Revised claim of deduction u/s 80IC allowed without revised return Judgment of Supreme Court applies to AO not appellate Authorities ABACUS Case Law CitationABCAUS 3373 (2020) (08) ITAT Important case law relied upon by the parties:Goetz India Ltd In the instant case, the assessee had challenged the order …

Comparison between present income tax assessment and faceless assessment Current vs Faceless Assessment Present Assessment System Faceless Assessment System Case selection through system, Manual & Tax evasion information 1. No discretion to any officer in selection 2. No selection except through system red alerts 3. No selection other …

Frequently Asked Questions (FAQ) on Portfolio Managers by SEBI SEBI has issued FAQs on Portfolio Mangers 1. Who is a Portfolio Manager? A portfolio manager is a body corporate, which,pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as …

Interest on net GST liability paid by debiting electronic cash ledger payable on delayed returns from 1st September 2020 Section 50 of the CGST Act 2017 provides for levy of interest on delayed payment of tax. The interest is also payable on claiming excess input tax credit (ITC). …

Export of PPE Kit, 2/3 ply surgical masks, N-95 and equivalent masks allowed DGFT vide Notification No. 29 dated 25.08.2020 has removed restriction on export of PPE medical coveralls & 2/3 ply surgical masks & allowed export of N-95 and equivalent masks under monthly quota. The Notification issued …

IBBI bans Insolvency Professional for three months for appointing unregistered valuer ABACUS Case Law CitationABCAUS 3372 (2020) (08) IBBI In a recent case, Disciplinary Committee of IBBI has banned an Insolvency Professional for a period of three months for appointing unregistered valuer Under regulation 27 of the corporate …