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Consideration to foreign attorneys for rendering services in field of IPRs are FTS u/s Section 9(1)(vii) of Income Tax Act: ITAT, Kolkata

Facts of the case: Assessee is a pa...
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No Refund to be Withheld unless Reasons Recorded: Supreme Court

No Refund to be Withheld unless Reasons ...
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Reforms in Monetary Policy amidst COVID-19, by Reserve Bank of India (RBI)

Reforms in Monetary Policy amidst COVID-...
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COVID-19 Relief on Tax Compliances

ECONOMY STANDS FOR ITSELF, WE SUPPORT: G...
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Mismatch in Form 26AS – No addition to be made if explanation is offered for difference: ITAT Mumbai

Facts of the Case: Assessee is enga...
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Internal Controls & SOX 2.0 in the time of COVID – 19 || REVIEW-RESET-RESTART

Sarbanes-Oxley (SOX) Act in 2002 refer S...
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Order cannot be Passed without Considering Application for Producing Additional Evidence

Facts of the case: The assessee had...
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Is Cost of the Construction to be Deemed as a Contract? : No 194C Held Bombay High Court

Facts of the case Assessee being a ...
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See-through approach u/s 9(1)(i) not available under Article 13(5) of India Belgium Treaty: Mumbai ITAT

Facts of the Case The assessee comp...
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Prior Government Approval in case of Foreign Direct Investment by Chinese Companies in India

  Department for promotion o...
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CBDT Clarifies Employer Disconcertment on New Individual Tax Regime

Issues prevailing in industry requiring ...
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No TDS on Payment Made to Indian Agent of Non-Resident Shipping Company, Section 172 to Prevail

Facts of the case Assessee filed it...
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Rajasthan Authority for Advance Ruling – Salary Paid to Directors is liable to GST under Reverse Charge?

Matters on which ruling is sought W...
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Section 68 Additions Cannot be made if Assessee has proved the Credit Worthiness of Creditors

Facts of the Case: During the yea...
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AO to Grant Refund if there is No Reason Forthcoming from him for Delayed Processing of ITR

Facts of the case: Petitioner filed...
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Sales of Shares Supported by Evidence Cannot be held as Sham Transaction

Fact of the case Assessee purchased...
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Where Assessee had Paid Taxes in a Foreign Country and since the Tax Credit is not available, Taxes Paid in Foreign Country are allowed as Business Expenditure

Facts of the case: During the Asses...
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No Tax on Closely Held Companies, if Excess Share Premium Paid by Relatives-Shareholders

Facts of the Case The assessee-comp...
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Subsidy Received for Repayment of Term Loans Undertaken for Setting Up New Unit was Non-Taxable as Capital Receipt

Facts of the case: Assessee is a te...
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Where Assessee had made payment to Foreign Celebrity, for an appearance made by him in Dubai at a product launch event for promoting business of Assessee in India, Assessee would be liable to withhold taxes from payment so made.

Facts of the case: Assessee was car...
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Where Assessee claimed deduction of interest on borrowed capital against rental income of house property, renting house to his own son and daughter, partially allowed u/s 24(b)

Facts of the case: Assessee, being ...
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Penalty to be Levied only when it is proved that Income was Concealed or Inaccurate Particular was Furnished

Facts of the Case: The assessee decla...
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Income Tax Refund cannot be withheld by Mere Issuance of Notice u/s 143(2)

Facts of the case: The assessee fil...
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Tax Benefit for Individuals and Corporates: COVID-19 PM Cares Fund

In order to encourage contributions for ...
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COVID-19 Relief to Senior Citizens related to Form 15G and 15H

To provide relief to senior citizens, wh...
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Companies Fresh Start Scheme, 2020 (CFSS-2020): COVID-19 Relief Measure

In order to facilitate the companies reg...
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DUE DATES TO FILE GST RETURNS, LATE FEE AND INTEREST, AND OTHER RELEVANT UPDATES

Due dates of Filing Form GSTR-3B ...
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Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) – Ministry of Electronics and Information Technology

The Government on 01.04.2020 has come up...
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Production Linked Incentive – Ministry of Electronics and Information Technology

Ministry of Electronics and Information ...
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Advance Forfeited in Ordinary Course of Business: Allowability under Income Tax

Facts of the Case Assessee, being a...
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Relaxation for realization & repatriation of export proceeds: COVID-19 Relief Measure

In view of disruptions caused due to COV...
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No Deemed Dividend where Money Lending is Substantial Part of Business

Facts of the Case: Assessee was hol...
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Application for Lower Tax Withholding Certificate: COVID-19 Waiver

Due to outbreak of the pandemic Covid-19...
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Assesses may file Refund Application of IGST paid on ‘Ocean Freight’ – Gujarat High Court

Facts of the case: Applicant filed wr...
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Brought forward Business Losses can be adjusted even after 8 years for computation of Adjusted Book Profit u/s 115JB

Facts of the case: The assessee had...
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Not updating the vehicle no. in E-way bill is a procedural lapse, liable to penalty of Rs. 10,000 only: Appellate Authority – GST

Facts of the case: Appellant (trans...
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Waiver of Loan for Acquiring Capital Assets is not taxable as Business Income under Income Tax Act – Supreme Court

Facts of the Case: Mahindra And Mah...
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HC Directs Assessee to File ITR in Paper Form as he was unable to Claim Set Off of Losses while E-Filing

Facts of the Case: The assessee is an...
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Relief in COVID-19 Pandemic to Corporate Sector

With an objective to boost the enthusias...
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Relief announced by Finance Ministry during the Press Conference held earlier today.

We are with you in Pandemic COVID-19 Out...
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Clarification on Spending of CSR Funds for COVID-19

Keeping in view of the spread of novel C...
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Sum Advanced to Subsidiary Company would be Capital Asset within Meaning of Section 2(14)

Facts of the Case: The assessee advan...
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Training Services Provided by Sub-Contractor to State Government are Taxable @18%:   AAR-Karnataka

Facts of the case: Applicant is expec...
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CAR (Company Affirmation of Readiness towards COVID-19) Form – 2020

The Novel Corona-Virus (COVID-19) has hi...
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No Addition Towards Notional Rent if Property Remained Vacant due to Obstruction Caused by Ongoing Metro Project

Facts The assessee was engaged in t...
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Relaxation from Compliances with SEBI Regulations due to COVID-19 Virus Pandemic

The Securities and Exchange Board of Ind...
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ITC Not Permissible on Goods and Services used in Construction of Warehouse for Letting Out on Rent – AAR Maharashtra

Facts of the Case: Applicant, being...
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Notifications Levying IGST on Importer on Component of Ocean Freight Paid by Foreign Seller Unconstitutional

Facts of the case: Applicant import...
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Recommendations made in 39th GST Council Meeting held on 14th March, 2020

Extension and Deferment Revocatio...
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Applicability of Legal Entity Identifier (LEI) by RBI on Non-Derivative Forex Transactions

Reserve Bank of India (RBI) vide its cir...
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Where Competent Authority had detained goods under transport as well as vehicle and thereafter passed an order for confiscation of goods and vehicle, since goods were duly accompanied by valid documents, there was no reason for Competent Authority to confiscate the same.

Facts of the case: Petitioner is en...
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CG Introduces “LLP Settlement Scheme, 2020” for Defaulting LLPs

The Central Government (CG) has introduc...
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Detention of goods and vehicle on account of different route opted by driver not justified

Facts of the case: Competent Author...
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Writ petition for payment of interest on belated GST liability which is paid in Cash, admitted – Honorable High Court of Madras

Petition has been filed before Honorable...
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Import of Diamonds for Re – Export would be in Nature of Services for Claiming Section 10AA Deduction

FACTS Assessee is a partnership fir...
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BRANCH OFFICE ENTITLED TO AVAIL FULL ITC OF TAX PAID BY HEAD OFFICE WHERE PAYABLE ARE ADJUSTED AGAINST RECEIVABLE: AAAR

FACTS OF THE CASE: Appellant, the branc...
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Refund of IGST paid on exports cannot be denied where assessee inadvertently claimed drawback under wrong provision

Facts of the case: Under pre - GST ...
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Recovery of Parental Insurance Premium from employees is NOT a ‘Supply of Service’ by company

Recovery of Parental Insurance Premium f...
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CLARIFICATION ON THE NEWLY ADDED SECTION 194K FOR TDS

Insertion of section in budget: Gover...
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Amendment in Rule 12 of Companies (Accounts) Rules, 2014 regarding filing of AOC- 4 by NBFCs

Ministry of Corporate Affairs (MCA) vide...
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Mandatory digital payments for businesses having more than Rs 50 crore topline by 31st January 2020

Has your turnover exceeded Rs.50 crore p...
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INVESTMENT IN UNLISTED EQUITY SHARES OF INDIAN COMPANY BY FOREIGN PORTFOLIO INVESTOR (FPI)

FACTS OF THE CASE:  IPFII Singapore 4 ...
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GST TAXPAYERS CAN NOW FILE THEIR GSTR-3B IN A STAGGERED MANNER

Considering the difficulties faced by tr...
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AMENDMENT OF RULE 10DA AND RULE 10DB REGARDING FURNISHING OF INFORMATION AND MAINTENANCE OF DOCUMENTS BY CONSTITUENT ENTITY OF AN INTERNATIONAL GROUP

AMENDMENT OF RULE 10DA AND RULE 10DB REG...
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Major Relief for Insurance Sector – Circular No– IRDA/F&A/CIR/ACTS/023/01/2020

Circular No– IRDA/F&A/CIR/ACTS/023/0...
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Electricity supplied through grid supply is goods and exempt – AAR

SUPPLY OF ELECTRICITY, UTILITIES BY LESS...
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ITAT allowed deduction of interest paid on borrowed money though no interest was earned on its further lending

ITAT ALLOWED DEDUCTION OF INTEREST PAID ...
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CBDT NOTIFIES PRESCRIBED ELECTRONIC MODES OF PAYMENT FOR SECTION 269SU

The Finance (No. 2) Act, 2019 introduced...
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Amendment in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Ministry of Corporate Affairs vide a not...
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BENEFIT OF TDS IS TO BE GIVEN FOR ASSESSMENT YEAR FOR WHICH CORRESPONDING INCOME IS ASSESSABLE

Facts of the case: ➢ Assessee was engag...
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Extension of date for filing cost audit report for FY 18-19

Ministry of Corporate Affairs (MCA) vide...
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Where assesse has declared its income at maximum rate and return of income was accepted without addition, penalty u/s 271(1)(c) cannot be levied: #ITATChandigarh

Facts of the case: The assessee, in...
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Extension of due date for payment of TDS u/s 194M

The Central Board of Direct Taxes (CBDT)...
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EXEMPT INCOME NOT TO BE CONSIDERED FOR THE PURPOSE OF COMPUTATION OF BOOK PROFIT U/S 115JB: ITAT MUMBAI

Facts of the case: The assessee had...
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Extension of Time Limit for Filing of Response on E-Portal: CBDT

CHRISTMAS GIFT TO TAXPAYERS UNDER ASSESS...
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Auditor’s report to be relied for allowance depreciation on unidentifiable assets received during amalgamation: Allahabad High Court

Facts of the case: The assessee com...
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Extension of date of payment under Income Declaration Scheme

CBDT extends deadline for payment under ...
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Key highlights of decisions taken in 38th GST Council meeting

Law and Procedure related changes ...
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Income Tax Update

Once prior period income is held to be t...
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CBDT extends advance tax payment deadline for north-eastern states to December 31st, 2019

The Central Board of Direct Taxes (CBDT)...
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Non-debt instruments rules, 2019 of FEMA

Central government notification dated 17...
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Extension of last date of filing of form MGT-7 and AOC-4 for J&K and Ladakh

Relaxation of additional fees and Extens...
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Is MAT applicable for AY 2020-21?

In order to provide relief to the corpor...
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ISSUE OF INVOICES UNDER GOODS AND SERVICES TAX LAW

Through notification, Govt. has made fol...
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EXTENSION OF LAST DATE OF FILING FORM PAS-6

The Ministry of Corporate Affairs (MCA) ...
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Last few days to avail the benefit of Scheme “Sabka Vishwas” 2019

Recently government has issued a notific...
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Withdrawal of Circular on Information Technology Enabled Services, ab initio

Circular No. 107/26/2019-GST dt.18.07.20...
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NBFC’S UNDER THE PREVIEW OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Due to increasing pressure on the Indian...
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Whether Provision for Loss and Provision for Gratuity to be Considered in MAT Calculation?

Fact of the Case: Assessee was oper...
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CONTRACT OR ARRANGEMENT BY A COMPANY WITH ITS RELATED PARTY

AMENDMENT IN RULES UNDER COMPANIES ACT, ...
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Key highlights of “The Taxation Laws (Amendment) Bill, 2019″

The President of India has implemented t...
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The Amalgamated Co. can utilize the MAT credit of its Amalgamating Co.

Fact of the Case: The assessee was ...
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SEBI Update: Disclosure to Stock Exchange

IN CASE OF DEFAULT IN PAYMENT OF INTERES...
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Forex Loss Arising on Loan Taken for Acquiring Assets

Facts of the case: 1. Assessee had clai...
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Blocking / unblocking of E-way Bill System facility with effect from 21 November 2019

Rule 138 of CGST Rules provides that for...
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COMPENSATION RECEIVED BY LESSOR ON ACCOUNT OF TERMINATION OF LEASE DUE TO SALE OF PROPERTY IS CAPITAL RECEIPT

Facts of the case: The assessee own...
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Simplification of Form GSTR-9 and GSTR-9C

SIMPLIFICATION OF FORM GSTR-9 and GSTR-9...
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Beholding principal of Natural Justice before declaring ITR as invalid: ITAT (Pune)

Facts of the case: The assessee fil...
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Notification: Insertion of Rule 11UAC in the Income Tax Rules, 1962

New Rule 11UAC has been inserted vide No...
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Examination for appointment of independent directors

AMENDMENT IN RULES UNDER COMPANIES ACT, ...
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