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Archive: 08 January 2020

Posts in 08 January 2020

Interest earned by Co-op Society on Investment with Co-op Bank eligible for Deduction

January 8, 2020 2445 Views 0 comment Print

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank continues to be a co-operative […]

MEF panel 2019-20: UCN to get updated on 09.01.2020

January 8, 2020 25916 Views 1 comment Print

The Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 has been hosted at for indicating the category of the applicants of Multipurpose Empanelment Form for the year 2019-20.

HC justifies addition of interest related to transaction with related party done with intention of deliberate tax evasion

January 8, 2020 915 Views 0 comment Print

It has also been held that the appellant has deliberately created an artificial and colourable devise for reducing its income offered for taxation through an arrangement of letter of credit and thus, the deduction claimed by the assessee on account of interest paid to the bank and also to its creditors are not allowable.

Circular cannot override Supreme Court/High Court Judgment

January 8, 2020 14451 Views 0 comment Print

Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court) The grievance of the appellants is that, though the orders passed by the Tribunal are in their favour, the Tribunal has not considered the effect of Circular No. 133/6 of 2007 dated 09.05.2007 issued by the Central Board of Direct Taxes. In this circular, it […]

Definitive countervailing duty on imports of Continuous Cast Copper Wire Rods

January 8, 2020 1686 Views 0 comment Print

Notification No. 1/2020-Customs (CVD)- Seeks to impose definitive countervailing duty on imports of Continuous Cast Copper Wire Rods originating in, or exported from Indonesia, Malaysia, Thailand and Vietnam GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 8th January, 2020 Notification No. 1/2020-Customs (CVD) G.S.R. (E). -Whereas, in the matter of “Continuous Cast Copper […]

Validity of Section 16(2)(c) of the CGST Act/WBGST Act

January 8, 2020 13698 Views 1 comment Print

On the second issue in the petition, it was stated that in the absence of any finding about petitioners mala fide intention, connivance or wrongful association with the suppliers, no liability can be imposed on it on the principle of vicarious liability on account of fraudulent conduct of the suppliers, who have obtained registration on the basis of fictitious documents.

Agriculture land situated beyond 8 kms is not Capital Asset & Section 50C not applies

January 8, 2020 9603 Views 0 comment Print

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land […]

Clarification on newly inserted section 269SU of Income Tax Act, 1961

January 8, 2020 36855 Views 21 comments Print

One more step has been taken by the government towards digital and cash less economy by inserted a new provision namely section 269SU in Income Tax Act, 1961 which provides that every person having turnover, sales or gross receipts, as the case may be, in business exceeds 50 crore rupees (specified person) during immediately preceding […]

Section 135 Corporate Social Responsibility (CSR)

January 8, 2020 67761 Views 5 comments Print

Article explains about Applicability of Corporate Social Responsibility (CSR) provisions, Constitution of Corporate Social Responsibility Committee, Amount Spend on Corporate Social Responsibility,  Framing Corporate Social Responsibility Policy, Disclosure of Corporate Social Responsibility, How to Spend Amount on Corporate Social Responsibility Activities, Non- Applicability of Corporate Social Responsibility (CSR) provisions, Procedure for formation of Corporate Social […]

Summary of GST circulars, Notifications issued in December 2019

January 8, 2020 3639 Views 0 comment Print

Objective: The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 12 Central tax notifications and 4 Circulars were issued during the month Dec’19. The same are being summarized below. 1. DIN made mandatory for all types of letters or notices, including Emails […]

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