# GST: CBIT amended Rule 96(10) on Refund of IGST paid on goods or services exported out of India – N.N.54/2018-CT,dt.09.10.18.
# GST: CBIT amended Rule 89(4B) on Refund of unutilized ITC on account of zero rated supplies w/o payment of tax - N.N.53/2018-CT,dt.09.10.18.
# GST: Input tax paid by a vehicle dealer on the purchase of motor car used for demonstration purpose of the customer can be availed as ITC on capital goods and set off against output tax payable under GST – AAR, Kerala in A M Motors (2018 (10) TMI 514).
# GST: Levy of GST - naturally bundled services - classification - Principal supply is the transfer of right to use of any goods for any purpose – AAR, Kerala in Abbott Healthcare Pvt. Ltd. (2018 (10) TMI 598).
# IT: Capital Gain Bonds u/s 54EC of the Income Tax Act for FY 2018-19 is available from Power Finance Corporation Ltd. (PFC) with exemption from deduction of TDS on the interest on the bonds. Link at: https://kosmic.karvy.com/pfc
# IT: Valuation u/s 50C - a VO is an expert of the subject for such valuation and is certainly in a better position than the AO to determine the valuation – ITO Vs Aastha Goel (2018 (10) TMI 500 - ITAT Delhi). TMI: taxmanagementindia.com
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ITAT has granted a stay against a tax demand levied on the cab-hailing co Uber and restrained the authorities from imposing any penalty. Uber had approached ITAT after income-tax authorities carried out a survey and alleged that the company had not deducted TDS on payments made to driver-partners.
Rajasthan HC Allowed filing of GST TRAN-1 either online or manually in A writ Petition filed by SRF Limited directed Additional Commissioner to provisionally entertain the GST TRAN-1 and other returns of the petitioner either by way of opening the portal or manually.
Sebi has restrained a Delhi-based brokerage from selling shares of DHFL. The broker had defaulted on Rs 2 billion in payment to a NBFC, which had pledged shares of DHFL.
CAG Rajiv Mehrishi said the official auditor will be able to conduct 100 per cent audit of expenditures incurred and revenues earned by the government provided all the transactions are conducted on IT platform.
Competition Commission Of India amended the combination regulations with regard to withdrawal and refilling of notices seeking approvals. The combination rule pertains to mergers and acquisitions.
Bank of Baroda invites proposals from Chartered Accountant Firms/Groups for conducting financial and tax due diligence of Bank of Baroda, Dena Bank and Vijaya Bank for the proposed amalgamation of banks.
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Income being a Share in AOP or BOIs excludable while Computing Book Profit u/s 115JB: ITAT [Read Order]
Read more at: http://www.taxscan.in/income-share-aop-bois-excludable-computing-book-profit-itat/29510/
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Payments to Sub-Agents does not attract TDS u/s 194G: ITAT [Read Order]
Read more at: http://www.taxscan.in/payments-sub-agents-attract-tds-itat/29552/
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GSTN Alert: Functionality of Acceptance of CIN generated after expiry of CPIN updated
Read more at: http://www.taxscan.in/gstn-functionality-cin-cpin/29596/
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Bank eligible for Credit on Tax paid on Panthal / Shamiana for Inauguration of New Branch: CESTAT [Read Order]
Read more at: http://www.taxscan.in/bank-eligible-credit-tax-paid-panthal-shamiana-inauguration-new-branch-cestat/29547/
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Cinder not subject to Excise Duty, rules CESTAT [Read Order]
Read more at: http://www.taxscan.in/cinder-subject-excise-duty-rules-cestat/29542/
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No Relief to Dayanidhi Maran: Madras HC dismisses Petition challenging Re-Assessment [Read Judgment]
Read more at: http://www.taxscan.in/dayanidhi-maran-madras-hc-dismisses-petition-challenging-re-assessment/29593/
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TAR & ITR due date extension expected again!!
Today, Gauhati High Court heard the writ petition filed by us and instructed CBDT to consider the representation filed by TBA for extension of due date upto 31st Jan, 2019 and dispose off the representation filed by TBA to that effect on or before 25th Oct, 2018 by way of a speaking order.
The court has also elaborately discussed the problems to be faced by the assesses and accountants in case the date is not extended as requested vide the said representation.
The Court has also given liberty to the petitioner to file a petition again if the disposal of representation of TBA for extension of date till 31.01.2019 by CBDT is not proper and reasonable.
Adv. Medha Lila Gope, Guwahati appeared on behalf of the Tax Bar Association.
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IBC LEGAL UPDATED
1. NCLAT sets aside NCLT order where it had rejected the application filed by the appellant who was representing 284 workers (i.e, operational creditor) on the ground that application u/s 9 has to be filed by the Operational Creditor individually and not jointly. It further directed NCLT to admit the application for initiating resolution process.
LSI-382-NCLAT-2018(NDEL)
2. Where resolution professional outsourced the work of resolution process to a firm which causes overburden of cost on corporate debtor is in violation of circular and regulations issued by IBBI.
BRAJ BHUSAN DAS BINANI & ORS. V. VIJAYKUMAR V IYER
MANU/NC/5956/2018
