"26 February 2020" Archive

Receipt accounted as income cannot be taxed again under some other section

New Pooja Jewellers Vs ITO (ITAT Kolkata)

New Pooja Jewellers Vs ITO (ITAT Kolkata) In this case we find that these advances have subsequently been recorded as sales of the assessee firm and that these sales have been accepted as income by the AO during the year. He has not disturbed the sales of the assessee. When a receipt is accounted for […]...

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Investors can directly directly access infrastructure of recognised stock exchanges to deal in MFs

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/29 (26/02/2020)

It has been decided to allow investors to directly access infrastructure of the recognised stock exchanges to purchase and redeem mutual fund units directly from Mutual Fund/ Asset Management Companies....

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Four Years Rigorous Imprisonment To Then ITO In A Bribery Case

The Special Judge, CBI Cases, Chandigarh has sentenced Shri Rakesh Jain, then Income Tax Officer, Ward No. 3(2), Chandigarh to undergo four years Rigorous Imprisonment with fine of Rs. 5 lakh in a bribery case....

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Posted Under: Income Tax |

MCA notifies Companies (Auditor’s Report) Order, 2020

In pursuance of its objective of strengthening the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy, powers conferred under sub-section (11) of section 143 of the Companies Act, 2013 and in supersession of the Companies (Auditor’s Report) Order, 2016, the Ce...

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Posted Under: Income Tax |

S 11B limitation held applicable in accumulated Cenvat credit refund is bad law—Part 2

In the first part of the article, it was evidently clear that the English language cannot do magic to imply limitation to be read in the law (when it is concluded by independent reading of the S 11B that no limitation is specified) merely by way of reference to the Section in the Notification....

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Posted Under: Income Tax |

Salient Features of CARO, 2020 (Companies (Auditor’s Report) Order, 2020)

CARO 2020 would necessitate enhanced due diligence and disclosures on the part of auditors of eligible companies and has been designed to bring in greater transparency in the financial state of affairs of such companies....

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Posted Under: Income Tax |

ICAI collaborates with IIM Jammu for providing better Executive Training to new CA’s

The Memorandum of Understanding (MoU) signed between ICAI and IIM Jammu is meant for both the institutions to work symmetrically towards the progress in teaching and advanced training. The said MoU was signed on 21 February 2020 between the Indian Institute of Management (IIM) Jammu and Institute of Chartered Accountants of India (ICAI) t...

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Posted Under: Income Tax |

TDS Rates for Financial Year 2020-21 & Assessment Year 2021-22

Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which [&hel...

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Posted Under: Income Tax | ,

GST revamps its Help Desk, Introduces toll-free number in 12 languages for taxpayers

GSTN has come up with a new GST help desk calling number ‘1800 103 4786 (or 1800-103-GSTN)’. This number will be toll-free which means that the caller will not be charged for the call. The caller may call on this number on 365 days in a year from 9 am to 9 pm. With the introduction of the toll-free number, the existing contact number ...

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Posted Under: Income Tax |

जीएसटी की 10 गंभीर समस्याएं

जीएसटी – अब समस्याओं का समाधान जरुरी है अब जीएसटी भारत की अर्थव्यवस्था के लिए एक अनिवार्यता है और पूरी अर्थव्यवस्था व्यवहारिक रू...

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Posted Under: Income Tax |

HC allows filing of TRAN-1 to appellant to allow him avail un-utilized ITC

Hans Raj Sons Vs Union of India and others (Punjab and Haryana High Court)

It is clarified that in case the petitioner is hampered in any manner from availing the benefit of aforesaid judgment, due to non opening of the Portal by the Respondents, then the petitioner shall be permitted, in the alternative to claim the benefit of unutilized credit in their GST-3B Forms to be filed for the month of January,2020 eit...

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Section 138 Prosecution not hit by bar created by Section 69(2) of Partnership Act

Narendra Vs Balbirsingh (Bombay High Court)

The prosecution of an accused under Section 138 of the Negotiable Instruments Act, 1888, is not hit by the bar created by sub-section (2) of Section 69 of the Indian Partnership Act, 1932....

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Dept cannot deny to pay after acknowledging the liability to pay

Kishore Jagjivandas Tanna Vs Joint Director of Income Tax (Inv.) & Anr (Supreme Court)

Kishore Jagjivandas Tanna Vs Joint Director of Income Tax (Inv.) & Anr (Supreme Court)  In the facts of the present case, the respondents do not and cannot dispute that they have to refund the seized amount. Further, considerable delay and failure to make the payment constitutes and is inseparable from the cause of action as [&hellip...

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Section 54G exemption on Capital gain on sale of godown situated in an urban area and relocated to non-urban area

PCIT Vs Standard Fireworks (P) Ltd. (Madras High Court)

Where capital gain arising from transfer of capital asset, being machinery or plant or land or building used for the purposes of business of an industrial undertaking situated in an urban area effected in the course of or in consequence of the shifting of such industrial undertaking to any area other than an urban area, assessee was entit...

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Interest on FDR of co-op society with co-op bank eligible for Section 80P(2)(d) deduction

Jaipur Zila Dugdh Utpadak Sahakari Sangh Ltd. Vs DCIT (ITAT Jaipur)

Interest income derived by assessee, co-operative society from its investments held with a co-operative bank, was entitled for claim of deduction under section 80P(2)(d) as for the purposes of section 80P(2)(d) of the Act, Cooperative Bank Ltd shall be treated as a co-operative society....

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No Disallowance for non deduction of TDS u/s 194H /194J in absence of principal-agent relationship & technical services

Nokia India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Disallowance under Section 40(a)(ia) for non deduction of TDS u/s 194H and 194J on account of trade offers amounting to INR 834,92,63,976 provided by assessee to its distributors (HCL Info systems Ltd as well as other distributors) was not justified as there was absence of a principal-agent relationship thus, benefit extended to distribut...

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ITAT stays tax demand because the assessee has a prima facie case in its favour

Lucknow Development Authority Vs ACIT (ITAT Lucknow)

Lucknow Development Authority Vs ACIT (ITAT Lucknow) 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17 Therefore, at the end ITAT approved to stay the outstanding demand for a period of six months from the date of this order or till disposal of the appeals, whichever is earlier, provided the assessee deposits the above noted amounts within...

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Entities registered under Karnataka Souharda Sahakari Act, 1997 fit into definition of co-operative society

Swabhimani Souharda Credit Co Operative Ltd Vs Government of India (Karnataka High Court)

Swabhimani Souharda Credit Co Operative Ltd Vs Government of India (Karnataka High Court) Petitioner  is a Credit Cooperative, registered under the Karnataka Souharda Sahakari Act, 1997; petitioner is registered as the State Federal Cooperative, as provided under Section 33 of the said Act; they have knocked at the doors of writ court in...

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Section­ 276C(1)- Compounding of offence permissible on payment of 100% of tax sought to be evaded

Mehta Laboratories Vs PCIT (Gujarat High Court)

Mehta Laboratories Vs PCIT (Gujarat High Court) When the CBDT circular refers to the amount sought to be evaded, it must be seen and understood in light of the provisions contained in section 276C(1) and in turn must be seen as amount sought to be evaded. 100% of tax sought to be evaded would be […]...

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Relief in Average Export Obligation in terms of Para 5.19 of HBPs of FTP 2015-20

Policy Circular No. 31/2015-20 (26/02/2020)

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi ***** Policy Circular No. 31/2015-20 Dated 26th February, 2020 To, All Regional Authorities of DGFT /All Customs Authorities/FIEO/EPCs/All Concerned. Subject: Relief in Average Export Obligation in term...

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HRA Exemption on maintenance Charges Paid Separately?

I am paying a house rent for Rs 14,000/- per month and additional Rs. 1,200/- towards maintenance for which receipt is being given to me every month. Will I get House Rent Allowance (HRA) exemption on Rs. 14,000/- or Rs 15,200/-. Please clarify....

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Posted Under: Income Tax | ,

Income Tax Scrutiny after digitization

The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc....

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Posted Under: Income Tax |

Carry forward & set off of losses when changes in shareholding takes place

The existing provisions of section 79 of the Act, inter-alia provides that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested,...

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Posted Under: Income Tax |

Benami Property- Simplified Meaning

As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax....

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Posted Under: Income Tax |

Guide for GST officers for cases of undisclosed inward supply

How to handle the suppression of inward supply in books of account by taxpayer cases by the departmental officers?  Generally GST officials tried to find suppressed outward supply in time of scrutiny or any other proceeding of GST law or look after the ITC related issues but practically in some cases, the taxpayers suppress “Inward [&h...

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Posted Under: Income Tax |

HC: No bail to CA for offence pertaining to non-disclosure under IndAS

Nittin Johari Vs SFIO (Delhi High Court)

Since offences pertaining to the non-disclosure of the documents which were required under Indian Accounting Standards (IndAS) alleged against assessee- chartered accountant were serious in nature which involved fraud to the tune of several crores and the offence being an economic one which affected the economy of the nation, assessee was...

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Download GST Partywise Reconciliation Utility

Party wise Reconciliation – While reconciling ITC as per 2A and ITC (B2B) as per books of accounts with the criteria of invoice number only, there are several problems being faced. Firstly, mismatch of invoice number due to minor clerical error in entering the invoice number in books, which led to mismatch of large number […]...

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Posted Under: Income Tax |

Implementation of Section 51A of UAPA, 1967 – Addition of two entries

Press Releases No. 12/2020-SEBI (26/02/2020)

Securities and Exchange Board of India Implementation of Section 51A of UAPA, 1967 – Addition of two entries to 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List Press Releases No. 12/2020 1. Clause 2.8 of the SEBI Master Circular Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CF...

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Clause wise Comparison of CARO 2020 vis a vis Previous CAROs

Clause by Clause Comparison of Reporting Companies (Auditor’s Report) Order 2020 vis a vis Previous CAROs CARO 2003 2015 2016 2020 ISSUE DATE June 2003 10 April,2015 29 March, 2016 25th February,2020 EFFECT-IVE DATE July 2003 Audits of FY 2014-15 and onwards Audits of FY 2015-16 and onwards Audits of FY 2019-20 and onwards Para [&he...

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Posted Under: Income Tax |

Govt designates Special Court for Black Money cases in Punjab & UT of Chandigarh

Notification No. 13/2020-Income Tax [S.O. 862(E)] (26/02/2020)

Chief Justice of the Punjab and Haryana High Court, hereby designates the Court of Chief Judicial Magistrate in each Sessions Division in the States of Punjab and Haryana and the Court of Chief Judicial Magistrate in the Union Territory of Chandigarh...

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DC warns IP for not conducting CIRP in a transparent manner

Order No. No. IBBI/DC/17/2020 (26/02/2020)

In the matter of Ms. Kavitha Surana, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read with Section 220 of the Insolvency and Bankruptcy Code, 2016 (Code) INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) Order No. IBBI/DC/17/20...

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Demand for interest on GROSS GST Payable before ITC availment

Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable before the availment of Input Tax Credit (ITC) One of the present acute problems being faced by many taxpayers is the flurry of demands being initiated by the GST departments of several states where demand for […]...

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Posted Under: Income Tax |

Interest on Borrowings for Acquisition of Capital Assets allowable u/s 36(1)(iii)

PCIT Vs Vodafone Shared Services Ltd. (Gujarat High Court)

The interest paid in respect of the borrowings for acquisition of capital assets is allowable under Section 36(1)(iii) of the Act regardless of the fact that the capital assets acquired were not put to use in the concerned financial year in question...

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Can GST Officer block ITC available in Electronic Credit Ledger? – Rule 86A

Rule 86A, inserted vide notification no. 75/2019 – Central Tax dated 26.12.2019 empowers the authority to block the ITC available under electronic credit ledger. As per rule 86A, authorities, if they have reason to believe credit of ITC available in electronic credit ledger has been fraudulently availed or is ineligible, may block the c...

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Posted Under: Income Tax |

An Insight to Instant PAN facility through Aadhaar

As we know when we need for PAN, we apply for it through UTI / NSDL or any other media. But recently on 13th Feb. 2020, the Income Tax department brings a facility for Instant PAN allotment in near to real-time which is available free of cost. This facility is based on Aadhaar, which is […]...

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Posted Under: Income Tax |

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