DG/Secretary Competition Commission of India notified u/s 138 to disclose information to Income Tax Department  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.57/2020 New Delhi, the 30th July, 2020 S.O. 2528(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of …

CBIC revises jurisdiction of customs officers for appeals purposes in respect of bill of entry entered for home consumption or warehousing   MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No.63/2020-Customs (N.T.) New Delhi, the 30th July, 2020   G.S.R.482(E).—In exercise of the powers …

2nd phase of All India roll-out of Customs Faceless Assessment w.e.f. 03.08.2020 in selected Zones  Circular No. 34/2020-Customs F. No.450/26/2019-Cus IV(Pt.)Government of India Ministry of Finance Department of Revenue(Central Board of Indirect Taxes & Customs)***** Room No. 227B, North Block, New Delhi, dated the 30th of July , …

ICAI 10 Frequently Asked Questions on the SEBI Settlement Scheme 2020 – One Time Settlement Scheme issued by the Securities Exchange of India    The Securities Exchange Board of India has introduced a new scheme vide Public Notice dated 27th July, 2020 called Settlement Scheme (“the Scheme”) in …

Investigation of misbehavior/incapacity of NCLAT / NCLT Chairman/President etc. MCA notifies Rules for Inquiry Procedures NCLT & NCLAT Procedure for investigation of misbehavior or incapacity of Chairperson, President and other Members Rules, 2020. Ministry of Corporate Affairs have notified the National Company Law Tribunal and National Company Law Appellate …

No disallowance for bogus purchase when there is one to one reconciliation of purchase with sales – ITAT  ABACUS Case Law CitationABCAUS 3349 (2020) (07) ITAT Important case law relied upon by the parties:Indian Woolen Carpet Factory v. ITAT (2003) 260 ITR 658 (Raj.) (HC)ITO vs. M/s. Super …