corporate and professional updates 23rd may 2018

Image result for corporate and professional updatesDirect Tax:

  • ITAT Delhi held that addition cannot be made for mere non- production of Directors and non- furnishing of their residential address. M/s Om Shubham Investment & Finance Pvt. Ltd. Vs. ITO (ITAT Delhi)
  • ITAT Delhi held that Depreciation on brand value allowed taking it as intangible assets. DCIT Vs. Kuantum Papers Ltd. (ITAT Delhi)
  • Pune ITAT rejects Revenue’s plea for AY 2009-10 that deduction with respect to Research & Development (R&D) expenditure u/s 35(2AB) is restricted only to the extent of approval granted by Department of Industrial and Scientific Research (DSIR) in form No.3CL;
  • Due date for Quarterly statement of TDS deposited for the quarter ending March 31, 2018 is May 31, 2018
  • ITAT Kolkata decided that Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm- In ITO vs. M/s. Dayamayee Marble & Granite.
  • The Income Tax Department has enabled ITR-3 which is applicable for individual and HUF who have income from profits and gains from business or profession. A total of four ITR Forms including ITR-1, 2, 3 and 4 has been launched by the department so far
  • Income Tax Department Cautions TDS Deductors against Quarterly Filing Default failing which, would invite a penalty of Rs 200 for each day of default

Indirect tax

  • Official portal of GST Dept, GSTN has added Two New Features including Additional details are now available in Form GSTR-2A and Auto drafted Form GSTR-4A
  • The Maharashtra Authority for Advance Ruling (AAR) held that Liquidated Damages are Classifiable as ‘Other Services’ and is taxable at the rate of 18% GST


  • Query:How can the taxpayer use the Android App to generate the e-way bill?
  • Answer:The taxpayer has to register the EMEI numbers of the mobiles through which he wants to generate the e-way bill on the e-way bill system. Please see the user manual for Mobile App based e-way bill generation, on the portal.

 Other updates

  • DGFT has extended the last date for mandatory digital payment through e-MPS.A facility for digital payment for miscellaneous applications (e-MPS) was launched recently and was made mandatory w.e.f 01-05-2018.
  • PNB scam: ED issues summons to Nirav Modi’s father Deepak Modi, Sister Purvi Mehta and her husband Mayank Mehta
  • PNB case: Enforcement Directorate seizes Rs 85-Crore Worth Jewellery of Choksi’s firm brought from Dubai
  • Supreme Court of India has decided to Hear All Matters Relating to the RBI Directive Stopping Banks from Dealing with Virtual Currencies
  • Bank fraud: ED attaches Rs 184.68-cr worth assets of Rajasthan -based Chartered Accountant (CA) Bharat Bomb and others in connection with its probe into an alleged Bank Fraud worth over Rs 1,000 Crore
  • Barely two months after it registered a case against Hyderabad-based Totem Infrastructure Limited for allegedly duping Union Bank of India of Rs 313.84 Crores, CBI filed a charge sheet against three accused., M/s Totem Infrastructure Limited, Hyderabad, its Promoter and Director

Key Date:

  • Return of TDS/TCS collected in March: 31.05.2018
  • Due date for filling of GSTR-6- 31 . may . 2018
  • Due date for filling GST TRAN-2- 30.06.2018


The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at any query you can write to Hope the information will assist you in your Professional endeavors. For query or help, contact: or call at 09811322785/4 9555 5555 480)


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Legal Disclaimer:
This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

© 2016 Rajput Jain & associates. All rights reserved.


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