Corporate and Professional updates 20th March 2018
Page Contents
Direct Tax:
- Delhi ITAT dismisses Revenue’s appeal and deletes addition u/s 68 on assessee-company during AY 2006-07, holds that the entire assessment proceedings are vitiated because of non-service of notice u/s 143(2) within the period of limitation by the AO having jurisdiction over the case of the assessee; [TS-120-ITAT-2018( DEL)]
- Mumbai ITAT allows deduction u/s. 37 for penalty paid by assessee-company (engaged in the business of property development) to Slum Rehabilitation Authority (SRA) during AY 2010-11, rules that penalty was paid for regularization of certain construction work within the permissible byelaws of concerned authority and not for infringement or violation of any law [TS-119-ITAT-2018-(Mum)]
- Pune ITAT quashes CIT’s order u/s. 263 denying deduction u/s 80IA(4) to assessee (a partnership firm having 3 corporate entities as its partners) for AY 2012-13, rejects Revenue’s stand that deduction u/s 80IA(4) is available only to a company or a consortium of companies and since the assessee is a partnership firm, it is not eligible for impugned deduction; [TS-118-ITAT-2018(PUN)]
- Benefit of Indexation of cost to be available where shares unlisted on 31.1.18 but are listed on date of transfer which happens on or after 1.4.18
Indirect Tax:
- 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)
GST updates
- E-way bill shall be required wef 01.04.2018 for inter-state supplies where value of consignment Excluding Exempted goods exceeding Rs. 50000.
- GST has set up camps across India for Exporters refund beginning March 15, CBEC Chairperson Vanaja Sarna said they has already given refunds to the tune of Rs 50 billion but as much as 70 per cent of total refunds to exporters is still stuck even after eight months of GST roll out.
- The government will not further extend the deadline for selling pre-GST stock with revised maximum retail price (MRP) stickers beyond this month, Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan has said.
More read:
- Key characteristics for Auto-population of e-invoice
- Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme
SEBI updates
- SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee. The move will help entities engaged in forex transactions to maintain their currency risks in a better manner.
Other updates
- A division bench of the Delhi High Court has admitted an appeal against the order of the Single bench in the CA Final Result mismatch case and asks ICAI to produce Documents.
Key Dates:
- GSTR return summary for February: 20.03.2018
- Payment of ESI of February: 21.03.2018.
- ITR Filling last date for Income Tax Returns (ITRs) for FY 2015-16 and FY 2016-17:-31-03-2018
Disclaimer:
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 https://carajput.com/blog/For any query you can write to singh@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 09811322785/4 9555 5555 480)