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 MoF

Corporate tax rate cut: Diwali bonanza to corporate
While tax rates cuts have been announced every year since 2016 Budget, due to increase in surcharge on corporate tax and increase in cess, effective tax rates have only gone up. But now with across th
 21-Sep-2019  

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 RBI

RBI unveils norms to resolve disputes related to failed digital transactions
The Reserve Bank of India (RBI), on Friday, unveiled a framework on harmonisation of Turn Around Time (TAT) for resolution of customer complaints related to failed transactions across all authorised
 21-Sep-2019  

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 Corporate Affairs

India-funded oil refinery in Mongolia to be completed by 2022-end: Pradhan
The USD 1 billion oil refinery being built with Indian aid in Mongolia will be completed by December 2022 and will meet about three-fourths of Mongolian oil requirement, Union Minister Dharmendra
 21-Sep-2019  

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 GST

Constitution of GST appellate tribunal unconstitutional: Madras HC
A division bench of the Madras High Court on Friday held that the conditions related to the constitution of the Goods and Services Tax (GST) Appellate Tribunal as unconstitutional.
 21-Sep-2019  

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 Sebi

Sebi partially freezes LICs voting rights in National Stock Exchange
Life Insurance Corporation of Indias (LIC) acquisition of IDBI Bank has led to unintended consequences. The market regulator Securities and Exchange Board of India (Sebi) has partially frozen LIC’s vo
 21-Sep-2019  

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 MoF

Relief for FPIs: Capital gains on debt securities now exempt from surcharge
The government on Friday exempted foreign portfolio investors (FPIs) that make capital gains on debt securities from the higher surcharge that was introduced in the Budget. This will bring relief to s
 21-Sep-2019  

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 Finance Commission

Improve revenue buoyancy, Finance Commission chairman asks states
Fifteenth Finance Commission (FFC) Chairman N K Singh on Friday asked states to consider restructuring goods and services tax (GST) compensation, amid growing concerns over the Centre’s revenue
 21-Sep-2019  

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 GST

GST Council cuts rates on hotels, hikes on caffeinated beverages
The Goods and Services Tax (GST) Council on Friday more than doubled the GST rate for caffeinated beverages such as Thums Up Charged and Red Bull from 18 per cent to 40 per cent while giving relief
 21-Sep-2019  

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Latest Statutes


In view of CBDT Instruction No. 1132, dt. 5-1-1978. inter-trust donation by one charitable trust to another for utilization by donee trust towards charitable objects was proper application of income for charitable purpose in the hands of donee trust and it would not affect exemption under section 11 as claimed by donor trust, i.e., assessee in any manner, whatsoever, especially in view of the fact that it was not the case of AO that donee had not applied such sums for charitable purposes.

DCIT v. Divya Yog Mandir Trust

  Section 11   Direct Taxes
Where assessee made interest free advances out of interest free own funds available with it, no disallowance of deduction under section 36(1)(iii) was called for.

Dharam Pal Aggarwal v. ACIT

  Section 36(1)(iii)   Direct Taxes
The actionable claims other than lottery, betting, gambling are activities or transactions which shall be treated neither as a supply of goods nor a supply of services and hence do not attract GST as per CGST or SGST Act.

Venkatasamy Jagannathan, In re

  Section 2 of CGST Act, 2017   GST
Disallowance under section 14A cannot surpass the quantum of exempt income.

Harish M. Kukreja v. ITO

  Section 14A   Direct Taxes
Where AO treated share premium as “ Income from Other Sources” under section 56(2)(viib), as assessee issued shares at a premium far in excess of FMV, but the AO had not held any enquiry for determination of FMV as per provisions of section 56(2)(viib), thus, matter was remitted back to the AO to undertake exercise of determining FMV of the shares.

CIT v. Vaani Estates (P) Ltd.

  Section 56(2)(viib)   Direct Taxes
The actionable claims other than lottery, betting, gambling are activities or transactions which shall be treated neither as a supply of goods nor a supply of services and hence do not attract GST as per CGST or SGST Act.

Venkatasamy Jagannathan, In re

  Section 2 of CGST Act, 2017   GST
When there are no books of account, the question of its audit does not arise, so as to impose penalty under section 271B.

Somnath Ghosh v. ITO

  Section 271B   Direct Taxes
Assessee was eligible for higher rate of depreciation on the civil construction, electric and other installations by the assessee in the process of erecting and installing windmill.

Pr. CIT v. Mahalaxmi Infra Projects Ltd.

  Section 32   Direct Taxes
The principal supply in this case is a supply of goods and therefore the GST will have to be paid on the goods at the appropriate rate after classification under the appropriate heading.

Nikhil Comforts, In re

  Section 97 of the CGST Act, 2017   GST
Completed assessment could not be interfered with while framing assessment under section 153A in the absence of incriminating material discovered during search.

ACIT v. Samor Properties Pvt. Ltd.

  Section 153A   Direct Taxes
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