"08 December 2020" Archive

Income Tax Department searches leading Coal Traders of Assam

The Income Tax Department started a search and survey action on 04/12/2020 in the cases of leading Coal Traders of Assam. The search and survey actions are being carried out at 21 locations in Guwahati, Digboi, Margherita and Delhi....

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Posted Under: Income Tax |

Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2020

Notification No. S.O. 4441 (E) (08/12/2020)

(1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2020. (2)  They shall come into force on the date of their publication in the Official Gazette....

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Income Tax Department conducts searches in Odisha

The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus ent...

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Posted Under: Income Tax |

Deemed exports under GST – An Analysis

The concept of deemed exports is exhaustive. Thus, an attempt has been made in this article to show the practical aspects which we have to face while filing a refund application on account of deemed exports. Claiming the refund either by the supplier or the recipient will be based upon the mutual agreement. As an industry practice filing ...

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Posted Under: Income Tax |

Third Party Invoicing in case of Preferential Certificates of Origin issued in terms of DFTP for wholly obtained goods

Circular No. 53/2020 - Customs (08/12/2020)

CBIC has received representations from trade with regard to use of third party invoicing while claiming preferential tariff treatment in terms of Duty Free Tariff Preference Scheme for Least Developed Countries (DFTP) in respect of wholly obtained goods....

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Accepting assignment as IRP after 31.12.2019 without valid AFA- Reg.

No. IBBI/DC/53/2020 (09/12/2020)

In the present matter it is observed that, Mr. Sawhney had provided his consent to accept the assignment in Form-2 on 05.04.2019 prior to the amendment made to IP regulation for acceptance of assignment in matter CIRP of MLP Developers & Promoters Private Limited before 31.12.2020. However, it is observed that the date of commencement...

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Deduction in respect of health insurance premia under Section 80D of Income Tax Act, 1961

Deduction under section 80D of the Income Tax Act, 1961 (‘IT Act’) is available in addition to the deduction of Rs. 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1) of IT Act. The individual can claim a tax deduction for the health insurance premium paid for self, parents, children, and spouse....

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Posted Under: Income Tax |

Challenge to Section 16(2)(c) of CGST Act 2017- Notice issued by Gujarat HC

Surat Mercantile Association Vs Union of India (Gujarat High Court)

Surat Mercantile Association Vs Union of India (Gujarat High Court) Hon’ble Gujarat High Court has issued notice to Centre and State Government on 03.12.2020 in the matter of Surat Mercantile Association. Vs UOI & others, SCA. No. R/SCA/15329/2020, wherein the petitioner has challenged the constitutional validity of Section 16(2)(c)...

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Section 56(2)(viib) AO cannot change DCF method adopted by assessee

I-Exceed Technology Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore)

I-Exceed Technology Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore) The provisions of Rule 11UA(2)(b) of the Rules provides that, the Assessee can adopt the fair market value as per the above two methods and the choice of method is that of the Assessee. The Tribunal has followed the judgment of Hon’ble Bombay High Court rendered [&helli...

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Section 271(1)(c) penalty cannot be levied on additions based on estimate

Vishnu Tambi Vs DCIT (ITAT Jaipur)

Vishnu Tambi Vs DCIT (ITAT Jaipur) Under Section 271(1)(c) of the Act, the authority has been given discretion to levy the penalty in case there is a concealment of particulars of income and also with regard to quantum of penalty. However, it is a basic need of the provisions of law that definite finding is […]...

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March 2021