Wisdom…. comes not from age, but from education and learning.” Here is your Daily dose of professional updates 26.02.2020

1. F E B R U A R Y 2 6 , 2 0 2 0 | W E D N E S D A Y I S S U E 1 7 4
THE DAILY
LIFELINE
Official Newsletter of Diucon
BIGGEST CHALLENGE-
HOW TO KEEP UPDATED
ON DAILY BASIS
Laws are changing frequently in India, there are big
developments and announcements on daily basis in
Economic & Finance world and many other reforms are on
the way. This newsletter will keep you updated on daily
basis along with documents taken from authentic sources.
By Pradeep Goyal, FCA | CPA, Australia
WHAT'S NEW IN
PROFESSIONAL/
BUSINESS
WORLD TODAY:
Goods & Service Tax
Direct Tax Code
Income Tax
Economy | Finance
Insolvency Laws

2. INDEX
UPDATES RELATED TO
 New Direct Tax Code
 Goods & Service Tax & Other Indirect Taxes
 Income Tax
 Announcements by ICAI
 Announcements by ICSI
 Corporate Laws
 The Insolvency and Bankruptcy Law
 Security and Exchange Board of India (SEBI)
 Director General of Foreign Trade (DGFT)
 Start-ups
 Micro, Small & Medium Enterprises
 Reserve Bank of India
 New acts notified/Bills introduced in parliament or Executive
orders by President
 Economy & Finance.
[From Monday to Friday 5 days a week as Saturdays and Sundays being holiday and
closure of all government departments hence no updates]

3. Page 1 of 4
 Goods & Service Tax & other Indirect taxes
 Notifications/Circulars/Press releases/FAQs/Portal Updates/Write-ups by
CBIC/Government.
 GSTN announce that new (Toll-free) number of GST Portal Help Desk: 1800-103-
4786 from 26th Feb 2020. The existing no. 0120-4888999 will be discontinued.
 Legal updates- Advance Ruling Authorities/Tribunals/High Courts/Supreme Court
Sr.No.
Key to find the
document
Authority who
passed the
order
Details of decision
Provisions
discussed
Decision
1 [2020] 114
taxmann.com 300
Kaish Impex (P.)
Ltd. v.
Union of India
WRIT PETITION
NO. 3145 OF 2019
JANUARY 17, 2020
Bombay High
Court
Section 83 Where no proceedings
were initiated/pending
against petitioner
under sections
mentioned in section
83, order provisionally
attaching bank
account of petitioner
merely on basis of
summons issued
under section 70 was
without jurisdiction
and was liable to be
quashed and set aside.
 News/Latest Developments/Other updates
 Indirect tax dept issues notices to companies over late input credit claim under
GST frame
The indirect tax department has issued notices to thousands of companies that
had claimed late input tax credit under GST framework and thereby asked them
to reverse the transaction. These companies had claimed the input tax credit for
fiscal 2018 and 2019 after missing the September deadline.
ET Report

4. Page 2 of 4
 Income Tax
 Legal updates- Tribunals, High Court & Supreme Court judgements
Sr.No. Key to find the
document
Authority who
passed the order
Details of decision
Provisions
discussed
Decision
1 2020] 114
taxmann.com 351
PCIT, Central-4
v.
Dhananjay
International Ltd.
SPECIAL LEAVE
PETITION (CIVIL)
DIARY NO. 29320
OF 2019
SEPTEMBER 16,
2019
Supreme Court Section 68
& 153C
Where High Court
upheld Tribunal's
order deleting
addition made in case
of assessee under
section 68 on account
of share application
money in assessment
under section 153C,
read with section
143(3) on ground that
during search, no
incriminating material
was found to support
such addition, SLP
filed against order
said was to be
granted.
 Corporate Laws
 in supersession of the Companies (Auditor's Report) Order, 2016, published in
the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide
number S.O. 1228 (E), dated 29th March, 2016, MCA issues Companies
(Auditor's Report) Order, 2020 vide notification dated 25th
February, 2020.
In pursuance of its objective of strengthening the corporate governance
framework under the Companies Act, 2013 to attain the national objective of
becoming a $ 5 Trillion economy, Central Government notified the Companies
(Auditor’s Report) Order, 2020 (CARO, 2020) on 25.02.2020.

5. Page 3 of 4
The CARO, 2020 is applicable for audit of financial statements of eligible
companies for the financial years commencing on or after the 1st April, 2019.
The criteria of eligibility of companies on which the CARO, 2020 shall be
applicable has not been changed and hence it shall be applicable to all those
companies on which CARO, 2016 was applicable.
CARO 2020 would necessitate enhanced due diligence and disclosures on the
part of auditors of eligible companies and has been designed to bring in greater
transparency in the financial state of affairs of such companies.
Download Fin Min Press Release
MCA notification for complete order- download here
 The Insolvency and Bankruptcy Law
 Legal updates- NCLT | NCLAT | SUPREME COURT
Sr.No. Key to find the
document
Authority who
passed the order
Details of decision
Provisions
discussed
Decision
1 [2020] 114
taxmann.com 280
Meka Dredging
Company (P.) Ltd.
v. Sapura
Engineering &
Construction
(India) (P.) Ltd.
COMPANY APPEAL
(AT)
(INSOLVENCY) NO.
1289 OF 2019
NOVEMBER 19,
2019
NCL-AT Delhi Section 11 Where liquidation
order had been
passed against a
company, such
company under
liquidation could not
make an application
as an operational
creditor against a
third company for
initiation of CIRP
under section 9.

6. Page 4 of 4

 Reserve Bank of India
 RBI issued FAQs on CRR exemption
Download here
 Economy & Finance
 JSW Steel's $2.7-billion buy of Bhushan Power & Steel faces legal test.
JSW Steel’s $2.7-billion purchase of a bankrupt steel mill is facing a fresh hurdle
after a former chairman of Bhushan Power & Steel challenged the deal in the
country’s top court. Sanjay Singal filed a petition on Monday against a ruling by
a bankruptcy tribunal that had approved the deal earlier this month, according
to the Supreme Court’s website. The petition hasn’t yet been allotted a date for
a hearing.
Business Standard Report
 Corporate India seeks to barricade brass from frauds, bankruptcy concerns
Demand for Directors and Officers (D&O) insurance is on the rise as corporate
India seeks to barricade its brass from the increasing number of corporate
frauds and bankruptcy-related concerns. Vendors of D&O covers are seeing an
annual growth of between 20 per cent and 30 per cent for these offerings. “The
coming into force of the Insolvency and Bankruptcy Code, the goods and
services tax (GST), and Whistle-blowers’ Protection Act; and better and stricter
implementation of laws, in general, have increased managerial risks”, says
Sushant Sarin.
Business Standard Report
SAVE WATER || SAVE UNIVERSE

7. =============================================
About Scribbler
PRADEEP GOYAL
 Fellow Member of the Institute of
Chartered Accountants of India.
 Associate member of Professional
Accounting Body of Certified
Practising Accountants (CPA),
Australia.
 Registered Valuer with IBBI- Asset
Class- Securities or Financial Assets
 CFA (Corporate Finance)- Columbia
Business School, USA | EMERITUS
Institute of Management, Singapore.
 Certified Goods & Service Tax
Practitioner from ICAI & Ministry of
Micro, Small & Medium Enterprises,
Government of India.
================================
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