Knowledge Hubbs

1. The Finance Act 2020 re-introduced the classical system of taxation of dividend income under the Income Tax Act, 1961 (IT Act) and accordingly, with effect from 1 April 2020, dividend income from an India company shall be taxable in the hands of the shareholder.
GST : Merely because petitioner, a dealer of motor vehicles, was a going concern by itself did not mean that it was not entitled to refund of excess of Input Tax Credit which it had accumulated over a period of time.
3. The Govt. has promulgated the Essential Commodities (Amendment) Ordinance, 2020 so that the farmers can get a good price on many commodities. The ordinance specifies that the supply of foodstuffs including cereals, pulses, potato, edible oilseeds, and oils shall be regulated only under exceptional circumstances such as war, famine, extraordinary price rise, and natural calamity of a grave nature.

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants

1. INCOME TAX: Where from show-cause notice issued by Assessing Officer under section 274 it was not clear whether he had levied penalty for concealment of income or furnishing inaccurate particulars of income, penalty order passed under section 271(1)(c) in pursuance of said notice had rightly been set aside
INCOME TAX: Where addition in case of assessee was not related to any items mentioned in para 10(d) of CBDT Circular No. 3/2018 dated 11-7-2018, revenue authorities were precluded from filing appeal in view of monetary limit of Rs. 50 lakh in filing appeal before Tribunal, as prescribed by CBDT.

GST : Where assessee for offence punishable under section 132(1)(b) was in jail since 23-12-2019 and he filed application for grant of regular bail and submitted that he was ready and willing to deposit Rs. 25 lakhs before Competent Authority, assessee was ordered to be released on regular bail.
3. In view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide General Circular No. 18/2020, F. No.2/4/2020-CL-V dated 21st day of April, 2020 has issued Clarification on Holding of annual general meetings by companies whose financial year has ended on 31st December, 2019.

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants