Updates -Income tax, GST & Company Law (08 June 2017)
Updates
-Income tax, GST & Company Law 08 June 2017
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Spirituality
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Meaning: One who is
not disturbed in mind even amidst the threefold miseries or elated when there
is happiness, and who is free from attachment, fear and anger, is called a
sage of steady mind.
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Income Tax
1.
Sale of attached
property after 3 yrs wasn’t time-barred when it was put on hold as per order of
SettCom
(Assessee can't claim sale of attached property
is time-barred under Rule 68B of the Second Schedule where he has applied to
Settlement Commission for extension of time for payment of demand as per Order
of Settlement and his application is pending and writes to TRO for putting sale
on hold based on such application. The time-bar of under Rule 68B of Second
Schedule for sale of attached property of tax defaulters cannot be applied in
such a case as Settlement Commission's order can't be said to be
"conclusive" for the purposes of Rule 68B until the application is
disposed of and time-limit can't be computed unless it becomes conclusive) [2017] 82 taxmann.com
140 (Bombay)
2.
Amendment to
sec. 142(2C) from 1-4-2008 empowering AO to extend time limit to submit audit report
has no retro-effect (Amendment to proviso
to section 142(2C) which gave Assessing Officer 'suo motu' power to extend time
for furnishing audit report is prospectively effective from 1-4-2008) [2017] 81 taxmann.com
468 (Delhi)
3.
No denial of
sec. 11 relief merely because society engaged in distribution of school books
earned profit out of it (Where assessee
society engaged in printing, publication and distribution of school text books
at subsidized rates or even free, generated profits out of these activities, it
could not be concluded that assessee ceased carrying on charitable activity of
education) [2017]
81 taxmann.com 412 (Delhi)
4.
Circular No. 14
of CBDT on section 10(23C) relief doesn't override provisions of Income Tax Act (1.Where assessee-educational institution was already availing exemption
under section 10(22)/10(23C)(iiiab), and, thus, Commissioner (Exemptions) was
already satisfied about actual existence of assessee as an educational
institution,approval under section 10(23C)(vi) could not be denied invoking
provisos to section 10(23C)(vi) 2. Where CBDT Circular No. 14/2015 cannot be
said to be overriding provisions of Act) [2017] 81 taxmann.com 474 (Amritsar -
Trib.))
5.
Cost inflation index under Income Tax Act with base
year as 2001 is 100 and Cost Inflation Index for the year 2017-18 is 272(CBDT Notification
No. 44/2017/F.No.370142/11/2017-TPL dated 05 June 2017)
6. PAN to be furnished in Form 26B instead of TAN
for refund of TDS on immovable property: CBDT(CBDT Notification No. 45/2017/F. No.
370142/39/2016-TPL dated 05 June 2017)
7.
Matter remanded
to decide whether sum paid to Singaporean Co. for providing advice &
guidelines was taxable in India(Where assessee made
payments to a Singapore based company for providing services such as advice and
guidelines in security practices, operations management on IT infrastructure,
etc., since nature of those services and place where they were rendered, were
not examined, matter was to be remanded back to redetermine as to whether
payments in question were taxable in India under section 9(1)(vii)) [2017] 81 taxmann.com
423 (Mumbai - Trib.)
8.
HC upheld
reassessment notice issued on ground that conversion of firm into co. was in
violation to sec. 47(Where on question
whether on a conversion of partnership firm to company, there was any transfer,
decision of Tribunal cited was not considered by High Court and further there
was ommission to cited appropriate authority of law, same would not amount to
error apparent on face of record for reviewing HC order ([2017] 81 taxmann.com
422 (Gujarat)
Goods and Service Tax (GST)
2.
GST brings Diwali early as retailers offer upto 40 per cent
discount (Source - http://economictimes.indiatimes.com [06-06-2017])
3. Govt fixes GST rates on all items: Impact on sectors
and stocks (Source
- http://www.business-standard.com [06-06-2017])
FEMA,FCRA
1. FAQs on External Commercial Borrowings (Updated
2017) ((Refer link: https://femanfcra.blogspot.in/2017/06/faqs-on-external-commercial-borrowings.html)
Company Law
1.
Reduction of
shareholding wouldn't constitute oppression as petitioner had signed his share
transfer form: NCLT(Where share transfer
Forms reducing shareholding of petitioner directors were themselves signed and
subsequently they resigned from Board of Directors, same proved existence of
understanding between parties which would not constitute oppression against
petitioner) [2017] 81 taxmann.com 327 (NCLT - Kolkata)
Refer Link for
regulatory updates on Income tax, GST, Company Law, FEMA:
Bipul Kumar
Business Consultant
Email : businesssosimple@gmail.com
Mob.: 9560084833
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