"04 September 2020" Archive

HC accepts WRIT on ITC blockage due to non-filing of GSTR 3B

M/s Kalpsutra Gujarat Vs The Union of India (Gujarat High Court)

Kalpsutra Gujarat Vs Union of India (Gujarat High Court) HC issued notice to the department to understand from the respondents whether the omission on the part of the third party (Seller) in filing the GSTR-3B for the relevant period would be sufficient to block the Input Tax Credit of the writ applicant. We would also […]...

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No TP adjustment for interest on receivables from AE’s if delay is less than industry average

Value Labs Technologies Vs ACIT (ITAT Hyderabad)

TPO has not given any finding on the No. of days delay in receivables. As submitted by the learned AR, the delay was less than 90 days and the industry acceptable period of average is 90 days. The Coordinate Bench of the ITAT in assessee’s own case for the A.Y 2013-14 has taken view that no adjustment is required if the delay is between...

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Investment on Renovation of New Residential House Eligible for section 54F Exemption

Juveria Begum Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the investment made on renovation of new residential house is eligible for exemption u/s 54F?...

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Section 54F exemption on renovation/re-modification expense of house

Juveria Begum Vs Income Tax Officer (ITAT Hyderabad)

Juveria Begum Vs ITO (ITAT Hyderabad) Section 54F of the Act only mandates that the capital gain should be invested in ‘a residential house’ within the stipulated time by way of purchase or construction. Thus, the amount spent on renovation of such residential house by an assessee according to his requirements is also allowable as [&h...

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Allow judiciary the freedom of expression

Author in this article discusses the recent judgement relating to contempt of court against Adv. Prashant Bhushanand the relatively less discussed related aspect namely freedom [or absence thereof] of expression to judges....

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IRDAI Guidelines on Wellness and Preventive Features

Ref. No:IRDAI/HLT/REG/CIR/233/09/2020 04/09/2020

a.  Any wellness and preventive feature shall be designed only with the objective of maintaining and improving good health, thereby enabling affordable health insurance. b. As part of promoting wellness and preventive regime, insurers may offer reward points to those policyholders who comply with or meet the set criteria of wellness a...

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Authorised Economic Operator-Logistics Operator

Circular No. 33/2016-Customs dated 22nd July, 2016 1. AEO-LO Certificate– This certificate may be granted to categories of economic operators other than importers and exporters, namely Logistics Providers, Custodians or Terminal Operators, Customs Brokers and Warehouse For the purpose of this certificate: (i.) the economic operator sho...

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What’s new about the Faceless Assessment under Income Tax?

CBDT had earlier this month notified the National e-Assessment Centre (NeAC) for all communications with the taxpayers under the faceless assessment scheme. Under the new system, taxpayers need to not to physically visit their regional jurisdiction tax officers or the IT department on receiving income tax scrutiny or assessment notice...

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ITAT explains section 244A provisions – Interest on Income Tax Refund

Maruti Suzuki India Ltd Vs CIT (Appeals) (ITAT Delhi)

Maruti Suzuki India Ltd Vs CIT (Appeals) (ITAT Delhi) The Honorable Delhi ITAT recently adjudicated an appeal filed in the case of Maruti Suzuki India Ltd vs Commissioner of Income Tax (Appeals)-IX (ITA No. 2553, 2641/Del/2013) wherein the case before the Tribunal was related to the provisions of section 244A of the Income Tax Act. Post ...

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RBI Releases Revised Priority Sector Lending Guidelines

RBI/FIDD/2020-21/72 Master Directions FIDD.CO.Plan.BC.5/04.09.01/2020-21, Press Release No. 2020-2021/284 04/09/2020

Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring sharper focus on inclusive development, after having wide ranging discussions with all stakeholders....

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June 2022