TaxLiner | Summarizing Laws

2021-05-11 08:30:09 Latest One-Liner Case Law Highlights By @HubofCA:

• No customs duty recovery from Corporate Resolution Applicant if Corporate Resolution plan included customs duty

• Approval u/s 31 of FERA to be obtained before foreign national alienates property in favour of a third party: HC

• No sec. 68 additions as investor was public Co. having sufficient earning to invest: ITAT

• No abuse of dominance by GNIDA in market for land allotment for development of housing projects in Greater Noida

• Declaration under ‘Vivad se Vishwas’ couldn’t be rejected without giving chance to declarant to explain its case: HC

• Reassessment alleging that assessee received bogus share capital invalid as there was no increase in share capital

• Land to be treated as agricultural land if agricultural operation on land was carried out for many years

• CCI directs probe in matter of TATA motors for imposing unfair terms in dealership agreement for commercial vehicles ओपन / कमेंट

2021-05-11 06:30:08 One Liner Top-Stories Update:

GST Refund Status: Know the Steps to Track your Application even without logging into GST Portal

Deduction u/s 80IA(4) granted in First Year can’t be denied in Subsequent Years, Unless Change in Original Terms and Conditions: ITAT

Encashment of Bank Guarantee is incurred in Normal Course of Business: ITAT deletes Addition

ITAT affirms Assessment of Profit on Main Contract at 8% and Income from Sub-Contracts at 5%

229 Taxmen died of COVID-19

Delhi HC stays Assessment Order passed under Section 153C of the Income Tax Act as revenue failed to furnish evidence Linking Assessee and Other person

SFI approaches Supreme Court seeking waive off GST on Oxygen Concentrators for Personal use

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2021-05-10 18:09:02 Moneycontrol Market Reports
Taking Stock | Market extends rally to 4th straight session; metal stocks outshine

@HubofCA ओपन / कमेंट

2021-05-10 15:29:35 New disclosure obligation in Financial Statements for companies holding cryptocurrencies – Are Regulators testing waters?

https://corporate.cyrilamarchandblogs.com/2021/05/new-disclosure-obligation-in-financial-statements-for-companies-holding-cryptocurrencies-are-regulators-testing-waters/ ओपन / कमेंट

2021-05-10 11:30:12 Daily #Statutory News By @HubofCA:

• Facility to provide undertaking for custom clearance shall remain open till 30.6.21

• No penalty on cash receipt of 2 lakh or more by hospital providing COVID-19 treatment: CBDT

• SEBI amends various regulations with respect to fees

• Code of Conduct for Alternative Investment Fund and their key management personnel: SEBI

• SEBI tightens takeover norms on Innovators Growth Platform

• SEBI comes up with an exit route for issuers whose securities are listed on Innovators Growth Platform

• SEBI specifies special procedure for action on ‘expulsion from membership’ of stock exchange

• Listed entity must submit secretarial compliance report within 60 days from end of each financial year ओपन / कमेंट

2021-05-10 06:30:09 One Liner Top-Stories Update:

Delhi HC stays Assessment Order passed under Section 153C of the Income Tax Act as revenue failed to furnish evidence Linking Assessee and Other person

SFI approaches Supreme Court seeking waive off GST on Oxygen Concentrators for Personal use

SEBI notifies Issue of Capital and Disclosure Requirements (Second Amendment) Regulations, 2021

Tax Authorities can’t evade responsibility to ensure only correct and due Taxes are collected, No Taxpayer to be burdened with unfair additions: ITAT

Know the Cons of Pre-Filled Income Tax Return

Relief to Pepsico India: ITAT deletes addition on account of AMP Expenses

Partial Relief to Tata Sons: ITAT allows Income Tax Deduction Claims

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2021-05-09 13:02:08 One-Liner Latest Business News:

• S&P to retain India’s current sovereign rating for two years

• MFs on buying spree for 2nd month in a row, infuse Rs 5,526 crore in equities in April

• ICICI Lombard to give up to 2-month advance salary to COVID positive employees

• RBI sets up panel to assist regulatory review authority

• Adani Group deploys resources for Covid fight, procures 48 oxygen carrying tanks

• Government allows cash payment of over Rs 2 lakh for COVID-19 treatment at hospitals

• India to breach fiscal deficit target: Fitch

• HDFC Q4 net profit up 31% at Rs 5,669 cr

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2021-05-09 05:30:08 One-Liner IBC Updates/News:

• Our tribute to a teacher, an author and a great human being - Dr. D.S. Rawat

• NCLT/NCLAT Power to Order Criminal Proceeding

• Concluding the conundrum: balance sheet entries as Acknowledgment

• CIRP plea admitted as corporate debtor failed to establish any pre-existence of dispute

• Company was to be liquidated when no resolution plan was received after 330 days and Co. was not a going concern: NCLT

• Petition filed within 3 years of acknowledgement of debt was within limitation period

• NCLT orders dissolution of corporate debtor when all assets were liquidated and realized amount was distributed

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2021-05-08 06:30:08 One Liner Top-Stories Update:

Know GST Provisions applicable on Non Residents Taxable Persons

CBIC issues guidelines on ‘Aashavasan’, a programme to medically aid and financially assist COVID hit CBIC Members

CBDT notifies Relaxation in Cash Payments of more than 2 Lakhs in Hospitals providing Covid Treatment

GST: Delhi High Court sets Timelines for SNN Business Services to clear Tax Dues in installments

Is CGST Notification No 14/2021 dated 1st May 2021, in partial contradiction of SC Orders on Extension of Limitation?

Secretarial Compliance Report mandatory for Listed Companies: SEBI

Relief to SPNN Business Services: Delhi HC lifts Provisional Attachment of Bank Account so as to pay Salaries of Employees

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2021-05-08 05:30:09 \Exclusive #GST News By @HubofCA

• Taxability of ride-hailing services - The apprehension of the petitioner-Uber that other operators are adopting differing positions in regard to the taxability of receipts stands assuaged as necessary action would be taken to ensure compliance.

• No prohibition for a consignor to load the consignments to two different destinations of two different parties in two different States on a single conveyance; and no rule that consignment intended for party at a shorter distance be offloaded first.

• Merely because the applicant has been called upon to participate in the inquiry against its vendor, does not involve an automatic accusation against the applicant and it also does not involve the risk of his arrest.

• When the GST liability is unambiguous and the nature of services are also falling within the scope of supply, then there is no reason to consider the claim of the petitioners for invoking provisions of Section 32 of the CGST Act. ओपन / कमेंट