In the current scenario of lockdown announced by the Govt. to control the spread of COVID-19 pandemic and other disruptions, the businesses and enterprises are not able to function normally and are facing liquidity / cash crunch to pay their statutory dues even though they are retaining the employees on their rolls.
After a comprehensive review, and in view of the Lockdown measures having led to significant gains in the COVID-19 situation in the country, Ministry of Home Affairs (MHA), Government of India (Gol) issued an Order under the Disaster Management Act, 2005, today, to further extend the Lockdown for a further period of two weeks beyond May 4, 2020.
Align Components Pvt. Ltd. Vs Union of India (Bombay High Court) It is clarifed that since the State of Maharashtra has partially lifted the lock down recently in certain industrial areas in the State of Maharashtra, the workers would be expected to report for duties as per the shift schedules subject to adequate protection, from […]
ICAI releases Exposure Draft (ED) 70, ‘Revenue with Performance Obligations’, ED 71, ‘Revenue without Performance Obligations’ and ED 72, ‘Transfer Expenses’ of International Public Sector Accounting Standards (IPSAS) Board for public comments At the outset, we would like to inform you that ICAI through its Committee on Public and Government Financial Management (CP&GFM) is involved in the […]
Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions.
The unprecedented lockdown of the Indian economy in the wake of Covid-19 has impacted livelihoods and businesses across the country. Despite several measures by the Reserve Bank of India (RBI), the liquidity in certain segments of the corporate bond markets has fallen-off dramatically and has remained low for an extended period. In this scenario, mutual […]
It was possible for the respondent to raise submissions that arbitration pertaining to each of the agreements be considered and dealt with separately. It was also possible for him to contend that in respect of the agreement where the venue was agreed to be at Kolkata, the arbitration proceedings be conducted accordingly.
Sama Om Reddy Vs ITO (ITAT Hyderabad) Ld.Counsel for the assessee had reiterated the submissions made by the assessee before the AO and has submitted that by virtue of the Agreement of Sale cum GPA and handing over of the possession, the assessee had transferred the property in favour of the Vendee/GPA-holder, Shri A.Manikyam. It […]
In view of disruptions on account of COVID-19 pandemic, it has been decided by RBI to extend the timelines for submission of regulatory returns which can be submitted with a delay of a maximum of 30 days from the due date.
Tokenisation refers to replacement of actual card details with an alternate code called the token, which shall be unique for a combination of card, token requestor and device (referred hereafter as identified device).
