Supreme Court has imposed a costs of INR 10 lakhs on the Income Tax Department in the case of CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority on account of inadequate reasons for delay of 596 days in filing the petition and for misleading the apex court.
Government notifies GST Amendment Acts 2018 regarding decisions taken in 28th GST Council meeting. The acts have been notified by Government on 30th April 2018 and will be effective from this date.
GST portal has added a new facility for filing of refund application for multiple tax period. It’s is available for two grounds of refund i.e. Export of Goods & Services - Without payment of Tax and Supplies made to SEZ Unit / SEZ Developer - Without payment of Tax.
RBI has said that it would review guidelines on the marginal cost of funds based lending rate (MCLR), potentially preparing to do away with the system for lending rate calculation less than three years after it was introduced.
RBI is planning to extend its circular dated February 12 dealing with with resolution of stressed assets, to NBFCs. These guidelines specify the one-day default norm and are applicable for banks currently.
All the Banks will remain closed for six days. 2nd Sept- Sun, 3rd Sept-Janmashtami, 4th,5thSept - Banks strike protest for pension. 8th,9th Sept- sat & sun – Closed. All ATM's may remain cashless.
SBI changes names, IFSC codes of nearly 1,300 branches across the country. SBI has taken this step post-merger of its six associate banks with it. Accordingly, SBI has published a list of new branch codes as well as the IFSC codes of these branches.
UCO Bank invites online applications from CA Firms for empanelment as Concurrent Auditors to undertake Concurrent Audit. The online application portal will remain open from 30.08.2018 to 12.09.2018.https://www.ucobank.com/uploadfile/uploadeddocumentstender/Tender_1_notification_ca_chartered_accountants_18_19_315499b5c1.pdf
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Gain from Sale is Business Income If Assessee followed Stock Market Trend: Bombay HC rejects House Wife’s Plea [Read Judgment]
Read more at: http://www.taxscan.in/gain-sale-business-income-stock-market-trend-bombay-hc-house-wifes-plea/27668/
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# *GST*: The PVC floor Mat would fall in the CT heading 3918 and applicable rate of GST would be 18% (9% each of CGST and SGST) - the order of AAR upheld – AAAR, Maharashtra in NPIL (2018 (8) TMI 1650).
# *GST*: Permitting students to use the factory premises for their research work is not taxable as commercial training or coaching service – Fertilisers & Chemicals Travnacore Ltd. Vs. CC,CE&ST (2018 (8) TMI 1597 - CESTAT Blr).
# *IT*: Profit earned on sale of shares - frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than invest in them – DCIT Vs. Divya Shakti Trading Services Ltd. (2018 (8) TMI 1636 - ITAT Delhi).
# *IT-MAT*: Share of profit from AOP / JV shall be excluded from book profit U/s 115JB - amendment is retrospective – ACIT Vs. Om Metal Infraproject Ltd. (2018 (8) TMI 1634 - ITAT Jaipur).
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Rajasthan HC restrains Proceedings for Non-Filing of GST Returns since Migration was not Completed [Read Order]
Read more at: http://www.taxscan.in/rajasthan-hc-restrains-proceedings-non-filing-gst-returns-migration-not-completed/27684/
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Loss on Investment in Joint Venture Company can be Written Off: ITAT allows Deduction* [Read Order]
Read more at: http://www.taxscan.in/loss-investment-joint-venture-company-written-off-itat-allows-deduction/27674/
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Assessment Order framed within 16 Days of Disposal of Objections is Bad in Law: ITAT [Read Order]
Read more at: http://www.taxscan.in/assessment-order-framed-16-days-disposal-objections-bad-law-itat/27679/
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GST on Goods supplied in Duty-Free Shops: Madhya Pradesh HC asks CBIC to Issue Clarification [Read Order]
Read more at: http://www.taxscan.in/gst-on-goods-supplied-in-duty-free-shops-madhya-pradesh-hc-asks-cbic-to-issue-clarification/27690/
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GST TRAN-1 can’t be Re-Opened in the absence of Genuine Attempt to File E-Returns or Technical Glitches: Gujarat HC [Read Order]
Read more at: http://www.taxscan.in/gst-tran-1-re-opened-genuine-attempt-e-returns-technical-glitches-gujarat-hc/27698/
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Indian Customs goes Digital: Bids Adieu to Mate Receipts
Read more at: http://www.taxscan.in/indian-customs-digital-bids-adieu-mate-receipts/27705/
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Number of E-Way Bills crossed 20 Crores: CBIC
Read more at: http://www.taxscan.in/number-e-way-bills-crossed-20-crores-cbic/27709/
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NCLT (Chandigarh Bench) : In Oasis Agro Infra Ltd.
The limit of two years imposed on Resolution Professional for presenting it before CoC creates no right in the ex-management to deny any information prior to two years.
Read full case law at : https://dasgovernance.com/2018/08/30/nclat-in-oasis-agro-infra-ltd/
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Father’s Name not Mandatory in PAN for Children of Single Parents: Govt proposes Amendment in PAN Application Forms*
Read more at: http://www.taxscan.in/fathers-name-pan-children-govt-amendment/27721/
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Penalty for ITC Claim: GST Dept’s Insensitive Move to Affect Kerala Traders after Flood* [Read Letter]
Read more at: http://www.taxscan.in/penalty-itc-claim-gst-depts-insensitive-affect-kerala-traders-after-flood/27712/
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