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 HC | Sec. 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 DTAA | CBDT 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* |
