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Archive: 28 October 2020

Posts in 28 October 2020

HC rejects excise duty claim under Section 11B of Chennai Petroleum

October 28, 2020 687 Views 0 comment Print

Chennai Petroleum Corporation Ltd. Vs Commissioner of GST & Central Excise (Madras High Court) (a) The scheme of the Act contained in Section 11B of the Act read with other relevant provisions of the Central Excise Act as it then prevailed before the introduction of GST regime with effect from 1 July 2017, with regard […]

Date of initiation of search assessment has to be reckoned from date of receiving books of account

October 28, 2020 1038 Views 0 comment Print

DCIT Vs Paresh K. Shah (ITAT Mumbai) Conclusion: Since the date of initiation of search u/s 132 for the purpose of an assessment u/s 153C had to be construed as the date of receiving the books of account by the AO having jurisdiction over such other person, from the A.O. of the searched person, the […]

No Addition on Royalty for Database Access License as per Indo-Swiss Tax Treaty

October 28, 2020 867 Views 0 comment Print

The issue under consideration is whether AO is correct in making addition for royalty on account of alleged royalty taxable under section 9 (l)(vi) of the Income Tax Act, 1961 read with Article 12(3) of India Switzerland Double Taxation Avoidance Agreement (DTAA)?

No Addition u/s 14A for Non Consideration of  Share Application Money as Investment Yielding Exempt Income

October 28, 2020 717 Views 0 comment Print

The issue under consideration is whether the addition made by AO u/s 14A read with rule 8D is justified in law? Respectfully following the precedent, ITAT set-aside the impugned order on this score and order to delete the disallowance.

ITAT Restricted Addition made by AO to 2% of Bogus Purchases

October 28, 2020 2202 Views 0 comment Print

Surana Enterprises Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made by AO u/s 69C by considering the purchases as Bogus Purchase is justified in law? ITAT states that, in present case, the assessee has shown sales of the goods, or otherwise the goods are lying in the closing stock. If […]

New Tax Rates for Companies in brief

October 28, 2020 9900 Views 0 comment Print

Learn about the new tax rates for companies in India. Understand the key changes to corporate tax rates and the options available for domestic and new manufacturing companies.

Import Substitution Nationalism in the Interests of the Nation – Not Protectionism

October 28, 2020 5745 Views 1 comment Print

‘Import Substitution’ (IS) generally refers to a Trade & Economic Policy that that advocates Replacing or Eliminating or Minimizing the Importation of the commodity and Encourage for the Production in the Domestic Market. It is based on the Premise that a Country should attempt to Reduce its Foreign Dependency through the Local Production of Industrial […]

The Big Picture behind No Cost EMI

October 28, 2020 27909 Views 6 comments Print

Everything we buy from E-commerce to Fashion; from Interest-free Insurance payments to our Dream vacations; from Online Courses to Gym memberships, often the seller of the product (or service) offers Equated Monthly Installments (EMI) as one of the payment options. EMI is a periodic payment made by a borrower to a lender towards a loan […]

MCA extends terms of Judicial Members & officiating Chairperson of NCLAT

October 28, 2020 831 Views 0 comment Print

Term of office of Justice (Retd.) Shri Bansi Lal Bhat and Justice (Retd.) Shri A.I.S. Cheema as Judicial Member, National Company Law Appellate Tribunal is extended up to 31.12.2020.

Linking/ Registration of IECs in new revamped DGFT Online environment

October 28, 2020 1647 Views 0 comment Print

i. The new platform is accessible through user-based IDs for applying online. All IEC holders are encouraged to create login IDs through an online registration process preferably well before the roll out of next phase of the platform in the 2-3 weeks. ii. For user ID creation, mobile number/email ids will be a mandatorily required. The same will be authenticated by the process of OTP/email based authentication process.

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