The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge Have a look, here is your Daily dose of professional updates in newsletter form- 23st September, 2019

1. S E P T E M B E R 2 3 , 2 0 1 9 | M O N D A Y I S S U E 7 5
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 7
 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] 109
taxmann.com
366
Attest Testing
Services Ltd.,
In re
NO. GST-ARA-
07/2019-20/B-
99, AUGUST
23, 2019
Authority
for Advance
Rulings,
Maharashtra
Advance
Ruling
Where applicant is providing
services viz., conducting online
examinations along with pre-
exam management processes,
post exam management
processes across different cities &
examination centers, it is held
that services provided by
applicant satisfy definition of
'Composite Services' u/s 2(30) in
as much as it provides services to
completely manage conduct of
examinations electronically like
facilitation of online booking of
examination slots by candidates,
setting up questions based on
question bank management,
conduction of online
examinations in its authorized
examination centers, invigilation
& exam evaluation services, &
conduct of examination be
considered as principal supply.
[Section 2(30) with Notification
no. 12/2017 CT-R discussed]

4. Page 2 of 7
Sr.No. Key to find the
document
Court/ARA/
AAAR
Description
Ruling/
Judgement
Summary
2 [2019] 109
taxmann.com
372
Maansmarine
Cargo
International
LLP, In re
NO. GST-ARA-
04/2019-20/B-
97, AUGUST
23, 2019
Authority
for Advance
Rulings,
Maharashtra
Advance
Ruling
Where applicant was providing
Management consultancy
services to ship owners, logistics
services through water etc., and it
has been offered an outsourcing
work for managing shipping
operations of Hong Kong based
shipping company (MSS) and
expenses such as salary to
employees, offices expenses, etc.
will be reimbursed on actual basis
by MSS, since reimbursement
received by applicant pertains to
establishment costs which would
be incurred by them for running
their office in India, it is nothing
but additional consideration
charged for supply as provisions
of section 15 of CGST Act, provides
that valuation of supply will
include all costs, including
employee cost provided by one
distinct entity to other distinct
entities, and, thus, GST is
applicable on reimbursement of
said expenses.
[Circular 107-26-2019 dated
18.07.2019, section 13(2) & 6 of
IGST and rule 33 discussed]
3 [2019] 109
taxmann.com
375
Revenue Bar
Association vs.
UOI
Madras High
Court
Judgement Excluding advocates as a Judicial
members in GSTAT is not violative
of Article 14 of the Constitution

5. Page 3 of 7
 News/Latest Developments/Other updates
 Government expects Rs 40000 Crore GST shortfall
TOI Report
 Oil and gas sector expects 5% GST to favour hydrocarbon exploration
The move to fix the Goods and Service Tax (GST) rate at 5 per cent on
certain goods used for oil exploration is expected to favour hydrocarbon
exploration in the country. But the oil and gas exploration industry is
awaiting further clarity on the list of goods that will be allowed this
benefit. Business Line report
 Updates related to Income Tax by CBDT
 Notification/Circular/Press release/FAQs
 CBDT exempts agent/trader operating under agriculture produce
marketing committees from purview of Sec. 194N TDS
Section 194N of Income Tax mandate banks, co-operative societies and
post offices to deduct TDS at the rate of 2% of cash paid more than Rs. 1
Crore to any person. Cause (v) of said section empowers government to
notify certain persons or class of persons not covered under this section.
Using above powers, Government notified commission agent or trader,
operating under Agriculture Produce Market Committee (APMC), and
registered under any Law relating to Agriculture Produce Market of the
concerned State, on which provisions of section 194N will not be
applicable with certain conditions given in below notification.
[Notification dated 20th September, 2019 published in official gazette vide
no. S.O. 3427(E) dated 20.09.2019 effective from 01.09.2019
retrospectively]
 CBDT notifies new dep. rates of 30% & 45% on vehicles purchased
between 23-08-2019 to 31-03-2020.
[Notification dated 20th September, 2019 published in official gazette vide
no. S.O. 679(E) dated 20.09.2019 effective from 23.08.2019]

6. Page 4 of 7
 Legal updates- Tribunals, High Court & Supreme Court judgements
Sr.No.
Key to find the
document
Description
Tribunal/Court Brief judgement
1 [2019] 109
taxmann.com 66
CIT, Chennai vs.
ETA Travel Agency
(P.) Ltd.
Madras High
Court
Where assessee incurred expenses on
interior decoration and office
equipment of premises taken on lease
which were capital in nature, same was
eligible for depreciation in term of
Explanation 1 to section 32, and, thus,
assessee's claim for deduction of
expenditure so incurred under section
37(1) was to be rejected
2 [2019] 109
taxmann.com 63
PrCIT v. Om Rudra
Priya Holiday
Resort (P.) Ltd.
Rajasthan
High Court
No need to refer valuation to DVO once
AO is satisfied about cost of fixed assets
recorded in books of account
3 [2019] 108
taxmann.com 354
CIT v. Sharad
Mohanlal Shah
SPECIAL LEAVE
PETITION (CIVIL)
DIARY NO(S).
21900 OF 2019†
JULY 19, 2019
Supreme
Court
Where High Court upheld Tribunal's
order setting aside addition made on
account of undervaluation of stock by
taking a view that assessee had been
following LIFO method of valuation of
stock which was recognized in law, SLP
filed against High Court's order was to
be dismissed

7. Page 5 of 7
 News/Latest Developments/Other updates
 Have a tax query? Get it answered straight from Income Tax officers
using this form
Use this link
 New National Centre for Exclusive Work of Income Tax E-assessment to
Open Soon in Delhi
A national e-assessment centre (NeAC) will be set up in the national capital
as part of the government's ambitious plan to launch faceless and
nameless assessment for income taxpayers from next month. CBDT, that
frames policy for the Income-tax department, has issued an order for the
creation of the Centre. The Centre will have 16 officials and will be headed
by a Principal Chief Commissioner of Income-tax (PCCIT) as its chief.
Read this report
 Updates related to Announcement by ICAI
 ICAI issues advisory on Effective Date of Validity of Peer Review Certificate
and clarified that effective date will be from the date of submission of final
clean report by peer reviewer irrespective of date of Peer Review Board
meeting in which it is approved.
Read this announcement
 Countering certain adverse reports relating to the system of evaluation of
answer books of CA exams are doing the rounds in social media, ICAI
issued statement regarding reforms which have been put in place recently
are brought to the attention of the stakeholders in respect of the ICAI
examination system.
Read here for more
 CCBMP, ICAI is organising a Live Webcast on "Capacity Building Measures
of Practitioners with special focus on SA 700, SA 701, SA 705 & SA 706” at
Mumbai from 6.00 pm to 8.00 p.m. on 26th September, 2019.
 DAAB of ICAI organising 3 days Hands on Session on PRACTICAL GUIDE TO
ISA on 27-29 September, 2019 at Noida.
 Notification for Online Assessment Test (AT) for Certificate Course on
Forensic Accounting and Fraud Detection (FAFD) on Saturday the 05th
October, 2019.

8. Page 6 of 7
 Corporate Laws by MCA
 MCA appoints Judicial and Technical Members in the National Company Law
Tribunal for a period of three years or till the attaining the age of sixty-five years,
whichever is earlier.
[Notification here]
 Updates related to Start-ups by Start Up India Department
 Kolkata-based iKure Techsoft, a social health enterprise engaged in delivering
primary healthcare, wellness, and prevention services to rural, semi-urban and
urban population, has raised an undisclosed amount of funding from Inflection
Point Ventures. Read here the story
 Updates related to Micro, Small & Medium Enterprises by
Ministry of MSME
 Ministry of MSME and CII are organizing 16th Global SME Business Summit on
24-25 Sep at The Lalit, Delhi to address the significance of global value chains for
SMEs. Last few days to register for the 16th Global SMES Summit 2019.
Senior representatives from the Govt of India, Trade Commissioners and
Embassy Officials from various countries and thought leaders from the industry
will participate. Click here to register and join
 Updates related to Latest developments in Economy &
Finance world
 MCA defends IBC amendments, sticks to strict deadlines in Supreme Court
The Ministry of Corporate Affairs (MCA) has defended all the amendments made
to the Insolvency and Bankruptcy Code (IBC) in a submission made to the
Supreme Court (SC). One of the most contentious issues is related to 330-day
deadline set for resolution of insolvency applications, including the time taken
for litigation, which has been challenged by operational creditors.
Business standard report

9. Page 7 of 7
 Loan camps by public sector banks, NBFCs in 200 districts from October 3
From October 3, loan camps are going to be held in 200 districts across the
country for consumers who may want a loan. Public sector banks, non-banking
financial companies (NBFCs) and micro-finance institutions are gearing up to act
on Finance Minister Nirmala Sitharaman’s promise to distribute loans.
read this report
 AIFs may find limited relief in Sitharaman's latest round of announcements
Alternative investment funds (AIFs) may find limited relief in Finance Minister
Nirmala Sitharaman’s latest round of announcements. While foreign portfolio
investors (FPIs) have had a comprehensive rollback of the surcharge, domestic
AIFs, which faced similar taxation, will continue to pay up to 42.7 per cent on
some investments.
Read this report
 Govt working on measures to make steel sector 'globally competitive'
The government on Sunday said it was working on various fronts to make the
Indian steel sector vibrant, efficient, investor-friendly and globally competitive.
In this regard, the steel ministry is organising ‘Chintan Shivir’, in the presence of
Steel Minister Dharmendra Pradhan on Monday, with the theme to "make the
sector vibrant, efficient and globally competitive", the steel ministry said in a
statement.
Read this report
SAVE WATER || SAVE UNIVERSE

10. =============================================
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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