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Newsletter on daily professional updates- 1st November, 2019
1. N O V E M B E R 0 1 , 2 0 1 9 | F R I D A Y I S S U E 1 0 3
THE DAILY
LIFELINE
Official Newsletter of Diucon
BIGGEST CHALLENGE-
HOW TO KEEP UPDATED
ON DAILY BASIS
Laws are changing frequently in India, there are big
developments and announcements on daily basis in
Economic & Finance world and many other reforms are on
the way. This newsletter will keep you updated on daily
basis along with documents taken from authentic sources.
By Pradeep Goyal, FCA | ACPA, Australia
WHAT'S NEW IN
PROFESSIONAL/
BUSINESS
WORLD TODAY:
Goods & Service Tax
Direct Tax Code
Income Tax
Economy | Finance
2. INDEX
UPDATES RELATED TO
New Direct Tax Code-Ministry of Finance
Goods & Service Tax by CBIC
Income Tax by CBDT
Announcement by ICAI
Announcements by ICSI
Corporate Laws by MCA
The Insolvency and Bankruptcy Law by IBBI
Listing/Market by SEBI
Foreign Trade Policy by DGFT
Start-ups by Start Up India Department
Micro, Small & Medium Enterprises
by Ministry of MSME
Money Market/Banks by RBI
New acts notified/Bills introduced in
parliament or Executive orders
by President
Latest developments in Economy &
Finance world.
3. Page 1 of 4
Updates related to Goods & Service Tax & other Indirect taxes
by CBIC
Legal updates- Court/AAARA judgements/Advance Rulings
[AAARA- Appellate Authority for Advance Ruling | ARA- Advance Ruling Authority]
Sr.No. Key to find
the document
Court/ARA/AAAR Description
Ruling/
Judgement
Summary
1 [2019] 110
taxmann.com
263
Mahadeo
Construction
Co.
v.
Union of India
W.P. (T) NO.
3517 OF 2019
JULY 24, 2019
Jharkhand High
Court
Judgement Where Competent
Authority had levied
interest upon assessee for
filing delayed Form GSTR-3B
returns and during
pendency of writ petition
he had also attached bank
account of assessee for
non-payment of interest,
counsel for revenue was
allowed four weeks time to
file counter affidavit in
matter and till then
operation of attachment of
bank account of assessee
shall remain stayed
2 [2019] 110
taxmann.com
266
Krish
Automotors
P. Ltd.
v.
Union of India
W.P.(C) NO.
3736 OF 2018
SEPTEMBER
16, 2019
Delhi High Court Judgement Where assessee was unable
to file Form GST TRAN-1
within time limit on account
of bona fide difficulties, GST
Authorities were directed
to permit assessee to either
submit said form
electronically by opening
portal or allow assessee to
tender said form manually
4. Page 2 of 4
Updates related to Income Tax by CBDT
Legal updates- Tribunals, High Court & Supreme Court judgements
Sr.No.
Key to find the
document
Description
Tribunal/Court Brief judgement
1 [2019] 110
taxmann.com 175
(Mumbai - Trib.)
TUV India (P.) Ltd.
v. DCIT, Mumbai
Mumbai
Tribunal
No additions if assessee reconciled
difference between TDS appearing in
ITR & Form 26AS
2 [2019] 110
taxmann.com 259
(Bombay)
Menck GMBH v.
ACIT
Mumbai High
Court
Proceedings for reassessment under
section 147 are for benefit of revenue
and, therefore, dropping of
reassessment proceedings by Assessing
Officer under section 147, even in
absence of assessee challenging notice
under section 147/148, is justified
Updates related to Announcement by ICAI
ICAI Qualification evaluated by UK, NARIC
Read here for more
Benchmarking the Intermediate and Final Course of the Institute of Chartered
Accountants of India
Executive Summary
ICAI President's Message - November 2019
Read here
5. Page 3 of 4
Corporate Laws by MCA
Important Update on 'Identification and flagging of Disqualified Directors u/s
164(2) (a) of the Companies Act, 2013.
Read this notice
MCA notifies the Registrar of Companies Jammu to have jurisdiction in respect of
Union territory of Jammu and Kashmir and Union territory of Ladakh, for the
purpose of registration of companies and discharging the functions under the
aforesaid Act, effective from 31st October, 2019.
Notification here
The Insolvency and Bankruptcy Law.
Legal updates- NCLAT | Court
Sr.No. Key to find the
document
NCLAT/Court Summary
1 [2019] 110 taxmann.com
212 (Delhi)
SSMP Industries Ltd.
v.
Perkan Food Processors
(P.) Ltd.
CS(COMM) NO. 470 OF
2016 CC(COMM) 73 OF
2017
JULY 18, 2019
Delhi High
Court
Where plaintiff company was
declared insolvent & it filed suit for
recovery of excess payments,
damages, while defendant filed
counter claim for same transaction
Rs. 59.51 lakhs, counter claim being
integral to recovery sought by
corporate debtor, same was not to
be prohibited under section 14
2 [2019] 110 taxmann.com
278 Committee of
Creditors of Amtek Auto
Ltd. v.
Dinkar T.
Venkatasubramanian
Delhi NCLAT Where approved resolution plan
contravened by concerned
corporate debtor, any person other
than corporate debtor, whose
interests prejudicially affected by
such contravention, may make an
application to Authority for
liquidation of corporate debtor
6. Page 4 of 4
Listing/Market by SEBI
Disclosure of divergence in the asset classification and provisioning by banks
Read SEBI Circular
Updates related to Latest developments in Economy &
Finance world
Status Report on implementation of several measures announced by Finance
Minister to boost Economy
The Finance Minister, Smt. Nirmala Sitharaman had announced several short and
long-term measures to boost economy on 23.08. 2019, 30.8.2019 and 14.09.2019.
Out of these a total number of thirty-two measures were announced on 23.08.2019
to boost the economy. Out of these, thirteen (13) announcements have been
fulfilled. In respect of twelve (12) measures announced on 14.09.2019 to boost
exports, three (3) announcements have been fulfilled. The rest of the
announcements are under active consideration by relevant Ministries. Further,
action on one (1) out of three announcements made for the housing has been
completed and action on other two (2) is also being taken.
A Status Report on fulfilled announcements and those under advanced stage of
implementation are reported in this release.
SAVE WATER || SAVE UNIVERSE
7. =============================================
About Scribbler
PRADEEP GOYAL
Fellow Member of the Institute of
Chartered Accountants of India.
Associate member of Professional
Accounting Body of Certified
Practising Accountants (CPA),
Australia.
CFA (Corporate Finance)- Columbia
Business School, USA | EMERITUS
Institute of Management, Singapore.
Certified Goods & Service Tax
Practitioner from ICAI & Ministry of
Micro, Small & Medium Enterprises,
Government of India.
================================
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