📺 *Updates*
➡1. Ind AS 27: Change in shareholding without loss of control won’t affect standalone financial statements
➡2. MCA enforced certain provisions of Companies (Amendment) Act, 2017 from Feb 09, 2018
https://corporatelaws.taxmann.com/topstories/222330000000014324/mca-enforced-certain-provisions-of-companies-amendment-act-2017-from-feb-09-2018.aspx
➡3. SC upholds SEBI’s order against traders for violation of transparent norms of trading in securities
SEBI v. Rakhi Trading (P.) Ltd.
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GST Gyan - To check Status of Last 5 Returns filed by taxpayer, enter GSTIN in Search Taxpayer option on www.gst.gov.in without logging into account.
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Delhi HC dismisses Petition challenging Results of CA Exam held on Nov 2017 [Read Judgment]
Read more at: http://www.taxscan.in/delhi-hc-dismisses-petition-challenging-results-ca-exam-november-2017/17748/
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ICAI to Discontinue Post Qualification Course on Tax Management
Read more at: http://www.taxscan.in/icai-to-discontinue-post-qualification-course-on-tax-management/17704/
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Levy of IGST on Ocean Freight: Gujarat HC issues Notice to Government [Read Order]
Read more at: http://www.taxscan.in/levy-of-igst-on-ocean-freight-gujarat-hc-issues-notice-to-government/17711/
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ITAT Deletes S. 41(1) Addition against Company in respect of Outstanding Commission payable to its Agent in Kuwait [Read Order]
Read more at: http://www.taxscan.in/itat-deletes-s-411-addition-against-company-in-respect-of-outstanding-commission-payable-to-its-agent-in-kuwait/17707/
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NCLT (Mumbai Bench) : In R Prasanth vs. UBC Engineers (P.) Ltd. / K N Pillai and Ors. vs. R Prasanth and Ors.*
*No case of diversion of immovable property can be made out when property owned by director, transferred earlier, was later returned to him.*
*_Read full case law at :_* https://dasgovernance.com/2018/02/12/nclt-mumbai-bench-in-r-prasanth-vs-ubc-engineers-p-ltd-k-n-pillai-and-ors-vs-r-prasanth-and-ors/
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Reclassification of Discounts and Marketing Expenses as Capital Expenditure: ITAT Asks Flipkart to pay 55 crores for Stay [Read Order]
Read more at: http://www.taxscan.in/reclassification-of-discounts-and-marketing-expenses-as-capital-expenditure-itat-asks-flipkart-to-pay-55-crores-for-stay/17717/
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Delhi HC dismisses Petition challenging Results of CA Exam held on Nov 2017 [Read Judgment]
Read more at: http://www.taxscan.in/delhi-hc-dismisses-petition-challenging-results-ca-exam-november-2017/17748/
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*GST:* The E-Way Bill which was postponed by the Government due to technical glitches in the common portal is likely to roll out by the end of this month.
*Due Date* #15-02-2018- GST Filing of returns by registered person with aggregate turnover upto 1.50 crores. (GSTR-1) for October to December 2017
*GSTN* has issued advisory for Exporters, vide tweet dt. 10 Feb. 2018, relating to correct filling of Table 3.1(b) of GSTR-3B and to maintain consistencies between data provided at GST Portal and ICEGATE Portal while filling Table 6A of GSTR-1.
*GST* regime is not tax friendly & GST Website must provide easy access to Taxpayer: Abicor and Binzel Technoweld Pvt. Ltd. V/s Union of India and Anr. (Bombay High Court)
*Your Attention 15th February is the Last date For Empanelment of CA Firms/ LLPs for PSU Audit 2018-19* - Online Applications are invited from CA firms/ LLPs who desire to be empanelled with the office of the C&AG of India for appointment as auditors of Government Companies/ Corporations for the year 2018-19.
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Furniture and Fixtures purchased along with New House will get Benefit of s. 54F If they are Integral part of Purchase: ITAT [Read Order]
Read more at: http://www.taxscan.in/furniture-and-fixtures-purchased-along-with-new-house-will-get-benefit-of-s-54f-if-they-are-integral-part-of-purchase-itat/17698/
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📺 *Updates*
➡1. Trust exemption rightly withdrawn as it collected capitation fee under innocuous name of anonymous donations: HC
Navodaya Education Trust v. Union of India
➡2. Ind AS 109: Gain or loss on renegotiation of loan terms to be recognised in the year of renegotiation.
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000014314&mode=home&page=
➡3. No assessment could be made u/s 153A in absence of search conducted at place of business of assessee
Regency Mahavir Properties v. Assistant Commissioner of Income-tax, Cen Cir. 1, Thane
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👉🏻Govt mulls making PAN an Aadhaar-like unique ID for businesses*
( The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by FM)
👇🏻 👇🏻 👇🏻
https://goo.gl/sZbq2v
*👉🏻Govt mops up Rs 26,500 crore from those who didn't file tax returns*
(Govts drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till Dec)
👇🏻 👇🏻 👇🏻
https://goo.gl/xRsYJS
*👉🏻GST regime not user-friendly - Bombay High Court*
(Bombay High Court said the GST regime wasn't easy to use, It called on those responsible for GST implementation to resolve glitches in the system that have led to frustration on the part of companies trying to file returns.)
👇🏻 👇🏻 👇🏻
https://goo.gl/TxoF4H
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Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin and have not declared it in their income tax return, CBDT chairman.
54EC bonds to save Capital Gain buy this year only. from next year the bonds are of 5 years instead of 3 years. Moreover this is available only for gain arising from land and building only.
Gratuity paid to LIC is eligible for deduction under section 36(1)(v) & section 40A(7)(b) of the Income Tax Act 1961. Case District Co-operative Bank vs. (ITO), Visakhapatnam bench of (ITAT).
GST-registered Micro, Small and Medium Enterprises (MSMEs) be allowed by banks and NBFCs to be paid not later than 180 days from their original due date, without a downgrade in asset classification Circular no. RBI/2017-18/129 dated 7th Feb 2018.
E Way Bill which was postponed by the Govt due to technical glitches in the common portal is likely to roll out by the end of this month. Reports said that the Government is working to fix the glitches in the website to make a problem-free rollout of E-Way Bill.
Union Budget 2018 Lectures:
By Most Respected CA (Dr) Girish Ahuja Ji.
https://www.youtube.com/watch?v=fmeS_D_kMYA
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Kalyani Hayes Lemmerz Ltd. - [2018] 89 taxmann.com 441 (Pune - Trib.)
IT/ILT: Where TPO determined ALP of royalty paid to AE at nil, in view of fact that two parties were independent at time of signing agreement for payment of royalty and, subsequently, when concern became associated enterprise in a later period, price paid to associated enterprises remained same and, even otherwise, payment of royalty had been made to AE at rates approved by RBI, impugned order was to be set aside
Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments/Adjustment - Royalty) - Assessment years 2003-04 and 2004-05 - Assessee-company was engaged in manufacture of wheel rims for light, medium and heavy commercial vehicles - During relevant year assessee paid royalty to its AE for use of technical know-how - In transfer pricing proceedings, TPO determined arm's length price of payment of royalty at Nil since assessee failed to furnish any evidence for fact that it was in receipt of specific technology for which royalty was paid - It was noted that two parties were independent at time of signing agreement for payment of royalty and, subsequently, when concern became associated enterprise in a later period, price paid to associated enterprises was same as assessed when it was an independent entity - It was also found that payment of royalty to AE had been accepted in succeeding assessment years - Moreover, payment of royalty had been made to AE at rates approved by RBI - Whether in view of aforesaid, impugned adjustment made by TPO was to be set aside - Held, yes [Paras 16 and 18] [In favour of assessee]
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LTCG on shares of more than Rs 1 lac to be taxed @ 10% WITHOUT Indexation. Difference in Circle rate of upto 5% not to be treated as income in property deals.
CBDT issues Press Release & FAQs on Taxation of Long Term Capital Gains @ 10% on Equity Shares etc. without Indexation, proposed u/s 112A from AY 2019-20.
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*NCLAT : In Kumar Jyoti Ranjan & Ms Priyanka Kumari vs. Innovation House Industries (P.) Ltd.*
*_Where a law firm has issued notice of demand and it has no authorization for the same, such notice of demand cannot be considered to be a demand notice under sub-section (1) of section 8 and petition under section 9 is not maintainable._*
*_Read full case law at :_* https://dasgovernance.com/2018/02/11/nclat-in-kumar-jyoti-ranjan-ms-priyanka-kumari-vs-innovation-house-industries-p-ltd/
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RBI Notifies Levy of Penal Interest on Banks for Delayed Reporting of Transactions [Read Notification]
Read more at: http://www.taxscan.in/rbi-notifies-levy-of-penal-interest-for-delayed-reporting/17688/
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🌷Knowledge Capsules🌷
👉Trade Discount offered to Customers is Deductible from Turnover: Supreme Court.
👉Fixing Fair Value of Bankrupt Co under IBC Mandatory Now.
👉Definition of MSMEs revised. businesses with revenue of as much as Rs 5 crore will be called a micro enterprise, those with sales between Rs 5 crore and Rs 75 crore will be deemed as small and those with revenue between Rs 75 crore and Rs 250 crore will be classified as medium-sized enterprises.
👉The RBI raised the repayment period before MSME loans are classified as bad loans from 90 days to 180 days.
[2/13, 10:05 AM] CA Rohit Jaiswal: *Government mops up Rs 26,500 crore from those who didn't file tax returns*
https://goo.gl/Bv1ikc
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Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]
Read more at: http://www.taxscan.in/booking-flat-builder-treated-construction-flat-54-itat-follows-cbdt-circular/17588/
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*NCLAT : In Mosmetro Stroy (FZE) vs. BASF India Ltd. and Anr.*
*_Where the operational creditor has failed to provide all the details necessary as required under rule 5 of the Transfer of Pending Proceedings Rules in respect of pending application in the High Court transferred to the Adjudicating Authority, such application cannot be treated as an application under section 9 as it stands abated._*
*_Read full case law at :_* https://dasgovernance.com/2018/02/10/nclat-in-mosmetro-stroy-fze-vs-basf-india-ltd-and-anr/
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Fraudulent or Unfair Trade Practices are not allowable in Stock Market: SC [Read Judgment]
Read more at: http://www.taxscan.in/fraudulent-or-unfair-trade-practices-are-not-allowable-in-stock-market-sc/17651/
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CSR Portal ensures Transparency and Accountability on CSR Funds: P.P. Chaudhary
Read more at: http://www.taxscan.in/csr-portal-ensures-transparency-accountability-csr-funds/17675/
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RBI Notifies Levy of Penal Interest on Banks for Delayed Reporting of Transactions [Read Notification]
Read more at: http://www.taxscan.in/rbi-notifies-levy-of-penal-interest-for-delayed-reporting/17688/
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Anti-Profiteering: Investigation launched in 9 cases, says FM Arun Jaitley
Read more at: http://www.taxscan.in/anti-profiteering-investigation-launched-in-9-cases-says-fm/17672/
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Superintendents of Central Tax can issue Show Cause Notice under CGST and IGST Acts [Read Circular]
Read more at: http://www.taxscan.in/superintendents-central-tax-issue-show-cause-notice-cgst-igst-acts/17665/
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Income Tax Penalty U/s. 271C cannot be imposed for updating error in software. Case Name: State Bank of India vs. Addl. CIT-(TDS) (ITAT Agra)
GST is not Taxpayer-Friendly: Bombay HC directs Govt to Fix Technical Glitches on GST Tran-1 blockage. Abicor and Binzel Techno world Pvt Ltd v Union of India [Writ Petition (L) No 2230 of 2018].
MCA has notified exemption for Govt. NBFCs, Public Financial Institutions (PFIs) like LIC, UTI, etc. from applicability of AS-22/ IndAS-12 relating to deferred tax asset or liability, for a period of 7 years from 1 April, 2017 onwards.
RBI deputy governor N.S. Vishwanathan on Wednesday said the central bank has not yet taken a decision on implementing the new accounting standards, IndAS, hinting at a possibility of missing the 1 April deadline.
ICAI Council has extended the last date for payment of Membership fee and Certificate of Practice fee for the year 2017-18 up to 15th March, 2018 (instead of 30th September, 2017).
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📺 *Updates*
➡1. Sum paid by co. to protect its business interest was allowable business exp.: Mumbai ITAT
Deputy Commissioner of Income-tax, CC-7(3), Mumbai v. Cowtown Land Development (P.) Ltd.*
➡2. No Concealment penalty just because deduction was claimed under wrong section relying advise of CA
Commissioner of Income Tax-I, Ludhiana v. Abhishek Industries Ltd.
➡3. FAQs on Companies Act - Series III
https://corporatelaws.taxmann.com/fileopennew.aspx?id=222330000000014321&mode=home&page=
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# *IT*: Direct Tax collection grows 19.30% to Rs.6.95 lakh crore in Apr-Jan, representing 69.2% of the revised estimates of Rs.10.05 lakh crore for 2017-18.
# *Company Law*: Condonation of delay of 9 days - applicability of Section 5 of the Limitation Act - application to the peremptory language of Section 421(3) of the companies act, 2013 - appeal against the order of NCLT - delay cannot be condoned - Bengal Chemists & and Druggists Assn. Vs Kalyan Chowdhury (2018 (2) TMI 487 - Supreme Court).
# *GST*: The Bombay High Court said that the GST regime wasn't user friendly and called on those responsible for GST implementation to resolve glitches in the system that led to frustration on the part of companies trying to file returns.
# *GST*: The Finance Ministry has sought a report from GSTN on glitches in the system that derailed the anti-tax evasion electronic way bill system on the very first day of launch.
# *TODAY* (10.02.2018) is the last date for Monthly GSTR-1 for DEC’ 2017 and *15 FEB 2018* is for GSTR-1 for the Quarter Ended DEC’ 2017.
# *C&AG*: Online Empanelment of CA Firms / LLPs with O/o C&AG for the year 2018-19 is available till 15 FEB 2018 at http://care.cag.gov.in/Authorised/Default.aspx.
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🌷Knowledge Capsules🌷
👉ITAT allowed Rs. 1 crore relief claimed u/s 54EC as assessee invested Rs. 50 lakh each in 2 diff. FY.
👉Rules framed by State Bar Council to have effect only on approval from Bar Council of India.
👉GST-registered Micro, Small and Medium Enterprises (MSMEs) be allowed by banks and NBFCs to be paid not later than 180 days from their original due date, without a downgrade in classification.
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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/
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Hospital isn’t an ‘Industrial Undertaking’ for the purpose of Carry Forward of Unabsorbed Depreciation in case of Amalgamation: ITAT [Read Order]
Read more at: http://www.taxscan.in/hospital-isnt-an-industrial-undertaking-for-the-purpose-of-carry-forward-of-unabsorbed-depreciation-in-case-of-amalgamation-itat/17641/