- ITAT Delhi held that Section 54/54F flat booked with builder can be considered as construction of flat. ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi)
- Kolkata ITAT deletes penalty levied u/s 271E (for violating conditions u/s 269T by repaying loan other than through banking channels) for conversion of loan into equity by assessee-company during AY 2008-09; Holds that squaring-off loan by way of allotment of equity shares is a usual business practice and a part of routine corporate debt restructuring exercise and hence cannot be held as violation of provisions of Sec. 269T ; [TS-105-ITAT-2018(Kol)]
- Income tax sec 32(2) had to be construed in its own term and not so as to restrict the benefit or advantage, it is sought to confirm; assessee was entitled to carry forward unabsorbed depreciation of earlier. (Favour of Assessee) CIT vs. Britis Motor Car Co. Ltd. (High Court- Delhi)
- Supreme court of India held that sales tax on LPG cylinders payable on price finalized by MoP & NG. Ms Universal Cylinders Limited Vs The Commercial Taxes Officer (Supreme Court of India)
- GST Council was told that there is a major variance between the amount of integrated GST and compensation cess paid by importers at custom ports and input tax credit of the same claimed in GSTR-3B, the summary form for input-output.
- GSTN portal recently clarified the liability to pay the late fee for filing GSTR-3B with delay. The taxpayer has to pay all liability along with late fees and interest to file Form GSTR 3B due to the system error.
- Decisions GST Council Meeting Mar 10. GSTR-1 & 3B till Jun. Inter-state e-way bill wef Apr 1 & intra-state by Jun 1. TDS/TCS & RCM NA till Jun 30.
Read more about: What is core Business Activity GST
Read more about: All about GST Offenses, Penalties, and Appeals
- Parliamentary panel has asked the government to define “Shell Company” in the Companies Act and ensure distinction between those guilty of fraud and those irregular with filings.
- ICAI issued advisory to the members came after it received information from the RBI that there have been “certain issues between the banks’ joint auditors and the banks’ management regarding the allocation of work among the joint auditors
FAQ on Condonation of Delay Scheme (CODS):
- Query: Can Companies who have filed application for revival of Company under section 252 apply for CODS 2018?
- Answer: Para 4(v) of the Scheme allows such companies which have filed application u/s 252 to avail benefits of this Scheme subject to NCLT’s order for revival of such companies.
- Payment of annual membership and COP fees for the year 2017-18: 15-03-2018
- PF & ESI Payment for the month of Feb 2018-:15-03-2018
- GSTR-3B for the Month of February 2018: 20-03-2018
- due date for linking of Aadhaar number with PAN, mobile, insurance policy, bank accounts etc:-31-03-2018
- ITR Filling last date for Income Tax Returns (ITRs) for FY 2015-16 and FY 2016-17:-31-03-2018
- Condonation of Delay Scheme 2018 which allows defaulting companies to file its overdue documents which were due for filing.:-31-03-2018
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