Daily Archives: October 3, 2018

National Financial Reporting Authority constituted from 01.10.18 under Companies Act 2013

By | October 3, 2018

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st October, 2018 S.O. 5098(E).—In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st October, 2018 as the date on which the provisions of sub-sections (1) and (12) of Section… Read More »

MSP enhanced for Rabi Crops of 2018-19 by Govt of India

By | October 3, 2018

Ministry of Agriculture & Farmers Welfare Cabinet approves enhanced Minimum Support Prices (MSP) for Rabi Crops of 2018-19 Season to be marketed in 2019-20 Season. Posted On: 03 OCT 2018 Giving a boost to farmers’ income, the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved the increase in… Read More »

Liberalisation of External Commercial Borrowings (ECB) Policy by RBI

By | October 3, 2018

RBI/2018-2019/54 A.P. (DIR Series) Circular No.10 October 3, 2018 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – Liberalisation Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.4.5, 2.4.6 and 2.5 of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and… Read More »

Category: RBI

Occasion not necessary to receive gifts , Sec 68 addition deleted by ITAT

By | October 3, 2018

  sub-sections 56(2)(v), 56(2)(vi) & 56(2)(vii) shall not be applicable if any sum is received from any relative ( as defined in explanation (e) to section 56). There is no mention about the occasion to be a necessary condition for receiving any sum from any relative. In the instant case, the alleged gifts of Rs.50,000/-,… Read More »

GST (Compensation to States) Act 2017 is constitutionally valid : Supreme Court Judgment

By | October 3, 2018

The Compensation to States Act, 2017 does not violate Constitution (One Hundred and First Amendment) Act, 2016 nor is against the objective of Constitution (One Hundred and First Amendment) Act, 2016. Parliament has full legislative competence to enact the Act and the Act having been enacted to implement the Constitution (One Hundred and First Amendment)… Read More »

ICAI GST E-Newsletter August 2018 edition

By | October 3, 2018

ICAI GST E-Newsletter August 2018 edition Indirect Tax Committee of ICAI relased GST E-Newsletter August 2018 edition E-Newsletter on GST- August, 2018 edition Click here  Contents are 1. GST updates Articles 1. The Taxable Event in GST – “Supply” 13-15 2. Offences and Penalty Provisions  under GST 16-19 3. GST fermenting grounds for litigation? Forth Coming… Read More »

Category: GST

Sec. 89 Income Tax relief allowed for arrears of perquisites : ITAT

By | October 3, 2018

IN THE ITAT AGRA BENCH (SMC) Rajesh Kumar v. ACIT 1(1)(1), Agra A.D. JAIN, JUDICIAL MEMBER IT APPEAL NO. 198 (AGRA) OF 2018 [ASSESSMENT YEAR 2014-15] JULY  16, 2018 Ajay Kumar Sharma, AR for the Appellant. Waseem Arshad, Sr. DR for the Respondent. ORDER   1. This is assessee’s appeal for A.Y. 2014-15 against the CIT (A)’s action of… Read More »

GST confiscation proceedings valid if notice issued to driver of vehicle : HC

By | October 3, 2018

HIGH COURT OF CALCUTTA Jaspal Singh v. Assistant Commissioner of State Tax, Kharagpur DEBANGSU BASAK, J. W.P. NO. 15026 (W) OF 2018 AUGUST  16, 2018 Anil Dugar Ms. Rajarshi Chatterjee, Tapan Bhanja , Abhratosh Majumder, P. Dudhoria and A. Mazumder for the Appearing Parties. JUDGMENT 1. A notice dated May 15, 2018 passed by the Assistant Commissioner of Sales Tax, Kharagpur Range is under challenge… Read More »

No GST on license Fee for sale of liquor for human consumption : HC

By | October 3, 2018

HIGH COURT OF PUNJAB AND HARYANA Divya Singla v. Union of India RAJESH BINDAL AND AMIT RAWAL, JJ. CWP NO. 12390 OF 2017 (O&M) AUGUST  27, 2018 Deepak Gupta, Adv. for the Petitioner. Anshuman Chopra, Adv. for the Respondent. ORDER Rajesh Bindal, J. – The petitioners approached this Court seeking quashing of notice dated 15.05.2017 whereby the respondent asked the petitioner… Read More »