Corporate & Professional Updates 22nd March 2018

Direct Tax:

• Gujarat HC dismisses assessee’s writ, upholds reassessment initiated (beyond 4 years period) on the basis of information received from Investigation Wing of the Department for AY 2010-2011; [TS-123-HC-2018(GUJ)]
• 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 deletes  notional income addition  u/s. 23  towards annual letting value of unsold flats of Runwal builders (‘assessee’) during AY 2012-13; ITAT observes that flats sold by assessee were assessed under the head ‘income from business’ and the unsold flats were treated as its stock-in-trade, therefore holds that AO was incorrect in taxing notional value of unsold flats under the head ‘income from house property’; [TS-124-ITAT-2018( Mum)]

Indirect Tax:

• CBEC issues advisory to field formations upon noticing IGST refunds being held up on exports from Inland Container Depots (ICDs) either due to non-filing of Export General Manifest (EGM) at gateway port or information mismatch between local and gateway EGMs;
• CBEC to verify 50,000 Transitional Credit Claims. In a bid to tackle fraudulent transitional credit claims by the taxpayers in their TRAN-1 return.
• CBEC has issued circular regarding refund of IGST on export- EGM Error related cases. Vide Circular No. 06/2018, dated 16th March 2018.
• Kerala High Court quashed order of CESTAT since it failed to decide the issue that SCN is barred by time specifically raised by the party and directed to issue afresh. Excell Corrogogated Boxes P Ltd. Vs CCE 2018 (359) 639 Kerala.

GST updates

• E-way bill shall be required w.e.f 1.4.2018 for inter-state supplies where value of consignment excluding Exempted goods, exceeds Rs. 50000.
• GST Council has decided to extend GSTR-3B return filling up to 30.06.2018

More read:

• Key characteristics for Auto-population of e-invoice
• Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme

MCA updates

• The Bombay High Court has directed the Tribunal  to decide the specific issues raised in the rectification application wherein  it was pleaded  that tribunal has not considered vital issues  in the final  order. National Torches and Tubes Vs CCE 2018 (359)669.

SEBI updates

• SEBI has passed an order providing exit to the Universal Commodity Exchange Limited (UCX)vide its Circular dated January 11, 2016, had issued guidelines for the exit of Commodity Derivatives Exchanges.

Key dates

• 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