News Desk on Income Tax, GST & Corporate Laws-26-11-2020

*Income Tax* Delhi – Trib. *Sec. 54F relief can’t be denied on mere ground that assessee had jointly owned another property on date of transfer*

*Income Tax* Bombay HC *ITAT’s order was unjustified as original return was not restored before AO after holding revised return time-barred*

*Income Tax* NOTIFICATION F. NO. PR. CCIT/NEAC/SOP/2020-21 *NeAC lays down SOPs for various Units to conduct assessment under Faceless Assessment Scheme*

*Income Tax* Bombay HC *No denial of sec. 80-IB deduction if material before AO evidenced employment of more than 10 workers in each unit*

*Income Tax* Madras HC *Additions related to Swiss Bank upheld as there was proper issue of notice u/s 143(2) before completing reassessment *

*Income Tax* Karnataka HC *Sec. 263 revision was unjustified where AO has allowed assessee’s claim on meticulous appreciation of evidence*

*Income Tax* Delhi HC *Mesne profits and interest thereon received under direction of the Civil Court is taxable u/s 23(1)*

*Income Tax* Madras HC *Voluntary disclosure of income pursuant to scrutiny notice does not amount to bona fide act of assessee*

*Income Tax* Delhi – Trib. *Sec. 234E fee couldn’t be charged if TDS statement was filed & intimation was issued before 1-4-2015*

*Income Tax* Patna HC *Subsidy received from Govt. by assessee carrying on educational activities couldn’t be charged to tax*

*GST* SC *No recourse shall be taken if assessee has complied with all the export obligations in GST: SC*

*GST* AA- GST – HP *Proceedings under section 129 not to be initiated in case of minor mistakes in e-way bill: AA-HP*

*GST* CIRCULAR NO. 1076/02/2020 *CBIC issued clarification on holding of Pre-Show Cause Notice Consultation with assessee*

*GST* AAR – TAMILNADU *Revamping of Existing Dumped Garbage in Compost Yards by bio-Mining process is classifiable under SAC 9994*

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