The Karnataka Authority of Advance Ruling (AAR) has ruled that, Goods and Services Tax (GST) not applicable on cost of tools supplied by Original Equipment Manufacturer on free of cost basis.
The applicant is involved in the manufacture and sale of plastic moulds, press tools, jigs/fixtures/ gauges, injection moulded parts and design services, as per specific orders & requirements of their customers.
The assessee submitted that the tool was either manufactured by them or supplied by the customers free of cost, for production of ‘parts’, on a returnable basis. The assessee further submitted that the injection moulds (tools) supplied by the customers at free of cost basis, for the manufacture of parts, on a returnable basis were classified under capital goods.
While allowing the petition, the AAR has said that, “The cost of tools/supplied original equipment manufacturer (OEM) on free of cost (FOC) basis to an applicant is not required to be added to the value of the parts supplied by the applicant and hence the same value is not liable for GST”.
Subscribe Taxscan Premium to view the JudgmentThe Institute of Chartered Accountants of India ( ICAI ) has informed that the cut-off date for date for conversion from Earlier Scheme to Revised Scheme to appear in November Intermediate and Final CA exams.
The last date of conversion from Earlier Scheme to Revised Scheme to appear in Intermediate and Final November, 2019 examinations was 27th August, 2019.
“Considering the hardship being faced by students in converting themselves, it has been decided by the Competent Authority that the last date of conversion is extended from 27th August, 2019 to 7th September, 2019 for appearing in November, 2019 Intermediate and Final Examinations,” it said.
For conversion from Earlier Scheme to Intermediate Course of Revised Scheme of Education and Training, the students may visit Self Service Portal at www.icai.org.
The Tata Cummins Private Limited has invited applications for the post of Direct Tax Manager.
The Tata Cummins Pvt. Ltd. is a 50:50 joint venture between Tata Motors Limited, India’s largest automobile manufacturer and Cummins Inc., USA, world leaders in design and manufacture of diesel engines. The entity manufactures high performance, reliable and durable mid-range (B&L) engines in the 75 to 400 HP range that not only comply with current and future emission norms, but are also serviceable globally.
Job Description
Education-
UG : B.Com – Commerce
PG: CA
Doctorate: Any Doctorate
Subscribe Taxscan Premium to view the JudgmentWith a view to bringing greater transparency in the functioning of the tax-administration and improvement in service delivery, almost all notices and orders of Income Tax Department are being generated electronically on the Income Tax Business Application (ITBA) platform. However, it has been brought to the notice of the Central Board of Direct Taxes (CBDT) that there have been some instances in which the notice, order, summons, letter and any correspondence were found to have been issued manually, without maintaining a proper audit trail of such communication.
In order to prevent such instances and to maintain proper audit trail of all communication, the CBDT has, vide Circular No.19/2019 dated 14.08.2019 laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assessee or any other person will be dealt with. All such communication issued on or after the 1st of October, 2019 shall carry a computer-generated Document Identification Number (DIN) duly quoted in the body of such communication.
CBDT has also specified exceptional circumstances where the communication may be issued manually but only after recording reasons in writing and with the prior written approval of the Chief Commissioner / Director General of Income-Tax concerned. In cases where manual communication is required to be issued, the reason for the issue of manual communication without DIN has to be specified along with the date of obtaining written approval of the Chief Commissioner / Director General of Income-Tax in a particular format. Any communication which is not in conformity with the prescribed guidelines shall be treated as invalid and shall be deemed to have never been issued. Further, CBDT has also laid down the timelines and procedure by which such communication issued manually will have to be regularised and intimated to the Principal Director General of Income-tax (Systems).
In addition to the above, in all pending assessment proceedings, where notices were issued manually, prior to issuance of the above referred Circular, all such cases would be identified and the notices so sent would be uploaded on ITBA by 31st October, 2019.
This is another step taken by CBDT towards better delivery of taxpayer services while ensuring accountability in official dealings.
Shri Injeti Srinivas, Secretary (Corporate Affairs), today presented the Report of the Competition Law Review Committee to the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman.
The Committee consulted various stakeholders, including industry chambers, professional institutes, Government Departments/ Ministries, NGOs and experts. The Committee focused on furthering ease of doing business, encouraging start-ups and meeting the challenges of the new economy. The key recommendations of the Competition Law Review Committee are:
The Government constituted a Competition Law Review Committee on 1st October, 2018 to review the existing Competition law framework and make recommendations to further strengthen the framework to inter alia meet new economy challenges. The Committee was chaired by Shri Injeti Srinivas (Secretary, Ministry of Corporate Affairs) and consisted of Members, namely, Shri Ashok Kumar Gupta (Chairperson, CCI), Dr. M.S. Sahoo (Chairperson, IBBI), Shri Haigreve Khaitan (M/s Khaitan & Co.), Ms Pallavi Shardul Shroff (M/S Shardul Amrchand Mangaldas& Co.), Dr. Harsha vardhana Singh (IKDHVAJ Advisors LLP), Dr. S. Chakravathy (Retd. IAS), Dr. Aditya Bhattacharya (Professor of Economics, Delhi School of Economics), Shri Anand Pathak (PA Law Offices), Shri KVR Murty (Joint Secretary, MCA & Member Secretary).
The Madras High Court has directed GST Department to enable the facility to Download ‘C’ form after the implementation of Goods and Services Tax (GST).
The petitioner M/s.Shir Varalakshmi Company was making inter-state purchases of High-Speed Diesel Oil on concessional rate of tax at 2% by way of ‘C’ forms. After the introduction of ‘Goods and Services Tax’, the petitioner continued to purchase High-Speed Diesel Oil, but, however, they could not download the ‘C’ forms. When the petitioner enquired with the Revenue Department, the petitioner was informed that after introduction of GST regime on and with effect from 01.07.2017, the petitioner was not entitled to make purchase of High-Speed Diesel Oil from other States on concessional rate of tax i.e., at 2% and therefore, the Department’s site has been blocked to deny access to the petitioner and other similarly placed persons from downloading ‘C’ forms.
While allowing the petition, the Court noted the case law ‘The Ramco Cements Ltd.,’ and said that, in the Ramco Cements matter, this Court allowed the writ petitions filed by the assessees and directed the Revenue to permit the petitioners assessees to download ‘C’ forms. It is not in dispute that though an intra Court appeal has been preferred against Ramco Cements matter with a delay of three days, the same remains unnumbered as of today.
In other words, there is no dispute or disagreement that the instant writ petition falls clearly within the four corners of Ramco Cements case as well as the aforesaid order of another Hon’ble Single Judge made in W.P.No.12520 of 2019 (order dated 26.04.2019) in ‘Southern Cotspinners Coimbatore Private Limited’.
Subscribe Taxscan Premium to view the JudgmentThe Patna High Court has recently held that if the service tax burden has already been shifted to the customers, the assessee cannot claim a refund of the same since it would amount to unjust enrichment.
The petitioner had filed a refund application. However, the service tax department denied the claim under the provisions of the Finance Act, 1994 on the ground that the burden has been shifted by the petitioner on the customers.
The claim relates to the service tax deposited by petitioner for the period 2007-16 and the reason for such belated raising of grievance is that in view of provisions of Section 104 of ‘the Act’, the services provided or agreed to be provided for a long term lease of 30 years or more was not taxable but the observations of statutory authority in order impugned mentions that the petitioner did not submit documentary evidence to espouse his cause.
Justice Jyothi Saran and Justice Partha Sarthy held that “Be that as it may, the fact remains that the service tax for the period in question was deposited by the petitioner but after realizing it from its customers. This fact is not disputed. It is also not in dispute that no refund application was filed by these customers. In such circumstances noted, we find no infirmity in the opinion recorded by the statutory authority to hold that if the burden of the service tax has been shifted on the customers in view of the legal position settled by the Supreme Court in the case of Mafatlal (supra) the petitioner cannot be a beneficiary thereof as any refund to the petitioner would amount to unjust enrichment.”
Subscribe Taxscan Premium to view the JudgmentThe Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that deemed dividend cannot be applied when the assessee was not a shareholder at the time of the advance.
Assessee is a partnership firm started to be engaged in the business of cotton ginning, pressing and manufacturing.
During the course of assessment proceedings, AO noticed that assessee had received a loan from Mahesh Ginning Pvt. Ltd., in which both the partners of the firm i.e., Goverdhandash H. Tayal and Gopal Hazarimal Tayal held 18.19% share each. He also noticed that assessee firm had only two partners holding 50% share each. AO was therefore of the view that the transaction of receipt of loan by the assessee qualified as dividend u/s 2(22)(e) of the Act.
The Tribunal noted that it is an undisputed fact that assessee had received a loan from Mahesh Ginning Pvt. Ltd., in which both the partners of the assessee also held 18.19% shares each.
“We find that Ld.CIT(A) while deciding the issue in favour of the assessee has given a finding that the chief ingredient of Sec.2(22)(e) of the Act is that one should be a shareholder on the date on which the advance was made. Though the advances were made out of the profits of the lending company the assessee was not the registered shareholder and beneficial interest was not existing. She, therefore, following the decision of the Hon’ble Bombay High Court in the case of CIT Vs. Universal Medicare Private Limited (supra) and other decisions cited in the order, has held that the receipt of loan cannot be contemplated as deemed dividend u/s 2(22)(e) of the Act. Before us, Revenue has not pointed out any contrary binding decision in its support. We, therefore, find no reason to interfere with the order of Ld.CIT(A),” the Tribunal said.
Subscribe Taxscan Premium to view the JudgmentThe Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that no service tax can be levied on the sale of the domain name as it amounts to the sale of goods.
The appellant is engaged in the business of providing Internet Services to various customers and registered with the Service Tax Department under the category of ‘Leased Circuit Services’ & ‘Online Information & Database Access Services’. The appellant has been purchasing domain names from ICANN accredited Registrars, such as Directi Internet Solutions P. Limited. These domain names are further sold to the appellant‟s customers, for which it charges a price.
The department raised demand on the assessee on the amounts received by the appellant for the sale of domain names to various customers. The said demand has been confirmed under the category of ‘computer network services’ or ‘online information and database access or retrieval service’ (‘OIDAR’).
the assessee argued that a domain name is required to give an address to a website on the internet, as no data transaction can take place without having a website address. Providing of its domain name is also related to “assess the computer network”, as the domain name is to be linked to internet address by writing computer code. Thus, the domain name has an integral connection or nexus with data transcribed and thus forms part of OIDAR service.
Granting relief to the assessee, the Tribunal held that “the issue stands decided in favour of the appellant in the case of Tata Sons Limited (supra) wherein it has been held that transaction in the domain name is a transaction in property in the goods and amounts to transaction of sale of goods. The domain name is akin to the trademark, making them the property of the person who owns it.”
Subscribe Taxscan Premium to view the JudgmentThe Competition Commission of India (CCI) has found Jaiprakash Associates Limited (JAL) to be in contravention of the provisions of Section 4 of the Competition Act, 2002 (Act) for abuse of dominant position in the market of independent residential units such as villas, estate homes in their integrated township, by imposing unfair/ discriminatory conditions on the allottees in Wish Town, Jaypee Greens project, in Noida and Greater Noida.
The final order was passed on an information filed by a buyer who alleged that conditions imposed by JAL were arbitrary and heavily tilted in favour of it.
Based on the investigation, the Commission found that the standard terms and conditions imposed by JAL were one-sided and couched in a manner so as to unilaterally favour itself and be unfavourable to the consumers. Moreover, terms were vague and did not confer any substantive rights on the buyers. The conduct of JAL, such as collecting money/charges from the buyers without delivering the residential/dwelling unit on time, adding additional construction and amending /altering the layout plans, imposition of various charges, right to raise finance from any bank/financial institution/body corporate without consulting buyers was held to be abusive.
Therefore, the Commission concluded such conduct of JAL to be in violation of Section 4(2)(a)(i) of the Act. Resultantly, the Commission imposed a penalty of Rs. 13.82 crore (Rupees Thirteen Crore Eighty Two Lakh) on JAL. The penalty was calculated @ 5% of the average revenue of JAL from sale of independent residential units in the relevant market. Besides, a cease and desist order has also been issued to JAL.
Subscribe Taxscan Premium to view the JudgmentIn a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department, NER carried out searches on certain businessmen in Meghalaya found to be involved in running a web of petrol pumps managed and controlled as Benami properties.
These persons were depriving the State Government of legitimate revenue by suppressing sales and non-deposit of local taxes collected, while also indulging in massive evasion of income tax by misusing exemption under Section 10(26) of the Income Tax Act, 1961 meant for tribal persons.
In the enforcement operation that commenced in the early hours and went on till wee hours of the next day, more than Rs 2 crore of unaccounted cash along with incriminating documents have been seized by officials of the Department. The cash found was hidden in unexpected places like water tanks.
This search by the Department was a much-needed action on a long-existing racket run by some unscrupulous elements exploiting local citizens of Meghalaya and avoiding paying income tax using tribal persons who are exempted from income tax, as a front. The pre-search investigation involved extensive surveillance and covert enquiries which were continuing for over a year.
Following the searches exposing these Benami petrol pumps, the Executive Committee (EC) member of Khasi Hills Autonomous District Council (KHADC) in-charge of trade, announced to the media on the 8th of August, 2019 that urgent steps will be taken to prevent Benami transactions in the State. He noted that despite the law, Benami transactions are thriving due to collusion between some local people and their non-tribal business partners. The KHADC is a statutory autonomous body which regulates various aspects of trade and commerce in Meghalaya.
The action taken by the Department has been widely appreciated by the public and also local authorities as a timely and positive step that will help to control the menace of Benami commercial activities, as well as augment Government revenues.
The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.
The search action was based on intelligence gathered over several months that the business group was indulging in large scale tax evasion by inflating its expenditure on materials used in its production processes. During the search action, the search teams found telltale evidence of the modus operandi of the group. The modus operandi involved over-invoicing of purchase of raw materials and bottles which constituted a major portion of the cost of production. The suppliers received payment at the inflated value by cheque or RTGS, but paid back the excess value in cash to key confidante employees of the group. The search teams gathered evidence of such over-invoicing and return of cash by suppliers. Such inflation by over-invoicing amounted to suppression of taxable income of almost Rs 400 crore over a period of six years.
The search also resulted in the unearthing of evidence of similar tax evasion by another leading business group in the same liquor industry. Consequently, the Department launched search operation in the case of the second group also on 09.08.2019. About seven premises of this group at Chennai and Karaikal were covered in the second phase of the search operation. The search is still in progress and the suppression of taxable income detected in this group has been estimated to be about Rs 300 crore.
Based on a tip-off during the search action, the tax officers tracked down employees moving with unaccounted cash and intercepted them and recovered Rs 4.5 crore cash from the car in which they had concealed it. The search action has thus far resulted in the detection of undisclosed income of Rs 700 crore which had not been disclosed for taxation.
The Finance Ministry has simplified the process of assessment in the case of Startup entities. In cases where scrutiny assessments of Startups entities are pending, the CBDT has decided that:
i) In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under “limited scrutiny” on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted.
ii) In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases have been selected under scrutiny to examine multiple issues including the issue of section 56(2)(viib),this issue will not be pursued during the assessment proceedings and inquiry on other issues will be carried out by the Assessing Officer only after obtaining approval of the supervisory authority.
iii) In case of Startup Companies recognized by the DPIIT, which have not filed Form No. 2, but have been selected for scrutiny, the inquiry in such cases also will be carried out by the Assessing Officer only after obtaining approval of the supervisory authorities.
In addition to the above, the Central Government has further decided to relax Para-6 of the DPIIT notification No.127 (E) dated 19.02.2019 and make it clear that this notification will also be applicable to Startup Companies where addition under section 56(2)(viib) has been made and the assessee has been recognized by DPIIT and subsequently filed Form No. 2.
The Institute of Chartered Accountants of India (ICAI) has announced the results of the Final Examination (Old course & New Course) and Foundation Examination held in (May-June) 2019. The Institute also published the list of rank holders topped in the CA exam.
Ajay Agarwal from Rajasthan, Rajalekshmy from Hyderabad and Umang Gupta from thane secured the first three ranks in the Chartered Accountants Final Examination (Old Course) held in May, 2019.
Rajat Sachin Rathi from Pune, Kalivarapu Sai Srikar from Srikakulam and Priyanshi Saboo from Bhopal topped in the Foundation Examination held in May, 2019.
Since December 1949, the Chartered Accountancy Examination is held twice in a year in the months of May/June and November/December.
The results of the CA exam held in (May-June) 2019 are likely to be declared on Tuesday, the 13th August, 2019 (evening) / Wednesday, the 14th August 2019, the Institute of Chartered Accountants of India (ICAI) informed.
The results of the Final Examination(Old course & New Course) and Foundation Examination as well as the All India merit (upto the 50th Rank) can also be accessed by candidates on the following websites: 1. icaiexam.icai.org 2. caresults.icai.org 3. icai.nic.in.
“Arrangements have also been made for the candidates of Final Examination (Old course & New Course), and Foundation Examination desirous of having results on their e-mail addresses to register their requests at the website i.e. icaiexam.icai.org from 10th August 2019. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result,” the ICAI said in an announcement.
In addition to above, for accessing the result at the above mentioned websites the candidate shall have to enter his/her registration no. or PIN no. along with his/her roll number.
Further facilities have been made for candidates of Final Examination (Old course & New Course) and Foundation Examination held in (May-June) 2019 desirous of knowing their results with marks on SMS. The service will be available through India Times.
For getting results through SMS candidates should type: For Final Examination result the following:- Final Examination (Old Course) CAFNLOLD (space) XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate), e.g. CAFNLOLD 000128 Final Examination (New Course) CAFNLNEW (space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate), e.g. CAFNLNEW 000128.
For Foundation Examination result the following :- CAFND (Space)XXXXXX (where XXXXXX is the six digit Foundation Examination roll number of the candidate), e.g. CAFND 000171 and send the message to: 58888 – for all mobile services – India Times.
A two-judge bench of the Bombay High Court comprising Justices Akil Kureshi and S J Kathawalla has held that the income tax should not have been deducted from the interest on the motor accident compensation awarded by the court.
The petitioner, an eight-year-old city boy was left maimed for life in a car accident. The victim Rupesh Shah, is now 48. Shah, a resident of South Mumbai, was crossing a road when a car hit him in 1978. He remained in coma for six months, and after regaining consciousness, he learnt that the accident had left him with severe injuries including permanent brain damage.
His parents approached the Motor Vehicles Accident Claim Tribunal seeking that Oriental Insurance, the company that had insured the car, be directed to pay compensation.
His plea was allowed but the insurance company went in appeals, first to the high court and then to the Supreme Court. The Supreme Court finally in 2015 upheld the Bombay High Court’s ruling that awarded Shah a compensation of Rs. 39.92 lakh.
The High Court also ruled that Shah be paid an interest of 9% on this principal amount of the compensation since the time he filed the insurance claim. Inconsequent to this, he received Rs. 1.42 crore in total in compensation.
The income tax department has held that 30% tax should be levied on the said amount.
He approached the Court challenging the notice and also contended that the department should not have deducted tax on the interest amount that he had received as part of compensation.
Under the Motor Vehicles Act, the principal amount of compensation is not taxable, so the interest accrued on the same should not have been taxed either, he argued.
The interest too was compensatory in nature, its rate decided after taking into account factors such as the passage of time, inflation, etc, he said.
The Income Tax Department, however, contended that the interest being distinct from the principal amount of compensation is taxable as income from an additional source.
The High Court on Thursday held that the interest earned by Shah for the period between filing of the claim and awarding of compensation by the high court in 2014 should not have been considered as income, and therefore, not taxed.
“We hold that the interest awarded in the motor accident claim cases from the date of the claim petition till the passing of the award or in case of appeal, till the judgment of the high court in such appeal, would not be eligible for tax, not being an income,” it said.
“We may clarify that these observations and conclusions would apply to interest on compensation or enhanced compensation awarded by the Motor Accident Claims Tribunal or High Court from the date of the Claim Petition till passing of the award or the judgment. Further interest which may be paid forwp.2902.2016(J).doc delay in depositing the awarded amount, would not form part of the compensation and, therefore, would fall in the bracket of interest income and would be exigible to tax under the normal provisions.”
The bench also said the IT Department assessor made a mistake in issuing the further tax liability notice to Shah. It sent back the notice, directing the department to re-assess the same.
Subscribe Taxscan Premium to view the JudgmentThe World Bank Group has invited applications from Chartered Accountant for the post of Senior Accounting Assistant.
The World Bank group is Established in 1944, is one of the world’s largest sources of funding and knowledge for developing countries. In fiscal year 2018, the WBG committed $67 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $24 billion was concessional finance to its poorest members. It is governed by 188 member countries and delivers services out of 120 offices with over 16,000 staff globally.
Senior Accounting Assistant
| Job #: | req3963 |
| Organization: | World Bank |
| Sector: | Finance & Accounting |
| Grade: | GD |
| Term Duration: | 2 years 0 months |
| Recruitment Type: | Local Recruitment |
| Location: | Chennai, India |
| Required Language(s): | English |
| Preferred Language(s): | |
| Closing Date: | 8/14/2019 (MM/DD/YYYY) at 11:59pm UTC |
Education and Experience:
Training in accounting and finance with three years of relevant work experience and a minimum of 2-year experience in preparation of individual tax returns and gross-up/tax equalization calculations for U.S./Non-U.S. assignees of multinational corporations.
Subscribe Taxscan Premium to view the JudgmentIn a letter wrote by CBIC Chairman Pranab K. Das top officers has requested to organise outreach initiatives in zones and divisions to speed up GST Annual Returns filing.
In a letter to all Principal Chief Commissioners and Chief Commissioners of Central Tax, CBIC Chairman Pranab K Das writes that data available till August 3 shows that only 14,85,863 GSTR-9 has been filed, while all non-composition taxpayers are supposed to file annual returns. This number of taxpayers needed to file GST annual return stands at over one crore. Similarly, the status of filing GSTR-9A stands at 4,33,148 and GSTR-9C at 11,334. About 12 lakh registered taxpayers are required to get their accounts audited and filed under GSTR-9C.
The CBIC chariman directed that, Wherever required, they should be guided through the various steps of the return filing process. Towards this end, I request you to organize outreach initiatives in your zones to help the taxpayers file their returns in time commissionerate level as well as Division level.
The Institute of Company Secretaries of India ( ICSI ) has urged inclusion of Company Secretary in the definition of ‘Accountant’ given under explanation to Section 288 (2) of the Income Tax Act, 1961.
The ICSI is a premier professional body established under an Act of Parliament, namely, the Company Secretaries Act, 1980.
The ICSI has on its register over 58,000 members and around 3, 50.000 students.
In a letter wrote by CS Ranjan Pandey to Finance Minister Nirmala Sitharaman has submitted that, a Company Secretary is a competent professional and is provided exhaustive exposure by the ICSI through compulsory coaching, examinations, rigorous training and continuing professional development programmes, and is governed by the Code of Conduct contained in the Company Secretaries Act, 1980.
The ICSI has also submitted that, Company Secreratries are equally equipped to be included in the definition of Accountant under explanation to Section 288 (2) of the Income Tax Act, 1961.
Subscribe Taxscan Premium to view the JudgmentThe Finance Ministry has issued Frequently Asked Questions (FAQs) of filling-up of Income Tax Return Forms for Assessment Year 2019-20.
The Income-tax return (ITR) forms for the Assessment Year 2019-20 have been notified on 01.04.2019. Subsequently, queries have been raised by the stakeholders in respect of filling-up of the ITR forms.
These queries are primarily in respect of the reporting of certain details in the ITR forms, such as reporting of directorship in a foreign company, reporting of equity shares listed outside India, unlisted shares which were previously listed, reporting of unlisted shares received by way of gift, will, amalgamation etc. and reporting of certain assets held as stock-in-trade.
The queries have been examined by CBDT and have been clarified vide Circular No. 18 /2019 dated 08th August, 2019.
Subscribe Taxscan Premium to view the JudgmentThe Central Board of Direct Taxes ( CBDT ) has further enhanced Monetary limits for filing of appeals by the Income Tax Department.
There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards achieving the same.
To effectively reduce taxpayer grievances/litigation and help the Department focus on litigation involving complex legal issues and high tax effect, the monetary limits for filing of appeals by the Department were last revised on 11th July,2018 vide CBDT Circular No.3 of 2018. As a step towards further management of litigation by the Government, the monetary limits for filing Departmental appeals before various appellate fora including ITAT, High Court & Supreme Court have been revised as under:
| Appellate Forum | Existing Monetary Limit(Rs.) | Revised Monetary Limit(Rs.) |
| Before Income Tax Appellate Tribunal | 20,00,000 | 50,00,000 |
| Before High Court | 50,00,000 | 1,00,00,000 |
| Before Supreme Court | 1,00,00,000 | 2,00,00,000 |
This will further reduce time, effort and resources presently deployed in litigation to focus on issues involving litigation of substantial value.
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