"20 January 2020" Archive

No additions in absence of incriminating material during section 153A search

Rajat Minerals Pvt. Ltd. Vs DCIT (ITAT Ranchi)

Various additions/disallowances made by AO were clearly beyond the scope of authority vested under s.153A owing to absence of any incriminating material or evidence deduced as a result of search in so far as completed assessments were concerned and the same was not permissible in law....

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Rajasthan HC grants bail to CA accused of wrongly availing ITC

Paridhi Jain Vs State (Rajasthan High Court)

Paridhi Jain Vs State (Rajasthan High Court) HC held that Having regard to the facts and circumstances of the case and upon a consideration of the arguments advanced and the fact that the petitioner being a practising Chartered Accountant and a lady of 27 years is facing incarceration for last more than one month and […]...

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Printing process for Budget 2020 commences with Halwa Ceremony

The Halwa ceremony, marking the commencement of Budget printing process for Union General Budget 2020-21, was held here in North Block today morning in the presence of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman....

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Posted Under: Income Tax |

Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process

No. IBBI/VL/028/2020 20/01/2020

Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017....

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CS Foundation Examination exam result on 25th January, 2020

Declaration of Result of CS Foundation Programme Examination December, 2019 The Result of CS Foundation Programme examination held on 28th and 29th December, 2019 would be declared on Saturday, the 25th January, 2020 at 11:00 A.M. The result along with individual candidate’s subject-wise break-up of marks will be available on the Instit...

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Posted Under: Income Tax |

Constitutional validity of section 269SU and it’s applicability to foreign companies

In an attempt to promote cashless economy and digital mode of accepting payment, government has introduced section 269SU under Income Tax. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. The said provision is made applicable from 1st January 2020....

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Posted Under: Income Tax |

Supreme Court Stay Order in Orchid Pharma Insolvency Case

It is, for the matter of reality, that there is no mandate under the I&B Code which provides that whether the Resolution Plan’s value shall be more than the liquidation value of the Corporate Debtor. It is this perplexing issue that the case of Orchid Pharma Insolvency deals with. Th...

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Posted Under: Income Tax |

5 Important GST Case Laws

Article discusses  Whether recovery from employees amounts to supply,  Whether GST applicable on delayed payment charges collected on exempt supplies, Whether RCM liability under service tax on freight charges, Can Form GST TRAN-1 would be amended/rectified and Whether offline Form GST TRAN-1 can be accepted. 1. Whether recovery from em...

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Posted Under: Income Tax |

Form TRAN-1 rectification- HC allows petitioner to approach Nodal Officer

Calcutta Canvas Co. Vs. Union of India (Madras High Court)

Writ Petition is disposed of, only by granting such liberty to the petitioner to approach the said Nodal Officer and make a representation within a period of two weeks from the date of receipt of a copy of this order. On receipt of such representation/request, the said Nodal Officer shall consider the same and pass appropriate orders on m...

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Retention Money Expenses allowed as per Mercantile Accounting System

Urmila Rcp Projects Pvt. Ltd. Vs. Dcit (ITAT Ranchi)

The issue under consideration is whether the expenses incurred against the retention money or unrealised income is allowed under mercantile system of accounting?...

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