News Desk on Income Tax, GST & Corporate Laws-30th Oct 2020

*Income tax* Pune – Trib. *Provision of sec. 139(5) allowing revision of belated ITR not applicable with retrospective effect*

*Income tax* CBDT Notification dated 28 Oct 2020 *CBDT notifies Equalisation levy (Amendment) Rules, 2020; revises Forms for filing statement & appeals*

*Income tax* SC *Mere non acceptance of assessee’s stand by AO wouldn’t permit revenue to levy penalty; SLP dismissed*

*Income tax* Karnataka HC *Loss of 100% export oriented units can be set off against profit of other units under same head*

*Income tax* SC *Conversion of survey into search & seizure without recording any recording satisfaction is bad in law; SLP dismissed*

*Income tax* Circular No. 18 I 2020 dated 28th Oct 2020 *Limitation period of 15 days to pay amount under Vivad se Vishwas not applicable: CBDT*

*Income tax* Madras HC *No. Sec. 263 revision if no material was produced to support finding that assessee was used as device to divert profit*

*Income tax* Bangalore – Trib. *Exp. incurred on a project which was never put to use & subsequently abandoned to be treated as revenue in nature*

*Income tax* MOF Notification dated 27th Oct 2020 *Govt. extends the due-date for payment under Vivad Se Vishwas Scheme (without any additional charges) to 31-03-2021*

*International taxation* Delhi – Trib. *TP additions towards AMP(Advertisement, Marketing and Promotion) exp. to be restricted to extent reimbursement was received under AMP agreement*

*FEMA* FDI-PolicyCircular-2020-29 October 2020 *Ministry of Commerce & Industry issues Consolidated FDI Policy, 2020*

*GST* Gujarat HC *Notification denying rebate claim to importer of goods under AA licenses is not ultra vires of the CGST Act: Guj HC*

*GST* AAR – TAMILNADU *Services of testing of chemicals on fresh table grapes are taxable under GST: TN AAR*

*GST* AAR – TAMILNADU *Supply of printed trade advertising material, where content is provided by the recipient is composite supply: TN AAR*

*GST* CBIC No. 80 /2020 – Central Tax dated 28 Oct 2020 *Due to file GSTR-9 & GSTR-9C for F.Y. 2018-19 further extended to 31 December, 2020: Notification*

*GST* Gauhati HC *Petitioner entitled to avail benefit of Sabka Vishwas Scheme even if penalty amt. is not mentioned in Form SVLRS-1*

Frequently Asked Questions on Manufacture and Other Operations in Customs Warehouse Dated 27th Oct 2020 *CBIC released FAQs on Manufacture & Other Operations in Customs Warehouse*

*GST* AAR – KARNATAKA *Pure consultancy services provided to local bodies & state govt. dept. as per Article 243W of COI are exempt from GST*

*GST* Notification dated 23 Oct 2020 *J&K extends time limit to file claims under budgetary support scheme to 31-12-20: Notification*

*GST* Kerala HC *Assessment order to be withdrawn, where returns are filed within 30 days from receipt of assessment order*

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