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President

From the President

Dear Professional Colleagues,
Challenges and difficult times are nothing but learning lessons crucial for success. Nelson Mandela rightly remarked, “I never lose. I either win or learn”. With an optimistic perspective and a never-give-up attitude, man is invincible and triumph is inevitable. After all, if the eye is steadily set on the goal, one can take temporary challenges in their stride and rise against all odds. In this backdrop, our country is progressing well against the pandemic that has impacted lives and businesses across all sectors and geographical locations. Come what may, the mankind has to move ahead. For if one attempts, they are already a step closer to victory, but if one quits, all progress is lost. The secret to success lies in consistently trying and perseveringly working, without losing faith. Life is a tempestuous journey full of unforeseen ebbs and flows and only those make it to the end, who keep marching forward, undeterred........ Read more

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NATIONAL UPDATE

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Taxation

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Sustainability

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LEGAL DECISIONS

INCOME TAX

  • Savita Kapila Vs. The Asst. Commissioner of Income Tax, [Delhi High Court: W.P. (C) 3258/2020], 16/07/2020 - LD/69/27
  • Yes Bank Limited Vs. The Dy. Commissioner of Income Tax, [ITAT Mumbai: 3497/ Mum/2018], 14/07/2020 - LD/69/28
  • [ITAT Kolkata: 739/Kol/2018], The Dy. Commissioner of Income Tax Vs. M/s A.P. Fashion P. Ltd., 10/07/2020 - LD/69/29
  • The Commissioner of Income Tax Vs. Tamil Nadu Industrial Development Corporation Ltd., [Madras High Court: Tax Case Appeal No. 509 /2018], 07/07/2020 - LD/69/30
  • Kay Jay Auto Limited Vs. The Asst. Commissioner of Income Tax, [ITAT Delhi: ITA No.264/Del/2009], 30/06/2020 - LD/69/31

TRANSFER PRICING

  • DE Diamond Electric India Pvt. Ltd. Vs. The Asst. Commissioner of Income Tax, [ITAT Delhi: ITA No.7167/Del./2019], 23/07/2020 - LD/69/32
  • Regus Business Centre Pvt. Ltd. Vs. The Income Tax Officer, [ITAT Mumbai: 1110/ MUM/2017], 16/07/2020 - LD/69/33

GST

  • Material Recycling Association of India Vs. UOI, [2020-TIOL-1274-HC-AHM-GST], 24/07/2020 - LD/69/34
  • VKC Footsteps India Pvt Ltd. Vs. Union of India and 2 Other(s), [2020-TIOL-1273- HC-AHM-GST], 24/07/2020 - LD/69/35

SERVICE TAX

  • State Bank of Bikaner Jaipur Vs. CCE&ST, [Final Order No.50737/2020], 05/08/2020 - LD/69/36
  • M/s Navin Housing and Properties Pvt. Ltd Vs. The Designated Committee Under Sabka Vishwas Legacy Disputes Resolution Scheme 2019, [2020-TIOL-1277-HCMAD-ST 27/07/2020] - LD/69/37
  • Linde Engineering India Private Limited Vs. The Union of India, [Gujarat High Court: Civil Application 12626 of 2018], 16/07/2020 - LD/69/38

EXCISE

  • SC Johnson products Private Limited Vs. The Union of India & Ors., [Gauhati High Court: WP(C) 2844/2020], 23/07/2020 - LD/69/39

CUSTOMS

  • Ruchi Soya Industries Limited Vs. The Union of India, [Madras High Court: W.P.No.21207 of 2018], LD/69/40

DISCIPLINARY CASE

  • Failure ofAuditor to report the non-compliance of disclosure requirements of Schedule VI of Companies Act, 1956 and AS-18 by the Company. Held, Respondent-Auditor guilty of professional misconduct within the meaning of Clauses (5) (7) and (8) of the Part I of Second Schedule to the Chartered Accountants Act, 1949.

CIRCULARS AND NOTIFICATIONS

Summary of important Circulars and Notifications issued by the CBDT, CBIC-GST, MCA, SEBI and FEMA for information and use of members. Readers are requested to use the citation/website or weblink to access the full text of desired circular/notification.

ICAI NEWS & CLASSIFIEDS

Opinion

  • Disclosure of Feedstock Subsidy
 

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