CORPORATE AND PROFESSIONAL UPDATES 26TH FEB 2018

Direct Tax:

Gujarat HC upholds ITAT order, confirms unexplained cash credit addition u/s 68 in case of assessee (an individual), with respect to receipt of unsecured loan despite confirmation from lender;  [TS-71-HC-2018(GUJ)]

Pune ITAT deletes Sec. 40(a)(i) disallowance for non-deduction of TDS u/s. 195 on payment of lease line charges by assessee (an Indian company) to its US parent, holds payment was not royalty under India-USA DTAA; [TS-70-ITAT-2018(PUN)]

Indirect Tax:

CBEC has issued directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases-reg. Vide Circular  No. 33/07/2018-GST, dated 23rd February 2018.

Read more about: What is core Business Activity GST

Read more about: Important decisions made at the  43^rd GST Council  meeting

FAQ on Condonation of Delay Scheme (CODS):

Query:   Which companies cannot file overdue documents under CODS, 2018?

Answer:   Companies which have been struck off by ROCs or whose name have been removed from the Register of Companies u/s 248(5) of the Companies Act, 2013 by the ROCs shall not be eligible to file documents under this Scheme. Such companies can however, make application to NCLT for revival and upon successful order for revival avail benefits of this Scheme during the period of its validity only.

RBI Update:

The Reserve Bank of India (RBI) today launched the Ombudsman Scheme for Non-Banking Financial Companies (NBFC) vide Notification dated February 23,2018  for redressal of complaints against NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934. Dated 23^rd February 2018.

 Quotes of the day

“There are two primary choices in life; to accept conditions as they exist, or to accept the responsibility for changing them.”