No capital gain if the developer was allowed to enter property for mere construction under Joint Development Agreement. Case Name : Anugraha Shelters (P) Ltd. Vs DCIT (ITAT Bangalore) Appeal Number : ITA No. 2314/Bang/2016.
Income Tax: Market Rent is not Sole Yardstick to treat rent inadequate to invoke the deeming provision of Section 13(2)(b) held by Delhi High court in the case of Commissioner of Income-tax Vs. Hamdard National Foundation (India).
The Ministry of Corporate Affairs has directed Registrars of Companies and Regional Directors to enter all complaints received against companies and LLPs in the ministry’s electronic registry. Once the details are entered in the electronic registry MCA21, then a Service Request Number (SRN) is generated for the particular complaint and going forward, the same will be used in all communications related to that case.
DGFT issued Trade Notice No. 36/2021-2022 dated February 25, 2022 regarding helpdesk for Russia-Ukraine related operationalised support and seek suitable resolutions to the issues related to India’s International Trade.
Export-Import community may submit details of their issues on the DGFT website, on which support is required, using the following steps–
Navigate to the DGFT Website (https://dgft.gov.in) — > Services — > DGFT Helpdesk Service
‘Create New Request’ and select the Category as ‘Russia-Ukraine’
Alternatively, send issues directly over email to: dgftedi@nic.in with the subject header: ‘Russia-Ukraine Trade Helpdesk’, or call the Toll-Free No at 1800-111-550.
The Union Cabinet cleared an amendment to the FDI Policy to allow foreign direct investment (FDI) up to 20 per cent under the “automatic route” in the state-owned LIC. This comes ahead of its proposed initial public offer (IPO), which is expected to be the largest in the Indian capital markets so far.
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GST Case Laws Updates
1️⃣ GUJARAT HIGH COURT in the case of Sreejith K vs. State of Gujarat direct the respondent to release the goods as well as the conveyance at the earliest. If the Department wants to proceed further with the inquiry, it may do so in accordance with law.
2️⃣ DELHI HIGH COURT in the case of Antia Agarwal vs. Assistant Commissioner CGST & Ors. The Petitioner seeks a direction to quash the order rejecting refund claims on ground that the refund claims are inadmissible as the same are time-barred in terms of Section 54(1) of the CGST Act, 2017.
3️⃣ CALCUTTA HIGH COURT in the case of P. Bhogilal Pvt. Ltd. Vs. Union of India & Ors. The petitioner is making prayer for relief/direction upon the respondent concerned to allow filing of declaration in form GST TRAN-1, to enable it to take in his electronic credit ledger, the transitional credit. Petitioner also submits that the Credit could not be availed as prescribed in law because of technical problem to upload such date on his GST portal. Liberty is granted to the petitioner/assessee to file individual transitional tax credit in GSTR-3B Forms for the month of February, 2022 which is to be filed in the month of March, 2022 and the concerned authority/Assessing Officer would be at liberty to verify the genuineness of such claim.
4️⃣ ALLAHABAD HIGH COURT in the case of Kuldeep Sing vs. State of U.P. and 4 others. The Court would like to know as to why action could not have been taken under Section 161 when there was definitely an error which was apparently there, namely, the details of the owners which were produced by the drivers were different from the details available on the GST portal.
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⏺️ GST: Google Location need to enter for exact location of premises while doing registration and it's related amendment on GST portal.
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Note 1: Not Opting for QRMP Scheme- Due Date for filling GSTR - 3B with Annual Turnover up to 5 Crore in State 1 Group (Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu, and Dadra & Nagar Haveli, Puducherry, Andaman, and Nicobar Islands, Lakshadweep).
Note 2: Not Opting for QRMP Scheme- Due Date for filling GSTR - 3B with Annual Turnover up to 5 Crore in State 2 Group (Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi).
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👉🏻CBIC cautions against sharing Aadhaar, PAN details without valid reasons
(CBIC cautioned the public and said that the information could be misused by fraudsters for GST evasion)
👇🏻 👇🏻 👇🏻
https://bit.ly/3CcpqSM
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⏺️CBIC has enabled the facility to Taxpayers to check the eligibility of E-Invoice on GST Portal.
⏺️The CBIC had notified the reduction in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores with effect from April 1, 2022.
⏺️ ICAI clarified that CAs in Practice/Firms of CAs permitted to register on GeM Portal for rendering professional services https://www.icai.org/post/clarification-ca-in-practice-firms-of-ca-registering-gemportal
⏺️Employee PF/ESI contribution before ITR filing eligible for income tax deduction: ITAT
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Limited Liability Partnership (Second Amendment) Rules, 2022
https://www.mca.gov.in/bin/dms/getdocument?mds=iorXjBHYBr94XltGw2NNBA%253D%253D&type=open
Now, as part of MCA V3 initiative, LLP related compliances will have below major changes:
1. There can be 5 Desiganted partners (without having DIN) at the time of Incorporation. (Earlier 2 was allowed)
2. LLP Formation Process became web based Just like the SPICE Forms for Company formation. Further, now Latitude and longitude is compulsory to mention in Address block.
3. Directors Details can be fetched from Digi Locker Database.
4. PAN TAN of LLP will be available along with LLP Incorporation (Earlier same were to be applied saperately)
5. All Forms of LLP now became web based.
6. Each and every change in LLP Deed will have to be marked in Form 3 with precise information. (Earlier just deed was to be attached)
7. Form 8 (Statement of Solvency and Annual Return) to specifically include Contingent Liability reporting.
8. Web Based Form 9 Consent of Partners is available (earlier offline format was to be signed). Resultantly, all Designated Partners Digital Signatures will be required at the time of Incorporation of LLP, earlier only 1 DSC of any one DP was required.
9. Form 11, Penalties and Compunding of offences to report now.
10. Just like AOC-5 (In case of Companies), place of maintenance of Accounts, Form 12 in case of LLP, Place other than Registered office of LLP where service of notice can be made is notified.
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👉 CBIC notifies the Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2022/cs-nt2022/csnt11-2022.pdf
👉 Clarification with regard to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM (Government e- marketplace) Portal
https://www.icai.org/post/clarification-ca-in-practice-firms-of-ca-registering-gemportal
👉 Huge Cash Found During Tax Raids At Tamil Nadu Warehouse
https://www.ndtv.com/tamil-nadu-news/lok-sabha-election-huge-cash-found-from-dmks-duraimurugans-sons-associates-warehouse-2015946
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