Abcaus

Penalty cases not covered under Faceless Penalty Scheme 2021 – CBDT Order u/s 119

administrator January 22, 2021 Income Tax

Penalty cases not covered under Faceless Penalty Scheme 2021 – Proceedings related to Central Charges, International Tax Charges & TDS F. No. 187/4/2021- ITA-1Government of IndiaMinistry of Finance Department of Revenue (Central Board of Direct Taxes)***** North Block, New Delhi- 110001.Dated the : 20th January, 2021 ORDER Subject: …

Fund Managers remuneration provisions u/s 9A(3)(m) relaxed by CBDT for FY 2019-20 and 2020-21

administrator January 22, 2021 Income Tax

Fund Managers remuneration provisions u/s 9A(3)(m) relaxed by CBDT for FY 2019-20 and 2020-21 if at arm’s length Circular No. 1 of 2021 F. No. /370142/2/2021-TPL,Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(Tax Policy and Legislation Division)****** New De1hi, 15th January, 2021 Amount of remuneration …

Expenditure on replacement of machinery with new machinery constitutes capital expenditure

administrator January 20, 2021 Income Tax, ITAT

Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …

Waiver of bank guarantee for Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh

administrator January 19, 2021 Excise/Custom

Waiver of bank guarantee for Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh Circular No.01/2021-Customs F.No.450/96/2020-Cus-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and Customs****** North Block, New DelhiDated the14thof January, 2021 To All Principal Chief Commissioners/Chief Commissioners of …

Deduction u/s 80P allowable despite loans by co-operative societies to members not related to agriculture

administrator January 19, 2021 Income Tax, Supreme Court

Deduction u/s 80P(2)(a)(i) allowable despite loans by co-operative societies to members not related to agriculture. ABCAUS Case Law CitationABCAUS 3440 (2021) (01) SC Important case law relied referred:Chirakkal Service Co-operative Bank Ltd. v. CIT (2016) 384 ITR 490 (Ker.)Perinthalmanna Service Co-operative Bank Ltd. v. ITO and Anr.(2014) 363 …

Report of the Company law committee on Decriminalization of the LLP Act 2008

administrator January 18, 2021 Companies Act, MCA

Report of the Company law committee on Decriminalization of the Limited Liability Partnership Act, 2008 The Company Law Committee was set in 2019 to make recommendations to the Government inter alia on further decriminalization of certain “compoundable offences”, consequential amendments and certain other changes in the LLP Act, …