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Extension of date of admission in CAT Course for June, 2021 Exam

August 1, 2021 681 Views 0 comment Print

It is hereby notified that the last date of admission for CAT Course students stands extended up to 31st August, 2021 (Tuesday) for December, 2021 term of Examination.

Lease rent from modules of STP is business income eligible for Section 80IA deduction

August 1, 2021 1014 Views 0 comment Print

CIT Vs Rishabh Infopark Pvt. Ltd. (Madras High Court) The only issue in the appeals of the Revenue is that the Income Tax Appellate Tribunal erred in holding that the lease rent income received from letting out modules of Software Technology park to various lessees would constitute income from business and eligible for deduction under […]

Section 147: Revenue to prove failure of Assessee in Full & True Disclose of All Material Facts

August 1, 2021 2667 Views 0 comment Print

PCIT Vs Superior Films Private Limited (Delhi High Court) When the assessee has filed a return u/s 139 of the Act or in response to sections 142(1) or 148 of the I.T.Act and when an assessment order u/s 143(3) or u /s 147 of the Act has already been passed then the assessee enjoys statutory […]

Cash deposited in Bank out of Sale of Land is directly connected

August 1, 2021 6534 Views 0 comment Print

Surat Singh Vs ITO (ITAT Delhi) The second ground of argument of the learned authorised representative is that the learned assessing officer has reopened the case of the assessee for the purpose of verification of the cash deposited in the savings bank account as income escaped. The learned assessing officer has not made any addition […]

CBIC allows facility of continuous AEO certification/auto renewal for AEO-T1 entities

July 31, 2021 2811 Views 0 comment Print

Taking into account the reported difficulties faced by the AEO-T1 (including MSME AEO-T1) entities in seeking renewal and with a view to reduce their compliance burden, the Board has decided to allow the facility of continuous AEO certification/auto renewal for AEO-T1 entities.

FDI and Investment in Food Processing Sector

July 31, 2021 498 Views 0 comment Print

Ministry of Food Processing Industries (MoFPI) is implementing a Central Sector scheme- PRADHAN MANTRI KISAN SAMPADA YOJANA (PMKSY) for overall growth and development of food processing sector including augmenting the preservation and processing capacity in the sector with off farm employment generation across the country.

SC allows IGST export refund as it was to the extent of customs component

July 30, 2021 4302 Views 0 comment Print

Union of India & Ors. Vs Awadkrupa Plastomech Pvt. Ltd. (Supreme Court of India) Supreme Court has upheld decision of the Gujarat High Court where the High Court directed the Goods and Service Tax Authorities to immediately sanction refund towards IGST paid in respect to goods exported made via shipping bills as same was only […]

Dream 11 fantasy sports are games of skill and not gambling

July 30, 2021 3237 Views 0 comment Print

Avinash Mehrotra Vs State of Rajasthan & Ors. (Supreme Court of India) Permission to file Special Leave Petition is granted. This matter has come up before us even earlier.  On 28.06.2021, the petitioner has sought an adjournment for filing  additional documents. The matter now comes up in which the petitioner circulated yet another letter again […]

DGFT notifies revised process for online refund of user charges/penalty/fees

July 30, 2021 1782 Views 0 comment Print

GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE PUBLIC NOTICE No. 19/2015-2020 NEW DELHI, DATED THE 30.07. 2021 Subject: Amendments in Appendix 2K of the Foreign Trade Policy- reg. F. No. 01/93/180/66/AM-21/P.C.II(B)/e- 28655. – In exercise of powers conferred under Paragraph 1.03 read with Paragraph 2.04 of the Foreign Trade Policy 2015-2020, as […]

SEBI (Bankers to an Issue) (Amendment) Regulations, 2021

July 30, 2021 2007 Views 0 comment Print

These regulations may be called the Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2021. 2. They shall come into force on the date of their publication in the Official Gazette.

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