What We Can Do

Our Services

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

MCA amended Schedule III of CA13 & introduced format of financial statement for NBFCs complying with Ind AS.
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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)]
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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.
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“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)]".
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ITC can not be allowed on stock transfer from H.O to its branches in other states at zero values
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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)
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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)]
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“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)]”
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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)]
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GST is leviable on the rent payable by a hospital supplying lifesaving services [cardiology and emergency] (Karnataka Advance Ruling Authority)
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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
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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
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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.]
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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.
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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
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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.
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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.
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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]
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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)]
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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)]
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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.
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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)]
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MCA extended the due date for filing of e-Form DIR-3 KYC from 31 Aug. 2018 to 15 Sept. 2018 without any fee in respect of FY 2017-18.
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Foodstuffs, medicines, medical stores of perishable nature, clothing and blankets imported for thepurpose of donation of relief and rehabilitation of people affected by flood in Kerala have been exempted from whole of custom duty and IGST.
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Where assessee was an agriculturist and owned agricultural land, mere fact that said land had beensold to an industrial unit & had potential to be used for industrial purpose, could not be a determinative factor to treat profit earned by assessee on sale of that land as business income. [HC Guj. in case of Principal CIT V. Heenaben Bhadresh Mehta]
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Reduction in time taken for listing after the closure of the issue to 6 working days from 12 working days for debt securities, NCRPS and SDI.
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To ease the process of issuance of securities on private placement basis through Electronic Book Provider Platform, SEBI on Aug 17 has provided some additional facilities effective from Oct 01.
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Due date to furnish Form GSTR-1 by registered persons with aggregate turnover of more than Rs. 1.5 crore in the preceding/ current financial year, for the periods from July, 2018 to March, 2019 will be 11th day of the month succeeding such month.
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Due date to furnish Form GSTR-1 by registered persons with aggregate turnover up to Rs. 1.5 crore in the preceding/current financial year, for the periods from July, 2018 to March, 2019 shall be as under: • July - September, 2018 - 31st October, 2018
• October - December, 2018 - 31st January, 2019
• January - March, 2019 - 30th April, 2019
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Due date to furnish Form GSTR-3B for each of the moths from July, 2018 to March, 2019 will be 20th day of the month succeeding such month after discharge his liability towards tax, interest, penalty, fees or any other amount payable.
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If there is no discussion whatsoever by the tribunal of the various case laws cited in the submission filed by the assessee, the order is non-speaking and has to be recalled. [Amore Jewels Private Ltd vs. DCIT (HC-Bombay)]
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An entity should not exclude the appropriation made to mandatory reserves, which is merely appropriation of profits and doesn’t result in reduction of the profit as well as net assets of the associate, from the result of operations of the associate that would be used for the purpose of computing the investor’s share. - Educational material on IND AS 28
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Cash payments exceeding Rs.20,000/- could be made to farmers without attracting any disallowance u/s 40A(3) since this transaction is clearly covered by exemption under Rule 6DD(e)(i). [Principal CIT V. Keshvalal Mangaldas (HC Gujarat)]
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RBI has cancelled licenses of 368 NBFCs till June 2018 for failure to meet the regulatory norms and majority of such NBFCs are those who failed to meet requirement of NOF of Rs. 2cr.
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A cashback of 20% on the GST component will be credited to consumers on the GST component if payment is made digitally though prescribed modes
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Payment of tax under RCM u/s 9 (4) of the CSGT Act has been deferred till 30th September 2019
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Head Office
A-16/9, Vasant Vihar, New Delhi – 110057
Email Us
delhi@llca.net
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