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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 May Day 7 - Thursday

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TMI Tax Updates - e-Newsletter
May 7, 2020

Case Laws in this Newsletter:

Income Tax Corporate Laws Insolvency & Bankruptcy CST, VAT & Sales Tax Indian Laws



TMI SMS


Highlights / Catch Notes

  • GST:

    Central Goods and Services Tax (Fifth Amendment) Rules, 2020. - Filing of NIL GSTR-3B return through SMS

  • GST:

    Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. - Notification

  • GST:

    Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020. - Notification

  • GST:

    Seeks to extend the due date for furnishing of FORM GSTR 9/9C for FY 2018-19 till 30th September, 2020. - Notification

  • GST:

    Seeks to extend the due date for furnishing FORM GSTR-3B, Jan-March, 2020 returns for the taxpayers registered in Ladakh. - Notification

  • Income Tax:

    Penalty u/s 271(1) (c) - Defective notice - non specification of charge - ITAT rightly set-aside the order of the penalty levied on the Assessee.

  • Income Tax:

    Summons u/s 131 - In the considered opinion of this Court, the impugned summons to the extent of asking the assessee to be present for unlimited period till the time he obtains permission from the Assistant Commissioner, is highly unreasonable. Though there is no infirmity in asking the petitioner to be present for enquiry, this Court does not find any justification on the part of the Assistant Commissioner in asking the assessee to be present for unlimited period.

  • Income Tax:

    Validity of assessment order - demand notice for lack of jurisdiction in the Assessing Officer - writ petition dismissed on account of availability of alternative remedy.

  • Income Tax:

    Disallowance of advances written off - the parent company has not reimbursed the amount only on account of change of policy of the parent company. - the assessee has failed to substantiate as to why the advances amount was written off, particularly under the fact that the same is recoverable from its parent company.

  • Income Tax:

    Share income received from the Society - Society has claimed deduction u/s 80IAB, hence not suffered any tax - Since the income of the society was taxed separately as rightly observed by the Ld.CIT(A), individual members of the society are not liable to be tax the same income. Taxing the income again in the hands of the assessee would amount double taxation of the same income which is not permissible.

  • Income Tax:

    Capital gain computation - justification in adopting the value u/s. 50C - property not sold for the market rate - when the assessee mortgaged property to Catholic Syrian Bank and could not effectively negotiate for sale of property due to Kidney failure of one of the assessee, the provisions of s. 50C of the Act not be applicable.

  • Income Tax:

    Claim of deduction u/s. 35 - scientific research activities - very fact that expenditure was incurred in the form of salary and overheads only goes to suggest that there is no research activities carried out. In the absence of any capital assets employed for the purpose of research activities, this issue requires to be adjudicated with reference to the evidence of research activities if any carried on by the assessee.

  • DGFT:

    Amendment in Export Policy of Sanitizers. - Notification

  • Indian Laws:

    Dishonor of Cheque - case of petitioner is that the petitioner being a non-executive Director was never in-charge of the business of the accused company or responsible to the company for the conduct of its business - vicariously liability u/s 138 - the petition is not only highly belated, but also filed only with a view to delay the trial - Dismissed with cost of ₹ 25,000/- to be paid to “PM Cares” Relief Fund

  • IBC:

    Initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Any subsequent dispute raised while replying to the demand notice under section 8(1) cannot be taken into consideration to hold that there is a pre-existing dispute.

  • IBC:

    Maintainability of application - initiation of CIRP - Financial debt or not - The applicants failed to produce any document to show that what was the agreed interest in between the parties on the basis of which money was borrowed. Therefore, the case of the applicant, does not comes u/s 5(8) of the I and B Code

  • VAT:

    Constitutional validity of the Kerala Tax on Paper Lotteries Act, 2005 - levy of licence fee on the draw of lotteries - vires of Section 5BA of the KGST Act - what is sought to be taxed indirectly is the sale of the lottery tickets within the State of Kerala, which is prohibited by virtue of the law. - The Kerala Tax on Paper Lotteries Act, 2005 is hereby declared as unconstitutional and invalid.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2020 (5) TMI 142
  • 2020 (5) TMI 147
  • 2020 (5) TMI 146
  • 2020 (5) TMI 141
  • 2020 (5) TMI 140
  • 2020 (5) TMI 139
  • 2020 (5) TMI 145
  • 2020 (5) TMI 138
  • 2020 (5) TMI 137
  • 2020 (5) TMI 136
  • 2020 (5) TMI 135
  • 2020 (5) TMI 144
  • 2020 (5) TMI 134
  • 2020 (5) TMI 133
  • 2020 (5) TMI 132
  • 2020 (5) TMI 143
  • Corporate Laws

  • 2020 (5) TMI 131
  • Insolvency & Bankruptcy

  • 2020 (5) TMI 130
  • 2020 (5) TMI 129
  • CST, VAT & Sales Tax

  • 2020 (5) TMI 128
  • Indian Laws

  • 2020 (5) TMI 127
 

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