Ques:925 :IN ONE CASE OFFICER HAS ISSUED DRC-01A AND IN RESPONSE TO SAID NOTICE ASSESSEE HAS FILED PROPER REPLY TILL DATE NOTICE OF DRC-01 NOT ISSUED. THE QUESTION IS THAT IS THERE ANY TIME LIMIT IN ACT OR IN RULE TO ISSUE DRC-01 ?

Ans: Yes for different period the last date of assessment is 3 years from date of annual return filed or due to file whichever is later. Accordingly they can do by that period in normal circumstances unless invoking extended period of 5 years on allegation of fraud or date exended by department via some notification 

Ques:924 : Is GST registration required for sale of paintings held as personal capital investments and income tax is paid under head Capital gains on such sale.

Ans: Even if painting is held as capital asset unless the same is not sale as personal asset, the same will be disputable to tax. One Need to understand complete facts to final words 

Ques:923: CONSULTING FEES FOR ORGANISING PRE-IPO PRIVATE PLACEMENT OF EQUITY TO INVESTORS HSN CODE

Ans: The consulting fees for organizing pre-IPO private placement of equity to investors should fall under HSN Code 9983, which covers “Other professional, technical and business services” including financial consultancy services and investment banking services.