News Desk on Income Tax, GST & Corporate Laws-07th Dec 2020 to 11th Dec 2020

Updates-Income Tax, International Taxation & Transfer Pricing

*Income tax*Madras HC*HC couldn’t grant relief if there was no perversity ITAT’s part in not granting interim order for stay of demand*
*Income tax*CBDT *CBDT releases FAQs on Unique Identification Number (UDIN)*
*Income tax*Gujarat HC*Additions under section 69B couldn’t be made merely relying on confession statement obtained during search*
*Income tax*Madras HC*Benefit arising on surrender of Keyman Insurance Policy taxable as perquisites in hands of employee: Madras High Court*
*Income tax*Bombay HC*NSE could not be fastened with liability for defaults committed by its members or brokers at time of collecting STT*
*Income tax*Madras HC*Activities of trust could not be held non-charitable on mere fact that trust has earned certain revenue*
*Income tax*Karnataka HC*Prior period expenses not deductible while computing book profits u/s 115JB*
*Income tax*Madras HC*Interest income earned on deposits made in ordinary course of business eligible for exemption u/s 10A*
*Income tax*Karnataka HC*Professional services include incidental or ancillary services connected with carrying on medical profession*
*Income tax*CBDT Press Release*CBDT Press Release: Tax Dept. conducts search action on group of leading Coal Traders in Assam*
*International taxation*Mumbai – Trib.*Interest income received by foreign bank operating in India through liaison office taxable as per article 11 of DTAA*
*Transfer Pricing*Delhi – Trib.*Provisions of sec. 195 not applicable if salaries of seconded employees were born by assessee*

Updates-Goods and Service Tax (GST)

*GST*Bombay HC*Declaration under Sabka Vishwas Scheme, 2019 not to be rejected for ST dues quantified before 30-6-2019*
*GST* Kerala HC*Amount wrongly refunded to assessee can’t be recovered by revenue: Kerala HC*
*GST*AAR-HIMACHAL PRADESH*Non-woven fabric, made by using PP granules, is classifiable under Heading No. 5603: AAR HP*
*GST*Calcutta HC*During the time limit of appeal to Tribunal, Dept. can recover tax maximum up to 20% as per sec 112(8) : Cal. HC*
*GST*GUJ HC*Constitutional validity of condition of tax payment by supplier to claim ITC by recipient challenged before GUJ HC*
*GST*Kerala HC*Assessee was allowed to file GSTR 1 & pay taxes in instalments due to insufficient funds : Kerala HC*
*GST*AAAR-MAHARASHTRA*Support Services for facilitating Investment Consultancy/Permanent Residence Advisory services to be treated as Intermediary Services*
*GST*AA – GST – AP*Refund of excess credit of Excise can be claimed under Excise Act, not under GST: App. Authority AP*
*GST*AAAR-MAHARASHTRA*Charitable Society and its joint venture establishment with Govt. to be treated as separate persons: AAAR MH*

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