News Desk on Income Tax, GST & Corporate Laws-23rd Oct 2020 to 28th Oct 2020

*Income tax* Bombay HC *Bombay HC denied condonation of delay of 3389 days in filing appeal before ITAT in absence of strong reasons*

*Income tax* Madras HC *ITAT could have condoned delay where affidavit explaining reason for delay was annexed therein; matter remanded*

*Income tax* Madras HC *Approval u/s 10(17A) doesn’t connote a paper conveying approval and bearing stamp & seal of CG*

*Income tax* Delhi – Trib. *Trust registration to be denied only in case assessee failed to fulfil requirements mentioned in Sec. 12AA*

*Income tax* Bangalore – Trib. *ITAT remanded matter to examine additional evidence filed by assessee to substantiate her claim of sec. 54 exemption*

*Income tax* CBDT Press Release 22 Oct 2020 *Tax Dept. conducts search action on Srinagar based group; undisclosed transaction of Rs. 105 crore unearth*

*Income tax* Calcutta HC *CIT isn’t empowered to verify genuineness of trust activities while granting Sec. 12AA registration*

*Income tax* MOF Press Release dated 24 Oct 2020 *CBDT extends due date for furnishing of Tax Audit Report & ITR for AY 2020-21*

*Income tax* CBDT *CBDT releases instructions for filing of ITR Forms for AY 2020-21*

*Income tax* CBDT Notification dated 22 Oct 2020 *CBDT reduces minimum rating from AA to A for the funds eligible for making investment by PF*

*Income tax* *Taxmann and AIFTP publish FAQS and Survey results on Faceless Assessment Scheme*

*Income tax* Bangalore – Trib. Interest on borrowing could not be included in cost of inventory: ITAT

*Income tax* Ahmedabad – Trib. *Accumulation of 15% of income u/s 11 couldn’t be regarded as obligation envisaged in law*

*Income tax* Bombay HC *HC issued notice to Additional Solicitor General as constitutional validity of e-filing of ITR is challenged*

*Income tax* Jaipur – Trib. *SDV or FMV of flat is to be considered on date of booking of flat if same was acknowledged in sale agreement*

*Income tax* Bangalore – Trib. *No section 40A(9) disallowance if amount paid was for welfare of employees : ITAT*

*Income tax* Madras HC *No infirmity in ITAT’s order allowing assessee to cross-examine person : Madras HC*

*Income tax* Jaipur – Trib. *Sec. 69B addition to be quashed if it was made on finding of Excise Dept. which was later set aside by CESTAT*

*International taxation* Delhi – Trib. *Rate of DDT should not exceed rate specified in Article 10 in India-Germany DTAA: ITAT*

*GST* AAR – TAMILNADU *Conducting seminars, meetings, etc. by IIT Alumni for its members in lieu of membership fee is a ‘supply’ under GST*

*GST* AAR – TAMILNADU *Prop. ITC available on goods/services used in installation of Renewable Power Generation Plant under ‘REC Scheme’*

*GST* AAR – KARNATAKA *No ITC on medicines used in supply of healthcare services provided to patients admitted in hospital: Kar. AAR*

*GST* AAR – TAMILNADU *Pre-mix popcorn maize packed with edible oil & salt is classified under tariff item 20081990, attracts 12% GST*

*GST* AAR – TAMILNADU *Payment made for credit card expenses to foreign holding Co. is a service, liable to 18% GST under reverse charge*

*GST* AAR – TAMILNADU *Application for Advance Ruling rejected where applicant is recipient & not supplier of services: TN AAR*

*GST* CBIC Press Release dated 24 Oct 2020 *CBIC extended due date to file GSTR-9 and GSTR-9C to 31st Dec, 2020*

*GST* AAR – KARNATAKA *Activities undertaken by branch office in India for promoting business of foreign head office is a supply under GST*

*GST* AAR – TAMILNADU *Act of agreeing to grant easement rights of pathway is a service of agreeing to tolerate an act, taxed @18% GST*

*GST* AAR – TAMILNADU *Activity of building vehicle body on truck chassis of customer is a supply of service, attracts 18% GST: TN AAR*

*GST* Orissa HC *Reimbursement of differential tax amt. from VAT to GST w.r.t works contract to be represented before app. Authority*

*GST* AAR – KARNATAKA *Supply of ‘Kharif Arhar’ & ‘Green Gram’ to NAFED is exempt from GST: Karnataka AAR*

*GST* AAR – WEST BENGAL *Installation of oil pipeline o/s India is works contract chargeable @18% GST, do not qualify exports: WB AAR*

*GST* Notification 07/2020 dated 21 Oct 2020 *Govt. exempts duties of Central Excise against scrips issued under RoSL scheme for apparel & made-ups sectors*

*Company Law* MCA General Circular 36/2020 dated 20 Oct 2020 *MCA extends minimum residency criteria relaxations for directors for F.Y. 2020-21 amid COVID-19 outbreak*

*SEBI* Karnataka HC *Mutual fund Co. deciding to wind up Mutual fund schemes should obtain consent of unit-holders*

*Company Law* “Delhi HC”*Plaintiff’s claim of beneficial interest in co. was unsustainable as he failed to submit any proof*

*SEBI* *SEBI issues clarification on applicability of Corporate Governance norms w.r.t. foreign subsidiary of a listed entity*

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