📺 *Updates*
▶1. Cabinet approves of amendments to bankruptcy Code
https://ibc.taxmann.com/topstories/222330000000015528/cabinet-approves-of-amendments-to-bankruptcy-code.aspx
▶2. HC justified levy of concealment penalty as assessee had claimed dep. on non-existing assets
Sundaram Finance Ltd. v. Assistant Commissioner of Income-tax, Co. Circle VI(4), Chennai.
▶3. Period of inter-party litigation to be excluded in computation of time period for insolvency resolution process
NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH
RBL Bank Ltd., In re
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Govt mulls imposing 18% GST on Cryptocurrencies*
Read more at: http://www.taxscan.in/india-imposing-18-gst-cryptocurrencies/23658/
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LIFO Method can be used for Valuation of Stocks: ITAT* [Read Order]
Read more at: http://www.taxscan.in/lifo-method-used-valuation-stocks-itat/23592/
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✳Direct Tax:
▶Calcutta HC upholds ITAT order for AYs 2008-09 and 2009-10, rules that provision for bad and doubtful debt deduction u/s 36(1)(viia) incase of assessee-bank (a regional rural bank) has to be computed @ 10% of the aggregate monthly average advances by taking 'cumulative' outstanding advances by rural branch; [TS-261-HC-2018(CAL)]
▶Gujarat HC upholds ITAT order for AY 2009-10, denies capital gains exemption benefit u/s. 54F to assessee-individual as the construction of the flats for personal use was completed before the sale of the capital asset (i.e. land); Assessee owned a land with a bungalow on it, which was demolished to construct 8 flats, 4 of which were sold to buyers and rest were occupied by assessee for her own residence, assessee considered the proportionate land apportioned to 4 flat purchasers as sale of land belonging to her and claimed Sec. 54F benefit;
[TS-258-HC-2018(GUJ)]
▶Mumbai ITAT rules that Dominos Pizza International Franchising Inc (a US based company) does not create a PE in India for AY 2012-13 by virtue of the Master Franchises Agreement (MFA) entered with Jubilant Food Works Ltd. (‘Jubilant’) for the franchise of Dominos Pizza Store in India; Rejects Revenue’s stand that Jubilant constitutes assessee’s dependent agent PE in India, referring to various clauses of MFA, ITAT observes that no activities are carried out by Jubilant on behalf of assessee; [TS-260-ITAT-2018(Mum)]
✳Key Date:
▶TDS return for March Quarter by all detectors: 31.05.2018
▶GSTR-1 Monthly return of outwards suppliers for April: 31.05.2018
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*Petitioner Entitled to C-Form under CST in respect of High Speed Diesel as Central Government didn’t notify it under CGST: Chhattisgarh HC* [Read Order]
Read more at: http://www.taxscan.in/petitioner-entitled-cst-high-speed-diesel-central-government-cgst-chhattisgarh-hc/23630/
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Penalty under Section 271B can’t be levied for Failure to get Accounts Audited under Section 44AB: ITAT* [Read Order]
Read more at: http://www.taxscan.in/penalty-section-271b-failure-accounts-audited-section-44ab-itat/23515/
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ICAI releases FAQs on SA 570 (Revised), ‘Going Concern’* [Read FAQs]
Read more at: http://www.taxscan.in/icai-releases-faqs-on-sa-570-revised-going-concern/23646/
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CBDT extends term of Task Force for drafting a New Direct Tax Legislation* [Read Office Order]
Read more at: http://www.taxscan.in/cbdt-extends-task-force-drafting-new-direct-tax-legislation/23624/
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CBDT has directed the I-T department to form a special team of officers to complete the task of filing petitions against Shell Companies to recover Dues in various NCLT benches across the country by this month-end, and has written to MCA also.
DVAT has allowed extension for filing of online return for 4th Quarter of 2017-18. Thereby, the last date of filing of online/hard copy of fourth quarter return for the year 2017-18 in form DVAT-16 has been extended to 28/05/2018.
Share certificate of permanent establishment (PE) in case when as agent/representative file return on behalf of foreign Co. and if no PE -Format for non PE certificate and to whom it will mark and by whom it is get signed for income tax purpose.
Share draft letter for declaration from foreign Co-as no other income than mentioned/filed in Indian IT return for sending attachment in relation to defective return.
SEBI has issued circular w.r.t Investment of own funds (excluding funds lying in Core Settlement Guarantee Fund) by Clearing Corporations in International Financial Services Centre (IFSC).
Finance ministry has tied up with 40 entities, including Flipkart, Swiggy, Patanjali and Amul, which are big job creators, for extending loans to small entrepreneurs under the Mudra scheme.
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Loss due to Encashment of Bank Guarantee for Non-Fulfilment of the Work awarded to the assessee is allowable Expenditure: ITAT* [Read Order]
Read more at: http://www.taxscan.in/loss-encashment-bank-guarantee-work-allowable-expenditure-itat/23565/
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*Offering Income under a Wrong Head would not attract Penalty: ITAT* [Read Order]
Read more at: http://www.taxscan.in/offering-income-wrong-head-attract-penalty-itat/23520/
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*Remuneration paid to HUF Members for the services rendered in the business is allowable under section 37(1): ITAT Quashes Re-Assessment* [Read Order]
Read more at: http://www.taxscan.in/remuneration-huf-members-services-rendered-business-itat/23529/
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Cash Deposits Can’t be Assessed Unexplained When Cheque Deposits were Accepted as Business Turnover: ITAT* [Read Order]
Read more at: http://www.taxscan.in/cash-deposits-unexplained-cheque-deposits-business-turnover-itat/23509/
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ITAT Grants Relief to Shah Rukh Khan: Deletes Penalty on his Bona Fide belief of Non-Taxability of Dubai Villa* [Read Order]
Read more at: http://www.taxscan.in/itat-grants-relief-shah-rukh-khan-deletes-penalty-bona-fide-belief-dubai-villa/23603/
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GST: Govt started issuing Notice for Non-Filing of GSTR-3B before End of Due Date*
Read more at: http://www.taxscan.in/gst-notice-non-filing-gstr-3b-end-due-date/23610/
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CBIC to fix Monetary Limit of Rs. 2,50,000 to Dept Appeals* [Read Instructions]
Read more at: http://www.taxscan.in/cbic-monetary-limit-fixed-dept-appeals/23540/
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GST: Madhya Pradesh Govt Specifies Refund Sanctioning Authorities* [Read Order]
Read more at: http://www.taxscan.in/gst-madhya-pradesh-govt-specifies-refund-sanctioning-authorities/23612/
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FAQs on SA 570 (Revised), ‘Going Concern’ (Applicable for audits of financial year 2017-18) - https://resource.cdn.icai.org/50282aasb39914.pdf
LLP has to file form 11 (Annual Return) for the FY 2017-18 on or before 30th may, 2018.Otherwise Additional fees of Rs. 100/- per day in case of delay in filing of Form 11
TDS: Due date for Quarterly statement of TDS deposited for the quarter ending March 31, 2018 is May 31, 2018
ICAI: Information System Audit – Assessment Test (ISA – AT), Exam Date 23rd June 2018 – Exam form Last Date 5th June, 2018.
GST: Facility to pay reduced penalty is now available on GST Portal
Facility to change return frequency available on GST Portal
Case Study: ITAT explains how accommodation entries are routed through shell companies as share capital to evade taxes - Shaan Construction P Ltd Vs ITO (ITAT Delhi)
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👉🏻Insurance now available for Insolvency Professionals*
(Insolvency Professionals (IPs) working on resolution process under the Insolvency and Bankruptcy Code (IBC) can now buy insurance covers for themselves)
👇🏻 👇🏻 👇🏻
https://goo.gl/8RNnEM
*👉🏻CBDT Releases Java Utility of ITR-5 & ITR-7*
(CBDT has finally released Java Utility for the Assessment Year 2018-19 of ITR-for 5 and Java Utility of ITR-7)
👇🏻 👇🏻 👇🏻
https://goo.gl/3dNEJN
*👉🏻Canteen supplies provided by outside vendors & Damages paid for cancellation contract to attract 18% GST*
(Payments in respect to non performance of a contract and firms supplying food and beverages to canteens of other organisations are ‘outdoor caterers’ and the service would attract an 18% GST - AAR)
👇🏻 👇🏻 👇🏻
https://goo.gl/Rqvyb2
*👉🏻I-T Dept to file pleas in NCLT to extract tax dues of Shell Companies*
(Income Tax (I-T) Department is an "aggrieved creditor" to many de-registered shell companies and will petition the NCLT to recover tax dues of crores of rupees)
👇🏻 👇🏻 👇🏻
https://goo.gl/y53zt7
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# *ICAI* issues Five (5) Exposure Drafts of Standard on Internal Audit (SIA) – 1. Planning, 2. Conducting, 3. Collecting Audit Evidence, 4. Documentation, and 5. Managing the Internal Audit Function (Comments to be received by 15 JUN 2018)
# *ICAI* issues Exposure Draft of AS-109, Financial Instruments. (Comments to be received by 30 JUN 2018)
# *DGFT* has Extended the last date for mandatory digital payment through e-MPS, a facility for miscellaneous applications was made mandatory w.e.f. 01-05-2018 to now w.e.f. 01 JUN 2018.
# *IT*: Addition of income made on the basis of SCN issued under the Central Excise - In addition to confronting the assessee with the contents of the show-cause notice issued by the Excise department, the AO has done little else. No additions - Revenue appeals dismissed - Pr. CIT Vs. Vrundavan Ceramics Pvt. Ltd. (2018 (5) TMI 1274 – GC).
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Due date for Quarterly statement of TDS deposited for the quarter ending March 31, 2018 is May 31, 2018.
ITAT Kolkata decided that Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm- In ITO vs. M/s. Dayamayee Marble & Granite.
Due Date for GSTR-3B for the m/o April & payment of tax due- May 22, 2018 ( extended date).
Wait while GSTR-3B save request is processed or try again later if status turns to fail as processing of GSTR-3B is slow on GST portal.
DGFT has extended the last date for mandatory digital payment through e-MPS. A facility for digital payment for miscellaneous applications (e-MPS) was launched recently and was made mandatory w.e.f 01-05-2018
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📺 *Updates*
▶1. ITAT slams AO for assessing income in hands of trust if shares of beneficiaries were determined & were known
Abad Trust v. Assistant Director of Income-tax (Exemption), Kochi*
▶2. No denial of sec. 35(2AB) relief just because co. didn't submit approval of exp. incurred on R & D facility
Minilec India (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle- 11(2), Pune*
▶3. Tax mistakenly deposited couldn't be retained by Govt. merely on ground that there was delay in claiming refund
Multibase India Ltd. v. Income-tax Officer.
🙏�Thank you🙏�
Have a nice day
