"03 April 2020" Archive

Section 10(7) Perquisites/allowances exemption to Govt employees serving outside India

Exemption towards perquisites or allowances paid by the Government to its employees serving outside India Section 10(7) of the Income Tax Act exempts any perquisites / allowances which are paid or allowed, outside India, by the Government to its employees for providing services outside India. The current article explains the exemption pro...

Read More
Posted Under: Income Tax |

Customs Measure to facilitate trade during lockdown period

Circular No. 17/2020-Customs (03/04/2020)

CBIC has decided to take certain measures for a temporary period in terms of section 143AA of the Customs Act, 1962 with a view to expedite Customs clearance of goods and for maintaining balance between Customs control and facilitation of legitimate trade....

Read More

Booking of train tickets never stopped except for lockdown period

Rail Ministry of India has clarified on twitter that booking of reserved train tickets never stopped except for the lock down period from March 24 to April 14, 2020. CLARIFICATION A section of Media is reporting that Railways has resumed ticket booking from 15th April, which is not correct. It is clarified that booking of […]...

Read More
Posted Under: Income Tax |

RBI Notifies Changes in Market Hours

Press Release: 2019-2020/2175 (03/04/2020)

The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on movement of people and non-essential activities, work from home arrangements and business continuity plans....

Read More

Exemption to continuous process industries from closure-COVID-19 

No. Cl 06 SPI 2020 (03/04/2020)

The Govt. of Karnataka in its order referred at (1) above has exempted certain category of industries to carry on their manufacturing activities keeping in view the importance of maintaining supply chain of essential commodities during lock down....

Read More

CIT (A) cannot admit additional evidences without calling remand report from AO

ITO Vs Manish Jeevan Bhaliya (ITAT Pune)

The appeal preferred by the Revenue. The issue under consideration is with regard to the bogus purchases conducted by the assessee and as per revenue CIT(Appeals) has erred in granting relief to the assessee without dealing specifically with the facts of the case and even not calling for any remand report from the Assessing Officer....

Read More

No IGST liability on ocean freight and hence collected IGST will be refunded

Gokul Agro Resources Ltd. Vs Union of India (Gujarat High Court)

Gokul Agro Resources Ltd. Vs Union of India (Gujarat High Court) In the given case the HC have reached to the conclusion that no tax is leviable under the Integrated Goods and Services Tax Act, 2017, on the ocean freight for the services provided by a person located in a non-taxable territory by way of […]...

Read More

No Section 2(22)(e) deemed dividend addition if lending was substantial part of business of company

PCIT Vs Mohan Bhagwatprasad Agrawal (Gujarat High Court)

No addition could be made by way of deemed dividend in case advances or loan made to a share holder by the Company in the ordinary course of business where lending of money was a substantial part of the business of the Company. ...

Read More

No attachment of property acquired prior to commission of criminal or PMLA offence

Seema Garg Vs Deputy Director, Directorate of Enforcement (PMLA) (Punjab and Haryana HC)

Where property acquired could not be attached prior to the commission of a scheduled offence such as criminal offence or introduction of Prevention of Money Laundering Act (PMLA) unless the property obtained from the offence was held or taken outside the country....

Read More

Delay in uploading of GST TRAN 1 due to technical glitches was justified

Rohan Dyes and Intermediates Ltd. Vs Union of India (Gujarat High Court)

Assessee should upload the form GST TRAN1 within a period of two weeks from the date of receipt of the writ of this order as the delay was due to technical glitches in the GST portal....

Read More