News Desk on Income Tax, GST & Corporate Laws 17th Oct 2020

*Income tax* Karnataka HC *Interest on refund computed after 01-04-1989 to be in accordance with Sec. 244A though it relates prior AYs*

*Income tax* Indore – Trib. *ITAT remanded matter back as there was no material to substantiate that CIT(E) had conducted inquiry*

*Income tax* CBDT Press Release dated 15th Oct 2020 *Tax Dept. carries out search action on leading advocate who took more than Rs. 217 crore in cash from clients*
*Income tax* Madras HC *No Sec. 263 revision just because guide line value of property was higher than sales consideration*

*Income tax* Bombay HC *No infirmity if lower authorities concurrently held that sum spent on mining lease wasn’t for acquisition of right*

*Income tax* Cuttack – Trib. *CIT(A) cannot admit additional evidences without obtaining comments from AO*

*International taxation* Bangalore – Trib. *Matter remanded as issue required examination of facts to treat sum paid for architectural design services as FTS*

*Transfer Pricing* Madras HC *Risk adjustment while determining ALP is to be computed on Company-to-Company basis considering level of risk*

*Transfer Pricing* Delhi – Trib. *AO couldn’t question availment of services from AEs if assessee duly provided evidence*

*GST* Delhi HC *Delhi HC stayed interest & permitted to pay profiteered amount in 6 monthly instalments due to COVID-19 pandemic*

*GST* CBIC Notification 79/2020–Central Tax dated 15 Oct 2020 *Small taxpayers not required to furnish reconciliation statement (GSTR-9C) for FY 2019-20 as well*
*GST* CBIC Notifications No. 78/2020 – Central Tax dated 15 Oct 2020 *Govt. mandates HSN Code for all class of taxpayers w.e.f April 1, 2021*

*GST* CBIC Notification dated No. 77/2020 – Central Tax dated 15 Oct 2020 *Furnishing of Annual return (GSTR-9) made optional for small taxpayers even for the FY 2019-20*
*GST* CBIC Notification . 76/2020 – Central Tax dated 15 Oct 2020 *Due date of filing GSTR-3B has been prescribed for the period October, 2020 to March, 2021*

*GST* CBIC Notification No. 75/2020 – Central Tax dated 15 Oct 2020 *Due date prescribed to furnish GSTR-1 for monthly filers for the period October, 2020 to March 2021*
*GST* CBIC Notification No. 74/2020 – Central Tax dated 15 Oct 2020 *New due dates prescribed for furnishing GSTR-1 for quarterly return filers*

*GST* AAR – KARNATAKA *Renting of e-bikes/bicycles without operator is classifiable under heading 9966: KN AAR*

*Company Law* NCL-AT *Mere adding an additional signatory to a bank account cannot be claimed to be an act of oppression*

Author: Business So Simple

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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