lGujarat High Court vide it’s order dated 10th Sept.2018 in the case of SWATI MALOVE DIVETIA VERSUS INCOME TAX OFFICER WARD7 (1) (2) has quashed reopening of assessment on the allegation of cash deposit in bank account post demonetisation.
The court observed that it is testing the reasons on the basis of material which was available with AO. In pre-notice queries, the Assessing Officer had asked the assessee to explain the source of the cash deposits post demonetization. The assessee disclosed such source being her own bank accounts and their withdrawals matching quite closely to the deposits which withdrawals were made within the close proximity of the deposits. If the Assessing Officer had any reason to discard such disclosures and still form a belief that the deposits were from the sources not indicated by the assessee, nothing of the sort has come in the form of reasons recorded. The reasons recorded completely ignored the Assessing Officer's query and the response made by the assessee to such queries. Assessing Officer in the reasons recorded has simply kept aside the assessee's explanation for the availability of cash on hand for deposit post demonetization. The reasons thus clearly lacked validity and proceeded on erroneous premise. Impugned notice is therefore quashed. Petition is allowed in favour of assessee.
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Gujarat HC Strikes down GST Provision denying Cenvat Credit on Stock of Goods purchased prior to One Year to First Dealers [Read Judgment]
Read more at: http://www.taxscan.in/gujarat-hc-strikes-gst-denying-cenvat-credit-stock-goods-purchased-one-year-first-dealers/27979/
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Punjab Govt has notified that E-Way bill will not be required, Where the movement of Goods commences and terminates within the State of Punjab without crossing the boundaries of the State of Punjab and consignment value Not exceeds Rs. 1 Lakh.
E-commerce platforms such as Amazon, Flipkart, and Myntra will from October 1 have to withhold tax from payments made to suppliers. The tax deducted at source (TDS) and tax collected at source (TCS) provisions under the goods and services tax (GST) have been notified to be effective from October.
GST issued Circular No 64 Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified.
The Companies (Amendment) Act, 2017 (I of 2018); the Central Government hereby appoints the 12th September, 2018 as the date on which the provisions of sections 66 to 70 (both inclusive) of the said Act shall come into force.
No govt approval required for public cos for managerial compensation. Now with effect from 12th September, 2018, approval of the Central Government shall no longer be required for increase in the payment of remuneration to the managerial personnel (in excess of 11 per cent of the net profit of a company).
SEBI is likely to consider a proposal to allow trading in this segment by foreign entities with exposure to the Indian physical commodity market. Besides, the regulator may deliberate on the issue of introducing a common application form for foreign portfolio investors (FPIs) to enter into the domestic capital market as part of the exercise to improve ease of doing business.
ICAI invites applications for the following positions on contract basis from competent professionals. Interested candidates may email their application in structured format at recruitmentdirector@icai.in or can send through speed post to the Consultant – HR at the Institute of Chartered Accountants of India, ICAI Bhawan, I.P. Marg, New Delhi.
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Service Charges collected from Tenant is ‘House Property Income’ incidental to Rental Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/service-charges-collected-tenant-house-property-income-incidental-rental-income-itat/28293/
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Capital Gain Taxable at the time of giving Actual Possession of Land to Developer: ITAT [Read Order]
Read more at: http://www.taxscan.in/capital-gain-taxable-time-giving-actual-possession-land-developer-itat/28303/
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MMRDA not liable to deduct TDS on Acquiring Land from Illegal Occupants: Bombay HC [Read Judgment]
Read more at: http://www.taxscan.in/mmrda-liable-deduct-tds-acquiring-land-illegal-occupants-bombay-hc/28349/
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S. 80IB Deduction available even if Form 10CCB Audit Report is filed before Completion of Assessment: ITAT [Read Order]
Read more at: http://www.taxscan.in/s-80ib-deduction-available-form-10ccb-audit-report-filed-completion-assessment-itat/28355/
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MCA clarifies that there is NO FURTHER EXTENSION of the last date of filing *DIR-3 KYC* beyond 15 SEP 2018 has been accorded.
A Fee of ₹ 5,000 shall be payable w.e.f. 16 SEP 2018 if KYC is not done by TODAY (15 SEP 2018).
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#ICAI Suggestions/Feedback on Evaluation of Examination Answer Books System
Dear ICAI Students, your ICAI Council is too generous to give you 2 days to share your feedback and today is last day i.e. 16 Sept 2018, so kindly do it !!!
Would request my CA friends to ensure message reaches to maximum CA students so that they can share their feedback by EoD.
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https://www.icai.org/new_post.html?post_id=15125&c_id=219
Council could have invited suggestions/ feedback from members too.
