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Friday, September 25, 2020

[ACCA_Profs] Download Faceless Appeal Scheme, 2020 + Vodafone Verdict On Rs. 22k Crore Capital Gains + Article On Deductibility Of Education Cess

 

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Dear Subscriber,

The following important updates are available at itatonline.org:

Download Faceless Appeal Scheme, 2020

The Income Tax Department has launched the Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. The Gazette notification is available for download

Retrospective Amendment To Levy Tax On Rs. 22k Crore Capital Gains Is "In Breach Of The Guarantee Of Fair And Equitable Treatment": Court In Vodafone's Case

Vodafone International Holdings BV had invoked Clause 9 of the Bilateral Investment Treaty (BIT) signed between India and the Netherlands to challenge the retrospective amendment to tax capital gains of Rs 22,100 crore. In a unanimous decision, the Permanent Court of Arbitration at The Hague has held that the retrospective demand was "in breach of the guarantee of fair and equitable treatment". The court has also asked India not to pursue the tax demand any more against Vodafone Group

Education Cess As A Deduction – Certain Deceptive Facets

Advocate Fenil Bhatt has submitted that the prevalent judicial view that 'education cess' is not affected by the bar in section 40(a)(ii) of the Income-tax Act, 1961 and is allowable as a deduction requires reconsideration. He has argued that education cess is nothing but the State's right in the profits of the Assessee, akin to income tax, is in the nature of distribution of income, and is not eligible for deduction

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,

 

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Latest:

TCS On Sale Of Goods w.e..f. 01.10.2020

Advocate V. P. Gupta has argued that sub-section (1H) of section 206C of the Income-tax Act, 1961, which comes into effect on 1st October 2020, will not serve any purpose but will instead raise a number of difficulties in implementation. The ld. author has requested the CBDT to either withdraw the statutory provision or to at least clarify the issues identified by him

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