Home Highlights November 2011 Year 2011 This

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1. Input Tax Credit (ITC) - Condition of actual payment within stipulated time period - Section 16(4) of CGST Act, 2017 - net off of receivables of one GSTIN by another...

2. Procedure for e-commerce exports through Post and clarification regarding personal imports

3. Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation - Circular

4. External Commercial Borrowings (ECB) – Rationalisation and Liberalisation - Cir. No. 27 Dated: September 23, 2011

5. External Commercial Borrowings (ECB) for the Infrastructure Sector– Liberalisation - Cir. No. 25 Dated: September 23, 2011

6. Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation . - Cir. No. 40 Dated: November 1, 2011

7. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

8. Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

9. Mode and manner of set off of loss - loss from one head set off against other head of income - business loss should be first set off against income from house property...

10. Set off of loss brought forward losses - conditions of 51% shareholding - the assessee is not seeking carry forward of losses to be set off but the assessee is seeking...

11. Set off of losses with the surrendered income - the restriction shall apply to assessment year 2017-18 onwards. Accordingly, for the year under consideration, there is...

12. Set off of loss incurred on sale of polished diamond goods against deemed income assessed u/s. 69A - set off against the income declared during the course of search -...

13. Release of Foreign Exchange for Imports – Further Liberalisation. - Cir. No. 82 Dated: February 21, 2012

14. TP Adjustment - notional interest on outstanding receivables due from Associated Enterprises (AES) - assessee not charging any interest from its AEs - Treatment of...

15. Procedure / documents for obtaining export authorisation for export of restricted items under Schedule 2 ITC(HS) Classification of Export and Import Items 2018