Daily Archives: September 8, 2018

Pecuniary limit for filing an application in DRT increasesed to Rs 20 Lakh : Notification

By | September 8, 2018

The Central Govt. has raised the pecuniary limit from 10 lakh rupees to 20 lakh rupees for filing application for recovery of debts in the Debt Recovery Tribunals by banks and financial institution. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 6th September, 2018 S.O. 4312(E).—Whereas, sub-section (4) of section 1 of… Read More »

AO couldn’t change method of accounting which was adopted consistently : ITAT

By | September 8, 2018

ld. A.O was not justified in applying the percentage completion method on the assessee merely on the basis that it was followed by the developer JSM DPL and arbitrarily making addition to the income ignored the fact that project completion method/completed contract method of accounting has been consistently adopted by the assessee and even have… Read More »

ITC on Lease Hold Land Payment

By | September 8, 2018

ITC on Lease Hold Land Payment Q: Can we avail ITC on lease hold land payment made upront for 20 years, and to be capitalized in books. Author Opinion : Yes you can avail ITC on Lease Hold Land Payment  if it is in relation to business , even if it is capitalised . ‘The… Read More »

Category: GST

Release of Seized goods & vehicle on indemnity bond for value of tax only without penalty amount : ALLAHABAD HC

By | September 8, 2018

Since the petitioner is a registered company and the purchaser is a Government of India Enterprise, this Court finds it proper and appropriate to protect the interest of parties to pass the following orders:— 1. The goods are directed to be released on furnishing an indemnity bond to the extent of the value of tax… Read More »

No Advance Ruling can be given on admissibility of Cenvat credit as transitional credit under GST : Madhya Pradesh AAR

By | September 8, 2018

AUTHORITY FOR ADVANCE RULINGS, MADHYA PRADESH Sasan Power Ltd., In re RAJIV AGRAWAL AND MANOJ KUMAR CHOUBEY, MEMBER ADVANCE RULING NO. 1 OF 2018 JUNE  6, 2018 Gopal Mundra, Ravi Ghiyani and Mrs. Laxmi Vyas for the Applicant. ORDER   1. Brief facts of the case 1.1 M/s. Sasan Power Ltd., Sasan (hereinafter referred to as “the Applicant”), are engaged in the business of… Read More »

HDFC Bank Loan under Pradhan Mantri MUDRA Yojana (PMMY)

By | September 8, 2018

Pradhan Mantri MUDRA Yojana Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to Rs10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY and cater to specific stages of growth of a micro entrepreneur.… Read More »