"31 October 2020" Archive

SEBI extends SEBI Settlement Scheme 2020 till 31.12.2020

NA (31/10/2020)

Competent authority of SEBI has approved the extension of the period of the SEBI Settlement Scheme 2020 till December 31, 2020 considering large scale disruption caused by the Covid-19 pandemic...

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GST e-Invoice completes one month on 31st October

Release ID: 1669430 (31/10/2020)

e-Invoice – A path breaking initiative completes one month on 31st October. More than 495 Lakh e-invoices have been generated on the NIC portal by 27,400 tax payers within the first month of introduction. 641 Lakh e-way bills generated  during month of October, 2020, highest in a month during two and half years of journey of e-way bill...

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Advisory Regarding ICAI November 2020 Examinations

Advisory to Students and Public at Large Regarding ICAI November 2020 Examinations Students and Public at large are hereby requested to note: > The ICAI Examinations to be held in November 2020 sill be held as per schedule horn 21st November 2020 announced as per Announcement Dated 13th October 2020 – https://www.icai.org/resourc...

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Posted Under: SEBI |

Income Tax Department conducts searches in Bihar

The Income Tax Department has carried out searches on 29.10.2020 in the cases of four prominent contractor groups based in Patna, Bhagalpur, Hilsa, and Katihar. In addition, surveys have been conducted on some traders of mined rocks in Gaya....

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Posted Under: SEBI |

Compliance Calendar for the month of November, 2020

Statutory and Tax Compliance Calendar for November, 2020 for Compliances under GST, Compliances under Companies Act, 2013, Compliances for ESI and PF & PT Payments and Compliances Calendar Income Tax Act, 1961. S. No. Particulars of Compliance Forms / returns Due Date Compliances Calendar for GST 1. Return to be filed by every E-comme...

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Posted Under: SEBI |

Waiver of Condonation Fees by ICAI for All Members, Firms & Students

Further extension in the last date for Waiving-off Condonation fees due to late filing of various application Forms related to Students, Articled Assistants, Members & Firms amidst COVID-19 Pandemic – (31-10-2020) M&C-MSS SECTION The Institute of Chartered Accountants of India 31st October, 2020 Important Announcement Amid t...

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Posted Under: SEBI |

SC transfers to itself petitions challenging IBC provisions on personal guarantors

IBBI Vs Lalit Kumar Jain & Ors. (Supreme Court of India)

IBBI Vs Lalit Kumar Jain & Ors. (Supreme Court) We are of the considered opinion that the Writ Petitions that are pending in the High Courts pertaining to the challenge to the Notification dated 15.11.2019 and related issues have to be transferred to this Court. Transfer of the Writ Petitions to this Court would avoid […]...

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Preliminary status of Students registered till 27th Oct for CSEET Scheduled on 21.11.2020

Please note that the preliminary status of students registered up to 27th October 2020 for the CSEET scheduled to be held on 21St November 2020 has been made available at the following link:...

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Posted Under: SEBI |

CS Executive Entrance Test on 21.11.2020 through Remote Proctored Mode

On Account of Covid 19 Pandemic precautions, the Council of the Institute has decided to conduct the next CSEET on Saturday, 21st November 2020 as per following, arrangements:...

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Posted Under: SEBI |

One More Attempt under 2012 Old Syllabus – ICSI

ICSI has decided that the students of Executive and Professional Programme (2012 old syllabus) shall be allowed one more attempt during the June, 2021 session of examinations....

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Posted Under: SEBI |

ICSI: Carry Forward of Examination Fees To June, 2021 Exam Session

In view of the present COVID-19 crisis, some of the students enrolled for June, 2020 session (merged with December 2020 exam session) and students enrolled afresh for December 2020 exam session may wish to appear in June 2021 session of examination, instead of appearing for December 2020 examination session....

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Posted Under: SEBI |

Section 153C notice without recording Satisfaction Note is unjustified

ACIT Vs Rangoli Buildtech (P) Ltd. (ITAT Delhi)

The issue under consideration is whether the issuing notice u/s 153C to the person other than person against whom search is initiated, but without submitting satisfaction note is justified in law?...

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“WE CARE”- An Initiative of ICAI for Senior Chartered Accountants

The Institute of Chartered Accountants of India (ICAI) since its very inception has always provided thought leadership to the generations in a proactive and progressive manner. ICAI has been playing a key role nationally, regionally and globally not only towards the growth of the profession, but also has been contributing to the business,...

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Posted Under: SEBI |

FAQs on Aadhaar Authentication while registering on GST Portal

Aadhaar Authentication – Selection as Yes Q.1 I have opted ‘Yes’ for Aadhaar authentication while registering on the GST Portal. What will happen next? Ans: Once you have opted ‘Yes’ for Aadhaar authentication while registering on the GST Portal and registration application is submitted, an authentication lin...

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Posted Under: SEBI |

Business Model- Asset Heavy v/s Asset Light

No wonder that modern day businesses are always keen on coming up with new and innovative methods and strategies to scale up faster effectively and efficiently, however, with the fast advent of new technologies and democratization of the world wide web right since 1990’s has given birth to many alternative models of operations, includin...

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Posted Under: SEBI |

E-Invoicing Updated List of Frequent Asked Questions

1. The compulsory e-invoicing of business-to-business transactions of companies with more than Rs 500 crore sales kicks in from 01st October 2020. The businesses were reportedly not ready to be seen by the tax officials and thus they had been given a chance to fill tax and save from penalty within 30 days. 2. The […]...

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Posted Under: SEBI |

Where to Set Up a New Business in India?

Any Business should base in a city where they have the best relationships with the business environment. This includes relationships with talent, suppliers, buyers, and investors. Let us understand briefly about some states in India for starting a new venture: – # Capital State of India i.e. New Delhi: – New Delhi is the capit...

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Posted Under: SEBI |

Order for Cancellation of GST Registration in Form GST REG-19

In case, either the taxable person is no longer liable to be registered under Goods and Services Tax (GST) or the proper officer believes that the registration is liable to be cancelled. Then, the proper officer shall issue an order cancelling the GST registration in Form GST REG-19. Thus, in nut-shell, whenever the GST registration [&hel...

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Posted Under: SEBI |

Section 14A disallowance not applicable to Insurance Companies

DCIT Vs Edelweiss Tokio Life Insurance Ltd. (ITAT Mumbai)

DCIT Vs Edelweiss Tokio Life Insurance Ltd. (ITAT Mumbai) During assessment proceedings, it transpired that the assessee earned dividend income of Rs.17.92 Lacs and claimed the same to be exempt u/s.10(34). However, the Ld. Assessing Officer opined that since the income in case of insurance business was to be computed in terms of provisio...

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ITAT allows Deduction u/s 80HH, 80I & 80IA on Processed Natural Gas Supply

Gail (India) Ltd. Vs DCIT-LTU (ITAT Delhi)

The issue under consideration is whether the deduction claimed u/s 80HH, 80I and 80IA for production, processing, transmission and distribution of various gases is justified in law?...

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Section 263 Revision Not Sustainable for mere Inadequacy of Enquiry /Insufficiency of Material on Record

CIT Vs Cyber Park Development & Construction Ltd. (Karnataka High Court)

The issue under consideration is whether mere inadequacy of an enquiry or insufficiency of material on record can be a ground to invoke revisional powers u/s 263 of the Income Tax Act, 1961?...

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Section 14A Disallowances cannot be applied to provision of Section 115JB

Gujarat Urja Vikas Nigam Ltd Vs DCIT (ITAT Ahmedabad)

Gujarat Urja Vikas Nigam Board Vs DCIT (ITAT Ahmedabad) The AO during the assessment proceedings has made the disallowance of Rs.50.85 crores in determining the income under normal computation of income under the provisions of Section 14A read with Rule 8D of Income Tax Rule. The AO made the addition of the same disallowance while [&helli...

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Income from Sale of Land held as Stock for 13 years is Business Income

Kohli Estates Pvt. Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is whether the CIT(A) is correct in confirming an addition of by treating sale of land as business income against the appellant's claim as "Long Term Capital Gain"?...

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Save income tax via medical expenditures under Section 80DDB

Section 80DDB Section 80DDB of the Income Tax Act allows you to save tax by claiming medical expenditures incurred as a deduction from income before levy of tax. You can claim this deduction if these two conditions are satisfied then one can claim a maximum deduction of Rs 50,000 in a financial year for the […]...

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Posted Under: SEBI |

Shipping Ministry issues draft ‘Coastal Shipping Bill, 2020’ for public consultation

In accordance with Prime Minister Shri Narendra Modi’s vision for augmenting people’s participation and transparency in the governance, Ministry of Shipping has issued the draft of Coastal Shipping Bill, 2020 for suggestions from the stakeholders and general public....

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Posted Under: SEBI |

Emergency Credit Line Guarantee Scheme – Extension of duration of scheme

Ref No. 3014 /NCGTC /ECLGS NCGTC (31/10/2020)

The Scheme would be applicable to all loans sanctioned under GECL during the period from the date of issue of these guidelines by NCGTC to 30.11.2020, or till an amount of Rs 3,00,000 crore is sanctioned under the GECL, whichever is earlier. ...

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Section 40A(2)(b) Addition allowed against Expense only & Not against Income

KEC Delco Dutsan (JV) Vs ITO (ITAT Delhi)

The issue under consideration is whether the addition made u/s 40A(2)(b) in case of estimation of income without doubting expenses incurred by assessee is justified in law?...

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TDS Credit eligible in year in which Assessee shows relevant Income despite credit appearing in 26AS of next Year

Mahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune)

The issue under consideration is whether TDS will be granted in the year in which assessee has recorded the corresponding income even if the deposit of TDS is in next financial year?...

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Posted Under: SEBI | | ,

Excise Duty related to earlier years allowed under section 43B

DCIT Vs Adani Wilmar Ltd. (ITAT Ahmedabad)

In the instant case, the assessee in the year under consideration has claimed an expense under the head prior period item in its profit and loss account. Such prior period item was representing the excise duty with respect to waste i.e. Spent Earth generated during the manufacturing process. The assessee during the assessment proceedings ...

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Shortfall Due to its Excess Spending allowed to C/F in full for Set off against Incomes – Section 11

Gnyan Dham Vapi Charitable Trust Vs DCIT Exemptions (ITAT Ahmedabad)

The issue under consideration is whether where a trust has incurred shortfall due to its excess spending in a particular year, such deficit or shortfall allowed to be c/f in full for set off against the incomes in  subsequent years under s.11(1)(a) and Section 11(1)(b) of the Act?...

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Copy of GST documents seized can be denied to Assessee if it may adversely affect investigation

Agarwal Oil Mill Vs State of Madhya Pradesh (Madhya Pradesh High Court)

The discretion available to the competent authority u/S 67(5) of the CGST Act while withholding supply of copies/extracts of documents seized appears to be judiciously exercised by the competent authority for reasons which prima facie appear to be cogent and convincing....

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Filing of Appeal with GST Tribunal if not constituted- HC Direction

George Clinical India Pvt. Ltd. Vs Union of India (Karnataka High Court)

In the instant case, the petitioner filed a writ petition seeking to quash show cause notice issued by the respondents. The petitioner to reply to the said show cause notice within two weeks. Thereafter, the Adjudicating Authority shall consider the objection filed and pass orders in accordance with law....

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SC grants to Move Representation Seeking Exemption from GST on Disability Aids with GST Council

Nipun Malhotra Vs Union of India (Supreme Court)

The petition is filed to seek exemption from GST on Disability aids i.e mobility services. Hence, the Supreme Court granted liberty to the petitioner to move a representation with the GST council for no GST on disability products....

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Excavators, Bull dozers & Wheel Loaders eligible for higher rate of depreciation

DCIT Vs Dozco Infratech Pvt. Ltd. (ITAT Kolkata)

CIT Vs Dozco Infratech Pvt. Ltd. (ITAT Kolkata) Assessee shows that depreciation claimed by the Assessee @ 30% on Excavators, Bull dozers and Wheel Loaders has been rightly claimed and should be allowed in full as against @ 15% allowed by the Assessing Officer. Learned departmental representative vehemently contended during the course of ...

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Role of Adjudicating Authority in Resolution Plan

Under the Insolvency and Bankruptcy Code 2016, the role of the Committee of Creditors is very important. The COC consists of Financial Creditors only and Operational Creditors have no role in the COC expect that their dues are not less than 10% of the total debt in such case the Operational Creditors will find their […]...

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Posted Under: SEBI |

Constitution – When Does A Tax Liability Arise? Analysis of Various Ratios Lay Down by Apex Court

When Does A Tax Liability Accrue? Article 265 of the Constitution of India provides that no tax shall be levied or collected except by the authority of law. Such tax does not depend upon an assessment to be made by the assessing officer. Section 4 of the Indian Income Tax Act, 1961, which is the charging section, charges tax on income at ...

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Posted Under: SEBI |

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