"02 September 2020" Archive - Page 3

Trusts, CPC & Form of Return of Income: “Form” Over Substance?

Many trusts are facing issues for not filing the return of income in correct form No.7. This may be due to the fact that trusts do not have qualified staff with them or that at small places proper tax consultants are not available. May that be so. But, such returns are processed by CPC treating […]...

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Posted Under: Income Tax |

CPC & issues in processing of Section 10(23C)(iiiad) exemption

Charitable Trusts having multiple educational institutions are facing many issues especially of exemptions u/s 10(23C)(iiiad) of the Income Tax Act, 1961, in processing of returns by CPC and in assessments. Following is an analysis of the section and the legal precedents. 1. The law Section 10(23C)(iiiad) reads as under – Incomes no...

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Posted Under: Income Tax |

Withholding of Income Tax refund mere due to issue of Scrutiny is not valid

Conner Institute of Health Care And Research Centre Pvt. Ltd. Vs ITO (Delhi High Court)

Conner Institute of Health Care And Research Centre Pvt. Ltd. Vs ITO (Delhi High Court) The exercise of withholding of refund under section 241A of the Act, pursuant to notice u/s 143(2) of the Act, without recording justifiable reasons, is not in consonance with the legislative intent and mandate of the aforesaid provision. The reasons [...

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Government Blocks 118 Mobile Apps

Release ID: 1650669 02/09/2020

The Ministry of Electronics and Information Technology, Government of India invoking it’s power under section 69A of the Information Technology Act read with the relevant provisions of the Information Technology (Procedure and Safeguards for Blocking of Access of Information by Public) Rules 2009 and in view of the emergent nature of th...

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Holding of goods without order of seizure/ confiscation is without authority of law

Ganesh Benzoplast Ltd. Vs Union of India (Bombay High Court)

Ganesh Benzoplast Ltd. Vs Union of India (Bombay High Court) Facts- Government made standard marking of IS 252:2013 mandatory on caustic soda from 03.04.2018. Consignment containing caustic soda was imported by the petitioner vide bill of entry dated 01.11.2018. BIS licence was issued vide licence dated 30.09.2019. It was alleged that the...

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CBIC extends ADD levy on imports of ‘Float Glass’ upto 7.12.2020

Notification No. 29/2020-Customs (ADD) [G.S.R. 545(E)] 02/09/2020

Notification No. 29/2020-Customs (ADD) Dated – 2nd September, 2020- CBIC amends notification No. 47/2015-Customs (ADD), dated 8th September 2015 to extend the levy of ADD on imports of ‘Float Glass’ originating in or exported from China PR, for a period of three months i.e. upto 7th December, 2020. MINISTRY OF FINANCE (D...

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Anti-dumping duty on imports of Ciprofloxacin Hydrochloride imnposed

Notification No. 28/2020-Customs (ADD) [G.S.R. 544(E)] 02/09/2020

CBIC imposes provisional anti-dumping duty on imports of Ciprofloxacin Hydrochloride originating in or exported from China PR for a period of six months vide  Notification No. 28/2020-Customs (ADD) dated: 2nd September, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 2nd September, 2020 Notification No. 28/2...

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Segregation of portfolio due to COVID-19 pandemic- Provision Reviewed

Circular No. SEBI/HO/IMD/DF4/CIR/P/2020/165 02/09/2020

Date of proposal for restructuring of debt received by AMCs shall be treated as the trigger date for the purpose of creation of segregated portfolio....

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Disclosures on Margin obligations given by way of Pledge/ Re-pledge in Depository System

SEBI/HO/CFD/DCR-2/CIR/P/2020/164 02/09/2020

SEBI vide circular dated February 25, 2020 issued guidelines on acceptance of collateral from clients in the form of securities by Trading Member(TM) / Clearing Member (CM), only by way of ‘margin pledge’, created in the Depository system....

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Maharashtra PT- Notification to extend due date for filing return

Notification No. PFT.1220/CR.21/Taxation-3 02/09/2020

Notification to extend due date for filing profession tax returns in Maharashtra FINANCE DEPARTMENT Madam Came Road. Hutatma Raiguru Chowk. Mantralaya. Mumbai 400 032, dated the 2nd September 2020. NOTIFICATION THE MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975 No. PFT.1220,CR.21/Taxation-3.— In exercis...

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