👉🏻NCLT rejects Govt’s plea of 3-month moratorium for IL&FS
(NCLT rejected the plea of a three-month moratorium against any legal proceedings by any party against the stressed infrastructure financier and its 348 subsidiaries)
👇🏻 👇🏻 👇🏻
https://goo.gl/Xa2ZD5
👉🏻Free/Complementary IPL tickets to attract GST - AAR
(Free or complementary tickets given by franchise owners for IPL matches will attract Goods and Services Tax (GST), the Authority for Advance Ruling (AAR) said)
👇🏻 👇🏻 👇🏻
https://goo.gl/7wYAhj
👉🏻IBBI allows multilateral financial entities to take up to 15% stake in IPA
(Till date, there are only three IPAs registered with the insolvency regulator. These are the Indian Institute of Insolvency Professionals of ICAI (IIIPI); the ICSI Institute of Insolvency Professionals; and the Insolvency Professional Agency of ICAI)
👇🏻 👇🏻 👇🏻
https://goo.gl/SZMhYY
👉🏻Delhi Govt launches drive against GST defaulters
(Witnessing a large number of defaulters under the Goods and Services (GST) act, the Delhi Department of trade and taxes issued show cause notices to a total of 51,500 tax defaulters.
👇🏻 👇🏻 👇🏻
https://goo.gl/fo8MD1
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# GST: 20 OCT 2018 (SAT) is the due date for *GSTR-3B* & *GSTR-5* for Sep’ 18.
# ITD has issued preliminary notices to about 10,000 people under the benami law seeking source of income details as it analyses data on deposits of cancelled notes post demonetisation - ET.
# KFA: Grant Thornton, a leading global tax and advisory firm is under CBI lens for 'inflated' valuation of Kingfisher Airlines in the case emanating from a complaint by SBI – ET.
# GST: Free / complimentary tickets given falls within the definition of supply under CGST Act, 2017 and thus, liable to GST on such free tickets – AAR, Punjab in K.P.H. Dream Cricket Pvt. Ltd. (2018 (10) TMI 747).
# IT: The entire payment was made to the resident Indian who is also the father of the non-residents. The revenue did not establish that the payment has gone to the non-residents - No TDS liability u/s 195 - Vobilineni Surya Prasad Vs DDIT (IT&TP) (2018 (10) TMI 737 - ITAT Visakh.).
# IT: Additions confirmed towards interest on advances to partners and towards interest for diversion of interest bearing funds - Sowbhagya Homes & Ventures Vs ACIT (2018 (10) TMI 717 - ITAT Visakh.).
TMI: taxmanagementindia.com
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Jammu & Kashmir Tax Dept extends VAT Settlement Scheme to November
Read more at: http://www.taxscan.in/jammu-kashmir-vat-settlement/29651/
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Provision made for medical benefit of employees post retirement are allowable under section 37(1)of the Income Tax Act, 1961 held by the Honourable HIGH COURT OF Calcutta in the case of *Commissioner of Income tax, Kolkata-IV Vs. Eveready Industries (India) Ltd.
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Bombay High Court instructed the income tax department in a recent case to recover Rs 1.5 lakh from tax officers for adjusting refund of the amount due to a taxpayer against outstanding demands without first ensuring that a valid notice of demand was served on the taxpayer.
GST Portal has amended Application for Refund can now be filed for multiple tax periods, in following refund cases: a. Export of services b. ITC accumulated c. On account of supplies made to SEZ. https://www.gst.gov.in/help/refund
MCA notifies Ind AS Schedule III applicable to NBFCs. MCA has also amended the existing Division I (Indian GAAP) & Division II (Ind AS) Schedule III.
SEBI to ease the cost and compliance burden on the issuer of securities has done away with the requirement of 1 per cent security deposits with exchanges for public issuance of debt securities.
IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017
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Company can claim ITC on maintenance of Guest House, Transit House and Training Hostels: AAR [Read Order]
Read more at: http://www.taxscan.in/company-can-claim-itc-on-maintenance-of-guest-house-transit-house-and-training-hostels-aar/29658/
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S. 19(11) of TNVAT Act imposing Time limit to Claim Input Tax Credit is not Ultra Vires: SC [Read Judgment]
Read more at: http://www.taxscan.in/s-1911-tnvat-act-imposing-time-limit-claim-input-tax-credit-not-ultra-vires-sc/29664/
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TRAN-1 can’t be Re-Opened for Omission to Include certain Transactions: Gujarat HC [Read Judgment]
Read more at: http://www.taxscan.in/tran-1-opened-omission-include-certain-transactions-gujarat-hc/29674/
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One Arrested for forging Chartered Accountant ’s Signature and Seal
Read more at: http://www.taxscan.in/arrested-forging-chartered-accountant/29699/
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Ministry of Corporate Affairs
Competition Commission of India amends the Combination Regulations vide notification dated 9th October 2018
The Competition Commission of India (CCI), in continuation of its efforts towards simplifying and providing greater clarity on the application of the combination provisions of the Act and the Combination Regulations, has further amended the Combination Regulations on 09th October 2018. This amendment inter alia provide certainty & transparency and expedites faster disposal of combination cases before CCI.
The provisions of the Competition Act, 2002 (“Act”) relating to the regulation of combinations as well as the Combination Regulations have been in force with effect from 1st June 2011.
A key change brought about by the present amendments is that the parties to combinations can now submit remedies voluntarily in response to the notice issued under Section 29(1) of the Act. If such remedies are considered sufficient to address the perceived competition harm, the combination can be approved. This amendment is expected to expedite disposal of such combination cases.
In another significant amendment, where the notice is found to exhibit significant information gaps, parties to combinations are allowed to withdraw the notice and refile the same. With this amendment, the parties could address the deficiencies without facing an invalidation by CCI. Further, fee already paid in respect of such notice shall be adjusted against the fee payable in respect of new notice, if the refiling is done within a period of 3 months.
Apart from these, certain consequential and other clarificatory changes have also been made in the Combination Regulations.
A copy of the amendment is available on the website of the Commission: www.cci.gov.in
