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Commerce Ministry, exporters to discuss strategy to increase shipments to US, China | 22 July
Taxman to get fresh ammo in fight against evaders fleeing abroad | 22 July

MoF

GST Council meet on July 25, likely to consider lowering rate on EVs
The Goods and Services Tax Council, which will meet on July 25, is expected to consider lowering of the GST rate on e-vehicles, besides other issues.
22-July-2019

ADB

Strong rupee, lower GDP likely to lower India’s inflation to 4.1 per cent in FY20: ADB
Asian Development Bank (ADB) has lowered the inflation forecast for India during the current financial year to 4.1 per cent, on the back of gain in rupee and cut in the country’s GDP projection.
22-July-2019

MoC

Commerce Ministry, exporters to discuss strategy to increase shipments to US, China
In its efforts to execute an effective plan to increase exports to the US and China as the two countries continue to engage in a tariff war with each other, the Commerce Ministry is roping in exporter
22-July-2019

CBDT

Taxman to get fresh ammo in fight against evaders fleeing abroad
An amendment to the Income Tax Act, 1961, proposed by Finance Minister Nirmala Sitharaman in her maiden Union Budget speech could allow the Centre to recover income-tax dues from defaulters who have b
22-July-2019

RBI

Stressed assets resolution, credit flow remain key challenges: RBI Governor
Several challenges in the banking sector still remain to be addressed, particularly with regard to stressed asset resolution and credit flows to the needy sectors, according to Reserve Bank of India G
20-July-2019

MoF

FinMin expands ambit of intermediary services
Multinational companies will need to redefine their back-end support system for the applicability of the Goods & Services Tax (GST) as the Finance Ministry has come out with a new circular on intermed
20-July-2019

WTO

India makes strong case at WTO for continuing fisheries subsidies
India has made a strong case at the World Trade Organization for continuing its fisheries subsidies by arguing that its subsidies per fisherman amounted to less than $0.10 per day and it is the large
20-July-2019

MoF

Govt in talks with foreign lenders to provide loans to MSMEs: Sources
The Indian government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the countrys banking system may not b
20-July-2019

GST Highlights

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Latest Statutes

Where assessee-firm was able to point out the persons, from whom the firm received credits, AO was not justified in making addition to the income of assessee under section 68 on account of alleged unexplained credits.

CIT v. Sree Ganesh Trading Company

Section 68 Direct Taxes

Where the delay in filing appeal before Tribunal was due to continuous ill-health of partner of assessee-firm, who was looking after the income-tax matters and accounts of the firm, the said delay in filing the appeal was condoned considering the same as a reasonable cause.

Deekay Gears v. Asstt. CIT

Section 253(5) Direct Taxes

When income which was the foundation on which AO based his belief of escapement of income was absent/disappeared then AO’s very usurpation of jurisdiction was on non-existing jurisdictional fact which rendered his usurpation of jurisdiction to reopen assessment legally untenable and so null and void in the eyes of law and therefore, addition/disallowance made on other issue was deleted.

Dipti Mehta v. ITO

Section 147 Direct Taxes

It was undisputed that assessee had made payment of for purchase of flat to developer and there was a complaint filed by La Tropicana, Resident Welfare Association against the developer with National Consumer Disputes Redressal Commission. Thus, delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of the assessee. In such peculiar facts and circumstances, exemption under section 54 could not be denied to assessee.

Bal Kishan Atal v. ACIT

Section 54 Direct Taxes

Unaccounted money paid by assessee in cash towards purchase of land was rightly taxed by AO.

Vinay Gupta v. Asstt. CIT

Section 69B Direct Taxes

Where assessee invested sale consideration in construction of a residential house within three years from the date of transfer, therefore, assessee had to be given the benefit of deduction under section 54F even if no deposit was made in capital gains account scheme before due date prescribed under section 139(1).

Vijay Mahipal v. ITO

Section 54F Direct Taxes

As assessee had not earned any exempt income from investment during the year, there was no case for making disallowance under section 14A.

Dy. CIT v. Sarita Synthetics & Industries Ltd.

Section 14A Direct Taxes

Since Commissioner (Exemptions) was satisfied with the objects and activities of the assessee that it was meant for charitable purposes, therefore, assessee was also entitled for approval under section 80G(5) with the grant of registration under section 12AA.

Bharat Vikas Parishad Maharana Pratap Nyas v. CIT

Section 80G read with Section 12AA Direct Taxes

Powers of CIT(A) are co-terminus with that of AO and this is amply clear from section 251(1)(a) and (b) Explanation to section 251(2), which requires CIT(A) to apply his mind to all the issues which arise from impugned order before him. Since CIT(A) was not empowered to dismiss the appeal for non-prosecution, the matter was remanded for fresh disposal.

Ashish Dham v. Dy. CIT

Section 251(1)(a) Direct Taxes

Holding period of the asset, i.e., flat had to be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of handing over of possession of the property.

ACIT v. Sandeep U Mehta

Section 2(42A) Direct Taxes

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