*SUPREME COURT : In Macquarie Bank Ltd. vs. Shilpi Cable Technologies Ltd.*
*_The mandatory condition for triggering the Code is clear from a conjoint reading of sections 8 and 9. The application must have a copy of the invoice/demand notice attached to it._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/25/supreme-court-in-macquarie-bank-ltd-vs-shilpi-cable-technologies-ltd/
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GST TIP* - What to do in case of Death of a Proprietor case of death of proprietor ?
Q1.If his family member want to
continue the firm so how to replace GST no ?
Ans 1: You need to apply new GST registration .
Q 2. how to avail credit of ITC of stock of deceased firm ?
Ans 2 .For credit transfer tou have to fill Form Itc02 and the same is required to be submited along with a copy of a certificate issued by a practicing chartered
accountant or cost accountant .
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GST Council enhances Exemption Limit of contribution made by members of a Resident Welfare Association
Read more: http://www.taxscan.in/gst-council-enhances-exemption-limit-contribution-made-members-resident-welfare-association/16654/
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📺 *Updates*
➡1. Right of ‘Vodafone’ to nominate person to buy entire capital of a Co. is capital asset u/s 2(14): ITAT
Vodafone India Services (P.) Ltd. v. Deputy Commissioner of Income-tax Circle 4(1)(2), Ahmedabad.
➡2. Depreciation on machinery was to be allowed even if it was used only for trial production: Bombay HC
Principal Commissioner of Income-tax-4 v. Larsen & Toubro Ltd.*
➡3. CIT(A) couldn’t record satisfaction on behalf of AO while invoking sec. 14A disallowance: Mumbai ITAT
Arnav Gruh Ltd. v. Deputy Commissioner of Income-tax, Central Circle-36, Mumbai*
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Mobile Charger sold as part of Composite Package with Mobile Phones can’t be Taxed Separately: Allahabad HC [Read Judgment]
Read more at: http://www.taxscan.in/mobile-charger-sold-part-composite-package-mobile-phones-cant-taxed-separately-allahabad-hc/16668/
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*_MCA_*
Stakeholders may kindly note that a *new web service "RUN” (Reserve Unique Name)* for reserving ‘name of proposed company and for changing name of existing company will be *launched w.e.f. 26th January 2018*
Also, *Forms*
SPICe (INC-32),
SPICe MoA (INC-33),
SPICe AoA (INC-34),
INC-3,
INC-22,
INC-24,
DIR-3,
DIR-12 and
GNL-1
will be *revised* on MCA21 Company Forms Download page.
*Stakeholders are advised to check the latest version of the form before filing*
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*Decision to withhold publication of certain news items cannot be said an act against public interest*
*_Read full case law at :_* https://dasgovernance.com/2018/01/24/decision-to-withhold-publication-of-certain-news-items-cannot-be-said-an-act-against-public-interest/
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GST Council enhances Exemption Limit of contribution made by members of a Resident Welfare Association
Read more: http://www.taxscan.in/gst-council-enhances-exemption-limit-contribution-made-members-resident-welfare-association/16654/
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ITAT confirms Addition against Actress Priyanka Chopra [Read Order]
Read more at: http://www.taxscan.in/itat-confirms-addition-actress-priyanka-chopra/16642/
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Central Excise Duty paid in Cash Eligible for Tax Deduction: ITAT [Read Order]
Read more at: http://www.taxscan.in/central-excise-duty-paid-cash-eligible-tax-deduction-itat/16673/
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GSTsutra Exclusive : HC directs re-opening of GST portal for system's failure to upload revised TRAN-1
HC directs re-opening of GST common portal for filing of revised Form GST TRAN-1 on account of failure to upload the same by due date i.e. December 27, 2017 owing to system error; Notes that despite several attempts, petitioner was unable to upload TRAN-1 till midnight of December 27 after which, the portal closed for filing declaration as due date was over; Moreover, petitioner tried to get the issue resolved by raising a query before GSTN helpdesk, and representation before Principal Commissioner alongwith with manual TRAN-1, but same remained unentertained; Consequently, HC directs re-opening of GST portal within a period of 2 weeks for filing TRAN-1; States further that in case of failure, manual filing of TRAN-1 be allowed so that petitioner can use credit for discharging GST liability : Allahabad HC
Mr. Tarun Gulati, Mr. Vasu Nigam and Mr. Rohit Gupta appeared on behalf of the petitioner.
Copy of the order is awaited. The information contained in the alert is source based.
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*Institute of Chartered Accountants in India(ICAI) signed an MoU with Jet Airways for providing concessional fare for its members and students*
*Sign up now for free with Jet Airways on this link*
https://goo.gl/aQAJUS
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Compounding Fee can exceed Principal Amount If Non-Payment of Tax was Wilful: Delhi HC Upholds CBDT Compounding Guidelines [Read Judgment]
Rea more at: http://www.taxscan.in/compounding-fee-can-exceed-principal-amount-non-payment-tax-wilful-delhi-hc-upholds-cbdt-compounding-guidelines/16664/
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Allahabad HC directs to Re-Open the Facility to file TRAN-1 in GST Portal [Read Order]
Read more at: http://www.taxscan.in/allahabad-hc-directs-re-open-facility-file-tran-1-gst-portal/16696/
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CBDT has made amendments in the Tax Return Preparer Scheme, 2006 and shall come into force from the date of its publication in the Official Gazette.
Supreme Court stayed all the proceedings pending before the Delhi and Chattisgarh High Courts relating to petitions challenging the levy of GST on services provided by individual lawyers or firms.
Supreme Court today stayed all the petitions relating to exempting sanitary napkins from the ambit of GST which are pending before the Delhi and Mumbai High Courts. Apex Court would further examine whether this is a fit case and see if all the matters pertaining to it should be heard by the Court itself.
SEBI has issued circular w.r.t Online Filing System for Offer Documents, Schemes of Arrangement, Takeovers and Buybacks.
Forensic departments of large audit firms and independent investigation agencies have been inundated with requests for forensic work following the push to clean up the bad debt mess under the Insolvency and Bankruptcy Code (IBC).
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SEBI
SEBI has issued mandated usage of electronic book mechanism for issuance of debt securities on private placement basis. Further to streamline the process, it has been decided to make suitable revisions to the existing framework for Electronic Book Mechanism. The revisions made to the existing framework are aimed at further streamlining the procedure for private placement of debt securities, allowing private placement of other classes of securities which are in the nature of debt securities and enhancing transparency in the issuance, resulting in better discovery of price. The revised guidelines for the Electronic Book Mechanism are placed at Schedule-A annexed to this circular. This circular shall come in to force with effect from April 01, 2018 and the earlier circular dated April 21, 2016 shall stand repealed from the date of the enforcement of this circular.
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*NCLT (Mumbai Bench) : In Pawan Kumar Kanodia vs. Kanodia Tex Industries*
*_Where the petitioner fails to demonstrate that he holds requisite shareholding in the company, he is debarred from pursuing petition._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/24/nclt-mumbai-bench-in-pawan-kumar-kanodia-vs-kanodia-tex-industries/
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Kerala HC :
GST: No taxable supply when goods were transported on delivery challans so long as authenticity of delivery challan was not doubted and therefore, such goods could not be detained merely for infraction of Rule 138 (2) of Kerala SGST Rules. Thus, detention of goods as manufacturer did not uploaded a declaration in accordance with Rule 138(2) of Kerala SGST Rules was unsustainable. (Age Industries (P.) Ltd – January 18, 2018).
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CBDT Warns Cash Transactions in excess of Prescribed Limits
Read more at: http://www.taxscan.in/cbdt-warns-cash-transactions-excess-prescribed-limits/16634/
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MCA
MCA has issued Notification regarding commencement of Companies Amendment Act, 2017. In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 20l7, the Central Government hereby appoints the 26th January, 2018 as the date on which the provisions of section 1 and section 4 of the said Act shall come into force. Section 1 deals with powers of the Central Government to appoint different dates for different provisions of this Act. Section 4 deals with reservation of name, and upon receipt of an application, the Registrar may, reserve the name for a period of twenty days from the date of approval or such other period as may be prescribed. Further, in case of an application for reservation of name or for change of its name by an existing company, the Registrar may reserve the name for a period of sixty days from the date of approval.
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SEBI
SEBI has issued circular w.r.t Online Filing System for Offer Documents, Schemes of Arrangement, Takeovers and Buybacks. In order to facilitate ease of operations in terms of seeking observations on draft offer documents, draft letter of offers and draft schemes of arrangement under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy Back of Securities) Regulations, 1998 and various circulars issued thereunder, SEBI has introduced an online system for filings related to public issues, rights issues, institutional placement programme, schemes of arrangement, takeovers and buy backs. All Merchant Bankers that are required to file the offer documents and related documents in physical form with SEBI under the provisions of aforesaid Regulations shall simultaneously file the same online through SEBI Intermediary Portal at https://siportal.sebi.gov.in. The simultaneous filing of documents as mentioned above i.e. physical and online shall start from February 1, 2018 and continue till March 31, 2018. Thereafter, from April 1, 2018 physical filing of the aforesaid documents shall be discontinued and only online filing will be accepted.
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IBBI
IBBI has notified the Insolvency And Bankruptcy Code (Amendment) Act, 2017 after it has received the assent of the President on the 18th January, 2018. This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2018 and shall be deemed to have come into force on the 23rd day of November, 2017. The Act redefines resolution applicant mentioned in code as person who submits resolution plan after receiving invite by insolvency professional to do so. It amends provision related to eligibility in IBC to state that insolvency professional will only invite those resolution applicants to submit plan, who fulfill certain criteria laid down by him with approval of committee of creditors and other conditions which may be specified by Insolvency a and Bankruptcy Board. It prohibits certain persons from submitting resolution plan in case of defaults. These include: (i) wilful defaulters, (ii) promoters or management o f the company if it has outstanding non-performing debt for over year and (iii) disqualified directors, among others. The Act bars the sale of property of a defaulter to such persons who is ineligible to be a resolution applicant during liquidation. It inserts provision to specify that person contravening any provisions of IBC, for which no penalty has been specified, will be punishable with fine ranging between Rs. 1 lakh to Rs. 2 crore.
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BSE
BSE has directed all Listed companies to henceforth file all corporate announcements in machine readable format only, i.e. searchable PDF format only. Regulation 10 of SEBI Listing Regulations, 2015 requires all listed entities to file all reports, statements, documents, filings and any other information to the Exchange on the specified electronic platform. It has been observed that PDF documents, filed by companies on the Listing Centre, as Corporate Announcements, are not ‘Machine Readable’ or ‘Searchable’. This causes considerable hardships to the investors at large and also regulators for searching the company filings using the relevant keywords for various purposes. Image files that are presently being submitted as attachments will not be accepted and only searchable pdf files should be attached. As further advised by SEBI, the listed entities are required to comply with this direction immediately, but not later than 7 days of this circular. It is further advised that only the respective relevant Options that are available under the tab ‘Corporate Announcements’ may be utilized for filing of the announcements. Filing under the incorrect head may attract appropriate action by the Exchange.
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SEBI
SEBI had earlier issued circular dated September 26, 2017 to prescribed guidelines for prevention of unauthorised trading by stock brokers and issued subsequent clarification dated November 30, 2017. SEBI has now received representations from BSE Brokers Forum and Association of National Exchanges Members of India, expressing difficulties faced by stock brokers in the implementation of the aforesaid circulars and seeking extension for the implementation of the same. SEBI has decided to make the circulars on Prevention of Unauthorized Trading by Stock Brokers effective from April 01, 2018 and other provisions shall remain unchanged and no further extension shall be granted for the implementation of the said circulars.
RBI
RBI has issued Master Direction on Foreign Investment in India. Foreign Investment in India is regulated in terms of Section 6(3)(b) and Section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. This Master Direction lays down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers/ constituents with a view to implementing the regulations framed. Instructions issued on Foreign Investment in India and its related aspects under the FEMA have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Further, the Reporting instructions can be found in Master Direction on Reporting (Master Direction No. 18 dated January 1, 2016). The person/ entity responsible for filing such reports shall be liable for payment of late submission fee for any delays in reporting.
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*FAQ- GST - ZERO RATED SUPPLY*
Q 1. *What is the meaning of the term “Zero Rated Supply”?*
Ans. “Zero Rated Supply” refers to supplies made to SEZ units/
developers or exports of goods or services or both. Zero
rated supply doesn’t necessarily mean that the above
supplies are not leviable to IGST or will taxed at “0” (zero)
rate or will be exempt from IGST unconditionally.
*Q 2. What is the relevance of zero rated supplies?*
Ans. Given that the Exports and SEZ play a pivotal role in the
economic growth in India, the registered person will have
two options, namely;
(a) he can make Zero Rated Supplies without payment of
IGST under Letter of Undertaking or Bond and claim
refund of input tax credit w.r.t to such supplies; or
(b) he can make Zero Rated Supplies with payment of IGST
(either by utilizing Input tax credit or by cash) and claim
refund of such tax paid.
However, the registered person will have to abide by the
conditions, safeguards and procedures as specified in Rule
96 and 96A of the CGST Rules (Refer Refund Chapter).
[Please Note:
• Notification 37/2017 dated 4.10.2017 of Central Tax
provides for the conditions and safeguards forexport
of goods or services without payment of IGST which supersedes Notification 16/2017 dated 4.7.2017 of
Central tax
• Circular No. 8/8/2017-GST dated 04th October 2017-
provide Clarification on issues related to furnishing of
Bond/LUT for exports
• Notification No. 55/2017 Central Tax dated 15/11/2017
inter alia state insertion of Rule 97A where by manual
filling of refund is allowed
• Circular No. 17/7/2017-GST dated 15.11.2017 provide
conditions and procedure for manual filing and
processing of refund in respect zero rated supplies
• Circular No.24/24/2017- GST dated 21-12-2017
provides manual filing and processing of refund claims
on account of inverted duty structure, deemed exports
and excess balance in electronic cash ledger- This
Circular is relevant, as refund of utilized credit on inputs
or input services used in making zero rated supplies ]
Q 3. *Are exports and supplies to SEZ units Developers out of
the ambit of GST?*
Ans. No. They are leviable under IGST Act, 2017. However, the tax burden on the same will be neutralized by granting refunds to persons making such supplies.
Q 4. *Can SEZ unit Developers claim refund of IGST charged by
his supplirere ?
Ans. No. The IGST Act, 2017 allows the supplier of SEZ unit /
developer to claim refund of IGST paid by him on supplies
to SEZ unit / Developers.
Q 5. *Are supplies made by SEZ units/Developer are Zero rated supplies?*
Ans. No. only the supplies made TO SEZ units/Developer are zero rates supplies. However, Exports made BY SEZ units/ Developer will be zero rated supplies.
Q 6. *How will you calculate refund amount in case of zero-rated*
*supply of goods or services or both without payment* of
tax under bond or LUT?*
Ans. In the case of zero-rated supply of goods or services or both
without payment of tax under bond or LUT, refund of input
tax credit shall be granted as per the following formula
with effect from 23.10.2017 pursuant to Notification No.
75/2017 – Central Tax dated 29.12.2017:
Refund Amount = (Turnover of zero-rated supply of goods
+ Turnover of zero-rated supply of services) x Net ITC ÷
Adjusted Total Turnover
Where, -
(A) Refund amount means the maximum refund that is
admissible;
(B) Net ITC means input tax credit availed on inputs and
input services during the relevant period other than
the input tax credit availed for which refund is claimed
under Rules 89(4A) or 89(4B) or both
(C) Turnover of zero-rated supply of goods means the value
of zero-rated supply of goods made during the relevant
period without payment of tax under bond or letter
f undertaking, other than the turnover of supplies in
respect of which refund is claimed under sub-rules (4A)
or (4B) or both;
(D) Turnover of zero-rated supply of services means the
value of zero-rated supply of services made without
payment of tax under bond or LUT
= Payments received during the relevant period for zero-
rated supply of services
zero-rated supply of services where supply has been
ompleted for which payment had been received in
advance in any period prior to the relevant period
- Advances received for zero-rated supply of services for
which the supply of services has not been completed
during the relevant period
(E) Adjusted Total turnover
= Turnover in a State or a Union territory as per section
2 (112),
Less : value of exempt supplies other than zero-rated
supplies
Less :turnover of supplies in respect of which refund is
claimed under Rules 89(4A) or 89(4B) or both, if any,
during the relevant period;
(F) “Relevant period” means the period for which the claim
has been filed.
Note:
(1) Where
inputs or input services used in making zero-rated
supply of goods or services or both, shall be granted.”
• Rule 89 (4B) states that- “In the case of supplies
received on which the supplier has availed the benefit
of notification No. 40/2017-Central Tax (Rate) dated
23.10.2017 or notification No. 41/2017-Integrated Tax
(Rate) dated 23.10.2017, or both, refund of input tax
credit, availed in respect of inputs received under the
said notifications for export of goods and the input tax
credit availed in respect of other inputs or input services
to the extent used in making such export of goods, shall
be granted.”
(2) Before 23.10.2017, formula for refund of input tax credit
in case of zero-rated supply of goods or services or both
without payment of tax under bond or LUT was:
Refund Amount = (Turnover of zero-rated supply of
goods + Turnover of zero-rated supply of services) x Net
ITC ÷Adjusted Total Turnover
Where,-
(A) “Refund amount” means the maximum refund that is
admissible;
(B) “Net ITC” means input tax credit availed on inputs and
input services during the relevant period;
(C) “Turnover of zero-rated supply of goods” means the
value of zero-rated supply of goods made during the
relevant period without payment of tax under bond or
letter of undertaking;
(D) “Turnover of zero-rated supply of services” means the
value of zero-rated supply of services made without
payment of tax under bond or letter of undertaking,
calculated in the following manner, namely:-
Zero-rated supply of services is the aggregate of the
payments received during the relevant period for
zero-rated supply of services and zero-rated supply of
services where supply has been completed for which
payment had been received in advance in any period
prior to the relevant period reduced by advances
received for zero-rated supply of services for which the
supply of services has not been completed during the
relevant period;
(E) “Adjusted Total turnover” means the turnover in a State
or a Union territory, as defined under clause (112) of
section 2, excluding the value of exempt supplies other
than zero-rated supplies, during the relevant period;
(F) “Relevant period” means the period for which the claim
has been filed.
Q 7. *State in brief the provide conditions and procedure for
manual filing and processing of refund in respect zero
rated supplies?*
Ans. Circular No. 17/7/2017-GST dated 15.11.2017 which
stipulated the conditions and procedure for manual filing
and processing of refund in respect zero rated supplies
inter alia provides that:
• A registered person may make zero-rated supplies of
goods or services or both on payment of integrated tax
and claim refund of the tax so paid, or make zero-rated
supplies of goods or services or both under bond or LUT
without payment of integrated tax and claim refund of
unutilized input tax credit in relation to such zero rated
supplies
• Application for refund
S
No.
/Category of
Refund/ Process of Filing
1
Refund of IGST
paid on export of
goods
No separate application is required
as shipping bill itself will be treated
as application for refund.
2
Refund of IGST
paid on export
of services / zero
rated supplies to
SEZ units or SEZ
developers
Printout of FORM GST RFD-01A
needs to be filed manually with the
jurisdictional GST officer (only at one
place - Centre or State) along with
relevant documentary evidences,
wherever applicable.
3
Refund of
unutilized input tax
credit due to the
accumulation of
credit of tax paid
on inputs or input
services used in
making zero-rated
supplies of goods
or services or both
FORM GST RFD-01A needs to be filed
on the common portal. The amount
of credit claimed as refund would
be debited in the electronic credit
ledger and proof of debit needs to
be generated on the common portal.
Printout of the FORM GST RFD-01A
needs to be submitted before the
jurisdictional GST officer along with
necessary documentary evidences,
wherever applicable
• Entry to be made in the Refund register for receipt of
refund applications (by department)
• Against complete application complete an
acknowledgement in FORM GST RFD-02 shall be issued
within 15 days from the date of filing of the application
and entry shall be made in the Refund register
• All communications (issuance of deficiency memo,
issuance of provisional and final refund orders, payment
advice etc.) shall be done in prescribed Forms manually
within the timelines prescribed in the rules
• Provisional refund shall be completed within 7 days
as per the CGST Rules and bifurcation of the taxes to
be refunded under CGST (CT) /SGST (ST) /UTGST (UT)
/IGST (IT) /Cess shall be maintained in the register
mandatorily. Thereafter, final order will be issued
within 60 days of the date of receipt of the complete
application form.
• Amount not sanctioned and eligible for re-credit is to be
recredited to the electronic credit ledger by an order
made in FORM GST PMT-03. The actual credit of this
amount will be done by the proper officer in FORM GST
RFD-01B
• There after refund order issued either by the Central
tax authority or the State tax/UT tax authority is
communicated to the concerned counter-part tax
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Govt. empowers GST officers to process refund filed through FORM GST RFD-01
Central Government has specified that the officers appointed under the respective State Goods and Services Tax Act, 2017 or the Union Territory Goods and Service Tax Act, 2017 who are authorized to be the proper officers shall act as proper officers for the purpose of sanction of refund filed in FORM GST RFD-01.
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*GST: The CBEC has released the following Central Tax Notifications for various compliances.* A brief gist of the Notifications is given below.
*1. Notification No. 03/2018-Central Tax ,dt. 23-01-2018*- First Amendment 2018, to CGST Rules
*2. Notification No. 04/2018-Central Tax ,dt. 23-01-2018*- Reduction of late fee in case of delayed filing of FORM GSTR-1
*3. Notification No. 05/2018-Central Tax ,dt. 23-01-2018*- Reduction of late fee in case of delayed filing of FORM GSTR-5
*4. Notification No. 06/2018-Central Tax ,dt. 23-01-2018*- Reduction of late fee in case of delayed filing of FORM GSTR-5A
*5. Notification No. 07/2018-Central Tax ,dt. 23-01-2018*- Reduction of late fee in case of delayed filing of FORM GSTR-6
*6. Notification No. 08/2018-Central Tax ,dt. 23-01-2018*- Extension of date for filing the return in FORM GSTR-6
*7. Notification No. 09/2018-Central Tax ,dt. 23-01-2018*- Amendment of notification No. 4/2017-Central Tax dated 19.06.2017 for notifying e-way bill website.
*8. Notification No. 10/2018-Central Tax ,dt. 23-01-2018*- Amending notification No. 39/2017-Central Tax dated 13.10.2017 for cross-empowerment of State tax officers for processing and grant of refund
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📺 *Updates*
➡1. No waiver of sec. 234A/B/C interest if assessee disclosed income pursuant of search: HC
A. Kuberan v. Chief Commissioner of Income-tax, Chennai*
➡2. Goods transported on basis of delivery challan not to be detained on non-submission of declaration
Age Industries (P.) Ltd. v.Assistant State tax Officer
➡3. No perquisite in hands of director if he had no employer-employee relationship with company
Keshavji Bhuralal Gala v. Assistant Commissioner of Income-tax, Range- 24 (3), Mumbai
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*Journey of Sensex*
The Sensex, has been in existence since 1875 & is a free-float market-weighted stock market index of 30 well-established and financially sound companies listed on Bombay Stock Exchange.
Published since 1st January 1986, Sensex is regarded as the pulse of the domestic stock markets in India.
*The value of Sensex has begun with base of 100 on 1st April 1979.*
*Here is the timeline on the rise of the Sensex:*
100 April 1st 1979
1000 July 25th, 1990
2000 January 15th, 1992
3000 February 29th, 1992
4000 March 30th, 1992
5000 October 11th, 1999
6000 February 11th, 2000
7000 June 21st, 2005
8000 September 8th, 2005
9000 December 5th, 2005
10000 February 7th, 2006
11000 March 27th, 2006
12000 April 20th, 2006
13000 October 30th, 2006
14000 December 5th, 2006
15000 July 6th, 2007
16000 September 19th, 2007
17000 September 26th, 2007
18000 October 9th, 2007
19000 October 15th, 2007
20000 December 11th, 2007
21000 November 5th, 2010
22000 March 24th, 2014
23000 May 9th, 2014
24000 May 13th, 2014
25000 May 16th, 2014
26000 July 7th, 2014
27000 September 2nd, 2014
28000 November 12th, 2014
29000 January 15th, 2015
30000 March 04th, 2015
*31000 May 27th, 2017*
*32000 July 13th, 2017*
*33000 October 25th, 2017*
*34000 December 26th, 2017*
*35000. January 18th 2018*
*36000. January 23rd 2018*
Moral: *Invest & stay invested to create wealth through stock market. There is no magic word or short cut but to only be disciplined is the way to go.....!!!!*
*Happy Investing ..!!!!!*
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Tis Hazari Court, Delhi has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case.
e-Way Bill is invalid without vehicle number for transportation of goods for a distance of more then 10 KM.
Tax Payers can login onto new Self Help Portal, https://selfservice.gstsystem.in/ to report issues of gst system. And email : helpdesk@gst.gov.in is being discontinued after the start of Self Help Portal.
The period for migration of tax payers from VAT / Service Tax and Central Excise, by filing up Form GST REG-26, got over on Dec 31, 2017. The said facility is thus withdrawn from GST Portal.
SEBI issued circular on online filing system for offer documents, schemes of arrangement, takeovers and buy backs dt 19-01-2018; SEBI circular participation by strategic investor(s) in InvITs and REITs dt 18-01-2018;
Govt and RBI may postpone the implementation of IndAS for banks because of the legislative changes and additional capital requirements the process would entail.
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ICAI clarifies Queries relating to Announcement on Exemptions from appearing in CA Exams under New Syllabus
Read more at: http://www.taxscan.in/icai-clarifies-queries-relating-announcement-exemptions-appearing-ca-exams-new-syllabus/16583/
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Govt Notifies Customs, IGST Exemption to Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-customs-igst-exemption-temporary-import-professional-equipment-sports-goods/16587/
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Sale Consideration on Agricultural Land after its Conversion to Non-Agricultural Land is Business Income, S. 50C can’t be invoked: ITAT [Read Order]
Read more at: http://www.taxscan.in/sale-consideration-agricultural-land-conversion-non-agricultural-land-business-income-itat/16539/
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15 Iimportant Points and Supreme Court Judgements on Section 125 CRPC
Daughter is liable to pay maintenance to parents : Supreme Court in Dr. Mrs. Vijaya Manohar Arbat vs. Kashirao Rajaram Sawai & another (AIR 1987 SC 1100) said :
An application under section 125(1)(d) of the Code of Criminal Procedure, 1973, by a father claiming maintenance from his married daughter is perfectly maintainable.
There can be no doubt that it is the moral obligation of a son or a daughter to maintain his or her parents. It is not desirable that even though a son or a daughter has sufficient means, his or her parents would starve. Apart from any law, the Indian Society casts a duty on the children of a person to maintain their parents if they are not in a position to maintain themselves. It is also their duty to look after their parents when they become old and infirm.
The parents will be entitled to claim maintenance against their daughter provided, however, the other conditions as mentioned in the section
are fulfilled. Before ordering maintenance in favour of a father or a mother against their married daughter, the court must be satisfied that the daughter has sufficient means of her own independently of the means or income of her husband, and that the father or the mother, as the case may be, is unable to maintain himself or herself.
2. Stepmother can claim maintenance : Supreme Court in Kirtikant D. Vadodaria vs. State of Gujarat and another (1996(4) SCC 479) said:
A childless stepmother may claim maintenance from her stepson provided she is widow or her husband, if living, is also incapable of supporting and maintaining her.
3. Nature of provisions u/s 125 CrPC is social justice legislation: Supreme Court in Badshah Vs. Urmila Badshah Godse & Another, (2014) 1 SCC 188 said:
Nature of provisions u/s 125 CrPC is a social justice legislation. Distinct approach should be adopted while dealing with cases u/s 125 CrPC. Drift in approach from “adversarial” litigation to social context adjudication is needed.
4. Nature of proceeding u/s 125 Cr PC is civil: Supreme court in Vijay Kumar Prasad Vs. State of Bihar, (2004) 5 SCC 196 said:
The jurisdiction of magistrate under chapter IX Cr PC is not strictly a criminal jurisdiction. Proceedings u/s 125 CrPC are civil in nature
5. Proceeding u/s 125 CrPC summary in nature: Supreme Court in Nagendrappa Natikar Vs. Neelamma, AIR 2013 SC 1541 : said
Proceeding u/s 125 CrPC is summary in nature and intended to provide speedy remedy to wife.
6. Strict proof of marriage should not be insisted as pre-condition for maintenance u/s 125 CrPC: Supreme Court in Chanmuniya Vs. Virender Kumar Singh Kushwaha, JT 2010 (11) SC 132. said that:
Construing the term ‘wife’ broad and expansive interpretation should be given to term ‘wife’ to include even those cases where a man and woman have been living together as husband and wife for a reasonably long period of time, strict proof of marriage should not be a pre-condition for maintenance.
7. Live-in-relationship & presumption of marriage u/s 114 Evidence Act: Supreme Court in Madan Mohan Singh Vs. Rajanikant, AIR 2010 SC 2933 said that
Live- in-relationship between parties if continued for a long time, cannot be termed in as “walk in & walk out” .There is a presumption of marriage between them.
8. Standard of proof of marriage under section 125 of CRPC: Supreme Court in Dwarika Prasad Satpathy Vs. Bidyut Prava Dixit, AIR 1999 SC 3348 said that
the validity of the marriage for the purpose of summary proceeding u/s 125 Cr PC is to be determined on he basis of the evidence brought on record by the parties. The standard of proof of marriage in such proceeding is not as strict as is required in a trial of offence 494 of the IPC. If the claimant in proceedings u/s 125 of the code succeeds in showing that she and the respondent have lived together as husband and wife. The court can presume that they are legally wedded spouses, and in such a situation the party who denies the marital status can rebut the presumption.One it is admitted that the marriage procedure was followed then it is no necessary to further probe in to whether the said procedure was complete as per the Hindu rites in the proceedings u/s 125 Cr PC from the evidence which is led if the magistrate is prima facie satisfied with regard to the performance of marriage in proceedings u/s 125Cr PC which are of summary nature, strict proof of performance of essential rites is not required. After not disputing the paternity of the child born few days after marriage and after accepting the fact that marriage ceremony was performed, though not legally perfect as contended, it would hardly lie in the mouth of the husband to contend in proceeding u/s 125 Cr PC that there was no valid marriage as essential rites were not performed at the time of said marriage. The provision u/s 125 Cr PC is not to be utilized for defeating the rights conferred by the Legislature to the destitute women, children or parents who are victims of social environment. Moreover order passed u/s 125 Cr PC does not finally determine the rights and liabilities of parties and parties can file civil suit to have their status determined. Also see : Savitaben Vs. State of Gujarat, (2005) 3 SCC 636 (para 13)
9. Woman not lawfully married not to be treated as ‘wife’ and not entitled to maintenance u/s 125 Cr PC: Supreme Court in Savitaben Somabhai Bhatiya Vs. State of Gujarat, 2005 Cr LJ 2141 (SC),
held that the legislature considered it necessary to include within the scope of Sec. 125 an illegitimate child but it has not done so with respect to woman not lawfully married. As such, however, desirable it may be to take note of the plight of the unfortunate woman, who unwittingly entered into wedlock with a married man the legislative intent being clearly reflected in Sec. 125 of the Cr PC, there is no scope for enlarging its scope by introducing any artificial definition to include woman not lawfully married in the expression ‘wife’. This may be an inadequacy in law, which only the legislature can undo. Even if it is true that husband was treating the woman as his wife it is really inconsequential. It is the intention of the legislature which is relevant and not the attitude of the party. The principle of estoppels cannot be pressed into service to defeat the provision of Sec. 125 of the Cr PC.
10. Second wife entitled to maintenance u/s 125 CrPC if the husband had concealed from her the subsistence of his first marriage: Supreme Court in Badshah Vs. Urmila Badshah Godse and Another, (2014) 1 SCC 188 said that
Wherethehusband had duped the second wife by not revealing to her the fact of his earlier marriage, it has been held by the Supreme Court that the husband cannot deny maintenance to his second wife u/s 125 CrPC in such a case and he cannot be permitted to take advantage of his own wrong by raising the contention that such second marriage during the subsistence of his first marriage, being void under the Hindu Marriage Act, 1955, the second wife was not entitled to maintenance as she was not his legally wedded wife. The earlier judgments of the Supreme Court reported in (i) Yamunabai Anantrao Adhav Vs. Anantrao Shivram Adhav, (1988) 1 SCC 530 and (ii) Savitaben Somabhai Bhatiya Vs. State of Gujarat, (2005) 3 SCC 636 supporting the said contention of the husband would apply only in those circumstances where a woman marries a man with full knowledge of subsistence of his first marriage. Second wife thus having no knowledge of first subsisting marriage is to be treated as legally wedded wife for purposes of claiming maintenance
11. Bigamous child entitled to maintenance: Supreme Court in Bakulabai Vs. Gangaram, (1988) SCC 537. said that
Even though bigamous marriage is illegal u/s 11 of the Hindu Marriage Act, 1955 but when after such marriage Hindu male and female are living together for a number of years as husband and wife, the child born as a result of such union acquires legitimate status u/s 16(1) of the above Act and such child is entitled to maintenance u/s 125 Cr PC.
12. Earning wife entitled to maintenance from her husband u/s 125 CrPC: Supreme Court in Chaturbhuj Vs. Sita Bai, AIR 2008 SC 530 said that
Where the husband had placed material to show that the wife was earning some income, it has been held by the Hon’ble Supreme Court that it is not sufficient to rule out the application of Sec. 125 CrPC. It has to be established that with the amount she earned, the wife was able to maintain herself. Whether the deserted wife was unable to maintain herself, has to be decided on the basis of the material placed on record. Where the personal income of the wife is insufficient, she can claim maintenance u/s 125 CrPC. The test is whether the wife is in a position to maintain her in the way she was used to in the place of her husband. The factual conclusions of the court that the wife is unable to maintain herself cannot be interfered with in the absence of perversity
13. Muslim husband liable to pay maintenance to his divorced wife even after iddat period provided she has not remarried and is unable to maintain herself: Supreme Court in Danial Latifi Vs. Union of India, AIR 2001 SC 3958 (Five-Judge Bench). said that
Muslim husband is liable to make reasonable and fare provision for future of divorced wife which includes maintenance. Liability to pay maintenance is not confined to iddat period. Divorced Muslim woman unable to maintain herself after iddat period can proceed u/s 4 of the Muslim Women (Protection of Rights on Divorce) Act, 1986 against her relatives or wakf borad for maintenance. Such a scheme provided under the said Act is also equally beneficial like one provided u/s 125 CrPC. Provision under the said Act depriving Muslim women from applicability of Section 125 CrPC is not discriminatory or unconstitutional
Summary of law propounded by the Five-Judge Constitution Bench of the Supreme Court in the case of Danial Latifi Vs. Union of India, AIR 2001 SC 3958 : The summary of law propounded by the Five-Judge Constitution Bench of the Supreme Court in the case of Danial Latiff Vs. Union of India, AIR 2001 SC 3958 is as under :
A Muslim husband is liable to make reasonable and fair provision for the future of the divorced wife which obviously includes her maintenance as well. Such a reasonable and fair provision extending beyond the iddat period must be made by the husband within the iddat period in terms of Section 3(1)(a) of the Act (Muslim Women (Protection of Rights on Divorce) Act, 1986).
Liability of Muslim husband to his divorced wife arising under Section 3(1)(a) of the Act to pay maintenance is not confined to iddat period.
A divorced Muslim woman who has not remarried and who is not able to maintain herself after iddat period can proceed as provided under Section 4 of the Act against her relatives who are liable to maintain her in proportion to the properties which they inherit on her death according to Muslim law from such divorced woman including her children and parents. If any of the relatives being unable to pay maintenance, the Magistrate may direct the State Wakf Board established under the Act to pay such maintenance.
The provisions of the Act do not offend Articles 14, 15 and 21 of the Constitution of India.
14. Wife and children of a Muslim husband having entered irregular marriage entitled to maintenance u/s 125 CrPC : Supreme Court in Chand Patel Vs. Bismillah Begum, (2008) 4 SCC 774. said that
The bar of unlawful conjunction (jama bain-almahramain) renders a marriage irregular (fasid) and not void (batil). Consequently, under the Hanafi law as far as Muslims in India and concerned, an irregular marriage continues to subsist till terminated in accordance with law and the wife and the children of such marriage would be entitled to maintenance under the provision of Section 125 CrPC.
15. An order of maintenance u/s 125 CrPC does not disentitle the wife to claim maintenance under the Hindu Adoptions And Maintenance Act, 1956: Supreme Court in Nagendrappa Natikar Vs. Neelamma, AIR 2013 SC 1541. said that
An order passed u/s 125 CrPC by compromise or otherwise cannot foreclose remedy available to a wife u/s 18(2) of the Hindu Adoptions And Maintenance Act, 1956. Order passed u/s 125 CrPC would not preclude wife from making claim u/s 18 of the 1956 Act.
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✳Direct Tax:
▶Kolkata ITAT quashes penalty levied u/s 271D/E (for violating Sec. 269SS/269T conditions by accepting / repaying loan in cash) on individual – assessee during AY 2005-06;
[TS-22-ITAT-2018(Kol)]
▶Mumbai ITAT upholds CIT(A)’s order for AY 2008-09, holds that the diminution (i.e., difference of cost and fair value as on balance sheet date) in value of current investment being in the nature of loss, not to be added back while computing book profit u/s. 115JB, deletes addition to book-profits; [TS-23-ITAT-2018(Mum)]
▶Kerala HC reverses ITAT order, upholds levy of penalty on assessee-individual under Explanation 1[B] to Sec. 271(1)(c) for not producing substantiating material with respect to the source of unexplained income for AY 1990-91; [TC-25-HC-2018(KER)]
✳Key Dates:
▶GSTR-5A (Non-Resident Foreign Taxpayers) July to December, 2017-31/01/2018
▶Payment of TDS on purchase of Property for December: 30/01/2018
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