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Expenditure on ERP Software allowed as Revenue in nature despite being treated as deferred revenue expenditure in the books of accounts ABACUS Case Law CitationABCAUS 3362 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Associated Cement Companies Ltd: 172 ITR 257 (SC)Alembic Chemical Works …
Government appoints Shri Keshav Chandra, IAS as Director in the Serious Fraud Investigation Office (SFIO) under Ministry of Corporate Affairs MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 11th August, 2020 S.O. 2709(E).—In exercise of the powers conferred under sub-section (3) of Section 211 of the Companies Act, …
“Transparent Taxation – Honoring the Honest” Platform to be launched on 13th August 2020. Transparent Taxation – Honoring the Honest Platform Prime Minister declares Taxpayer Charter PM asks those who are not in tax net but able to pay tax, to come forward and pay taxes voluntarily. Nothing …
Income Tax Investigation Wing and Central charges to resume sending notices to assessees electronically F. No. 414/ 29 /2020 -IT (lnv. I)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes******** Room No. 269, North Block,New Delhi, the 11th August, 2020. ToAll the Directors General …
Income Tax Department conducts search on premises of Chinese entities As per a Press Release issued by Finance Ministry, the Income Tax Department, based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell …
Daughters have coparcenary rights from birth even if father not alive on commencement of Hindu Hindu Succession (Amendment) Act 2005 i.e. 9.9.2005 ABACUS Case Law CitationABCAUS 3361 (2020) (08) SC Important case law relied upon by the parties:Prakash & Ors. v. Phulavati & Ors., (2016) 2 SCC 36Danamma …
Section 139A not to apply to non-resident (except company) who makes investment in a specified fund subject to few conditions – Rule 114AAB. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 58/2020 New Delhi, the 10th August, 2020 INCOME-TAX G.S.R. 499(E).—In exercise …
Govt. designates three Special Courts in Maharashtra for trial of offences punishable under the Income-tax Act, 1961 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)(INVESTIGATION DIVISION-V) Notification No. 59/2020 New Delhi, the 10th August, 2020 S.O.2682(E).—In exercise of the powers conferred by sub-section (1) of section 280A …
Trustees of Mutual Funds to appoint dedicated officer to give administrative assistance in monitoring various activities of the AMCs Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF4/CIR/P/2020/0000000151 August 10, 2020 All Mutual Funds (MFs)/Asset Management Companies (AMCs)/Trustee Companies/ Board of Trustees of Mutual Funds/Association of Mutual Funds in …
No Penalty u/s 271AAB unless undisclosed income found from seized material. Disclosure made in statement u/s 132(4) not sufficient to levy penalty ABACUS Case Law CitationABCAUS 3360 (2020) (08) ITAT Important case law relied upon by the parties:Ravi Mathur vs. DCITDinesh Kumar Agarwal vs. ACITRaja Ram Maheshwari vs. …
