News Desk on Income Tax, GST & Corporate Laws-22nd Oct 2020

*Income tax* Madras HC *Interest received in advance on discounting of bills against LC is taxable on accrual basis: Madras HC*

*Income tax* Kolkata – Trib. *Accumulation of Income upto 15% is to be allowed on gross receipts without deducting any exp.*

*Income tax* Madras HC *ITAT erred in dismissing appeal on account of low tax effect as assessee’s case fall within exception : Madras HC*

*Income tax* CBDT Order dated 19th Oct 2020 *CBDT issues directions for exercising power of survey u/s 133A by the Income-tax authority*

*Income tax* Karnataka HC *TPAs are liable to deduct TDS u/s 194J while making payment to hospitals on behalf of insurance Co.*

*Income tax* Patna HC *STT deducted but not paid couldn’t be allowed as deduction by virtue of section 43B*

*International taxation* Delhi – Trib. *Explanation 7 to Sec. 9 has retro effect it if was inserted in furtherance of object of insertion of Explanation 5*

*Transfer Pricing* Madras HC *ITAT to decide issue of appropriateness of method for TP adjustments considering multiplicity of litigation : HC*

*GST* Rajasthan HC *Online Fantasy Sports game is a ‘game of skill’ and not betting & gambling: Raj. HC*

*GST* Bombay HC *Writ filed for extension of time limit to file GSTR-9 & 9C till 31-12-2020, matter to be heard on 27-10-2020: Bom. HC*

*GST* Madhya Pradesh HC *GST Authorities have power to seize cash from assessee under section 67(2) of the CGST Act : MP HC*

*GST* CBEC F. No. 116 /22/2020-CX-3 dated 19 Oct 2020 *CBIC prescribes procedure for referring technical/legal issues under the Central Excise & Service Tax*

Author: Business So Simple

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