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UNION BUDGET 2020 - Highlights

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 Sebi

Sebi unveils measures to tackle market volatility, curbs short selling
The Securities and Exchange Board of India (Sebi) on Friday announced measures to control volatility in stocks. Curbs on short selling, a steep increase in margins, a 10-fold increase in penalties, an
 21-Mar-2020  

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 RBI

RBI buys bonds worth Rs 10k cr, to conduct 2 more OMOs of Rs 30k cr
The Reserve Bank of India (RBI) will buy bonds worth Rs 30,000 crore from the secondary market, after buying Rs 10,000-crore bonds on Friday, to infuse durable liquidity into the system so that the ma
 21-Mar-2020  

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 Banking

SBI to provide lifeline emergency credit to coronavirus-hit borrowers
Country’s largest lender State Bank of India will provide emergency loans to existing borrowers whose operations are impacted by Coronavirus 2019 (COVID 19). The loans will be granted at 7.25 per cent
 21-Mar-2020  

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 RBI

Foreign exchange reserves fall $5.35 billion; first drop in six months
The countrys foreign exchange reserves fell for the first time in almost six months to USD 481.89 billion in the week ended March 13, after touching a record high of USD 487.23 billion, according to w
 21-Mar-2020  

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 MoF

Coronavirus outbreak: FM Nirmala Sitharaman takes stock of situation
Union Finance Minister Nirmala Sitharaman on Friday met her ministerial colleagues and bureaucrats of various departments to assess the impact of the coronavirus pandemic. In multiple meetings, the
 21-Mar-2020  

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 RBI

RBIs coronavirus contingency plan: Keep it going from a secret location
As the country goes on a self-imposed lockdown to fight the coronavirus contagion, a crack team of 150 people, in hazmat suits, is keeping India’s financial system up and running since March 19 from a
 21-Mar-2020  

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 Direct Tax

Vivad se Vishwas: IT dept begins implementation, taxpayers await rules
The income tax department on Wednesday kick-started implementation of the direct tax dispute resolution scheme, Vivad se Vishwas, by notifying the ‘designated authorities’ who will accept applications
 19-Mar-2020  

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 IRDAI

Soon, pay less and get better health cover: IRDAI hints at new changes
Health insurers cannot include the cost of pharmacy, implants, medical devices and diagnostics as part of the associated medical expenses, said the Insurance Regulatory and Development Authority.
 19-Mar-2020  

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GST Highlights


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The High Court observed that the impugned order was passed without considering the reply and on the ground that no reply was filed, the impugned order was set aside and the proceedings were restored to the stage of show cause notice.

Great Sands Consulting (P) Ltd. v. UOI & Ors.

  CGST Act, 2017   GST
Section 79 was not applicable on loss brought forward on account of depreciation, accordingly, AO was directed to allow set-off after due verification based on material facts.

Dy. CIT v. P.N. Memorial Neuro Centre & Research Ltd.

  Section 79   Direct Taxes
CIT(A) failed to notice that appeal was filed originally within prescribed period of 30 days from the receipt of order of AO and wrongly took the date of deposit of self-assessment tax as date of filing of appeal whereas date of self-assessment tax payment had to be treated as the date of removal of defect in the appeal as originally filed and once defect of remittance of self-assessment tax stood removed, CIT(A) was required to adjudicate the appeal on merits

Valley Iron and Steel Co. Ltd. v. Asstt. CIT

  Section 246A   Direct Taxes
The petitioner was the owner of the vehicle but he failed to prove that he had no knowledge about the goods carried in the vehicle so as to discharge his burden as otherwise envisaged under the Act of 2017. In absence of discharge of burden by the owner of the vehicle, an order for release of vehicle could not be passed.

Vajid v. State of U.P.

  UPGST Act, 2017   GST
Assessee’s case was not falling under clause (a) of sub-section (2) of section 159, and in such circumstances, the proceedings pursuant to the notice under section 148 issued to a dead person cannot be continued against the legal representatives, further, section 292B could not be resorted to.

Urmilaben Anirudhhasinhji Jadeja v. ITO

  Section 147   Direct Taxes
Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purchase of Villa could not be termed as undisclosed income within the meaning of “undisclosed income” and penalty levied thereon was liable to be set aside.

Gauri Shankar Kandoi v. Dy. CIT

  Section 271AAB   Direct Taxes
Since lower authority had failed to consider the provision of section 176(3A) which deals with the income from discontinued business, therefore, interest income received by assessee was to be assessed as income from business and profession, considering the provisions of section 176(3A).

Anand People Co-Op. Bank Ltd. v. DCIT

  Section 14   Direct Taxes
As decided in case of Edel Commodities Limited v. DCIT [[ITA No. 3426/Mum/2016] for AY 2011-12 : 2018 TaxPub(DT) 1834 (Mum-Trib)], even though the loss had not finally crystallized if as per prudent and regular system of accounting, loss had to be accounted for then the same should be allowed under section 37(1).

Dy. CIT v. Edelweiss Commodities Services Ltd.

  Section 37(1)   Direct Taxes
Since assessee did not produce any sufficient documentary evidences before authorities to claim huge agricultural income earned out of small agricultural land holdings and it was concocted and fabricated by assessee, therefore, AO was justified in considering the same as income from other sources.

Parvinder Singh v. ITO

  Section 57(iii)   Direct Taxes
After examining the screenshots that were enclosed with the application, we observe that the MRP of Rs. 1099 shown on the screenshot, pertained to the stock of the goods carrying an MRP of Rs. 1099, which was lying with the Respondent and that the Respondent has himself stated that once the old stock was liquidated, the MRP of Rs. 1520 was updated on the website. But since the new stock carrying the MPR of Rs. 1520 had already circulated in the market, the website of the Respondent showed MRP of Rs. 1099 till July, 2018.

Rahul Sharma v. Bajaj Electricals Ltd.

  Rule 129 of CGST Rules, 2017   Direct Taxes
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