Daily Archives: November 22, 2016

Switching over from cash to mercantile system is not permissible in middle of FY : HC

By | November 22, 2016

Question  whether the Income Tax Officer was justified in refusing to permit the assessees switching over from the cash to the mercantile system during the midst of the financial year ? Held A switch over in the midst of an accounting year, especially in such cases, could lead to skewed results. An assessee could then… Read More »

GST Bill proposes new anti-profiteering measure

By | November 22, 2016

The revised Goods and Services Tax (GST) Bill draft has proposed a new anti-profiteering measure under the new tax regime and the Centre may constitute an authority to oversee the benefits being passed on. Quoting sources, Sapna Das of CNBC-TV18 reports that the proposed authority may also prescribe penalty against profiteering. Subsidies provided by Centre… Read More »

Category: GST

CBDT amends Rules relating to business connection of offshore funds

By | November 22, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st November, 2016 INCOME-TAX S.O. 3498(E).—In exercise of the powers conferred by section 295 read with section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More »

PM Modi Invited Views of People of India on Demonetization Decision through Survey

By | November 22, 2016

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000 The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. People can submit their views through a… Read More »

Attachment order vacated if property not sold in 3 years : Karnataka HC

By | November 22, 2016

HIGH COURT OF KARNATAKA K. Venkatesh Dutt v. Tax Recovery Officer, Range-7, Bengaluru L. NARAYANA SWAMY, J. WRIT PETITION NO. 49185 OF 2016 (T-IT) SEPTEMBER  16, 2016 Vani H., Advocate for the Petitioner. K.V. Aravind, ASG for the Respondent. ORDER 1. Earlier, the Revenue approached this Court in ITRC Nos.101 to 103 and 119 of… Read More »

No Tax on Transfer of Asset by Firm without consideration & Without ” dissolution ” “

By | November 22, 2016

Facts of the case The assessee, a partnership firm .The assessee is engaged in the business of manufacturing and trading of ‘pesticides’ and assessee holds shares of United Phosphorus Ltd (UPL) (19,20,160 shares) and shares of United Enterprises Ltd (UEL) (1,92,016 shares). .The assessee transferred the said shares to M/s. Nerka Chemicals Private Limited (NCPL)… Read More »

No penalty on possession of high denomination notes if period to encash expired

By | November 22, 2016

Facts of the case The Income-tax Officer for the assessment year, namely, 1978-79 had levied a penalty of Rs. 95,000 after completion of the assessment proceedings for the relevant assessment year by invoking the provisions under section 271(1)(c) of the Income-tax Act, 1961 (‘Act’ for short), on the ground, that though the assessee is the… Read More »

DVAT return 2nd quarter 2016-17 -Due date extended

By | November 22, 2016

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/932-37 Dated: 21-11-2016 CIRCULAR NO. 19 of 2016-17 Sub: Filing of online return for second quarter of 2016-17 – extension of period thereof. In partial modification to this department’s Circular No.18 of 2016-17 on the… Read More »

Tender Invited from CA for Internal Audit for F.Y 2016-17 to 2018-19 of Haryana Power Generation Corporation Ltd

By | November 22, 2016

HARYANA POWER GENERATION CORPORATION LIMITED (A Govt. of Haryana Undertaking) NOTICE INVITING TENDER FOR SHORTLISTING AND ENGAGEMENT OF FIRMS OF CHARTERED ACCOUNTANTS/ COST ACCOUNTANTS FOR CONDUCTING INTERNAL AUDIT IN HARYANA POWER GENERATION CORPORATION LTD , FOR THE FINANCIAL YEARS 2016-17, 20017-18 AND 2018-19 No. COA/IA/NIT/16-17/1    Dated 27.10.2016 NOTICE INVITING TENDER Haryana Power Generation Corporation… Read More »