Daily Archive: Thursday, July 13, 2017

Sale of old jewellery to jeweller not liable to GST under RCM-Further clarification

Author: | Categories: GST No comments
Sale of old jewellery to jeweller not liable to GST under RCM-Further clarification Further clarification on tax in reverse charge on gold ornaments. Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases

If foundational addition is deleted other addition can not stand – ITAT

Author: | Categories: Income Tax, ITAT, Judgments No comments
If foundational addition is deleted other addition can not stand. CIT(A) cannot do what AO could not have done in original assessment-ITAT ABCAUS Case Law Citation: ABCAUS 1291 (2017) (07) ITAT Assessment Year : 2006-07 Important Case Laws Cited/relied upon: CIT vs. Kanpur Coal Syndicate (1964) 53 ITR 225

Valuation of unquoted equity shares new FMV formula-Rule 11UA and new Rule 11UAA

Author: | Categories: Income Tax No comments
Valuation of unquoted equity shares new FMV formula-Rule 11UA MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] Notification No. 61 /2017 New Delhi, the 12th July, 2017 INCOME-TAX G.S.R. 865(E).—In exercise of the powers conferred by section 50CA and sub-section (2) of section 56 read with

CA certificate valid for MSME investment in plant and machinery for classification of enterprises-RBI

Author: | Categories: RBI No comments
CA certificate valid for MSME investment in plant and machinery for classification as Micro Small and Medium enterprises-RBI  Investment in plant and machinery for the purpose of classification as Micro, Small and Medium Enterprises-documents to be relied upon RBI/2017-18/21 FIDD.MSME & NFS.BC.No.10/06.02.31/2017-18 July 13, 2017 All Scheduled Commercial Banks

CBI registers case against PrCIT and others, recovers Rs 3.5 crore cash and .50 KG gold

Author: | Categories: Income Tax No comments
CBI registers case against PrCIT and others, recovers cash of Rs 3.5 Crore, 05 Kg gold. Undue favour was given by transferring assessment files from Kolkata to ranchi CBI REGISTERS A CASE AGAINST PRINCIPAL COMMISSIONER OF INCOME TAX & OTHERS AND RECOVERS CASH OF RS.3.5 CRORE(APPROX) & 05 KG(APPROX)

GST-Services by Housing Society Resident Welfare Association (RWA) not to become expensive

Author: | Categories: GST No comments
GST-Services by Housing Society Resident Welfare Association  Services provided by the Housing Society Resident Welfare Association (RWA) not to become expensive under GST; There is no change made to services provided by the Housing Society (RWA) to its members in the GST regime.  There are some press reports that

No GST on hostel accommodation charges by educational institutions from its students

Author: | Categories: GST No comments
No GST on hostel accommodation charges by educational institutions from its students No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation;  Services provided by an educational institution to students, faculty and staff are fully exempt from GST. There are some
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