Category: News Desk

*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) could not amount to disallowance u/s. 37*

*Income tax* Gujarat HC *Proviso to sec. 2(15) not applicable as income generated by trust from ‘Garba’ event was utilised for its object*

*Income tax* Madras HC *No refund of tax on prior period income which is declared in subsequent year: HC*

*Income tax* Karnataka HC *Excise duty couldn’t be included while valuing closing stock of goods manufactured and lying in stock*

*GST* New Delhi – CESTAT *ST can’t be imposed on Bariatric surgery as it is not a cosmetic surgery*

*GST* Telangana HC *Telangana HC ordered not to use any physical violence during search operations, interrogations in GST*

*GST* Punjab & Haryana HC *No bail to GST officer who is accused of pressurizing complainant for bribe: P. & H (HC)*

*GST* NAA *NAPA directed builder to reduce price of flats by passing benefit of ITC available to buyers*

*GST* AAR – GUJARAT *No GST exemption on exams conducted by State Examination Board*

*GST* Kerala HC *Detained vehicle and goods to be released on furnishing bank guarantee: Kerala-HC*

*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 paid to clear encumbrance of inherited property to be treated as part of cost of acquisition*

*Income tax* Madras HC *AO isn’t empower to challenge SetCom order relying on income disclosed in earlier application which stands abated*

*Income tax* Delhi – Trib. *Non-industrial undertaking cannot claim section 35D deduction in respect of share issue expenses*

*Income tax* CBDT Notification dated 02 Nov 2020 *CBDT notifies Abu Dhabi’s ‘MIC Redwood 1 RSC Ltd.’ as sovereign wealth fund for Sec. 10(23FE) exemption*

*Income tax* Bangalore – Trib. *Telecommunication, insurance charges & Forex loss to be excluded from turnover while computing sec. 10A relief*

*Income tax* Karnataka HC *Second proviso to sec. 40(a)(ia) providing relief from being an assessee-in-default has retrospective effect*

*International Taxation* FC-Australia *Dual residency: Person to be resident in country where he has closer personal & economic relations*

*Transfer Pricing* Ahmedabad – Trib. *A comparable Co. Couldn’t be selected as comparable if it becomes AE of assessee during year*

*Transfer Pricing* Mumbai – Trib. *ALP of loan to foreign subsidiary to be computed on market determined interest rate applicable to repayment currency*

*GST* Delhi HC *Service tax Audit can be done in GST regime: Delhi HC*

*GST* MOF Press Release dated 02 Nov 2020 *Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/Uts*

*GST* AAR – GUJARAT *Supply of catering service to recipient for its workers is ‘Accommodation, food and beverages services’: Gujarat- AAR*

*GST* Gujarat HC *Authority can’t issue confiscation notice, if assessee complied with High Court order for release of detained goods*

*GST* Gujarat HC *Arrest memo is mandatory & key safeguard against illegal arrest after completion of search and seizure: Gujarat – HC*

*GST* MOF Press Release 01 Nov 2020 *GST Revenue Collections for the month of October, 2020 is Rs. 1,05,155 crores*

*COMPANY LAW/RERA* Supreme Court *SC upholds order of Consumer Commission granting refund to allottees on delay in completion of housing project*

*SEBI* SEBI Circular 04th Nov 2020 *SEBI issues norms for rights issue of units by an unlisted Infrastructure Investment Trust*

*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 by AO who had no jurisdiction*

*Income tax* Karnataka HC *No sec. 194C TDS if Co. has control over advertisement space with exclusive rights either to retain it or resell it*

*Income tax* Madras HC *Income arising to Co. by reversing entries of stock option given to employees eligible for Sec. 10A/10B exemption*

*Income tax* SC *SLP granted against ruling that proviso to Sec. 194A(1) is restricted to individual/HUF having specified turnover*

*Income tax* Madras HC *Medallion is also classified as pendant; Sec. 10AA exemption could not be denied to jewellery manufacture*

*Income tax* Karnataka HC *Loss from investment made in subsidiary for enhancement of business activities in global market is allowable*

*Income tax* Karnataka HC *Sec. 80-IB restricting usage for a commercial purpose applicable block-wise if every block has separate approval*

*Income tax* MOF Press Release 29 Oct 2020 *FinMin extends LTC Cash voucher scheme to non-Central Government employees*

*Income tax* Punjab & Haryana HC *No additions based on seizure of loosed sheet where no unaccounted cash was found to be paid by buyer*

*International taxation* Gujarat HC *Commission paid to non-resident agents not having any PE in India not taxable in India*

*International taxation* Delhi – Trib. *Sum received from British Airways for use of Reservation System not taxable as royalty in lack of provision in DTAA*

*International taxation* Karnataka HC *Paragraph substituted in a tax treaty is applicable for entire fiscal year & not from date of its notification*

*International taxation* Delhi – Trib. *AMP exp. couldn’t be treated as international transaction merely because a notional indirect benefit arose to AE*

*GST* AAR – TELANGANA *Food supplied to Govt. / Pvt. Hospitals on outsourcing basis is chargeable @ 5% GST: Telangana AAR*

*GST* Delhi HC *DL HC directed competent authority to decide w.r.t. release of IGST amt. & duty drawback due to petitioner as per law*

*GST* Gujarat HC *Levy of license fees under GPMC Act for advertising hoardings in pvt. properties is constitutionally valid: Guj. HC*

*GST* AAR – TAMILNADU *Soft beverages/aerated water supplied by restaurant located in a hotel attracts 18% GST: TN AAR*

*Custom* *CBIC releases guidebook for ‘Faceless Assessment’ under Customs*

*GST* *Action required to be taken by CGST Commissionerates w.r.t. adverse orders of High Courts: Instructions*

*GST* Madras HC *ITC cannot be disallowed to purchaser if seller has collected tax but not paid to Govt.*

*ARBITRATION ACT* Jharkhand HC *An award couldn’t be set aside merely on ground of non-existence of arbitration clause in agreement : HC*

*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 revenue to levy penalty; SLP dismissed*

*Income tax* Karnataka HC *Loss of 100% export oriented units can be set off against profit of other units under same head*

*Income tax* SC *Conversion of survey into search & seizure without recording any recording satisfaction is bad in law; SLP dismissed*

*Income tax* Circular No. 18 I 2020 dated 28th Oct 2020 *Limitation period of 15 days to pay amount under Vivad se Vishwas not applicable: CBDT*

*Income tax* Madras HC *No. Sec. 263 revision if no material was produced to support finding that assessee was used as device to divert profit*

*Income tax* Bangalore – Trib. *Exp. incurred on a project which was never put to use & subsequently abandoned to be treated as revenue in nature*

*Income tax* MOF Notification dated 27th Oct 2020 *Govt. extends the due-date for payment under Vivad Se Vishwas Scheme (without any additional charges) to 31-03-2021*

*International taxation* Delhi – Trib. *TP additions towards AMP(Advertisement, Marketing and Promotion) exp. to be restricted to extent reimbursement was received under AMP agreement*

*FEMA* FDI-PolicyCircular-2020-29 October 2020 *Ministry of Commerce & Industry issues Consolidated FDI Policy, 2020*

*GST* Gujarat HC *Notification denying rebate claim to importer of goods under AA licenses is not ultra vires of the CGST Act: Guj HC*

*GST* AAR – TAMILNADU *Services of testing of chemicals on fresh table grapes are taxable under GST: TN AAR*

*GST* AAR – TAMILNADU *Supply of printed trade advertising material, where content is provided by the recipient is composite supply: TN AAR*

*GST* CBIC No. 80 /2020 – Central Tax dated 28 Oct 2020 *Due to file GSTR-9 & GSTR-9C for F.Y. 2018-19 further extended to 31 December, 2020: Notification*

*GST* Gauhati HC *Petitioner entitled to avail benefit of Sabka Vishwas Scheme even if penalty amt. is not mentioned in Form SVLRS-1*

Frequently Asked Questions on Manufacture and Other Operations in Customs Warehouse Dated 27th Oct 2020 *CBIC released FAQs on Manufacture & Other Operations in Customs Warehouse*

*GST* AAR – KARNATAKA *Pure consultancy services provided to local bodies & state govt. dept. as per Article 243W of COI are exempt from GST*

*GST* Notification dated 23 Oct 2020 *J&K extends time limit to file claims under budgetary support scheme to 31-12-20: Notification*

*GST* Kerala HC *Assessment order to be withdrawn, where returns are filed within 30 days from receipt of assessment order*