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GSTN new functionalities-Multiple amendments enabled in Table-4 of GSTR-8 and TCS facility extended for Composition taxpayers New functionalities made available for TCS and Composition taxpayers 1. Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 (a) Earlier, if no action was taken on TCS details, …

Addition for bogus purchases as unexplained cash credits whether u/s 68 or u/s 41(1) as cessation of liability? No additions on opening balances ABACUS Case Law CitationABCAUS 3382 (2020) (09) ITAT In this case appeal was preferred by the Revenue against the  order of  Commissioner of Income Tax …

Bank passbook / statements not books of account of assessee and hence no addition can be made u/s 68 of the Income Tax Act, 1961 ABACUS Case Law CitationABCAUS 3381 (2020) (09) ITAT Important case law relied upon by the parties:Baladin Ram v. CIT 71 ITR 427CIT vs. …

Income Tax to share information with Scheduled Commercial Banks MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 71/ 2020 New Delhi, the 31st August, 2020 S.O. 2947(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, …

Last date for filing GSTR-4 for FY 2019-20 extended to 31st October 2020 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 64/2020–Central Tax New Delhi, the 31st August, 2020 G.S.R. 539(E).—In exercise of the powers conferred by section 148 of the Central Goods …

Relaxation in processing of documents of FPIs not to apply to entities from jurisdictions where lockdown has already been lifted – SEBI CIRCULAR SEBI/HO/FPI&C/CIR/P/2020/162 August 31, 2020 To, 1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)/ Custodian of Securities. 2. Designated Depository Participants (“DDPs”)/ …

Relaxation in Credit rating for default due to restructuring of debt due to COVID-19 related stress extended to 31.12.2020 SECURITIES & EXCHANGE BOARD OF INDIA SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/ 160 August 31, 2020 To,All Credit Rating Agencies (CRAs) registered with SEBI Dear Sir/ Madam, Sub: …

No concealment when all information available for determining income  given voluntarily by assessee either in return or at the time of assessment ABACUS Case Law CitationABCAUS 3380 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Samson Perinchery 392 ITR 4 (Bom). Ventura Textiles Ltd., vs. …

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 …