News Desk on Income Tax, GST & Corporate Laws 20 Oct 2020

News Desk on Income Tax, GST & Corporate Laws 20 Oct 2020

*Income tax* Bangalore – Trib.) *AO cannot adopt NAV method to determine value of shares of a company if assessee used DCF method for the same*

*Income tax* Madras HC *HC dismissed writ as assessee had alternative remedy of filing appeal before ITAT*

*Income tax* Bangalore – Trib. *Dep. on admission fees and processing charges paid towards membership of stock exchange is allowable: ITAT*

*Income tax* Madras HC *No disallowance of interest paid on loans taken from relatives if they duly disclosed interest income in their ITR*

*Income tax* Madras HC *Madras HC remanded matter as ITAT didn’t adjudicate issue of assumption of jurisdiction by AO u/s 147*

*Income tax* Delhi HC *Discretionary hearing opportunity under ‘Faceless Appeal Scheme’ challenged before Delhi HC*

*Income tax* *CBDT order dated 16 Oct 2020* *CBDT issues guidelines for taking intrusive & coercive actions for recovery of taxes by AO/TRO*

*Transfer Pricing* MOF Notification dated 19th Oct 2020 *CBDT notifies tolerance limit under transfer pricing for AY 2020-21*

*Transfer Pricing* Bangalore – Trib *Negative working capital adjustment for TP study not required in case captive service provider*

*GST* AAR – MAHARASHTRA *Sale of ready-to-use sand to Foundry Industry constitutes as ‘supply of goods’: AAR MH.*

*GST* AAAR-Haryana *Ruling by AAR no more binding on applicant due to change in tax rate of Solar Power Generating System: AAAR Har.*

*GST* Kerala HC *No withdrawal of assessment order where returns are filed after 30 days from date of service of the said order : KL HC*

*GST* Kerala HC *Audit is independent of investigation, audit & investigation proceedings to be continued Simultaneously in GST*

*GST* AAAR-KARNATAKA *‘Access cards’ printed based on contents given by customers are ‘goods’ under tariff item 49011020, taxed @ 5% GST*

*GST* Madras HC *Credit of EC, SHEC & KKC cannot be carried forward under GST regime, judgment of single judge set aside: Mad. HC*

*GST* No. 05/2020-Central Tax (Rate) dated 16 Oct 2020 *Satellite launch services exempted from GST: Notification*

*Company Law* Calcutta HC *HC upholds RoC’s decision to include director in defaulters’ list; refers division bench for conflicting views*

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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