SUPREME COURT : In K. Kishan vs. M/s Vijay Nirman Company Pvt. Ltd.
Filing of a Section 34 petition against an Arbitral Award shows that a pre-existing dispute which culminates at the first stage of the proceedings in an Award, continues even after the Award, at least till the final adjudicatory process under Sections 34 & 37 has taken place.
Read full case law at : https://dasgovernance.com/2018/10/22/supreme-court-in-k-kishan-vs-m-s-vijay-nirman-company-pvt-ltd/
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The last date for furnishing GSTR-3B for the month of September, 2018 is extended up to 25th October, 2018.
last date of availing Input Tax Credit ("ITC") for ITC pertaining to period from July, 2017 to March, 2018 is the last date of filing of return under section 39 or December 31, 2018 i.e. last date for filing annual return. Meaning thereby, last date of availing ITC for the period from July 2017 to March 2018 also gets extended to October 25, 2018.
ICAI released TG on Annual Return and GST Audit. Download Technical Guide on Annual Return and GST Audit https://idtc-icai.s3-ap-southeast-1.amazonaws.com/download/pdf18/TG-on-Annual-Return-%26-GST-Audit17-10-18.pdf
RBI releases Dissent Note on Inter-Ministerial Committee for finalization of Amendments to PSS Act. An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs.
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If Shares were held for more than 12 months, Income must be taxed as Capital Gain: ITAT follows CBDT Circular [Read Order]
Read more at: http://www.taxscan.in/shares-12-months-income-capital-gain-itat-cbdt-circular/29848/
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Charitable Entity can’t be Taxed because some element of its income is exempt from Principles of Mutuality: ITAT [Read Order]
Read more at: http://www.taxscan.in/charitable-entity-principles-mutuality-itat/29846/
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Income from Mobile Companies for Letting Out Space on Terrace for Installation and Operation of Antennas Taxable as House Property Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/income-mobile-companies-space-terrace-installation-operation-antennas-taxable-house-property-income-itat/29860/
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Calcutta HC grants Bail to GST Defaulters [Read Order]
Read more at: http://www.taxscan.in/calcutta-hc-grants-bail-gst-defaulters/29868/
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👉🏻Only registered valuers can do valuation under IBC from Feb 2019
From February next year, only entities registered as valuers with the IBBI can carry out valuation of assets under the insolvency law, according to a circular.
The registration of valuers is done by the Insolvency and Bankruptcy Board of India (IBBI). Valuation of assets is a key factor for an "informed decision making" under the Insolvency and Bankruptcy Code (IBC).
"With effect from February 1, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made there under," the IBBI said.
In a circular issued, it also said that every valuation under the Code is to be conducted by a valuer registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017.
The IBBI conducts valuation examination for three asset classes -- Land and Building, Plant and Machinery, and Securities or Financial Assets -- as well as recognises Registered Valuer Organisations.
At present, there are eight such organisations and 162 registered valuers, as per the IBBI data
👇🏻 👇🏻 👇🏻
https://goo.gl/zcMHYg
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GST Council asks Six States to set up AAAR
Read more at: http://www.taxscan.in/gst-council-asks-six-states-to-set-up-aaar/29875/
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Hike in Monetary Limit for Tax Appeals: CBIC asks Officials to Complete Withdrawal of Appeals by 31st Oct [Read Circular]
Read more at: http://www.taxscan.in/hike-monetary-limit-tax-appeals-cbic-asks-officials-complete-withdrawal-appeals-31st-oct/29880/
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GST not payable by Liaison Offices working with RBI Permission: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-not-payable-liaison-office-working-rbi-permission-aar/29854/
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National Anti-Profiteering Authority is not a Price Regulator: NAA Chief B. N Sharma
Read more at: http://www.taxscan.in/national-anti-profiteering-authority-price-regulator-naa-chief-b-n-sharma/29900/
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Growth of More Than 80% in the number of Returns Filed in the Last Four Financial Years: CBDT releases Direct Tax Statistics
Read more at: http://www.taxscan.in/growth-more-than-80-number-returns-filed-last-four-financial-years-cbdt-releases-direct-tax-statistics/29905/
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Tax Benefit available to Compulsory Acquisition of Urban Agricultural Land: ITAT [Read Order]
Read more at: http://www.taxscan.in/tax-benefit-available-compulsory-acquisition-urban-agricultural-land-itat/29886/
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Statement of Third Parties can’t be relied as Evidence If No Opportunity for Cross-Examination was granted: ITAT [Read Order]
Read more at: http://www.taxscan.in/statement-third-parties-evidence-opportunity-cross-examination-granted-itat/29890/
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Delhi High Court has ruled out that non filing of Income Tax Returns May lead to prosecution even if the tax payer was entitled to Income Tax refunds if he had filed the ITR. Case Karan Luthra Vs Income Tax Department.
E-file your ITR now and avoid last minute rush. Due date is 31st Oct for Corporates or where Tax Audit Report is required to be submitted except specific cases. Filing beyond due date will attract late fee of upto Rs 5000.
Income Rax E-returns filed by individual taxpayers grew 70% annually to 5.4 crore in the April-August period of the current financial year, but the average tax paid by them has come down by 32% to Rs 27,083. In the previous two years (FY18 and FY17).
Central govt has notified Sessions courts in 34 states and Union Territories, which will act as special courts for trial of offences under the benami transaction law.
With effect from February 1, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made there under.
ICAI launches Certificate Course on Forensic Accounting & Fraud Detection at Noida, Kanpur, Vasai, Hyderabad, Bhiwadi & Jaipur. Visit http://pqc.icai.orgfor details
Multipurpose Empanelment Form (MEF) Application for the year 2018-19. Please visit the below link to see whether your DECLARATION RECEIVED OR NOT
By PDF, ICAI https://meficai.org/index.php/click-at-the-mef-band-for-declaration-received-or-not-received/
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✳MCA Updates:
▶Forms DIR-11,GNL-2,INC-4,SH-8,SH-9,I-XBRL,CHG-8,GNL-1 and 21A are likely to be revised on MCA21 Company Forms Download page w.e.f 25th OCTOBER, 2018. Stakeholders are advised to check the latest version before filing.
✳Direct Tax:
▶The ITAT is an adjudicator and not an investigator. It has to rely upon the investigation / enquiry conducted by the AO. The Dept cannot fault the ITAT's order and seek a recall on the ground that an order of SEBI, though available, was not produced before the ITAT at the hearing. The negligence or laches lies with the Dept and for such negligence or laches, the order of the ITAT cannot be termed as erroneous u/s 254(2).ITO vs. Iraisaa Hotels Pvt. Ltd (ITAT Mumbai)
▶A notice u/s 143(2) issued by the AO before the assessee files a return of income has no meaning. If no fresh notice is issued after the assessee files a return, the AO has no jurisdiction to pass the reassessment order and the same has to be quashed.SudhirMenon vs. ACIT (ITAT Mumbai)
✳Indirect Tax:
▶CBEC has issued Notification regarding the powers conferred by section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017). Videnotification No. 3/2018 – Integrated Tax the 22nd October, 2018
✳Key Date:
▶Annual Accounts filing on MCA (AOC 4): 30.10.2018
▶Return of outward supplies for July, 2018 to September, 2018 by Regular Supplies (Turnover upto 1.5cr) ( GSTR-1): 31.10.2018
▶ITR of companies & person whose accounts are required to be audited: 31.10.2018
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GST Paid in respect of Brokerage Services can be adjusted against Output Tax payable on Renting of Immovable Property: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-respect-brokerage-services-adjusted-output-tax-payable-renting-immovable-property-aar/29915/
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Allegation on Converting Black Money Post-Demonetisation: Appellate Authority asks to reconsider Disciplinary Proceedings against CAs [Read Order]
Read more at: http://www.taxscan.in/allegation-converting-black-money-post-demonetization-appellate-authority-disciplinary-proceedings-cas/29924/
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Benefit of CBDT Circular permitting Holding of Gold Jewellery also applicable to Silver Jewellery: ITAT [Read Order]
Read more at: http://www.taxscan.in/benefit-cbdt-circular-permitting-holding-gold-jewellery-applicable-silver-jewellery-itat/29941/
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👉CBDT releases Direct Tax Statistics as updated up to FY 2017-18. The key highlights of these statistics are as under:
• There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years.
• There is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 Crore in FY 2013-14 (base year) to 6.85 Crore in FY 2017-18.
• The number of persons filing return of income has also increased by about 65% during this period from 3.31 Crore in FY 2013-14 to 5.44 Crore in FY 2017-18.
👉GST Council asks 6 States to set up Appellate Authorities i.e. AAAR, to enable aggrieved entities to file appeals against orders of the Authority for Advance Rulings (AAR).
👉The Insolvency Law Committee (ILC) constituted by the Ministry of Corporate Affairs(MCA) to recommend amendments to Insolvency and Bankruptcy Code of India, 2016, has submitted its 2nd Report to the Govt, which deals with Cross Border Insolvency.
👉The National Company Law Tribunal (NCLT), New Delhi is now ready to Start E-Filing of Applications, Petitions, Appeals, Replies, etc. In this regard, concerned Advocates, Chartered Accountants, Company Secretaries, Cost Accountants and other stakeholders have been requested to attend a presentation on e-filing by officers of the NIC on October 23 i.e. Today in Delhi.
👉NCLT Approves 45 Resolution Plans, Orders 19 Liquidations in 2 years of IBC, since proceedings under the IBC officially began at the end of December 2016.
