Income Tax Law Updates
Notification/Circulars:
CBDT Order No. F. No. 187/3/2020-ITA-I Dated: 17th March, 2022
The Assessments which shall he completed by the jurisdictional Assessing Officer (AO) i.e. Assessment orders in all cases for which the time for completion expires on 31.03.2022 pending with the jurisdictional Assessing Officer as on 15.03.2022 or thereafter, which cannot be completed as per the procedure laid down under Section 144B of the Act due to technical procedural constraints in the given period of limitation.
Income Tax Circular No. 5/2022 Dated 16th March 2022
CBDT relaxes requirement of electronic filing of application in Form No. 3CF for seeking approval under section 35(1)(ii)/(iia)/(iii) of Income-tax Act, 1961 vide Income Tax Circular No. 5/2022 | Dated 16th March 2022.
CBDT Circular No. 06 of 2022 dated 17-03-2022: Relaxing filing of Form 10-IC for AY 2020-21
The CBDT has condoned the delay in filing Form 10-IC for Assessment Year 2020-21. Form 10-IC (required to be filled before filling RoI u/s 139(1) for domestic companies opting 115BAA (22 percent tax rate). Form 10-IC can now be filled to 30.06.2022 for AY 2020-21.
Goods and Services Tax Law Updates:
AAR/Case Laws/Judgement
KEC International Ltd. Vs Commr of Central Excise (CESTAT Delhi) 15-03-2022
That the benefit of extended period of limitation is not available to Revenue in the present matters, there being no element of fraud, mis-statement or contumacious conduct on the part of the appellant. Thus, the demand of interest is hit by limitation. Accordingly, these appeals are allowed and the impugned orders are set aside.
We find that when that entire demand of tax is based on the figures / facts available in the financial records, it cannot be said that the Appellant assessee has not made appropriate disclosures. In the case of HINDALCO INDUSTRIES LTD. VS. COMMISSIONER OF C. EX., ALLAHABAD reported at 2003 (161) E.L.T. 346 (Tri. – Del.), the Tribunal has held that suppression of the fact can not be alleged when the demand is raised on the basis of information appearing in Balance In view of the above, the appeal filed by the Department is liable to be dismissed and we do so.
In Re: M/s Maharashtra Ex-Servicemen Corporation Ltd. (MAHARASHTRA -GST-AAR : Dated 15/03/2022)
The AAR has pronounced ruling that Exemption is available to the applicant for the pure services i.e. Security Services rendered to various sites of Municipal Corporations only if such pure services are supplied to the Municipal Corporations, in relation to functions entrusted to such Municipal Corporations under Article 243 W of the constitution of India.
The AAR has pronounced ruling that in the instant case, the applicant has agreed to do an act i.e. the applicant has agreed to relinquish its lease right on the said land in favour of Irrigation Department on the directions of the owner of the land i.e. MSFR Department. Thus the said action of the applicant is nothing but supply of services under the GST Laws.
Updates from Other Laws:
AAR/Case Laws/Judgement
SEBI Circular dated 15-03-2022
Discontinuation of usage of pool accounts for transactions in the units of Mutual Funds: Clarifications with respect to Circulars dated October 4, 2021.
CIRCULAR No.: PFRDA/2022/06/SUP-POP/01 Date: 16 March 2022
(PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY) Guidelines for Operational Activities – to be followed by Point of Presence (PoPs-NPS-Lite)
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