- 153A proceedings not restricted to those materials which were already available with dept. before search -Where pursuant to search and enquiry unaccounted consideration from purchaser had been unearthed, it could not be said that other material already available with Department had been relied upon in proceedings.Kerala HC- DR. A. V. Sreekumar v. CIT
- No reassessment merely to investigate into accommodation entries without holding prima facie belief of escaped income- Reopening was not permissible merely to investigate facts (information about accommodation entry transactions availed by assessee) without holding prima facie belief based on relevant material towards escapement of income.ITAT Ahmdbd- Mrs. Sejal J. Panchal v. Income-tax Officer.
- Mumbai ITAT allows set off of brought forward house property losses of AY 2009-10 and 2010-11 against income of relevant AY 2012-13 to assessee, holds Sec. 79 provisions inapplicable observing that 2 individual shareholders who became direct shareholders of assessee in AY 2012-13 (50% each) also beneficially held more than 51% of voting power through intermediate companies as at the end of previous year relevant to AY 2009-10 and 2010-11;[TS-82-ITAT-2018(Mum)]
- ITAT Jaipur held that exemption u/s 54F cannot be denied merely for property purchase in wife name. Shri Vivek Jain Vs. DCIT (ITAT Jaipur)
- CBDT set higher target for zones which are performing well. It said we are looking at better advance tax collection for January-March quarter. We will be able to achieve the landmark Rs 10 lakh crore targets.
- CESTAT Delhi held that without marketability excise duty not leviable on semi- finished Granules, Extracts and oils. M/s The Himalaya Drug Co. Vs. CCE (CESTAT Delhi)
- CBEC has introduced an alternative mechanism enabling the exporters to rectify the mistakes in cases where IGST refund is stuck due to invoice mismatch.
- Online filing enabled at GST Portal, of Letter of Undertaking (LUT) GST RFD-11, to be filed in case of Exports without GST.
- CBEC has sanctioned Rs 4,000 cr worth refunds to exporters since October. Still 10,000 crore worth claims are stuck due to discrepancies in the information furnished by exporters to GST Network (GSTN) in filing GSTR 1 or Table 6A or GSTR 3B and shipping bill filed with Customs.
- issues directions on non-utilization of disputed credit & non-transition of blocked credit- Circular No. 33/07/2018-GST, 23rd Feb., 2018.
- GST/Excise:Government has directed jurisdictional deputy commissioner to release security lying in form of bank fixed deposits proportionately as per the proportionate mega certificate issued by Ministry of Power for excise duty exemption. Circular No. 1064/03/2018-CX
- MCA specified that Chapter IX, Section 129 of Companies Act, 2013 Shall not apply to the companies engaged in defense production to the extent of application of relevant Accounting Standard on segment reporting. Dated 23rdFebruary 2018.
- The Insolvency and Bankruptcy Board of India has issued a circular to designate the website ibbi.gov.inand details of the manner of publishing such Forms on the designated website.
FAQ on Condonation of Delay Scheme (CODS):
- Query:Defaulting companies and their disqualified directors who have not filed application before NCLT for revival, What is the remedy available?
- Answer: such companies and disqualified directors shall not be eligible to avail benefits under this Scheme as the Scheme clearly lays down that only companies whose application of revival has been filed before NCLT u/s 252 can avail benefits of this Scheme, subject to favourable order from NCLT for revival. Hence, in order to avail benefit under this Scheme, first application has to be made to NCLT u/s 252 and favorable order for revival is also to be obtained during the validity of the Scheme and thereafter overdue documents to be filed within the prescribed time limit under the Scheme.
- EPFO raises minimum life insurance for EPF-covered employees to Rs 2.5 lakh w.e.f. Feb 15, 2018. EFPO Notification dated 15.02.2018.
- Commerce and industry ministry has appointed four institutes, including IIFT and ICAI, to interact with stakeholders and suggest measures to push India’s ranking in World Bank’s ease of doing business index.
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