"10 August 2020" Archive

Procedure For E-Hearing of Appeals by CESTAT

Public Notice No. 2 of 2020 (10/08/2020)

Representations have been received from the Bar Associations at Mumbai, Bangalore, Ahmedabad, Chandigarh and Hyderabad Benches of the Tribunal for extending the facility of e-hearing to appeals also on a request made by the counsel....

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60% depreciation eligible on UPS as Part of Computer & Peripherals

Religare Securities Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the UPS is considered as essentially part of computer system and depreciation at rate of 60% charged on it?...

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Unabsorbed depreciation can be Carried Forward even if ITR Not filed within Due date

Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi)

Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi) The issue under consideration is whether the Unabsorbed depreciation can be carried forward even if Income Tax Return has not been filed within period of Due date? ITAT states that, the assessee filed return beyond the due date prescribed u/s 139(1) of the Act. In […]...

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Receipt on Surrender of Tenancy/Sub-tenancy Rights Not Taxable as Capital Gains

Yogini Mohit Sahita Vs ITO (ITAT Mumbai)

Yogini Mohit Sahita Vs ITO (ITAT Mumbai) The issue under consideration is whether amount received on surrender of such tenancy/sub-tenancy rights would be taxable as capital gains? In the instant case, Smt. Saraswati Vithaldas Sahita occupied the said flat at 2nd floor of the building known as Gangasagar on license basis. This is crystal ...

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Prior period items to be included in determination of net profit or loss

Numaligarh Refinery Ltd. Vs. DCIT (ITAT Guwahati)

The issue under consideration is whether prior period items were to be included in the determination of the net profit or loss under Mercantile system of accounting...

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Assessment reopening based on Wrong Appreciation of Facts is unsustainable

RMP Holding (P) Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is whether the re-opening of assessment u/s 147 on the basis of wrong appreciation of facts can be sustained in law?...

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Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020

Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020 SEBI has issued a notification dated 17th July, 2020 on Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 effective from aforesaid date. We give below a summary of the major amendments, for your information: ...

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Advance Ruling | Power to grant exemption from tax | CGST Act 2017

Advance Ruling| Section 11 | CGST Act 2017 |Entry No. 74| Power to grant exemption from tax Overview of Sec 11 : Power to gran exemption from tax  Central or the State Governments are empowered to  grant exemptions from GST. Conditions are: 1. Exemption should be in public interest 2. By way of issue of […]...

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Managerial Personnel – A Legal Perspective (Part- 1)

MANAGING DIRECTOR/WHOLE TIME DIRECTOR/MANAGERS In today’s highly volatile and dynamic business environment the need of professional business managers or corporate runners is the key to achieve desired growth. In a country like India, where the traditional way of family business had become a culture and even the corporate form of busines...

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Different Stages of Criminal Trial

Different Stages of Criminal Trial. 1. First Information Report: (FIR) U/S 154 of the Code of Criminal Procedure, A First Information Report is registered. A FIR is information given by someone (complainant) to the police relating to an offense. 2. Investigation:  The purpose of a criminal investigation is to gather evidence to identify ...

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Important Amendments applicable for FY 2019-20 (AY 2020-21)

Article discusses Important Amendments applicable for AY 2020-21 (PY 2019-20) which includes Changes in Rebate under section 87A, Increase in Standard Deduction for Salaried employees, Increase in Tax Audit Limit, Amendment in Section 54 Provisions, Amendment in provisions related to deduction under section 80EEA and section 80EEB, Decrea...

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Can minor become a member of the company?

Minor as a member of the company Can minors become members of any company…?? If Yes, how he become a member?? What are his rights as a member?? We face these queries in practice and sometimes in employment too as a Professional specifically as a company secretary. In this article, I have tried to cover […]...

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Are Large Taxpayers now Quarantined Under GST?

Krishna, many taxpayers are getting emails, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, or not, considering returns of FY 2019-20 filed upto 25th July, 2020. What is this email about?...

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Inverted Duty Structure Refund : Rule 89(5) held to be Ultra Vires

Recently in the case of VKC Footsteps vs. Union of India [2020-TIOL-1273-HC-AHM-GST] the Gujarat High court has held that Rule 89(5) of the CGST Rules, 2017 is Ultra Vires as it is inconsistent of Section 54(3) of the Parent CGST Act, 2017.The issue examined here was whether it was correct to deny the Refund of […]...

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Income cannot be taxed merely for payment of tax on similar income in earlier years

DDIT (International Taxation) Vs M/s. SET Satellite (Singapore) Pte. Ltd (ITAT Mumbai)

DDIT (International Taxation) Vs M/s. SET Satellite (Singapore) Pte. Ltd (ITAT Mumbai) At the time of hearing of these appeals, it was brought to our notice that in assessment years 1999-2000 & 2000-01, identical issue had come up for consideration before the Tribunal; and the Tribunal had reversed the orders of CIT(A) and held that [...

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Ind AS-116 summary

IND AS-116 summary IND AS-116 (Applicable from April,2019) Scope– Applicable to all the contracts meeting the definition of LEASE except for: – What is LEASE?? Identified Assets?? (Explicitly specified in a contract or Implicitly specified when asset is made available for use by the lessee) Right to control use: – Throug...

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Private Equity & Venture Capital Concepts

I. PRIVATE EQUITY INVESTMENTS 1. HISTORY OF PRIVATE EQUITY– ♦  Private Equity (here-in-after referred to as “PE” for brevity purposes) has hoarded the mainstream spotlight only in the last three decades. ♦ JP Morgan is said to have conducted the first leveraged buyout (LBO) of Carnegic Steel Corporation. ♦ PE firms rema...

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Operational Creditors in IBC – a Health Check

Insolvency and Bankruptcy Code, 2016 inter alia empowers an Operational Creditor to initiate an application for a corporate insolvency resolution process (CIRP) against the Corporate Debtor if the default is in excess of Rs. 1 Cr. Sections 8 & 9 of the Code are the governing provisions through which this process gets initiated....

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Interesting Facts about GST Input balance in Electronic Credit Ledger

Prudent person always keep an eye on his/her funds available in Bank account, Cash/Gold/other valuable assets kept in the Locker at home, market ups-downs in shares invested & NAV of mutual fund units purchased. But have you ever checked your balance of Input Tax Credit (ITC) of GST in the electronic credit ledger available on [&helli...

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Disposal of un-claimed/un-cleared/seized/confiscated goods – reg

Instruction No 17/2020-Customs (10/08/2020)

It is re-iterated that disposal of all such un-cleared/un-claimed cargo may be expedited as per the timelines stated in Circular No. 49/2018-Customs, dated 03.12.2018. Further, in terms of section 48 of the Customs Act, 1962 hazardous un-cleared/un-claimed goods may be disposed at any time. With respect to seized/confiscated goods, the pr...

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How to open your NPS account

We have already discussed the basics of an NPS account in an earlier article. I have also explained that an NPS account can be opened online as well as offline. Let us understand how to open the NPS in both the ways. Read Earlier post: Introduction to NPS account Registering for NPS offline For opening […]...

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RBI Payment and Settlement Systems

The Reserve Bank of India (RBI) has released Statement on Developmental and Regulatory Policies dated 06th August, 2020 on account of various developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders; further easing of financial stress caused by COVID-19 disruptions. Payment and...

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Treatment of Advances Received Against Future Supply

It is very much important to know the concept of ‘Time of Supply’ to know when the taxpayer is required to discharge tax on a particular supply. Section 12 to 14 of CGST Act, 2017 deals with the provisions of ‘Time of supply’. It says time of supply is determined with reference to the time […]...

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Legal Entity Identifier [LEI Code – RBI MANDATE]

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains i...

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SEBI provides Administrative support for Trustees of Mutual Funds

Circular No. SEBI/HO/IMD/DF4/CIR/P/2020/0000000151 (10/08/2020)

SEBI, in its interactions with the Trustees had received feedback for providing administrative assistance to Trustees in monitoring various activities of the AMCs. Trustees shall appoint a dedicated officer having professional qualification and minimum 5 years of experience in finance and financial services related field....

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Modes available to Raise Funds in a Private Company

To run the business of a Private Limited Company, sufficient money /working capital is an essential component of a successful business. Lack of the fund is the main reason for the failure of many business in India. Section 2(68) of the companies Act defines private company” means a company as may be prescribed by its […]...

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Revised procedure for Import of Pets / Live Animals

Circular No. 35/2020-Customs (10/08/2020)

Procedure for import of Live Animals in general and also for import of pets (only Dogs and Cats) as baggage/Personal imports by Passengers. Following procedure shall be followed for clearance of pets/live animals including cats and dogs:...

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No Advance Authorisations if Gold jewellery/articles manufactured by fully mechanised process

Notification No. 25/2015-20-DGFT [S.O. 2681(E)] (10/08/2020)

Advance Authorisation shall not be issued where item of export is ‘Gold Medallions and Coins’ or ‘Gold jewellery/articles manufactured by fully mechanised process’. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan New Delhi Notification N...

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Amendment in Export Policy of Basmati & Non-Basmati Rice

Notification No. 24/2015-2020-DGFT [S.O. 2680(E)] (10/08/2020)

The Notification No. 41/2015-2020 dated 9th January 2020 is amended to the extent that export of Rice (Basmati and Non-Basmati ) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except Ice...

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Provisional anti-dumping duty on imports of Black Toner in powder form

Notification No. 22/2020-Customs (Add)/G.S.R. 498(E) (10/08/2020)

Seeks to impose provisional anti-dumping duty on imports of Black Toner in powder form originating in or exported from China PR, Malaysia and Chinese Taipei for a period of six months. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 22/2020-CUSTOMS (ADD) New Delhi, the 10th August, 2020 G.S.R. 498(E).—Whereas, in the matter...

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Issues in Respect of Reopening of Assessment

Mr. Jay Kishor Mishra, IRS (IT: 1993) CIT (DR)(ITAT)-4, Delhi jkmishrairs@gmail.com Mr. Jay Kishor Mishra is an officer of the 1993 batch of the Indian Revenue Service. He is a Graduate in Economics and Post Graduate in Sanskrit. He is an LLB and also holds Post Graduate Diploma in Management. Ms Sushama Singh, IRS (IT: […]...

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Three new Members joins CBIC

D.O.No. 27/CH(IC)/2020 (10/08/2020)

It gives me great pleasure to welcome, on behalf of the entire service as well as on my own behalf, three new Members to the Central Board of Indirect Taxes and Customs, Shri. Ajay Jain, Shri. Vivek Johri and Ms. Sungita Sharma....

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Amendment in SB-5 & SB-5A passbooks used in CBS & non CBS Post Offices

S.B. Order 28/2020 (10/08/2020)

S.B. Order 28/2020 c.F.No. 11-1-02-2002-SB (Pt–I) Government of India Ministry of Communications Department of Posts (F.S. Division) Dak Bhawan, New Delhi-110001 Dated: – 10/08/2020 To, All Head of Circles/Regions, Subject: – Regarding amendment in SB-5 and SB-5A passbooks used in CBS and non CBS Post Offices. Sir/Madam,...

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Notification No. 35/2020-Customs (N.T./CAA/DRI), Dated: 10.08.2020

Notification No. 35/2020-Customs (N.T./CAA/DRI) (10/08/2020)

Notification No. 35/2020-Customs (N.T./CAA/DRI), Dated 10.08/2020 appointing  Common Adjudicating Authority MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Notification No. 35/2020-Customs (N.T./CAA/DRI) New Delhi, the 10th August, 2020 S.O. 2703 (E).—In pu...

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CBDT notifies 3 Courts in Maharashtra for trial of Income Tax offences

Notification No. 59/2020-Income Tax [S.O. 2682(E)] (10/08/2020)

CBDT notifies 3 Courts in Maharashtra for trial of Income Tax offences which includes (i) the 38th Court, Ballard Pier for Mumbai region and 31st Court of Additional Chief Metropolitan Magistrate, Vikhroli for Mumbai including cases at Thane; (ii) the Court of the Chief Judicial Magistrate, Nagpur for entire Vidarbha region, and (iii) the...

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Rule 114AAB: Class or classes of person to whom provisions of section 139A shall not apply

Notification No. 58/2020-Income Tax [G.S.R. 499(E)] (10/08/2020)

Class or classes of person to whom provisions of section 139A shall not apply. 114AAB. (1) The provisions of section 139A shall not apply to a non-resident, not being a company, or a foreign company, (hereinafter referred to as the non-resident) who has, during a previous year, made investment in a specified fund if the following condi...

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Government the real beneficiary of Sovereign Gold Bond Scheme 2020-21

The Sovereign gold bond scheme 2020-21 is launched in VI tranches starting from April, 2020 to September, 2020. Let’s try to understand the scheme and whether it is really beneficial for the retail investors or the government will be the real beneficiary under this scheme. ...

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Backend Appointment of Directors under Companies Act, 2013

The Registrar of Companies (ROC) of various states took an outrageous step and struck off many Companies who had not done their filing for a period of two financial years believing that such Companies are not doing any business in accordance with Section 248 (2) of the Companies Act, 2013 and consequently, disqualified their Directors [&h...

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Vivad Se Vishwas: Settlement of Disputes under Income Tax Laws

Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas (VsV) scheme through budget announcement, notifying it as an Act on 17th March, 2020 and thereafter rules regarding the scheme were also notified. This scheme aims to benefit both, the Government...

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Consumer Protection (E-Commerce) Rules, 2020- Analysis

Consumer Protection (E-Commerce) Rules, 2020: Highlighting Facts India is evident to the fact that its first E-commerce interaction took place vide IRCTC. This was the government’s first experimental move to give privilege to the host of public for hassle free bookings. Followed the path laid down by the Indian Railways, the Airli...

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International Taxation: Decoding DTAA & Foreign Tax Credit

A. WHAT IS DOUBLE TAXATION OF INCOME? When the same income is taxed more than once, it creates double taxation. This may be due to when a person is taxed in more than one country for the same income which he had earned, leads to double taxation. Countries have started entering into Double Taxation Avoidance […]...

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VKC Footsteps India Pvt Ltd vs. UOI- Gujarat HC Judgment Analysis

Analysis of the Landmark Judgment Passed by the Hon’ble Gujarat High Court in the case of VKC Footsteps India Pvt Ltd vs. Union of India & Others dated 24.07.2020 Background & Provisions of the GST Law In GST, Refund of Unutilised Input Tax Credit is dealt with in Section 54(3) of the CGST Act, 2017. […]...

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Women’s Rights under Hindu Law

Rights of Widow Under Hindu Succession The prevailing legislation at the time, however, was a colonial creation, called The Hindu Widow’s Remarriage Act, 1856. According to this legislation, a Hindu widow had to give up any right to property, or maintenance from her dead husband’s property (self-acquired and joint family property), if...

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Uttarakhand HC issues ruling on Sexual Harassment of Women at Workplace

Bhuwan Chandra Pandey vs Union Of India And Others (Uttarakhand High Court)

Bhuwan Chandra Pandey vs Union Of India And Others (Uttarakhand High Court) More than two decades have elapsed since the Supreme Court passed a landmark judgment in case of Vishakha vs. State of Rajasthan AIR 1997 SC 301, and formulate the famous ‘Vishakha guidelines‘, which inter alia providing guidance for the resolution of...

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November 2020