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

*Income tax*Madras HC*Writ not admissible against assessment order if it was passed on merits and AO followed principles of natural justice: HC*
*Income tax*Madras HC*Interest on bank deposits earned by an AOP being a determinate trust is taxable in the hands of beneficiaries*
*Income tax*Jaipur – Trib.*Financial help provided to resulting entity after demerger couldn’t be held as violation of sec. 10(23C)*
*Income tax*Karnataka HC*Cost of shares acquired on conversion of bonds to be determined on basis of price prevailing on BSE or NSE*
*Income tax*Madras HC*CIT was justified in granting registration from 2nd application as no steps were taken to dispose of 1st application*
*Income tax*Mumbai – Trib.*Exp. attributable to exempt income to be added back for MAT computation without resorting to sec. 14A disallowances*
*Income tax*Karnataka HC*Discount on issue of ESOPs is deducible u/s 37 as it is an exp. to secure services of employee*
*Transfer Pricing*Mumbai – Trib. *Two enterprises to be treated as AE if conditions mentioned in both sub-sections (1) & (2) of section 92A fulfils*
*GST*News*Gross GST Revenue of Rs 1,04,963 crores collected in November,2020*
*GST*NAA*P&G guilty of profiteering for not passing benefit of tax reduction to ultimate customers: NAA*
*GST*Kerala HC*Immunity from interest & penalty can’t be granted when assessee opted to pay tax u/s 74 tax to avoid SCN : Kerala HC*
*GST*News*Online unblocking of E-Way Bill (‘EWB’) facility is now made available to the taxpayers*
*GST*AAAR-MAHARASHTRA*Gaming Zone operated in mall can’t be construed as access to amusement park, taxable at the rate of 28%: MH AAAR*
*GST*News*Punjab also opted Option-1 to meet GST implementation shortfall*
*GST*NOTIFICATION NO.89*No penalty will be imposed for QR Code requirement for Dec 20-Mar 21, if compliance is done from Apr 21: Notification*
*GST*AAAR-KARNATAKA*“Micafunign Sodium” is dry solid form drug, it is taxable @ 5%: Kar. AAAR*
*GST*AA – GST – AP*Penalty order is valid if goods detained on ground of expiration of EWB*
*SEBI*CIRCULAR No. SEBI/HO/MIRSD/DOP/CIR/P/2020/235*SEBI further extends timeline for conducting internal audit and system audit*
*SEBI*NOTIFICATION S.O. 4283(E)*Govt. designates certain Civil Court and Session Courts as Special Court in States of Maharashtra. T.N. and W. Bengal*
*Company Law*SC*SCN issued to Managing Director of a Co. was treated as issued to both MD and Co. when they were treated as one*

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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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