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TR Vol-177 Issue-3, 18-Jan-2021
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INCOME TAX : NEWS YOU CAN USE - Budget 2021-22 : Union Budget on Feb 1, Parliament session starts Jan 29, say reports 2 >>   
INCOME TAX : NEWS YOU CAN USE - Taxed by the pandemic, Centre may go for a coronavirus cess in Budget 2021 2 >>   
INCOME TAX : NEWS YOU CAN USE - EPFO : Govt allows EPFO to invest in public sector debt ETFs like Bharat Bond 3 >>   
INCOME TAX : NEWS YOU CAN USE - Fiscal Deficit : Fiscal deficit to hit 6.1% of GDP in FY21: Govt's first advance estimates 3 >>   
INCOME TAX : NEWS YOU CAN USE - Income Tax Returns : Income tax returns cross 58 million hours before deadline, shows data 4 >>   
INCOME TAX : NEWS YOU CAN USE - Tax Collection : Google tax mop-up rises 64%, Bengaluru and Hyderabad top the list 4 >>   
INCOME TAX : NEWS YOU CAN USE - Tax Audit Reports : CBDT rejects all representations for further extension of ITR due date 6 >>   
INCOME TAX : STATUTES - Section 274(2A)—Penalty—Faceless Penalty Scheme, 2021—Notification No. 02/2021, dtd. 12-1-2021 [F.No.370142/51/2020-TPL] 7 >>   
INCOME TAX : STATUTES - Section 274(2B)—Faceless Penalty Scheme, 2021—Modification in Provisions of Act—Notification No. 03/2021, dtd. 12-1-2021 [F. No. 370142/51/2020-TPL] 14 >>   
INCOME TAX : STATUTES - Section 280A—Special Courts—Notified Courts—Notification No. 1/2021, dtd. 6-1-2021 [F. No. 285/04/2019-IT(Inv.V) CBDT] 20 >>   
INCOME TAX : STATUTES - Income Tax Department Conducts Searches in Kolkata—Press Release, dtd. 08-1-2021 20 >>   
INCOME TAX : STATUTES - CBDT Launches e-Portal for Filing Complaints Regarding Tax Evasion/ Benami Properties/Foreign Undisclosed Assets—Press Release, dtd. 12-1-2021 21 >>   
INCOME TAX : STATUTES - Income Tax Department Conducts Searches in Assam—Press Release, dtd. 12-1-2021 21 >>   
INCOME TAX : STATUTES - Income Tax Department Conducts Searches in Hyderabad—Press Release, dtd. 12-1-2021 22 >>   
INCOME TAX : SUBSCRIBER’S QUERIES - Income from Other Sources—Property purchased at below stamp value 23 >>   
INCOME TAX : ARTICLES - Faceless Penalty Scheme, 2021—Procedure And Issues—CA. MANOJ GUPTA 24 >>   
INCOME TAX : ARTICLES - Exotic Tax Planning – III : Some Unusual Planning Methods—SRIVATSAN RANGANATHAN 36 >>   
INCOME TAX : ARTICLES - Exit Tax on Charitable Trusts—CA. MANOJ GUPTA 43 >>   
INCOME TAX : CASE LAW DIGESTS - ACIT v. Balkishan Agarwal (2021) 177 TR (A) 298 (Pun-Trib) : 2020 TaxPub(DT) 3784 (Pune-Trib) 60 >>   
INCOME TAX : CASE LAW DIGESTS - ACIT v. Indian Broadcasting Foundation (2021) 177 TR (A) 287 (Del-Trib) : 2020 TaxPub(DT) 3823 (Del-Trib) 52 >>   
INCOME TAX : CASE LAW DIGESTS - ACIT v. K.R. Pulp & Paper Ltd. (2021) 177 TR (A) 312 (Del-Trib) : 2020 TaxPub(DT) 2684 (Del-Trib)  73 >>   
INCOME TAX : CASE LAW DIGESTS - ACIT v. Soul Space Projects Ltd. (2021) 177 TR (A) 307 (Del-Trib) : 2020 TaxPub(DT) 2670 (Del-Trib) : (2020) 82 ITR (Trib) 399 (Del-Trib) : (2020) 183 ITD 281 (Del-Trib)  69 >>   
INCOME TAX : CASE LAW DIGESTS - Annavarapu Enterprises v. ITO (2021) 177 TR (A) 319 (Vis-Trib) : 2020 TaxPub(DT) 3621 (Visakha Trib) 80 >>   
INCOME TAX : CASE LAW DIGESTS - Ashwani Kumar v. ACIT (2021) 177 TR (A) 313 (Del-Trib) : 2020 TaxPub(DT) 3675 (Del-Trib) 74 >>   
INCOME TAX : CASE LAW DIGESTS - Asiatic Trading & Construction Co. v. ITO (2021) 177 TR (A) 291 (Mum-Trib) : 2020 TaxPub(DT) 3644 (Mum-Trib)  55 >>   
INCOME TAX : CASE LAW DIGESTS - Asstt. CIT v. Career Point Infra Ltd. (2021) 177 TR (A) 294 (JP-Trib) : 2020 TaxPub(DT) 3135 (Jp-Trib) : (2020) 207 TTJ (Jp-Trib) 1 58 >>   
INCOME TAX : CASE LAW DIGESTS - Asstt. CIT v. PHD Chamber of Commerce and Industry (2021) 177 TR (A) 288 (Del-Trib) : 2020 TaxPub(DT) 3480 (Del-Trib) 53 >>   
INCOME TAX : CASE LAW DIGESTS - Asstt. CIT v. Sourab Agarwal (2021) 177 TR (A) 323 (Ctk-Trib) : 2020 TaxPub(DT) 3227 (Ctk-Trib) 82 >>   
INCOME TAX : CASE LAW DIGESTS - BBR Projects (P) Ltd. v. ITO (2021) 177 TR (A) 289 (Hyd-Trib) : 2020 TaxPub(DT) 3093 (Hyd-Trib) 54 >>   
INCOME TAX : CASE LAW DIGESTS - Chandi Filling Station v. ITO (2021) 177 TR (A) 327 (CUT-TRIB) : 2020 TaxPub(DT) 3632 (Ctk-Trib)  87 >>   
INCOME TAX : CASE LAW DIGESTS - Chandra Ram Jyani v. ITO (2021) 177 TR (A) 302 (Jai-Trib) : 2020 TaxPub(DT) 3208 (Jp-Trib) 64 >>   
INCOME TAX : CASE LAW DIGESTS - CIT v. ABT Ltd. (2021) 177 TR (A) 310 (Mad-HC) : 2020 TaxPub(DT) 2903 (Mad-HC) 72 >>   
INCOME TAX : CASE LAW DIGESTS - CIT v. HE Pandurangas (2021) 177 TR (A) 303 (Kar-HC) : 2020 TaxPub(DT) 3785 (Karn-HC) 65 >>   
INCOME TAX : CASE LAW DIGESTS - CIT v. Madras Refineries Ltd. (2021) 177 TR (A) 291 (Mad-HC) : 2020 TaxPub(DT) 2919 (Mad-HC)  55 >>   
INCOME TAX : CASE LAW DIGESTS - CIT v. Saint Gobain Crystal and Detectors (I) Ltd. (2021) 177 TR (A) 323 (Kar-HC) : 2020 TaxPub(DT) 3782 (Karn-HC) 83 >>   
INCOME TAX : CASE LAW DIGESTS - CIT v. Toyota Kirloskar Motor (P) Ltd. (2021) 177 TR (A) 306 (Kar-HC) : 2020 TaxPub(DT) 3757 (Karn-HC) 68 >>   
INCOME TAX : CASE LAW DIGESTS - Dineshchandra N. Shah v. ITO (2021) 177 TR (A) 330 (Rjk-Trib) : 2020 TaxPub(DT) 3271 (Rkt-Trib) 89 >>   
INCOME TAX : CASE LAW DIGESTS - DIT v. Niko Resources Ltd. (2021) 177 TR (A) 298 (Guj-HC) : 2020 TaxPub(DT) 3661 (Guj-HC) 61 >>   
INCOME TAX : CASE LAW DIGESTS - Dy. CIT v. Future Ideas Company Ltd. (2021) 177 TR (A) 325 (Mum-Trib) : 2020 TaxPub(DT) 3652 (Mum-Trib)  85 >>   
INCOME TAX : CASE LAW DIGESTS - Dy. CIT v. Indian Metals & Ferro Alloys Ltd. (2021) 177 TR (A) 310 (CUT-TRIB) : 2020 TaxPub(DT) 3702 (Ctk-Trib) 71 >>   
INCOME TAX : CASE LAW DIGESTS - Dy. CIT v. Orbit Exports Ltd. (2021) 177 TR (A) 287 (Mum-Trib) : 2020 TaxPub(DT) 3764 (Mum-Trib) 51 >>   
INCOME TAX : CASE LAW DIGESTS - Equity Intelligence India (P.) Ltd. v. Dy. CIT (2021) 177 TR (A) 317 (Ker-HC) : 2020 TaxPub(DT) 2833 (Ker-HC) : (2020) 272 Taxman 332 (Ker) : (2020) 315 CTR (Ker) 846  78 >>   
INCOME TAX : CASE LAW DIGESTS - G. Ashok Reddy v. ITO (2021) 177 TR (A) 296 (Hyd-Trib) : 2020 TaxPub(DT) 3319 (Hyd-Trib) : (2020) 80 ITR (Trib) 550 (Hyd-Trib) 59 >>   
INCOME TAX : CASE LAW DIGESTS - Govt. Girls Sr. Secondary School v. ACIT (2021) 177 TR (A) 317 (Del-Trib) : 2020 TaxPub(DT) 3565 (Del-Trib) 77 >>   
INCOME TAX : CASE LAW DIGESTS - GVV Construction (P) Ltd. v. Dy. CIT (2021) 177 TR (A) 293 (CUT-Trib) : 2020 TaxPub(DT) 3320 (Ctk-Trib) 57 >>   
INCOME TAX : CASE LAW DIGESTS - Hiren Mohanlal Shah v. ITO (2021) 177 TR (A) 318 (Mum-Trib) : 2020 TaxPub(DT) 3222 (Mum-Trib) 78 >>   
INCOME TAX : CASE LAW DIGESTS - ITO v. Aravali Prime Consultants (P) Ltd. (2021) 177 TR (A) 301 (Jai-Trib) : 2020 TaxPub(DT) 3867 (Jp-Trib) 63 >>   
INCOME TAX : CASE LAW DIGESTS - ITO v. Nagarjuna Homes (2021) 177 TR (A) 305 (Hyd-Trib) : 2020 TaxPub(DT) 3659 (Hyd-Trib) 67 >>   
INCOME TAX : CASE LAW DIGESTS - Jt. CIT v. Tirupati Constructions (2021) 177 TR (A) 311 (Mum-Trib) : 2020 TaxPub(DT) 3185 (Mum-Trib) 72 >>   
INCOME TAX : CASE LAW DIGESTS - Kamal Tak v. ITO (2021) 177 TR (A) 315 (JP-Trib) : 2020 TaxPub(DT) 3069 (Jp-Trib)  76 >>   
INCOME TAX : CASE LAW DIGESTS - Kavannur Service Cooperative Bank Ltd. v. ITO (2021) 177 TR (A) 306 (COC-Trib) : 2020 TaxPub(DT) 3765 (Coch-Trib) 68 >>   
INCOME TAX : CASE LAW DIGESTS - Khetan Tiles (P) Ltd. v. Dy. CIT (2021) 177 TR (A) 290 (Jai-Trib) : 2020 TaxPub(DT) 2991 (Jp-Trib) 54 >>   
INCOME TAX : CASE LAW DIGESTS - Liju Kurain v. ITO (2021) 177 TR (A) 319 (Jai-Trib) : 2020 TaxPub(DT) 3078 (Jp-Trib) 79 >>   
INCOME TAX : CASE LAW DIGESTS - Lodha Construction (Dombivali) v. Dy. CIT (2021) 177 TR (A) 304 (Mum-Trib) : 2020 TaxPub(DT) 3519 (Mum-Trib) 66 >>   
INCOME TAX : CASE LAW DIGESTS - Lokmangal Co-op. Bank Ltd. v. ACIT (2021) 177 TR (A) 313 (Pun-Trib) : 2020 TaxPub(DT) 3358 (Pune-Trib) 74 >>   
INCOME TAX : CASE LAW DIGESTS - M. Palani Adaicalam v. Asstt. CIT (2021) 177 TR (A) 331 (Mad-HC) : 2020 TaxPub(DT) 2994 (Mad-HC)  90 >>   
INCOME TAX : CASE LAW DIGESTS - Mulberry Silks Ltd. v. Settlement Commission (IT & WT) (2021) 177 TR (A) 324 (Mad-HC) : 2020 TaxPub(DT) 3839 (Mad-HC) 84 >>   
INCOME TAX : CASE LAW DIGESTS - Murlidhar Deen Dayal v. ITO (2021) 177 TR (A) 328 (Jai-Trib) : 2020 TaxPub(DT) 3286 (Jp-Trib) 88 >>   
INCOME TAX : CASE LAW DIGESTS - Phoenix Project (P) Ltd. v. ITO (2021) 177 TR (A) 328 (Rjk-Trib) : 2020 TaxPub(DT) 3002 (Rkt-Trib) 87 >>   
INCOME TAX : CASE LAW DIGESTS - Pr. CIT v. Basanti Properties (P.) Ltd. (2021) 177 TR (A) 331 (Cal-HC) : 2020 TaxPub(DT) 3302 (Cal-HC)  90 >>   
INCOME TAX : CASE LAW DIGESTS - Pr. CIT v. Emm Vee Infrastructures (India) (P.) Ltd. (2021) 177 TR (A) 325 (All-HC) : 2020 TaxPub(DT) 3296 (All-HC) 84 >>   
INCOME TAX : CASE LAW DIGESTS - Pr. CIT v. Solan District Truck Operators Transport Co-op. Society (2021) 177 TR (A) 322 (HL-HC) : 2020 TaxPub(DT) 3533 (HP-HC)  82 >>   
INCOME TAX : CASE LAW DIGESTS - Pr. CIT v. Sumukha Synthetics (2021) 177 TR (A) 297 (Mad-HC) : 2020 TaxPub(DT) 3709 (Mad-HC) 60 >>   
INCOME TAX : CASE LAW DIGESTS - Pramod Kumar Jain v. ITO (2021) 177 TR (A) 316 (Jai-Trib) : 2020 TaxPub(DT) 2933 (Jp-Trib) : (2020) 183 ITD 442 (Jp-Trib) 76 >>   
INCOME TAX : CASE LAW DIGESTS - Pushpa Chhajer v. Pr. CIT (2021) 177 TR (A) 311 (Raj-HC) : 2020 TaxPub(DT) 3671 (Raj-HC)  73 >>   
INCOME TAX : CASE LAW DIGESTS - R. Mahalakshmi v. Asstt. CIT (2021) 177 TR (A) 329 (Mad-HC) : 2020 TaxPub(DT) 2857 (Mad-HC) 89 >>   
INCOME TAX : CASE LAW DIGESTS - R. Rosalinvasanthi v. ITO (2021) 177 TR (A) 299 (Chen-Trib) : 2020 TaxPub(DT) 3346 (Chenn-Trib) : (2020) 80 ITR (Trib) 525 (Chenn-Trib)  61 >>   
INCOME TAX : CASE LAW DIGESTS - Rahul Agarwal v. ACIT (2021) 177 TR (A) 302 (Kol-Trib) : 2020 TaxPub(DT) 3930 (Kol-Trib) 64 >>   
INCOME TAX : CASE LAW DIGESTS - Rajeev Verma v. ACIT (2021) 177 TR (A) 295 (Del-Trib) : 2020 TaxPub(DT) 2713 (Del-Trib) 58 >>   
INCOME TAX : CASE LAW DIGESTS - Satish Kumar Agarwal v. Pr. CIT (2021) 177 TR (A) 326 (Jai-Trib) : 2020 TaxPub(DT) 3721 (Jp-Trib) 85 >>   
INCOME TAX : CASE LAW DIGESTS - Savita Bhasin v. ITO (2021) 177 TR (A) 299 (Del 'E'-Trib) : 2020 TaxPub(DT) 3191 (Del-Trib) 62 >>   
INCOME TAX : CASE LAW DIGESTS - Scitech Centre v. Dy.CIT (2021) 177 TR (A) 295 (Mum-Trib) : 2020 TaxPub(DT) 3151 (Mum-Trib) 59 >>   
INCOME TAX : CASE LAW DIGESTS - Shrimad Dayanand Shiksha Samiti Bhilwada v. CIT (2021) 177 TR (A) 289 (Jai-Trib) : 2020 TaxPub(DT) 3723 (Jp-Trib) 53 >>   
INCOME TAX : CASE LAW DIGESTS - Signure Technologies (P) Ltd. v Asstt. CIT (2021) 177 TR (A) 300 (Bang-Trib) : 2020 TaxPub(DT) 2708 (Bang 'C'-Trib) 63 >>   
INCOME TAX : CASE LAW DIGESTS - Sparsh Designs (P) Ltd. v. ITO (2021) 177 TR (A) 320 (Mum-Trib) : 2020 TaxPub(DT) 3500 (Mum-Trib)  80 >>   
INCOME TAX : CASE LAW DIGESTS - Sri Parameswari Projects (P) Ltd. v. ITO (2021) 177 TR (A) 315 (Vis-Trib) : 2020 TaxPub(DT) 2943 (Visakha Trib) : (2020) 79 ITR (Trib) 529 (Visakha Trib)  75 >>   
INCOME TAX : CASE LAW DIGESTS - Star Engineers India (P) Ltd. v. Asstt. CIT (2021) 177 TR (A) 293 (Pun-Trib) : 2020 TaxPub(DT) 2646 (Pune SMC Bench)  57 >>   
INCOME TAX : CASE LAW DIGESTS - Sudha Agro Oil & Chemical Industries Ltd. v. Addl. CIT (2021) 177 TR (A) 332 (Vis-Trib) : 2020 TaxPub(DT) 1697 (Visakha Trib)  91 >>   
INCOME TAX : CASE LAW DIGESTS - SVS Guarding Services (P) Ltd. v. ITO (2021) 177 TR (A) 317 (Del-Trib) : 2020 TaxPub(DT) 3951 (Del-Trib)  77 >>   
INCOME TAX : CASE LAW DIGESTS - Sweta Health Research (P) Ltd. v. Dy. CIT (2021) 177 TR (A) 323 (Bang-Trib) : 2020 TaxPub(DT) 3230 (Bang-Trib) 83 >>   
INCOME TAX : CASE LAW DIGESTS - Tarlok Kumar v. ACIT (2021) 177 TR (A) 304 (Amr-Trib) : 2020 TaxPub(DT) 3534 (Asr-Trib) : (2020) 81 ITR (Trib) 462 (Asr-Trib)  66 >>   
INCOME TAX : CASE LAW DIGESTS - Tasty Bite Eatables Ltd. v. Dy. CIT (2021) 177 TR (A) 314 (Pun-Trib) : 2020 TaxPub(DT) 3636 (Pune-Trib) 75 >>   
INCOME TAX : CASE LAW DIGESTS - Tata Motors Ltd. v. Dy. CIT (2021) 177 TR (A) 326 (Mum-Trib) : 2020 TaxPub(DT) 3456 (Mum 'E'-Trib) 86 >>   
INCOME TAX : CASE LAW DIGESTS - Vikas Strips Ltd. v. Dy.CIT (2021) 177 TR (A) 311 (Del-Trib) : 2020 TaxPub(DT) 3729 (Del-Trib) 72 >>   
CORPORATE LAWS & GST : NEWS YOU CAN USE - CFSS : ‘Companies fresh start scheme’; ICSI requests govt to further extend deadline till March-end 93 >>   
CORPORATE LAWS & GST : NEWS YOU CAN USE - SEBI : SEBI permits transfer of bourses' excess contribution from core SGF 93 >>   
CORPORATE LAWS & GST : NEWS YOU CAN USE - GST : Centre releases 11th installment of Rs 6000 crore to states to meet GST compensation shortfall 94 >>   
CORPORATE LAWS & GST : NEWS YOU CAN USE - GST compensation shortfall; Tenth weekly instalment of Rs. 6,000 cr released to States, Uts 95 >>   
CORPORATE LAWS & GST : STATUTES - Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020—Amendment in Rule 6—Notification G.S.R. 774(E), dtd. 18-12-2020 [F. No. 8/4/2018-CL-I- PART I] 96 >>   
CORPORATE LAWS & GST : STATUTES - Companies (Share Capital and Debentures) Second Amendment Rules, 2020—Substitution of Form SH-7—Notification No. G.S.R. 794(E), dtd. 26-12-2020 [F. No. 01/04/2013-CL-V- PART-IV] 97 >>   
CORPORATE LAWS & GST : STATUTES - Companies (Incorporation) Third Amendment Rules, 2020—Amendment in Form No. INC-32; Insertion of Rule 9A—Notification No. G.S.R. 795(E), dtd. 24-12-2020 [F. No. 1/13/2013 CL-V, VOL.III] 97 >>   
CORPORATE LAWS & GST : STATUTES - Companies (Amendment) Act, 2020—Short Title and Commencement—Notification No. S.O. 4646 (E), dtd. 21-12-2020 [F. No. 1/3/2020-CL.I] 98 >>   
CORPORATE LAWS & GST : STATUTES - Prevention of Money-Laundering (Maintenance of Records) Fourth Amendment Rules, 2020—Amendment in Rule 2—Notification No. G.S.R. 800(E), dtd. 28-12-2020 [F. No. P-12011/14/2020-ES Cell-DOR] 99 >>   
CORPORATE LAWS & GST : STATUTES - Appointment of Acting President of NCLT—Extension of Term of Office—Notification No. S.O. 8(E), dtd. 1-1-2021 [F. No. A-45011/49/2019-AD.IV ] 100 >>   
CORPORATE LAWS & GST : STATUTES - Companies (Meetings of Board and Its Powers) Fourth Amendment Rules, 2020—Amendment in Rule 4—Notification No. G.S.R. 806 (E), dtd. 30-12-2020 [F. No. 1/32/2013-CL-V-PART] 100 >>   
CORPORATE LAWS & GST : STATUTES - Review of Inclusion of Historical Scenarios in Stress Testing in Commodity Derivatives Segment—Circular No. SEBI/HO/CDMRD/DRMP/ CIR/P/ 2020/ 244, dtd. 21-12-2020 100 >>   
CORPORATE LAWS & GST : STATUTES - Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Limited Purpose Clearing Corporation (LPCC)—Circular No. SEBI/HO/MRD2/DCAP/CIR /P/2020/ 245, dtd. 21-12-2020 101 >>   
CORPORATE LAWS & GST : STATUTES - Circular on Mutual Funds—Circular No. SEBI/HO/IMD/DF2/CIR/P/2020/ 253, dtd. 31-12-2020 101 >>   
CORPORATE LAWS & GST : STATUTES - Creation of Security in Issuance of Listed Debt Securities and Due Diligence by Debenture Trustee(s)—Extension of Timeline for Implementation—Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/ 2020/254, dtd. 31-12-2020 101 >>   
CORPORATE LAWS & GST : STATUTES - Relaxation in Timelines for Compliance with Regulatory Requirements—Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/ 255, dtd. 31-12-2020 101 >>   
CORPORATE LAWS & GST : STATUTES - Procedural Guidelines for Proxy Advisors—Circular No. SEBI/HO/IMD/DF1/CIR/P/ 2020/ 256, dtd. 31-12-2020 101 >>   
CORPORATE LAWS & GST : STATUTES - Notified Chairman and Members of SEBI Board—Amendment in Notification No. SO 147(E) [F.No. 20(3)SE/92], dtd. 21-2-1992—Notification No. S.O. 4796 (E), dtd. 31-12-2020 [F. NO. 2/6/2020-RE] 101 >>   
CORPORATE LAWS & GST : STATUTES - Request for Interpretative Letter Under the SEBI (Informal Guidance) Scheme, 2003 in Connection with the SEBI (AIF) Regulations, 2012—SEBI/HO/IMD/DF6/OW/KAS/2020/22987, dtd. 29-12-2020 101 >>   
CORPORATE LAWS & GST : ARTICLES - Cancellation of Registration for Failure to File Returns for Six Months—One Return Filed Before Passing Order of Cancellation—CA. SATYADEV PUROHIT 102 >>   
CORPORATE LAWS & GST : ARTICLES - Novel e-Voting Facility Offered by Listed Entities to Its Shareholders : Technicalities—NARENDRA KUMAR 105 >>   
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