Daily Archives: February 17, 2019

Draft Employees State Insurance (Central) (Amendment) Rules 2019.

By | February 17, 2019

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 15th February, 2019 G.S.R. 121(E).—The following draft of certain rules further to amend the Employees’ State Insurance (Central) Rules, 1950 which the Central Government, after consultation with the Employees’ State Insurance Corporation, proposes to make in exercise of the powers conferred by Section 95 of the… Read More »

One bogus donation could establish that activities of trust are not genuine : SC

By | February 17, 2019

SUPREME COURT OF INDIA Commissioner of Income-tax v. Jagannath Gupta Family Trust R. BANUMATHI AND R. SUBHASH REDDY, JJ. CIVIL APPEAL NO. 1381 OF 2019 FEBRUARY  1, 2019 JUDGMENT R. Subhash Reddv, J. – Leave granted. 2. This civil appeal is filed by the appellant, i.e., the Commissioner of Income tax (Exemptions), Kolkata, aggrieved by the Order dated 18.09.2017… Read More »

Money Forfeited on Surrender of Industrial Plot being Capital Asset not allowed as Income Tax deduction : HC

By | February 17, 2019

loss incurred was in the transaction relating to and for acquisition of a capital asset. For some reason, the attempt made by the appellant-assessee to acquire land/plot as a capital asset did not fructify. Hence, the appellant-assessee had asked for refund of the amount, which was paid for acquisition of the capital asset. Forfeiture or… Read More »

Prosecution justified under Black Money Act on failure to disclose foreign bank accounts :HC

By | February 17, 2019

HIGH COURT OF CALCUTTA Shrivardhan Mohta v. Union of India DEBANGSU BASAK, J. W.P. NO. 568 OF 2018 FEBRUARY  14, 2019 Mrs. Manju Agarwal and Bajrang Manot, Advs. for the Petitioner. Kaushik Chanda, Ld. A.S.G. D.K. Bhowmick, Mrs. Debjani Ray, Ms. Nabonita Karmakar and Yogesh Bhatt, Advs. for the Respondent. ORDER 1. The petitioner has sought a declaration that, the provisions of Black Money (Undisclosed Foreign Income and… Read More »

Power Bank Classified as Accumulator and not Static Converter under GST : AAR

By | February 17, 2019

Whether the “Power Bank”, traded by the Applicant, is classifiable under Heading 8504 40 90 as ‘Static Converter – Others’ ? AUTHORITY FOR ADVANCE RULINGS, KARNATAKA Xiaomi Technology india (P.) Ltd., In re HARISH DHARNIA AND DR. RAVI PRASAD M.P., MEMBER ADVANCE RULING NO. KAR/ADRG 01/2019 JANUARY  22, 2019  Shivarajan K., CA for the Applicant. Download Ruling Click here

No GST Exemption to security and scavenging services to Govt : AAR

By | February 17, 2019

Whether security and scavenging services to the Govt is exempt under SL No. 3 or 3A of Notification No. 12/2017-CT(Rate) dated 28/06/2017, as amended from time to time Held Benefit of exemption from the payment of GST is not available to the Applicant under Notification No 12/2017-CT(Rate) dated 28.06.2017 and WB Govt Gazette Notification-1136-FT dated… Read More »

ICAI Withdraw Clarification on Applicability of Auditor Rotation principle

By | February 17, 2019

Withdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.-(15-02-2019) ANNOUNCEMENT Withdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a company as per… Read More »

ICAI not competent to clarify on applicability of auditors rotation – MCA

By | February 17, 2019

F. No. 01/33/2013-CL.V (Pt.)Government of IndiaMinistry of Corporate Affairs 5th Floor, A Wing, Shastri Bhawan,Dr. Rajendra Prasad Road, New Delhi- 110001 Dated:- 15th February, 2019 To, The President,Institute of Chartered Accountants of India, ICAI Bhawan,Post Box No. 7112, Indraprastha Marg, New Delhi-110002. Sub:- ICAI’s announcement regarding clarification on Applicability of Rotation principles on a company as per… Read More »