FA, 2020 amendment increasing safe harbor limit u/s 50C to 10% is applicable retrospectively: ITAT
2021-01-19 10:56:00
The Start-up India campaign introduced by the Prime Minister in January 2016 completed its 5th year in December 2020. The campaign aimed at making India one of the largest Start-up eco-systems in t...
During the assessment proceedings, the Assessing Officer (AO) noticed that Stamp Duty value of the property transferred by assessee was more than its sale consideration.
AO required as...
Section 2.58 of FTP accommodates unwinding of Policy and Procedures on grounds of authentic difficulty and unfavorable effect on exchange. A Policy Relaxation Committee will be fittingly establishe...
Fact of the Case
The appellant was engaged in the business of renting commercial property. It intended to enter contractual arrangements with potential tenants whereas ...
In the instant case, the Corporate-Debtor Company was involved in real estate activities and the Petitioner-financial creditor, an individual, agreed with corporate debtor to buy residential flat d...
The corporate debtor had availed a loan from the lenders, and it failed to repay dues and banks assigned debt in favour of Asset Reconstruction (the financial creditor).
&...
Days after Prime Minister Narendra Modi reported a Rs 1,000-crore seed fund for a new startup, Commerce Minister Piyush Goyal has now asked to set up Indian organizations and business-people to "de...
A severe debt, in simple terms, means a debt that cannot be recovered. Companies often find themselves in an uncomfortable position chasing debtors to recoup their debts. The pain can be double if ...
Assessee was a nationalised bank. During assessment proceedings, revenue submitted that a third partly viz., National Financial Switch and Cash Tree were acting as agents and were collecting charge...
Fact of the Case
Fact of the Case
In the instant case, pursuant to petition to initiate corporate insolvency proceedings, the appellant-Corporate debtor's resolution plan was approved by the NCLT.
Thereafter, the marke...
In the instant case, the Registrar of Companies complained to petitioners, a non-banking financial company and its officers, under section 58A of the Companies Act, 1956/ Corresponding Section 73 o...
The public authority in the financial plan one week from now is relied upon to report estimates, for example, broadening the facility of mass clearance for e-commerce imports and exports with the e...
Rule 86B of the Central Goods and Services Tax Rules, 2017 has been introduced w.e.f. 1st January 2021 vide Notification No. 94/2020 - Central Tax which allows utilization of IT...
Fact of the Case
The applicant entered into a lease agreement with Govt. to provide a building on rent along with interior infrastructure (such as fittings, lightings e...
Now and again when you experience a choice made by a legal authority clearly, subsequent to appreciating and clarifying the subtleties of misleadingly comparative arrangements, You, as an expert, g...
Assessee paid royalty to Hitachi Construction Machinery Company Private Limited, Japan (HCM). Such an amount was paid for the use of technical know-how and a grant of rights for manufacturing Hitac...
Sponsored by a solid recovery in steel interest, JSW Steel on Friday revealed a heavenly arrangement of numbers for the three months of October-December, as the net benefit expanded almost multiple...
One of the most recognized legal symbols visible in the architecture of the Supreme Court Building in the United States of America is the female figure representing Justice, who is depicted in thre...
Assessee filed an application seeking issuance of a certificate for nil deduction of tax. In this connection, assessee was asked to provide certain details which were provided by it. The applicatio...
Fact of the Case
Fact of the Case
Regulation 7A of IP regulations requires every Insolvency Professional (IP) to have ‘Authorization for Assignment’ (AFA) before undertaking any assignment after 31-12-2019.Without AFA, an IP is...
In the instant case, the NCLT admitted plea filed by ISRO-arm Antrix Corporation Limited to wind up Devas multimedia under section 271 and Section 272 of Companies Act, 2013 for obtaining contract ...
Around 50% of the business respondents feel that the upcoming Union Budget will revive their business, while a dominant part are optimistic about financial recovery and request improvement.
Assessee took a plot on lease for a term of 90 years. It had an option to pay the advanced annual rent on an annual basis or commuted one-time lease lease for the period of lease. Assessee opted fo...
In exercise of power conferred pursuant to paragraph 3 of the Faceless Penalty Scheme, 2021, the Central Board of Direct Taxes (CBDT) has directed that all penalty cases,
pending as we...
The introduction of GST was one of the most important tax reforms and it is imperative to understand key GST implications relevant to Banks/Non-Banking Finance Companies/Financial Institu...
Fact of the Case
The applicant Science Centre was established by India's renowned Scientist, Dr. Vikram Sarabhai to inculcate scientific temper among the students at yo...
In the instant case, the NCLT admitted application under section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) of corporate debtor.&nbs...
In this landmark ruling, the Supreme Court upheld sections 3, 4, and 10 of the IBC (Amendment) Act, 2020. Section 3 of the Amendment Act amended section 7(1) of the IBC requiring a minimum threshol...
The MSME Ministry is working with the State Bank of India to launch the e-commerce portal for MSMEs that will help them market and sell their items in India and universally like stages, for example...
The Direct Tax Vivad Se Vishwas Act, 2020 was promulgated and notified as Act No. 3 of 2020 dated 17th March 2020 pursuant to being accorded assent from the Hon'ble President of India. &n...
During the scrutiny proceedings, the Assessing Officer (AO) asked the assessee-company to explain remuneration paid to its directors. The assessment furnished the details of remuneration paid to di...
Circular No. 1077/01/2021 – CX Dated 19th January 2021
BIC has directed its officers to strictly adhere to the aspect of limitation in filing appeals/ petitions before Cour...
Fact of the Case
The petitioners were company directors and searched the company's premises of the petitioners and some documents came to be seized. The department clai...
In the instant case, a Show Cause Notice was issued to the Managing Director of ‘PVAI Valuer Professional Organization’ (PVAI-VPO) registered with the Insolvency and Bankruptcy Board of India (...
The MSME sector was one of those sectors that were worst hit by covid-19 pandemic. With more than 25-30 million positions lost in the time of March-June 2020 alone according to SKOCH Group overview...
A notice was issued to assess under Section 153A. In response to such a notice the assessee filed a return of income declaring nil income.
Thereafter, a notice was issued for scru...
Fact of the Case
The applicant was involved in the business of undertaking construction development projects including building residential apartments, commercial compl...
In the instant case, the Respondent was purchaser of flat in the appellant-corporate debtor's project and booking of flat was made under a Construction linked plan with stipulated period for comple...
In the issuance of GDR by the company 'M', a bank account was opened with Lisbon Bank, Banco, for purpose of receiving subscription money in respect of GDR and bank was authorized to use subscripti...
Leading stock trade BSE said it has held hands with the Maharashtra government to make mindfulness about advantages of listing among small and medium enterprises (SMEs) of the state.
MSMEs, which were allotted Rs 3.7 lakh crore of the Atmanirbhar bundle a year ago by the public authority, are looking for an additional lift to the credit side of their requirement to get back in ...
updated In the instant case, the Scheme was floated by the company Assurre Agrowtech Limited, and it came to notice by the SEBI that the Scheme was nothing else but a collective investment scheme w...
The appellant was appointed as statutory auditor of a company who issued an auditor report for financial years 2014-15 and 2015-16. Thereafter, inspection of respondent company was ordered based on...
Assessee-challenged the assessment orders passed by the Assessing Officer (AO) by assessing income of assessee under section 144 read with section 147 of the Income-tax Act.CIT(A) excused the allur...
Assessee had a factory at Anekal, Bangalore. It decided to shift its operations from a district in the State of Andhra Pradesh. The plot held by the assessee was sold on 26-9-1997 and the sale proc...
Fact of the Case
Fact of the Case
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FA, 2020 amendment increasing safe harbor limit u/s 50C to 10% is applicable retrospectively: ITAT
2021-01-19 10:56:00
Services of organization of Industries in industrial areas and establishing commercial centers is supply and liable to GST
2021-01-18 17:40:53
No Benefit of reduced rate of 5% GST available on supply of cables which are not integral part of Warship
2021-01-18 17:39:04
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