Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
It is so common hearing How are you ?
What are you doing?
How was your day?
Are you okay ?
So let me ask you something different :-
"Did you smiled today..?"
If not, do it now.. 🌞🌞
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22 December 2017 Updates 📄📄📄
📺 Case laws
➡1. Development fund received from students couldn’t be classified as capital receipt
Assistant Commissioner of Income-tax (E), Circle, Jaipur
v. Scholars Education Trust of India.
➡2. OECD releases updated version of Model Tax Convention.
➡3. Exp. incurred for repairs & improvements on building taken on lease is revenue in nature: Kerala HC
Indus Motor Co. (P.) Ltd.
v. Deputy Commissioner of Income-tax, Circle-1(1) Kozhikode
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It is not necessary for any adjudicating authority under revenue law to see prior permission of OL in respect of carrying out any adjudication proceedings against Company under liquidation. Once demand has been confirmed with interest penalty and interest, the same can be realised through the Company Court from OL. Commissioner of Customs vs OL 2017 (7)GSTL 265 Delhi.
Cost of moulds designing charges and tooling charges shall form of cost of goods manufactured. TATA JOHNSON CONTROL LTD VS STATE 2017 (7)GSTL 271 Bom.
When entire case of Department rested on statement of two witnesses denial of their cross examination by the Department amounts to violation of principal of natural justice demand set.aside.matter remanded before Adjudicatin Authority for fresh adjudication.Kay Pan Sugandh P Ltd Vs.CCE 2017 (7)GSTL 276 Orissa.
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GST Gyan - 27.12.2017 is Last date for filing *FORM* *TRAN-1* to avail Input Tax Credit and Tax payers, who have claimed transitional credit erroneously, may avail opportunity to revise *Form* *TRAN-1* by 27th December, 2017.
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*Alcatel-Lucent India Ltd. - [2017] 88 taxmann.com 157 (Delhi - Trib.)*
IT/ILT : Functionally different comparables cannot be taken by revenue authorities or by assessee for TP study
Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments/Comparable - Illustrations) - Assessment year 2011-12 - Whether functionally different comparables cannot be taken by revenue authorities or by assessee for TP study - Held, yes - Whether where a company was in earlier year taken up as comparable by revenue, it could not take a different stand by demanding its exclusion in very next year without any proper reason - Held, yes [Para 11] [In favour of assessee]
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#Economy: In a move aimed at combating black money stashed abroad, India signed an agreement with Switzerland today that would allow automatic sharing of tax- related information from January 1 next year. The agreement was signed by CBDT chairman and Swiss Ambassador to India at the North Block here.
#Finance:Bank of India will shut 400 ATMs to contain costs as part of a turnaround plan. The rationalisation of ATMs was a step to manage costs without inconveniencing customers, bank executives. Bank of India will also take a decision by the end of February on closing another 300 ATMs. The bank is analysing customer requirements, usage pattern and location before deciding to close down every ATM.
#ICAI said certain provisions in the proposed amendments to the companies law are "very important" for the accountancy profession. Parliament passed a bill to amend the Companies Act to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business.These include provisions that auditors are now required to report on Internal Financial Control with reference to financial statements only and rationalisation of penalties such as fines for auditor default linked with audit fees.
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Assessee Registered under the STPI as a 100% EOU is entitled for Deduction u/s 10B: ITAT [Read Order]
Read more at: http://www.taxscan.in/assessee-registered-stpi-100-eou-entitled-deduction-u-s-10b-itat/15267/
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RBI Directs All Financial Creditors to Submit Financial Information [Read Circular]
Read more at: http://www.taxscan.in/rbi-directs-financial-creditors-submit-financial-information-read-circular/15273/
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Govt. issues Step by Step Guide for Filing Form GST TRAN 2
Read more at: http://www.taxscan.in/govt-issues-step-step-guide-filing-form-gst-tran-2/15284/
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Punjab Cabinet approves Entertainment Tax on DTH, Cable TV Connections
Read more at: http://www.taxscan.in/punjab-cabinet-approves-entertainment-tax-dth-cable-tv-connections/15291/
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Deduction u/s 80IC for units Set Up in specified areas in State of Himachal Pradesh cannot be Claimed for more than 5 years: ITAT [Read Order]
Read more at: http://www.taxscan.in/deduction-u-s-80ic-units-set-specified-areas-state-himachal-pradesh-cannot-claimed-5-years-itat/15277/
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Assessee Registered under the STPI as a 100% EOU is entitled for Deduction u/s 10B: ITAT [Read Order]
Read more at: http://www.taxscan.in/assessee-registered-stpi-100-eou-entitled-deduction-u-s-10b-itat/15267/
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Govt Extends Due Date for filing GSTR-5A for July to December [Read Notification]
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-gstr-5a-july-december/15300/
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GST: Non-Resident Tax Payers can file Returns till 31st January [Read Notification]
Read more at: http://www.taxscan.in/gst-non-resident-tax-payers-can-file-returns-till-31st-january/15305/
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GST: Due date for filing Return for Input Tax Credit is 31st January [Read Notification]
Read more at: http://www.taxscan.in/due-date-filing-return-input-tax-credit-31st-january/15309/
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*CBEC has notified/ imposed 30% Import duty on Chana (Chickpeas) and Masoor (Lentils) to protect interest of domestic farmers, applicable with immediate effect.*
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📺 *Case Laws*
➡1. Provisions of Repeal Act are not unconstitutional and violative of Article 4 of the Constitution of India: HC
Ashapura Minechem Ltd.
v. Union of India
➡2. Voluntarily payment on behalf of someone could not be considered as credit under Bankruptcy Code: NCLT
Metal Power Analytical (India) (P.) Ltd. v. Crystaline Exports (P.) Ltd.
➡3. Revaluation surplus paid to retiring partners isn’t distribution of capital asset; firm not liable to tax
Mahul Construction Corporation
v. Income-tax Officer, Ward 31 (2) (3), Mumbai
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Monthly filers file GSTR-1 of Jul, Aug, Sep, Oct & Nov in this order. GSTR-1 can be filed if GSTR-1 & 3B of earlier period filed.
No GST Being Levied on Completed Property but GST Being Levied on under-construction properties.
E-Way Bill made applicable in Rajasthan with effect from 20.12.2017.
Companies (Amendment) Bill, 2017 which seeks to bring about major changes in the Companies Act, 2013, was passed by the Rajya Sabha on Tuesday by a voice vote.
MCA has decided to introduce a Scheme namely “Condonation of Delay Scheme 2018” which will be implemented with effect from 01.01.2018 and shall remain in force up to 31.03.2018.
Reserve Bank today asked banks and other financial institutions to share information about assets of creditors with information utilities registered under the insolvency law.
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👉🏻Faceless and Nameless E-Assessment for Income Tax payers from 2018.*
(Govt is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee.)
👇🏻 👇🏻 👇🏻
https://goo.gl/FWs6s9
*👉🏻Companies (Amendment) Bill, 2017 passed in Parliament.*
(The bill seeks to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business.)
👇🏻 👇🏻 👇🏻
https://goo.gl/K26HWq
*👉🏻Govt may provide relief for disqualified directors of Shell Companies.*
(MCA, will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ciZQVp
*👉🏻Submission of Financial Information to Information Utilities - RBI.*
(RBI asks banks to share info with information utilities. IBBI has registered National E-Governance Services Limited (NeSL) as the first Information Utility under the IBBI)
👇🏻 👇🏻 👇🏻
https://goo.gl/6jSy86
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🙏Thank you🙏
Have a nice day