"13 February 2020" Archive - Page 3

Vivad Se Vishwas – A lifetime opportunity to settle litigation(s)

INTRODUCTION The Finance Minister Ms. Nirmala Sitharaman during her maiden budget, presented on 1st February, 2020, declared an amnesty scheme namely ‘Vivad Se Vishwas – A Dispute Resolution Scheme 2020′ (hereinafter referred to as “the Proposed Scheme”). The Proposed Scheme aims to settle the unresolved issues pertainin...

Posted Under: Income Tax |

Rule 114AAA: PAN to become inoperative on failure to furnish Aadhaar

Notification No. 11/2020-Income Tax [G.S.R. 112(E)] 13/02/2020

CBDT notifies rules regarding manner of making PAN inoperative u/s 139AA(2) – Notification No. 11/2020, dated 13-02-2020 CBDT notifies Income Tax Rule 114AAA prescribing  that permanent account number (PAN) will become inoperative if  a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his ...

Landmark change in Incorporating a Company

As we all know, on 6th February, 2020 Ministry of Corporate Affairs (MCA) has introduced a new process of incorporation of Companies via notifying Companies (Incorporation) Amendment Rules, 2020. As stated in Notification, it shall come in to Force from 15th February, 2020 onwards. I have segregated the changes in three parts for the pu...

Reopening of assessment justified if notice issued in the name of surviving entity only

Experion Developers Pvt. Ltd. Vs ACIT (Delhi High Court)

Reopening of assessment was justified in case of EDPL as there were sufficient 'reasons to believe' that income had escaped assessment and the bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, did not apply in assessee's case and there was no requirement to issue two sep...

`Vivad Se Vishwas Scheme’- An important factor in determining future postings

NA 13/02/2020

The performance of officers in respect of `Vivad Se Vishwas Scheme' will be specifically commented upon by the Reporting and the Reviewing officers and shall be an important factor in determining their future postings....

License Fees received for use of IT Parks assessable as Business Income

DCIT Vs Magarpatta Township Development and Construction Company Limited (ITAT Pune)

Assessee is a company which had undertaken development of integrated township. The assessee had claimed the license fees received from the persons for the use of the IT Parks provided along with various infra structural and other facilities and services under the head 'Income from business'. However, the AO had considered the same under t...

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