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Archive: 04 January 2021

Posts in 04 January 2021

Registration has to be granted if no evidence to show activities of Trust are not being carried out genuinely: ITAT

January 4, 2021 519 Views 0 comment Print

The CIT(E) seems to have taken recourse to the provisions of section 12AA(4) of the Act which was inserted by the Finance Act of 2014 w.e.f. 01.10.2014. We find that those provisions are applicable only when the CIT(E) seeks to cancel the registration already granted to a trust. Those provisions cannot be made applicable for grant of registration u/s. 12AA of the Act.

Tax on Income from renting of terrace for erection of mobile antenna tower

January 4, 2021 20418 Views 0 comment Print

Maker Tower Premises Co. Op. Society Ltd. Vs ACIT (ITAT Mumbai) Rent is for space to host the antennas and not for the antennas. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be […]

Retention of records relating to Corporate Insolvency Resolution Process

January 4, 2021 507 Views 0 comment Print

An IP shall preserve copies of records generated in electronic form for a minimum period of eight years, from the date of completion of the CIRP or the conclusion of any proceeding relating to CIRP, before the Adjudicating Authority (AA), Appellate Authority or Court, or any matter pending with the Board, whichever is later.

Cyber fraud complaints from Indian Exporters – Trade Advisory

January 4, 2021 993 Views 0 comment Print

Ministry of External Affairs has informed that email spoofing/phishing cyber frauds are causing increased bilateral trade disputes. Though this is registered as a cybercrime in the respective jurisdictions of the country, the authorities cannot do much to reverse the transaction.

ITAT cannot exercise Power to Remand in a routine manner

January 4, 2021 3000 Views 0 comment Print

It is well settled law that remand is not a power to be exercised in a routine manner and should be used sparingly, as an exception only when the facts warranted such course of action.

Appeal not e-filed within the period of limitation- HC allows delayed filing

January 4, 2021 792 Views 0 comment Print

Whether on facts and in the circumstances of the case, the Tribunal was right ignoring the Rule 45 of the IT Rules mandating filing of e-appeal with effect from 02.3.2016 and Board Circular 20/2019 dated 26.5.2016 extending the time for filing of e-appeal only till 15.6.2016 a

Retention of records relating to Corporate Insolvency Resolution Process

January 4, 2021 342 Views 0 comment Print

The Insolvency and Bankruptcy Code, 2016 (Code) read with various Regulations require an insolvency professional (IP) to maintain several records in relation to the assignments conducted by him under the Code.

Govt approves Covid vaccine of Serum Institute of India & Bharat Biotech

January 4, 2021 312 Views 0 comment Print

After adequate examination, CDSCO has decided to accept the recommendations of the Expert Committee and accordingly, vaccines of M/s Serum and M/s Bharat Biotech are being approved for restricted use in emergency situation and permission is being granted to M/s Cadila Healthcare for conduct of the Phase III clinical trial.

Weekly newsletter from Chairman, CBIC, Dated: 04.01.2021

January 4, 2021 495 Views 0 comment Print

The GST revenue during December 2020 has been the highest ever since the introduction of GST in 2017 and it is the very first time that tax collection in cash terms has crossed Rs. 1.15 lakh crore.

EPFO amends conditions for Amount to be invested in Debt & Related Investments

January 4, 2021 1083 Views 0 comment Print

Units of Debt Exchange Traded Funds (ETFs) regulated by the Securities and Exchange Board of India and managed by an asset management company appointed as per an agreement with Government of India, specifically meant to invest in the bonds of the Central Public Sector Enterprises, Central Public Sector Undertakings, Central Public Financial Institutions and other Government organizations:

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January 2021