*Updates*
➡1. No TP additions if sum receivable from AE was converted into interest free deposit due to restructuring agreement
Bombay Dyeing & Mfg. Co. Ltd.
v. Deputy Commissioner of Income-tax, Range 2 (1) (1), Mumbai.
Bombay Dyeing & Mfg. Co. Ltd.
v. Deputy Commissioner of Income-tax, Range 2 (1) (1), Mumbai.
➡2. Provisions of limitation Act are applicable to Insolvency and Bankruptcy Code: NCLT
Machhar Polymer (P.) Ltd.
v. Sabre Helmets (P.) Ltd.
Machhar Polymer (P.) Ltd.
v. Sabre Helmets (P.) Ltd.
➡3. Profit of eligible business u/s 10B was to be reduced while computing book profits under MAT: Gujarat HC
Principal Commissioner of Income Tax, Vadodara-2 v Sun Pharmaceuticals Industries Ltd.*
Principal Commissioner of Income Tax, Vadodara-2 v Sun Pharmaceuticals Industries Ltd.*
.
================>
.
Namaste
================>
.
Namaste
*ROC Alert*: *Today, Last date, Pay 4 times penalty from tomorrow*
Last Date 28.11.2017 for filing Financial Statement in AOC-4 and Annual Return in MGT-7 after that Additional Fee will be applicable from 29.11.2017
For AOC-4 it will be 4 times as additional fee will be applicable from original date of event I.e. 30/09/2017 usually and delay of 30 days will expire on 28.11.2017
For MGT-7 it will be 2 times as additional fee will be applicable from 29.11.2017.
_Note: It is assumed above that AGM was held on 30.09.2017_
.
================>
.
PUNCTUALITY is Not Just About BEING ON TIME, Its Basically Respecting Our Own
Commitments.
.
================>
.
PUNCTUALITY is Not Just About BEING ON TIME, Its Basically Respecting Our Own
Commitments.
Living a meaningful life is not about being rich, popular, highly educated or being perfect. Life is about being honest, being strong, real, humble and able to reach out and touch the lives of others while holding gratitude in your heart.
CBDT Instruction of tax effect applies to pending appeals also subject to the two caveats provided in Surya Herbal Ltd. Case – Supreme Court
CBDT has issued Instructions/ Directions to the Assessing Officers on certain important issues/ parameters which are to be considered while framing Scrutiny Assessments in the cases where revised/ belated returns have been filed by the Assessees post-demonetisation.
The President of India has given his assent to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (Code). The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the Code.
Defaulting promoters set to lose their companies , Wilful defaulters and borrowers with NPAs for a year or more cannot bid NOT ELIGIBLE FOR BIDDING.
MCA has issued an advisory on its portal that some issues are being faced with respect to payments through Union Bank of India (UBI) Credit Card gateway and backhand teams are working on it to resolve the same.
Indian Overseas Bank Invites application for Empanelment of Stock Auditors. Only Hard Copy of Application on Firm's Letter Head along with all Supportive documents to be submitted by post/courier. Last Date is 30.11.2017
.
================>
.
Honourable Supreme Court on 23rd November has held that the higher monetary threshold limits prescribed for filing of appeals by the Income Tax Authorities would apply both to appeals filed after the date of the instruction revising the limits and also to all pending Matters.
.
================>
.
Honourable Supreme Court on 23rd November has held that the higher monetary threshold limits prescribed for filing of appeals by the Income Tax Authorities would apply both to appeals filed after the date of the instruction revising the limits and also to all pending Matters.
Source-Times of India
.
================>
.
GST on Advance*
In pursuance of recommendations of GSTN council meeting dated 5 October and 6 October 2017 a Notification no. 40 CGST dated 13th November 2017 (‘the Notification 40’), was issued. The Notification provided that the GST shall be payable only at the time of invoice as per the provisions of Sec 12 (2) of CGST Act, 2017 by registered persons whose aggregate turnover in previous FY Rs.1.5 crore or the registered persons whose aggregate turn over in the year in which such person has obtained registration is likely to be less than 1.5 crore Rs. and who did not opt for composition scheme u/s 10 of the said act.
.
================>
.
GST on Advance*
In pursuance of recommendations of GSTN council meeting dated 5 October and 6 October 2017 a Notification no. 40 CGST dated 13th November 2017 (‘the Notification 40’), was issued. The Notification provided that the GST shall be payable only at the time of invoice as per the provisions of Sec 12 (2) of CGST Act, 2017 by registered persons whose aggregate turnover in previous FY Rs.1.5 crore or the registered persons whose aggregate turn over in the year in which such person has obtained registration is likely to be less than 1.5 crore Rs. and who did not opt for composition scheme u/s 10 of the said act.
Accordingly the registered persons with respect to supply of goods were not required to pay GST on advance received for goods where such registered persons fulfills the following:
aggregate turnover in previous FY is less than Rs.1.5 crore and who did not opt for composition scheme u/s 10 of the said Act; or
the registered persons whose aggregate turn over in the year in which such person has obtained registration is likely to be less than 1.5 crore Rs. and who did not opt for composition scheme u/s 10 of the said Act
Accordingly the specified small taxpayers fulfilling either of the above mentioned conditions were not required to pay GST at the time of receipt of advance for goods.
Further, the Notification 40 is superseded in terms of Notification no 66 CGST dated 15thNov 2017. The Notification provides that:
“registered person who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.”
Accordingly, the benefit of non-payment of GST on receipt of advance for goods is extended to all tax payers other than those who have not opted for composition scheme.
However, a contrary view can be taken by the authorities in this regard that notification 66 of CGST extends such benefits only to such assesses who can opt for composition scheme under section 10 of CGST Act and have not opted for such composition. More so as the GSTN council had recommended the above benefit to small and medium tax payers only.
Kindly note that, this benefit has been extended only for the advance payments with respect to supply of goods and not to supply of services.
.
================>
.
.
================>
.
#Economy:The Centre told supreme court that it is willing to extend the deadline for mandatory linking of Aadhaar to various services till March 31, 2018. Meanwhile, the Supreme Court is likely to set up a Constitution bench next week to hear the issue of stay against mandatory linking of Aadhaar with bank accounts, mobile phone numbers etc.
#Finance:India’s GST collections fell to Rs 83,346 crore in October, from more than Rs 90,000 crore in each of the first three months after the new tax regime was rolled out on July 1. A finance ministry statement attributed the lower collections to the release of state and central GST out of integrated GST paid in the first three months, reduction in taxes and payment of GST based on self-declared tax return. So far, 95.9 lakh taxpayers have registered under GST, of which 15.1lakh are composition dealers who are required to file returns every quarter. As many as 50.1lakh returns were filed for October till November 26.
#India’s textile exports are likely to decline by 10-12% for the current financial year due to the reduction in tax exemptions granted to exporters, appreciation in the Indian rupee against the dollar and shifting of import orders to competing countries. In an alarming situation, India’s readymade garments exports, which are part of textiles segment, declined by 41% in October to Rs 5,398 crore compared to Rs 9,111 crore in the corresponding month last year. Exports of manmade yarns, fabrics and made-ups also declined by 8.3% to Rs 2,310 crore for October 2017 from Rs 2,518 crore in the same month last year.
.
================>
.
Supreme Court has directed setting up of a portal to allow people who bought flats in real estate major Amrapali's projects to claim refunds and directed all non-institutional directors to appear before it to present a roadmap to either deliver apartments or return money to investors.
------------------
Supreme Court has said that Courts cannot force a husband to “keep his wife” as it asked a man to deposit Rs 10 lakh as interim maintenance for his estranged wife and upkeep of their son.
------------------
Calcutta High Court has exempted a father-in-law from maintaining his son’s widow, opining that he was under no obligation to maintain her under Protection of Women from Domestic Violence Act.
------------------
Bombay High Court has reiterated that once caste validity certificate is granted on proper scrutiny to close blood relations, it ought to be relied upon for verifying caste claim of other blood relations from the paternal side.
------------------
Delhi High Court has dismissed a plea against film "Padmavati", observing that such petitions were encouraging those agitating against the movie.
------------------
Delhi High Court has asked authorities, including municipal bodies, to put online the details of status of complaints received by them regarding unauthorised constructions in the National Capital.
------------------
Zimbabwe High Court has ruled that Military takeover that led to Robert Mugabe's ousting was legal.
.
================>
.
================>
.
Supreme Court has directed setting up of a portal to allow people who bought flats in real estate major Amrapali's projects to claim refunds and directed all non-institutional directors to appear before it to present a roadmap to either deliver apartments or return money to investors.
------------------
Supreme Court has said that Courts cannot force a husband to “keep his wife” as it asked a man to deposit Rs 10 lakh as interim maintenance for his estranged wife and upkeep of their son.
------------------
Calcutta High Court has exempted a father-in-law from maintaining his son’s widow, opining that he was under no obligation to maintain her under Protection of Women from Domestic Violence Act.
------------------
Bombay High Court has reiterated that once caste validity certificate is granted on proper scrutiny to close blood relations, it ought to be relied upon for verifying caste claim of other blood relations from the paternal side.
------------------
Delhi High Court has dismissed a plea against film "Padmavati", observing that such petitions were encouraging those agitating against the movie.
------------------
Delhi High Court has asked authorities, including municipal bodies, to put online the details of status of complaints received by them regarding unauthorised constructions in the National Capital.
------------------
Zimbabwe High Court has ruled that Military takeover that led to Robert Mugabe's ousting was legal.
.
================>
.
CBEC Relaxes Norms for KYC Verification: Invites Comments from Officers & Stakeholders [Read Circular]
Read more at: http://www.taxscan.in/cbec-relaxes-norms-kyc-verification-invites-comments-officers-stakeholders/14352/
.
================>
.
SC Allows Income Tax Deduction on Excise Duty Paid in Advance in the Personal Ledger Account [Read Judgment]
.
================>
.
SC Allows Income Tax Deduction on Excise Duty Paid in Advance in the Personal Ledger Account [Read Judgment]
Read more at: http://www.taxscan.in/sc-allows-income-tax-deduction-on-excise-duty-paid-in-advance-in-the-personal-ledger-account/14348/
.
================>
.
*_MCA_*
.
================>
.
*_MCA_*
=========================
*View Public Documents* (VPD) services would be *restricted* on 27th November (Monday) 2017 from 15:30 hours to 20:00 hours and on 28th -29th November (Tuesday & Wednesday) from 08:00 hours to 20:00 hours *due to annual peak filing*
*Stakeholders may plan accordingly*
=========================
Govt Re-opens Facility for Fling GSTR 1 in GST Portal: Defers GSTR 2
Govt Re-opens Facility for Fling GSTR 1 in GST Portal: Defers GSTR 2
Read more at: http://www.taxscan.in/govt-re-opens-facility-fling-gstr-1-gst-portal-defers-gstr-2/14341/
.
================>
.
Big Companies will face Action If fails to pass GST benefits to Customers, Says Adhia
.
================>
.
Big Companies will face Action If fails to pass GST benefits to Customers, Says Adhia
Read more at: http://www.taxscan.in/big-companies-will-face-action-fails-pass-gst-benefits-customers-says-adhia/14344/
.
================>
.
.
================>
.
# *IBC*: Clause (e) of Section 2 of the Code has been substituted with three clauses. This would facilitate the commencement of Part III of the Code relating to individuals and partnership firms in phases.
# *MCA* has issued an advisory on its portal that some issues are being faced with respect to payments through Union Bank of India (UBI) Credit Card gateway and backhand teams are working on it to resolve the same.
# *PMLA*: SC declared Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Art-14 & 21 of the Constitution of India - Nikesh Tarachand Shah Vs UoI & Anr (2017 (11) TMI 1336 - Supreme Court).
# *IT*: Deduction u/s 80IC cannot be denied by invoking Sec.80AC where the return has been filed belatedly but within permissible time u/s 139(4) - Symbiosis Pharma. Pvt. Ltd. Vs DCIT (2017 (11) TMI 1361 - ITAT Chandigarh).
# *IT*: Tribunal has correctly held that there is an actual delivery and constructive delivery and derivative transactions will not come within the purview of the "speculative transaction" – No disallowance – CIT Vs Bhargava Lodha Stock Brokers Pvt. Ltd. (2017 (11) TMI 1354 – Rajasthan HC).
# *Seminar*: Speaking tom evening (28/11) on Prohibition of Benami Property Transaction at Jawahar Park CPE Study Circle, at Mangal Banquet, I.P. Extn. Delhi.
.
================>
.
CBEC Clarifies Issues on Applicability of GST on Goods Transferred / Sold while being Deposited in a Warehouse [Read Circular]
.
================>
.
CBEC Clarifies Issues on Applicability of GST on Goods Transferred / Sold while being Deposited in a Warehouse [Read Circular]
Read more at: http://www.taxscan.in/cbec-clarifies-issues-applicability-gst-goods-transferred-sold-deposited-warehouse/14084/
.
================>
.
.
================>
.
CBDT issues directions for scrutiny assessment in case of revised ITRs filed post demonetisation
Revision of Income-tax return (ITR) is allowed only if any omission or wrong statement is noticed therein by the assessee. Such omission or wrong statement may have occurred due to a bonafide and inadvertent error or a mistake on part of assessee.
However, post demonetisation period, it was found that some of the assessees tried to build an explanation for cash deposits in their bank accounts by manipulating their books of accounts and filing revised or belated ITRs.
Filing revised or belated ITRs just to build an explanation for cash deposits in bank account becomes questionable and, therefore, the transaction disclosed in it which are over and above the original return are liable to be taxed under anti-abuse provisions of the Income-tax Act.
Accordingly, The Central Board of Direct Taxes (CBDT) has issued directions related to some important issues which are to be considered by the Assessing Officer (AO) while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees post-demonetisation.
The following are a few issues which may be kept in view by AO during verification and framing of scrutiny assessments:-
1. The claim of enhanced sales may be compared with Central Excise/VAT returns,
2. Parties to whom additional sales made have claimed must have identity, creditworthiness and transaction must be genuine.
3. Omission or wrong statement in the original return must be pointed out by the auditor in case the accounts had been subjected to tax audit.
4. Source of cash in hands of the person who made payments to the assessee has to be verified carefully.
5. Any manipulated receipts or sale is liable to be taxed as cash credit under section 68 and not merely on net profit basis.
6. Unaccounted income so assessed in scrutiny assessment is liable to be taxed at higher rate without any set-off of losses, exp., etc., under section 115BBE.
GST: Monthly filers can file GSTR1 for July 2017 if not already filed. GSTR-1 for Aug, Sep, Oct & Nov cant be filed now. Quarterly filers also to wait.
.
================>
.
.
================>
.
*Updates*
➡1. CBDT issues directions for scrutiny assessment in case of revised ITRs filed post demonetisation
➡2. Excise duty paid in advance in the Personal Ledger account was entitled to sec. 43B deduction: SC
Commissioner of Income-tax v. Modipon Ltd.
Commissioner of Income-tax v. Modipon Ltd.
Thank you
Have a nice day
Have a nice day
