"11 January 2021" Archive

CBDT rejects Income Tax Due date extension representations

F.NO. 370153/39/2020-TPL (11/01/2021)

After considering the Instruction of Gujarat High Court  in the case of All India Gujarat Federation of Tax Consultants Vs. Union of India CBDT has rejected the request for further extension of due dates for filing of Audit Report under section 44AB of the Income tax Act . CBDT said that The clue dates for […]...

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Penalty u/s 271AAD for false entry etc. in books of accounts-reg

F. No. 414/02/2021 — IT (Inv. I) (11/01/2021)

We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of accounts’ but we are not able to verify this from official sources so readers are requested to please check from their own sources before relying on the below post. F. No. 414/02/2021 — IT […]...

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GST: Writ petition not maintainable if alternative remedy available- HC

Radha Krishan Industries Vs State Of H.P. And Others ( Himachal Pradesh High Court)

When a statutory form is created by law for redressal of grievance, a writ petition should not be entertained ignoring the statutory dispensation. Therefore, assessee had not only have efficacious remedy, rather alternative remedy under the GST Act, and therefore, the present petition was not maintainable....

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Vivad Se Vishwas- File Declaration Upto 31st Jan., 2021 Without Tax !

DIRECT TAXES : VIVAD SE VISHWAS File Declaration Upto 31st Jan., 2021 Without Tax ! Vivad se Vishwas scheme was introduced with an aim to reduce direct taxes litigations pending at various appellate forums. The scheme has an attractive provision to deposit only tax and waives interest and penalty relating to disputed tax and if […]...

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Posted Under: Income Tax |

11th Instalment of GST compensation shortfall released to States

Release ID: 1687654 (11/01/2021)

11th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.66,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States....

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Weekly newsletter from Chairman, CBIC, Dated: 11.01.2021

D.O.No.49/CH(IC)/2020 (11/01/2021)

DG Vigilance has assisted the Board in ensuring the monitoring of disciplinary matters and in advising it on the suitability of officers at times of promotions, deputations, etc. DG Export Promotion, has been helpful in sorting out the difficulties being faced by genuine exporters....

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Review of Volatility Scan Range for Option contracts in Commodity Derivatives Segment

SEBI/HO/CDMRD/DRMP/CIR/P/2021/08 (11/01/2021)

Exchanges shall fix prudent price scan range, volatility scan range and/or plausible changes in any other parameters impacting options price. Exchange shall impose appropriate short option minimum margin, calendar spread charge and extreme loss margin for option contracts...

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Revision in Daily Price Limits for Commodity Futures Contracts

SEBI/HO/CDMRD/DNPMP/CIR/P/2021/9 (11/01/2021)

Daily Price Limits in commodity futures market serve an important function of defining maximum range within which price of a commodity futures contract can move in one trading session....

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SC: Challenge Constitutional validity of CGST provisions before HC

Devendra Dwivedi Vs Union Of India (Supreme Court)

Supreme Court of India in Devendra Dwivedi vs Union of India & ors. [Writ Petition(s) (Criminal) No(s). 272/2020, dated January 7, 2021] dismissed writ petition under Article 32 of the Constitution of India, challenging constitutional validity of certain provisions of Central Goods and Services Tax Act, 2017...

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Presumption of delivery cannot be assumed merely on signing of unregistered Joint Development Agreement

Namita Dutta ITO (ITAT Delhi)

Execution of unregistered Joint Development Agreement with an irrevocable Power of Attorney in favour of the Developer does not result in the "transfer" for capital gains liability....

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January 2021