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UNION BUDGET 2020 - Highlights

EPFO

Cut in the offing? EPFO may cut interest rate to 8.5% for FY20, says report
The Employees Provident Fund Oragnisation (EPFO) might reduce its interest rate by 15 basis points to 8.5% in FY20. The issue is likely to be taken up at the central board of trustees (CBT) meeting of
28-Feb-2020

Sebi

Sebi wants MFs to be agile in stress events, warns industry on mis-selling
The Securities and Exchange Board of India’s (Sebi’s) whole-time member G Mahalingam on Thursday pointed out that the risk-management practices of the Rs 27-trillion mutual fund (MF) industry can
28-Feb-2020

Corporate Affairs

India’s GDP seen growing at 4.7 per cent in December quarter: Poll
Having suffered its weakest expansion in over six years in the September quarter, India’s economy probably fared slightly better in the December quarter, before suffering a relapse due to the impact o
28-Feb-2020

MoC

Commerce Ministry assessing impact on pharma ingredient supplies from China
The government is assessing the impact of the coronavirus outbreak in China on the Indian pharma industry.
28-Feb-2020

United Nations

India among top suppliers of pharma drugs used in trafficking: UN report
Drug traffickers now tend to smuggle pharmaceutical drugs rather than illicit drugs such as ‘hashish’ and ‘heroin’ because of the more lenient penalties imposed for smuggling of controlled pharmaceuti
28-Feb-2020

SEBI

SEBI move to curb POA abuse with new margin process
SEBI has now set a new process for brokers to take shares as margin from clients. From June 1, shares of clients lying in demat accounts with brokers will have to be specifically marked ‘shares pledge
27-Feb-2020

MoF

‘Govt closely monitoring coronavirus impact on economy’
Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the economy.
27-Feb-2020

WTO

India faces WTO heat to exempt food for humanitarian needs from export curbs
India is under pressure to give its approval to the World Food Programme (WFP) initiative at the World Trade Organization (WTO) that would exempt food purchases for humanitarian purposes from export
27-Feb-2020

GST Highlights

Hot News

Top Stories

Latest Statutes

Where Central Government granted the subsidy to enhance Indian export potential in the international market and it was not granted to meet the cost of expenditure to meet the competition of the Indian textile market, therefore, amount was not an export incentive, but rather capital receipt and therefore, not taxable.

Principal CIT v. Nitin Spinners Ltd.

Section 4 Direct Taxes

As assessee-firm failed to furnish evidence in support of its contention that capital contribution was made by partners out of advance received against sale of land, AO was justified in taxing amount received as unexplained credit under section 68.

Verma Service Station v. ACIT

Section 68 Direct Taxes

Since loan was taken from acquisition of capital assets and assessee had made submissions that for chargeability under section 41(1), there should have been actual allowance made in the assessment of assessee in the earlier year, therefore, amount of loan being waived off could not be termed as a revenue receipt.

Principal CIT v. Vibhadeep Investment & Trading Ltd.

Section 41(1) Direct Taxes

Where out of 14 persons, 13 persons have duly confirmed the booking advances made to assessee and their creditworthiness was also examined by AO but no negative inference was drawn by him, no addition could be made under section 68 just because one person who had only advanced an meager amount, had not recorded the statement under oath as he was abroad. Consequently, penalty under section 271(1)(c) would also not be levied.

Prerna Developers v. ITO

Section 68 Direct Taxes

The petitioner has already paid the amount which is more than the amount of fine in lieu of confiscation in terms of the order of confiscation passed, the respondents are restrained from taking any coercive action against the petitioner.

Sureshbhai Gadhecha v. State of Gujarat

Sections 5 and 6 of GGST Act, 2017 GST

Where basic evidence to prove the contention of assessee was contract between assessee and organizers, which assessee failed to produce before AO and contentions as raised by assessee have not been substantiated through any evidence or material on record, therefore, space was allotted to assessee for carrying out its business activities and assessee was liable to deduct TDS under section 194-I

OTM Jewellery (P) Ltd. v. ITO

Section 194C read with 194I Direct Taxes

The money equivalent to enhanced portion of the assets being immovable property re-valued by firm does not constitute capital asset within the meaning of section 2(14) and the payment of the said money by the assessee-firm to the retiring partners cannot give rise to capital gain under section 45(4) read with section 2(14).

D.S. Corporation v. ITO

Section 45(4) Direct Taxes

Since the applicant seeks only release of the conveyance, at this stage, the court deems it fit to allow the application and modify the earlier Order. The Order is modified by directing the respondents to release Truck upon the petitioner depositing a sum.

Anil Bapulal Patil v. State of Gujarat

Section 130 of CGST Act, 2017 GST

Where assessee did not make any payment for impugned investment anything over and above what was recorded in its books of account, in absence of any evidences establishing receipts and payments outside regular books of account, the provisions of section 69B could not be invoked and hence, the addition made under section 69B on account of undisclosed income was liable to be deleted.

Dy. CIT v. Adventure Marketing (P) Ltd.

Section 69B Direct Taxes

Where AO made addition under section 68 of cash deposited in Bank account of assessee on the ground that assessee could not explain nature and source of such deposits to his satisfaction but there was no evidence with AO that withdrawals made by assessee systematically from the bank account, which were not shown to the Revenue, had been utilized for some purpose other than for the unaccounted business of assessee, assessee should have been given the benefit of peak credit theory and only peak credit could be sustained.

Vipul Kumar Jain v. ACIT

Section 68 Direct Taxes

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