Amnesty Scheme (LLP Settlement Scheme) - 2020

This scheme is initiated by Government of India in order to avoid long past pending issues and in order to generate revenue to system

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COVID 2019 and Proposed CSR rules

India is a developing country with population of 130 crores with scarce resources. Implementation of any welfare program by the Govt. (Central or State) is a huge challenge so that the benefit can reach to the last mile. India, as a deep rooted culture, has always promoted charity.

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COVID- 19 and The Shut Down: The Impact of Force Majeure

COVID- 19 has been declared as a pandemic by the World Heath Organisation, and the inistry of Health and Family Welfare has issued an advisory on social distancing, w.r.t. mass athering and has put travel estrictions to prevent spreading of COVID-19.

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Ministry Emplaces Stringent Auditing Norms to Curb Corporate Scams.

The Ministry of Corporate Affairs (MCA)on Tuesday, February 25, 2020 notified the Companies (Auditor’s Report) Order, 2020 (CARO 2020) revamping the Companies (Auditor's Report) Order, 2016 (CARO 2016), making it mandatory for companies to disclose all complaints to the auditor while ushering enhanced due diligence and disclosures on the part of auditors.

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No cancellation of registration just because trust maintaining ‘gaushalas’ earned revenue from sale of milk products

INCOME TAX : Where assessee trust was engaged in providing asylum/shelter to cows and maintaining gaushalas and famine relief centres to provide proper treatment and fodder to needy stray cows, merely because assessee earned certain revenue from sale of milk, milk product, cattle feed etc., it could not be said that activities of assessee were not charitable so as to cancel its registration under section 12A

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SLP filed having low tax effect was to be dismissed as withdrawn: SC

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that where in terms of business transfer agreement, assessee had to buy back shares of its employees kept under ESOP Trust fund, amount so paid was to be allowed as deduction while computing capital gain arising from slump sale of trading business

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Provision for revision of pay as per recommendation of committee appointed by Govt. is allowable as business exp.

INCOME TAX : Provision made by assessee PSU for revision of pay of its employees as per recommendation of committee appointed by Government, was to be allowed as business expenditure

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No extension of the Financial Year; FinMin clarifies

The Ministry of Finance has clarified that there was fake news circulation in some section of media that Financial Year has been extended. Ministry clarified that notification circulating on the social media platform is related to date extension for collection of stamp duty on Security Market Instruments transactions.

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Trust registration to be granted if application wasn't decided in 6 months from date of matter referred by ITAT

INCOME TAX : Where Commissioner (Exemption) did not decide application under section 12AA within six months from date on which matter was remitted by Tribunal, registration under section 12AA(2) would be deemed to be granted to assessee-society

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Remuneration to Non-executive Directors and Independent Directors in Case of Absence or Inadequacy o

One of the major amendment proposed by the Companies (Amendment) Act, 2020 (at present, it is bill)is with regard to remuneration to independent directorand non-executive directors in Case of Absence or Inadequacy of Profits. In this write-up, author has analysed the impact of such amendment.

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Diversion of Income vs. Application of Income

There have been lot of issues whether the amount paid in the facts and circumstances of each case is by way of diversion of income at source or application of income and even if there is no diversion of income but by the application of income does the amount expended qualify for deduction as an expenditure in the hands of the assessee?

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Relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018

As per extant regulatory provisions, insurers has to file its Board approved Final Re-insurance Programme by 30th April 2020 along with a synopsis of catastrophe modelling report; In view of COVID-19 pandemic, it may be difficult for some insurers to adhere with above stipulated time lines. Thus, the insurers may comply with the above regulatory provisions on or before 31st May, 2020.

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Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020

The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 by passing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. A snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented in this article.

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Labour Ministry amends EPF norms to allow withdrawal of advance by in event of Covid-19 outbreak

The notification GSR 225(E) issued by Ministry of Labour and Employment amending the EPF Scheme 1952 allows withdrawal of non-refundable advance by EPF members in the wake of COVID -19 pandemic in the country. The notification permits withdrawal not exceeding the basic wages and dearness allowance for three months or upto 75% of the amount standing to member's credit in the EPF account in the event of outbreak of epidemic or pandemic.

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No Sec. 263 revision to disallow penalty paid for violation of KYC norms if AO had conducted detailed enquiry

INCOME TAX : Where revision was invoked against assessee to question deduction allowed towards bad debts written off in respect of non-rural advances under section 36(1)(vii), payment made towards contribution to gratuity fund, penalty payment to RBI for violation of KYC norms and provision for wage arrears,

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CCI revises Guidance Notes to Form-I under the Green Channel

The Competition Commission of India (CCI) has revised guidance notes to Form I with a view to incorporate the changes made in Green Channel. The revised Form I, under the Green Channel, will be used to file the notice under Section 6(2) of the Competition Act, 2002 (Act) and Regulation 5(2) of the Combination Regulation

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Sec. 263 revision to disallow penalty paid for violation of KYC norms of RBI if AO had conducted detailed enquiry

INCOME TAX : Where revision was invoked against assessee to question deduction allowed towards bad debts written off in respect of non-rural advances under section 36(1)(vii), payment made towards contribution to gratuity fund, penalty payment to RBI for violation of KYC norms and provision for wage arrears,

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Analysis of Section 54B of the Income-tax Act

Section 54B of the Income-tax Act (the Act) deals with capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.

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Key highlights of the RBI Press Meet

Reserve Bank of India in its seventh bi-monthly policy statement for year 2019-2020 has decided to cut repo rate by 75bps to 4.4% from 5.15 % with immediate effect. Reverse repo cut by 90bps bps at 4%. In order to mitigate economic risks due to Covid-119 crisis, RBI has also taken other important measures like allowing of 3 month moratorium on EMIs and Deferment of Interest on Working Capital Facilities. The key highlights of RBI press meet has been discussed hereunder:

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President gives assent to the Finance Bill 2020

The Finance Bill, 2020 has received the assent of the President. Finance Act, 2020 amended various provisions of the Income-tax Act, 1961 which are related to salaries, capital gain tax, deductions etc

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Analysis of the changes in the Finance Bill, 2020 as passed by the Lok Sabha

The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 by passing the Finance Bill, 2020.

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SEBI extends deadline for making continual disclosure of shareholding under takeover code to June 01

SEBI extends deadline for filing disclosures in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations to June 01, 2020 for the F.Y. ending March 31, 2020 to June 01, 2020. The disclosure under aforesaid regulations require the shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and exchanges within 7 working days from the end of the F.Y. These report are required to be filed by April 15, 2020.

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Impact of MCA’s special measures amid COVID – 19 Outbreak

Amid the COVID-19 outbreak, the Ministry of Health and Family Welfare has come up with various schemes for the public. The Ministry of Corporate Affairs has also issued a Circular, relaxing a few provisions of the Act for better compliance ensuring the safety provisions. This article is a summary and analysis of the special measures introduced by the MCA and its impact on the compliance culture for next 6-9 months.

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No reversal of roles twixt the section and explanation

It is fairly clear that the Income Tax Rules, CBDT Circulars, Notifications etc, are not at par with an “Explanation” appended to a section, in the sense that these are instances of delegated legislation initiated by the executives not sanctioned by the legislature, though they essentially need to correspond to the mandate of the section with reference to which these have been promulgated.

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Transaction supported by documentary evidence couldn't be held as sham transaction for making sec. 68 additions

INCOME TAX : Where assessee's transactions of purchase of shares in question, holding of shares for more than one year and then sale of shares through a registered share broker in a recognised stock exchange and payment of STT thereon, all were supported by documentary evidences and revenue could not point out any specific defect with regard to said documents, transactions of assessee could not be held as sham and LTCG on such transactions could not be treated as unexplained cash credit under se

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Transaction supported by documentary evidencve couldn't be held as sham transaction for making sec. 68 additions

INCOME TAX : Where assessee's transactions of purchase of shares in question, holding of shares for more than one year and then sale of shares through a registered share broker in a recognised stock exchange and payment of STT thereon, all were supported by documentary evidences and revenue could not point out any specific defect with regard to said documents, transactions of assessee could not be held as sham and LTCG on such transactions could not be treated as unexplained cash credit under se

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Deduction claimed for first time while filing return under section 153A allowable: HC

INCOME TAX : Where assessee filed original return under section 139 and while assessment was pending, assessee again in response to notice under section 153A filed another return making a new claim for treating gain on pre-payment of deferred VAT/sales tax on Net Present Value (NPV) basis as capital receipt, since assessment got abated, it was open for assessee to lodge a new claim in a proceeding under section 153A(1) which was not claimed in his regular return of income, thus,

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Claim deduction for first time is allowed while filing return under section 153A

INCOME TAX : Where assessee filed original return under section 139 and while assessment was pending, assessee again in response to notice under section 153A filed another return making a new claim for treating gain on pre-payment of deferred VAT/sales tax on Net Present Value (NPV) basis as capital receipt, since assessment got abated, it was open for assessee to lodge a new claim in a proceeding under section 153A(1) which was not claimed in his regular return of income, thus,

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Notification No. 21/2020 [F.No. IT(A)/1/2020-TPL] / SO 1195(E)

Publish Date : Friday, March 20, 2020

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FM announces Rs 1.70 Lakh Cr. relief package for poor to fight battle against Corona Virus

Finance Minister has announced Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus.

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Sebi further relaxes compliance norms for listed entities

The marker regulator, sebi has come up with circular which provides further relaxation to listed entities for LODR compliance.

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NRI Taxation in India – The Pendulum Swings Back!

The Finance Bill 2020, as introduced by the Union Finance Minister on 1st February, 2020, contained some far reaching changes in regard to Taxation of Non-Residents. Infact, they created quite some upheaval too and it was widely expected that when the same is finally passed, there will be some key changes in the original proposals.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020513/nri-taxation-in-india-–-the-pendulum-swings-back.aspx

Controversies in Capital Gain Issues

There are certain issues in capital gains in Income-tax Act (the Act) which have been existing since quite a few years and in spite of bringing these issues to the notice of the successive Hon’ble Finance Ministers through pre-budget memorandum and articles in various journals and newspapers,no steps have been taken addressing these issues.

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Unanswered Faq’s on The Direct Tax Vivad Se Vishwas Act 2020

In this Article, the Authors briefly deliberated on the issues arising out of FAQs answered by the Board and also fresh questions that need to be answered soon for the tax payers and the administrators to be clear in their approach. The Act is referred to as VsV Act or the Act and the Designated Authority as DA.

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Unasnwered Faq’s on The Direct Tax Vivad Se Vishwas Act 2020

In this Article, the Authors briefly deliberated on the issues arising out of FAQs answered by the Board and also fresh questions that need to be answered soon for the tax payers and the administrators to be clear in their approach. The Act is referred to as VsV Act or the Act and the Designated Authority as DA.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020508/unasnwered-faq’s-on-the-direct-tax-vivad-se-vishwas-act-2020.aspx

HC directs assessee to file ITR in paper form also as he was unable to claim set off of losses through e-filing

INCOME TAX : Procedure of filing electronic return as per section 139D read with rule 12 cannot bar assessee from making claim which he was entitled to; assessee was directed to make representation before CBDT where he was not able to reflect set off available in terms of section 72 in prescribed return of income in electronic form

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Property mortgaged with bank couldn't be attached under PMLA as there was nothing to prove proceeds of crime

FEMA. BANKING & INSURANCE : Where property in question had been mortgaged with bank and there was nothing to prove that proceeds of crime were involved in acquiring said property, said property could not be attached

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HC directs assessee to file ITR in paper from also as he was unable to claim set off of losses through e-filing

INCOME TAX : Procedure of filing electronic return as per section 139D read with rule 12 cannot bar assessee from making claim which he was entitled to; assessee was directed to make representation before CBDT where he was not able to reflect set off available in terms of section 72 in prescribed return of income in electronic form

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High Court allowed stay of demand till disposal of appeal on deposit of Rs. 2 lakhs by assessee

INCOME TAX : Where Assessing Officer passed assessment order on assessee and levied huge tax and assessee against impugned order filed appeal along with petition for stay under section 220(6), assessee was to be directed to remit Rs. 2 lakhs and on such deposit, order challenged before Appellate Authority stood stayed till disposal of appeal

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HC directs assessee to file ITR in paper from also se he was unable to claim set off of losses while e-filing

INCOME TAX : Procedure of filing electronic return as per section 139D read with rule 12 cannot bar assessee from making claim which he was entitled to; assessee was directed to make representation before CBDT where he was not able to reflect set off available in terms of section 72 in prescribed return of income in electronic form

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Capital and debt market services will remain open during the national lockdown: SEBI

The market regular, SEBI has notified exemption for capital and bond markets. Therefore, it has been decided that Capital and debt market services will remain open during the national lockdown

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Takeaways from announcements made by FM in the press conference

The Finance Minister, Smt. Nirmala Sitharaman, has convened a press conference on 24-03-2020 to address the concerns arising due to difficulty in doing the statutory and regulatory compliances. The announcements were made considering the issues faced by the taxpayers and corporates amid complete lockdown in the country to control the COVID-19. The highlights of the press conference is given in this article

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Press Release: Measures announced by Finance Minister on Statutory and Regulatory compliance

The Finance Minister, Smt. Niramla Sitharaman, during press conference on March 24, 2020, has announced several important relief measures taken by the Government in view of COVID-19 outbreak. The measures were announced on statutory and regulatory compliance matters related to several sectors.

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Supreme Court extends limitation for filing appeals until further order and more...

The Apex Court by taking suo-moto cognisance of situation faced by country on account of Covid-19 pandemic has indefinitely extended the 'limitation period' for filing appeals against orders of High Courts or any Tribunal to Supreme Court.

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Key Highlights from Finance Minister’s announcements related to Companies Act , IBC and Banking law

The Finance Ministry took proactive approach for handling the situation arising due to COVID-19 pandemic. During her speech, she addressed the difficulties faced by the professionals and companies. Therefore, numerous of relaxations have been provided related to Companies Act, 2013, Insolvency and Bankruptcy Code, 2016 and Banking Law.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020498/key-highlights-from-finance-minister’s-announcements-related-to-companies-act-ibc-and-banking-law.aspx

Copy of the Finance Bill, 2020 as passed by the Lok Sabha

The Lok Sabha has passed the Finance Bill, 2020 on March 23, 2020. Click on read more to get the copy of Finance Bill, 2020.

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Supreme Court extends limitation for filing appeals until further order

The Apex Court by taking suo-moto cognisance of situation faced by country on account of Covid-19 pandemic has indefinitely extended the 'limitation period' for filing appeals against orders of High Courts or any Tribunal to Supreme Court.

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Analysis of the changes in the Finance Bill, 2020 as passed by the Lok Sabha

The Lok Sabha has passed the Finance Bill, 2020 on March 23, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. A snippets of all changes made in the Finance Bill, 2020 (as passed by the Lok Sabha) viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented in this article

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HC quashed reassessment as assessee duly disclosed all material facts during original proceedings

INCOME TAX : Where reopening notice was issued against assessee for reason that assessee was not eligible for exemption under sections 53(b) and 54(1)(i) in respect of consideration received from sale of a property being an agricultural land in form of a farmhouse along with water tank, servant quarter, etc., constructed on it as property in question was an agricultural land,

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No cancellation of registration without holding that trust not carrying out activities in line with its objects

Where no findings had been recorded by Director that activities of assessee Trust were not genuine or that activities were not being carried out in accordance with objects of Trust, cancellation of registration granted to assessee Trust on ground that it was directly hit by proviso to section 2(15) was not justified

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List of amendments to Finance Bill, 2020 as passed by the Lok Sabha

The Lok Sabha has passed the Finance Bill, 2020 on March 23, 2020. More than 50 changes have been introduced in the Bill which was originally presented in the Lok Sabha on February 01, 2020. Click on read more to get the copy of list of amendments to Finance Bill, 2020.

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EPFO issues directions for timely credit of monthly pension to EPS Pensioners

Due to the corona virus pandemic, lock down has been declared in various parts of the country. In order to ensure that no inconvenience is caused to the pensioners on account of the prevalent situation, Central Provident Fund Commissioner has directed the field offices of EPFO to generate and reconcile pensioners’ details and pension amount statements for the current month by 25 March, 2020.

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CCI adjourns matter listed for hearing until March 31, 2020

In view of the threat of COVID-19 pandemic, the CCI has adjourned the matter listed for hearing such as all filings, all notifications and pre-filing consultations until March 31, 2020

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Spending of CSR funds for COVID-19 is considered as eligible CSR activities under Cos. Act, 2013: MC

The Ministry of Corporate Affairs has clarified that the spending of CSR fund for COVID-19 will be considered valid under corporate social responsibility (CSR) activities under the Companies Act, 2013.

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Withholding tax was required on sum paid to ‘Nicholas Cage’ for appearing in product launch at Dubai: ITAT

INCOME TAX : Where assessee had made payment to an award winning celebrity Nicolas Cage, for an appearance made by him at Dubai (UAE) in a product launch event for promoting business of assessee in India, assessee would be liable to withhold taxes from payment so made as it was because of this relationship between event in Dubai and business of assessee in India that income had accrued and arisen to celebrity making appearance in Dubai launch event.

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MCA notifies web-based form ‘CAR’ for companies and LLPs

The Ministry of Corporate Affairs (MCA) has notified the web-based form ‘CAD’ for companies and LLPs. The web based form can be filed from anywhere and there is no requirement for DSC and doesn’t not involve fee for filing of e-form.

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Loan given by money lending co. to its director couldn't be treated as deemed dividend

INCOME TAX : Where assessee was holding more than 10 per cent of shares in two companies and he obtained loan and advances from said companies on interest and Assessing Officer treated amount of loan and advances to be deemed dividend and added same to income of assessee, since both companies were having money lending as substantial part of their business, no addition could be made by way of deemed dividend in income of assessee

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Loan given by money lending co. to its ditrector couldn't be treated as deemed dividend

INCOME TAX : Where assessee was holding more than 10 per cent of shares in two companies and he obtained loan and advances from said companies on interest and Assessing Officer treated amount of loan and advances to be deemed dividend and added same to income of assessee, since both companies were having money lending as substantial part of their business, no addition could be made by way of deemed dividend in income of assessee

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MCA notifies web-based form ‘CAD’ for companies and LLPs

The Ministry of Corporate Affairs (MCA) has notified the web-based form ‘CAD’ for companies and LLPs. The web based form can be filed from anywhere and there is no requirement for DSC and doesn’t not involve fee for filing of e-form.

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Notification No. 20/2020 [F. No.189/3/2020-ITA-I] / SO 1189(E)

Publish Date : Friday, March 20, 2020

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Notification No. 19/2020 [F.No.300196/63/2018-ITA-I] / SO 1188(E)

Publish Date : Friday, March 20, 2020

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Withholding tax was requirement on sum paid to ‘Nicholas Cage’ for appearing in product launch at Dubai: ITAT

INCOME TAX : Where assessee had made payment to an award winning celebrity Nicolas Cage, for an appearance made by him at Dubai (UAE) in a product launch event for promoting business of assessee in India, assessee would be liable to withhold taxes from payment so made as it was because of this relationship between event in Dubai and business of assessee in India that income had accrued and arisen to celebrity making appearance in Dubai launch event.

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Without establishing fact that tax dues couldn't be recovered from Co.; recovering it from director not valid

INCOME TAX : Where Assessing Officer issued a notice under section 179 against assessee-director of a company seeking to recover tax dues of said company from assessee, since said notice was totally silent about fact that tax dues could not be recovered from company and, further, there was no whisper of any steps being taken against company for recovery of outstanding tax amount, impugned notice under section 179 against assessee was to be set aside

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A Shout-Out to the Tax-Compliant

A Shout-Out to the Tax-Compliant

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A Little Help From Our I-T Friends

A Little Help From Our I-T Friends

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NBFCs Seek More Time, One-time Recast of All NPAs

NBFCs Seek More Time, One-time Recast of All NPAs

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RBI to Inject Rs.30k Cr More via Bond Buys to Boost Liquidity

RBI to Inject Rs.30k Cr More via Bond Buys to Boost Liquidity

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Sebi Steps in to Curb Volatility, Restricts Wild F&O Bets

Sebi Steps in to Curb Volatility, Restricts Wild F&O Bets

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RBI buys bonds worth Rs.10Kcr, to conduct 2 more OMOs of Rs.30Kcr

RBI buys bonds worth Rs.10Kcr, to conduct 2 more OMOs of Rs.30Kcr

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SBI to provide ad hoc loan to users affected by COVID-19

SBI to provide ad hoc loan to users affected by COVID-19

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Lenders to seek relaxation on loan repayment

Lenders to seek relaxation on loan repayment

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RBI’s contingency plan: Keep it going from a secret location

RBI’s contingency plan: Keep it going from a secret location

from taxmann.com News https://www.taxmann.com/topstories/222330000000020474/rbi’s-contingency-plan-keep-it-going-from-a-secret-location.aspx

Sebi unveils measures to tackle market volatility

Sebi unveils measures to tackle market volatility

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ITAT remanded matter as sec. 80P deduction was denied without verifying fact that society had license to do banking

INCOME TAX : Where AO rejected assessee's claim for deduction under section 80P(2)(a)(i) without verifying as to whether assessee-society was a banking co-operative society having licence/authority to do so, impugned order was to be set aside and, matter was to be remanded back for disposal afresh

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Forfeiture of amount advanced in ordinary course of business was allowable as business expenditure

INCOME TAX : Where assessee-company engaged in business of development of real estate had, in ordinary course of business, made certain advance for purchase of land to construct commercial complex but same was forfeited as assessee could not make payment of balance amount, forfeiture of advance would be allowed as business expenditure

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Excess claim of dep. couldn’t be equated with tax evasion; no addition tax under old Sec. 143(1A)

INCOME TAX : Section 143(1A) can only be invoked when lesser amount stated in return filed by assessee is a result of an attempt to evade tax lawfully payable by assessee, thus, where there was no observation to effect claim of 100 per cent depreciation by assessee, 25 per cent of which was disallowed was with intend to evade tax, section 143(1A) could not have been applied

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194292/excess-claim-of-dep-couldn’t-be-equated-with-tax-evasion-no-addition-tax-under-old-sec-1431a.aspx

Notice issued to legal heir could not be treated as notice issued in name of dead person

INCOME TAX : Where notice for reopening under section 148 assessment was issued to petitioner as legal heir of dead person, it could not be said that impugned notice was issued in name of dead person and, thus, was without jurisdiction

from www.taxmann.com Latest Case Laws https://ift.tt/33y2egj

All cos. and LLPs are required file web based form ‘CAR’ for confirming their readiness towards COVI

As per the Advisory issued by the Ministry of Corporate Affairs, a new web based form called CAR (Company Affirmation of Readiness towards COVID-19) will be deployed on March 23, 2020.Therefore, all companies & LLPs, through their authorized signatories, are requested to report compliance using above mentioned web service on March 23, 2020 instant for confirming their readiness towards COVID-19.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020470/all-cos-and-llps-are-required-file-web-based-form-‘car’-for-confirming-their-readiness-towards-covid-19.aspx

NCLAT holds ‘Association of Malayalam Movie Artist’ liable for violation anti-competitive conduct

COMPETITION LAW : Where there were large number of evidences which had been relied upon by DG and also by Commission to come to a definite conclusion that appellant(s), i.e., Association of Malayalam Movie Artists (AMMA) and Film Employees Federation of Kerala (FEFKA) indulged in anti-competitive conduct by way of imposing various directions on its members and other non-members in violation of provision of section 3, appellants and their office bearers were found to be liable under section 48 of

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194268/nclat-holds-‘association-of-malayalam-movie-artist’-liable-for-violation-anti-competitive-conduct.aspx

MCA specifies time frame for filing declaration in form NDH-4 by Nidhi Cos.

In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI under the Companies Act and the Rules and specified the time frame for filing declaration by Nidhi co.

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​Notification of 'designated authority' under 'the Direct Tax Vivad se Vishwas Act, 2O2O' -reg.

Publish Date : Wednesday, March 18, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2Qu3lbU

No infirmity in reassessment order where materials placed by AO were sufficient to prove escapement of income

INCOME TAX : Where evidence found during search in case of third party was sufficient to form belief that LTCG shown by assessee was in nature of accommodation entries and income to that extent had escaped assessment, issue of notice under section 148 was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3b68kY3

SEBI relaxes time limit for filling FY 19-20 financials, listed companies can file upto 30 June 2020

In view of dealing with the hampered situation of businesses in this epidemic outbreak of COVID- 19, Securities Exchange Board of India (SEBI) vide circular dated 19 March 2020 has extended the time limit for complying with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for F.Y. 2019-20. Now, listed entities can file their financials for FY 19-20 upto 30 June 2020.

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No penalty if assessee postponed revenue recognition considering ongoing litigation of its construction project

INCOME TAX: Where assessee, builder, postponed revenue recognition of its construction project as same was subject to litigation in Court, considering bona fide action of assessee, imposition of penalty under section 271(1)(c) was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2J1b3WJ

Key highlights of the Companies (Amendment) Bill, 2020

The Govt. has introduced the Companies (Amendment) Bill 2020 in the Lok Sabha on March 17, 2020 with an objective to decriminalise various offences, to declog National Company Law Tribunal (NCLT) Act and to provide further ease of doing business for corporates. The Amendment Bill, 2020 proposes 72 changes to the Companies Act 2013. The amendment legislation was approved by the Union Cabinet on March 4, 2020

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Belated payment of employee's PF contribution is allowable if paid before due of filing return; SLP dismissed

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that provident fund/employees' provident fund/contributory provident fund/general provident fund, etc., if paid after due date under respective Act but before filing of return of income under section 139(1), same cannot be disallowed

from www.taxmann.com Latest Case Laws https://ift.tt/38ZXX6I

Direct Tax Vivad se Vishwas Rules, 2020

Publish Date : Wednesday, March 18, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2wjPEVV

​Notification of 'designated authority' under 'the Direct Tax Vivad Se Vishwas Act, 2020' - reg.

Publish Date : Wednesday, March 18, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/3a3DL5c

​Notification of 'designated authority' under 'the Direct Tax Vivad Se Vishwas Act, 2020'-reg.

Publish Date : Wednesday, March 18, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/33uVKPj

No coercive measures during pendency of writ challenging constitutional validity of Black Money Act: HC

BLACK MONEY ACT : Petitioner were subjected to proceedings under Income­-tax Act when notice under Black Money Act was issued - Income­-tax proceedings concluded thereafter in which issue relating to escaped income was left to be decided by authorities under Black Money Act - Petitioners stated that they were statutorily debarred from making a declaration under section 59 in view of section 71(d) - On other hand,

from www.taxmann.com Latest Case Laws https://ift.tt/2QrwXqj

Telecom cos. will have to pay interest and penalty as per its earlier judgement: Apex Court

COMPANY LAW/INDIAN TELEGRAPH ACT : Serious kind of violations having been committed by telecom companies, adjusted gross revenue dues including interest and penalty, as finally settled by Supreme Court in its earlier judgment could not have been interfered with. There is no authority with any company to enter into self assessment/re-assessment and to reopen dues finally settled.

from www.taxmann.com Latest Case Laws https://ift.tt/3d6BhF7

HC quashed directions issued after limitation period to verify premium paid towards accountant risk policy

INCOME TAX : Where Assessing Officer allowed deduction as regards Accountants Risk Policy Premium paid by assessee via order dated 31-12-2009, however, Commissioner (Appeals) passed order under section 263 on 27-3-2017 directing Assessing Officer to verify allowability of said premium, same being barred by limitation, was rightly quashed by Tribunal

from www.taxmann.com Latest Case Laws https://ift.tt/2UkzqDP

Advance corporate tax mop-up dips over 10%

Advance corporate tax mop-up dips over 10%

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Vivad se Vishwas: Taxpayers still await rules, forms

Vivad se Vishwas: Taxpayers still await rules, forms

from taxmann.com News https://ift.tt/2UiJ1en

RBI to purchase Rs.10,000-cr govt bonds via OMO

RBI to purchase Rs.10,000-cr govt bonds via OMO

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EXTEND FY20 TO APR 30, SHUT OFFICES: I-T STAFFERS

EXTEND FY20 TO APR 30, SHUT OFFICES: I-T STAFFERS

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YES Bank gets Rs. 60k cr line of credit from RBI

YES Bank gets Rs. 60k cr line of credit from RBI

from taxmann.com News https://ift.tt/33uabTJ

Revision plea was to be allowed as balance sheet for particular year couldn't be seen in isolation as misreporting

COMPANY LAW : Where company filed application for revision of financial statements in financial year 2017-18, three preceding years for purpose of revision of financial statements would be 2016-17, 2015-16 and 2014-15 (which was one of year in which incorrect financial reporting had been detected and in respect of which approval for revision had been sought), since, true and fair picture of company's finances would not emerge for financial year 2014-15 unless financial statements for 2012-13 and

from www.taxmann.com Latest Case Laws https://ift.tt/2QtJOrP

No need to go before CBDT for waiver of interest as matter could be considered by Insolvency court itself

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that Official Assignee need not go before Central Board of Direct Taxes praying for waiver of interest under sections 234A, 234B and 234C as Insolvency Court itself can consider question of waiver of interest in terms of power conferred under section 7 of Presidency Towns Insolvency Act, 1909

from www.taxmann.com Latest Case Laws https://ift.tt/3ddHO0P

Scheme of arrangement approved by majority creditors was just and fair and therefore to be approved : HC

COMPANY LAW : Where scheme for compromise and arrangement was approved by 3/4th of creditors and same was just, fair and reasonable and there was no violation of any statutory provision, it was in interest of justice that said scheme was to be approved subject to supervision of Court

from www.taxmann.com Latest Case Laws https://ift.tt/2UmNzQY

​Notification of 'designated authority' under ' Direct Tax Vivad se Vishwas Act, 2020'

Publish Date : Wednesday, March 18, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2ISXoB1

Hearing opportunity is must before levying penalty on NSE for shorter collection of STT: Bombay HC

INCOME TAX : A conjoint reading of sections 105 and 108 Securities Transaction Tax (STT) would make it clear that imposition of penalty is to be proceeded separately as a separate proceeding. Merely because in assessment order, Assessing Officer comes to a conclusion that assessee had failed to collect Securities Transaction Tax (STT) or had failed to pay such STT to credit of Central Government, it would not ipso-facto lead to imposition of penalty.

from www.taxmann.com Latest Case Laws https://ift.tt/3a0Wo9J

Sec. 35AD deduction allowable though certificate of 4 star hotel was issued after assessment proceedings: ITAT

INCOME TAX : Where revenue rejected assessee hotelier's claim for deduction under section 35AD on ground that certificate approving four-star hotel category, in respect of hotel, qua which deduction was claimed was issued post-passing of assessment order, however, in view of fact that classification issued in favour of assessee had not been doubted and section 35AD, per se does not require any specific date of operation, deduction thereunder could not have been disallowed

from www.taxmann.com Latest Case Laws https://ift.tt/2w9A8fo

NCLAT dismisses plea to suspend board of ‘63 Moons Technologies Ltd’ under Cos. Act

COMPANY LAW : NCLT by impugned order held that where R1 company was a promoter of National Stock Exchange Limited (NSEL) and directors/KMP of R1 company who were on board of NSEL failed in exercising due diligence in trading in forward contracts, which resulted in suspension of trade in NSEL, appointment of government nominees on Board of R1 company was to be ordered

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194202/nclat-dismisses-plea-to-suspend-board-of-‘63-moons-technologies-ltd’-under-cos-act.aspx

Son wasn't entitled to obtain declaration of being benami owner of property: Delhi HC

INCOME TAX/BENAMI ACT : Where son sought to obtain a declaration of being real and/or benami owner of property on ground that he had given money to his father and mother to purchase property which they got registered in their name but actually property belonged to him, however, no particulars of father and mother standing in any fiduciary capacity to son were disclosed, son would not be entitled to obtain a declaration of being real and/or benami owner of property

from www.taxmann.com Latest Case Laws https://ift.tt/3djoE9Q

Section 68 additions on the basis of field enquiry that share applicants were non-existent was justified

INCOME TAX : Where assessee failed to produce controlling persons of share applicant companies along with supportive documentary evidence for examination and field enquiries in respect of share applicant companies revealed that such companies never existed in given addresses, Assessing Officer rightly inferred that assessee had rooted its own money in books of account through fictitious and bogus companies, and rightly made additions under section 68

from www.taxmann.com Latest Case Laws https://ift.tt/3d24Fw2

Cos Amendment Bill 2020 Introduced in Lok Sabha

Cos Amendment Bill 2020 Introduced in Lok Sabha

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HC granted bail to petitioner when SFIO failed to provide docs on money laundering transactions

COMPANY LAW: Where an allegation was levelled against petitioner that he was Director of four shell companies/dummy companies which were stated to have been created so that they could be taken over by prime accused A-1 for purpose of laundering his ill-gotten money through engaging in illegal sand mining operations in State,

from www.taxmann.com Latest Case Laws https://ift.tt/2IVaCx5

Filing of complaint for cheque dishonour after prescribed time couldn't be accepted : HC

FEMA, BANKING & INSURANCE : Where Patiala House Court returned complaint under section 138 on ground that cause of action arose within jurisdiction of Saket Court, hence, appellant should refile complaint with Saket Court, however, appellant re-filed complaint in Saket Court after prescribed period, since appellant had itself taken steps for reviving complaint, appellant's contention that it was awaiting decision in its appeal pending before Supreme Court could not be accepted as a ground for no

from www.taxmann.com Latest Case Laws https://ift.tt/3d8l7uS

AO couldn't initiate recovery proceedings against director without establishing non-recovery from co.

INCOME TAX : Where Assessing Officer issued a notice under section 179 against assessee director of a company seeking to recover tax dues of said company from assessee, since such notice was totally silent regarding fact that tax dues could not be recovered from company and, further, there was no whisper of any steps being taken against company for recovery of outstanding amount, impugned notice under section 179 against assessee was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2WjXxoZ

Govt needs Rs. 3 trn in 20 days to meet direct tax target

Govt needs Rs. 3 trn in 20 days to meet direct tax target

from taxmann.com News https://ift.tt/2xIk705

Bill for direct overseas listing of firms tabled

Bill for direct overseas listing of firms tabled

from taxmann.com News https://ift.tt/2xFZf9M

No revisional proceedings just on basis that AO failed to properly examined TDS certificates with business receipts

INCOME TAX: Where assessee had established before revenue that all receipts certified in TDS certificates were fully reconciled with receipts reported in assessee's books of account and no factual infirmity or falsity was shown by revenue in these documents and explanations of assessee, impugned invocation of revision under section 263 merely observing that issue was not properly examined by Assessing Officer was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2Qq5UeM

Notification No. 17/2020 [F.No.173/10/2014-ITA-I] / SO 1057(E)

Publish Date : Friday, March 13, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2Ubi3Wd

President gives assent to the Direct Tax Vivad Se Vishwas Act, 2020

The President has given his assent to the Direct Tax Vivad Se Vishwas Act, 2020. The Finance Minister had introduced the Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes. The Bill was passed by the Lok Sabha on March 4, 2020.

from taxmann.com News https://ift.tt/38XBIxW

Grasim abused its dominant position in market for supply of ‘Staple Fibre’ to spinners in India

COMPETITION LAW : Where information was filed by informant against OPs i.e., Association of ManMade Fibre (MMF) Industry of India and Grasim alleging that OP was sole producer of Viscose Staple Fibre (VSF) having a market share of almost 100 per cent in India and was misusing its sole position in domestic market to squeeze textile industry consumers,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194222/grasim-abused-its-dominant-position-in-market-for-supply-of-‘staple-fibre’-to-spinners-in-india.aspx

AO isn't authorised to issue scrutiny notice without processing return so as to withhold Income-tax refund

INCOME TAX : Revenue could not avoid processing of return under section 143(1) and granting of refund to assessee on ground that notice under section 143(2) had been issued to assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2Qlr0ev

Govt. introduces Companies (Amendment) Bill, 2020 in Lok Sabha

In order to further amend the Companies Act, 20013, the Lok Sabha has introduced the Companies (Amendment) Bill, 2020. The main objective of the bill is to decriminalize the major offences specified under the Companies Act, 2013.

from taxmann.com News https://ift.tt/2wYmV97

Amount received by employer in lieu of notice period from outgoing employee is not chargeable to service tax

GST/EXCISE/ST/VAT: Where assessee (employer) had received certain amount in lieu of notice period from outgoing employee and Adjudicating Authority held that in view of provisions of section 66E(e) said amount would attract service tax, section 66E(e) was not attracted in subject case

from www.taxmann.com Latest Case Laws https://ift.tt/2vqUfoL

Inordinate delay of 1350 days in filing plea for restoration of appeal under PMLA was to be dismissed

FEMA, BANKING & INSURANCE : Where there was an inordinate delay of 1350 days in filing application for restoration of appeal under PMLA which was not accompanied with either any application for condonation of delay or any prayer in restoration application to condone inordinate delay, application for restoration of appeal was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2TUSauC

I-T & Customs Tribunals to Take Up Urgent Cases Only

I-T & Customs Tribunals to Take Up Urgent Cases Only

from taxmann.com News https://ift.tt/2IUhniw

RBI Announces Another US Swap, Liquidity Steps

RBI Announces Another US Swap, Liquidity Steps

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CCI imposes Rs.302 cr penalty on Grasim Industries

CCI imposes Rs.302 cr penalty on Grasim Industries

from taxmann.com News https://ift.tt/3b5faNA

New rules set to clamp down on CSR work through trusts

New rules set to clamp down on CSR work through trusts

from taxmann.com News https://ift.tt/3b5f8Fs

RBI: Don’t rush to withdraw deposits from YES Bank

RBI: Don’t rush to withdraw deposits from YES Bank

from taxmann.com News https://www.taxmann.com/topstories/222330000000020443/rbi-don’t-rush-to-withdraw-deposits-from-yes-bank.aspx

Consultation paper on ‘Amendment to SEBI (Delisting of Equity Shares) Regulation’ for scheme of arra

The Objective of this consultation paper is to seek comments from the public on proposal relating to a scheme of arrangement between a listed holding company and its listed subsidiary wherein the listed subsidiary is desirous of getting delisted.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020442/consultation-paper-on-‘amendment-to-sebi-delisting-of-equity-shares-regulation’-for-scheme-of-arrangement.aspx

Nidhi cos. have to apply Central Govt. for updating of their statues as Nidhi Company in Form NDH-4

Nidhi cos. have to apply Central Govt. for updating of their statues as Nidhi Company in Form NDH-4

from taxmann.com News https://ift.tt/2wcJ57z

Chemist Drug Association’s practice of charging money for issuance of Stock Information is an anti–competitive

COMPETITION LAW : Where informant filed information under section 19(1)(a) alleging malpractice of mandating Product Availability Information ('PAI') and Stock Availability Information ('SAI') being carried on by opposite parties who were involved in retail/wholesale medicine trade in West Bengal and were members of Bengal Chemists and Druggists Association ('BCDA'),

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194196/chemist-drug-association’s-practice-of-charging-money-for-issuance-of-stock-information-is-an-anti–competitive.aspx

No Service Tax leviable on amount recovered from salary where employee left job before completion of tenure

GST/EXCISE/ST/VAT : Where assessee had recovered certain amount out of salary already paid to employee because he had breached contract and Adjudicating Authority served on assessee notice demanding service tax on said amount, amount recovered by assessee was not covered by provisions of service tax

from www.taxmann.com Latest Case Laws https://ift.tt/39W6Csb

Section 14A disallowances could not exceed amount of exempt income; SC dismissed SLP

INCOME TAX : Where in appellate proceedings, High Court opined that disallowance calculated under section 14A could not exceed value of investment itself, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/390nRXH

Directors couldn't be directed to return money collected under CIS if nothing was collected during their tenure

COMPANY LAW : Where SEBI finding that one 'S' Ltd. launched Collective Investment Scheme (CIS) without requisite registration under SEBI Act, directed appellants, i.e. directors of 'S' Ltd., to refund monies of investors and further to wind-up scheme, in view of fact that appellants were appointed as directors for a limited period between 2008 and 2009 and during said period, no amount was collected under CIS and, moreover,appellants after their resignations were not involved in affairs of 'S' L

from www.taxmann.com Latest Case Laws https://ift.tt/2UeSIKK

Initial assessment year for claiming Section 80-IA deduction would be first year in which deduction is claimed

INCOME TAX : As per CBDT Circular No. 1/2016, dated 15-2-2016, term 'initial assessment year' in section 80-IA(5) would mean first year opted by assessee for claiming deduction under section 80-IA out of applicable slab and not first year of commencement/operation of eligible business

from www.taxmann.com Latest Case Laws https://ift.tt/2xKFPkp

Additional income offered before SetCom won't indicate that assessee hadn't made true disclosure of income

INCOME TAX : Where department filed a report before Settlement Commission submitting that quantum of additional income initially disclosed by assessee before commission was not true and full disclosure and, during course of hearing before Commission, assessee disclosed further additional income so as to put an end to controversy, Commission was right in considering said revised offer made by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2xFaY8B

Allotment made without intimating minority shareholders and denying rights issue was to be set aside

COMPANY LAW : Even if minority shareholders of a company were requiring exit from company, that could not provide a ground for denying their right to subscribe additional shares in proportion to their shareholding; therefore allotment of shares without intimating such minority shareholders was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/38Sly9o

President assents to Minerals Laws (Amendment) Act, 2020

The President has given its assent to the Minerals Laws (Amendment) Act, 2020 in order to amend the Mines and Minerals (Development and Regulations) Act, 1957.

from taxmann.com News https://ift.tt/3b0sjYc

Mere generation of profit out of stated objects couldn't amount to ceasing of charitable activity; SLP dismissed

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that where assessee society engaged in printing, publication and distribution of school text books at subsidized rates or even free, generated profits out of these activities, it could not be concluded that assessee ceased to carry on charitable activity of education

from www.taxmann.com Latest Case Laws https://ift.tt/38VxBTf

Interest received towards late realization of payment to be excluded while computing profit u/s 80-IA, 80-A & 80HH

INCOME TAX: Where High Court held that while computing deduction under sections 80-IA, 80-I and 80HH, interest received by assessee from its trade debtors towards late payment of sale consideration was not required to be excluded from profits of industrial undertakings as same was income derived from business of industrial undertaking, SLP filed against said order was to be dismissed due to low tax effect

from www.taxmann.com Latest Case Laws https://ift.tt/33jfpBS

No revisional proceedings just on basis that AO failed to property examined TDS certificates with business receipts

INCOME TAX: Where assessee had established before revenue that all receipts certified in TDS certificates were fully reconciled with receipts reported in assessee's books of account and no factual infirmity or falsity was shown by revenue in these documents and explanations of assessee, impugned invocation of revision under section 263 merely observing that issue was not properly examined by Assessing Officer was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2x0UbfM

ITAT allowed cash payments to truck drivers exceeding threshold limit seeing business practice of assessee

INCOME TAX : Where cash payments were made by assessee-firm to truck drivers and to agents of coal suppliers towards supply of coal after banking hours and that too at village where there were no banking facilities as per trade practice in area, no amount was to be disallowed under section 40A(3) read with rule 6DD in respect of said payments

from www.taxmann.com Latest Case Laws https://ift.tt/2ITc3fe

Tax Officials Ready with Rules, Forms to Implement Vivad Se Vishwas Scheme

Tax Officials Ready with Rules, Forms to Implement Vivad Se Vishwas Scheme

from taxmann.com News https://ift.tt/2TQmAOO

I-T Begins to Scan Books of 78 Cos Linked to Family of Rana Kapoor

I-T Begins to Scan Books of 78 Cos Linked to Family of Rana Kapoor

from taxmann.com News https://ift.tt/39Utd8o

Banks are Adopting Account Aggregator Framework on Data

Banks are Adopting Account Aggregator Framework on Data

from taxmann.com News https://ift.tt/3aXGfC3

FPIs Seeking Compliance Relaxation from Custodians

FPIs Seeking Compliance Relaxation from Custodians

from taxmann.com News https://ift.tt/2TR3BUj

Coronavirus out spread hits Indian banks

Coronavirus out spread hits Indian banks

from taxmann.com News https://ift.tt/33jQTAF

Rate cut on small savings in the offing

Rate cut on small savings in the offing

from taxmann.com News https://ift.tt/2TTnmKU

Sebi considers ban on short selling

Sebi considers ban on short selling

from taxmann.com News https://ift.tt/2Qi0Yc0

Legal expense incurred to protect directors in their individual capacity not allowable as deduction

INCOME TAX : Legal expenses incurred by assessee-company to protect directors/shareholders in their individual capacity, not for their conduct in carrying out business of assessee could not be allowed as business expenditure under section 37(1)

from www.taxmann.com Latest Case Laws https://ift.tt/2QhNQUg

Calculation of disputed tax under ‘Direct Tax Vivad se Vishwas Bill’ 2020

The Finance Minister has introduced the Direct Tax Vivad se Vishwas Bill, 2020 in the Lok Sabha on 05-02-2020 for dispute resolution related to direct taxes. In this illustration, we have tried to explain the a few scenario for calculation of tax under the scheme.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020425/calculation-of-disputed-tax-under-‘direct-tax-vivad-se-vishwas-bill’-2020.aspx

HC upheld disallowance of advertisement exp. as assessee failed to prove genuineness of exp.

INCOME TAX : Web advertisement expenses claimed by assessee were to be disallowed where JSP (Java Server Page) technologies based on which website of advertisement service providers were claimed to have been launched, did not exist at relevant time and assessee failed to substantiate that it incurred such expenditure

from www.taxmann.com Latest Case Laws https://ift.tt/38KrVv5

Restriction on carrying forward of losses beyond 8 years isn't applicable in computing book profit under MAT

INCOME TAX: Restriction contained in section 72 on carrying forward of unabsorbed business losses for more than 8 years does not apply while computing adjusted book profits under section 115JB

from www.taxmann.com Latest Case Laws https://ift.tt/2wS53gc

Receipt of rent from children won’t change let-out property to self-occupied for Sec. 24(b) deduction

INCOME-TAX : Where assessee claimed deduction of interest on borrowed capital against rental income of house property, however, Assessing Officer finding that assessee was charging rent from his own son and daughter and, thus, treating house property as a self-occupied property, restricted claim of interest under section 24(b) to a particular amount, in view of fact that both daughter and son were financially independent and, as such, instead of transfer of funds to assessee per se, regarded,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194168/receipt-of-rent-from-children-won’t-change-let-out-property-to-self-occupied-for-sec-24b-deduction.aspx

Calculation of dispute tax under ‘Direct Tax Vivad se Vishwas Bill’ 2020

The Finance Minister has introduced the Direct Tax Vivad se Vishwas Bill, 2020 in the Lok Sabha on 05-02-2020 for dispute resolution related to direct taxes. In this illustration, we have tried to explain the a few scenario for calculation of tax under the scheme.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020425/calculation-of-dispute-tax-under-‘direct-tax-vivad-se-vishwas-bill’-2020.aspx

NCLAT dismisses plea filed by Confederation of All India Traders against Walmart

COMPETITION LAW : Where appellant Confederation of All India Traders failed to establish that combination of Walmart and Flipkart was likely to cause or had caused appreciable adverse effect on competition within relevant market in India and appellant had also failed to show that any major player in relevant market will be eliminated due to combination in question,

from www.taxmann.com Latest Case Laws https://ift.tt/39OcVOk

HC slams AO for invoking Rule 8D without recording dissatisfaction on suo motu disallowance u/s 14A made by assessee

INCOME TAX : Where Assessing Officer rejected suo motu disallowance made by assessee under section 14A without recording any dissatisfaction, Tribunal was justified in holding that rule 8D could not be invoked

from www.taxmann.com Latest Case Laws https://ift.tt/2QcP4zV

Revisiting Tax Waivers

Revisiting Tax Waivers

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Bond Yields Up as FIIs Sell Local Debt

Bond Yields Up as FIIs Sell Local Debt

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IL&FS Resolution: NCLAT Clears Framework Proposed by Govt

IL&FS Resolution: NCLAT Clears Framework Proposed by Govt

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ITAT remanded matter to tax commission received by employee from employer as his business income

INCOME TAX : Where assessee's case was that a part of amount received by him from employer constituted commission which was liable to be taxed as business income, in view of fact that assessee had been issued Form No. 16 for salary received and Form No. 16A for commission paid and, moreover, applicable rate of TDS had been deducted, impugned order passed by AO bringing to tax entire income as 'salaries', was to be set aside and, matter was to be remanded back for disposal afresh

from www.taxmann.com Latest Case Laws https://ift.tt/2TKhaF1

AO cannot make additions towards undisclosed income only on basis of presumption u/s132(4A) : HC

INCOME TAX: No addition could be made on account of undisclosed income only on basis of presumptions under section 132(4A) without recording any findings as to how loose sheets found during search were linked to assessee

from www.taxmann.com Latest Case Laws https://ift.tt/38QeJ8k

Re-opening of assessment invoking extended timelines based on ITAT's earlier year's finding allowable

INCOME TAX : Re-opening of assessment under section 147/148 invoking extended timeline under section 150 based on Tribunal's earlier year's findings was to be allowed as assessee had categorically agreed to be bound by findings of Tribunal for earlier year

from www.taxmann.com Latest Case Laws https://ift.tt/2Q9MDy4

Advancement of business of 'TPA' wouldn't ipso facto render objects of trust to be non-charitable

INCOME TAX : Where assessee-association of third party administrators (ATPA) was engaged in primary aim and objective to organise and arrange all licensed third party administrators (TPAs) to be members of trust for mutual betterment of TPA business, merely because certain benefits accrued to TPA members and certain objects of trust were for advancement of business of TPA, it would not ipso facto render trust to be non-charitable

from www.taxmann.com Latest Case Laws https://ift.tt/3cTKfoU

Printing services provided on the direction of foreign entity to recipient located in India are taxable under GST

GST : Composite printing service provided by applicant for printing booklets on instruction of foreign entity to recipient located in India is taxable under Sl. No. 27(i) of Notification No. 11/2017 - Central Tax (Rate) dated 28-6-2017. It is not export of services within meaning of section 2(6) of IGST Act, 2017

from www.taxmann.com Latest Case Laws https://ift.tt/3cVzMJU

Stay can't vacated after 365 days though delay in disposal of appeal wasn't attributable to assessee; SLP granted

INCOME TAX : Where revenue sought to raise a question as to whether order of Tribunal was to be treated as void-ab-initio in light of Third Proviso to section 254(2A) which provides that stay of demand stands vacated after expiry of a period of 365 days, even if delay in disposal of appeal is not attributable to assessee, however, High Court opined that such a question was not a substantial question of law, SLP filed against said order was to be granted

from www.taxmann.com Latest Case Laws https://ift.tt/3cTqFsU

ITAT slammed AO for invoking sec. 153A in absence of any incriminating material found during search

INCOME TAX : Where no incriminating evidence against assessee was found or seized during course of search, invocation of provisions of section 153A and making additions/disallowances on basis of a tax evasion petition found much after search was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2Q5XJV2

DDT Change: Distribution of Surplus Funds To Change, Too

DDT Change: Distribution of Surplus Funds To Change, Too

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SBI Reduces MCLR; Cuts Interest Rate on Savings A/cs to 3%

SBI Reduces MCLR; Cuts Interest Rate on Savings A/cs to 3%

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Assessee was entitled to receive interest on delayed payment of interest on refund under section 244A

INCOME TAX : Under section 244A interest on delayed refund becomes part of principal amount and, thus, delayed interest not only includes interest for not refunding principal amount but also interest on delayed refund

from www.taxmann.com Latest Case Laws https://ift.tt/33cDUAC

Delay in filing complaint u/s 138 was to be condoned as appellant had sufficient reason for not filing same

FEMA, BANKING & INSURANCE : Where appellant had shown sufficient reasons for not being able to institute complaint under section 138 for dishonour of cheque within stipulated period, delay in instituting complaint was to be condoned

from www.taxmann.com Latest Case Laws https://ift.tt/3aKDAvx

HC quashed reassessment notice as it ratified by Chief Commissioner who wasn't authorised to do so

INCOME TAX : Where Assessing Officer issued reassessment notice on basis of sanction granted by Chief Commissioner, since Chief Commissioner was not specified officer under section 151(2) to grant such sanction, impugned notice was to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/2W5ErCY

Sum received from employer for industrial settlement, distributed by trade union amongst members is exempt from tax

INCOME TAX : Voluntary contribution received by assessee, a registered trade union, from employer company as per industrial dispute settlement agreement between members/workers and employer company, which was distributed amongst employees/workers, was exempt under section 10(24)

from www.taxmann.com Latest Case Laws https://ift.tt/39LZ4YM

Sec. 11 exemption to be allowed if order of cancellation of trust's registration was set aside by ITAT

INCOME TAX : Where Commissioner (Appeals) disallowed exemption under section 11 claimed by assessee charitable institution specifically on ground that registration granted to assessee under section 12A was cancelled by Director (Exemption) for reason that assessee was earning income by exploiting its assets commercially, since Tribunal had set aside said order of cancellation of registration under section 12A and restored registration to assessee, order of Commissioner (Appeals) of disallowance

from www.taxmann.com Latest Case Laws https://ift.tt/2IE9Zb6

Only profit element could be added as income u/s 69C if undisclosed purchases were noted; SLP dismissed

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that when undisclosed purchases are discovered in course of assessment, it is only profit embedded in said transactions which can be added to total income under section 69C

from www.taxmann.com Latest Case Laws https://ift.tt/2v8Cb2y

HC denied sec. 80-IA deduction as assessee wasn't located in industrial backward district as notified by Govt.

INCOME TAX : Where industrial undertaking of assessee company was not located in industrial backward district as mentioned in Notification No. 714 (E) dated 7-10-1997, assessee could not be allowed deduction under section 80IA(2)(iv)(c)

from www.taxmann.com Latest Case Laws https://ift.tt/2IEDLfG

Consultation paper with respect to guarantees provided by listed companies: SEBI

SEBI has observed that, at times, promoter or promoter related entities have sourced funds through various complex structures, for which the listed companies have provided guarantees, detrimental to the interest of their shareholders. Therefore, it has been decided to issue consultation paper in order to review the practice of listed companies extending corporate guarantees.

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Order passed for confiscation or fine in lieu of confiscation were covered under Sabka Vishwas Scheme

GST/EXCISE/ST/VAT : Where assessee against order for confiscation of goods/fine in lieu of confiscation of goods passed by Adjudicating Authority submitted declaration under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and Designated Committee held that Scheme did not cover cases involving confiscation and redemption fine, persons whose cases involved confiscation/fine in lieu of confiscation were covered under purview of Scheme and were eligible to file declarations thereunder

from www.taxmann.com Latest Case Laws https://ift.tt/2IBRDY7

No need for two separate satisfaction note if AO of searched person and other person is same: SC

INCOME TAX : Where Assessing Officer of assessee and Assessing Officer of searched person was same and satisfaction note recorded by Assessing Officer clearly stated that documents seized belonged to other person assessee herein and not searched person, there can be one satisfaction note prepared by the Assessing Officer it could be concluded that High Court was justified in holding that mandatory requirement of section 153C had been fulfilled and, thus

from www.taxmann.com Latest Case Laws https://ift.tt/2wQ5Rlq

HC directed revenue to grant refund as same wasn't released despite repeated reminders

INCOME TAX : Where Appellate Tribunal deleted addition in income of assessee but despite repeated reminders, refund was not released, revenue was directed to release same within a period of six weeks

from www.taxmann.com Latest Case Laws https://ift.tt/3cRcEvN

ICAI issues FAQs on ‘LLP Settlement Scheme, 2020’

The Institute of Chartered Accountants of India has issued FAQs on ‘LLP Settlement Scheme, 2020’ whereby numerous questions related to objective, time period, applicability, and so on have been discussed.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020410/icai-issues-faqs-on-‘llp-settlement-scheme-2020’.aspx

Sec. 80-IA deduction couldn’t be denied to successor co. where erstwhile firm has fulfilled prescribed conditions: SC

INCOME TAX : Assessee company which succeeded erstwhile partnership firm, which had entered into an agreement with Rajasthan Government for construction of road and collection of toll tax will be entitled to deduction under section 80IA being an enterprise carrying on stated business pertaining to infrastructure facility and owned by a Company registered in India. Original agreement entered into with firm automatically stood converted in favour of assessee company, which came into existence bein

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194055/sec-80-ia-deduction-couldn’t-be-denied-to-successor-co-where-erstwhile-firm-has-fulfilled-prescribed-conditions-sc.aspx

Yes FDs, Bank Guarantees No Longer Valid, Traders Have to Arrange Funds by Wed

Yes FDs, Bank Guarantees No Longer Valid, Traders Have to Arrange Funds by Wed

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SAVING YES SBI Aiming to Bring in Global Investors

SAVING YES SBI Aiming to Bring in Global Investors

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YES Bank clients´ SBI Cards applications hang in balance

YES Bank clients´ SBI Cards applications hang in balance

from taxmann.com News https://www.taxmann.com/topstories/222330000000020405/yes-bank-clients´-sbi-cards-applications-hang-in-balance.aspx

3 Infosys employees arrested for taking bribe from taxpayers

3 Infosys employees arrested for taking bribe from taxpayers

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Crypto trade getting back on track

Crypto trade getting back on track

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Foreign pension funds may soon get more leeway

Foreign pension funds may soon get more leeway

from taxmann.com News https://ift.tt/2PYrdnr

No need for two separate satisfaction note of AO of searched person and other person is same: SC

INCOME TAX : Where Assessing Officer of assessee and Assessing Officer of searched person was same and satisfaction note recorded by Assessing Officer clearly stated that documents seized belonged to other person assessee herein and not searched person, there can be one satisfaction note prepared by the Assessing Officer it could be concluded that High Court was justified in holding that mandatory requirement of section 153C had been fulfilled and, thus

from www.taxmann.com Latest Case Laws https://ift.tt/2vSiCff

Renouncement of right in favour of more than 50 persons didn't amount to conversion of rights issue to public issue

COMPANY LAW : Where company allotted shares on right basis to its existing shareholders, merely because many of them renounced their entitlement in favour of more than 50 third parties, it could not be said that right issue was converted into public issue

from www.taxmann.com Latest Case Laws https://ift.tt/39BTvvQ

Re-agitation of same issue before two different forums is not permissible under law

COMPANY LAW : Where petitioner and respondents were shareholders of company and petitioner filed writ petition to have proportionate representation in board of directors of company on ground that respondents were trying to disposses controlling stake held by petitioner, in view of fact that in respect to very same matter petition was pending before Tribunal, instant writ was to be rejected

from www.taxmann.com Latest Case Laws https://ift.tt/332yEPP

Sum advance to subsidiary Co. would be 'capital asset' with in meaning of sec. 2(14)

INCOME TAX : Loan given by assessee to its subsidiary company would be covered by meaning of 'capital asset' under section 2(14)

from www.taxmann.com Latest Case Laws https://ift.tt/3aFyH72

Placement fee paid to cable operators was liable for sec. 194C TDS and not sec. 194J TDS; SLP dismissed

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that placement fees/carriage fees paid by assessee to cable operators and MSO/DTH operators would be covered under section 194C and not under section 194J

from www.taxmann.com Latest Case Laws https://ift.tt/2IwDg7G

Reopening of case just on any hypothesis or contingency which may emerge in future is unjustified

INCOME TAX : Reopening of assessment could be made only when Assessing Officer has a reason which is present in his mind when he forms his reason to believe that income has escaped assessment; assessment cannot be reopened under section 148 on any hypothesis or contingency that may emerge in future

from www.taxmann.com Latest Case Laws https://ift.tt/2TVcc7o

Sec. 14A disallowance couldn't exceed exempt income earned during the year : HC

INCOME TAX : Disallowance under section 14A cannot be made more than exempt income itself

from www.taxmann.com Latest Case Laws https://ift.tt/3aDTBDh

Notification No. 16/2020 [F.No.370142/22/2019-TPL] / SO 986(E)

Publish Date : Thursday, March 5, 2020

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Notification No. 15/2020 [F.No. 370142/5/2020-TPL] / GSR 159(E)

Publish Date : Thursday, March 5, 2020

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Organizations without political goal can’t be barred from receiving foreign funds : Apex Court

FEMA, BANKING & INSURANCE : Guidelines in Rule 3 of Foreign Contribution (Regulation) Rules, 2011 do not suffer from vagueness and ambiguity and are not unconstitutional. Prevention of foreign contributions routed through voluntary organisations which are not connected to party politics is the reason behind introduction of Section 3 (1) (f) and Section 5 of the Foreign Contribution (Regulation) Act, 2010 Act.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194082/organizations-without-political-goal-can’t-be-barred-from-receiving-foreign-funds-apex-court.aspx

Bail granted to assessee for cooperating with investigating agency

GST : Where assessee, a practising lady Chartered Accountant, for offence punishable under section 132(1)(i) was in custody, in view of undertaking submitted by assessee to fully cooperate with investigating agency and provide information/documents asked for by investigating agency, bail application deserved to be accepted

from www.taxmann.com Latest Case Laws https://ift.tt/39xZban

Expenses excluded from export turnover should not form part of total turnover while computing sec. 10A deduction

INCOME TAX : While computing amount of deduction u/s 10A, expenditures excluded from export turnover were also to be excluded from total turnover

from www.taxmann.com Latest Case Laws https://ift.tt/3cAVRwV

Notice to cancel approval u/s 10(23)(vi) is invalid as it didn't exhibit an thought process of CIT(E); SLP dismissed

INCOME TAX : Where High Court held that show-cause notice issued to assessee to withdraw approval granted under section 10(23C)(vi) did not exhibit any thought process of Commissioner (Exemptions) and, thus, such notice being invalid, consequential order was void ab initio for want of jurisdiction, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/3axFEH2

Sitharaman asks RBI to fix accountability

Sitharaman asks RBI to fix accountability

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CCI to check 17 laws for compliance

CCI to check 17 laws for compliance

from taxmann.com News https://ift.tt/39CB36A

CBDT asks govt to tell PSUs to opt for Vivad se Vishwas

CBDT asks govt to tell PSUs to opt for Vivad se Vishwas

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Assessee taken in custody for offence committed under GST, granted bail for cooperating with investigating agency

GST : Where assessee, a practising lady Chartered Accountant, for offence punishable under section 132(1)(i) was in custody, in view of undertaking submitted by assessee to fully cooperate with investigating agency and provide information/documents asked for by investigating agency, bail application deserved to be accepted

from www.taxmann.com Latest Case Laws https://ift.tt/32ViAzu

Charge created on property before issue of notice valid though its actual sale took place latterly: SC

INCOME TAX : Where charge over the property was created much prior to the issuance of the recovery notice under Rule 2 of Schedule II to the Income-tax Act, it would remain valid though sale of property was conducted after issuance of attachment order by tax recovery officer

from www.taxmann.com Latest Case Laws https://ift.tt/2uYCvAW

Communication issued to ‘Cognizant’ to be treated as notice; SC remanded matter back for disposal on merits

INCOME TAX : Where assessee's application as to whether it was liable to pay tax on buy-back of shares under section 115-O was pending before AAR, impugned communication addressed by department treating assessee to be 'assessee-in-default' on account of non-payment of tax was to be treated as show-cause notice and, thus, matter was to be remanded back for disposal on merits

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194019/communication-issued-to-‘cognizant’-to-be-treated-as-notice-sc-remanded-matter-back-for-disposal-on-merits.aspx

226th Meeting of Central Board of Trustees Held

226th Meeting of Central Board of Trustees Held

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SEBI issues consultative paper on e-voting facility provided by listed companies

SEBI has issued consultative paper on e-voting facility provided by listed companies whereby it has proposed a mechanism wherein demat account holders could access e-voting portals of multiple e-voting service providers (ESPs) through web-based services provided by depository participants or depositories.

from taxmann.com News https://ift.tt/2TH5RMB

Bombay HC quashes ICICI Bank’s ex CEO Chanda Kochhar’s plea against termination of employment

FEMA/BANKING/INSURANCE : Where petitioner, Managing Director of ICICI Bank, was terminated from service and she challenged said termination order by filing a writ petition relying upon the provisions of section 35B(1)(b), it was to be concluded that section 35B(10(b) is not a provision enacted to regulate service conditions between employer and employee and, thus, dispute between petitioner and its employer bank which was a private bank, remained a contractual dispute. Thus, writ petition filed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194031/bombay-hc-quashes-icici-bank’s-ex-ceo-chanda-kochhar’s-plea-against-termination-of-employment.aspx

AO couldn't initiate reassessment on pretext that binding decision of Supreme Court was overlooked; SLP dismissed

INCOME TAX : Where High Court upheld Tribunal's order holding that since in scrutiny assessment Assessing Officer had gone into assessee's claim for deduction of payment of royalty, he could not initiate reassessment proceedings on pretext that a binding decision of Supreme Court was overlooked at time of assessment, SLP filed against order of High Court was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2vJWN1l

Provisions of sec. 14A is applicable from Assessment Year 2007-08

INCOME TAX : Where High Court held that provisions of section 14A would be applicable from assessment year 2007-08, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2VKF4lc

AO can pass draft assessment order in absence of variation in returned income only after 01-04-2020: ITAT

INCOME TAX/ILT : In view of amendment in Finance Bill, 2020, it is beyond any doubt of controversy that so far as period prior to 1-04-2020 is concerned, in case of an eligible assessee, draft assessment order under section 143(3), read with section 144C(1) is not required to be passed in cases in which no variation in returned income or loss is proposed

from www.taxmann.com Latest Case Laws https://ift.tt/2POAmij

AAR Disputes Not Within Vivad Se Vishwas Ambit

AAR Disputes Not Within Vivad Se Vishwas Ambit

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Sebi Proposes to Ease E-Voting for Investors

Sebi Proposes to Ease E-Voting for Investors

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RBI to Seek Review of Apex Court Order on Cryptocurrency

RBI to Seek Review of Apex Court Order on Cryptocurrency

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NCLT Allows Reopening of CG Power Accounts

NCLT Allows Reopening of CG Power Accounts

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RBI Supersedes Yes Bank Board, Caps Withdrawals

RBI Supersedes Yes Bank Board, Caps Withdrawals

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RBI supersedes YES Bank board

RBI supersedes YES Bank board

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Invocation of pledge of shares triggers requirement to make disclosures under regulation 29 of SEBI (SAST) norms

COMPANY LAW/SEBI : Whenever pledge of shares are invoked, said invocation triggered requirement to make disclosure under regulation 29

from www.taxmann.com Latest Case Laws https://ift.tt/2xgpqDV

SC dismissed SLP against HC's order deleting concealment penalty as assessee offered reasonable explanation

INCOME TAX : Where High Court upheld Tribunal's order deleting penalty under section 271(1)(c) on ground that assessee had rendered reasonable explanation in support of its claim for deduction under sec. 36(1)(iii), SLP filed against order of High Court was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/38uvzJz

NCLAT rejects auditors’ pleas against impleadment in debt-ridden IL&FS case

COMPANY LAW : There was a mismanagement of funds throughout company IL&FS and its group companies - Such mismanagement leads to severe crisis that company was reeling to meet even its day to day operational expenditures - Department of Economic Affairs which was responsible for financial stability of economy and in Country had raised Red Signals of likely collapse of 'IL&FS' and since, number of funds including 'Army Pension Fund', 'Provident Fund' etc. have invested in group companies of IL&FS,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194001/nclat-rejects-auditors’-pleas-against-impleadment-in-debt-ridden-ilfs-case.aspx

No reassessment just because there was retrospective amendment in provisions of Act

INCOME TAX : Reopening notice issued on basis of amendment to Explanation 1 to section 115JB brought by Finance Act, 2009 with retrospective effect from 1-4-2001 which disallowed provision for bad and doubtful debt for purpose of computing book profits under section 115JB for imposition of tax, was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/3aCRbFf

What do IRDA’s guidelines say on handling claims under Corona Virus?

IRDA has issued guidelines about handling claims with regard to Corona Virus whereby insurers have been directed to expedite handling of claims for hospitalisation expenses for Coronavirus disease (COVID-19). IRDA’s guideline on COVID-19 directs insurers to cover medical expenses during the quarantine period. The guidelines also advise insurers to design products for the Corona Virus. IRDA’s instructions are in to force with immediate effect.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020384/what-do-irda’s-guidelines-say-on-handling-claims-under-corona-virus.aspx

29,017 Startups Recognised

29,017 Startups Recognised

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Bill Introduced to Give More Powers to RBI

Bill Introduced to Give More Powers to RBI

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Vivad Se Vishwas Scheme Gets LS Approval

Vivad Se Vishwas Scheme Gets LS Approval

from taxmann.com News https://ift.tt/2vxlOwW

Defaulting LLPs Offered One-Time Settlement Scheme

Defaulting LLPs Offered One-Time Settlement Scheme

from taxmann.com News https://ift.tt/32VGZFc

IFIN Fraud Case: NCLAT Dismisses IL&FS Auditors’ Pleas

IFIN Fraud Case: NCLAT Dismisses IL&FS Auditors’ Pleas

from taxmann.com News https://www.taxmann.com/topstories/222330000000020378/ifin-fraud-case-nclat-dismisses-ilfs-auditors’-pleas.aspx

NCLT Bench Okays Merger of Subsidiaries with VIL

NCLT Bench Okays Merger of Subsidiaries with VIL

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Niti, CCI Oppose Fixing Floor for Telecom Tariffs

Niti, CCI Oppose Fixing Floor for Telecom Tariffs

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NCLAT Directs Competition Watchdog to Probe Flipkart

NCLAT Directs Competition Watchdog to Probe Flipkart

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SC Does Away with RBI Curbs on Crypto Trading

SC Does Away with RBI Curbs on Crypto Trading

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ITofficials up in arms over CBDT diktat

ITofficials up in arms over CBDT diktat

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NCLAT junks pleas of Deloitte, BSR

NCLAT junks pleas of Deloitte, BSR

from taxmann.com News https://ift.tt/38ocIzT

Cabinet nod for foreign listing of firms, decriminalising offences

Cabinet nod for foreign listing of firms, decriminalising offences

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NCLAT asks CCI to probe Flipkart

NCLAT asks CCI to probe Flipkart

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SC lifts crypto ban, quashes RBI circular

SC lifts crypto ban, quashes RBI circular

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5K entities told to avail of Vivad se Vishwas scheme

5K entities told to avail of Vivad se Vishwas scheme

from taxmann.com News https://ift.tt/39tnxBS

Mega merger of 10 govt banks gets Cabinet nod

Mega merger of 10 govt banks gets Cabinet nod

from taxmann.com News https://ift.tt/3cu1HAe

HC upholds reassessment proceedings as assessee failed to controvert findings of AO

INCOME TAX : Where AO initiated reassessment proceedings in case of assessee on ground that it had received accommodation entries from a sham concern, since assessee failed to controvert said finding of AO, validity of reassessment proceeding deserved to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/2x4GCvU

​Income-Tax Deduction from Salaries during the Financial Year 2019-2020 under Section 192 of the Income-Tax Act, 1961 - regarding.

Publish Date : Thursday, March 5, 2020

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Scheme of amalgamation of transferor Co. with loss making subsidiary can't be against interest of revenue

COMPANY LAW : While right of revenue is to be protected, there is no bar in streamlining affairs of a company with its wholly owned subsidiary; a scheme proposing amalgamation of transferor company with its wholly owned subsidiary which was a loss making company cannot be considered as against interest of revenue

from www.taxmann.com Latest Case Laws https://ift.tt/2VLVkT5

Assessee liable to capital gain tax if land acquired by Govt. was categorized as 'Gairmumkin' in nature

INCOME TAX : Where from report of Halqa Patwari it was evident that land of assessee acquired by Government was 'Gairmumkin' in nature, and same was not agricultural land, compensation received by assessee in pursuance of land acquisition proceedings was subject to TDS

from www.taxmann.com Latest Case Laws https://ift.tt/39t21NC

Copy of ‘Direct Tax Vivad Se Vishwas Bill, 2020’ as passed by the Lok Sabha

The Finance Minister has introduced the Direct Tax Vivad se Vishwas Bill, 2020 in the Lok Sabha on 05-02-2020 for dispute resolution related to direct taxes. After the introduction of Bill, the Union Cabinet suggested some necessary changes considering the input of stakeholders. Now, the Govt. has introduced and passed the amended bill in the Lok Sabha.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020366/copy-of-‘direct-tax-vivad-se-vishwas-bill-2020’-as-passed-by-the-lok-sabha.aspx

Shareholder ceased to be a member of co. to maintain application u/s 241 if its shares were auctioned and transferred

COMPANY LAW : Where shares of petitioner in R1 company were auctioned and transferred to successive bidder as per recovery order passed for default of R1 in repayment of loan, petitioner ceased to be a member of company by virtue of auction of his shares; therefore petition filed by petitioner under section 241 was not maintainable

from www.taxmann.com Latest Case Laws https://ift.tt/2uQPlB8

SC quashes RBI’s circular which debarred banks from dealing in transaction involving crypto currencies

FEMA, BANKING LAW & INSURANCE : The Supreme Court has struck down a RBI's circular dated April 6, 2018 which directed banks and entities regulated by RBI not to deal in Virtual Currencies (VC) nor to provide services for facilitating any person or entity in dealing with or settling virtual currencies

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193977/sc-quashes-rbi’s-circular-which-debarred-banks-from-dealing-in-transaction-involving-crypto-currencies.aspx

Now Non-Residents of India can invest 100% in Air India under automatic route

To permit foreign investment upto 100% by those NRIs, who are Indian Nationals, in case of M/s Air India Ltd., the Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to amend the extant FDI Policy to permit Foreign Investment (s) in M/s Air India Ltd by NRIs, who are Indian Nationals, upto to 100% under automatic route.

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Cabinet approves Companies (Second Amendment) Bill, 2019

In order to further amend the Companies Act, 2013, the Cabinet has approved the Companies (Second Amendment) Bill, 2019. This bill would remove criminality under the Act in case of default which can be determined objectively and which otherwise, lack of the element of fraud or do not involve larger public interest.

from taxmann.com News https://ift.tt/2IkWOM5

Date of approval for entire housing project is seen for deduction u/s 80-IB and not date of approval for office

INCOME TAX : Where assessee floated a housing project and obtained approval from local authority on 16-3-2005 only for construction of office building for such project and approval for construction of housing project was obtained from concerned authority on 6-2-2008 and building use permissions/completion certificate was issued on 31-3-2012, since assessee completed project within four years from date of obtaining permission for construction of housing project i.e. 6-2-2008, it was eligible for

from www.taxmann.com Latest Case Laws https://ift.tt/2vuA89s

Appellant aggrieved by SEBI’s order could’ve filed appeal before SAT instead of filing repeated complaints : SAT

COMPANY LAW/SEBI ACT : Where appellant was aggrieved by order of SEBI, it could not have raised same issue vide complaints after complaints before SEBI and then thought it fit to challenge last communication; it could have very well filed appeal before Tribunal at point of time when SEBI had first dismissed its complaint

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191885/appellant-aggrieved-by-sebi’s-order-could’ve-filed-appeal-before-sat-instead-of-filing-repeated-complaints-sat.aspx

Airlines Collecting passenger service fee are liable for deduction of tax under section 194C: ITAT

INCOME TAX : Where assessee airlines collected passenger service fee comprised of security component and facilitation component from its customers and paid same to airport authority, assessee was liable to deduct TDS under section 194C on same

from www.taxmann.com Latest Case Laws https://ift.tt/2THIouS

MCA introduces scheme for condonation of delay in filing statutory docs by LLPs

The Ministry of Corporate Affairs (MCA) has decided to give a one-time relaxation in additional fee to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future.

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Additional evidences filed by assessee should be admitted even if same weren't supported with an application : ITAT

INCOME TAX : Where assessee produced all relevant documents and evidence to prove source of cash deposits in its bank account before Commissioner (Appeals), merely because assessee had not filed an application to file such additional evidence before Commissioner (Appeals), such additional documents could not be rejected

from www.taxmann.com Latest Case Laws https://ift.tt/3cvQ2Rm

‘Cos will have to Pay Tax on Global Income’

‘Cos will have to Pay Tax on Global Income’

from taxmann.com News https://www.taxmann.com/topstories/222330000000020359/‘cos-will-have-to-pay-tax-on-global-income’.aspx

Tax payers Nudged to Opt for Vivaad Se Vishwas

Tax payers Nudged to Opt for Vivaad Se Vishwas

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Bill to give more powers to RBI over co op banks tabled in LS

Bill to give more powers to RBI over co op banks tabled in LS

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NCLT approves NBCC´s plan for Jaypee Infra

NCLT approves NBCC´s plan for Jaypee Infra

from taxmann.com News https://www.taxmann.com/topstories/222330000000020356/nclt-approves-nbcc´s-plan-for-jaypee-infra.aspx

US Fed cuts rate, RBI ready to take action

US Fed cuts rate, RBI ready to take action

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Removal of petitioner from office of director in EGM held without notice to shareholders was act of oppression

COMPANY LAW : Removal of petitioner and other directors from office of directors of respondent company in EGM held without notice to shareholders and directors would amount to an act of oppression

from www.taxmann.com Latest Case Laws https://ift.tt/39mcXfT

Compliant under NI Act against accused dismissed on failure to prove case regarding existence of enforceable debt

FEMA, BANKING & INSURANCE : Where complainant could not prove her case regarding existence of any legally enforceable debt against accused, complaint filed by her under section 138 on dishonour of cheque issued by accused was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2x3vYpb

CIT(A) rightly set-aside reassessment proceedings as it was initiated by AO on mere change of opinion

INCOME TAX : Where assessee had submitted complete books of accounts with bills and vouchers at time of completion of assessment under section 143(3), reopening of assessment denying benefit of section 11 on basis of change of opinion was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/3cpnIjD

Assessee couldn’t assail order of ITAT before HC on grounds which weren’t submitted before ITAT

INCOME TAX : Where assessee purchased land for construction of gala (industrial building) under an agreement and treated profit earned from sale of gala as business income on ground that said agreement was in respect of development rights; however, Tribunal treated said profit as short-term capital gains on ground that it was an outright purchase, same being question of fact, no substantial question of law arose from said order

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191938/assessee-couldn’t-assail-order-of-itat-before-hc-on-grounds-which-weren’t-submitted-before-itat.aspx