# *IBC*: IBBI has amended Regulation 2, 27, 35, 36, new R-36A, 37, 39 and insertion of a new Form-G (Invitation of Resolution Plans) to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – Notification, dt.06.02.2018.
# *IBC*: IBBI has amended Regulation 2, 26, 34, 35, new R-35A, 36, 38 and insertion of a new Form-G (Invitation of Resolution Plans) to the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 – Notification, dt.07.02.2018.
# *IT*: Penalty u/s 271(1)(c) - willful evasion of tax by claiming deprecation on building - This is a bonafide mistake made by the assessee without any intention to evade tax. - No Penalty – ACIT Vs. Kaveri Cooperative Group Housing Society (2018 (2) TMI 343 - ITAT Delhi).
# *ST*: Refund claim - appellant has paid the service tax as an advance as he was under the impression that service tax is payable on the Export of Services rendered by him - period of limitation is not applicable – Petra Exim Pvt. Ltd. Vs. CST (2018 (2) TMI 325 - CESTAT Bangalore).
# *VAT*: Valuation - taxable turnover is turnover net of deductions. All trade discounts are allowable as permissible deductions - Maya Appliances Pvt. Ltd. (Now - Preethi Kitchen Appliances Pvt. Ltd.) Vs. Addl.CCT & Ors (2018 (2) TMI 314 - Supreme Court).
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📺 *Updates*
➡1. Appeal against tribunal’s order was rightly dismissed as it was filed after limitation period of 45 days
Bengal Chemists & Druggists Assn. v. Kalyan Chowdhury
➡2. No sec. 14A disallowance when assessee has own funds to make tax-free investment: Mumbai ITAT
Bennett Coleman & Co. Ltd. v. Additional Commissioner of Income-tax, Mumbai*
➡3. No action to be taken against ‘Start Up’ if its valuation report of unquoted shares is rejected: CBDT
F.No.173/14/2018-ITA.1 Government of India Ministry of Finance Department of Revenue (CBDT)
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✳Income Tax Update:
▶CBDT issued notification regarding Determination of fair market value of unquoted equity shares of 'Start Up' companies under section 56(2)(viib) of the Income-tax Act read with Rule llUA(2) of Income-tax Rules. Dated 6th February 2018.
✳RBI Update:
▶The Reserve Bank of India has issued notification regarding Relief for MSME Borrowers registered under Goods and Services Tax (GST). Vide notification no RBI/2017-18/129, dated 7th February 2018.
✳Direct Tax:
▶Bombay HC upholds ITAT order, deletes Sec. 40(a)(ia) disallowance for channel placement fees paid to cable operations by NGC Networks (India) Pvt. Ltd. (‘assessee’) during AY 2009-10 on which tax was deducted @ 2% u/s. 194C; [TS-41-HC-2018(BOM)]
▶Delhi HC division bench refers the matter to larger bench on whether the interpretation of Sec. 147 read with Explanation (3), given by co-ordinate bench in Ranbaxy Laboratories Ltd.’s case is restrictive, so as to sustain only additions made in the course of reassessment proceedings subject to the additions of amounts adverted to in the reassessment notice u/s. 147/148 in the ‘reasons to believe’; [TS-40-HC-2018(DEL)]
✳Key Dates:
▶Taxpayers with annual aggregate turnover more than Rs.1.5 crore need to file GSTR-1 for December on monthly basis: 10/02/2018
▶Taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 for December on quarterly basis: 10/02/2018
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*👉🏻RBI announces relief measures for GST-affected MSME sector*
(In a measure to provide relief to the micro, small and medium enterprises (MSME) sector which was "badly hit" by the implementation of the GST, RBI gave them an extension of up to 180 days to clear their loans to banks.)
👇🏻 👇🏻 👇🏻
https://goo.gl/imZsw2
*👉🏻884 companies under scanner in money laundering cases - Govt*
( As many as 884 companies are under the scanner in various money laundering cases and assets worth Rs 5,000 crore have been attached following probes initiated as per the PMLA.)
👇🏻 👇🏻 👇🏻
https://goo.gl/CK3w75
*👉🏻Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017*
( The amendment will bring clarity and ensure that the prohibition of certain persons in the resolution process of an insolvent corporate person does not include unintended persons and the opportunity given to a person whose account is classified as non-performing asset is more equitable)
👇🏻 👇🏻 👇🏻
https://goo.gl/jRJNL3
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Activity of Sale of SIM Card and Electronic Rechargeable Coupon to Customers are not ‘Business Auxiliary Services’: CESTAT [Read Order]
Read more at: http://www.taxscan.in/sale-sim-card-electronic-rechargeable-coupon-customers-business-auxiliary-services-cestat/17508/
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# *IT*: The Govt. has been in discussions to turn the PAN into the enterprise unique ID, a feature which was announced by FM while presenting the Union Budget 2018.
# *MCA* has exempted Government and NBFC Companies, from the provisions of AS 22 or IndAS 12 relating to deferred tax asset or liability for seven years with effect from the 1st April, 2017.
# *GST*: Hindustan Unilever to pay Rs.119 crore as GST dues as passing of GST rate benefit to the consumer from 28% to 18% on some of its product "Effective November 15 was not possible due to immediate implementation of rate change.
# *IBC*: CIRP - Operational creditor can file a petition for the debt of others, only in case debt is assigned or transferred to him – Suresh Narayan Singh Vs. Tayo Rolls Ltd. (2018 (2) TMI 446 – NCLT, Kolkata)
# *IBC*: CIRP - whether Appellant is not a ‘Financial Creditor’? - a loan advanced against the time value of money - Held No - Dr. B.V.S. Lakshmi Vs. Geometrix Laser Solutions Pvt. Ltd. (2018 (2) TMI 447 – NCLAT, New Delhi).
# *IT*: Reopening of assessment against deceased person - liability of Legal representatives - in the light of the provisions of section 159 of the Act the proceedings are required to be initiated against a legal representative and not against the deceased – Jaydeep Kumar Dhirajlal Thakkar Vs. ITO (2018 (2) TMI 439 - Gujarat High Court).
📺 *Updates*
➡1. Ind AS 109: Gain or loss on renegotiation of loan terms to be recognised in the year of renegotiation
https://accountsandaudit.taxmann.com/topstories/222330000000014314/ind-as-109-gain-or-loss-on-renegotiation-of-loan-terms-to-be-recognised-in-the-year-of-renegotiation.aspx
➡2. Cabinet approves Amendment Bill, 2017 to replace Insolvency and Bankruptcy Code (Amendment) Ordinance
https://corporatelaws.taxmann.com/topstories/222330000000014302/cabinet-approves-amendment-bill-2017-to-replace-insolvency-and-bankruptcy-code-amendment-ordinance.aspx
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Sec 50C not applicable in Case of a Right to Purchase a Building: ITAT [Read Order]
Read more at: http://www.taxscan.in/sec-50c-not-applicable-case-right-purchase-building-itat/16996/
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👉🏻RBI warns for fake website of RBI*
(RBIcautioned members of the public that it has come across a fake website www.indiareserveban.org created by some unknown person(s) with a layout similar to the original RBI website and containing a provision for ‘Bank verification with online account-holders.)
👇🏻 👇🏻 👇🏻
https://goo.gl/jnUxEd
*👉🏻Competition Commission slaps Rs 136 crore penalty on Google*
(The Competition Commission on Wednesday imposed a fine of Rs 136 crore on internet giant Google for unfair business practices in the Indian market for online search.)
👇🏻 👇🏻 👇🏻
https://goo.gl/TA39BZ
*👉🏻Delhi HC seeks response from RBI on protection of online transactions*
( Agreeing to hear his plea, a bench of Justice Rajiv Shakdher issued notice to RBI and HDFC for allegedly not putting in place authentication system for online transactions.)
👇🏻 👇🏻 👇🏻
https://goo.gl/9P4cDE
*👉🏻Engagement of Internal Auditor and Tax Consultant for OIDB*
(Engagement of Internal Auditor and Tax Consultant for Oil Industry Development Board (OIDB). Last Date - 05/03/2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/WLTHoJ
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E-Way Bill Likely to Rollout by the End of February
Read more at: http://www.taxscan.in/e-way-bill-likely-rollout-end-february/17603/
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Payment for acquiring ‘Copyrighted Article’ is not Royalty: ITAT Lays down Guidelines for Taxation of Royalty payments to Non-residents [Read Order]
Read more at: http://www.taxscan.in/payment-acquiring-copyrighted-article-not-royalty-itat-lays-down-guidelines-taxation-royalty-payments-non-residents/17554/
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Claim of 10AA Deduction Accepted in Previous Years can’t be denied in the Current AY on ground of mere changes in Business: ITAT [Read Order]
Read more at: http://www.taxscan.in/claim-of-10aa-deduction-accepted-in-previous-years-cant-be-denied-in-the-current-ay-on-ground-of-mere-changes-in-business-itat/17606/