What We Can Do

Our Services

Assurance

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

Read More

Corporate Governance

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

Read More

Transaction Advisory

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

Read More

Insolvency and Bankruptcy

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

Read More

IFRS

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

Read More

Goods and Service Tax

Overview of the Tax Advisory & Compliance Services

Read More

Business Support

Corporate Taxation

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

Read More

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

0

NUMBER OF YEARS EXPERIENCE

0

LOCATIONS

0

QUALIFIED PROFESSIONALS

0

OTHER TEAM MEMBERS

0

PARTNERS

RECENT NEWS

It cannot be inferred that the assessee has manipulated the share price merely because it moved up sharply. The AO has to produce material/evidence to show that the assessee/ brokers did price rigging/manipulation of shares. The AO must also show that the relevant evidence produced by the assessee in the form of bills, contract notes, demat statement, bank account etc to prove the genuineness of the transactions are false or fictitious or bogus. [Arun Kumar vs. ACIT (ITAT Delhi)]
--------------------------------------------------------------

  • New functionality FORM-DRC 20 enabled on GST portal for choosing an option to make deferred payment of the GST liability by the assessee's who cannot make payment in one go.
  • Changes in e-way bill has been made to be effective from 16.11.2018 for better motoring and compliance.
  • Bombay HC to re-consider petition for reopening of GST TRAN-1 to rectify human errors if Govt. do not consider representation.
--------------------------------------------------------------
Last date of Filling of Annual Returns and Financial Statement with ROC extended till 31st Dec. 2018
--------------------------------------------------------------
MCA establish office of ROC at Dehradun and Vijayawada for discharging functions under Companies Act.
--------------------------------------------------------------
The ITAT should give priority to the hearing of MAs. None should be compelled to move the High Court and seek an out of turn hearing. [(Lupin Investments Pvt. Ltd vs. ITAT (Bombay High Court)]
--------------------------------------------------------------
Committee of creditors has finally chosen ArcelorMittal as the preferred bidder for Essar Steel.
--------------------------------------------------------------
Due date to file GSTR 3B for the month of September 2018 is being extended up to 25th October 2018 with a view to give more time for availment of ITC for the period July 2017 to March 2018
--------------------------------------------------------------
The information given by DIT (Inv) can only be a basis to ignite/ trigger "reason to suspect". The AO has to carry out further examination to convert the "reason to suspect" into "reason to believe". If the AO acts on borrowed satisfaction and without application of mind, the reopening is void. [Devansh Exports vs. ACIT(ITAT Kolkata)]
--------------------------------------------------------------
MCA amended Schedule III of CA13 & introduced format of financial statement for NBFCs complying with Ind AS.
--------------------------------------------------------------
MCA amended Schedule III of CA13 & introduced format of financial statement for NBFCs complying with Ind AS.
--------------------------------------------------------------
Failure by the AO to offer cross-examination of the persons whose statements are relied upon means that no adverse inference can be drawn against the assessee. Dept's plea for a remand is not acceptable if the assessee has discharged primary onus (Nova Promoters 342 ITR 169 (Del) & Jansampark Advertising 375 ITR 373 (Del) distinguished). Paradise Inland 98 CCH 0417 followed. [(Rajat Exports Import (India) Pvt. Ltd vs. ITO ITAT Delhi)]
--------------------------------------------------------------
Government may come out with an ordinance to make changes to the CA13 to promote ease of doing business, ensure improved corporate compliances and expedite insolvency proceedings.
--------------------------------------------------------------
“Once genuineness, creditworthiness and identity of investors are established, no addition could be made as cash credit for the excess premium paid to subscribe shares. [PCIT vs. Chain House International (P.) Ltd” (HC of Madhya Pradesh)]".
--------------------------------------------------------------
ITC can not be allowed on stock transfer from H.O to its branches in other states at zero values
--------------------------------------------------------------
The "right to sue" which arises on breach of a development agreement is a "personal right" and not a "capital asset" which can be transferred. Consequently, the damages received for relinquishment of the "right to sue" is a non-taxable capital receipt (all judgements considered). (ITAT Ahmedabad- Bhojison Infrastructure Pvt. Ltd vs. ITO)
--------------------------------------------------------------
Gain arising to the assessee on account of securitization of lease receivables and credited to the Profit & Loss Account is a taxable receipt in the year of securitisation as per T. V. Sunderam Iyengar 222 ITR 344 (SC). Argument that the entry represents hypothetical income and not real income and that the amount is assessable in subsequent years on receivable basis is not correct. Question of whether income can also be deferred to subsequent years under the "Matching concept" as per Taparia Tools 260 ITR 102 (Bom)/ 372 ITR 605 (SC) left open. [L&T Finance Limited vs. DCIT (Bombay High Court)]
--------------------------------------------------------------
“Expenditure incurred on a project, which was subsequently abandoned, can be claimed as pre-operative expenses under a new project operated through common funds, keeping the control of all business units under the hands of the assesse. [Chemplast Sanmar Ltd. vs. ACIT(Madras HC)]”
--------------------------------------------------------------
If no cash is involved in the transaction of allotment of shares and it is a case of book adjustment, provisions of s. 68 treating it as unexplained cash credit are not attracted. [V. R. Global Energy Pvt. Ltd vs. ITO (Madras HC)]
--------------------------------------------------------------
GST is leviable on the rent payable by a hospital supplying lifesaving services [cardiology and emergency] (Karnataka Advance Ruling Authority)
--------------------------------------------------------------
Provisions related to Deduction of tax at source as specified in Section 51 and Collection of tax as specified in Section 52 of CGST Act has been made applicable w.e.f 01.10.2018
--------------------------------------------------------------
Relief has been given from any penal proceedings under the Act in case a consignment of goods is accompanied with an invoice or any other specified document and also an e-way bill but there is some error w.r.t spelling mistake in name address, error in PIN etc. in the said e-waybill
--------------------------------------------------------------
Expenditure incurred for software expenses was to be treated as revenue expenditure as it merely facilitated assessee's trading operations, enabling it to carry on business more efficiently even though the advantage endured for an indefinite period. [HIGH COURT OF MADRAS, Commissioner of Income-tax, Trichy v. Lakshmi Vilas Bank Ltd.]
--------------------------------------------------------------
A one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1 for the period from July, 2017 to September, 2018 till 31.10.2018 has been launched.
--------------------------------------------------------------
CGST Rules has been amended whereby commissioner may extend due date to file TRAN-1 till 31st march 2019 and TRAN-2 by 30th April 2019 for the registered person, who could not submit TRAN-1 and TRAN-2 due to technical difficulties on common portal
--------------------------------------------------------------
Due date to file GSTR 1 and GSTR 3B for the period July 17 to November 18 has been extended to 31st December 2018 for the persons who did not file the complete FORM GST REG- 26 but received only a Provisional Identification Number (PID) till 31st December 2017 and now migrating to GST.
--------------------------------------------------------------
In case of imported goods, the person in charge of a conveyance shall also carry a copy of the bill of entry filed by the importer of such goods and shall indicate the number and date of the bill of entry in Part A of FORM GST EWB-01.
--------------------------------------------------------------
If appeals with reference to the quantum proceedings have been admitted by the Court on substantial questions of law, it means that there were debatable and arguable questions raised and so penalty u/s 271(1)(c) cannot be levied (PCIT v. Shree Gopal Housing 167 DTR 236 distinguished). Penalty also cannot be levied if the claim was as per judicial precedents prevalent at the time of filing the ROI. [Bombay HC- PCIT vs. Dhariwal Industries Ltd]
--------------------------------------------------------------
If the transaction is supported by documents like contract notes, demat statements, routed through the stock exchange, payments are made by account-payee cheques and there is no evidence that the cash has gone back to the assessee's account, it has to be treated as a genuine transaction and cannot be assessed as unexplained credit u/s 68 of the Act. [CIT vs. Pooja Agarwal (Rajasthan High Court)]
--------------------------------------------------------------
Date of filing BEN-2 without additional fees extended to 30 days from the date of deployment of form on the MCA portal. --------------------------------------------------------------
• RBI again permitted Companies to register for EMF w.e.f. Sep 01, 2018 and to state reasons in authorization letter for not complying earlier. • New reporting with respect to form FC-GPR, FC-TRS, etc to be done through Single Master Form on FIRMS applications w.e.f. Sep 01, 2018. --------------------------------------------------------------
If there was all relevant documentary evidence available on record to render finding whether assessee had a PE in India, Tribunal could not have remanded back matter to AO for fresh consideration especially when AO had not discharged burden of proving that assessee had a PE in India. [Co-operative Centrale Reiffeisen Boerenleenbank B. A. v. DDIT, International Taxation-1(2), Mumbai (HC-Bombay)] --------------------------------------------------------------
“Salary cannot be taxed in the hands of NR-Employee just on the fact the employer had deducted taxes on it.” [Avdesh Kumar vs. Dty. CIT (Delhi ITAT)]
--------------------------------------------------------------
Last date to file GSTR 3B for the month of July 18 has been extended to 24th August 2018.

MCA clarifies that individuals with duplicate/multiple DNS can retain only oldest DIN and DIN once associated is not eligible for surrender. MCA clarifies that individuals with duplicate/multiple DNS can retain only oldest DIN and DIN once associated is not eligible for surrender.
--------------------------------------------------------------
In order to arrive at the real income / loss, different stock valuation method can be adopted as compared to the one adopted in the books of accounts.” [Union Bank of India vs. CIT, WB-IV, Calcutta (HC of Calcutta)]
--------------------------------------------------------------

OUR SEMINARS

OUR ACTIVITIES

Head Office
A-16/9, Vasant Vihar, New Delhi – 110057
Email Us
delhi@llca.net
Call Us
+91-11-42591800