2021-TIOL-NEWS-113 Part 2, Dated: Friday, May 14, 2021

2021-TIOL-NEWS-113 Part 2 | May 14, 2021

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	2021-TIOL-798-ITAT-JAIPUR Bhagwati Food And Spices Vs ITO Whether when books of accounts are rejected, AO must estimate profits based on his best judgment and either past year results or comparative profits declared in similar line of trade in commodities – YES: ITAT. - Assessee's appeal partly allowed: JAIPUR ITAT 2021-TIOL-797-ITAT-AHM DCIT Vs Ozone India Ltd Whether issue of shares at face value by amalgamated company to shareholders of amalgamating company in pursuance of scheme of amalgamation legally recognised in court of law falls u/s 56(2)(viib) – NO: ITAT. - Revenue's appeal dismissed: AHMEDABAD ITAT 2021-TIOL-796-ITAT-PUNE Stauff India Pvt Ltd Vs DCIT Whether AO must benchmark separate activities such as manufacturing and trading independently and not as one consolidated operation – YES: ITAT - Case remanded: PUNE ITAT

NEWS FLASH

Fresh cases detected; Singapore heads for another round of lockdown

12 killed in Kabul blast during Friday prayers

Imported Sputnik V Corona vaccine priced at Rs 995 per shot

Petrol, diesel prices hiked again

Dr Anthony Fauci of CDC, US, says vaccine dose gap is reasonable approach; asks India to partner with other Nations to ramp up production

Fukushima struck by tremors measuring 6.0 on Ritcher Scale

GUEST COLUMN

By Dr G Gokul Kishore

GST in times of second wave of Covid-19 - GST - An agenda for reforms - Part - 101

AS the second wave of Covid-19 started consuming lives of near and dear, besides affecting very adversely majority of acquaintances, writing this 101st part in this series is delayed. However, considering the government's inflexible approach in using tax policy also as a tool to provide some succour to the battered masses, if not great relief

INSTRUCTION

F. No. 450/119/2017-Cus-IV

Special Refund and Drawback Disposal Drive from 15.05.2021 to 31.05.2021 - Implementation of

TOP NEWS

Dr Reddy's launches Sputnik V vaccine at Rs 995 per dose

Public procurement rules relaxed for COVID-19 supplies

Centre to supply nearly 192 lakh vaccines to States from May 16-31

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