Friday, 9 November 2018

9 November 2018 Updates

GST: Kerala HC orders to take Photographs of Goods since Issue was Misclassification [Read Order]

Read more at: http://www.taxscan.in/gst-kerala-photographs-misclassification/30511/
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No penalty under section 271(1)(c) of Income Tax Act was called for   Where claim of deduction had came up with a complete disclosure of all the facts by way of a note to the Computation of Income filed with assessee’s Return of Income for the year :Novartis India Vs ACIT (Mumbai ITAT)

Central Government has appointed Justice Pradipkumar Premshankar Bhatt, Former Judge, High Court of Gujarat, as President, Income Tax Appellate Tribunal, ITAT with effect from the forenoon of 24th October, 2018 and till he attains the age of 65 years, i.e. 5th September, 2021.

GST: Non-filing of Part-B of E-way bill: High Court orders release of goods on furnishing of security. Case Name: New Shiva Transport Service Vs State of U.P. (Allahabad High Court)

MCA proposes 20 New amendment in the Companies Act-2013 in the following sections: 8, 26, 29, 90, 124, 125, 132, 135, 149, 168, 169, 212, 233, 241, 242, 243, 250, 252, 271 & 3.

ICAI is organising Certificate Course on Concurrent Audit of Banks from November 24, 2018 at New Delhi. The detailed course structure is available on  link:   https://resource.cdn.icai.org/52368iasbncr.pdf

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ICAI Course to improve Drafting Skills of CAs: First Batch in Mysore will start on January

Read more at: http://www.taxscan.in/icai-course-drafting-skills-cas-january/30548/
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GST: CBIC to Monitor Grievances of MSMEs on a Daily basis

Read more at: http://www.taxscan.in/gst-cbic-grievances-msmes/30556/
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Notice by affixation can be resorted if Other Modes are not Practicable: Allahabad HC Quashes Order of cancellation of GST Registration [Read Judgment]

Read more at: http://www.taxscan.in/notice-affixation-allahabad-hc-gst-registration/30569/
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AAR cannot decide eligibility to claim Transitional Input Tax credit. Case Name : In re NSL Mining Resources India Private Limited (GST AAR Andhra Pradesh)

Reserve Bank of India is likely to establish an ombudsman for digital payments by March to take the load off the increasing number of complaints currently being handled by the banking ombudsman, said two senior bankers with knowledge of the matter.

Indian regulations on capital requirements, provisioning for sour assets and prompt corrective action (PCA) restricting regular activities by lenders are conservative and rule-based, SBI's research wing has said in a report.

MANNER OF VOTING FOR ICAI ELECTION ON 7-8 December, 2018: As the election for the new torchbearers of the Institute of Chartered Accountants of India ( ICAI ) is scheduled in this December, the manner of recording of the votes have been changed.

One of the amendments so made provide for recording of preference on ballot paper only in Arabic numerical numbers, i.e. 1, 2 and so o*. Other modes of recording preferences on ballot paper, such as in Roman numerals or in words (like I, II, III or ONE, TWO, THREE) have been discontinued.

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👉🏻ISA-AT Test will be held on 22nd December 2018
(Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 22nd December, 2018 (Saturday) from 9.00 AM to 1.00 PM)
👇🏻 👇🏻 👇🏻
https://goo.gl/R8xQSx

👉🏻ICAI Elections - Single Transferable System of Voting - An Apprisal
(The voter, in order to cast his vote, shall place on his ballot paper the number 1 (in Arabic Numeral only) against the name of the candidate for whom he desires to vote, and may, in addition, place on his ballot paper the number 2, or numbers 2 and 3, or the numbers 2, 3 and 4 and so on opposite the names of other candidates in the order of his preference)
👇🏻 👇🏻 👇🏻
https://goo.gl/ZTcBUQ

👉🏻Reports Of Committee of experts on regulating Audit firms and the Network
(Reports Of Committee of experts on regulating Audit firms and the Network released by MCA)
👇🏻 👇🏻 👇🏻
https://goo.gl/2a9EPk

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Both Managing Director and Director are Equally responsible to file IT returns of Company: Delhi High Court [Read Judgment]

Read more at: http://www.taxscan.in/managing-director-returns-company-delhi-high-court/30565/
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Real Intention of DeMo was Digitalizing Transactions, not Confiscation of Currencies, Arun Jaitley pens a Note on Demonetization

Read more at: http://www.taxscan.in/digitalizing-currencies-arun-jaitley-demonetization/30558/
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Assessee can’t be Penalized for Wrong Statement given by Payee: ITAT [Read Order]

Read more at: http://www.taxscan.in/penalized-wrong-statement-payee-itat/30516/
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Capital Gain from Depreciable Assets is LTCG for claiming Exemption u/s 54: ITAT [Read Order]

Read more at: http://www.taxscan.in/capital-gain-depreciable-assets-itat/30522/