News Update

MCA tosses out 10,113 companies between April 2020 to Feb 2021India doubles share in global electronic manufacturing in 7 years: MoSPenalty u/s 271(1)(c) can be imposed even when there is no concealment or any inaccuracy in the particulars of income disclosed by assessee: ITATSecurity & electricity expenses are allowed as business expenses, where certain stocks are lying in such factory: ITATNon-consideration of CBDT Circular & special order passed by CBDT is not a mistake apparent from record which can be rectified u/s 254(2): ITATPower of revision need not be exercised where AO took one of several possible views in respect of a debatable issue: ITATST - Diesel supplied free of charge by service recipient to service provider engaged in providing Mining service for performing drilling operations in oil wells, is not to be added in taxable value of such service: CESTATExemption u/s 54 is allowed in respect of multiple flats located in same premises & in respect of entire built up area as per JDA: ITATST - Activities that are related/ancillary to transmission & distribution of electricity are exempt from payment of service tax since transmission & distribution of electricity is exempted from service tax levy: CESTATST - All services related to transmission & distribution of electricity are bundled services as per Sec 66F(3) of the FA 1994 & treatable as single service exempt from service tax: CESTATPfizer vaccine beats down Covid Brazilian variant in lab analysisVsV Scheme - Disputes worth Rs. 98,328 crore resolved till March 1, 2021GST - Turnover threshold for e-invoicing lowered to Rs 50 Cr from April 1, 2021Apex Court uncaps limitation period extension granted in view of COVID-19CX - Classification - Pre-dominant use or principal use test acknowledged by General Rules for interpretation of Schedule ought to be adopted when ascertaining appropriate heading: SC Larger BenchMaharashtra Health Minister says COVID conditions are alarming in StateCentre collects Rs 13.33 lakh crore tax revenue till Dec 31, 2020ST - SVLDRS - Not much difference between amounts mentioned in assessee letter 18.06.2019 and SCN dt. 20 March 2020 - This in itself, cannot be a measure to interpret the concept of 'quantification': HCST - SVLDRS, 2019 - Benefit of the scheme would be available to only such cases, where, during investigation/audit, department quantifies the amount and not vice versa : HCNITI Aayog to release SDG India Index & Dashboard on WednesdayI-T - If compensation is exempt from tax then any interest payable on such enhanced compensation cannot be brought to tax as interest income: ITATWomen’s Day gift - Karnataka Govt announces six month child care leaveCrude prices may soar further as Yemen’s Houthi rebels attack Saudi’s oil heartland with dronesOver 81 per cent account holders are women under PM's Standup India schemeUndisclosed income of Rs 1,000Cr found in tax raids on Chennai-based jewellery, bullion groups

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