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    SBS Wiki E Journal November 2021

    SBS Wiki E Journal November 2021

    In this edition, we bring you, Part III of various shades of draft assessment orders and issue surrounding them. In this piece, we have dealt on the issues arising of the e-assessment and faceless assessment schemes.

    The next article is on the recent judgment of Honourable Supreme Court in the matter of Bharati Airtel Limited, wherein the judgment of Delhi High Court was struck down. The Supreme Court has asked right questions which the Delhi High Court failed to ask and stated that GSTR-2A is only a facilitator and non-availability of the same cannot be used at a later point of time to swap the entries. The Supreme Court upheld the Para 4 of Circular 26/26/2017 – CT since the same is within the ambit of Section 39(9) of Central Goods and Services Tax Act, 2017. The Supreme Court has distinguished the various High Court judgments which have held that GSTR-3B is a stop-gap arrangement and not a return under Section 39 by relying on the amendment made to Section 39 and finally giving a sanctity to GSTR-3B as return.

    The final article is on the recent judgement of Bombay High Court in the matter of Abu Dhabi Investment Authority, wherein the later challenged the veracity of the pronouncement by the Authority of Advance Ruling. The Bombay High Court in a detailed analysis has cleared many issues and settling down certain not-so-spoken matters namely, whether foreign trusts are covered under Indian tax laws, whether a trust whose settlor is sole beneficiary is a valid trust, whether there is a mandatory requirement that trust should also be in revocable terms in order to attract provisions of Section 61 and Section 63 of Income Tax Act, the interplay of DTAA qua the settlor and beneficiary vis-à-vis trustee in different jurisdictions and others is worth reading.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

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