TaxLiner | Summarizing Laws

2021-05-01 06:30:09 One Liner Top-Stories Update:

COVID-19: Govt. waives Customs Duty on Inflammatory Diagnostic (marker) kits

ICAI requests Chartered Accountants to contribute generously towards CA Benevolent Fund

ICAI relaxes procedure followed for grant of Medical Financial Assistance Chartered Accountants and their dependents

Land contributed to Firm was withdrawn by Partners during Retirement can’t be treated as Settlement of Accounts on Retirement: ITAT

Earnest Money was Forfeited on Cancellation of Land Purchase resulting into Business Loss: ITAT deletes disallowance of Commission

Managing Director can’t be liable for Unaccounted Income of the Company: ITAT

PCIT can’t assume Jurisdiction u/s 263 when AO has made Sufficient Enquiry: ITAT

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2021-04-30 18:02:37 Moneycontrol Market Reports
Taking Stock: Market snaps 4-day winning streak, plunges 2%; pharma outperforms

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2021-04-30 06:30:09 One Liner Top-Stories Update:

Kerala High Court rules against ICAI on Retired CA ‘s Right to Practice

CCI approves Tata Group’s acquisition of online grocery platform BigBasket

Property ceases to be Business Asset When No Depreciation claimed: ITAT treats Profit and Gain arising out of Sale of Property as LTCG

No Addition to be made merely on the basis of Dumb documents: ITAT

Exemption Notifications to be interpreted strictly: ITAT

Revisional Power excised by CIT(A) based on ‘Cut &Paste’ reasoning Invalid: ITAT

Relief to Reliance: Deductions for Profits and Gains from Industrial Undertakings not to be confined to ‘Business Income’ Only, rules Supreme Court

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2021-04-29 18:02:03 Moneycontrol Market Reports
Taking Stock: Indices end higher for 4th straight day amid monthly expiry

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2021-04-29 13:02:10 One-Liner Latest Business News:

- Sensex rallies over 600 points in early trade; Nifty reclaims 15,000 level

- SBI Board approves raising up to $2 bn

- Equities rally for third day as earnings eclipse Covid gloom

- Maruti advances factory shutdown

- Zomato files papers for Rs8,250-cr IPO

- 98% of oxygen generated by industry in Punjab diverted to hospitals

- Govt proposes new re-registration norms for vehicles moving to other state

- Unions to protest on May Day, demand free universal vaccination

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2021-04-29 06:30:10 One Liner Top-Stories Update:

Businesses approach Gujarat High Court to extend Income Tax, GST Due Dates or Relax Late Fee amid Pandemic

Mala-fide intention or suppression of fact cannot be alleged when there is a dispute involving Interpretation of Law: CESTAT

CBI arrests Assistant Revenue Inspector and One Other in a Bribery Case

Photo of COVID-19 patient studying for CA Exam on his Hospital bed in Odisha goes Viral

Actual Receipt of Money by Assessee is a mandatory condition to invoke section 68 for Unexplained Cash Credit: ITAT grants relief

Supreme Court extends Limitation Period for Filing of Cases in Courts and Tribunals due to Second wave of COVID-19 pandemic

Foreign Currency is not a ‘Commodity’ to invoke provisions relating to Speculative Transactions: ITAT grants Relief to Lifestyle International

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2021-04-29 05:30:04 SEBI Updates by @HubofCA

- SAT: SEBI not ‘Tribunal’, affirms order rejecting IL&FS Securities’ plea to stay proceedings

- SEBI: Investment advisers cannot charge implementation fee for advisory clients

- SAT: 100% acquisition of company, irrespective of size, calls for compliances under PIT Regulations

- SAT: Directs SEBI to pass final order in CG Power matter in 6 months

- SEBI: Rs. 25 Cr. penalty on Yes Bank for inducing ‘hapless' customers into buying risky AT-1 Bonds

- SEBI: Penalises RIL Promoters Rs. 25 Cr. for lapse in Takeover Regulations compliance, terms it “economic offence”

- SAT: Valuation report required for Shareholders’ inspection with offer letter under Takeover Regulations

- SAT: Quashes SEBI’s “WhatsApp leaks” orders; Cites absence of “knowledge of UPSI”

-SEBI: Directs attachment of Yes Bank former MD Rana Kapoor’s assets to recover penalty

- SEBI: Penalises real estate Co. for floating CIS without obtaining registration certificate ओपन / कमेंट

2021-04-28 18:01:31 Moneycontrol Market Reports
Taking Stock: Bulls tighten grip, market up 1.5%; all eyes on Fed meet outcome

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2021-04-28 07:27:58 One Liner Top-Stories Update:

Delay of One Day in filing Appeal: CESTAT slams the practice of Depriving Remedy to Taxpayers in a ‘Hyper-technical Manner’

CS Exams 2021: ICSI announces Opt Out Facility and Carry forward of CSEET Fees

CBIC allows companies to file GST Returns without DSC with Mobile OTP

ICAI postpones CA Final and Intermediate Examinations 2021

CBDT notifies Conditions for Pension Fund for Exemption under Sec 10(23FE) and substitutes Form No. 10BBA

RBI issues Guidelines for Appointment of Statutory Auditors of Banks, NBFCs

Taxpayers can now Check their GST Returns for last 5 Return periods on GST Portal: All you need to know

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2021-04-27 22:32:32 Great Initiative by the ICAI Institute, inspiring for all the other Institutes and Organisations.

ICAI is reimbursing Hospital and medical expenses of Covid treatment including family members of Members.

Here attache the form which has particular details and procedure to avail this benifit.

Every Institute/Organization should come forward to help it's stakeholders in this tough time, we will surely overcome by this crisis. Let's fight together !

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