Section 129 is a complete code for the purpose of addressing all violations committed in transit leading to detention, seizure, and release of goods and brings within its sweep all such contraventions, irrespective of the gravity of the violation itself.

Vide decision of High Court of Madras in Ideal Movers (P.) limited vs. State tax Officer. Facts of the case: The Petitioner is a transporter and had been engaged to transport a consignment.The consignment was accompanied by invoices and an E-way bill.E- way bill was generated on 12-01-2020 and valid till 16-01-2020. As the lorry had broke-down and [...]

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Extension of due date of furnishing ITRs and Tax Audit Reports of AY 2018-19

The Central Board of Direct Taxes vide its Order under Section 119 of the Act dated 24th September, 2018 has extended the due date for filing of Income Tax Returns & Tax [...]

Participation of Eligible Foreign Entities (EFEs)in the commodity derivatives market

Currently, foreign entities are not permitted to directly participate in the Indian commodity derivatives market, even if they import/export various commodities from/to [...]

Monthly report of FPI registration on SEBI’s website

The Securities Exchange Board of India(SEBI) Vide its Circular No SEBI/HO/FPIC/CIR/P/2018/135 dated 10th October 2018 has decided that – For the purpose of ensuring [...]

TDS and TCS provisions under GST

The Central Board of Indirect Taxes and Customs Vide Notification No 50/2018 & 51/2018 – Central Tax dated 13th September, 2018 has notified that the provisions of [...]

Where assessee had availed deduction under section 80-IC for a period of 5 years at the rate of 100 per cent, he would be entitled to deduction on substantial expansion for remaining 5 assessment years at the rate of 25 per cent and not at rate of 100 per cent

Deduction under Section 80-IC is available to manufacturing units situated in the State of Sikkim, Himachal Pradesh and Uttaranchal and North-Eastern States. The exemption [...]

When department had correct address of assessee furnished in return of income, sending notice at incorrect address available with bank and then drawing presumption of service of notice on ground that notice was not received back unserved, cannot be sustained

The Honorable High Court of Allahabad in the above case has held that when new address has been furnished by the assessee in his return of income, notices cannot be sent at an [...]

Relaxation of additional fees and extension of last date of filings of Form BEN-2

A beneficial owner shall file a declaration disclosing his beneficial interest in Form No. BEN-2 with the company, within thirty days after acquiring such beneficial interest [...]

Insertion of Rule 11UAB

Section 28(via) of the Income Tax Act, 1961 states “The fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset [...]

Master Circular for Commodity Derivative Market

Securities Exchange Board of India(SEBI) on 07-09-2018 has issued a Master Circular in relation to Commodity Derivatives Market. It is a compilation of various circulars [...]

Notification of due dates for filing GST returns

The Central Board of Indirect Taxes and Customs Vide Notification No 32/2018, 33/2018, 34/2018 – Central Tax dated 10/08/2018 has introduced a one-time scheme to waive off [...]

Clarification regarding the scope of principal-agent relationship under GST Act

The Central Board of Indirect Taxes and Customs Vide Circular No. 57/31/2018-GST has clarified the following: 1) If the invoice for further supply is issued by the agent in [...]

Assessees were permitted to file their returns without any insistence of linkage of their Aadhaar with their PAN numbers in view of extension of deadline for PANAadhar linkage till 31-03-2019 – Vide decision of High Court of Delhi in Shreyasen vs Union Of India.

The Honorable High Court of Delhi in the above case has held that the assessees can file their Income Tax Returns for the relevant year without having to link their Aadhar [...]