News Desk on Income Tax, GST & Corporate Laws-12th Dec 2020 to 15th Dec 2020

Updates-Income Tax, International Taxation & Transfer Pricing *Income tax* Karnataka HC *Discount on issue of debentures is deductible u/s. 37 in proportion to percentage of redemption* *Income tax* SC *Transfer of case was justified as show-cause notice has clearly spelt out reasons for transfer; SC dismissed SLP* *Income tax* Madras HC *HC remanded matter asContinue reading “News Desk on Income Tax, GST & Corporate Laws-12th Dec 2020 to 15th Dec 2020”

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

News Desk on Income Tax, GST & Corporate Laws-07th Nov 2020 to 10th Nov 2020

*Income tax* Madras HC *No cancellation of registration if trust spending earning from newspaper business for education: Madras HC* *Income tax* “Delhi – Trib. ” *AO can’t disallow loss in trading from stock option solely on basis of interim order of SEBI* *Income tax* Bangalore – Trib. *Suo motu disallowance of expenses u/s. 40(a)(ia) couldContinue reading “News Desk on Income Tax, GST & Corporate Laws-07th Nov 2020 to 10th Nov 2020”

News Desk on Income Tax, GST & Corporate Laws-3rd Nov 2020 to 06th Nov 2020

*Income tax* Pune – Trib. *Exemption u/s 54B available if deposit in capital gain account scheme made before due date of filing of belated ITR* *Income tax* Madras HC *No substantial question of law arises on ITAT’s ruling allowing only 50% of salary paid by society to its society* *Income tax* Madras HC *Sum paidContinue reading “News Desk on Income Tax, GST & Corporate Laws-3rd Nov 2020 to 06th Nov 2020”

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

*Income tax* Madras HC *HC slam AO for denying Sec. 80P deduction on interest income without considering assessee’s arguments* *Income tax* Karnataka HC *Bank office work from legal dept. of software companies classified as data processing for Sec. 10A exemption* *Income tax* SC *SC dismissed SLP against ruling that reassessment notice couldn’t be issued byContinue reading “News Desk on Income Tax, GST & Corporate Laws-29th Oct 2020 to 02 Nov 2020”

News Desk on Income Tax, GST & Corporate Laws-30th Oct 2020

*Income tax* Pune – Trib. *Provision of sec. 139(5) allowing revision of belated ITR not applicable with retrospective effect* *Income tax* CBDT Notification dated 28 Oct 2020 *CBDT notifies Equalisation levy (Amendment) Rules, 2020; revises Forms for filing statement & appeals* *Income tax* SC *Mere non acceptance of assessee’s stand by AO wouldn’t permit revenueContinue reading “News Desk on Income Tax, GST & Corporate Laws-30th Oct 2020”

News Desk on Income Tax, GST & Corporate Laws-23rd Oct 2020 to 28th Oct 2020

*Income tax* Bombay HC *Bombay HC denied condonation of delay of 3389 days in filing appeal before ITAT in absence of strong reasons* *Income tax* Madras HC *ITAT could have condoned delay where affidavit explaining reason for delay was annexed therein; matter remanded* *Income tax* Madras HC *Approval u/s 10(17A) doesn’t connote a paper conveyingContinue reading “News Desk on Income Tax, GST & Corporate Laws-23rd Oct 2020 to 28th Oct 2020”

Supreme Court Weekly Round up (19th Oct 2029 to 24th Oct 2020)

Supreme Court Weekly Round Up (19th Oct 2020 to 24th Oct 2020) =================== 1 BJP Leader Moves Supreme Court Challenging Madhya Pradesh High Court Order Restraining Physical Poll Campaigns [Pradyumn Singh Tomar V. UOI] 2 Election Commission Challenges Madhya Pradesh High Court Order Restraining Physical Poll Campaigns In Supreme Court [Election Commission of India V.Continue reading “Supreme Court Weekly Round up (19th Oct 2029 to 24th Oct 2020)”

News Desk on Income Tax, GST & Corporate Laws-22nd Oct 2020

*Income tax* Madras HC *Interest received in advance on discounting of bills against LC is taxable on accrual basis: Madras HC* *Income tax* Kolkata – Trib. *Accumulation of Income upto 15% is to be allowed on gross receipts without deducting any exp.* *Income tax* Madras HC *ITAT erred in dismissing appeal on account of lowContinue reading “News Desk on Income Tax, GST & Corporate Laws-22nd Oct 2020”