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Archive: 04 November 2020

Posts in 04 November 2020

Section 43B not applicable on electricity duty collected on behalf of Government

November 4, 2020 2379 Views 0 comment Print

Paschimanchal Vidhyut Vitran Nigam Ltd. Vs DCIT (ITAT Delhi) AO noticed that assessee had made assessment of electricity duty of Rs. 5,52,98,00,000/- of which Rs. 3,44,22,00,000/- was adjusted from the subsidy and the balance amount of Rs.2,08,76,00,000/-was not paid by the assessee before filing the return of income. Assessee was asked to justify as to […]

Rent Agreement of LLP

November 4, 2020 39447 Views 0 comment Print

RENT AGREEMENT This Rent agreement is executed at Place, on this XX day of September XXXX between Mr./Mrs./Ms. Name of Landlord R/o Residential Address of landlord hereinafter called “THE LESSOR” AND Name of Designated Partner R/o Residential Address of Designated Partner hereinafter Called “THE LESSEE” The Expression of the Lessor and the Lessee Shall Mean […]

Salary refunded to Comply with Company Law cannot be taxed

November 4, 2020 1596 Views 0 comment Print

DCIT Vs Rajamannar Thennati (ITAT Ahmedabad) The assessee was employed with Sun Pharma Advance Research Co. Ltd. as whole time director of the company with maximum salary of Rs. 3.5 crores as per the resolution passed in the annual general meeting of the company dated 31st July, 2012. Since there was limit for payment of […]

HC denies relief to CIT accused of Corruption & causing loss of Rs. 7.26 crores to revenue

November 4, 2020 1908 Views 0 comment Print

The petition is filed by retired official o quash charges in respect of offences of cheating, criminal conspiracy and Corruption against CIT(A).

HC Grants Bail to Person Alleged of Economic Offence under GST

November 4, 2020 1287 Views 0 comment Print

The instant petition is filed to seek bail against the offences alleged against petitioner which are punishable under Sections 132(1)(b) and 132(1)(l) of the Central Goods and Services Tax Act, 2017.

No Section 14A disallowance without Recording Proper Satisfaction

November 4, 2020 954 Views 0 comment Print

The issue under consideration is whether the disallowance made by AO u/s 14A is justified in law? In view of the fact that no proper satisfaction was recorded, in our considered opinion, the Assessing Officer did not acquire any valid jurisdiction for computing disallowance u/s 14A.

Press Tool- Punches (Quality Control) Order, 2020

November 4, 2020 3015 Views 0 comment Print

Compulsory use of Standard Mark.- Goods or articles specified in the column (1) of the Table shall conform to the corresponding Indian Standard specified in column (2) of the said Table and shall bear the Standard Mark under a license from the Bureau as per Scheme-I of Schedule-II of Bureau of Indian Standards (Conformity Assessment) Regulations, 2018:

Patents (2nd Amendment) Rules, 2020

November 4, 2020 1194 Views 0 comment Print

In case an application processed by a natural person or startup or small entity is fully or partly transferred to a person other than a natural person, startup or small entity, the difference, if any, in the scale of fees between the fees charged from the natural person, startup or small entity and the fees chargeable from the person other than a natural person, startup or small entity in the same matter, shall be paid by the new applicant with the request for transfer.

Guidelines for rights issue of units by an unlisted InvIT

November 4, 2020 1167 Views 0 comment Print

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In order to enable unlisted InvITs to raise further funds, it has been decided to provide a mechanism for raising of funds by unlisted InvITs through rights issue of units.

Liaison Office & Land Earth Station not Constitute PE in India

November 4, 2020 1056 Views 0 comment Print

The issue under consideration is whether DRP is correct in considering the Liaison Office (LO) and Land Earth Station (‘LES’) constitutes a permanent establishment (PE) in India?

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