11th December 2K19
Economic Times
Ø RBI finds Rs 11,932-cr hole in SBI's NPA book
Ø RBI had no objection to electoral bonds via SBI: FM
Ø Panel asks govt to prevent misuse of input tax credit
Ø China plans to launch its own digital currency
Ø IDBI Bank to sell up to 49% stakes in 2 subsidiaries
Ø Cos can recover exploration cost from new finds
Ø Sebi relaxes group exposure limit for MFs
Business Standard
Ø WTO extends ban on tariffs for digital trade, India set to benefit
Ø Domestic steel demand in October-November shrinks 1.8% YoY: ICRA
Ø BlackRock sees growth edging higher in 2020, limiting recession risks
Ø Morgan Stanley fined $22 million for French bond market rigging
Ø Trai issues revised MNP process notice; new norms effective from Dec 16
Business Line
Ø India, Japan discuss bilateral trade imbalance, RCEP pact
Ø Dilip Buildcon lowest bidder for ₹826-cr Delhi Metro project
Ø Fuel linkage rationalisation helps CIL save ₹3,770 cr annually
Ø ‘Proposed India-EU FTA has to address labour, government procurement, sustainability issues’
Ø `Saudi Arabia wants to be part of India's goal of becoming a $5 trillion economy’
Ø Yes Bank to favourably consider Citax’s $500 million investment offer
Mint
Ø Nippon Express gets CCI nod to buy 22% stake in Future Supply
Ø FCI raises ₹8,000 crore on BSE BOND platform
Ø Antitrust body OKs Piramal Enterprises’ issue of CCDs to Canadian pension fund
Ø India slowdown: Electricity demand falls for 4th straight month, says govt data
Ø India asks Japan to reduce trade surplus before Shinzo Abe's visit next week
Ø London Stock Exchange considers proposals for a shorter trading day
Financial Express
Ø Reliance to see return on capital employed rise to 11% in 2 years
Ø Reliance signs pact with ADNOC for development of chemical facility
Ø Chinese inflation hits eight-year high as pork prices double
Ø Fitch revises outlook on Cairn India to negative
Deccan Chronicle
Ø WTO tariff freeze on digital trade extended till June ’20
Ø Rupee rises 12 paise to 1-month high of 70.92 against US dollar
Ø Banks cut MCLR rates after RBI nudges on transmission
Ø Sensex tumbles nearly 250 points; Nifty ends below 11,900
Ø Start bidding goodbye to Windows 10 Office mobile apps
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Sushil Modi to head GoM on issues relating to IGST after Nirmala Sitharaman opts out of Panel*
Read more at: https://www.taxscan.in/sushil-modi-head-gom-igst-nirmala-sitharaman-opts-panel/40635/
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GSTR-1 is declaration of Tax Liability and GSTR-3B is Evidence of Actual Payment, says Madhya Pradesh HC [Read Order]
Read more at: https://www.taxscan.in/gstr-1-is-declaration-of-tax-liability-and-gstr-3b-is-evidence-of-actual-payment-says-madhya-pradesh-hc/40624/
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GST Council should set up dispute resolution mechanism for compensation on December 18: Kerala Finance Minister:
READ MORE- https://www.gststation.in/gst-council-should-set-up-dispute-resolution-mechanism-for-compensation-on-december-18-kerala-finance-minister/
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GST: Mismatch in data of transactions on e-tail sites; traders under lens:
READ MORE- https://www.gststation.in/gst-mismatch-in-data-of-transactions-on-e-tail-sites-traders-under-lens/
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These days lot of assessment orders are being issued by AO because December 31st being last date for time barring assessment. These include Assessment order u/s 143(3) / 144 and reopening i.e section 147/ 148 cases.
You are aware that you can file appeal against these orders with CIT (A) via Form 35 online. Appeal can be against merit of case and also on jurisdictional issue. In case of reopening AO has to pass two stage order as SC guidelines one on whether reopening is valid or not and second on merit of case. Normally AO pass singal order which can be challenged and set aside.
Fees payable to Government for appeal is Rs 1000/-
You should encourage your client to file appeal against AO order.
It also put pressure on AO to pass reasonable order instead of arbitrary orders.
If a appeal is filed AO can’t insist more than 20% of demand and for balance demand he has to wait for for appeal to decide.
If appeal decided in assessee's favour then AO has to give appeal effects and refund 20% tax deposited earlier.
Now a days in e-assessment it is very important to get justice from income tax department. It is right of assessess to heard his case carefully and justice should be done. CIT(A) is first appellate authority.
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State Legislature did not have Power to Amend the KVAT Act which is not in Existence Post-GST: Kerala HC [Read Judgment]
Read more at: https://www.taxscan.in/state-legislature-power-amend-kvat-act-existence-post-gst-kerala-hc/40659/
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👉 “JSW’s plea upheld against order on Vardhman Industries. The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW.
👉 First personal insolvency petition filed in Amaravati, Omkaram Venkata Ramana, who had stood personal guarantor to five firms that defaulted on Rs 38.66 crore of bank loans, filed the petition to initiate personal insolvency resolution process
👉 The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Enforcement Directorate to file a final affidavit containing developments related to attachment of Bhushan Power & Steel Ltd assets.
👉 Insolvency professional complains to SBI about selection criteria for RPs
