Wednesday, August 5, 2020

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News Updates

Market Value of Property reduced due to Litigation and Defect in Title, Section 50C can’t be applied: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961...

CBIC notifies Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) on Friday notified the Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020. They come into...

GST Revenue July 2020: ₹87,422 crore gross revenue collected in July

The gross GST revenue collected in the month of July 2020 is ₹ 87,422 crore of which CGST is ₹ 16,147crore, SGST is ₹...

Statement of College Authorities that Capitation Fee was paid in Cash can’t be used against Assessee: ITAT deletes Addition

The Income Tax Appellate Tribunal (ITAT), Delhi bench has recently deleted an addition against the assessee by observing that the addition cannot be made...

No Penalty for ‘Escapement of Income’ if Assessee disclosed All Material Facts Fully and Truly: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty cannot be imposed if the assessee has disclosed full...

DGFT notifies Application for CoO of India’s Exports to Thailand will be submitted through E-CoO platform under ASEAN-India FTA

The Director-General of Foreign Trade (DGFT) on Friday issued the preferential certificate of origin (CoO) of India’s exports to Thailand. The application of CoO will...

Columns

INTERVIEWS

“Short-Term challenges that have Negatively affected Working Capital Requirement of Exporters and SMEs”: In Conversation with Amit Parmar, SVP, VAYANA Network

Amit Parmar is a Senior Vice President in GST Platform, Vayana Network. Amit brings in 11 years of experience in Banking and Technology. In...

“If the Exports are Cramped or Crippled it shall have a Very Serious and a Direct effect on the Nation’s Economy”: In Conversation with...

Mr. S. Jaikumar, Powered by a decade of hands-on experience in the Customs and Central Excise department, An Advocate founded the pan-India tax law...

Popular

Madras High Court dismisses CA ’s plea seeking to direct Institute of Cost Accountants of India to use acronym ICOAI instead of ICAI [Read...

The Madras High Court dismissed CA ’s plea seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead...

Professionals like Chartered Accountants, Lawyers are now eligible to avail Govt’s Credit Guarantee Scheme for MSMEs

The government on Saturday expanded the scope of the scheme to include ‘individual loans given for business purposes’ within the ambit of the Emergency...

Possessing Ration Card of low Economic Strata is not sufficient to prove Financial Status: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the fact that the assessee possesses a ration card of low...

CST $ VAT / GST

GST: Citing COVID-19 pandemic, Delhi HC allows Samsonite to deposit Profiteered Amount within 6 months [Read Order]

The Delhi HC via video conferencing allows Samsonite to deposit the principal profiteered amount of Rs. 21.2 crores (after adjustment of Rs. 3 crores...

GST Revenue July 2020: ₹87,422 crore gross revenue collected in July

The gross GST revenue collected in the month of July 2020 is ₹ 87,422 crore of which CGST is ₹ 16,147crore, SGST is ₹...

Madhya Pradesh HC grants Bail to persons accused of GST evasion of Rs. 225 Crores [Read Order]

The Madhya Pradesh High Court has granted bail to the accused persons in case of GST evasion, for alleged evaded payment of the GST...

GST: Delhi Govt extends due date for filing Annual Return [Read Notification]

The Delhi Goods and Service Tax Department notified the Delhi Goods and Services Tax (Tenth Removal of Difficulties) Order, 2019. As per Section 44(1) of...

Fairness should be applied while Interpreting Provisions of Dispute Resolution Scheme as Its Object is to reduce Legacy Tax Disputes: Madras HC [Read Judgment]

The Madras High Court, while granting relief to the assessee, held that the objective of the Dispute Resolution Scheme is to reduce legacy tax...

Income Tax

Service Tax

Service Tax not applicable on Collection of Octroi for Entry of Goods in discharge of Sovereign Privilege: CESTAT [Read Order]

The Customs, Excise s, Service Taxes Appellate Tribunal (CESTAT), Mumbai Bench held sovereign privilege that the service tax is not applicable to the collection of Octroi for...

Centre notifies Establishment of Central Consumer Protection Authority [Read Notification]

The Central Government establishes the authority for the Consumer Protection as a body corporate namely Central Consumer Protection Authority (CCPA). The CCPA is established under...

Expenses Received as Reimbursement of Expenses made on behalf of Service Recipient can’t form part of Assessable Value, No Service Tax: CESTAT

The Customs, Excises, and Service Tax Appellate Tribunal (CESTAT) held that expenses received as reimbursement of expenses made on behalf of service recipients by...

Levy of Service Tax on CICS/CCS would be applicable only in case of Pure Service Contracts: CESTAT [Read Order]

The Customs, Excise, Service Tax Appellate Tribunal (CESTAT) held that the levy of service tax on Commercial or Industrial Construction Service (CICS) or Construction...

No Service Tax leviable on Linking of Signals from the Satellite is Transmission of Signals: CESTAT [Read Order]

The Customs, Excise, Service Tax Appellate Tribunal (CESTAT), while setting aside the order of the Commissioner held that no service tax is leviable on...

CESTAT set aside order of demand of Service Tax, Penalty and Interest against Adani Power [Read Order]

The Customs, Excise, Service Tax Appellate Tribunal (CESTAT) set aside the order of demand of service tax, penalty, and interest passed by the Commissioner...

Event Scan

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the provisions of disallowance under section 40(a)(ia) of the Income Tax Act, 1961...
The Noida Customs Commissionerate is organising an 'Orientation Programme' on " Authorised Economic Operator (AEO) " scheme. Mr. S K Sinha, Commissioner of Customs (...
Gujarat National Law University in collaboration with the Insolvency and Bankruptcy Board of India organized a Research Writing Competition on ‘Legal Landscape of Insolvency...

Excise & Customs

CBIC notifies Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) on Friday notified the Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020. They come into...

Gujarat High Court imposes cost of Rs. 1 Lakh against Excise Officer for not issuing Refund [Read Order]

The Gujarat High Court ordered a cost of Rs.1 Lakh against Excise Officer for not issuing a refund. The petitioner, M/s Century Copper Rod Pvt....

DGFT amends Import Policy of Colour Television sets from ‘Free’ to ‘Restricted’

The Director-General of Foreign Trade (DGFT) on Thursday amended the import policy of color television sets from “free” to “restricted”. In exercise of powers conferred...

CBIC notifies Second Phase of All India roll-out of Faceless Assessment [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday notified the second phase of All India roll-out of Faceless Assessment. The first phase...

International Taxation

Apple wins $14.9 billion Tax Bill Court fight in EU

Apple has won its court fight over a record $14.9 billion Irish tax bill in what is being described as a serious blow to...

US Supreme Court allows Manhattan DA to get Trump’s Tax Records, going against the Immunity for President from Investigation [Read Judgment]

The United States (US) Supreme Court on Thursday ruled that the Manhattan district attorney may access President Donald Trump’s financial and tax records going...

Impact of COVID-19 on the Financial Reporting Ecosystem

The COVID-19 pandemic is affecting major economic and financial markets and almost all industries. The virus has hit not just people, but businesses and financial...

Saudi Arabia triples VAT by 15% to Counter Oil slump amid COVID-19

Saudi Arabia will triple value-added tax (VAT) and suspend a cost of living allowance for state workers, it said on Monday, seeking to shore...

Job Scan

Staff Accountant vacancy in Amazon

Amazon has invited applications from eligible and interested candidates for the post of staff accountant. Amazon.com, Inc., is an American multinational technology company based in...

Chartered Accountant vacancy in Amazon

Amazon Inc is hiring CA qualifiers for the role of FinOps Manager at their Hyderabad location. Candidates with 8 or more years of relevant...

Indirect Tax Manager vacancy in Google

Google is hiring Chartered Accountants/ Law degree qualifiers for the role of Indirect Tax Manager at their Gurugram, Haryana location. Candidates with 12 years...

Chartered Accountant vacancy in Amazon

Amazon Inc is hiring CA qualifiers for the role of Senior Financial Analyst at their Bangalore location. Candidates with 5 or more years of...

Domestic Taxation

COVID-19: Punjab Govt extends Deadline for Outstanding House Tax, Property Tax

The Punjab State Government has extended the deadline to pay the outstanding house tax or property tax without any penalty till June 30, 2020. Likewise,...

State / Local Authority can realise Tax / Fees on Erection of Mobile Towers: Chhattisgarh HC [Read Judgment]

The Chhattisgarh High Court has upheld the validity of the rules issued by the Chhattisgarh State Government where it notified the authority of local...

Kerala High Court quashes Govt Order on Puducherry registered Vehicles [Read Judgment]

A single bench of the Kerala High Court recently passed a judgment that clarified the legal stance concerning a debated issue of whether the...

Toll Tax in Highways: Telangana High Court asks to produce List of Exempted Dignitaries

While considering to grant an interim relief in connection with a writ petition filed by advocates D Vidyasagar and S Naresh, the Telangana High...

CBDT issues Norms for Compounding of Offences under Direct Tax Law, 2019 [Read Guidelines]

The Central Board of Direct Taxes ( CBDT ) has issued a detailed guidelines for compounding offences under the direct tax law replacing the...

Corporate Laws

Other Taxations

Madras High Court dismisses CA ’s plea seeking to direct Institute of Cost Accountants of India to use acronym ICOAI instead of ICAI [Read...

The Madras High Court dismissed CA ’s plea seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead...

SC sentences Former Revenue Official to 1 year in Jail for demanding Rs. 300 as a Bribe two decades ago [Read Order]

The Supreme Court, while upholding the order of the Punjab and Haryana High Court,  dismissed the appeal of a former Patwari, an official Revenue...

Delhi HC dismisses PIL to include ‘Profession of Advocates’ under MSME Act [Read Order]

The Delhi High Court on Wednesday dismissed a public interest litigation (PIL) challenging the eligibility criteria to access the development and promotional schemes under...

COVID 19 – Tax Losses – Back for a Better Future

Tax Losses Carryback (‘TLCB’) is a system that allows taxpayers to set-off losses of the current year against the profits of past years. Globally,...

CIC rejects RTI filed by Wife seeking Income Tax Return details of Husband [Read Order]

The Central Information Commission has observed that the wife is not entitled to seek the information of Income Tax Returns filed by her husband...

EPFO updates KYC for 73.58 lakh Subscribers during April-June 2020

To extend the availability and reach of its online services, which have become crucial in the wake of the COVID-19 pandemic, EPFO updated Know...

Firm Scan

DMD Advocates advises Infradigital Technologies in selling its Production and Distribution Division

The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the...