"06 January 2021" Archive

Miscellaneous application filed within 6 Month of actual receipt of order is not barred by limitation

Pacific Projects Limited Vs ACIT (Delhi High Court)

Pacific Projects Limited Vs ACIT (Delhi High Court) ITAT has erroneously concluded that the miscellaneous application filed by the petitioner was barred by limitation under Section 254(2) of the Act inasmuch as the petitioner had filed the miscellaneous application within six months of actual receipt of the order. If the petitioner/assess...

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HC Raps Commissioner for excessive exercise of power- GST- Section 83

AJE India Private Limited Vs Union of India and ors. (Bombay High Court)

Because the Commissioner is conferred with the power of provisional attachment under section 83 it would not ipso-facto mean that he can straight away proceed to provisionally attach any property including bank accounts of a taxable person merely on the ground of pendency of proceedings under section 67....

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TDS not deductible on Corporate guarantee fee paid to AE based at Netherlands

Lease Plan India Pvt. Ltd Vs DCIT  (ITAT Delhi)

Lease Plan India Pvt. Ltd Vs DCIT (ITAT Delhi) These appeals are against disallowance made by the learned assessing officer under section 40 (a)(i) on account of non-deduction of tax at source on guarantee commission paid to lease plan Corporation NV Netherland is confirmed holding it to be payment in nature of Fees For Technical [&hellip...

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SEBI & Company Laws Amendments/News -December 2020

CS Akansha Rathi Dear Professionals, Our December 2020 edition on the recent amendments/ news in the field of Corporate Laws and allied laws is below. SEBI’s newly proposed norms for listing on Innovators Growth Platform (IGP) may lead to boost in funding in startups from Institutional Investors. MCA has notified certain sections of the...

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Posted Under: Income Tax |

Plea for Implementation of Pre Legislative Consultation Policy

A lot of new laws are being legislated by the Central Government/ State Government and new policy decisions are being taken by them, which affect & influence the common man. The Government pleads that the legislation is assented  by the elected members of the Parliament/ Legislative Assembly and there is no need & legal requireme...

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Posted Under: Income Tax |

Empanelment for Special audit of Excise, Service Tax & GST Assessees

C. N0. I(10)10/C.Tax/Audit-II/Law/Special Audit/2020/107 (06/01/2021)

Provisions of erstwhile section 14AA of the Central Excise Act, 1944, Section 72 of the Finance Act, 1994 and current Section 66 of the Central Goods and Service Tax Act, 2017 provides for conduct of special audit of registered persons under Central Excise, Service Tax and GST Laws by practicing-Chartered Accountants or Cost Accountants....

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ITAT deletes addition on issue, not part of reasons for limited scrutiny

Spooner Industries P Ltd Vs ITO (ITAT Delhi)

Spooner Industries P Ltd Vs ITO (ITAT Delhi) Addition made by the ld. AO and confirmed by the ld. CIT (Appeals) under Section 68 of the Act deserves to be deleted for the reason that ( 1) it was not part of reasons for limited scrutiny, ( 2) no enquiries made by the Assessing Officer […]...

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Discussion paper on Review of Ownership and Governance norms to facilitate new entrants to set up Stock Exchange / Depository

Press Releases No. 01/2021 (06/01/2021)

The Indian securities market has witnessed dominance in trading and depository space, raising concerns on possibility of excessive concentration and institutional tardiness in quickly responding to the changing market dynamics which may have an adverse bearing on efficiency in trading, record-keeping, supervision and risk management pract...

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CBDT designates Special Court for the State of Tripura

Notification No. 1/2021-Income Tax [S.O. 58(E)] (06/01/2021)

Central Government, in consultation with the Chief Justice of the High Court of Tripura, hereby designates the Court of Chief Judicial Magistrate, West Tripura Judicial District, Agartala as the Special Court for the State of Tripura for the purposes of the said sub-section....

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FAQs -CS Executive Entrance Test (CSEET) through Remote Proctored Mode

FAQs About CS Executive Entrance Test (CSEET) To Be Held on 9th January 2021 Through Remote Proctored Mode Q.1 How the CSEET will be conducted? Will it be conducted from Test Centres or from Home? Ans. CSEET shall be conducted through REMOTE Proctored mode instead of conducting the same from Test Centres. Candidates are allowed […]...

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Posted Under: Income Tax |

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January 2021