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Imports

Flagging consumption and import surge hurt Indias aluminium producers
Demand for aluminium in India grew by seven per cent in April-June quarter of FY20, but that failed to perk up producers as consumption growth moderated in industries facing liquidity crunch.
21-Aug-2019

Stock Exchanges

NSE tweaks criteria to select permitted to trade stocks for Nifty
The National Stock Exchange (NSE) on Tuesday tweaked the criteria for selecting stocks for Nifty indices.
21-Aug-2019

Sebi

Sebi plans tighter checks on credit rating agencies, reward for informants
With an aim to further safeguard investors interests and to take defaulters to task, capital market regulator Sebi is planning to unveil a slew of reforms, including for greater checks on credit ratin
21-Aug-2019

RBI

RBI asks banks to resolve stressed assets on time to extract best value
Reserve Bank deputy governor NS Vishwanathan on Tuesday exhorted bankers to ensure timely resolution of stressed assets under the new framework to extract the best value and underlined the need for
21-Aug-2019

Stock Exchange

BSE to expand commodity derivatives with slew of new contracts next quarter
The Bombay Stock Exchange is planning several new contracts whose launch is scheduled for the December quarter, after consolidating its position in the commodity derivatives segment. The new contracts
20-Aug-2019

SEBI

Disclosure lapses: Sebi puts stricter regulations for listed companies
Markets regulator Sebi on Monday said companies in violation of disclosure regulations will have to pay a penalty of Rs 20,000 per day till the date of compliance.
20-Aug-2019

Sebi

Sebi to relax buyback norms for companies with HF, NBFC subsidiaries
Capital markets regulator Sebi is planning to ease its norms for buyback of shares by listed companies, especially those having subsidiaries in housing finance and NBFC sectors.
20-Aug-2019

IBBI

3 years on, just 6% resolution plans accepted under IBC, says report
With the Insolvency and bankruptcy process closing in on three years of existence, a look at the data shows that only 6% of the cases admitted under IBC since January 2017 saw their resolution plan pa
20-Aug-2019

GST Highlights

Top Stories

Latest Statutes

Since transactions of purchase and sale of shares were supported and evidenced by Bills, contract Notes, Demat statements and bank statements, etc., and when transactions of purchase of shares were accepted by AO in earlier years, the same could not be treated as bogus simply on the basis of some reports of investigation wing, etc. therefore, AO was directed to allow the claim of assessee in respect of long-term capital gain on sale of shares of M/s. KAFL and delete addition under section 68

L.K. Prahladka, HUF v. ITO

Section 68 Direct Taxes

Leave and licence charges and services charges earned by assessee engaged in the business of building and leasing premises of special nature as per the requirements of clients had to be taxed as business income and not as income from house property

ITO v. Balwas Realty & Infrastructure (P) Ltd.

Section 14 Direct Taxes

Prohance-D cannot be categorized as diabetic food. "Prohance-D (Chocolate)" is a food preparation which is meant to be consumed by people by dissolving the same in water or milk. It is thus, a "food preparation", squarely covered under Chapter Heading 2106 of the Customs Tariff.

Sun Pharmaceutical Industries Ltd., In re

Section 98 of CGST Act, 2017 GST

It would be farfetched to say that assessee would qualify for exemption in terms of section 54F by constructing a temporary and makeshift superstructure devoid of basic amenities and occupying a small fraction of the large parcel of land in total disregard of the aim and object of section 54F.

Harshad M. Thakkar (Gandhi) v. DCIT

Section 54F Direct Taxes

Assessment was earlier completed under section 143(3) wherein share capital had been scrutinized and accepted by revenue, then holding the same share capital as unexplained in reassessment under section 153A tantamounted to change of opinion not backed by any evidence and, therefore, not legally sustainable in the absence of anything incriminatory found against the assessee during search.

ACIT v. SMC Power Generation Ltd.

Section 153A Direct Taxes

Where assessee booked an appartment on 16-3-2005, making 5% payment on booking, the same right was sold during impugned assessment year which gave rise to capital gains in the hands of assessee and therefore, resultant gains were LTCG in nature.

ITO v. Monish Kaan Tahi Lramani

Section 45 Direct Taxes

As per rule 11UA (2), the assessee could opt for DCF method and assessee had so opted for DCF method, AO could not discard the same and adopt other method, i.e., NAV method of valuing shares. However, AO was well within his rights to examine the methodology adopted by assessee and/or underlying assumptions and if he was not satisfied, he could suggest necessary modifications/alterations on sound reasoning and rationale basis

Innoviti Payment Solutions (P) Ltd. v. The ITO

Section 56(2)(viib) Direct Taxes

Notice issued under section 148 against deceased assessee was invalid as legal representative had not waived his right to a notice under section 148. Also, legal representative not having submitted to the jurisdiction of AO pursuant to impugned notice, section 292B would not get attracted and hence, notice under section 148 was quashed.

Hetal Brijesh Ukani v. Asst. CIT

Section 148 Direct Taxes

Where assessee had incurred substantial expenditure towards renovation leading to enduring benefit as also towards improvement and construction of the building could not be termed as ‘repairs’, therefore, expenditure incurred by the assessee was of capital in nature and the same would come within the mischief of Explanation 1 to section 32(1).

CIT v. Viswams

Section 37(1) Direct Taxes

The Clinical Research services proposed to be provided by them to entities located outside India is not eligible to be treated as an export of service under section 2(6) of the IGST Act, 2017. The services are liable to CGST and SGST as the location of supplier of service and the place of supply is in the same State, in terms of section of IGST Act, 2017.

Cliantha Research

Section 98 of CGST Act, 2017 GST

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