News Desk on Income Tax, GST & Corporate Laws -11th Nov 2020 to 16th Nov 2020

*Income tax* Hyderabad – Trib. *Provisions of Sec. 56(2)(viia) cannot be made applicable to capital contribution of a partner made in the firm*

*Income tax* Gujarat HC *Banks account to be made operational if revenue only attached fixed deposit maintained with banks: HC*

*Income tax* Gauhati HC *Matter remanded back as CIT(A) failed to record reasons for not considering condonation’s grounds sufficient*

*Income tax* Punjab & Haryana HC *Sec. 12AA registration couldn’t be declined without any finding that trust wasn’t working for achieving its objects*

*Income tax* Karnataka HC *Loss on account of settlement of forward contracts allowable even if no actual payment was made*

*Income tax* Madras HC *Foreign exchange derivative loss incurred in respect of revenue item is allowable as deduction*

*Income tax* Madras HC *Product development expenses deductible u/s. 37 irrespective of accounting practice adopted for its amortisation*

*Income tax* Mumbai – Trib. *Guarantee Commission for TP purpose is chargeable to extent of actual exposure of facility availed*

*Income tax* Madras HC *Sec. 36(1)(iii) disallowance couldn’t be attracted in absence of any material to show diversion of loans*

*Income tax* Madras HC *Notice couldn’t be issued to person who acted as short term director if there were active directors in Co.*

*Income tax* *FM raises tolerable limit under Section 43CA and 56(2)(x) from 10% to 20%*

*Income tax* Calcutta HC *Production of poultry feeds by processing raw materials & other inputs amount to manufacture*

*Income tax* Bombay HC *Appeal against ITAT’s order which has jurisdiction in two States to be filed in State from where first order emanates*

*Income tax* Madras HC *Prosecution initiated couldn’t be quashed if there was corroboration between documents seized from Co. & purchaser*

*International taxation* Delhi – Trib. *No withholding taxes on sum paid to foreign attorney providing services of patent filing outside India: ITAT*

*International taxation* Delhi – Trib. *Amended definition of royalty in domestic law can’t be applied unless DTAA provisions are amended : ITAT*

*International taxation* *SC* *SC remanded matter regarding back to HC as it has not answered question of payment of royalty on merits*

*GST* GST Portal *Aggregate Turnover of preceding financial year is now live on GST portal*

*GST* AAR AP *Mere mismatch in GST Returns is not conclusive for any suppression of tax-AAR AP*

*GST* Madras HC *Recovery of interest under GST to be on net cash liability – Madras HC*

*GST* Circular No. 143/13/2020- GST dated 10 Nov 2020 *Govt. issued clarification on ‘Filing Quarterly Return with monthly GST Payment’ for small taxpayers*

*GST* No. 82/2020–Central Tax dated 10th Nov 2020 *Govt. amends CGST Rules; time and manner of filing GST returns prescribed*

*GST* No. 88/2020–Central Tax dated 10th Nov 2020 *Threshold for mandatory E-invoice to be Rs. 100 Crores w.e.f 01.01.2021*

*GST* No.87/2020–Central Tax dated 10th Nov 2020 *Time limit of filing Form ITC-04 for period July 2020 to Sep 2020 extended to 30.11.2020*

*GST* No. 85/2020–Central Tax dated 10th Nov 2020 *Govt. notifies special procedure for payment of taxes for small taxpayers*

*GST* No. 84/2020–Central Tax dated 10th Nov 2020 *Now taxpayers having turnover up to 5 cr can file Quarterly GSTR-1*

*GST* No. 83/2020–Central Tax dated 10th Nov 2020 *Govt. notifies time limit for filing GSTR-1 w.e.f 01.01.2021*

*GST* Punjab & Haryana HC *Anticipatory bail of ex-GST officer rejected being involved in evasion of tax: P & H (HC)*

*GST* AAR – CHHATTISGARH *No ITC of design and engineering of lighting for plant road, boundary wall and watchtower: AAR-Chhattisgarh*

*GST* AA – GST – AP *Service of commercial coaching along with accommodation & mess services is composite supply, taxable @18%: AAAR-AP*

*GST* MOF Press Release dated 11th Nov 2020 *Four persons arrested for fradualent ITC by Directorate General of GST Intelligence, Mumbai*

*FEMA, BANKING & INSURANCE* Himachal Pradesh HC *Writ challenging auction proceedings not maintainable on ground of availability of alternate remedy u/s. 17(1): HC*

*COMPETITION LAW* CCI *Abuse of dominance by ‘Google’ on pre-installation of GPay on Android phones: CCI*

*COMPETITION LAW* CCI *No abuse of dominance by OP-company due to presence of other players in market : CCI*

*COMPANY LAW* NCL-AT *Consolidation of share capital approved of by 95% shareholding was to be allowed, rules NCLAT*

*COMPANY LAW* Delhi HC *Transaction of sale of assets of co. carried out only to whisk away assets by co. wasn’t allowed to be registered: HC*

*COMPANY LAW* MCA General Circular No. 37/2020 dated 09 Nov 2020 *Due date of defaulting LLPs to file belated documents under LLP settlement scheme extended: MCA*

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