Income-tax (12th Amendment) Rules, 2020​

Publish Date : Friday, May 29, 2020

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

Sale proceeds on sale of rubber trees and timber cannot be brought to tax under Rule 7A

INCOME TAX : Rule 7A talks about computation of income derived from sale of centrifuged latex or cenex or latex based crepes, etc; said rule does not talk about taxability of income from sale of old rubber trees - Thus, sale proceeds on sale of rubber trees and timber cannot be brought to tax under Rule 7A of I.T. Rules

from www.taxmann.com Latest Case Laws https://ift.tt/2TR56l5

HC quashes order of MSME Council for reference of Indian Oil Corporation Ltd.’s matter to arbitration

COMPANY LAW/MSMED ACT : Where petitioner IOL terminated contract awarded to respondent as it entered into sub-contract without prior consent of petitioner in contravention of terms of contract and pursuant to an application filed by sub-contractor Council constituted under MSME Development Act, 2006 referred matter to arbitration, it was held that there was no privity of contract between petitioner and sub-contractor and, therefore, there was no liability of petitioner to make payment to sub-con

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194627/hc-quashes-order-of-msme-council-for-reference-of-indian-oil-corporation-ltd-’s-matter-to-arbitration.aspx

HC couldn’t have reversed acquittal of convict u/s 138 without giving him an opportunity of hearing: SC

FEMA, BANKING & INSURANCE : Where appellant-accused did not appear in appeal before High Court in cheque bounce case, High Court should have taken assistance of amicus curiae; High Court erred in reversing acquittal of appellant without affording any opportunity to appellant

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189151/hc-couldn’t-have-reversed-acquittal-of-convict-us-138-without-giving-him-an-opportunity-of-hearing-sc.aspx

On cheque dishonour, question of usage of blank cheque with wrongful intention was to be dealt only during trial: HC

FEMA, BANKING & INSURANCE : Where cheque issued to respondent-advocate by petitioner was dishonoured, question as to whether cheque was issued towards discharging legal liability of petitioner or respondent used blank cheque signed by petitioner with wrongful intention to be dealt only during trial and, thus, process issued to petitioner for offence under section 138 by Trial Court could not be interfered

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​Income-tax (11th Amendment) Rules, 2020​

Publish Date : Thursday, May 28, 2020

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Notification No. 28/2020 [F. No. 300196/16/2019-ITA-I] / SO 1658(E)

Publish Date : Wednesday, May 27, 2020

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