"05 October 2020" Archive

Re-opening of concluded assessment not valid if no failure on the part of petitioner to disclose fully & truly all material facts

State Bank of India Vs. Vineet Agrawal, ACIT (Bombay High Court)

State Bank of India Vs. Vineet Agrawal (Bombay High Court) we are of the considered opinion that no reasonable view can be taken that there was failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the assessment year 1990-91. If that be so then […]...

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8 Recommendations of the 42nd GST Council Meeting

Release ID: 1661827 05/10/2020

Ministry of Finance Recommendations of the 42nd GST Council Meeting Posted On: 05 OCT 2020 The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affa...

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Cenvat Credit Can’t be Denied for Export of Exempted goods Outside India

Eastern Chemofarb Limited (DTA Unit) Vs Commissioner of Central Excise (CESTAT Kolkata)

The issue under consideration is whether the lower authority is correct in stating that the appellant is not entitled to avail credit of duty paid on inputs used in the manufacture of exempted goods since they have cleared the said exempted goods for export outside India?...

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Central Govt constitutes Monetary Policy Committee of RBI

Notification No. S.O. 3467(E) 05/10/2020

In exercise of powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, Central Government constitutes Monetary Policy Committee of RBI...

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Product Labeling in Mutual Fund schemes – Risk-o-meter

SEBI/HO/IMD/DF3/CIR/P/2020/197 05/10/2020

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2020/197  October 05, 2020 All Mutual Funds/ Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir/ Madam, Subject: Product Labeling in Mutual Fund schemes – Risk-o-meter 1. Please ref...

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Review of Dividend option(s) / Plan(s) in case of Mutual Fund Schemes

SEBI/HO/IMD/DF3/CIR/P/2020/194 05/10/2020

There is a need to clearly communicate to the investor that, under dividend option of a Mutual Fund Scheme, certain portion of his capital (Equalization Reserve) can be distributed as dividend....

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No TDS on discount/rebate allowed to dealers/distributors on sale of products

ASUS India Pvt. Ltd. Vs Asst.CIT (ITAT Mumbai)

Disallowance made by AO under section 40(a)(ia) for non deduction of TDS on discount/rebate allowed to dealers/distributors on sale of products was not justified as there was no element of work as defined under clause (iv) of Explanation to section 194C and AO had not brought on record any material for deduction of  TDS under section 194...

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E-invoicing under GST-A walk with technology

Background E-Invoicing is not a new concept if we talk about other countries in the world, though proposed to be implemented in India for the first time. Hence, it can be said to be a new concept in context of Indian tax administration. Basic idea of introducing e-invoicing is to have a standard to ensure […]...

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Posted Under: Income Tax |

CBIC appoints common adjudicating authority- N/No. 02/2020-CE (N.T.)

Notification No. 02/2020-Central Excise (N.T.) [G.S.R. 617(E)] 05/10/2020

Notification No. 02/2020-Central Excise (N.T.) Central Board of Indirect Taxes and Customs, appoints the officer specified in column (2) of the table below to act as a common adjudicating authority and invests him with all the powers of Central Excise Officers specified in column (3) of the said table to be exercised for such purposes as ...

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ITAT Deletes section 271C Penalty for Failure to Deduct TDS on LTA

Canara Bank (Erstwhile Syndicate Bank) Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?...

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