News Desk on Income Tax, GST & Corporate Laws-27th Nov 2020 to 28th Nov 2020

*Income tax*CBDT Press Release dated 26 Nov 2020**CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports   
*Income tax*Madras HC*Matter remanded to decide whether loss from eligible units u/s 80-IC can be set off against profits from ineligible unit*
*Income tax*SC*HC ought to decide writ challenging validity of section 40(a)(iib) though matter was sub-judice before AO: SC*
*Income tax*Madras HC*Interest on deposits made out of borrowed fund before commencement of business constitutes income from other sources*
*Income tax*Karnataka HC*Successor company is eligible to claim depreciation on Intangible assets acquired under succession*
*Income tax*Karnataka HC*Investment in residential property outside India before AY 2015-16 was eligible for sec. 54F exemption*
*International taxation*Delhi – Trib.*Fees received towards sub-licensing broadcasting rights of sports event live feeds not taxable as royalty*
*Transfer Pricing*Kolkata – Trib.*TPO cannot initiate proceedings against assessee after passing of final assessment order*
*Transfer Pricing*Mumbai – Trib.*DRP is not justified in accepting royalty rate of trademark without any content reasoning : ITAT*
*GST*AAR – KARNATAKA*No GST on sale of flats under JDA with developer after issue of completion certificate: AAR Karnataka*
*GST*MP HC*Mere E-mail of SCN to taxpayer wouldn’t suffice, uploading on website is mandatory: MP HC*
*GST*AAAR-WEST BENGAL*RCM applicable on import of repair and maintenance services from foreign entity: AAAR-WB*
*GST*GST Portal*Govt. issued FAQs on blocking and unblocking of E-way Bill Generation Facility*
*FEMA, BANKING & INSURANCE*SC*SC disposes of writ petition challenging interest on loan during moratorium in wake of Covid-19*
*COMPETITION LAW*CCI*Real Estate developer isn’t a dominant player in Pune due to presence of other developers : CCI*
*COMPANY LAW*NCL-ATAppointment/Removal of director in AGM and EoGM was to be stayed in absence of notice of agenda : NCLAT
*COMPANY LAW*SC*SC upholds validity of Tribunal Rules 2020 with modifications; orders setting up of National Tribunals Commission*
*SEBI*SC*SC upholds SAT’s order setting aside ex-parte interim order of SEBI due to pendency of investigation*

Author: Business So Simple

Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs. I am promoter of " Make Your Business So Simple" "Make Education So Simple" Make Life So Simple" Make Legal Affairs So Simple".

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