corporate and professional updates 14th April 2018

corporate and professional updates 14th April 2018

Direct Tax:

• Delhi High Court held that Reopening after 4 years with approval of DIT instead of JCIT is invalidYum! 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 operating losses considering functional similarity and profits at GP-level [TS-188-ITAT-2018(Kol )-TP]
• Delhi ITAT held that the AO cannot pass the assessment order under Section 143(3) of the Income Tax Act against a struck off company. M/s. Anujay Hycare vs. ITO.
• CBDT notifies Income Tax Return Forms for Assessment Year 2018-19

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)

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.

MCA updates

• Amendment in table F & H of schedule I of Companies Act, 2013, in context of MOA and AOA. MCA Notification dated 10.04.2018.
• MCA  has issued a notification to amend the Schedule I of Companies Act, 2013. every certificate as may be issued by the Company, shall specify the shares to which it relates and the amount paid-up thereon and shall be signed by two directors or by a director and the company secretary.

Rbi updates

• RBI has ruled out any relaxation in bad loan rules, saying the tough norms will discipline borrowers and prevent banks from pushing distressed loans under the carpet.

SEBI updates

• SEBI  is planning to tighten rules governing the appointment process for top executives at market infrastructure institutions (MIIs) such as exchanges, clearing corporations and depositories.

Other updates

• Govt and the Unique Identification Authority of India (UIDAI) on Wednesday told the Supreme Court that no Aadhaar card has been duplicated.

Key Dates:

• Due date for payment of PF for the month of March: 15.04.2018
• Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018

• Read more about: What is core Business Activity GST

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