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Assurance

At Luthra & Luthra we focus on building close client relationships that add long-term value.

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Corporate Governance

In this dynamic era growth of an organization merely depends upon its attitude towards corporate governance.

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Transaction Advisory

At Luthra & Luthra we focus on building close client relationships that add long-term value.

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Insolvency and Bankruptcy

Insolvency & Bankruptcy Services: Prior to the enactment of the Insolvency and Bankruptcy Code, 2016,

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IFRS

IFRS are considered as “principle based” set of standards and establish broad rules rather than dictating specific treatments.

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Goods and Service Tax

Overview of the Tax Advisory & Compliance Services

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Business Support

Corporate Taxation

Our taxation team stays constantly abreast with changes in tax policies, administration & regulations.

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Transfer Pricing and International Taxation

Industries Verticals

Airlines / Flight Handling Agencies / Airports

Automobiles

BPO / KPO

Construction / Infrastructure / Road Projects

Consulting Engineering

Consumer Goods

Energy & Environment Consulting

Financial Services / Banking / Insurance

Hospitality

Information Technology Sectors

Investment Funds

Manufacturing

Mining

NGO’s

Retail / Wholesale Trading

Schools / Management Institute / Training

Sports

Telecommunication / Media

Luthra & Luthra has a long history of accelerating our clients’ growth, growing their revenue and adding to their delight

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RECENT NEWS

• E-way bill system for intra-state movement of goods has been implemented in Delhi w.e.f 16th june 2018
Legal notice or messages sent through WhatsApp messaging app are valid legal evidence under law, and the blue tick over the messaging app is a valid proof that the respondent has accepted the communication. [SBI Cards & Payment Services Pvt. Ltd vs Rohidas jadhav (Mumbai HC)]
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Business transactions between assessee (substantial shareholder cum director) and the company were intermingled and the outstanding balances occurred due to commercial exigencies such as regular trading business and consistent services rendered by assessee. CBDT circular 19/2017 shall be applied which specifically excludes trade advances arising out of commercial transactions from the purview of Sec. 2(22)(e). [The ACIT v Smt. Rathinam Thirupathiswamy (ITAT Chennai)]
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• No e-way bill required if consignment value is upto 1,00,000/- in respect of movement of goods originating and terminating with in the state of Delhi (Intra - state movement but without passing through any other state)
• No e-way bill is required irrespective to value of goods when sale is from the registered business place of a taxable person to an unregistered end consumer and movement is accompanied by an invoice.
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• Various certificates like Renewable Energy Certificates (RECs). Priority Sector Lending Certificates (PSLCs) etc. are taxable at a rate of 12%
• If the goods transit through a second State while moving from one place in a state to another place in the same State, an e-way bill is required to be generated.
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The words 'concealment' or 'inaccurate particulars of income' have to be read strictly before levying penalty u/s 271(1)(c) of the Act. AO should give finding as to what particulars of income has been concealed or what particulars of income are inaccurate. [CIT vs. L&T Finance Ltd (Bombay High Court)]
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A non-resident assessee is entitled to claim deduction of an amount equal to 5% of the adjusted total income as expenditure in the nature of Head Office (HO) Expenses. The face that the expenses are not debited in the Profit & Loss account or the books of account is irrelevant. The entries in the books of account are not conclusive. [ITAT Delhi-Ernst & Young Ltd. v ACIT (International Taxation)]
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On issuance of Ind AS 115, Revenue from Contracts with Customers vide the Companies(Indian Accounting Standards) Amendment Rules, 2018 , Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), which had been issued by ICAI based on principles of Ind AS 11 and IND AS 18, stands withdrawn.
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If the AO wants to rely upon documents found with third parties, he has to provide the evidence to the assessee & grant opportunity of cross-examination following the principal of natural justice [CIT vs. Sunita Dhadda (Supreme Court)]
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If the assessee has paid consent charges/ settlement charges to SEBI under SEBI guidelines to avoid long drawn litigations, those would be considered as business expenditure as per section 37(1) of the Act. [DCIT V. Anil Dhirajlal Ambani (ITAT Mumbai]
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• Due date to file GSTR – 6 by ISD for the period July 17 – June 18 extended to 31st July 18.
• It is clarified by CBIC that any interest/delayed payment ch. Charged for delay in payment of brokerage amount/settlement obligation / margin trading facility shall be leviable to GST.
• Intra – State E-way bill rolled out in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha & Punjab w.e.f 1st June 2018
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No additions u/s 69A on excess Jewellery found during search if there was custom to gift Jewellery in family. [Vibhu Aggarwal Vs. DCIT (ITAT-Delhi)]
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If the assessing officer reopens the case on the basis of information received from another assessing officer without further inquiry, it means he has proceeded "mechanically" and "without application of mind". If the CIT does not give reasons while according sanction, it implies that he has also not applied his mind. Both render the reopening void. [Sunil Agarwal Vs. ITO (ITAT-Delhi)]
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The Task Force constituted by Government of India, to draft a new direct tax law, has been given an extension of 3 months to submit its report. Initially the task force was required to submit its report within 6 months i.e. by May 22, 2018.
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Non-resident OIDAR service providers need to file return in Form GSTR-5A compulsorly even if there is no business activity in the tax period only after making full payment of taxes and other liabilities.
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In case an assessee claims depreciation on non-existent assets, penalty u/s 271(1)(c) would be levied for filing inaccurate particulars of income. [Sundaram Finance Ltd. Vs. ACIT (HC Madras)]
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ITAT says Google India should pay tax on advertisement revenue sent to parent.
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To initiate reassessment proceedings of deceased person, notice u/s 148 has to be served on all legal representatives. [Shanta Kapoor Vs. ACIT-1, ITAT Agra]
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• E-way Bill is applicable in Odisha from 23rd May, 2018
• GST Intra-state E-way bill is compulsory from 3rd June 2018 across India.
• Damages paid for cancellation of contract will attract 18% GST
• Frequency to change return frequency for normal taxpayer is now on GST Portal.
• CBIC fixes monetary limit of Rs. 2.5 lakh for appeal filing with Commissioner (Appeal).
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- The due date to file GSTR 3B for the month of April 18 has been extended to 22nd May 2018.
- In case one e-way bill go through multiple modes of trasportation (say road, rail, ship, air) before reaching destination, the e-way bill can be updated with the new mode of transport by using "Update Vehicle Number" with the new mode on completion of each such previous mode of transport.
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• Roll out of E-way bill system for intra-state movement of goods in the States of Assam from 16th May, 2018 and Rajasthan from 20th May,2018.
• Waiver of late fee is applicable only for such registered persons who have filed the declaration in FORM GST TRAN-1 on or before the 10th day of May 2018 and the return in FORM GSTR-3B for each of such months, on or before the 31st day of May 2018.
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Under Rule 34(5) of the Tribunal Rules read with Shivsagar Veg. Restaurant 317 ITR 433 (Bom) & Otters Club (Bom), orders have to be passed invariably within three months of the completion of hearing of the case. The delay is incurable. Even administrative clearance cannot cure the delay. Such decisions rendered after 3 months reflect a mistake apparent from the record and have to be recalled and the appeals heard afresh. [Cromption Greaves Limited v CIT-6 (ITAT - Mumbai)]
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Claim of provisions for bad debts u/s 36(1)(iii) cannot be disallowed merely by issuing an intimation u/s 143(1)(a). [Bajaj Auto Finance Ltd. vs. CIT, Pune (HC Pune)]
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Reassessment proceedings couldn't be quashed merely because recorded reasons were additionally approved by Commissioner (CIT). [Mayurbhai Mangaldas Patel V. ITO (HC Gujarat)]
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Where assessee is required to pay amount to a party in relation to a business transaction pursuant to Court order, same would be allowed as business loss. [Principal CIT V. Girishkumar Ramanlal Chokshi & Bros. (Gujrat HC)]
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SEBI permits Stock Exchanges to set trading hours in the Equity Derivatives Segment between 9:00 A.M. and 11:55 P.M. with effect from 01/10/2018. In case Stock Exchanges are desirous of extending the trade timings beyond the extant trading hours, prior approval from SEBI shall be required.
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MCA notified Companies (Registration Offices and Fees) Second Amendment Rules, 2018 effective from 07/05/2018. Accordingly, where due date of filing Annual Return and Financial Statements under Companies Act, 2013 expires after 30/06/2018, additional fee of Rs. 100/- per day shall become payable in respect of Form MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS. In all other cases, where the belated Annual Return or Financial Statements which were due to be filed under Companies Act, 1956 (Form 23AC, 23ACA, 23AC XBRL, 23ACA XBRL, 20B, 21A) or Companies Act, 2013 (Form MGT-7, AoC-4, AoC-4 XBRL, AoC-4 CFS), additional fee as per the applicable slab for the period of delay up to 30/06/2018 along with Rs. 100/- per day w.e.f 01/07/2018 shall become payable.
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The total number of APAs entered into by CBDT has gone up to 220, which, inter alia include 20 Bilateral APAs.
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- TRAN-2 has to be filed at the end of each of the six tax periods only when taxpayer has filed the GST TRAN-1 and also filed valid return of that tax period. There is no option for revision or amendment of TRAN-2. IT can be filed only once for once tax period.
- The last date of file GST TRAN-2 is 30th June 2018
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Delhi HC sets aside ITAT order passed u/s. 254(2) of the Act and rejected ITAT’s view that an order directing early hearing to Department is merely an administrative order. Such view of ITAT is contrary to its own ruling in Olympia Paper & Stationery Stores case wherein it was held that the Tribunal must pass the judicial orders, and not administrative orders, for expeditious and out of turn hearing of any appeal or application. [DR. Prannoy Roy v The DCIT & ORS (Delhi HC)]
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Rule 11UA allows the assessee the right to adopt the method of his choice for valuing shares (DCF, NAV etc). The AO has no jurisdiction to insist that the assessee should adopt only a particular method for determining the value of the shares [DCIT vs. Ozoneland Agro Pvt. Ltd (ITAT Mumbai)]
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Discount, allowed on the products by a company to its distributors, constitute the nature of Commission and attracts TDS u/s 194H. (Tata Teleservices Ltd. V. Income Tax Officer (ITAT Delhi Bench E)
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Highlights of 27th GST Council Meeting held on 04.05.2018:
o As per new Single return plan (to be effective after 6 month),all taxpayers excluding a few exceptions like composition dealer shall file one monthly return.
o Return shall be simplified also by reducing the content/information required to be filled in the return.
o Post the new return going live, provisional credit can be claimed by the return preparers in the transitional phase of 6 months based on self-calculations.
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Right to file appeal before Commissioner (Appeals) not to be foreclosed on ground of limitation just because Appeal was filed before Ayakar Sevakendra inadvertently. [GRD Trust V. DCIT(E), Coimbatore (HC Madras)]
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