News Desk on Income Tax, GST & Corporate Laws-3rd Nov 2020 to 06th Nov 2020

*Income tax* Pune – Trib. *Exemption u/s 54B available if deposit in capital gain account scheme made before due date of filing of belated ITR*

*Income tax* Madras HC *No substantial question of law arises on ITAT’s ruling allowing only 50% of salary paid by society to its society*

*Income tax* Madras HC *Sum paid to clear encumbrance of inherited property to be treated as part of cost of acquisition*

*Income tax* Madras HC *AO isn’t empower to challenge SetCom order relying on income disclosed in earlier application which stands abated*

*Income tax* Delhi – Trib. *Non-industrial undertaking cannot claim section 35D deduction in respect of share issue expenses*

*Income tax* CBDT Notification dated 02 Nov 2020 *CBDT notifies Abu Dhabi’s ‘MIC Redwood 1 RSC Ltd.’ as sovereign wealth fund for Sec. 10(23FE) exemption*

*Income tax* Bangalore – Trib. *Telecommunication, insurance charges & Forex loss to be excluded from turnover while computing sec. 10A relief*

*Income tax* Karnataka HC *Second proviso to sec. 40(a)(ia) providing relief from being an assessee-in-default has retrospective effect*

*International Taxation* FC-Australia *Dual residency: Person to be resident in country where he has closer personal & economic relations*

*Transfer Pricing* Ahmedabad – Trib. *A comparable Co. Couldn’t be selected as comparable if it becomes AE of assessee during year*

*Transfer Pricing* Mumbai – Trib. *ALP of loan to foreign subsidiary to be computed on market determined interest rate applicable to repayment currency*

*GST* Delhi HC *Service tax Audit can be done in GST regime: Delhi HC*

*GST* MOF Press Release dated 02 Nov 2020 *Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/Uts*

*GST* AAR – GUJARAT *Supply of catering service to recipient for its workers is ‘Accommodation, food and beverages services’: Gujarat- AAR*

*GST* Gujarat HC *Authority can’t issue confiscation notice, if assessee complied with High Court order for release of detained goods*

*GST* Gujarat HC *Arrest memo is mandatory & key safeguard against illegal arrest after completion of search and seizure: Gujarat – HC*

*GST* MOF Press Release 01 Nov 2020 *GST Revenue Collections for the month of October, 2020 is Rs. 1,05,155 crores*

*COMPANY LAW/RERA* Supreme Court *SC upholds order of Consumer Commission granting refund to allottees on delay in completion of housing project*

*SEBI* SEBI Circular 04th Nov 2020 *SEBI issues norms for rights issue of units by an unlisted Infrastructure Investment Trust*

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