K Gupta and Associates

18/04/2019

GSTGyan. 20.4.19(Sat) is Last date to file GSTR-3B of Mar 19 & claim pending ITC of 17-18, not claimed till now but shown by Suppliers in their GSTR-1.

21/01/2019

For more info on GST, Taxation, Audit and Accounts logon to

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09/01/2019

*09.01.2019 FINANCIAL EXPRESS*

◆ GST rules: No e-way bill if returns not filed for two months
◆ GST reduction on two-wheelers
◆ Not just lower taxes, evasion too a factor in the GST shortfall
◆ GST cut likely for incomplete realty projects
◆ Hotel stays to cost more: Room tariffs to rise, and GST is not to blame
◆ Thomas Isaac: GoM on GST permits percent calamity cess on value products for Kerala
◆ Tax benefits for salaried, middle classes, hike in savings limit in interim budget

*CA. KSH*TIZ GUPTA*
📍PITAMPURA
📞 9953014342

31/12/2018

*31.12.2018 FINANCIAL EXPRESS*

◆ Share market LIVE Updates: Sensex up 180 points; Nifty above 10,850; Kotak Mahindra slumps; Titan zooms 4%
◆ Solar industry demands uniform GST rate of 5%
◆ Petrol at lowest level in 2018, diesel prices at 9-month low; check fuel rates in Mumbai on last day of year
◆ Rupee opens higher at 69.78 per US dollar; 10-year bond yield falls to 7.37%
◆ Settled GST, credit flows among 7 reforms to aid India grow 7.5% in 2019: CII
◆ GST freezes actor Mahesh Babu’s bank accounts over service tax dues

*CA. KSH*TIZ GUPTA*
📍PITAMPURA
📞 9953014342

26/12/2018

26.12.2018 FINANCIAL EXPRESS

◆ Share market LIVE updates: Sensex plunges 450 pts, Nifty below 10,550; Yes Bank, Sun Pharma down up to 4%
◆ GST relief for MSMEs: State finance ministers may recommend raising of threshold to Rs 75 lakh
◆ Rupee rises 36 paise to 69.78 per US dollar in morning trade on falling crude prices
◆ Direct benefits: Fertiliser subsidies give big push to DBT
◆ Income Tax dept allows manual filing by resident, NRI taxpayers for nil/lower TDS certificate
◆ Oil prices fall below $50 as market chaos counters OPEC cuts

22/03/2016

1. Project office used as communication channel is not PE.[ National Petroleum Construction Company vs. DIT (International Taxation) (Delhi High Court)].
2. If management & control is outside sikkim, income is taxable.[ CIT vs. Mansarovar Commercial Pvt. Ltd. (Delhi High Court) ].
3. Statement cannot be sole basis for addition in block assessment. [CIT vs. Harjeev Aggarwal (Delhi High Court)].
4. Composition of mixture important for classifying fertiliser. [M/s. Sree Ramcides Chemicals Private Limited. vs. CCE & ST, Tiruchirapalli (CESTAT-Chennai)]
5. CBDT amends financial transaction reporting rule w.e.f. F.Y. 2015-16. Notification No. 19/2016

21/03/2016

1. Today, 21.03.2016 is the last date for e-payment of DVAT & CST for the month of February, 2016.
2. Today, 21.03.2016 is the last date for deposit of ESI for the month of February, 2016.
3. Offline payment methods- challan, NEFT, pay later disabled for company services with effect from 19.3.2016 till the launch of new MCA21 portal (likely to be 27.3.2016).
4. No Service Tax on web hosting and domain name registration/ transfer services provided by go daddy: AAR. [ M/s Go Daddy India Web Services Pvt. Ltd. (Authority for Advance Ruling) (Central Excise, Customs and Service Tax)].
5. Distributorship of goods cannot be regarded as service – AAR. [In RE: M/s. Creative Problem Solving India (Authority for Advance Ruling) (Central Excise, Customs and Service Tax)].
6. Sec. 50C bonafide transaction without alleged higher receipt not covered. [Gulf Oil Corporation Ltd. vs. ACIT (ITAT Hyderabad)].

19/03/2016

1. No service tax on transfer of non-exclusive right to use goods. [Re. M/s SICPA India Pvt. Ltd. [The Authority For Advance Rulings (Central Excise, Customs & Service Tax)]
2. CBDT amends procedure for dealing with revenue audit objections. [Circular No. 8/2016- Income Tax]
3. The expenditure recorded by the developer being business expenditure having no direct nexus with construction cannot be adopted as cost of construction for the purpose of capital gains in the hands of the assessee.[M/s. Essae Teraoka Ltd. vs Dy. Commissioner of Income Tax, Circle 11 (3) , Bangalore. - 2016 (3) TMI 579 - ITAT BANGALORE]
4. SEBI includes commodity derivatives as eligible security for trade. CIR/MRD/DSA/41/2016. Dated: March 17, 2016
5. Rate of exchange of foreign currency conversion with effect from 18.03.2016 Notification No. 41/2016

17/03/2016

1. Cenvat credit of service tax paid on Freight for Sale on for Basis. [Commissioner of Central Excise, Dehradun vs. M/s. Hindustan Zinc Ltd. (CESTAT Delhi)].
2. Section 24 : Interest for property acquisition allowed despite use in construction. [Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT (ITATDelhi)] .
3. Section 271B : No penalty on club having bonafide belief of mutuality. [M/s Koramangala Club vs. ITO (Karnataka High Court)].
4. Physical brand embossing not must to be called as branded goods. [M/s. Titan Industries Ltd. vs. Commissioner of Central Excise,Chennai-III (CESTAT-Chennai)] .
5. Captively consumed goods partly cleared to DTA to be valued u/s 4.[Eastman Spinning Mills (P) Ltd. vs. Commissioner of Central Excise, Madura (CESTAT Chennai)].
6. Empanelment of members to act as observers at the examination centers for the CA examinations May/ June 2016 from 17th March to 31st March 2016.

16/03/2016

1. Disallowance of expenses on estimation is not allowed. [ITO vs. M/s Buildcon Engineers (ITAT Ahmedabad)].
2. ITAT bound to follow binding decisions of jurisdictional high court. [HDFC Bank Ltd. vs. DCIT (Bombay High Court)].
3. Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is. [Sh. Praveen Garg vs. ACIT (ITAT Chandigarh bench)].
4. Integrated declaration under Indian Customs single window. Circular- 10/2016-Custom Duty.
5. CBEC notifies date of applicability of rules for removal of goods at concessional rate of duty. Notification No. 22/2016 – Central Excise (N.T.).
6. New case cannot be made out after issuance of show cause notice and after passing the adjudication order. Both the lower authority have wrongly denied the Cenvat credit on the capital goods.[ M/s. Maharashtra Power Transmission Structures Pvt. Ltd. vs CCE, Thane I - 2016 (3) TMI 433 - CESTAT MUMBAI].

15/03/2016

1. CENVAT credit of service tax paid on outward transportation. [ITC Limited vs CCEx (CESTAT Chennai)]. [Order No. 40353-40379/2016].
2. Amendment not retrospective unless specifically stated. [Tata Teleservices vs. Union of India (Gujarat High Court)].
3. No TP adjustment for higher AMP expenses with respect to comparable entities. [M/s Essilor India Pvt. Ltd. vs. DCIT (ITAT Bangalore)].
4. Premium for surrender of tenancy rights is taxable as capital gain. [ITO vs. Dr. Vasant J Rath Trust (ITAT Mumbai)].
5. Only those payments, which have been made by the assessee for any purpose which is an ‘offence’ or which is ‘prohibited by law’, shall alone would be hit by the explanation to section 37. [Mangal Keshav Securities Limited vs. ACIT (ITAT Mumbai)].

14/03/2016

1. No reassessment where no original assessment : SC. [M/s. Standard Chartered Finance Ltd. vs. CIT (Supreme Court)].
2. Revision cannot be done on mere different conclusion of CIT [M/s Juhi Alloys Pvt. Ltd. vs. CIT (ITAT Lucknow)].
3. Adjournment sought due to death in family is justifiable. [Zuari Global Ltd. vs. Principal CIT (Bombay High Court)].
4. Govt subsidy to reduce production cost eligible for 80IB deduction: SC. [CIT vs. M/s. Meghalaya Steels Ltd. (Supreme Court)]
5. Off shelf software payment is not royalty under India-Singapore DTAA. [M/s. Capgemini Business Services (India) Ltd. vs. ACIT (ITATMumbai)].
6. Petty charities in ‘golaks’ are not anonymous donations. [DCIT vs. All India Pingalwara Charitable Society (ITAT Amritsar)].
7. TPO may adopt CUP method for unexplained part of transactions. [Denso India Limited vs. CIT (Delhi High Court)].