MoC

Indian steel cos to forge pacts with global firms to expand
Leading domestic steel producing companies, including SAIL, JSPL and Mecon Ltd, are set to sign more than 20 MoUs with top global companies this week for producing capital goods. This could lead to
 22-Oct-2018  

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 GST

Food expenses recovered from employees for canteen services will attract GST, rules AAAR
Recovery of food expenses from employees for the canteen service provided by the company will attract Goods and Services Tax (GST), according to the Appellate Authority for Advance Ruling (AAAR).
 22-Oct-2018  

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 IBBI

Panel recommends UNCITRAL Model Law for Cross Border Insolvency issues
India should adopt the UNCITRAL Model Law of Cross Border Insolvency, 1997 for its cross border insolvency framework, a Government-appointed Panel has recommended.
 22-Oct-2018  

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 IBBI

IBBI comes down on errant IPs
The IBBI’s Disciplinary Committee (DC) has been busy streamlining the code of conduct and the ethical standards of insolvency professionals over the past year.
 22-Oct-2018  

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 Direct Tax

Number of taxpayers disclosing income over Rs. 1 cr rises 60% in 3 years: CBDT
Less than 100 tax payers — all companies — made for more than one fifth of the income tax paid during the assessment year 2017-18 i.e. fiscal year 2016-17. Meanwhile, the number of crorepati assessees
 22-Oct-2018  

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 GST

Set up advance ruling appellate authority: GST Council to Delhi, 6 others
The GST Council Secretariat has asked six states, including Delhi, Madhya Pradesh and Punjab, and the Union Territory of Puducherry, to expeditiously set up appellate authorities to enable aggrieved e
 21-Oct-2018  

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 Direct Tax

Taxpayers can be prosecuted for non-filing of returns even if eligible for a refund: Delhi HC
Tax assessees beware! The Delhi High Court has ruled that non-filing of income tax returns can lead to prosecution even if the taxpayer was entitled for a refund had he filed a return.
 21-Oct-2018  

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 RBI

Rising oil prices, weak rupee prompted MPC members to maintain status quo
A majority of the monetary policy committee (MPC) members wanted the cumulative 50 basis points increase in repo rate in June and August to work its way through the economy and, hence, voted to
 21-Oct-2018  

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Naresh Gyanwani, S/o Jiyaram Gyanwani v. UOI & Three Ors.

  Article 226 of the Constitution of India   Service Tax

Writ petition --Seeking clarification regarding rate of GST on confectionary items…

Regency Mahavir Properties v. ACIT

  Section 153A   Direct Taxes

Where valid search was not conducted at assessee’s business premises then until and unless AO assumes valid jurisdiction under section 153A, assessment, therefore, made in consequence of…

CIT v. Shree Choudhary Transport

  Section 40(a)(ia)   Direct Taxes

Where assessee was earning booking charges for facilitating transport of goods and was merely a conduit in passing the freight to the truck owners, who were actually plying trucks,…

Sudhir Khandelwal & Anr. v. ITO

  Section 271(1)(c)   Direct Taxes

Where assessee had already paid income-tax on the amount surrendered during the course of survey, it could not be said that the surrendered income was not voluntary and the assessee wanted to…

DCIT, v. M.D. Garments Pvt. Ltd.

  Section 147   Direct Taxes

Reopening of assessment beyond four years merely on the basis of information received, however, without pointing out failure of assessee to furnish truly and fully all material facts was not…

G.E. Diesel Locomotive (P) Ltd., In re

  section 2(30) of CGST Act, 2017   Service Tax

M/s. GE Diesel Locomotive Private Limited, Locomotive Shed Roza, Post Roza RS, Shahjanpur, Uttar Pradesh (hereinafter called the applicant) is a registered assessee under GST having GSTN :…

CIT v. Aquatic Remedies (P) Ltd.

  Section 147   Direct Taxes

Where approval of Addl. CIT was not obtained to reopen the assessment, rather it was obtained from CIT, the same was in breach of section 151.…

CIT v. TBI Education Trust

  Section 12A   Direct Taxes

Where application for registration under section 12A is not disposed of by either accepting or refusing it within six months as per provisions of section 12AA(2), the registration would be…

Ajay Narayan Bhoir v. Asstt. CIT

  Section 148   Direct Taxes

In case of return of income processed under section 143(1), the only condition to be satisfied for reopening is that taxable income has escaped assessment and the assessee’s plea that no fresh…

Jawala Cooperative Urban Thrift & Credit Society Ltd. v. ACIT

  Section 80P   Direct Taxes

Where assessee, co-operative society, was engaged in providing credit facilities only to its members, then interest earned on funds kept in banks for this purpose could be said to be attributable to…

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