![Initiative by
PRADEEP GOYAL
Chartered Accountant
B.Com | FCA | CPA-Australia | Certified Fraud Examiner |Certified Data Analyst & Scientist| Data Privacy Practitioner |
Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner | Life-Time Member of Independent Directors’
Data Bank with IICA
pradeepgoyal@kcsassociates.in | +91-9811777103 | Connect me at LinkedIn
Just inTM
[Daily newsletter related to Profession]
No. 243 | 11th
August-2020
Covering
▪ Indirect Taxes
▪ Direct Taxes
▪ ICAI Updates
▪ ICSI Updates
▪ Corporate Law
▪ Insolvency & Bankruptcy
▪ SEBI Updates
▪ MSME Related Updates
▪ RBI Updates
▪ Economy & Finance related Updates
Join Wtsapp Group using this link to get this newsletter daily](https://image.slidesharecdn.com/newsletter11082020-200811050848/85/Daily-Newsletter-11-08-2020-2-320.jpg)
![August 11, 2020
II
▪ News / Latest Developments / Other updates.
❖ No GST returns’ overhaul: input tax credit loopholes to be plugged.
GST Council is likely to shelve the plan announced last year to usher in a new format
of tax returns and continue with the existing system, with some improvements and
modifications to plug loopholes. The GoM, headed by Bihar deputy chief minister
Sushil Modi, met last week and agreed on linking GSTR-1 (outward sales return) and
GSTR-3B (monthly summary return), and introducing GSTR-2B document which
would provide exact input tax credit (ITC) details to the taxpayers, according to a
source.
Finance Express Report
▪ Legal Updates- Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed the
order
Details of decision
1 [2020] 118
taxmann.com 69
Cooner Institute
of Health Care &
Research Centre
(P.) Ltd. v.
ITO. W.P.(C) NO.
430 OF 2020
Delhi High
Court
AO cannot withhold refund by issuing
scrutiny notice without recording
justifiable reasons.
Withholding of refund under section 241A,
pursuant to notice under section 143(2),
without recording justifiable reasons is not
justified.
2 [2020] 118
taxmann.com 76
Pandian Hotels
Ltd. v.
Deputy
Commissioner of
Income-tax
Madras
High Court
Exp. incurred on renovation and repair of
hotel rooms are revenue in nature,
deduction allowable
Where assessee, running a hotel, incurred
certain expenses on renovation and repair
of hotel rooms, same was to be allowed as
deduction under section 37(1)
Direct Taxes](https://image.slidesharecdn.com/newsletter11082020-200811050848/85/Daily-Newsletter-11-08-2020-4-320.jpg)
![August 11, 2020
IV
❖ ICSI’s Crash Course on Corporate Restructuring- Registration Open.
Read here for more
❖ ICSI’s Crash Course on Offenses and penal provisions of Companies Act, 2013-
Registration Open.
Read here for more
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“IBBI” and Government.
❖ IBBI notifies CIRP Fourth Amendment Regulations, 2020.
Gazetted copy here
▪ Legal Updates- NCLTs / NCL-ATs / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed the
order
Details of decision
1 [2020] 118
taxmann.com 107
IBBI
Kanwal
Chaudhary, In re
IBBI/DC/25/2020
JUNE 2, 2020
IBBI Where RP appointed unregistered entities
as Registered Valuers, presented list of
creditors before committee meetings
which did not contain complete details, had
knowledge of unauthorised transaction
paying a group company and had, in
various communications with
stakeholders, there was no indication of his
registration as an Insolvency
Professional/IRP/RP, RP had contravened
provisions of Code, different Regulations
and circulars thereunder.
Insolvency & Bankruptcy
ICSI Announcements](https://image.slidesharecdn.com/newsletter11082020-200811050848/85/Daily-Newsletter-11-08-2020-6-320.jpg)
![August 11, 2020
V
Sr.No.
Key to find the
document
Authority
who
passed the
order
Details of decision
2 [2020] 118
taxmann.com 111
IBBI
Mohan Lal Jain,
In re
NO.
IBBI/DC/24/2020
MAY 30, 2020
IBBI Where RP had compromised his
independence and in accordance with
approval from CoC, continued making
payment of EMIs to Financial Creditor
during CIRP, he had contravened
provision of Code.
3 [2020] 118
taxmann.com 74
G. T. Polymers
v.
Keshava Medi
Devices (P.) Ltd.
COMPANY
APPEAL (AT)
(INS) NO. 1266
OF 2019
NCL-AT
Delhi
Where corporate debtor had filed civil suit
against operational creditor regarding
debt after receipt of demand notice, same
would not be a dispute as defined in
section 5(6).
▪ News / Latest Developments / Other updates
❖ AGR crisis: How will you recover dues from insolvent telcos, SC asks Centre.
As is known, on July 20 during the course of hearing in the AGR matter, the SC had
sought all records of RComm, Aircel, and Videocon Telecommunications to ensure
that these companies did not misuse the insolvency and bankruptcy code (IBC) to
escape their AGR dues.
Finance Express Report
❖ NCLAT sets aside plea to initiate insolvency proceedings against Gujarat Ambuja
Exports.
ET Online report](https://image.slidesharecdn.com/newsletter11082020-200811050848/85/Daily-Newsletter-11-08-2020-7-320.jpg)
Daily Newsletter 11/08/2020
- 1. DA
- 2. Initiative by PRADEEP GOYAL Chartered Accountant B.Com | FCA | CPA-Australia | Certified Fraud Examiner |Certified Data Analyst & Scientist| Data Privacy Practitioner | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner | Life-Time Member of Independent Directors’ Data Bank with IICA pradeepgoyal@kcsassociates.in | +91-9811777103 | Connect me at LinkedIn Just inTM [Daily newsletter related to Profession] No. 243 | 11th August-2020 Covering ▪ Indirect Taxes ▪ Direct Taxes ▪ ICAI Updates ▪ ICSI Updates ▪ Corporate Law ▪ Insolvency & Bankruptcy ▪ SEBI Updates ▪ MSME Related Updates ▪ RBI Updates ▪ Economy & Finance related Updates Join Wtsapp Group using this link to get this newsletter daily
- 3. August 11, 2020 I ▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board “CBIC” and Government. ❖ Do you know various help mechanisms regarding GST available with CBIC? • You can fill this query form to raise web ticket- click here • You can call at this toll-free no for instant help- 800 1200 232 • 24*7 GSTN help-desk- click here • You can approach nodal officer also- List of CGST Nodal Officers for IT Grievance Redressal with their complete contact details is here ❖ CBIC issued guideline for disposal of un-claimed/un-cleared/seized/confiscated goods at ports. CBIC initiated Special Drive with immediate effect i.e. from today (11.08.2020) and ending on 15.09.2020 for complete disposal of all un-claimed/un- cleared/seized/confiscated goods due for disposal by 0l.08.2020 as per prescribed guidelines. Read this circular ❖ CBIC issued Revised procedure for Import of Pets / Live Animals. Circular No.35/2020-Customs dated 01.08.2020 ▪ Legal Updates- Advance Ruling Authorities / Tribunals / High Courts / Supreme Court Sr.No. Key to find the document Authority who passed the order Details of decision 1 D.B. Civil Writ Petition No. 6337/2020 GrInfraprojects Ltd vs Union of India Rajasthan High Court Rule 36(4) of the CGST Rules restricts ITC on invoices which are not uploaded by vendors in their Form GSTR 1. In respect of these invoices, recipient can avail ITC up to 10% of eligible ITC on invoices uploaded by the vendors. This restriction has been challenged and Hon’ble Rajasthan High Court has issued notice to Govt. Indirect Taxes
- 4. August 11, 2020 II ▪ News / Latest Developments / Other updates. ❖ No GST returns’ overhaul: input tax credit loopholes to be plugged. GST Council is likely to shelve the plan announced last year to usher in a new format of tax returns and continue with the existing system, with some improvements and modifications to plug loopholes. The GoM, headed by Bihar deputy chief minister Sushil Modi, met last week and agreed on linking GSTR-1 (outward sales return) and GSTR-3B (monthly summary return), and introducing GSTR-2B document which would provide exact input tax credit (ITC) details to the taxpayers, according to a source. Finance Express Report ▪ Legal Updates- Tribunals / High Courts / Supreme Court Sr.No. Key to find the document Authority who passed the order Details of decision 1 [2020] 118 taxmann.com 69 Cooner Institute of Health Care & Research Centre (P.) Ltd. v. ITO. W.P.(C) NO. 430 OF 2020 Delhi High Court AO cannot withhold refund by issuing scrutiny notice without recording justifiable reasons. Withholding of refund under section 241A, pursuant to notice under section 143(2), without recording justifiable reasons is not justified. 2 [2020] 118 taxmann.com 76 Pandian Hotels Ltd. v. Deputy Commissioner of Income-tax Madras High Court Exp. incurred on renovation and repair of hotel rooms are revenue in nature, deduction allowable Where assessee, running a hotel, incurred certain expenses on renovation and repair of hotel rooms, same was to be allowed as deduction under section 37(1) Direct Taxes
- 5. August 11, 2020 III ▪ News / Latest Developments / Other updates ❖ Income Tax alert! CBDT issues this important note - All you need to know In May, the government amended Income Tax rules to state that Indian authorities would "endeavour" to resolve disputes under MAP within a timeframe of 24 months, a move aimed at speedy settlement of cases of MNCs which have opted the alternative dispute resolution process. Zee Business Report ❖ NRIs need not file ITR for interest income below taxable limit The obligation to furnish ITR shall arise where the total income (earned in India) exceeds maximum amount not chargeable to tax (Rs 2.5 lakh) Hence, furnishing of ITR in respect of interest income, being below taxable limit, is not required. Finance Express Report ❖ ICAI issued compilation of relaxations provided to the corporates by MCA and SEBI from Regulatory compliances due to outbreak of COVID-19 pandemic by CL&CGC ICAI. Download this crucial document ❖ Professional Development Committee is organizing a Webinar on “Exploring Unchartered Avenues for Chartered Accountants in Government Subsidies and Education Sector" on 13th August 2020 from 04.00 pm to 06.00 pm. Read here for more details ❖ Committee for Members in Practice (CMP), ICAI is organising an 11 CPE hours Virtual Refresher Course on Legal Matters pertaining to the Professional Works done by Members in Practice on 13,14,16 & 17 August 2020. Read here for more ❖ Committee for Members in Practice (CMP), ICAI: Organising a Virtual Refresher Course Usage of Excel in Professional Works done by the Members in Practice. Read here for more ICAI Announcements
- 6. August 11, 2020 IV ❖ ICSI’s Crash Course on Corporate Restructuring- Registration Open. Read here for more ❖ ICSI’s Crash Course on Offenses and penal provisions of Companies Act, 2013- Registration Open. Read here for more ▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board “IBBI” and Government. ❖ IBBI notifies CIRP Fourth Amendment Regulations, 2020. Gazetted copy here ▪ Legal Updates- NCLTs / NCL-ATs / Supreme Court Sr.No. Key to find the document Authority who passed the order Details of decision 1 [2020] 118 taxmann.com 107 IBBI Kanwal Chaudhary, In re IBBI/DC/25/2020 JUNE 2, 2020 IBBI Where RP appointed unregistered entities as Registered Valuers, presented list of creditors before committee meetings which did not contain complete details, had knowledge of unauthorised transaction paying a group company and had, in various communications with stakeholders, there was no indication of his registration as an Insolvency Professional/IRP/RP, RP had contravened provisions of Code, different Regulations and circulars thereunder. Insolvency & Bankruptcy ICSI Announcements
- 7. August 11, 2020 V Sr.No. Key to find the document Authority who passed the order Details of decision 2 [2020] 118 taxmann.com 111 IBBI Mohan Lal Jain, In re NO. IBBI/DC/24/2020 MAY 30, 2020 IBBI Where RP had compromised his independence and in accordance with approval from CoC, continued making payment of EMIs to Financial Creditor during CIRP, he had contravened provision of Code. 3 [2020] 118 taxmann.com 74 G. T. Polymers v. Keshava Medi Devices (P.) Ltd. COMPANY APPEAL (AT) (INS) NO. 1266 OF 2019 NCL-AT Delhi Where corporate debtor had filed civil suit against operational creditor regarding debt after receipt of demand notice, same would not be a dispute as defined in section 5(6). ▪ News / Latest Developments / Other updates ❖ AGR crisis: How will you recover dues from insolvent telcos, SC asks Centre. As is known, on July 20 during the course of hearing in the AGR matter, the SC had sought all records of RComm, Aircel, and Videocon Telecommunications to ensure that these companies did not misuse the insolvency and bankruptcy code (IBC) to escape their AGR dues. Finance Express Report ❖ NCLAT sets aside plea to initiate insolvency proceedings against Gujarat Ambuja Exports. ET Online report
- 8. August 11, 2020 VI ❖ Recent Steps Taken by Government to Give Relief to MSMEs will Accelerate the Wheel of Economy: MSME Minister Shri Nitin Gadkari Union Minister for Micro, Small and Medium Enterprises said that the changing the definition of MSMEs, Scheme of Fund of Funds, Champions portal, extended credits to MSMEs will certainly accelerate the wheels of economy which had slowed down due to lockdown in the wake of Pandemic. Read this press release from ministry ❖ MSME Ministry issued important Office Memorandum (OM), dated 6th August 2020 giving clarification on existing Entrepreneurs Memorandum (EM) Part-II / Udyog Aadhaar Memorandum (UAM) / New Udyam Registration. The important issues covered in this Office Memorandum (OM) are: • Validity of EM Part II and UAMs as issued till 30, June 2020 • Editing / updating of the existing registration details • Action to be taken before 31st March 2021 by Entrepreneurs • Value of Plant and Machinery or Equipment • RBI's Circular NO.RBI/2020-202/10/FIDD.MSME & NFS.BC.No.3/06.02.31/2020- 21 dated 2.7.2020 • Miscellaneous Download OM here ❖ Delayed MSME payments: Rate of cases settled remains low; govt urges buyers to clear dues in 45 days. Finance Express Report ❖ Rs 10,000 crore Fund of Funds for MSMEs to be operational soon: SBI Chairman ET Report ❖ Govt may allow cooperative banks to lend under MSME credit guarantee scheme. Mint Report MSME
- 9. August 11, 2020 VII ❖ RBI Release Foreign Exchange Turnover Data: June 29 - July 03, 2020 The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period June 29, 2020 to July 03, 2020. Read here for more ❖ Rolling lockdowns to slow coronavirus hurt India’s economic recovery. Tax collection has moderated, while a measure of inter-state movement of goods traffic by road and rail has shown little change The economy is already headed for its worst slump in more than four decades, with the IMF estimating the nation’s gross domestic product will shrink 4.5% this year. Mint Report SAVE WATER || SAVE UNIVERSE Economy & Finance Reserve Bank of India
- 10. LIMITATION OF LIABILITY | DISCLAIMER OF WARRANTY “The author, Pradeep Goyal, has used his best efforts in preparing this publication and is not responsible for any errors or omissions. he makes no representations or warranties with respect to the accuracy or completeness of the contents of this document and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose, and shall in no event be liable for any loss of profit or any other financial or commercial damage, including, but not limited to, special, incidental, consequential, or other damages”.