Month: August 2020
Second reopening notice u/s 148 issued without completing earlier reassessment proceedings is invalid ABACUS Case Law CitationABCAUS 3370 (2020) (08) ITAT Important case law relied upon by the parties:A.S.S.P. & Co. vs. CIT 172 ITR 274 (Mad)CIT vs. P. Krishnankutty Menon, 181 ITR 237 (Ker)Tao Publishing (P) Ltd. …
Revised guidelines for mandatory personal hearings in virtual mode under GST Customs, Excise Act F.No. 390/Misc/3/2019-JCGovernment of IndiaMinistry of Finance, Deptt of RevenueCentral Board of Indirect Taxes & Customs(Judicial Cell)New Delhi.*** Dated 21 August 2020 INSTRUCTION To1. All Principal Chief Commissioner/ Chief Commissioner (Customs, CGST & Central Excise)2. …
Capital gain to be computed first applying exemption and then provisions for set off of capital loss ABACUS Case Law CitationABCAUS 3369 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Vijay M. Mahtaney 35 taxmann.com 228 (Mad) In the instant case, the assessee had …
Income Tax Department conducts searches in Bhopal Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 21st August, 2020 Income Tax Department conducts searches in Bhopal PRESS RELEASE The Income Tax Department carried out a search and seizure operation …
Addition for unsecured loans tenable when profits are estimated as it is not trading account but balance sheet item ABACUS Case Law CitationABCAUS 3368 (2020) (08) ITAT Important case law relied upon by the parties:Addl. CIT vs Hanuman Agarwal 151 ITR 150 (Pat)Mather & Platt (India) Ltd vs …
Accounting Standards to be followed by entities issuing and/or listing debt securities in IFSC for preparation of statement of accounts Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD1/DSAP/CIR/P/2020/154 August 21, 2020 All Recognised Stock Exchanges in International Financial Services Centres (IFSC) Dear Sir / Madam, Subject: Securities and …
The Customs (Administration of Rules of Origin under Trade Agreements) Rules 2020 MINISTRY OF FINANCE(Department of Revenue) Notification No. 81/2020-Customs (N.T.) New Delhi, the 21st August, 2020 G.S.R. 521(E).—In exercise of the powers conferred by section 156 read with section 28DA of the Customs …
Rules for No Confidence motion against Office Bearers, members of Bar Council of India, and Officer Bearers of State Bar Councils The Bar Council of India has passed a resolution for all the State Bar Councils laying down rules / guidelines for passing of No-Confidence Motion against their …
Value of Plant & Machinery or Equipment for MSMEs new Definition-RBI withdraws its Circular in view of Govt. clarification The Government had recently notified new criteria for classifying MSMEs. The RBI then issued a circular suggesting documents that can be relied upon by banks for arriving at investment …
Aadhaar number authentication for GST Registration made optional. Registration in such cases to be granted after physical verification of place of business Aadhaar Authentication process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ …
