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Co-location case: Sebi needs to prove basis for disgorgement, NSE tells SAT | 12 Dec
Importance is given to all complaints, even anonymous ones, says Sebi | 12 Dec

Corporate Affairs

Bill to provide social security to workers introduced in Lok Sabha
The government on Wednesday tabled the much-awaited social security code in the Lok Sabha, which, among other things, seeks to empower the Centre to provide social security to workers employed in the
12-Dec-2019

GST

Higher GST rate on mobiles, fabrics likely to boost revenue collection
The goods and services tax (GST) rate on mobile phones and fabric may be hiked by the GST Council next week. This could be part of an exercise to correct the inverted tax structure and boost revenue
12-Dec-2019

IBBI

Stressed asset buyers get protection after Cabinet clears IBC amendment
In a move that will remove the final hurdle for companies taking over stressed firms, the Union Cabinet on Wednesday approved an amendment to the Insolvency and Bankruptcy Code (IBC) that prohibits
12-Dec-2019

CAG

CAG report says discrepancies in Ujjwala scheme data; safety norms violated
A Comptroller and Auditor General (CAG) report on Wednesday said data analysis of the Pradhan Mantri Ujjwala Yojana (PMUY) revealed a mismatch between the names of 1.25 million beneficiaries and the
12-Dec-2019

NSE

Co-location case: Sebi needs to prove basis for disgorgement, NSE tells SAT
The National Stock Exchange (NSE) on Wednesday told the Securities Appellate Tribunal (SAT) that the Securities and Exchange Board of India (Sebi) must explain the basis of the disgorgement order it p
12-Dec-2019

SEBI

Importance is given to all complaints, even anonymous ones, says Sebi
Markets regulator Sebi on Wednesday said it gives utmost importance to all complaints, including anonymous ones, and takes necessary actions after verifying the contents.
12-Dec-2019

WTO

WTO Appellate Body’s non-functionality could hit poorer countries more
Experts said that the loss of the World Trade Organisation’s (WTO) powers to settle trade disputes, after the number of the judges at the Appellate Body was reduced to only one instead of the mandator
11-Dec-2019

BSE

BSE online platform attracts over a quarter of mutual fund inflows
Investors in India are now routing more inflows to mutual funds via the online platform. This is evident from the fact that the BSE StAR MF, an online mutual fund distribution platform, has managed to
11-Dec-2019

GST Highlights

Top Stories

Latest Statutes

The supply of turnkey Engineering, Procurement and Construction (EPC) Contract for construction of solar power plant wherein both goods and services are supplied can be construed to be a composite supply in terms of section 2(30) of CGST Act, 2017.

Brightstone Developers (P) Ltd., In re

Section 98 of CGST Act, 2017 GST

Notice under section 148 being a jurisdictional notice, had been issued to a dead person and legal representative not having waived the requirement of notice under section 148 and not having submitted to jurisdiction of AO pursuant to impugned notice, provisions of section 292B would not be attracted and hence, notice under section 148 had to be treated as invalid.

Nanduben Ratilal Patel v. Dy. CIT

Section 148 Direct Taxes

Development fee payment was not optional or voluntary on the part of the students but it was compulsory charge in the nature of fee for studying and continuing study in the institutions of the assessee, therefore, development fee received by assessee could not be classified as capital in nature for specific purpose or part of corpus fund of assessee trust. It was part of the current receipt and partook the character of other fee charged by assessee on account of tuition fee, term fee, etc.

Asstt. CIT (E) v. Scholars Education Trust of India

Section 11 Direct Taxes

The pulpwood supplied to the applicant is covered under the HSN 4403 and is liable to tax at 18% under IGST Act, 2017

West Coast Paper Mills Ltd

Section 98 of CGST Act, 2017 GST

Any unabsorbed depreciation available to an assessee on 1-4- 2002 will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. As the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with by Circular No. 14 of 2001, the unabsorbed depreciation available to an assessee on 1-4- 2002 were available for carry forward and set-off against the profits and gains of subsequent years, without any limit, whatsoever.

Pr. CIT v. Ankur Protein Industries Ltd.

Section 72(1) Direct Taxes

Commission paid to foreign agents for procuring export orders could not be treated as income taxable in India when parameters of DTAAs were applied to transactions in question. Also non-resident agents did not have PE or business connection in India. Therefore, impugned payment could not be held as taxable in the hands of non-resident agents in India and, therefore, liability to withhold tax under section 195 did not arise.

Punjab Stainless Steel Inds. v. ACIT

Section 195 Direct Taxes

Where the loans were taken by assessee in cash from his relatives, the transactions between relatives were not in the nature of loans or deposits as envisaged in section 269SS and the penalty imposed under section 271D was accordingly cancelled.

Snehalata Sitani v. Jt. CIT

Section 271D read with Section 269SS Direct Taxes

Section 206AA does not override provisions of section 90(2) and in case of payment made to non-resident, assessee correctly applied rate of tax prescribed under concerned DTAAs and not as per section 206AA because provisions of the DTAAs were more beneficial and DTAA acquired primacy in such case.

Dy. CIT v. BEML Ltd.

Section 195 Direct Taxes

Amount utilized by the assessee in the acquisition of land should be construed as amount invested in purchase/construction of residential house the intention of the statute as provided in section 54 had been fully satisfied by the assessee in the present case though plot was not handed by the developer due to his own failure.

Varun Seth v. Asstt. CIT

Section 54 Direct Taxes

Where exemption claimed under sections 11 and 12 was denied by AO, what could be brought to tax was the net income in the hands of assessee-trust and not the gross receipts.

Kund Kund Kahan Digamber Jain v. Mumokshu Ashram Bajaj Palace

Sections 11 & 12 Direct Taxes

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