Income Tax Dept had served notices on nearly 3 lakh non-filers who deposited Rs.10 lakh or more in their bank accounts following the demonetization announcement. “Of these, nearly 2.1 lakh filed their returns by the March 31, 2018 deadline. The rest will now face action.
GST: Update eway bill with Change to Multi vehicle Option where all goods move to a location in one vehicle & then moved in parts in multiple vehicles.
The revenue dept is working on a mechanism under which foreign tourists may soon get to claim GST refunds paid by them on local purchases at airports at the time of exit.
NSE & BSE have issued a circular on all Listed Companies w.r.t Compliance and Disclosure Requirements for Listed Companies undergoing Corporate Insolvency Resolution Process (CIRP).
The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants.
Corporation Bank invites online application for selection of Concurrent Auditors for the Branches of the Bank. The Firms that are already empanelled with the Bank are required to participate as fresh allotment of assignments will be only through this process. Last Date is 25.06.2018
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*Interest-free or Concessional Loan from Employer taxable as Perquisite: ITAT* [Read Order]
Read more at: http://www.taxscan.in/interest-free-or-concessional-loan-from-employer-taxable-as-perquisite-itat/24573/
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GST: Govt Notifies List of Goods which may be disposed off post-Seizure* [Read Notification]
Read more at: http://www.taxscan.in/gst-govt-notifies-goods-disposed-post-seizure/24577/
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Govt amends CGST Rules: Notifies Changes in GST Returns w.e.f 1st July* [Read Notification]
Read more at: http://www.taxscan.in/cgst-rules-gst-returns-1st-july/24582/
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*LLP:* Now DPIN can be obtained by filing Form DIR-3 under the Companies (Appointment and Qualifications of Directors) Rules, 2014 as amended w.e.f 15.06.2018 and such DIN shall be sufficient for being appointed as designated partner under the Limited Liability Partnership Act,2008.
*Empanelment* - Corporation Bank invite online application for empanelment as Concurrent auditor- Last Date for submission of Application - 25.06.2018
Click link for online registration http://210.212.195.73:8080/audit/cbankauditindex.htm.
Assessment of CA Students after completion of 1st and 2nd year of practical training - Source Link: https://resource.cdn.icai.org/50505bos40224.pdf
*Case Study:* Addition justified for huge gifts on failure to prove genuineness - Kamlesh Parwani Vs Income-Tax Officer (ITAT Mumbai)
*Case Study:* Interest from Lending business is taxable as Business Income and write off of bad debt allowable U/s. 36(1)(vii) read with Section 36(2) - Zen Industrial Services Ltd. Vs DCIT (ITAT Kolkata)
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5% GST leviable on Carry Bags made of Polypropylene Non-Woven Fabrics: AAR*
Read more at: http://www.taxscan.in/5-gst-leviable-carry-bags-polypropylene-non-woven-fabrics-aar/24533/
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GST Exemption to Re-Insurance Services provided for Exempted Govt Sponsored Insurance Schemes on the Cards* [Read Office Memorandum]
Read more at: http://www.taxscan.in/gst-exemption-re-insurance-services-govt/24552/
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Consent Payment ’ made by Anil Ambani to SEBI a Business Expenditure u/s 37(1): ITAT* [Read Order]
Read more at: http://www.taxscan.in/consent-payment-anil-ambani-sebi-business-expenditure-itat/24607/
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CBDT proposed to seek more info while filing appeal before ITAT*
If a taxpayer is aggrieved by the specified order of the Assessing Officer (AO) then he can approach the first appellate authority {CIT (appeals)}.The Income-tax Appellate Tribunal (ITAT) is the second appellate authority under the Income-tax Act, 1961 for resolving disputes between taxpayer and tax department. An appeal against the order of Commissioner (Appeals) can be filed with theITATby either of the aggrieved party, i.e., Assessee or the Revenue.
Rule 47 of the Income-tax Rules, 1962 prescribes Form No. 36 for filing of an appeal and Form No. 36A for filing of memorandum of cross-objections before the ITAT. These existing Forms require limited information from the appellant and have not been revised since last couple of decades. Form No.36 was last amended vide Income-tax (Fifteenth Amendment) Rules, 1993. In Form No. 36A no amendment has been carried out since its introduction.
The Central Board of Direct Taxes (CBDT) has issued draft notification proposing amendment to Rule 47 so as to modify the existing Form no. 36 and Form no. 36A. Changes proposed in these Forms are in line with the changes done in the Form no. 35, a form to file an appeal before CIT(A), two years back (with effect from March 1, 2016 vide Income-tax (Third Amendment) Rules, 2016).
Just like Form No. 35, the Form No. 36 requires details of amount disputed in pending appeals before ITAT. These additional inputs are proposed to be sought in the appeal forms with an objective that could help the Dept. to design the policy for litigation management. The proposed Form No. 36 requires additional info about the disputed amount in new Form 36 which is similar to amended Form no. 35.
The existing Forms Nos.36 and 36A do not capture various informations like amount disputed in pending appeals before ITAT, delay in filing of appeal, etc. These informationsarevital for both for the department and the Appellate Authorities. Thus, CBDT has proposed to amend Form no. 36/36Aseeking more information from the appellant. Changes have been proposedso as to make these forms more descriptive and informative. The following are the key changes proposed in new Forms:
1.Respondent information:Theexisting Form no. 36/36A seeks only address of the respondent which is used to send notices. The revised Forms requireadditional details like PAN, TAN, email ID, phone number of the respondent and the appellant.
2.Details of pending appeals: In case an appeal in relation to any other assessment year is pending with any bench of the ITAT, then the appellant is requires to provide details of the Bench of ITAT with which the appeal is pending along with the Appeal Number and date of filing of appeal in Form no. 36. This information is proposed to be sought on line of revised Form No. 35.
3.Details of addition and disallowance: Amount of additions and disallowances made in the assessment order and the amount disputed in appeal is required to be mentioned by appellant. In case appeal relates to any penalty order, the amount of penalty disputed in appeal has to be mentioned in the Form. The existing form does not seek such information.
4.Details of fees paid: The Appellant is required to pay a statutory fees for filing of an appeal before the ITAT. The minimum fees is Rs. 500 and it can go up to maximum of 1% of assessed income if assessed income is more than Rs. 2 lakhs during the previous year. In the revised Form no. 36, appellant would be required to furnish details of fees paid such as BSR code, date of payment and amount.
5.Reasons for condonation of delay: In case there is delay in filing of appeal then grounds for condonation of delay not exceeding 500 words are to be enclosed by appellant.
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PASSION FOR PROFESSION
*TO ALL MEMBERS HOLDING CERTIFICATE OF PRACTICE OF THE INSTITUTE*
Sub.: Furnishing of Information to the Group constituted by the Council to exami forne the issues arising out of the Judgement dated 23.02.2018 of the Hon’ble Supreme Court in S. Sukumar Vs. Union of India and CPIL Vs. Union of India.
*The Hon’ble Supreme Court of India vide its Judgement dated 23rd February, 2018 in Civil Appeal No. 2422/2018, S. Sukumar Vs. ICAI and W.P. (Civil) No. 991/2013, CPIL vs. UOI & Ors. has issued certain directions to ICAI with regard to Operations of Multinational Accounting Firms in India *
The Council has constituted a Group to examine all the related issues in the light of the aforesaid judgement of Supreme Court and to submit a Report to the Council.
The Group has decided to obtain information from all the Members holding Certificate of Practice as on 01.04.2018 who presently have or at any time in the past seven financial years had networking relationship or affiliation by whatever name called with any entity. The above information is required as on 01.04.2018
The information shall be submitted online, to be signed by all partners/sole proprietor of firm(s). One partner /managing/designated/authorised partner may submit the requisite information, if so authorized by all the partners, clearly indicating that he has been so authorized.
Members/partners/firms who at present or any time in the past seven financial years had no networking arrangements or affiliation by whatever name called need not submit the information.
Please note that non-furnishing of information by those who are required to furnish the same would render such members liable for disciplinary action under clause (2) of Part III of First Schedule to the Chartered Accountants Act, 1949.
[ICAI may call for additional information and documents from the members and/or firms if there is a need felt later on.
Please submit the aforesaid information online by using the following link https://www.icai.org/icaicop/ latest by 30th June, 2018.
Printed copy of the declaration duly signed may please be sent to the Institute by Registered/speed post at the following address so as to reach us latest by 07 July, 2018.
“The Joint Secretary ( M & SS )
The Institute of Chartered Accountants of India
ICAI Bhawan, A-29, Sector-62
NOIDA ( Uttar Pradessh) 201301”
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Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute along with a brief case history and the relief claimed. IT Dept today came out with a draft notification saying it is amending Form 36, 36A and Rule 47 under the I-T Act.
For Income Tax purpose Cost inflation index for the Financial Year 2018-19 is 280.
Update Mobile No., E-mail id, Address etc. in Assesses Profile in IT PAN Login. Can skip it and do it later. Now you can login without Date of Birth.
Gst draft circular on certain issues on Services to SEZ units and refund of itc due to inverted duty structure for fabric job workers. Read More at cajatinminocha.com/Image/Circular_No_48.pdf
MCA has notified the Liability Partnership (Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e. 12th June, 2018.
RBI released draft guidelines on loan system for delivery of bank credit which stipulate a minimum level of 'loan component' in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit/ overdraft limits availed by large borrowers.
Centre has instructed telecom service providers to tweak their systems and networks to enable the use of Virtual IDs (VIDs) instead of Aadhaar, and migrate to the ‘limited KYC’ mechanism.
ICAI and four other accounting associations have written to the CBDT opposing the latter’s move to amend Section 11 UA of the Income Tax Act. The step will pave the way for excluding chartered accountants from carrying out valuation of unquoted shares.
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ICAI asks Govt to host GST AAR Rulings in one Website* [Read Letter]
Read more at: http://www.taxscan.in/icai-govt-host-gst-aar-rulings-one-website/24633/
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Delhi notifies E-Way Bill for Intra-State movement of Goods, Finally* [Read Notification]
Read more at: http://www.taxscan.in/delhi-e-way-bill-intra-state-goods/24654/
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NFRA, New Regulatory for Chartered Accountants to rollout in Two Months*
Read more at: http://www.taxscan.in/nfra-chartered-accountants-two-months/24664/
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Tax Update*- No bar in IT Act for owner of multiple residential properties to change self occupied property at time of assessment held by ITAT in the case of Venkatavarthan N Iyengar.
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ICAI asks Govt to host GST AAR Rulings in one Website* [Read Letter]
Read more at: http://www.taxscan.in/icai-govt-host-gst-aar-rulings-one-website/24633/
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Cost Inflation Index for FY 2018-19 (AY 2019-20) notified as 280. Notification No.26/2018/F.No.370142/3/2018-TPL of 13.6.2018.
GST registrants can approach jurisdictional tax officer with valid documents to change the e-mail and mobile number recorded against their GST identification number (GSTIN).
Sale of pre-GST packaged goods has now been allowed with stickers of revised rates till July 31. The deadline has been extended several time and the latest was April 30.
The corporate affairs ministry wants all unlisted companies with paid-up capital of more than Rs 50 million to digitalize shares by June-end. Others can do so by September. The aim is to make transactions more transparent.
Sebi vides its notifications dated May 31, 2018, amended the provisions of Takeover Code, Issue of Capital and Disclosure Requirements (ICDR) Regulations, Delisting Regulations and Listing Obligations and Disclosure Requirements (LODR) Regulations to facilitate the resolution process under IBC.
ICAI has decided to obtain information from all the Members holding COP as on 01.04.2018 who presently have or at any time in the past seven financial years had networking relationship or affiliation by whatever name called with any entity.
ICAI Members/partners/firms who at present or any time in the past seven financial years had no networking arrangements or affiliation by whatever name called need not submit the information.
ICAI young members Committee will organize training programmers for 1000 interested members for developing their public speaking skills as Guest Speaker. Please click the link https://goo.gl/Jmd2xT to access the form. Last date 2nd July 2018. Phone: +91-11-30110431 ; Email: ymec@icai.in
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GST: Anti-profiteering Penalty to be shared by Centre & States*
Read more at: http://www.taxscan.in/gst-anti-profiteering-penalty-centre-states/24667/
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Govt’s Cold Reply to Representation by Maharashtra GST Practitioners’ Assn shows Darker side of GST* [Read Comments]
Read more at: http://www.taxscan.in/maharashtra-gst-practitioners-gst/24677/
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Tamil Nadu Govt to train Students for Chartered Accountancy Course*
Read more at: http://www.taxscan.in/tamil-nadu-students-chartered-accountancy-course/24683/
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*⚠Notice Sent via 💬WhatsApp Valid, Rules Bombay High ⚖Court*
The Bombay high court has held that service of notice about a litigation through WhatsApp is valid. Justice Gautam Patel observed that a credit card defaulter who was evading the bank had not only received the notice in a PDF file but also opened it and read its contents. The HC was hearing an application filed by SBI Cards and Payment Services to execute an arbitration award against a Nalasopara resident, Rohidas Jadhav, relating to payment of credit card dues of Rs 1.17 lakh.
Advocate Murlidhar Kale, counsel for the company, said they had been unable to serve the notice on Jadhav as he had changed his residence. His phone number was available with them, which the HC took on record. The bank representative sent Jadhav a message informing him about the next date of hearing along with a lawyer's notice in a PDF. The blue ticks on the message revealed that Jadhav had received the message and read it.
Following the enactment of the Information Technology Act, which recognises electronic communication as evidence, courts have allowed parties in a litigation to serve notice through email, in addition to traditional methods. Earlier this year, a Delhi metropolitan magistrate had allowed a woman to serve summons in a domestic violence case on her estranged husband in Australia via WhatsApp. The court had said that the "double tick" on WhatsApp showed that the summons have been delivered.
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LLP Partners should obtain DPIN before Appointment: MCA amends LLP Rules* [Read Notification]
Read more at: http://www.taxscan.in/llp-partners-dpin-appointment-mca-amends-llp-rule/24694/
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*Major Amendments in GST Laws to implement RCM, New Return Forms etc*
Read more at: http://www.taxscan.in/amendments-gst-rcm-return-forms/24710/
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MCA probing 42 listed companies for ‘financial irregularities’ as auditors quit
The Ministry of Corporate Affairs (MCA) has asked western regional directors of the Registrar of Companies (RoC) to investigate 42 listed companies whose auditors resigned abruptly by May-end. The probe will focus on finding whether there were any financial irregularities at the firms along with ascertaining the real reason behind the auditors’ resignations.
A source told Moneycontrol, “MCA is not happy with the way auditors resigned from these companies. Auditors said they had taken this step as companies had failed to provide them with certain information. On their part, companies also did not mention why the auditors had quit in their filling and did not address the allegations made by the auditors, which is unacceptable.”
Nonetheless, another senior official at the ministry said, “We have instructed regional directors to probe these companies and provide a logical conclusion as to why these auditors quit suddenly".
The list of 42 companies, which is in possession of Moneycontrol, includes firms like CG Power and Industrial Solutions, Sri Adhikari Brothers Televisions Network, Hexaware Technologies, Vakrangee and Gitanjali Gems.
In response to Moneycontrol’s queries over e-mail, Sri Adhikari Brothers, Hexaware and Vakrangee said that they have not received any such communication from the ministry.
Meanwhile, CG Power did not reply to Moneycontrol’s query regarding the story.
“Auditors have been working with some of these company accounts for many years now and their sudden resignation is a cause of concern. The auditors will also be under scrutiny as they have not particularly informed the MCA about the reason behind their resignation,” the source added.
A source told Moneycontrol, “Deloitte Haskins & Sells India has not had any problem with the company [Manpasand Beverages] for the last eight years. In the RoC filing as well the auditor did not provide any adverse reason for resigning.”
The MCA wants the regional directors to first probe 11 companies who have not yet appointed auditors. The ministry wants to know why auditors are not ready to associate with these companies.
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LATE FEE ON DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED *31ST MARCH, 2018 (Asst.Yr: 2018-19)* under sec. 234F:
1. If Return filed during 01/04/2018 – 31/07/2018 : Late Fee *NIL*
2. If Return filed during 01/08/2018 – 31/12/2018 : Late fee Rs. *5000*
3. If Return filed during 01/01/2019 – 31/03/2019 : Late Fee Rs. *10000*
If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs. *1000* only.
*Better Get your ITR filed by 31/07/2018*
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ICSI RVO Launches Educational Course on ‘Valuation Of Securities Or Financial Assets’*
Read more at: http://www.taxscan.in/icsi-rvo-educational-course-valuation-securities/24674/
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GST Dept likely to announce Reward Scheme for Information on Tax Evasion*
Read more at: http://www.taxscan.in/gst-reward-scheme-information-tax-evasion/24725/
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BBB recommends 22 GMs for elevation as executive directors at PSU banks*
MoneyControl • Jun 17, 2018 01:22 PM IST By PTI
Banks Board Bureau (BBB), the advisory body formed by the government for selection of candidates for top level board appointment, has recommended 22 general managers to be elevated as executive directors at the various public sector banks.
This is the first major exercise undertaken by the BBB, headed by newly appointed chairman BP Sharma, former Secretary, Department of Personnel and Training. Sharma was appointed head of the panel in April after completion of two-year term of former CAG Vinod Rai.
The chairman and members of the panel have recommended to the Government of India 22 general managers for being appointed as executive directors in public sector banks (PSBs), BBB said in a statement.
The panel has recommended general managers Manas Ranjan Biswal, Gopal Gusain, Vivek Jha, Alok Srivastava, Hemant Kumar Tamta, Ajit Kumar Das, Agyey Kumar Azad, Dinesh Kumar Garg, Sanjay Aggarwal and Shanti Lal Jain for appointment as EDs.
Besides, Vijay Dube, Ajay K Khurana, A Manimekhalai, Vikramaditya Singh Khichi, Usha Ravi, P R Rajagopal, Shenoy Vishwanath Vittal, Atul Kumar, K Srinivasa Rao, Sanjay Kumar, K Ramchandran and Ajay Vyas too would be elevated.
"These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19," it said.
The Appointments Committee of Cabinet headed by Prime Minister Narendra Modi will take the final decision in this regard.
There are already some vacancies at executive director level and some would be created during the course of the year.
Sharing for just a knowledge.
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HIGH COURT OF BOMBAY : In Pearl Engineering Polymers Ltd. vs. Deutsche Bank AG and Ors.*
*_The Company Law Board is not empowered to go into the merits of the charge created by a company, and declare it null and void._*
*_Read full case law at :_* https://dasgovernance.com/2018/06/18/high-court-of-bombay-in-pearl-engineering-polymers-ltd-vs-deutsche-bank-ag-and-ors/
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# *GST*: 20 JUN 2018 is the last date for filing GSTR-3B and GSTR-5 for May, 2018.
# *GST*: Where goods moved from a DTA unit to a SEZ unit or vice versa located in the same State, there is no requirement to generate an e-way bill, if the same has been exempted under rule 138(14)(d) of the CGST Rules – Cir.No.47/21/2018-GST, dt.08.06.18.
# *GST*: The railways shall not deliver the goods unless the e-way bill is produced at the time of delivery - Cir.No.47/21/2018-GST, dt.08.06.18.
# *GST*: Services of short term accommodation, conferencing, banqueting etc., provided to a SEZ developer or a SEZ unit shall be treated as an inter-State supply – Cir.No.48/22/2018-GST, dt.14.06.18.
# *MCA* has appointed 13 JUN 2018 as the date on which the provisions of Section 90, Section 93 [omitted]; Section 94; Section 96 and Section 216 of the Companies Act, 2013 shall come into force.
# *IT*: Levy of penalty u/s 271(1)(c) - loss of mark of market transaction on foreign exchange hedging contract - where there are possible two views possible on an issue, penalty thereon cannot be levied – DCIT Vs. Maharashtra Seamless Ltd. (2018 (6) TMI 749 - ITAT Delhi).
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No disallowance for cash payments if transaction is genuine & identity of payee is known by applying section 40A (3) of Income Tax Act, 1961. M/s A Daga Royal Arts vs. ITO (ITAT Jaipur).
E-way bill Mandatory wef 16.6.2018 for B2B Supplies of more than Rs 1 lakh in Delhi. Not required for B2C supplies. Notice 3/2018 of 15.6.2018.
Centre and the ‘concerned state’ will equally share the amount deposited by erring businesses in the consumer welfare fund set up as part of the GST anti-profiteering rules, as per a Finance Ministry notification.
Employers to whom both PF & ESI applicable can now use common ECR (Electronic Challan cum Return) for PF & ESI at www.shramsuvidha.gov.in.
The Reserve Bank of India (RBI) relaxed its April notification, which forbade FPIs from investing more than 20 per cent of their portfolios in bonds issued by a single corporate group.
Due Date for GSTR-3B for the May- 2018 & Pay due Tax till this date- June 20 2018.
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*👉🏻CAs, lawyers and valuers now in the line of FIR for bank frauds*
(Lawyers, chartered accountants and valuers, who collude with fraudulent borrowers, will soon find their names in FIRs lodged by banks)
👇🏻 👇🏻 👇🏻
https://goo.gl/AETnvW
*👉🏻United Bank of India referred 30 stressed accounts to NCLT*
(United Bank, which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to NCLT in 2017-18 , is betting on the resolution of bad loan accounts to improve its net profit)
👇🏻 👇🏻 👇🏻
https://goo.gl/iqdZAi
*👉🏻SEBI shares info on 14,720 entities involved in non-genuine trades with IT Dept*
(SEBI has shared its findings about 14,720 entities that indulged in non-genuine trades through illiquid stock options with the Income Tax Department and the Ministry of Corporate Affairs)
👇🏻 👇🏻 👇🏻
https://goo.gl/pXBKxG
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PNB Scam Impact: Errant CAs, Advocates, Valuers may be booked for Bank Frauds*
Read more at: http://www.taxscan.in/pnb-scam-cas-advocates-valuers-bank-frauds/24744/
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PNB Scam Impact: Errant CAs, Advocates, Valuers may be booked for Bank Frauds*
Read more at: http://www.taxscan.in/pnb-scam-cas-advocates-valuers-bank-frauds/24744/
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GST leads to Formalization of Economy and Widening of Tax Base, says Govt*.
Read more at: http://www.taxscan.in/gst-formalization-economy-widening-tax-govt/24753/
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*Non-Competent Fee not Taxable in India without PE as per Indo-UK Treaty: AAR* [Read Order]
Read more at: http://www.taxscan.in/non-competent-fee-taxable-india-indo-uk-treaty-aar/24761/
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Goods can’t be Seized for Non-Filling of Part B of E-Way Bill transported within a distance of 50 Kms, rules Allahabad HC* [Read Order]
Read more at: http://www.taxscan.in/goods-seized-e-way-bill-transported-distance-allahabad-hc/24776/
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Listed Entities (including their Registrar & Transfer Agents) shall be restricted from effecting transfer of shares in physical form w.e.f. December 05, 2018 (ie. 180 days from notification making amendment in Regulation 40 of SEBI (LODR) Regulations, 2015.
However this shall not affect the transmission or transposition of shares in physical form.
*This means with effect from December 05, 2018 all off market trades in physical mode in respect of shares of listed entities shall be prohibited and shall be required to be done compulsorily in Demat mode.*
*Amended Regulation 40(1) of SEBI LODR reads as under:*
Transfer or transmission or transposition of securities.
40. (1) Save as otherwise specified in provisions of securities laws or Companies Act, 2013 and rules made thereunder, the listed entity shall also comply with the requirements as specified in this regulation for effecting transfer of securities,
“Provided that, except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository.”
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*NCLAT : In Mega Corporation Ltd.*
*_Where Section 232 gives powers to the Tribunal to consider and decide calling of meeting of creditors, etc., the discretion given to the Tribunal with regard to the same is to be exercised judicially, and the appellant cannot claim dispensing with meetings as a right._*
*_Read full case law at :_* https://dasgovernance.com/2018/06/19/nclat-in-mega-corporation-ltd-2/
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*Frequent Transactions in Shares won’t Constitute ‘Business’ If Assessee treated the same as ‘Investment’: ITAT* [Read Order]
Read more at: http://www.taxscan.in/frequent-transactions-shares-constitute-business-investment-itat/24781/
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# *CBDT* has Notified 280 as the Cost Inflation Index for Financial Year 2018-19.
# *ICAI* asks members holding CoP, to submit important information by 30 JUN 2018.
# *GST*: Applicant was availing the benefit of composition scheme under the UK VAT laws - if the applicant fulfills all the 5 conditions as enumerated within the provision of section 146(6), he will be eligible for ITC of transitional credit – AAR, UK in National Construction (2018 (6) TMI 762).
# *CBIT&C* has clarified the Procedure for e-commerce exports through Post and clarification regarding personal imports – Cir.No.18/2018-Customs, dt.13.06.18.
# *IT*: Validity of reopening u/s 147 - the escaped income for which proceedings were initiated were brought to tax. AO has power to make enquiry on other issues also and the issue of commission was already being enquired - Sun Infra Vs DCIT (2018 (6) TMI 837 - ITAT Hyd).
# *IT*: Once the AO accepts the revised return filed u/s 153A, the original return u/s 139 abates and becomes non-est - assessee has voluntarily admitted the unexplained expenditure and AO has accepted the same - No penalty u/s 271(1)(c) can be levied – D V Naidu Vs. DCIT, CC (2018 (6) TMI 827 - ITAT Hyd.).
