Home Highlights May 2020 Year 2020 This

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1. Central Government constituted the National Committee for Promotion Social and Economic Welfare

2. Approval of Resolution Plan - when to obtain approval from the CCI? - Although, the RP subsequently clarified that approval can be obtained even after the approval by...

3. Settlement of inter/intra government disputes - Mandation of obtaining COD (Committee on Disputes) approval - Impugned order passed by the Tribunal dismissing the...

4. Reopening of assessment u/s 147 - absence of valid approval to be obtained u/s 151 - The Appellate Tribunal noted that the approval obtained from the Additional...

5. Approval of Resolution Plan - Prior permission of the CCI was not obtained - the Adjudicating Authority was conscious of CCI approval and hence, ignoring the fact that...

6. Exemption u/s 11 - money received on account of IDC [Infrastructure Development Charges] - Merely because the assessee fund no longer requires approval of the Finance...

7. Audit Committee - to provide for ratification by audit committee of transactions involving amount not exceeding one crore rupees within 3 months of transaction,...

8. Instructions for enabling Internal Control Mechanism for Refunds in GST - SGST - A committee of officers was constituted - These instructions are issued based upon the...

9. Reopening of assessment u/s 147 - sanction required u/s 151 has not been validly obtained - even while conveying the approval for re-opening, Addl.CIT has displayed...

10. Receiving foreign exchange in lieu of issuance of equity shares/share warrants - whether no approval has been granted by FIPB? - When FIPB, the authority, who is vested...

11. Invalid approval obtained u/s 153D for assessment u/s 153A - Approval from Addl. CIT of the Range - So, when mandatory approval u/s 153D is not there, entire assessment...

12. Allowable expenditure u/s 37(1) - addition relating to form fees which was deposited for obtaining the wine shop through government - non-accepting the theory of...

13. Validity of Assessment u/s 153A - non-generation of DIN - approval u/s. 153D of the Act is akin to the approval u/s. 151 of the Act, wherein, we find sanction/approval...

14. Over-Valuation of export goods - Referring the matter to the Valuation Committee for re-fixing of the transaction - Without following the mandate of Rule 8, the officer...

15. Re-determination of the CIRP - The direction to CoC to redetermine the CIRP cost after approval of the Resolution Plan by the CoC is unsustainable - The audited Report...