🧾15th October 2K19
Economic Times
Ø Govt mulls raising Rs 1 lakh threshold for invoking IBC
Ø YES Bank sells 6.56% stake in Fortis Healthcare
Ø Digital technologies to create $1 tn value by 2025: EY
Ø Total, RIL may not bid for BPCL; BP wants to see offer
Ø Adani Transmission acquires arm of REC Transmission
Business Standard
Ø HUL Q2 net up 21% YoY to Rs 1,848 cr; to give Rs 11/sh as interim dividend
Ø Moody's downgrades Indiabulls to B2 on fund raising challenge, governance
Ø RBI hikes cash withdrawal limit for PMC depositors to Rs 40,000
Ø Indian pharma companies spread businesses to avoid regulatory ire
Ø Assets worth Rs 3,830 cr seized, identified in PMC Bank case: ED
Business Line
Ø Reliance to swap diesel for Venezuelan crude oil
Ø Ratan Tata to invest in EV start-up Tork Motors
Ø Consumer inflation inches up close to 4% in September on costlier food items
Ø Granules India to exit from China jt venture
Ø L&T puts two thermal power units into operation in MP, UP
Mint
Ø Lenders approve JSW Energy’s resolution plan for Ind-Barath’s 700 MW power plant
Ø Rural demand remains a concern for Wipro Consumer Care and Lighting
Ø New resolution professional of Videocon seeks EoIs for 13 companies under IBC
Ø BSE to suspend trading in Manpasand Beverages, Binani Industries, 14 others
Financial Express
Ø Indian economy structurally, fundamentally strong: MoS Finance
Ø India to see $118 billion investment in oil, gas sector in next few years, says Dharmendra Pradhan
Ø WTO gives final approval to US retaliation in Airbus case
Ø RBI imposes Rs 1 crore fine on Lakshmi Vilas Bank, Rs 75 lakh on Syndicate Bank for violating norms
Deccan Chronicle
Ø Traders' body seeks govt audit into business models of Amazon, Flipkart
Ø Rupee drops 21 paise to 3-week low on fading US-China deal optimism
Ø Sensex pares gains, ends 87 points higher; Nifty closes at 11,330
Ø SBI re-enters top-10 most valued firms list; replaces Bajaj Finance
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🛒The main features of The Consumer Protection Act, 2019 are as follows:-
1. District forum is renamed as District Commission
2. The Opposite Party needs to deposit 50% of the amount ordered by District Commission before filing appeal before State Commission, earlier the ceiling was of maximum of Rs. 25,000/-, which has been removed.
3. The limitation period for filing of appeal to State Commission is increased from 30 days to 45 days, while retaining power to condone the delay.
4. State Commission shall have a minimum of 1 President and 4 Members
5. The original pecuniary jurisdiction of District Commission shall be uptil Rs. 1 Crore, State Commission from 1 Cr – 10 Cr. And NCDRC to be more than Rs. 10 crore
6. Now complainant can also institute the complaint within the territorial jurisdiction of the Commission where the complainant resides or personally works for gain besides what was provided earlier
7. Section 49(2) and 59(2) of the new act gives power to the State Commission and NCDRC respectively to declare any terms of contract, which is unfair to any consumer, to be null and void.
8. A second appeal to NCDRC has been provided U/s 51(3) if there is a substantial question of law involved in the matter
9. Power of revision can still be exercised by NCDRC U/s 58(1)(b) and by State commission under 47(1)(b) of the Act.
10. Power of review has been conferred to District Commission, State Commission and NCDRC U/s 40, 50 and 60 of the Act respectively
11. NCDRC can hear appeals against the order of Central Authority by virtue of Section 58 of the Act
12. Period of limitation in filing of complaint remains 2 years with a provision for condonation of delay power U/s 69 of the Act
13. Section 70 provides for administrative control of State Commission over District Commission and that of NCDRC over State Commission. It inter alia provides for investigation into any allegations against the President and members of a State Commission / District Commission and submitting inquiry report to the State Government concerned along with copy endorsed to the Central Government for necessary action
14. Section 71 confers power of execution as provided Under Order XXI, The Code of Civil Procedure, 1908 with such limitation as provided in the section
15. Mediation is given statutory status by way of introduction of Section 74 in the new Act
16. A product liability action may be brought by a complainant against a product manufacturer or a product service provider or a product seller, as the case may be, for any harm caused to him on account of a defective product.
17. Chapter III of the Act provides for creation of Central Authority to regulate matters relating to violation of rights of consumers, unfair trade practices and false or misleading advertisements which are prejudicial to the interests of public and consumers and to promote, protect and enforce the rights of consumers as a class
18. The Central Authority shall have an Investigation Wing headed by a Director General for the purpose of conducting inquiry or investigation under this Act as may be directed by the Central Authority
19. The Act of 2019 has come into effect w.e.f. 9.8.19 and old Act of 1986 stands repealed, subject to section 1(3) of the New Act.
20. Rules regarding appointment, conditions of service etc. of the Members are to be notified soon.
The list is not exhaustive and the above is just a bird's eye view only of the new Act. For more / exact details kindly refer to the notification dated 9.8.19 notifying the Act./
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.MCA Update
Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has expired on 14th October 2019. The process of deactivating the non-compliant DINs is in progress and will be completed shortly. Please note that the form DIR-3 KYC and web service DIR-3 KYC will not be available for filing during the pendency of this activity. Filing of DIR-3 KYC and DIR-3 KYC WEB can be made after completion of the scheduled activity, as above, when the form & service are re-deployed on the portal after payment of applicable fees. Stakeholders may kindly note and plan accordingly.
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1 lakh crore per year toll collection in next 5 years: Nitin Gadkari:
READ MORE-*https://www.gststation.in/1-lakh-crore-per-year-toll-collection-in-next-5-years-nitin-gadkari/
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CBDT has launched the faceless assessment in the Income Tax Department by inaugurating the Nationale-Assessment Centre (NeAC). Under e-Assessment scheme 2019,
Income Tax New enhanced monetary limits for filing departmental appeal are applicable for pending appeals also : ITAT DELHI BENCH 'ACIT VS Bulland Buildtech (P.) Ltd
Directorate of Revenue Intelligence (DRI) move followed a Supreme Court stay on a Gujarat High Court order favouring the exporters. The high court had quashed a revenue department notification allowing DRI to penalise exporters for allegedly not following “pre-import condition” and availing wrongful Goods and Services Tax (GST) exemptions.
GST : In a major overhaul of how input credit is availed by businesses, the Government has proposed in case where there is a mismatch or details have not been uploaded by the suppliers, input tax claim will not exceed 20 per cent of the eligible credit available in respect of invoices or debit notes uploaded by the suppliers.
MCA has made further amendments to Schedule VII of the Companies Act, 2013 and extended the scope of establishment & contributions to incubators in Corporate Social Responsibility (CSR) Activities under Section 135 of the Companies Act, 2013.
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✳CBIC Updates:-
▶CBIC has issued a new circular, circular no. 121/2019regarding to Clarification related to supply of grant of alcoholic liquor license.
▶CBIC has issued a new circular, circular no. 120/2019regarding to Clarification on the effective date of explanation inserted in notification No. 11/2017- CTR dated 28.06.2017, Sr. No. 3(vi).
▶CBIC has issued a new circular, circular no. 119/2019regarding to Clarification regarding taxability of supply of securities under Securities Lending Scheme, 1997.
▶CBIC has issued a new circular, circular no. 118/2019regarding to Clarification regarding determination of place of supply in case of software/design services related to Electronics Semi-conductor and Design Manufacturing (ESDM) industry.
▶CBIC has issued a new circular, circular no. 117/2019regarding to Clarification on applicability of GST exemption to the DG Shipping approved maritime courses conducted by Maritime Training Institutes of India.
▶CBIC has issued a new circular, circular no. 116/2019regarding to Levy of GST on the service of display of name or placing of name plates of the donor in the premises of charitable organisations receiving donation or gifts by individual donors.
▶CBIC has issued a new circular, circular no. 115/2019regarding to Clarification on issue of GST on Airport levies.
▶CBIC has issued a new circular, circular no. 114/2019regarding to Clarification on scope of support services to exploration, mining or drilling of petroleum crude or natural gas or both.
▶CBIC has issued a new circular, circular no. 113/2019regarding to Clarification regarding GST rates & classification (goods) Circular–reg.
✳SEBI Updates:-
▶RBI has issued a new notification regarding to Acts, Rules Regulations General Orders Guidelines Master Circulars Framework for issue of Depository Receipts.
✳DIRECT TAX CASE LAW:-
▶PCIT vs. Pat Commodity Services Pvt. Ltd (Bombay High Court)
Source: ITAT Online
Bogus loss from Client Code Modification (CCM): Even if the Revenue's theory of the assessee having enabled the clients to claim contrived losses is correct, the Revenue had to bring on record some evidence of the income earned by the assessee in the process, be it in the nature of commission or otherwise. Adding the entire amount of doubtful transactions by way of assessee's additional income is wholly impermissible. The fate of the individual investors in whose cases the Revenue could have questioned the artificial losses is not known
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👉🏻Income tax dept says check your email or e-filing account as e-assessment begins
(The income tax department has advised taxpayers to check their registered e-filing accounts and email ids as the first phase of the e-Assessment Scheme 2019 gets underway)
👇🏻 👇🏻 👇🏻
http://bit.ly/2MU1H0D
👉🏻Now Get a reprint copy of your PAN Card for just Rs 50
(You can order a reprint of your PAN card for just Rs 50 in case you have lost or damaged it, or want a copy of it.)
👇🏻 👇🏻 👇🏻
http://bit.ly/33u2dc8
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ITAT allowed deduction of sum spent by 'Harish Salve' on Oxford Scholarship of students
[2019] 109 taxmann.com 396 (Delhi - Trib.)
INCOME TAX: Where assessee, a leading Advocate, paid an amount towards scholarship of two Indian students in a foreign university for creating his visibility in International arena and his social standing and same had increased lot of value in CV of assessee which had led him to be part of certain committees of repute in a foreign country, amount spent towards scholarship would be allowed as business expenditure
INCOME TAX: Where assessee recorded invoices prepared in foreign currency at rate prevailing thereon for control purposes and subsequently offsetting it whenever bills were realized by debiting foreign exchange loss or crediting foreign exchange gain to profit and loss account, net impact was that whatever cash was received was recorded in profit and loss account and, thus, foreign exchange loss incurred by assessee was to be allowed.
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