News desk on Income Tax, GST & Corporate Laws-30 July 2020

Income tax MOF Notification dated 29 July 2020 *CBDT further extends due date for filing of ITR for AY 2019-20 till 30-09-2020*

Income tax Ahmedabad – ITAT *Losses already set off against profit other business not to be reduced notionally while computing profit u/s 80-IA

* Income tax Madras HC *Notice issued to authorised representative of assessee is deemed as notice issued to assessee*

Income tax MOF Notification dated 28 July 2020 *CBDT amends Forms for furnishing statement of income paid/credited by investment fund to its unit holder*

Income tax Kolkata – Trib. *An omitted provision is to be treated as never existed in law; ITAT quashed revisional proceedings*

International Taxation “THE MULTILATERAL CONVENTION TO IMPLEMENT TAX TREATY RELATED MEASURES TO PREVENT BASE EROSION AND PROFIT SHIFTING (MLI)” *CBDT releases MLI synthesised text for India- Czechia Republic & India-Rusia tax treaties

FEMA https://flair.rbi.org.in/fla/ The site is facing technical difficulties.The due date for submission of FLA for the year 2019-20 is extended to August 14, 2020.

GST AAR – ANDHRA PRADESH *Supply of printed flex material is supply of goods, classified under heading 4911, attracts 12% GST

GST AAR – ANDHRA PRADESH *HSD Oil received from recipient for free for equipments/vehicles used for mining, forms part of value of mining*

GST AAR – ANDHRA PRADESH *Vessel charter hire charges are classified under heading 9966, taxed @ 5% GST: AP AAR*

Company Law Kerala HC *Petitioner to approach RoC for activation of DIN and DSC for filing of STK-2 to enable strike off of name of Co.*

SEBI SEBI CIRCULAR 29th July 2020 *Timelines for compliance with regulatory requirements by Trading members and RTAs extended:

SEBI* SEBI SEBI CIRCULAR 29th July 2020 *SEBI extends timeline for submission of financial results to September 15, 2020*

SEBI SEBI CIRCULAR 29th July 2020 *Mechanism with regard to Margin obligations by of pledge to be implemented from August 01, 2020*

IBC NCLT – New Delhi *Amount claimed to be transferred to corporate debtor couldn’t be termed as ‘financial debt’ without any evidence*

IBC NCLT- Chennai *Liquidator rightly rejected claim of operational creditor as it was not crystallised in an agreement between parties*

IBC NCL-AT *Resolution can be taken even during CIRP if any promoter agrees to invest money for keeping Co. as a going concern*

IBC NCLT – Ahd. *CIRP plea admitted as documents produced by operational creditor clearly established debt and default*

IBC IBBI *CPIO-IBBI wasn’t under obligation to express any opinion or provide info. already available in public domain*

IBC NCLT – Ahd. *Co. was to be dissolved when shareholders agreed to close down due to non-availability of business prospects*

IBC Delhi HC *Non-IPE firms appointed as RP by CoC was permitted to continue assignment till next date of hearing* Others GOI Press Release 29 July 2020 “*Cabinet Approves National Education Policy 2020, paving way for transformational reforms in school and higher education systems in the country*

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Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs. I am promoter of " Make Your Business So Simple" "Make Education So Simple" Make Life So Simple" Make Legal Affairs So Simple".

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