"30 June 2020" Archive

GSTR 3B Late fees restricted to Rs. 500 for return filed till 30.09.2020

Notification No. 57/2020–Central Tax [G.S.R. 424(E)] (30/06/2020)

Total amount of late fee payable for GSTR 3Bshall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those taxpayers where the total amount of central tax payable in the said return is nil...

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Accounts & other records under GST & retention period | Section 35-36 | CGST Act 2017

Simplified GST Series- Section 35-36 /CGST ACT 2017– Part 17 – Article explains Section 35- Accounts and other records and Section 36-Period of retention of accounts. Section 35- Accounts and other records- (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate ...

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Rule 11UAD- Prescribed class of persons for section 50CA

Notification No. 42/2020-Income Tax [G.S.R. 423(E)] (30/06/2020)

New Income TAx Rule 11UD- Prescribed class of persons for the purpose of section 50CA i.e to whom  provisions of section 50CA  shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee in certain circumstances. Notification No. 42/2020...

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Area Bench of GST Tribunal proposed at Rourkela

No. 6157/C.T. (30/06/2020)

The Central tax administration in Odisha has two Commisionerates -one headquartered at Bhubaneswar and the second headquartered at Rourkela. Proposing for an area bench at Rourkela will mostly suit the convenience of taxpayers located within the jurisdiction of Rourkela Commissionerate....

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CBDT notifies Investment Funds to which Section 9A not applicable

Notification No. 41/2020-Income Tax [S.O. 2148(E)] (30/06/2020)

Notification No. 41/2020-Income Tax- Conditions specified in clauses (e), (f) and (g) of Section 9A(3) shall not apply in case of an investment fund set up by a Category-I foreign portfolio investor registered under the SEBI (Foreign Portfolio Investors) Regulations, 2019, made under the SEBI Act, 1992. MINISTRY OF FINANCE (Department of ...

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SEBI relaxes timelines for regulatory compliance by DPs / RTAs

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/112 (30/06/2020)

In view of the prevailing situation due to COVID-19 pandemic and representation received from the Depositories, it has been decided to further extend the timelines for compliance with the regulatory requirements by DPs / RTAs....

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No GST supply of coal or other inputs for electricity generation by JSL to JEL

In re JSW Energy Ltd. (GST AAAR Maharashtra)

In re JSW Energy Ltd. (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling is, hereby, held that the proposed arrangement of supply of coal or any other inputs by the principal i.e. JSL to the Appellant i.e. JEL for generation of electricity will be construed as job work. Accordingly, no GST will be leviable […]...

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No GST on membership/admission fees collected by Rotary Club

In re Rotary Club of Mumbai Queens Necklace (GST AAAR Maharashtra)

The Appellate Authority for Advance Ruling, hereby, hold that the amount collected as membership subscription and admission fees from members is not liable to GST as supply of services....

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Supply of Electronic along with other consumables by H.P. is mixed supply

In re H.P. Sales India Pvt. Ltd. (GST AAAR Maharashtra)

In re H.P. Sales India Pvt. Ltd. (GST AAAR Maharashtra) The Appellate authority did not find any reason to amend our original order dated 17.02.2019, wherein it was held that the supply of the Electronic along with the other consumables comprising of blanket, photo imaging plate, binary ink developer, HP imaging oil, blanket web and [&hel...

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9 Key Highlights of PM Narendra Modi Speech held on 30.06.2020

1. Timely lockdown saved lakhs of lives In comparison to other countries across the globe, India is still in a very stable situation in the battle against Covid-19. Timely decisions and measures have played a great role, Modi said. 2. Hailed taxpayers Prime Minister Modi said, “Today, if the government is able to provide free [&hell...

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GST ITC on purchase & fabrication of motor vehicles, used for carrying cash & bullions

In re CMS Info Systems Ltd. (GST AAAR Maharashtra)

AAAR hold that Input Tax Credit against the GST paid on the purchase, and fabrication of the motor vehicles, used for carrying cash and bullions, is available to Appellant....

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Subsidy under Income Tax Act – ‘Whether a Privileged Tax’

The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Language which quantifies it as `Monetary-assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.’...

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Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

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Section -147 Reopening of Assessment / Reassessment – Horrendous journey for assessee!

This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes ...

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Registration of Society

Relevant Act: Societies Registration Act, 1860 What is Society? It means an organized group of persons associated together for charitable purpose called society. Here the charitable purpose which came within the language and spirit of the statute of Elizabeth could be group into four heads- 1. Relief of poverty, 2. Education, 3. Advancem...

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Anti Competitive agreement and Abuse of Dominance

Relevant Section: Sections 4 & 5 of the Competition Act, 2002. Section 4 of the Competition act discussed about the Anti-Competitive Agreement. What is Anti-Competitive Agreement? 1. Any agreement entered into in contravention of the provisions of the Act, 2. Any agreement entered into between- i. enterprises or ii. Association of en...

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On failure to prove agriculture activity, Income can be treated as non-agricultural

Shri Subramanian Sivaraj Vs ITO (ITAT Chennai)

Whether the AO is correct in making addition in the return by considering the income as not from agriculture on the failure of Assessee to prove agriculture activity?...

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Collection of Stamp Duty on Issue, Transfer & Sale of Units of AIFs

Circulars No. SEBI/HO/IMD/DF6/CIR/P/2020/113 (30/06/2020)

As regards transactions (issue, transfer and sale of units of AIFs in demat mode) through recognized Stock Exchange or Depository as defined under SCRA, 1956 and Depositories Act, 1996 respectively, the respective Stock Exchange/authorized Clearing Corporation or a Depository is already empowered to collect stamp duty as per the amended I...

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Purchase Tax payable on Purchase of Empty Bottles from unregistered dealers by Beer/IMFL Manufacturers: SC

Commercial Tax Officer & Anr. Vs Mohan Brewaries and Distrilleries Ltd. (Supreme Court)

Commercial Tax Officer & Anr. Vs Mohan Brewaries and Distrilleries Ltd. (Supreme Court) Appeal filed by the revenue (Civil Appeal No. 7164 of 2013) is partly allowed by holding that the purchase turnover of the empty bottles purchased by the assessee from the unregistered dealers under bought note is exigible to purchase tax under Sec...

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A Transaction not become Genuine merely for receipt via banking Channel

Shri M.Balakrishna Hegde Vs DCIT (ITAT Bangalore)

Whether AO is correct in considering the gift received by the assessee as unexplained gift and made addition u/s 68 when the Gift was received through banking channels?...

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Reopening of assessment merely on Internal Audit Objection Not Justified

Lionbridge Technologies P. Ltd. Vs ACIT (ITAT Mumbai)

Whether the re-opening of assessment u/s 147 initiated by AO is justified in law? Re-opening of assessment on basis of Internal Audit Objection Not Justified....

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World Economies – Pandemic Covid 19

“From an Economic Perspective, the key issue is not just the number of cases of Covid-19, but the level of disruption to economies from containment measures”. Ben May, head of Global Macro Research at Oxford Economics, said in a report this week, “Widespread lockdowns such as those imposed by China have been enacted in some [&hellip...

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Calcutta HC imposes exemplary cost on advocate for concealing true facts & being irresponsible to the Court

It is common for the High Courts & the Apex Court to impose exemplary costs on petitioners for frivolous litigation and for wasting the precious time of the Courts. But it is very rare that an advocate has been held guilty of concealing true facts of the case and for irresponsible conduct. It is highly […]...

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No capital gain tax on land transfer to co-op society formed by flat purchasers

J. S. & M. F. Builders Vs A. K. Chauhan and others (Bombay High Court)

Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?...

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HC instructs refund of Service Tax paid under Promoter with interest

Team HR Services Private Ltd Vs Union of India & Anr (Delhi High Court)

The issue under consideration is relating to the writ petition filed for seeking refund of pre-deposit of Service Tax  alongwith interest. Question is whether petitioner will get the refund or not?...

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Swing Trading Vs Day Trading

With the changing technology and extensive use of artificial intelligence day by day, the global marketplace has become more accessible than ever before. With the broker assistance and right kind of software, you can trade stocks, derivatives and currency easily. The investing style depends on the preference, goals and funds available wit...

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Sabka Vishwas Scheme Benefit can’t be rejected for mistake in Form SVLDRS-1

Assam Cricket Association Vs Union of India (Gauhati High Court)

Issue under consideration is whether rejection of benefit under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 merely for mistake in Form SVLDRS-1 is justified in law?...

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Valuation of Unquoted Equity Shares Under Income Tax

[IN CASE OF ISSUE AND TRANSFER OF SHARES] When an owner of Unquoted equity shares(“Shares”) in a Company transfers the shares to any person, he is required to pay Capital Gain tax on the difference between the sale consideration received by him and the cost of acquisition of such shares (or the inflation indexed cost, [&hellip...

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ATM is considered as Computer hence Higher Depreciation rate allowed

CIT Vs NCR Corporation Pvt. Ltd. (Karnataka High Court)

High Court states that so long as functions of the computers are performed with other functions and other functions are dependant on the functions of the computer, ATMs are to be treated as computers and are entitled to higher rate of depreciation....

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MSME Classification, Computation of Investment & Turnover, Registration procedure & Reclassification

This article talks about Classification of enterprises, Computation of investment in plant and machinery or equipment, computation of annual turnover, fresh and existing registration and reclassification in the registration in view of notification dated 26.06.2020 issued by Ministry Of Micro, Small And Medium Enterprises. Table of Content...

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MSME – Analysis on Latest Amendments

MSME stands for Micro, Small and Medium enterprises. MSMEs has emerged as the ‘backbone of the economy’. Ministry of MSME urge to promote growth and development of MSMEs so as to create new enterprises with more employment opportunities. They urge to enhance manufacturing base in the country by improving performance of MSMEs through d...

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AO cannot disallow Sum credit in books under Section 68

Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur)

The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?...

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No Section 14A disallowance if No Exempt Income : P&H HC

PCIT Vs M/s Trident Limited (Punjab and Haryana HC)

whether the AO is correct in disallowance made u/s 14A irrespective of the fact that assessee do not have any Exempt Income during the Year?...

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No disallowance for Advances given if Assessee have sufficient Interest Free Funds

PCIT Vs B.T. Patil & Sons Belgaum Construction P Ltd (Bombay High Court)

PCIT Vs B.T. Patil & Sons Belgaum Construction P Ltd (Bombay High Court) The issue under consideration is whether the Tribunal is correct in disallowing the deduction of interest expenditure on the ground that the assessee had diverted interest bearing funds for non-business purposes? In the present case, The assessee had outstanding...

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Depreciation eligible on intangible asset viz., goodwill/ customer list

Rentokil India Pvt. Ltd. Vs DCIT (ITAT Chennai)

The issue under consideration is whether the assessee is correct in claiming depreciation on customer list and goodwill by considering it as intangible asset?...

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Significant Beneficial Owner- Form BEN-1 to BEN-4 Application

Companies (Significant Beneficial Owner) Amendment Rules, 2019- an Overview: MCA through notification dated 8th Feb, 2019, notified: Form: BEN-1, BEN-2, BEN-3, BEN-4 PURPOSE: Main purpose of Form – BEN 2 is to identify the real owner of the Company. DEFINED: 1. Control means control as defined in clause (27) of section 2 of the Act;...

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Reassessment | Section 148 | Decoding Judicial Angle | Issues & controversies

Q1. Whether fresh tangible material is required for reopening the case u/s 148 even when the case is earlier processed u/s 143(1) simply and reopening is done within four years of the end of the assessment year? Ans.  There are more than two views. One set of view from Bombay, Gujarat high court is that […]...

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Acceptance of Deposits By Nidhi Companies

Nidhi Company means a Company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. The provisions of the Companies Act, 2013 places various restrictions on acceptance of deposits by Comp...

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Tariff Notification No. 54/2020-Customs (N.T.), Dated: 30.06.2020

Notification No. 54/2020-Customs (N.T.) [S.O. 2154(E)] (30/06/2020)

Tariff Notification No. 54/2020-Customs (N.T.), Dated: 30.06.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs)  Notification No. 54/2020-CUSTOMS (N.T.) New Delhi, 30...

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Waiver of loan cannot be brought to tax u/s 28(iv) as Subsidy

Essar Shipping Limited Vs CIT (Bombay High Court)

The issue under consideration is whether the loan given by the Government which was subsequently waived off can be taxed under Section 28(iv) of Income Tax Act?...

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How to solve short TDS Payment defaults

Many times after filing of TDS return, Assessee received intimation from TDS CPC for short payment of TDS or in other case, when we try to put conso file request on TRACES, system is showing us the pop up message for short payment of TDS. In such case, many of us got confused as how […]...

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Difference between terms Business & Profession for income tax purposes

The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences between the meaning of words business & profession in various English dictionaries. Also as per the terminology of income-tax difference has been made in the above words yet no demarcating line has been drawn in res...

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An Insight on Joint Development Agreements

CA Sudeep Chhallani Introduction Due to high-sky increase in land prices and avoiding outright purchase of land by making heavy investment today real estate developers often enter into the Joint Development Agreement (JDA) with the land owners wherein the real estate developers are entrusted with the task of developing land. Similarly the...

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Aadhaar (Enrolment And Update) (Eighth Amendment) Regulations, 2020

Notification No. 13012/79/2017/Legal-UIDAI (13)/Vol.II (No. 3 of 2020) (30/06/2020)

resident who is an Aadhaar number holder may, upon attaining the age of eighteen years, make an application for cancellation of his/her Aadhaar number to a Regional Office of Authority in the format prescribed in Schedule VI, so as to reach that Regional Office within a period of six months from the date of attaining the age of eighteen y...

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CBIC extended validity of AEO certificates expired/expiring

Circular No. 31/2020-Customs (30/06/2020)

CBIC extended validity of all AEO certificates expired/expiring between 01.03.2020 and 30.09.2020 to 30.09.2020 except for those entities against which a negative report is received during this period vide Circular No. 31/2020-Customs dated June 30, 2020. Circular No. 31/2020-Customs F.No. D-20/DIC/AEO/16/2017 Government of India Ministry...

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Extension of validity of Recognition of PSIAs up to 30.09.2020

Public Notice No. 11/2015-2020-DGFT (30/06/2020)

Validity of the recognition of Pre-Shipment Inspection Agencies (PSIAs) as listed in the Appendix 2G of A&ANF, whose validity expires on or before 30.6.2020, is extended up to 30.9.2020 vide Public Notice No. 11/2015-2020-DGFT dated 30th June, 2020. Government of India Ministry of Commerce & Industry Department of Commerce Directo...

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Ten Years Imprisonment with Fine to then ITO in A Bribery Case

NA (30/06/2020)

The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Amrish Kumar Singh, then Income Tax Officer, Khatima, District Udham Singh Nagar (Uttarakhand) to undergo ten years Rigorous Imprisonment with fine of Rs.1.10 lakh in a bribery case....

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Govt notifies ‘SLS Trust’ as financial institution under RDB Act 1993

Notification No. S.O. 2144(E) (30/06/2020)

Central Government hereby notifies ‘SLS Trust’ as financial institution under sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993). Extract of Section 2(h) of Recovery of Debts and Bankruptcy Act, 1993 is as follows:- 2. Definitions. – In this Act, unless the contex...

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Amendments in Indian Stamp Act, 1899 & Rules from 1st July 2020

Release ID: 1635399 (30/06/2020)

Implementation of Amendments in the Indian Stamp Act, 1899 and Rules made from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments...

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PM SVANidhi Portal launch (Beta Version) + Guidelines

PM SVANidhi Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. Beneficiaries from Meghalaya, which has its own State Street Vendors Act may, however, participate....

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New MSME/Udyam Registration Process starts from 1st July 2020

Release ID: 1635373 (30/06/2020)

New Process of MSME Registration takes off in the name of Udyam Registration from 1st July, 2020 as planned earlier. ww.udyamregistration.gov.in - a new portal for Udyam Registration launched by the MSME Ministry...

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IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020 

Notification No. IBBI/2020-21/GN/REG061 (30/06/2020)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, (2) They shall come into force on the date of publication in the Official Gazette....

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GST liability on Stock at the time of Registration Cancellation

A registered person under GST may seek cancellation of the registration for numerous reasons including the closure of business or the turnover falling below the threshold limits. Now on the date of such cancellation, the concerned person may have goods in stocks as well as even capital goods....

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December 2020