Month: February 2020
Fixed medical allowance to employees taxable without proof that medical expenditure actually incurred. ITAT upheld addition u/s 201(1) for short deduction of TDS ABCAUS Case Law Citation:ABCAUS 3273 (2020) (02) ITAT In the instant case, the appeal was filed by the Branch Manager of LIC (the assessee) against …
SEBI allows investors to directly access infrastructure of recognised stock exchanges to purchase/redeem mutual fund units directly from MF/ AM Companies Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD1/DSAP/CIR/P/2020/29 February 26, 2020 ToAll recognised Stock Exchanges, Clearing Corporations and Depositories (except Stock Exchanges and Clearing Corporations in International …
Profit on Bogus purchase/ accommodation entries @ 5% upheld by the High Court. Only profit element embedded is to be taxed not entire purchase ABCAUS Case Law Citation:ABCAUS 3272 (2020) (02) HC Important case law relied upon by the parties:Kaveri Rice Mills vs. Commissioner of Income-Tax, (2006)157 Taxman …
Salient features of the CARO 2020 applicable for financial year commencing on 1st April 2019 onwards MCA has notified the Companies (Auditor’s Report) Order, 2020, CARO 2020 is applicable for the financial years commencing on or after the 1st April, 2019. Salient features of the CARO 2020 are …
For Revision u/s 263, records include records relating to assessment proceedings of preceding assessment years ABCAUS Case Law Citation:ABCAUS 3271 (2020) (02) ITAT Important case law relied upon by the parties:Rotork Controls India Private Limited v. CIT reported in (2009) 314 ITR 62(SC)CIT v. Gabriel India Ltd., reported …
CARO 2020. MCA notifies Companies (Auditor’s Report) Order 2020. Read Key Changes / Highlights CARO 2020 – Companies (Auditor’s Report) Order, 2020 Note: Due to Covid-19 virus, MCA has extended the applicability of CARO 2020 from the financial year 2020-2021 instead of being applicable from the financial year …
Addition u/s 56(2)(ii) deleted as Law cannot operate in vaccum de-horse ground realities though deeming section not requires any incriminating material ABCAUS Case Law Citation:ABCAUS 3270 (2020) (02) ITAT Section 56(2) of the Income Tax Act, 1961 (the Act) is a deeming provision which creates an artificial …
Mauritius included in FATF list of jurisdictions under increased monitoring – SEBI. Though FPIs from Mauritius continue to be eligible for FPI Registration Mauritius included in FATF list The Financial Action Task Force on February 21, 2020, has placed Mauritius in the list of “jurisdictions under increased monitoring”, …
Govt. Constitutes 22nd Law Commission of India for a term of three years MINISTRY OF LAW AND JUSTICE(Department of Legal Affairs) ORDER New Delhi, the 21st February, 2020 Subject:Constitution of Twenty-second Law Commission of India for a term of three years –reg. F. …
Non striking of applicable limb of penalty u/s 271(1)(c) in notice. ITAT permits restoration of appeal if issue is decided by Supreme Court in favour of Revenue ABCAUS Case Law Citation:ABCAUS 3269 (2020) (02) ITAT In a recent judgment, Tribunal had dealt with a challenge to the validity …