TaxLiner | Summarizing Laws

2021-05-04 08:30:04 Latest One-Liner Case Law Highlights By @HubofCA:

• No Sec. 68 additions in hands of Co. allotting shares against goodwill for acknowledging efforts of shareholders

• Reassessment justified if there was additional material which wasn’t considered at time of original assessment

• No ST on remuneration to partner towards activities performed for partnership firm: CESTAT Ahmedabad

• Bombay HC set aside demand notice sent via email since assessment order under MVAT Act was passed manually

• Section 272 (1)(e) of Cos. Act is not ultra vires Constitution of India: HC

• 100% of disputed tax is payable under DTVSV Act if assessment made on basis of info. obtained during search of 3rd party

• Telecom companies are eligible for SEIS claim: Delhi High Court

• AO wasn’t justified in taxing salary income earned outside India just because assessee couldn’t produce TRC ओपन / कमेंट

2021-05-04 06:30:08 One Liner Top-Stories Update:

No Adverse inference to be drawn if Shareholders failed to respond to Notice issued by AO: ITAT deletes Addition

MCA relaxes Deadlines and Additional Fee on certain Forms under Companies Act, 2013

MCA issues clarification on Gap between Two Board Meetings

Income Tax Settlement Commission’s Order granting Refund to Assessee included TDS: ITAT orders to Refund of Rs. 70.53 Lakhs

CBIC notifies Ad hoc Exemption from IGST on Imports of specified COVID-19 relief material Donated from Abroad

Relief to Kirloskar: Request for Reassessment be treated as Application under Section 149 of Customs Act, 1962 for amendment of Bill of Entry, rules CESTAT

No Custom Duty is applicable on LCD modules imported by the Continental Automative Components: CESTAT

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2021-05-03 18:04:46 Moneycontrol Market Reports
Taking Stock | Market ends flat amid high volatility; metal stocks outperform

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2021-05-03 17:14:10 MCA Updates - 03.05.2021
1. Relaxation of time for filing certain forms under the Companies Act, 2013.
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf

2.Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

3. Gap between two board meetings under section 173 of the Companies Act, 2013 (CA-13) – Clarification – reg.
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf

4. The Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees. The changes required in the MCA-21 System to implement this decision are being made and stakeholders would be informed in this regard in due course through a similar Notice. The stakeholders may, therefore, plan accordingly.

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2021-05-03 11:30:08 Daily #Statutory News By @HubofCA:

- IGST on Import of Oxygen Concentrators for personal use is reduced from 28% to 12%

- Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021

- CBDT specifies format, procedure amp; guidelines for submission of SFT related to capital gains info.

- Scheme Information Document and Key Information Memorandum must be updated by May 31, 2021: SEBI

- CBDT notifies Form no. 34BB for making request to withdraw application pending before SetCom

- IRDAI allows extra time to file all return due on March 31, 2021

- Maximum Fees for issuing Certificate of Origin (NP) increased from Rs. 100 to Rs. 200: DGFT

- DGFT allows import of oxygen concentrators for personal use through post, courier or e-commerce portals ओपन / कमेंट

2021-05-03 06:30:10 One Liner Top-Stories Update:

GST Evasion: Gujarat HC grants bail to Kingpin of racket involving 13 fictitious firms leading to evasion worth Rs.6.31 cr

ICAI waives off Condonation Fees due to late filing of application of Form 18 related to Members and Firms amidst COVID-19

Booking Rights or Rights to Purchase Apartment or Rights to obtain Title to Apartment is ‘Transfer’ to impose Capital Gain: ITAT

Gift is to be treated as genuine when Assessee discharges onus of proving Identity, Creditworthiness and Relationship: ITAT deletes Addition

Expenditure towards Repairs to make House habitable deductible from Capital Gain: ITAT

Govt slashes IGST on Import of Oxygen Concentrators for personal use: 12% Tax Rate applicable till July End

CBIC extends GST Return Due Dates, Waives Late fee for GSTR-3B

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2021-05-02 09:42:36 One-Liner IBC Updates/News:

• Supreme Court on Balance Sheet Entries as Acknowledgment under IBC

• Cross-Border Demergers in India in Light of the Sun Pharmaceuticals Judgement

• IBBI amends regulation on Model Bye-Laws and Governing Board of Insolvency Professional Agencies

• Application of withdrawal u/s 12A cannot be filed by a person other than applicant or his authorized agent

• The Need of Cross Border Insolvency Framework Under IBC – A Gap Filling

• Insolvency professional entity must inform within thirty days of cessation in board: IBBI

• Period after initiation of proceedings under SARFAESI Act till date of filing application under IBC to be excluded

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2021-05-02 08:51:05 Corporate Law Updates By @HubofCA:

- RTI - Banks's application to recall judgment which directed RBI to disclose information about banks under RTI be dismissed: SC

- PMLA - Since investigation into the money-laundering of the huge amount by the Applicant is going on, extension of judicial custody of Applicant is rightly done: HC

- Competition Act - There is no violation of sec 3 and 4 of Act by OPs merely beacuse OPs requested for prices of kraft paper to be determined by the demand-supply dynamics in the markets: CCI

- Constitution of India - Considering second outburst of COVID-19 Virus, it is rightly directed that period of limitation, as prescribed under any general or special laws in respect of all judicial or quasi-judicial proceedings, shall stand extended till further orders - SC

- IBC - Till the time payment is received in one CIRP, claim can be maintained in both CIRPs for same amount and representation in CoC in both CIRPs to the extent of amount due will be justified: NCLAT ओपन / कमेंट

2021-05-02 08:49:55 IGST on Import of Oxygen Concentrators for personal use has been reduced from 28% to 12% to bring IGST rate on such personal imports at par with commercial imports of the same.

This reduced IGST rate for imports of concentrator for personal use shall be applicable upto the 30/6/21

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2021-05-02 07:58:02 @HubofCA
!Nikhil ओपन / कमेंट