TaxLiner | Summarizing Laws

2021-06-16 06:30:04 Disposal of VSV matters must be completed till July 15: CBDT issues Interim Action Plan for FY 2021-22

Cenvat Credit not allowable on Capital Goods for which full Depreciation is allowed by Income Tax Dept: CESTAT confirms Order denying Credit

SBI app, Internet Banking, UPI will be down for 4 Hours on June 13: Check details

Govt. notifies Anand Mohan Bajaj as the member of the SEBI

Know the Reasons Why Form 26AS must be checked before Filing Income Tax Return

Know 3 Upcoming Functionalities to be deployed on GST Portal: GSTN

Key Recommendations of 44th GST Council Meeting

ED empowered to Dispose of Objections for want of detailed consideration: Delhi HC refuses to quash SCN against J.P Morgan

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2021-06-16 05:30:04 Exclusive IncomeTax Updates:

• I-T - It is incumbent upon Revenue to accord personal hearing to taxpayer before proceeding with any addition: HC

• I-T - Re-opening of assessment commenced after expiry of 4 years from end of relevant AY, merits being upheld, where proceedings earlier initiated within limitation period were dropped on technical grounds & without assigning any reasons: HC

• Disallowance of rent expenses is not tenable, where it is clear that a property had been taken on rent by the assessee in furtherance of its business : ITAT

• PCIT cannot exercise revisionary jurisdiction u/s 263 when necessary details and documents are furnished by assessee, based on which AO takes a particular view: ITAT

• When AO forms a plausible view after conducting proper enquiry, such view cannot be held erroneous by PCIT u/s 263 for want of no enquiry: ITAT

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2021-06-15 19:48:58 Into the Web: AML Risks of Virtual Assets? – Part I

https://corporate.cyrilamarchandblogs.com/2021/06/into-the-web-aml-risks-of-virtual-assets-part-i/ ओपन / कमेंट

2021-06-15 19:05:22 MCA Update 15.06.2021

Rule 4 of The Companies (Meeting of Board and its Powers) Rules, 2014
Deals with Matters Not to be Dealt With in a Meeting Through Video Conferencing or Other Audio Visual Means

Omitted via this amendment

With the said amendment, restriction on agenda items to be transacted only at physical meeting of Board of Directors are done away with.

With MCA Amendment 15th June, 2021. Now following resolution can be passed through Video Conference mode:-

(i) the approval of the annual financial statements;

(ii) the approval of the Board’s report;

(iii) the approval of the prospectus;

(iv) the Audit Committee Meetings for consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act; and

(v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

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2021-06-15 18:39:16 COST INFLATION INDEX FOR FY 21-22 is 317

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2021-06-15 15:03:23 Moneycontrol Market Reports
Taking Stock: Market at fresh record closing highs; realty stocks shine

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2021-06-15 14:30:03 Flash of #Startup News By @HubofCA:

• Udaan eyes 100% growth in FY22

• Singapore's Carro becomes a unicorn before IPO

• Sebi plans to build a dedicated framework for SPACs in India

• Clubhouse one million-downloads on May 21: Social audio is set to have its YouTube moment, say founders

• Social audio is set to have its YouTube moment, Clubhouse founders say

• Now, Covid-19 vaccination appointments can be booked on Paytm app

• Inmobi-owned Glance acquires Shop101 in social commerce push

• PhonePe goes to Sebi against Ventureast for 'scuttling' Indus OS deal

• Byju's becomes India's most valued startup after $340 million funding ओपन / कमेंट

2021-06-15 08:30:06 Latest One-Liner Case Law Highlights By @HubofCA:

• Reassessment to enhance disallowance on basis of existing material available before AO isn’t permissible: ITAT

• Revised Form 36 to be filed by legal heir/revenue if assessee expired during proceedings before ITAT: Agra ITAT

• Sum which was offered as income can be claimed as deduction in subsequent year if same wasn’t received

• Delhi HC quashes assessment order and remitted matter back as assessee hadn’t been granted personal hearing

• Revenue was unfair in giving only 5 days to file objections if it has time till 30-06-2021 to pass final order: HC

• Swiss Bank deposits not taxable as exchange of info. prior to 01-04-2011 not covered by Article 26 : Delhi ITAT

• HC remanded matter as ITAT heard matter ex parte without properly adverting to relevant facts

• Single judge cannot declare sec. 206AA as violative of fundamental rights without recording any findings : HC ओपन / कमेंट

2021-06-15 06:30:07 Disposal of VSV matters must be completed till July 15: CBDT issues Interim Action Plan for FY 2021-22

Cenvat Credit not allowable on Capital Goods for which full Depreciation is allowed by Income Tax Dept: CESTAT confirms Order denying Credit

SBI app, Internet Banking, UPI will be down for 4 Hours on June 13: Check details

Govt. notifies Anand Mohan Bajaj as the member of the SEBI

Know the Reasons Why Form 26AS must be checked before Filing Income Tax Return

Know 3 Upcoming Functionalities to be deployed on GST Portal: GSTN

Key Recommendations of 44th GST Council Meeting

ED empowered to Dispose of Objections for want of detailed consideration: Delhi HC refuses to quash SCN against J.P Morgan

Join @HubofCA for Daily One-Liner Top Stories #StatNews ओपन / कमेंट

2021-06-14 17:09:11 Lease and Rentals: Are these Operational Debt under the IBC?

https://corporate.cyrilamarchandblogs.com/2021/06/lease-and-rentals-are-these-operational-debt-under-the-ibc/ ओपन / कमेंट