- Reopening of assessment – If the Assessing Officer is prevented from carrying out assessment, the serious question of such assessment getting time barred by the time the petitioner’s litigation before the Civil Court achieves finality – Gujarat High Courtin case of [Abha Vinaykumar Jain Vs. ITOWard 4 (1) (4))
- Assessment in the hands of representative assessee – The ITAT made a clear mistake in believing that since it was held in an earlier proceeding that the income in question arose in India, a representative assessee could not be liable because it was only liable according to it in respect of the income which was deemed to have arisen in India – Calcutta High Courtin case of [Director Of Income Tax (International Taxation) Vs. Board Of Control For Cricket In Sri Lanka And Ors. Through Pilcom)
- Reopening of assessment u/s 147 – bogus purchases – to what exact income had escaped assessment may be open for argument, nevertheless, would not be a ground to quash the notice of reopening – Gujarat High Courtin case of [Lalitkumar Babubhai Patel Vs.. DY. CIT, Circle 4 (2) Or His Successor )
- Denial of deduction/exemption under section 54EC – advance received in specified assets before the date of transfer of asset – the Board have decided that if the assessee invests the earnest money or the advance received in specified assets before the date of transfer of asset, the amount so invested will qualify for exemption under section 54E – ITAT Ahmedabadin case of [Rahul G. Patel Vs. DCIT, CIR. 1 (2) , Baroda)
- CBDT notifies Ex-Servicemen Contributory Health Scheme for purpose of section 80D of the Income Tax Act, 1961 vide notification number 50/2018 dated 26th September, 2018
- Penalty under section 271B justified on Assessee who was Partner in M/s. Price Waterhouse which is a partnership firm for his Failure to get his accounts audited as his remuneration was exceeding the limit specified U/s. 44AB.Sagar Dutta Vs DCIT (ITAT Kolkata)
- Gujarat High Court directs CBDT to respond on Tax Audit Due date Extension filed by All Gujarat Federation of Tax Consultants Versus Union of India (Gujarat High Court)
- ITAT Kolkata held that partner to get his A/Cs audited if his remuneration from firm exceed audit limit. Sagar Dutta Vs DCIT (ITAT Kolkata)
- ITAT Delhi held that reassessment on mere audit objections without any tangible material is invalid.Siddhi VinayakAeromatics (P) Ltd. Vs ACIT (ITAT Delhi)
- Internal Auditor cannot undertake GST Audit simultaneously : ICAI in an announcement dated 28th September 2018 has clarified that Internal Auditor cannot undertake Goods and Service Tax (GST) Audit simultaneously.
- Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved increasing of Government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with transitional plan.
FAQ on GST Audit:
- Query:Is summary assessment order to be necessarily passed against the taxable person?
- Answer: In certain cases, like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (proviso to Section 64 of CGST/SGST Act).
- The Reserve Bank of India (RBI) has imposed, by an order dated September 25, 2018, a monetary penalty of Rs 50 million on KarurVysya Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on need for discipline at the time of opening of current accounts. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
- The Securities and Exchange Board of India (Sebi) has sent letters to mutual funds seeking details about their exposure to all NBFCs and housing finance companies, regulatory and industry sources said.
- Finance Minister launched a transformative initiative in MSME credit space. The webportal psbloansin59minutes.comwill enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs).
KEY DUE DATES
- GSTR-3B (SEP 2018)-OCT 20th, 2018
- GSTR-5 (SEP 2018)-OCT 20th, 2018
- GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018
- GSTR-5A (SEP 2018)-OCT 20th, 2018
- Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT 31ST, 2018.
- Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(SEP 2018)-OCT 31ST 2018
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