"14 September 2020" Archive

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Section 54/54F- Purchase of under construction flat from builder- Purchase or Construction?

PCIT Vs Akshay Sobti (Delhi High Court)

The issue under consideration is whether agreement for construction of house interpreted as agreement for purchase for availing benefits of deduction u/s 54F if construction completed within three years?...

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CPC TDS Wing is not an ‘External Agency’ for CBDT Circular

ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur)

ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur) Exception 10(e) to the aforesaid CBDT Circular relates to cases where addition is based on information received from external sources in the nature of law enforcement agencies such as CBI/ ED/ DRI/ SFIO/ Directorate General of GST Intelligence (DGGI). In the instant case, the assessee ha...

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e-Submission & e-Hearing in MVAT Assessment Proceedings

Trade Circular No. 12T of 2020 (14/09/2020)

MGSTD has made available the facility to carry e-Submission & e-Hearing in MVAT Assessment Proceedings electronically, wherein the officers as well as dealers would be able to carry out their part of the assessment process without personal attendance. ...

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GST evasion of Rs. 96.06 crore detected in Shillong

D.O.No.32/CH(IC)/2020 (14/09/2020)

Based on data analytics, the CGST Commissionerate, Shillong, detected ineligible availment of ITC by some Units primarily engaged in supply of electrical energy during the period July 2017 to March 2020. The exercise led to recovery of Rs. 44.80 crore against the detection of GST evasion of Rs. 96.06 crore....

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Automation of Income Recognition, Asset Classification and Provisioning processes in banks

RBI/2020-21/37 Ref. No. DoS.CO.PPG./SEC.03/11.01.005/2020-21 (14/09/2020)

In order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, banks are advised to put in place / upgrade their systems to conform to the following guidelines latest by June 30, 20...

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Bilateral Netting of Qualified Financial Contracts Bill, 2020 introduced in Lok Sabha

Bill No. 98 of 2020 (14/09/2020)

The Bilateral Netting of Qualified Financial Contracts Bill, 2020, inter alia, seeks to provide for— (a) designation of any bilateral agreement or contract or transaction, or type of contract, as qualified financial contract by the Central Government or any of the regulatory authorities as specified in the First Schedule; (b) enforceabi...

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Amendment in Export Policy of Onions

Notification No. 31/2015-20-DGFT [S.O. 3130(E)] (14/09/2020)

The Export of all varieties of Onions, as described above, is prohibited, with immediate effect. The provisions under Transitional Arrangement (Para 1.05 of the FTP 2015-20) shall not be applicable under this notification. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION NO. 31...

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Streamlining of Unit Quantity Codes in DGFT’s EDI system & Customs’

Trade Notice No. 27/2020-21-DGFT (14/09/2020)

No new authorizations mentioning Non-standard units such as BoU, packs, Boxes cartons and bottles etc would be issued by RAs. For this necessary changes are being carried out in the DGFT EDI system also....

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JDA: No transfer when even permissive possession was not given

Shri A. R. Prasad Vs ITO (ITAT Bangalore)

Shri A. R. Prasad Vs ITO (ITAT Bangalore) When we compare the terms of possession in the said case as per Para 4 of the tribunal order reproduced above and the terms of JDA in the present case as reproduced above, we find that in both cases, the possession is handed over to the builder […]...

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September 2020