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Stimulus package: To improve liquidity, Rs. 70,000-cr capital to be infused into public sector banks | 24 Aug
Super rich surcharge for equity investors rolled back, CSR violations not be a crime | 24 Aug

MoF

Stimulus package: MSMEs to get pending GST refunds within 30 days, says FM
In a major relief to the MSME sector facing liquidity shortage, the government on Friday announced that all their pending GST refunds will be paid within 30 days.
24-Aug-2019

IRDAI

Now, insurance products to get innovative
With fintechs taking an active part in providing customised and out-of-the-box solutions, insurance products are likely to get more innovative. The Insurance Regulatory and Development Authority of In
24-Aug-2019

MoF

Stimulus package: India’s GDP expansion higher than global growth, says Union Finance Minister
Seeking to dispel doubts over the economy and Government’s growth agenda, Finance Minister Nirmala Sitharaman on Friday said India’s gross domestic product (GDP) continues to grow at a faster pace tha
24-Aug-2019

SEBI

Market sell-off due to overall slowdown: SEBI chief
The recent heavy sell-off in the markets cannot be attributed to the foreign portfolio investors (FPI) gloomy sentiment alone, rather there are various other factors coupled with the general slowdown
24-Aug-2019

MoF

Stimulus package: To improve liquidity, Rs. 70,000-cr capital to be infused into public sector banks
Finance Minister Nirmala Sitharaman on Thursday announced upfront capital infusion of Rs. 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation.
24-Aug-2019

MoF

Stimulus package: New measures unveiled for auto sector to boost demand
In a bid to address slowdown in the auto sector, the government on Friday announced a slew of measures including lifting ban on purchase of vehicles by government departments, and allowing additional
24-Aug-2019

MoF

Super rich surcharge for equity investors rolled back, CSR violations not be a crime
In a move that is meant to counter the 48 days of turbulence in the stock market, the Government on Friday came with its first booster shot for the economy, rolling back the higher super-rich surcharg
24-Aug-2019

IRDAI

No solvency issues in DHFL insurance arms: IRDAI chief
The Insurance Regulatory and Development Authority of India on Thursday said it will ensure that there are no solvency issues for insurance subsidiaries of troubled Dewan Housing Finance Corporation.
230819_004.htm

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Latest Statutes

High Court while deciding the appeal heard the counsel for the parties, yet did not frame any substantial question of law arising in the case; in the absence of any discussion or/and the reasoning/ground as to why the order of Tribunal did not suffer from any illegality and why the grounds of Revenue were not acceptable and why the appeal did not involve any substantial question(s) of law or though framed could not be answered in Revenue’s favour, the impugned order suffered from jurisdictional errors and therefore, legally unsustainable for want of compliance of the requirements of sub-sections (4) and (5) of section 260A.

CIT v. Rashtradoot (HUF)

Section 260A Direct Taxes

In an appeal agreement the levy of late fee under section 234E the CIT(A) cannot travel beyond the subject-matter of the appeal, which in the present case was as to whether fee under section 234E can be levied or not; and not the question, whether the return of TDS filed by the assessee was non est in law? CIT(A) had no power in the appeal in the present case to declare the return of TDS filed by the assessee as non est in law.

Manoj Kumar Jaiswal v. Asstt. CIT

Section 251(1) Direct Taxes

applicant can apply rule 28 of the GST Rules, 2017 to determine the value of supply of goods for supply of goods by one distinct entity (factory/depot) as defined under section 25(4) of the CGST Act to another entity having same PAN (factory/depot).

Kansai Nerolac Paints Ltd., In re

Section 98 of CGST Act, 2017 GST

As electricity has all the necessary trappings of "articles" or "things", the benefit of additional depreciation under section 32(1)(iia), cannot be denied to an entity engaged in business of generation and distribution of power.

Pr. CIT v. NTPC Sail Power Co. (P) Ltd.

Section 32(1)(iia) Direct Taxes

Passenger service fee was a statutory levy and assessee airline was only acting as a conduit between embarking passengers and the Central Government Agency, therefore, assessee was not required to deduct tax under section 194J from payment of passenger service fee.

Asstt. CIT v. Spice Jet Ltd.

Section 194J Direct Taxes

As decided in assessee’s own case in CIT v. M/s. E-City Project Construction (P) Ltd. [ITA No. 149 of 2015 and Others, 18-7-2017] : 2017 TaxPub(DT) 5002 (Bom-HC), intention of assessee was to commercially exploit the property by way of complex commercial activities and it was not a case of letting out the property simplicitor, therefore, it was treated as business income.

Asstt. CIT v. E-City Projects Construction (P) Ltd.

Section 14 Direct Taxes

Where Pr. CIT rejected assessee’s application for stay of recovery of demand in a cryptic manner and directed assessee to deposit 20% of amount demanded merely relying on CBDT Instruction No. 1914, dt. 21-3-1996, matter was remanded back to Pr. CIT for disposal afresh in accordance with law.

Shriram Finance v. Pr. CIT

Section 220 Direct Taxes

Since transactions of purchase and sale of shares were supported and evidenced by Bills, contract Notes, Demat statements and bank statements, etc., and when transactions of purchase of shares were accepted by AO in earlier years, the same could not be treated as bogus simply on the basis of some reports of investigation wing, etc. therefore, AO was directed to allow the claim of assessee in respect of long-term capital gain on sale of shares of M/s. KAFL and delete addition under section 68

L.K. Prahladka, HUF v. ITO

Section 68 Direct Taxes

Leave and licence charges and services charges earned by assessee engaged in the business of building and leasing premises of special nature as per the requirements of clients had to be taxed as business income and not as income from house property

ITO v. Balwas Realty & Infrastructure (P) Ltd.

Section 14 Direct Taxes

Prohance-D cannot be categorized as diabetic food. "Prohance-D (Chocolate)" is a food preparation which is meant to be consumed by people by dissolving the same in water or milk. It is thus, a "food preparation", squarely covered under Chapter Heading 2106 of the Customs Tariff.

Sun Pharmaceutical Industries Ltd., In re

Section 98 of CGST Act, 2017 GST

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