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11.01.2020 - Voice of CA presents - Useful Updates
Saturday, January 11, 2020

  I. Headlines Today:   

  1. Govt. amends SEZ rules; provides exemption to unit set up as ‘Alternate Investment Fund’ in IFSC  (Click for detail)
  2. New ITR-1, ITR-4 for AY 2020-21: Return filing becomes ‘Sahaj, Sugam’ for these taxpayers  (Click for detail)‚Äč
  3. Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group  (Click for detail)
  4. CBIC extends waiver of GSTR-1 late fee  (Click for detail)
  5. Amendment to the Indian Stamp Act, 1899 are now effective from April 01, 2020  (Click for detail)
  6. RBI nod to UPI transactions for recurring payments  (Click for detail)
  7. SEBI issues operating guidelines for investment advisers in IFSC  (Click for detail)

II. Direct Taxes Case Law: 

1.   Blue Chip Developers (P) Ltd. Vs. ITO, I.T.A. No. 1061/Del/2019, Date of Order: 02.12.2019, ITAT - Delhi

Approval given by approving authority for reopening of assessment u/s 147 of the Income Tax Act, 1961 was without due application of mind and in mechanical manner - reassessment should be quashed.

Brief Facts:
In the present case the LD. AO has issued notice u/s 148 on the basis of approval granted by Pr. CIT, wherein Pr. CIT has not recorded any satisfaction and only mention “Yes” .

Assessee object the reopening of assessment on the facts that the LD. AO has erred in assumption of jurisdiction u/s 147 r.w.s 148 of the Act on the basis of invalid and mechanical approval granted by Pr. CIT.

Hon’ble ITAT follow the judgement given in the case of Dharmender Kumar vs. ITO, ITA No. 2728/Del/2018 and held that the approval granted by the approving authority is a mechanical and without application of mind, which is not valid for initiating the reassessment proceedings, because from the aforesaid remarks, it is not coming out as to which material; information; documents and which other aspects have been gone through and examined by the approving authority for reaching to the satisfaction for granting approval.
Hence, the appeal was held in favour of the assessee and against the revenue.

(Please click here for judgment)


III. Useful Presentation:

1.  Analysis of Changes in GST Law Applicable WEF 01.01.2020 Vide Finance (No.-2) Act, 2019
(Please click here)

[ Contribution by CA. Puneet Goyal and contributor is available at Email-id: ]


IV. Useful Articles:

1.  12 important things under GST for New Year 2020: Taxpayers must pay caution

     (Please click here)  

2.  CBIC notifies certain sections in the Finance (No.2) Act, 2019 pertaining to CGST & IGST Act, effective from 1st January 2020

     (Please click here)  

(Contribution by CA. Bimal Jain and contributor is available at eMail-id: bimaljain@ )


Golden Rules:

  "To smile without condition,
to talk without intention,
to give without reason and
to care without expectation
is the beauty of a true relation" 


Thanks & Regards


Voice of CA 

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