"14 October 2020" Archive - Page 3

Section 14A disallowance not sustainable if proper satisfaction not recorded

Vinay Bhasin Vs. ACIT (ITAT Delhi)

Vinay Bhasin Vs ACIT (ITAT Delhi) Assessee made heavy investments for earning of exempt income and being a busy professional, he requires the management of such a portfolio by incurring expenses, diversion of man-power/staff for indulging in investment activities to various activities like visiting banks, use of vehicle and telephone, use...

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Guidelines on Standard Individual Term Life Insurance Product, ‘Saral Jeevan Bima’

Notification No. IRDAI/Life/Cir/Misc/254/10/2020 15/10/2020

Saral Jeevan Bima is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term....

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Tax rates specified in DTAA in respect of dividend must prevail over DDT

Giesecke & Devrient [India] Pvt Ltd. Vs Add. CIT (ITAT Delhi)

Giesecke & Devrient [India] Pvt Ltd. Vs ACIT (ITAT Delhi) To recapitulate, the DDT is levy on the dividend distributed by the payer company, being an additional tax is covered by the definition of ‘Tax’ as defined u/s 2(43) of the Act which is covered by the charging section 4 of the Act and charging […]...

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ESIC notifies eligibility criteria for unemployment benefit for Insured Persons who lost jobs due to COVID 19

Notification No. N-12/13/01/2019-P&D 14/10/2020

ESIC notifies relaxations in eligibility criteria for unemployment benefit for Insured Persons who have lost jobs due to COVID 19 Pandemic EMPLOYEES’ STATE INSURANCE CORPORATION NOTIFICATION New Delhi. the 14th October 2020 No. N-12/13/01/2019-P&D.—Whereas draft notification further to extend Scheme Atal Beemit Vyakti Kalyan Y...

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Definitive Anti-Dumping duty imposed on Dimethylacetamide-Reg.

Case No. (MTR) 06/2019 14/10/2020

CASE NO. (MTR) 06/2019 Mid-Term Review, limited to the product scope of definitive Anti-Dumping duty imposed on Dimethylacetamide’ [N,N-Dimethylacetamide] (DMAC) from China PR and Turkey....

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Section 68 Bogus Cash Credits: Revenue can examine source of source

CIT Vs Sadiq Sheikh (Bombay High Court at Goa)

Merely pointing out to a source and the source admitting that it has made the payments is not, sufficient to discharge the burden placed on the assessees by Section 68 of the said Act. If this were so, then, it would be sufficient for assessees, to simply persuade some credit- less person or entity to own up having made such huge payments...

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Conditions of Rule 18DA(8A) can be Looked into Only by Prescribed Authority & Not by the AO

CIT Vs M/S Quintiles Research (India) Private Limited (Karnataka High Court)

The issue under consideration is whether the Tribunal is right in holding that the conditions of Rule 18DA(8A) can be looked into only by the prescribed authority and not by the Assessing Officer?...

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CBDT assigns role of Pr.CCsIT (Jurisdictional) and Pr. CCIT (NFAC)

F No. 187/3/2020-ITA-I 14/10/2020

With the launch of the Faceless Appeal Scheme, 2020, the Income Tax Department is moving towards minimal interface with maximum governance. In order to effect the same, the National Faceless Appeal Centre (hereafter referred to as NFAC), Delhi has been created under Principal Chief Commissioner of Income-tax (NFAC) and 4 Regional Faceless...

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HC Rejects Anticipatory Bail to GST Inspector allegedly Involved in Bribery Case

Gauravkumar Sudarshankumar Arora Vs State of Gujarat (Gujarat High Court)

Petitioner filed this petition to seek anticipatory bail in case of his arrest in connection with the FIR registered for the offense punishable under Sections 12, 7(a), and 13(2) of the Prevention of Corruption Act, 1988....

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World Bank: COVID head winds and resurgent efforts

Without splashing its efforts but humbly working with billions of human race, World Bank has set to excel its efforts in meeting head-on collision with the most dangerous economic, unhealthy, or global disaster unheard of or even unpredicted by any disaster team in the world, namely, COVID 19, the most unrepentant event we have ever [&hel...

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Posted Under: Income Tax |