Professional update @ Chartered Accountants Section!

# GST:

UPS along with the battery cannot be held as naturally bundled but to be considered as Mixed Supply within the meaning of Sec-2(74) of the GST Act, as they are supplied under a single contract at a combined single price – AAR in Switching Avo Electro Power Ltd.

# CBDT

Invites comments on draft notification proposing the amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings on Permanent Establishment (PE).

# A&CA: It is a cardinal principle of the Arbitration and Conciliation Act (A&CA) that the parties are free to decide the number of arbitrators, provided, it is an odd number, as well as the procedure for appointing them – IBI Consultancy India Pvt. Ltd. Vs, DSC Ltd. (2018 (4) TMI 781 – SC).

Income tax

# IT: No penal proceedings have been initiated against the assessee when he was alive. Assessment has not been done in the hands of the legal representatives and therefore, Section 159 of the Act, cannot be applied to the legal representative – CIT Vs. Late Dr. K.C.G. Verghese (2018 (4) TMI 801 – Madras HC).

# IT: As derivative transactions being separate from trading in shares, Exp. to Sec-73 will not be applicable to such transactions and hence, the loss incurred by the assessee in derivative transactions through recognized stock exchange has to be set off against other business income as per provisions of the Act – CIT Vs. Sri Vasavi Gold & Bullion Pvt. Ltd. (2018 (4) TMI 802 – Madras HC).

Truly for the Profession…

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