News Desk on Income Tax, GST & Corporate Laws from 03rd Dec 2020 to 07th Dec 2020

Updates-Income Tax, International Taxation & Transfer Pricing

*Income tax*CBDT CIRCULAR 21/2020*CBDT releases 34 more FAQs on provisions of ‘Direct Tax Vivad se Vishwas Act, 2020’*
*Income tax*Madras HC*Reassessment on mere change of opinion was unjustified as issue of non-deduction of tax was discussed during original assessment*
*Income tax*Madras HC*Stay of demand application could not be rejected without considering financial stringency & balance of convenience*
   
*Income tax**CIRCULAR 20/2020*CBDT issues circular on TDS from salaries for Financial Year 2020-21*
*Income tax*Madras HC*Sec. 234F providing levy of fee for default in furnishing return of income doesn’t offend Article 14 of Constitution*
*Income tax*Bombay HC*ITAT was justified in allowing deduction for bad debts as same was written off as irrecoverable in accounts*
*Income tax*Gujarat HC*Assessment which attained finality couldn’t be disturbed where no incriminating material was unearthed during search*
*Income tax*Andhra Pradesh HC*Order rejecting application u/s 10(23C) was to set aside as revenue erred in reading relevant AY*
*Income tax*Madras HC*Madras HC refuses to give retrospective effect to increased tax free gratuity limit of Rs. 20 lakh*
*Income tax*Madras HCSec. 10(23C) exemption could not be denied on ground that assessee does not have independent MOA, Bye-laws etc.*
*Income tax*Madras HC*No TDS u/s 194-I on one-time lump sum payment to Government for getting land lease for 99 years*
*International taxation*CBDT releases MLI synthesised text for India-Portuguese DTAACBDT releases MLI synthesised text for India-Portuguese DTAA
*Transfer Pricing*Delhi – Trib.*SBI prime lending rate to be used to benchmark interest payment on FCCDs denominated in Indian rupees*
*Transfer Pricing*Bombay HC*Order passed by AO without complying with provisions of section 144C is null and void*
*Transfer Pricing*Mumbai – Trib.*AMP exp. not international transaction if distributor of AE’s product also manufacturing it under license from AE*

Updates-Goods and Service Tax (GST)

*GST*AAAR-MAHARASHTRA*GST applicable on society being ineligible to qualify as educational institution: AAAR MH*
*GST*Kerala HC*Delay in processing of applications relating to registration can’t deprive taxpayer to avail benefit of composition scheme : Ker. HC*
*GST*SC*Apex Court upheld levy of GST on Lottery*
*GST*AAAR-UTTARAKHAND*Advance ruling application can’t be rejected without passing a speaking order, matter remanded: AAAR*
*GST*AAAR-MAHARASHTRA*Supply of goods by one unit of assessee and services by another unit can’t be treated as Composite Supply: AAAR MH*
*GST*AAAR-MAHARASHTRA*Supply, installation and commissioning of AC units is composite supply, taxable @ 28%
*GST*NOTIFICATION NO. 90/2020-CENTRAL TAX [G.S.R. 747(E)/[F. NO. CBEC-20/06/04/2020-GST]*Government notified various chemicals and chemical products for 8-digit HSN code compliance*
*GST*DELHI HC*Writ petition against provisional attachment can be treated as an objection by the commissioner : Delhi HC*
*GST*Andhra Pradesh HC*By-products kept by the supplier during milling of paddy can’t be referred to as consideration; No GST: AP HC*
*GST*AAAR-KARNATAKA*Computer-based test with access to performance result using an automated system qualifies as OIDAR services: AAAR*
*GST*Gujarat HC*Prov. Attachment shall be invalid if it’s done without forming any opinion about its necessity to protect Revenue Int*
*GST*SC*Rebate of ‘Electricity Duty’ allowed based on ‘Doctrine of Legitimate expectation’: SC*

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