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Archive: 29 November 2020

Posts in 29 November 2020

SC directs HC to decide on vires of Section 40(a)(iib) of Income Tax Act, 1961

November 29, 2020 1593 Views 0 comment Print

Tamil Nadu State Marketing Corporation Ltd. Vs Union of India And Others (Supreme Court of India) When the vires of Section 40(a)(iib) of the Income Tax Act were challenged, which can be decided by the High Court alone in exercise of powers under Article 226 of the Constitution of India, the High Court ought to […]

ITAT remands back the issue of Section 271(1)(c) Penalty to AO

November 29, 2020 810 Views 0 comment Print

Fox Mandal & Co. Vs ACIT (ITAT Delhi) It is an admitted fact that despite number of opportunities granted by the Ld. CIT(A), there was no compliance from the side of the assessee for which the Ld. CIT(A) was constrained to decide the appeal exparte and thereafter sustained the penalty levied by the AO u/s. […]

RBI: Governor’s recent speech – from foreign exchange/government bonds angle

November 29, 2020 978 Views 0 comment Print

Shri Shaktikanta Das, Governor, Reserve Bank of India, gave a lecture on ‘Accelerating Financial Market Reform in India’ at the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI) on November 26, 2020, at Mumbai. Though the title involves an overhaul of total financial reforms in recent times in India, I studied its […]

No more fake certifications as tax department will validate UDIN

November 29, 2020 3105 Views 0 comment Print

The income tax department has taken a good initiative to curb the fake certifications by non-CAs. Earlier they were misrepresenting themselves as CAs but now it is not possible as ICAI has made mandatory the generation of UDIN which is a Unique Document Identification Number if you are issuing tax audit reports or any kind […]

2G Spectrum Case: Delhi HC dismisses plea filed by A Raja

November 29, 2020 1629 Views 0 comment Print

The Joint Director, Directorate of Enforcement Vs A. Raja & Ors (Delhi High Court) 1. The application Crl.M.A. 10885/2020 is filed by respondent No.17- M/s Conwood Construction & Developers (P) Ltd. and Crl.M.A. 12520/2020 is filed by respondent No.15- M/s Dynamix Realty. The applicants are seeking modification of the ex parte ad interim order dated […]

Unblocking of E-Way Bill Generation Facility

November 29, 2020 9609 Views 0 comment Print

In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is to be blocked, in case the taxpayer fails to file their returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. For unblocking of this facility, […]

Latest Case Law Related to IBC – July 2020 to September 2020

November 29, 2020 8166 Views 0 comment Print

Summary of Orders related to IBC 2016 passed by IBBI, NCLT, NCLAT, HC & SC during July to September 2020 Orders by Supreme Court M/s Marathe Hospitality Vs. Mahesh Surekha & Ors. [SLP (C) No. 8139/2020] The petitioner filed an appeal before the NCLAT. However, the NCLAT closed its functioning as one of its employees […]

Detection of undisclosed income of more than Rs. 450 crore in searches in Tamil Nadu

November 29, 2020 714 Views 0 comment Print

The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs.50 crore. The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 450 crore.

Intertwining of GST Refunds with Benefits under Advance Authorization

November 29, 2020 20190 Views 1 comment Print

1. Recently a spate of notices have been issued by the DRI to the exporters who have availed the scheme of Advance Authorization under the FTP asking the exporters to pay the IGST on the imports made on or after 23.10.2017 in cases where the refund of the accumulated input tax credits (‘ITC’) have been […]

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