PROFESSIONAL UPDATE FOR THE DAY
- Allahabad High Court held that Gain on sale of Shares held for 16 years as investment cannot be treated as business income The Commissioner Of Income Tax Vs M/S Jindal Poly Films Ltd. (Allahabad High Court)
- Kolkata ITAT rules that remission of employee training expenses to Chinese parent by assessee (an Indian company engaged in construction of integrated steel plant) for payment to a Chinese training agency (i.e. third party) for AY 2010-11, not reimbursement [TS-190-ITAT-2017(Kol)]
- CBDT releases New Rules under Sec 115BA(4) & Form10-IB for Startups to Opt for Lower Tax Rate.
- IT: Non deduction of TDS – the word payable u/s 40(a)(ia) also covers the cases where the amount is actually paid during the year – Palam Gas Service Vs CIT (2017 (5) TMI 242 – Supreme Court).
- CBDT releases Draft Rules for Valuation of Unquoted Equity Shares
Delhi High Court held that Practice of taking “undated cheques” by excise department is illegal Digipro Import & Export Pvt. Ltd Vs Union of India & Ors. (Delhi High Court)
FAQ on GST
Query: A person has a balance of Rs 1 lakh in his electronic credit ledger as on 1st December but on 2nd Dec, the goods subsequently become exempt from the levy of tax. What would be the treatment of balance Input Tax Credit lying in his electronic ledger?
Answer: Once the goods or services or both supplied by a registered person become wholly exempt under the law, then the person would be required to pay, by debiting to electronic cash ledger or electronic credit ledger, an amount equivalent to the credit of input tax credit in respect of
- Inputs held in stock, and
- Inputs contained in semi-finished or finished goods held in stock, and
- Capital goods
on the day immediately preceding to the date of such exemption of goods or services or both. After payment of amount by way of debit to the electronic cash ledger or credit ledger, balance of input tax credit, if any, lying in his electronic credit ledger shall lapse.
- Bogus share capital: AO must scrutinize documents produced by assessee, addition cannot be done merely on report of investigation wing -Pr. Commissioner of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)
- Tax on financial services transactions will rise from the current 15% to 18% as the goods and services tax (GST) kicks in on 1 July, making them marginally costlier.
- Arbitrator cannot Lift Corporate Veil: Case Name: Sudhir Gopi Vs Indira Gandhi National Open University and ANR. (Delhi High Court).
- MCA has notified Exit Scheme for LLP. The Central Government has amended the Rules by notified the Limited Liability Partnership (Amendment) Rules, 2017, which shall come into force with effect from 20th May, 2017.
- WTO has called a review meeting to promote connectivity through digital trade in developing countries amid strong opposition by India owing to apprehensions among experts that this may be a back door attempt to push e-commerce.
- of India has notified the Companies (Transfer of Proceedings) Rules, 2016. Through these rules all matters relating to winding up and amalgamation has been transferred from High Courts to NCLT.
- Issue of DVAT certificates for deduction made in April:22/ 05/2017
- Advance Information for 1stfortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017
- Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017
Quote of the Day:
“Even if you’re on the right track, you’ll get run over if you just sit there.”
“Challenges are what make life interesting And overcoming them is what makes life meaningful”.”
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