"20 March 2020" Archive

No addition against Vyapam accused as surrendered income duly reflected in books of accounts

Vinod Bhandari Vs PCIT (ITAT Indore)

Where there were two funds one which was already taxed and other had not and there were remittances during the accounting year for a certain sum, the source of which was not indicated then the presumption was that the remittances should have been from the fund which had already suffered tax. Thus, assessee was entitled to the telescoping ...

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CENVAT credit of service tax paid for insurance service received by banks from DICGC was available

South Indian Bank Vs Commissioner of Customs, Central Excise and Service Tax (CESTAT Bangalore)

Insurance service provided by Deposit Insurance Corporation to banks was an input service and CENVAT credit of service tax paid for this service received by the banks from the Deposit Insurance Corporation could be availed by the banks for rendering output services....

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Time barring assessment under Maharashtra VAT Act- Internal Instructions

Internal Circular No. 04A of 2020 20/03/2020

In order to follow the government directives pertaining to attendance and to also ensure that no assessment is barred by limitation, all the officers are instructed to pass the assessment orders on the SAP system and where it is not possible to pass assessment orders on system, in such cases the assessment orders may be passed manually ou...

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To Levy Services Tax No Presumption of Deemed Sale on the ground of Non Payment of VAT

Transpek Industry Ltd. Vs C.C.E. & S.T. (CESTAT Ahmadabad)

Authority has contended that since there is no payment of VAT, the transaction is not a deemed sale. However, we are of the view that there may be cases where even though there is a deemed sale, but the particular transaction may not attract sales tax/VAT....

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SBI Sanctions Ad-Hoc Limits to existing borrowers to Tide over Covid-19 Impact

Circular No. CCO/CPPD-ADV/192/2019-20 20/03/2020

With a view to provide some degree of relief to the borrowers whose operations are impacted by Covid 19, it is decided by the Bank to make available additional credit facilities to the eligible existing borrowers by way of ad-hoc facilities i.e COVID 19 EMERGENCY CREDIT LINE (CECL) to tide over the current crisis situation. CECL will be i...

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Gujarat HC on SUO MOTU Precautionary Measures due to Corona Virus

SUO MOTU Vs State of Gujarat (Gujarat High Court)

Your Lordships may be pleased to issue a writ  of mandamus  or  any  other  appropriate writ/order/direction and direct the respondent authorities to provide all the service of diagnosis,  laboratory investigation and further treatment of COVID-19 to all the persons free  of  cost  to  affected or suspected of the said pandemic...

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All You Need To Know About Independent Directors Databank and MCA Exam

On 22nd October 2019 Ministry of Corporate Affairs (MCA) issued the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 regarding the creation and maintenance of databank of independent directors. These rules came into force on 1rst December 2019. Indian Institute of Corporate Affairs has been given th...

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Posted Under: Income Tax |

GST on Milling Services supplied to State Government for PDS Supply

A recent development in the services supplied by the millers to the State Government has been unearthed wherein the qualification of food grain crushing services for PDS supply covered under Sl. No. 3 or 3A under Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017, as amended from time to time has been put to question ever since...

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Posted Under: Income Tax |

ITAT cannot condone delay in Filing Miscellaneous Applications

Daryapur Shetkari Sahakari Ginning & Pressing Factory Ltd. Vs ACIT (ITAT Nagpur)

Inordinate delay in filing of MAs is not a fit case for condonation, more so, because there is no specific provision in the realm of section 254(2) of the Act to provide for such condonation of delay in case of MAs....

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SC stays HC orders staying Coercive Recovery of taxes etc during Corona Virus crisis

Union of India Vs P.D. Sunny & Ors. (Supreme Court)

Union of India Vs P.D. Sunny & Ors. (Supreme Court of India) The Registry is directed to accept these special leave petitions against the judgment and order(s) passed by the High Court of Judicature at Kerala, Ernakulam Bench in Writ Petition (Civil) No.8231/2020 and of the High Court of Judicature at Allahabad, Allahabad Bench in [&h...

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May 2022