SAT sets aside SEBI’s order that restrained appellant from accessing market based only on a prima facie suspicion

COMPANY LAW/SEBI : Where appellants being Key Managerial Persons of company had been involved in large scale diversion and misstatements of funds of company and thereby restrained from accessing securities market, in view of fact that individual role of appellants had not been examined, confirmatory order based on only a prima facie suspicion against appellants was to be set aside

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193301/sat-sets-aside-sebi’s-order-that-restrained-appellant-from-accessing-market-based-only-on-a-prima-facie-suspicion.aspx

ITAT allowed PWC’s FTC claim raised before AO subsequent to filing of return

INCOME TAX : Foreign tax credit, as per India USA-Treaty, is allowable to an assessee; claim raised before Assessing Officer for FTC paid subsequent to filing of return was to be allowed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194861/itat-allowed-pwc’s-ftc-claim-raised-before-ao-subsequent-to-filing-of-return.aspx

Matter remanded to find out whether erstwhile Sec. 56(2)(vii)(b) can be invoked on purchase of agricultural land

INCOME TAX : Where assessee purchased agricultural land and Assessing Officer on basis of valuation report of Sub-Registrar made certain addition to purchase consideration under section 56(2)(vii)(b), matter was to be remanded back to Assessing Officer with a direction to find out as to whether agricultural land fell within meaning of capital asset under section 2(14)

from www.taxmann.com Latest Case Laws https://ift.tt/2ZoP17X

Amendments to the Indian Stamp Act, 1899 to come into force w.e.f July 1, 2020: MoF

In order to facilitate ease of doing business and to bring in uniformity of the stamp duty on securities, the Central Government, after due deliberations and consultations with the States, made amendments in the Indian Stamp Act, 1899. Now, the Amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder will come into effect from 1 July, 2020.

from taxmann.com News https://ift.tt/2An2pkE

Sale of scrap not generated out of manufacturing activities isn't liable to TCS

INCOME TAX: Where assessee was only a dealer in scrap and scrap sold by assessee was not a result of manufacture or mechanical working of materials, assessee would not be liable to deduct TCS under section 206C

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

AO couldn’t reject books of account to estimate higher GP rate without providing hearing opportunity to assessee

INCOME TAX: Assessing Officer could not have rejected books of account of assessee and estimated gross profit at rate of 12 per cent of total sales turnover as against rate of 8.36 per cent without providing assessee an opportunity to present his claim

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194171/ao-couldn’t-reject-books-of-account-to-estimate-higher-gp-rate-without-providing-hearing-opportunity-to-assessee.aspx

Assessee eligible for sec. 80G deduction after furnishing relevant details if donation exp. was disallowed

INCOME TAX: When donation expenditure was disallowed and added to total income of assessee, assessee was entitled to deduction under with respect to such donation under section 80G

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