CORPORATE AND PROFESSIONAL UPDATES 13TH APRIL 2018
Page Contents
Direct Tax:
- Delhi High Court held that Reopening after 4 years with approval of DIT instead of JCIT is invalid Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT & Ors. (Delhi High Court)
- HC: Dismisses Revenue’s appeal; Confirms location savings, human & supply-chain intangibles TP-adjustment deletion[TS-230-HC-2018(DEL)-T P]
- ITAT: Can’t exclude companies with opera
- ting losses considering functional similarity and profits at GP-level [TS-188-ITAT-2018(Kol )-TP]
- Madras HC refuses to lift attachment on immovable property purchased by petitioner from a tax defaulter, noting that demand notice under Rule 2 of second schedule (as mandated u/s. 281) was served upon tax defaulter prior to the execution of the sale transaction, remarks that “The moment such a notice was served …, by virtue of Rule 16(1) of the second schedule, he became incompetent to deal with the property.”[TS-166-HC-2018(MAD) ]
- CBDT gives Clarification regarding applicability of standard deduction to pension received from former employer
- Shares of unquoted shares to be taxed at (deemed) fair value
Indirect Tax:
- CESTAT Delhi held the finished products which are different types of food preparations and are new marketable products and are liable to excise duty subject to due classification as available in the Central Excise Tariff.M/s Bharat Hotel Limited Vs CCE (CESTAT Delhi)
- Central Board of Indirect Taxes and Customs gives Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports – Reg.
FAQ on E-WAY BILLS:
- Query: In case the consignor or consignee is not having, what is to be entered in GSTIN column?
- Answer: If the consignor or consignee is unregistered taxpayer and not having GSTIN, then the user can enter URP (Unregistered Person) in the corresponding GSTIN column.
More read : all you know about documents required under the gst refund system
More read: Situation in which lead to claim GST refund
MCA Updates
- Directors disqualification is being removed by filing writ petition in the High court. Last date to approach High court isApril 30, 2018.
- Extension to 30.04.2018 of last date to file AOC-4 XBRL e-Forms using Ind AS. MCA General Circular No. 01/2018.
RBI updates
- RBI increased the bond investment limit for foreign portfolio investors (FPI) by 0.5 per cent to 5.5 per cent of outstanding stock of securities in 2018-19 and 6 per cent of outstanding stock of securities in 2019-20.