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Whether an expenditure is capital or revenue squarely fall within the ambit of a debatable issue. Penalty u/s 271(1)(c) deleted ABACUS Case Law CitationABCAUS 3379 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Vegan International Ltd. 2 Taxmann.com 140 In the instant case, the …
Depreciation allowable even if asset not used during the year when it formed part of block of assets ABACUS Case Law CitationABCAUS 3378 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Norplex Oak India reported in 198 Taxman 0470 In the instant case, the …
Reassessment completed without serving notice u/s 143(2) invalid. Issue and service of notice are jurisdictional requirements ABACUS Case Law CitationABCAUS 3377 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Chetan Gupta 382 ITR 613 In the instant case, the assessee had raised additional grounds …
CBDT asks banks to refund charges collected on or after 01.01.2020 on transactions done using electronic modes prescribed u/s 269SU F.No.370142/35/2019-TPL-PtGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No. 16/2020 Dated: 30th August, 2020 Subject: Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax …
Govt asks States to avail borrowing options to meet GST shortfall for 2020-21 The Government has communicated to the States, the two borrowing options to meet the GST Compensation requirement for 2020-21 consequent to the discussions in the 41st meeting of the GST Council held on 27th August, …
CBIC to Roll out GST Investigation Module – Phase-1 from 1st September 2020 At the instance of Directorate General of GST Intelligence – DGGI, CBIC , the Directorate General of Systems and Data Management, Bengaluru Zonal Unit has developed an Investigation (Enforcement) module which works as a sub-module …
Form GSTR-2B, ITC Statement available for download on GST Portal for taxpayers GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD. …
Gas regulating measuring equipment installed at customers site fulfills the description in Section 65(105)(zzzzj) of a taxable service – SC ABACUS Case Law CitationABCAUS 3376 (2020) (08) SC Important case law relied upon by the parties:Indian National Shipowners’ Association and Anr. v. Union of India and others The …
Payment received for shares, duly issued cannot be a debt under Insolvency and Bankruptcy Code. Personal loan to Promoter/Director cannot trigger CRIP -SC ABACUS Case Law CitationABCAUS 3375 (2020) (08) SC Important case law relied upon by the parties:Innoventive Industries Ltd. v. ICICI Bank and Anr.B. K. Educational …
Provision for display of companies annual return on website applicable from 28.08.2020. Web-link of annual return to be disclosed in the Board’s report MINISTRY OF CORPORATE AFFAIRSNOTIFICATION New Delhi, the 28th August, 2020 S.O. 2920(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the …