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Archive: 04 September 2020

Posts in 04 September 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6999 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

September 4, 2020 3240 Views 0 comment Print

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 […]

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

September 4, 2020 1083 Views 0 comment Print

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 90 to 120 days.

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

September 4, 2020 18180 Views 0 comment Print

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

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

September 4, 2020 5856 Views 0 comment Print

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 […]

Allow judiciary the freedom of expression

September 4, 2020 2286 Views 1 comment Print

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.

IRDAI Guidelines on Wellness and Preventive Features

September 4, 2020 846 Views 0 comment Print

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 and preventive features.

Authorised Economic Operator-Logistics Operator

September 4, 2020 3516 Views 0 comment Print

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 should fulfill the criteria mentioned at para 3.1 below; and […]

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

September 4, 2020 5049 Views 0 comment Print

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 notices. The CBDT has also notified that the cases related to domestic […]

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

September 4, 2020 29838 Views 0 comment Print

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 […]

RBI Releases Revised Priority Sector Lending Guidelines

September 4, 2020 5553 Views 0 comment Print

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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