News Desk on Income Tax, GST & Corporate Laws-29th Oct 2020 to 02 Nov 2020

*Income tax* Madras HC *HC slam AO for denying Sec. 80P deduction on interest income without considering assessee’s arguments*

*Income tax* Karnataka HC *Bank office work from legal dept. of software companies classified as data processing for Sec. 10A exemption*

*Income tax* SC *SC dismissed SLP against ruling that reassessment notice couldn’t be issued by AO who had no jurisdiction*

*Income tax* Karnataka HC *No sec. 194C TDS if Co. has control over advertisement space with exclusive rights either to retain it or resell it*

*Income tax* Madras HC *Income arising to Co. by reversing entries of stock option given to employees eligible for Sec. 10A/10B exemption*

*Income tax* SC *SLP granted against ruling that proviso to Sec. 194A(1) is restricted to individual/HUF having specified turnover*

*Income tax* Madras HC *Medallion is also classified as pendant; Sec. 10AA exemption could not be denied to jewellery manufacture*

*Income tax* Karnataka HC *Loss from investment made in subsidiary for enhancement of business activities in global market is allowable*

*Income tax* Karnataka HC *Sec. 80-IB restricting usage for a commercial purpose applicable block-wise if every block has separate approval*

*Income tax* MOF Press Release 29 Oct 2020 *FinMin extends LTC Cash voucher scheme to non-Central Government employees*

*Income tax* Punjab & Haryana HC *No additions based on seizure of loosed sheet where no unaccounted cash was found to be paid by buyer*

*International taxation* Gujarat HC *Commission paid to non-resident agents not having any PE in India not taxable in India*

*International taxation* Delhi – Trib. *Sum received from British Airways for use of Reservation System not taxable as royalty in lack of provision in DTAA*

*International taxation* Karnataka HC *Paragraph substituted in a tax treaty is applicable for entire fiscal year & not from date of its notification*

*International taxation* Delhi – Trib. *AMP exp. couldn’t be treated as international transaction merely because a notional indirect benefit arose to AE*

*GST* AAR – TELANGANA *Food supplied to Govt. / Pvt. Hospitals on outsourcing basis is chargeable @ 5% GST: Telangana AAR*

*GST* Delhi HC *DL HC directed competent authority to decide w.r.t. release of IGST amt. & duty drawback due to petitioner as per law*

*GST* Gujarat HC *Levy of license fees under GPMC Act for advertising hoardings in pvt. properties is constitutionally valid: Guj. HC*

*GST* AAR – TAMILNADU *Soft beverages/aerated water supplied by restaurant located in a hotel attracts 18% GST: TN AAR*

*Custom* *CBIC releases guidebook for ‘Faceless Assessment’ under Customs*

*GST* *Action required to be taken by CGST Commissionerates w.r.t. adverse orders of High Courts: Instructions*

*GST* Madras HC *ITC cannot be disallowed to purchaser if seller has collected tax but not paid to Govt.*

*ARBITRATION ACT* Jharkhand HC *An award couldn’t be set aside merely on ground of non-existence of arbitration clause in agreement : HC*

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