to be considered for computation of deduction u/s 10B of the Act. It is noted that the assessee has considered profit from eligible unit for computing the deduction u/s 10B. Considering the totality of facts, I find that the assessee made export sales as well as domestic sales. While calculating t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fit of the eligible unit i.e. giving effect to the provisions of Section 70 and 71 of the Act. Section 80A(1) stipulates that while computing the total income of the assessee, there shall be allowed from the gross total income, in accordance with and subject to the provisions of the chapter, the deduction specified in section 80C to 80U. Section 80B(5) defines the purposes of section VIA gross total income to mean the total income computed in accordance with the provisions of the Act before maki .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

APPLICABILITY OF CHAPTER IV OF THE ACT AND SET OFF AND CARRY FORWARD OF BUSINESS LOSSES CIRCULAR NO. 7/DV/2013 [FILE NO.279/MISC./M-116/2012-ITJ], DATED 16-7-2013 It has been brought to the notice of the Board that the provisions of 10A/10AA/10B/10BA of the Income-tax Act, with regard to applicability of Chapter IV of the Act and set off and carry forward of losses, are being interpreted differently by the Officers of the Department as well as by different High Courts. 2. The two sections 10A a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the total income of the assessee." 2.1 Similarly section 10B as inserted by Finance Act, 1988 read as under: "10B. Special provision in respect of newly established hundred per cent export oriented undertakings.-Subject to the provisions of this section, any profits and gains derived by an assessee from a hundred per cent export oriented undertaking (hereafter in this section referred to as the undertaking) to which this section applies shall not be included in the total income of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ture or produce such articles or things or computer software, as the case may be, shall be allowed form the total income of the assessee...." 3.1 Similarly, section 10B as substituted by Finance Act, 2000 reads as under: "10B. (1) Subject to the provisions of this section, a deduction of such profits and gains as are derived by a hundred per cent export-oriented undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years begin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

export of articles or things or computer software. 4. Sub-section (6) of sections 10A and 10B were amended by Finance Act, 2003 with retrospective effect from 1-4-2001. Circular No. 7/2003, dated 5-9-2003 explains the amendments brought by Finance Act, 2003. The relevant paragraph is reproduced below: "20. Providing for carry forward of business losses and unabsorbed depreciation to units in Special Economic Zones and 100% Export Oriented Units. 20.1 Under the existing provisions of section .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ts have been brought into effect retrospectively from 1-4-2001 and have been made applicable to business losses or unabsorbed depreciation arising in the assessment year 2001-02 and subsequent years." 5. From the above it is evident that irrespective of their continued placement in Chapter III, sections 10A and 10B as substituted by Finance Act, 2000 provide for deduction of the profits and gains derived from the export of articles or things or computer software for a period of 10 consecuti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tation of total income is to be classified under the following heads of income and computed in accordance with the provisions of Chapter IV of the Act- • Salaries • Income from house property • Profits and gains of business and profession • Capital gains • Income from other sources 5.2 The income computed under various heads of income in accordance with the provisions of Chapter IV of the IT Act shall be aggregated in accordance with the provisions of Chapter VI of the I .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

off in accordance with the provisions of section 72 of the Act) and the same is eligible for deduction in accordance with the provisions of Chapter VI-A or sections 10A, 10B etc. of the Act, the same shall be allowed in computing the total income of the assessee. 5.3 If after aggregation of income in accordance with the provisions of sections 70 and 71 of the Act, the resultant amount is a loss (pertaining to assessment year 2001-02 and any subsequent year) from eligible unit it shall be eligib .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he conditions specified in the said sections. 2.4. Section 10A and 10B of the Act were initially placed on statute in 1981 and 1988 respectively and continued with some modifications and amendments till 31/03/2001. Section 10A as inserted by Finance Act 1981, reads as under:- "Section 10A. Special provision in respect of newly established industrial undertakings in the free trade zones.-(1) Subject to the provisions of this section, any profits and gains derived by an assessee from an indus .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hich this section applies shall not be included in the total income of the assessee. " 2.6. Vide Finance Act, 2000 section 10A and 10B of the Act were substituted. Section 10A as substituted by Finance Act, 2000 reads as under:- "Section 10A. (1) Subject to the provisions of this section, a deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce articles or things or computer software, as the case may be, shall be allowed from the total income of the assessee .... " 2.8. The effect of the substitution of section 10A and 10B of the Act has been elaborated in Circular No. 794 dated 09/08/2000 which clearly provides that the new provis .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Economic Zones and 100% Export Oriented Units 20.1 Under the existing provisions of sections 10A and 10B, the undertakings operating in a Special Economic Zone (under section 10A) and 100% Export Oriented Units (EOU's) (under section 10B) are not permitted to carry forward their business losses and unabsorbed depreciation. . 20.2 With a view to rationalize the existing tax incentives in respect of such units, sub- section (6) in sections 10A and 10B has been amended to do away with the restr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s derived from the export of articles or things or computer software for a period of 10 consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such article or thing or computer software. The deduction is to be allowed from the total income of the assessee. The term 'total income' has been defined in section 2 (45) of the IT Act and it means the total amount of income referred to in section 5, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in the gross total income of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provision of this Act (before making any deduction under this Chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income." (Emphasis supplied) 2.12. Sect .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g effect over all other sections in Chapter VI-A. Decisions of the Bombay High Court in CIT v. Shirke Construction Equipment Ltd. (2000 (246) ITR 429) and the Kerala High Court in CIT v. T.C. Usha (2003 (132) Taxman 297) to the contrary cannot be said to be the correct law . (The Hon ble Apex Court held in JEYAR CONSULTANT VS CIT in Civil Appeal No.8912 of 2003, order dated 01/04/2015) . Thus, section 80-AB makes it clear that the computation of income has to be in accordance with the provisions .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ainst the normal business income and therefore, the assessment could not be reopened on the ground that loss of that unit was wrongly set off against the normal business income of the assessee. The Hon'ble Bombay High Court in the case of CIT v Galaxy Surfactants Limited reported in 343 ITR 108 has also taken similar view that loss of the EOU unit is to be allowed to be set off against the profits of the other units as under:- 5. At the outset, while dealing with the submission which has bee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the assessee. Section 10A as at present stands, came to be substituted by the Finance Act, 2000 with effect from 1 April 2001. The section as it now stands, is not a provision for exemption, but a provision which enables an assessee to claim a deduction. As it now stands, the section contemplates a deduction of such profits and gains as are derived by a hundred per cent export oriented undertaking from the export of articles and things or computer software for a period of ten consecutive asse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in purport to reopen the assessment under Section 148. The Division Bench noted that upon the substitution of the provision by the Finance Act, 2000, Section 10B was no longer a provision for exemption, but a provision for deduction. The Division Bench observed as follows: "Plainly, section 10B as it stands is not a provision in the nature of an exemption but provides for a deduction. Section 10B was substituted by the Finance Act of 2000 with effect from April 1, 2001. Prior to the substi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

by a 100 per cent export oriented undertaking from the export of articles or things or computer software for ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce. Consequently, it is evident that the basis on which the assessment has sought to be reopened is belied by a plain reading of the provision. The Assessing Officer was plainly in error in proceeding on the basis that because the income .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eopened is contrary to the plain language of Section 10B." This decision of the Division Bench has been followed by another Division Bench of this Court in the case of CIT v. Patni Computers Systems Ltd. [IT Appeal 2177 of 2010, dated on 1-7-2011]. 6. Quite apart from the fact that the issue stands covered against the Revenue by the view taken by the Division Benches in the aforesaid two cases, even as a matter of first principle, we find no justification in the submission which has been ur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fits and gains of business or profession. Under Section 72, where a loss which has been sustained under the head of profits and gains of business or profession cannot be set off against income under any head of income under Section 71 so much of the loss as has not been set off or the entire loss where there is no income under any other head can be carried forward in the manner which is indicated in the provision. Section 72 which provides for a carry forward of a business loss comes into operat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

gislature. Subsection (7) of Section 10B provides that the provisions of sub-section (8) and subsection (10) of Section 80-IA shall, so far as may be, apply in relation to the undertaking referred to in the section as they apply for the purposes of an undertaking referred to in Section 80- IA. Section 80-IA contains a specific provision in sub-section (5) to the following effect : "(5) Notwithstanding anything contained in any other provision of this Act, the profits and gains of an eligibl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he determination is to be made." A similar provision corresponding to sub-section (5) of Section 80- IA is to be found in sub-section (6) of Section 80-I. Under subsection (5) of Section 80-IA which begins with overriding nonobtante provisions, profits and gains of an eligible business to which sub-section (1) applies are for the purposes of determining the quantum of deduction to be computed as if such eligible business were the only source of income of the assessee during the previous yea .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

er units under the same head of profits and gains of business or profession. The Legislature not having introduced a statutory prohibition, there is no reason to deprive the assessee of the normal entitlement which would flow out of the provisions of Section 70. 7. In this view of the matter, for the reasons which we have already indicated earlier, we follow the earlier decision of a Division Bench of this Court on this aspect. Consequently, no substantial question of law would arise in the appe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ve. My above view and decision in this appeal is fortified by the Hon'ble Apex Court decision in Jeyar Consultant & Investment Pvt. Ltd. vs CIT (Civil Appeal No.8912 of 2003) vide order dated 01/04/2015 reported in [2015] 57 taxmann.com 85 (SC) although given in context of Section 80HHC of the Act , and also by the decision of Hon'ble Supreme Court in Civil Appeal NO.1501 of 2008 vide order dated 19/09/2013 reported in (2014)48taxmann.com 357(SC) , wherein, Hon'ble Supreme Court .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

per cent export oriented undertaking. In the case on hand, the appellant has submitted a computation of total income and for the said computation, he has taken the net profit, disallowance, entertainment of expenses, donation interest accrued but not due depreciation etc. He has arrived at a figure of ₹ 11,17,87,315. He has claimed the entire amount as an exemption under section 10B of the Act. The same has been accepted by the department. However, he has derived business income from othe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sion that the Assessing Officer failed to apply the provisions of sections 29 to 43 especially section 32(2) and sub-section (3) of section 32A in the case on hand. He was of the view that the orders are erroneous and prejudicial to the interest of the revenue, insofar as the exemption under section 10B was allowed on an inflated amount without deducting the unabsorbed depreciation and unabsorbed investment allowance in the case on hand. When the matter was taken to the Tribunal, the Tribunal in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

al amount of income referred to in section 5, computed in the manner laid down in this Act. Section 4 provides for charge of Income-tax Act. Section 5 provides for scope of total income. Sub-section (1) of section 5 says that subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which- "(a)is received or is deemed to be received in India in such year by or on behalf of such person; or (b)ac .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

total income. Chapter IV provides for computation of total income. Section 32 of the Income-tax Act provides for deduction on depreciation. Section 32(2) provides for adjustment for subsequent years. If we see section 10B, it provides for exemption of payment of tax with reference to profits and gains derived by 100 per cent export oriented undertaking. To arrive at a profit and gain, one has to necessarily take into consideration the total income in terms of the Act. To arrive at the income on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

visions. It is only an exemption provision. Exemption cannot be fanciful and it has some rational with other provisions of the Act. There- fore, a combined reading of the definition of exemption, total income-tax liability deductibility etc., one has to come to a conclusion that calculation as far as possible is to be in terms of the Income-tax Act. That is exactly what has been done by the assessee. Having calculated in a particular manner, now it does not lie in the mouth of the assessee to co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y a portion of depreciation just to suit his income for the purpose of nil liability and adjust the balance of unabsorbed depreciation for other business income once again to show nil liability. When the unabsorbed depreciation could have been taken for arriving an exempted income, the assessee cannot play with the figures for the purpose of showing nil liability as has been done in the case on hand. The intention of the Legislature is only to provide 100 per cent exemption for export income and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on and at the same time providing for tax liability towards other liability. The interpretation has to be meaningful and acceptable and it cannot be against the intention of the legislation. Legislation never wanted the entire income to be exempted by taking advantage of section 10B of the Act. The approach of the Tribunal to our mind is incorrect and, hence, we find substance in the argument of the revenue. 8. Several case laws have been placed before us by the parties concerned. 9. Distributor .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

amount of dividend received by the assessee. 10. In case of Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84 (SC), the Court considered as under : "The question which arose in Cambay Electric Supply Co. s case ( 113 ITR 84) was whether unabsorbed depreciation and unabsorbed development rebate were liable to be deducted in arriving at the figure of profits and gains exigible to deduction of 8 per cent contemplated in sub-section (1) of section 80E. The argument of the ass .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

gs specified in the list in the Fifth Schedule and not to the quantum of the profits and gains included in the total income, so that the profits and gains exigible to the deduction of 8 per cent were the profits and gains attributable to the specified business in their entirety and not the profits and gains as computed in accordance with the provisions of the Act. The assessee contended that, in the circumstances, unabsorbed depreciation and unabsorbed development rebate were not liable to be de .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

profits and gains attributable to the specified business in arriving at the figure exigible to 8 per cent deduction." 11. In the case of CIT v. Virmani Industries (P.) Ltd. [1995] 216 ITR 607 (SC), the Court considered the issue of unabsorbed depreciation in terms of section 32(2) of the Income-tax Act. 12. The Rajasthan High Court in the case of CIT v. Sun Stone Engg. Industries (P.) Ltd. [1996] 220 ITR 182 , has ruled that "...For the purpose of determination of the relief under sec .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd unabsorbed depreciation and the income eligible for deduction under section 80HH of the Incometax Act, 1961, will be the net income as computed in accordance with the provisions of the Act and not the gross income." (p. 387) 13. The Bombay High Court in the case of Indian Rayon Corpn. Ltd. v. CIT [2003] 261 ITR 98 has considered the depreciation in the matter of special deduction. In the said case, the following reference was made : "...Whether on the facts and circumstances of this .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

per the provisions of the Act. There is a distinct dichotomy between cases of computation of normal income under the Act de hors Chapter VI-A and computation of taxable income where the assessee claims the benefit of deduction under Chapter VI-A because the Legislature has intended that these special deductions should be restricted to the profits derived from a newly established undertaking." The Court ruled ultimately reading as under: "That Chapter VI-A, for the purposes of computing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sessee claims relief under Chapter VI-A of the Act, then it is not open to the assessee to disclaim depreciation allowance. This is because Chapter VI-A is an independent code by itself for computing these special types of deductions. In other words, one must first calculate the gross total income from which one must deduct a percentage of incomes contemplated by Chapter VI-A. That such special incomes were required to be computed as per the provisions of the Act, viz., section 29 to section 43A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

exemption of tax. It has to be in accordance with the provisions of the Act. 15. CIT v. H.MT. Ltd. [1993] 199 ITR 235 (Kar.) is pressed into service by Sri Parthasarathi, learned counsel. We have carefully gone through the said judgment. In the said judgment, the Division Bench of the High Court has no doubt ruled that computation of profits and gains of new unit may be made without deducting depreciation and investment allowance. But the facts of the present case stand on a different footing c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Court ruled that the basic material for the computation of surtax is the total income as computed under the Income-tax Act. Adjustments in that total income have to be made as specified in Schedule I. There is no provision in Schedule I for making any adjustment in respect of relief under sections 80-I and 80J. The expression "part of income, profits and gains not includible in the total income" in rule 4 of the second Schedule cannot be construed or understood as referring to deductio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

deem it proper to answer the questions of law in favour of the revenue. Consequently, the order of the Tribunal has to be set aside and the order of the Commissioner has to be accepted. No costs. 2.17. Keeping in my foregoing discussions and reasoning as set out above in preceding para s of this order, I hereby reiterate and conclude that deduction u/s 10A/10B, has to be given effect at the stage of computing the profit & gains of the business under the head income from business or professi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

Forum: Duty Drawback & Input Credit - under GST

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

Forum: Credit on Repair of Company Car & Its Insurance

Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

Forum: Trans1 return

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

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

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex — Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports – Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

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

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version