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Tuesday, July 14, 2020

[ACCA_Profs] Imp SC Directive On Extension Of Limitation Period Etc + Entire Law on Tax Implications Of Waiver Of Loans Explained

 

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Dear Subscriber,

The following important updates are available at itatonline.org:

In Re Cognizance For Extension Of Limitation (July 2020)

Extension of limitation period due to Covid-19 Lock down: Service of all notices, summons and exchange of pleadings may be effected by e-mail, FAX, WhatsApp, Telegram, Signal etc in addition to service of the same document by email simultaneously on the same date. The Reserve Bank of India may consider whether the validity period of a cheque under the Negotiable Instruments Act should be extended or not

Extension of validity of Negotiable Instruments Act, 1881. With reference to the prayer, that the period of validity of a cheque be extended, we find that the said period has not been prescribed by any Statute but it is a period prescribed by the Reserve Bank of India under Section 35-A of the Banking Regulation Act,1949. We do not consider it appropriate to interfere with the period prescribed by the Reserve Bank of India, particularly, since the entire banking system functions on the basis of the period so prescribed

The Law On Taxability Of Loan Waiver: Impact Of Covid – 19 Pandemic

Advocate Sashank Dundu has explained in detail the entire law under sections 28(iv) and 41(1) of the Income-tax Act, 1961 relating to the taxability of waiver of loans, given for capital purposes and for trading purposes. The learned author has referred to all the important judgements on the issue and explained precisely their implications. He has also offered valuable practical guidance on the documentation that assessees should maintain to ensure that the waiver of their loans is taxed correctly and as per the law

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals


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Editor,

 

itatonline.org

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Latest:

Gateway Leasing Pvt.. Ltd vs. ACIT (Bombay High Court)

S. 147 Reopening for bogus capital gains from penny stocks: The Dept's argument that though the assessee disclosed details of the transactions pertaining to purchase and sale of shares, it did not disclose the real colour / true character of the transactions and, therefore, did not make a full and true disclosure of all material facts which was also overlooked by the AO, is not correct. The assessee disclosed the primary facts to the AO & also explained the queries put by the AO. It cannot be said that the assessee did not disclose fully and truly all material facts necessary for the assessment

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