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Archive: 06 November 2020

Posts in 06 November 2020

Income Tax Department conducts searches in Kerala

November 6, 2020 645 Views 0 comment Print

The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts.

Income Tax Department conducts searches in West Bengal

November 6, 2020 633 Views 0 comment Print

The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purposes.

ITAT Deletes section 14A disallowance made without following procedures

November 6, 2020 1023 Views 0 comment Print

The issue under consideration is whether CIT(A) is correct in disallowing managerial and administrative expenses for earning dividend income by treating this as tax free income?

Secondary & higher education cess deductible as business expenditure

November 6, 2020 1884 Views 0 comment Print

Discover ITAT Bangalore’s decision on Aptean India Pvt. Ltd.’s appeal against assessment order for AY 2013-14 regarding education cess deduction.

ITAT condones delay of 2625 days in Appeal Filing

November 6, 2020 1911 Views 0 comment Print

Eit Services India Pvt. Ltd. Vs ACIT (ITAT Bangalore) According to the Assessee, it was on the basis of professional opinion, under the belief that the issues that were sought to be agitated before the CIT(A) against the order of assessment dated 30.12.2008 could be agitated before the AO in the proceedings pursuant to the […]

Criminal trial verdict does not conclude disciplinary proceedings

November 6, 2020 1251 Views 0 comment Print

The State of Rajasthan & Ors. Vs Heem Singh (Supreme Court of India) In the present case, the respondent was acquitted of the charge of murder. The circumstances in which the trial led to an acquittal have been elucidated in detail above. The verdict of the criminal trial did not conclude the disciplinary enquiry. The […]

Bombay HC extends all interim orders till 22.12.2020

November 6, 2020 1839 Views 0 comment Print

High Court on Its Own Motion Vs State of Maharashtra (Bombay High Court) 1. Although the situation in the State of Maharashtra because of the pandemic has improved over the last few days, access to the courts of law is yet not free. To ensure that persons suffering orders of dispossession, demolition, eviction, etc., passed […]

Action against companies defaulting in payment of Listing Fees: NSE

November 6, 2020 1422 Views 0 comment Print

All listed companies are requested to take note that the following action shall be taken if a listed company fail to pay the outstanding ALF (including the listing fee for Financial Year 2020-21) on or before November 20, 2020,

Section 87(b)(i) not makes directors of Company, Vicariously or Jointly Liable for Dues of Company

November 6, 2020 3831 Views 0 comment Print

Sanjiv Kumar Mittal Vs Deputy Commissioner (TRC), CGST Commissionerate Delhi South & Ors. (Delhi High Court) SECTION 87(b)(i) OF THE FINANCE ACT PROVIDES FOR A  GARNISHEE ORDER ONLY – i.e. PROVIDES FOR ATTACHMENT OF FUNDS OF AN ASSESSEE LYING WITH THIRD PARTIES. THERE IS NO PROVISION IN THE FINANCE ACT MAKING AN EX-DIRECTOR, EVEN IF […]

Norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes

November 6, 2020 1293 Views 0 comment Print

All open ended debt schemes (except Overnight Fund, Liquid Fund, Gilt Fund and Gilt Fund with 10 year constant duration) shall hold at least 10% of their net assets in liquid assets. For this purpose, ‘liquid assets’ shall include Cash, Government Securities, T-bills and Repo on Government Securities.

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