“There is no wealth like knowledge, no poverty like ignorance.” Here is your Daily dose of professional updates 28.02.2020

1. F E B R U A R Y 2 8 , 2 0 2 0 | F R I D A Y I S S U E 1 7 6
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 6
 Goods & Service Tax & other Indirect taxes
 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 372
Kay Ess Surgico
v. Union of India
CWP NO. 37368 OF
2019
DECEMBER 20,
2019
Punjab &
Haryana High
Court
Download order
copy here
Section
140 read
with Rule
117
Where assessee could
not upload details of
un-utilized input tax
credit as per account
books to
electronically
generated statutory
Form GST TRAN-1, it
was to be permitted
to file Form GST
TRAN-1 by 31-1-2020.
[Judgment of Punjab
and Haryana High
Court in case of Adfert
Technologies (P.) Ltd.
v. Union of India [2019]
111 taxmann.com 27,
discussed]
 News/Latest Developments/Other updates
 Taxmen raid jewellers in Bengaluru, detect large scale GST evasion
The Commercial Taxes department has unearthed large scale evasion of GST
by jewellers in Chickpet area in Bengaluru after it found 60 kgs of gold
ornaments worth Rs 21 crore without GST documents. It conducted the
search operations on 23 jewellers at Ranganatha Mansion and Sakalajee
Market in Chickpet area in Bengaluru on Tuesday.
ET Report

4. Page 2 of 6
 Tally releases new version of software with browser access, to enable GST
e-invoicing by March-end
Tally Solutions announced the global launch of Tally.ERP 9 Release 6.6, which
brings the Tally experience on web browsers. With this launch, Tally aims to
assist businesses access critical data anywhere through any device, securely
and privately, while keeping the data on customer's machines itself. This will
help entrepreneurs with business information like business reports and
invoices. This will be accessible to them on web browsers, removing the
dependency of having a particular type of computer or device, or installing
Tally for the access.
ET Report
 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 248
Jet Lite (India) Ltd.
v.
CIT, Central-1 Delhi
SLTA (C) NO. 7689
OF 2016
SEPTEMBER 11,
2019
Supreme Court Section 68 SC granted SLP
against ruling
justifying sec. 68
additions on
assessee's failure to
furnish details of
shareholders.
 News/Latest Developments/Other updates
 With revenues falling, income tax dept rake up old demonetisation cases.
Indian jewellers have received surprise tax notices asking them to turn over
money they made from customers who scrambled to buy gold after Prime
Minister Narendra Modi's 2016 ban on high-currency notes, according to a
dozen jewellers and tax officials.
Mint Report

5. Page 3 of 6
 Income Tax dept raids locations linked to Chhattisgarh govt officials
The IT dept conducted the raids as part of an investigation into allegations of
tax evasion against officials including senior IAS officer in Bhupesh Baghel-
led Congress government.
 Announcement by ICAI
 ICAI released Examination Form - Certificate Course on Ind AS to be held on
March 22, 2020.
 ICAI announce that next examination of the Certificate Course on Ind
AS will be held on March 22, 2020 (Sunday). Examination form are
available at this link
 Further, ICAI mention that in order to provide necessary guidance to
participants for preparing for Certificate course on Ind AS examination,
the Committee has prepared a publication on Model & Past Question
Papers which can be downloaded from this link.
 The Insolvency and Bankruptcy Law
 Notification/Circular/Press release/ Write-ups/Newsletters by IBBI/Government
 IBBI issued Guidelines for Appointment of Insolvency Professionals as
Administrators under the Securities and Exchange Board of India
(Appointment of Administrator and Procedure for Refunding to the
Investors) Regulations, 2018.
Download IBBI order here
 IBBI invites for Seminar on the occasion of International Women's Day
scheduled on 8th March, 2020 at New Delhi.
Click here for more details
 Order of Disciplinary Committee IBBI, in the matter of Mr. Dushyant C. Dave,
Insolvency Professional (IP) under Regulation 11 of the Insolvency and
Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read
with Section 220 of the Insolvency and Bankruptcy Code, 2016 (Code).
Show cause notice to IP was disposed of with the warning to RP is hereby to
be extremely careful, diligent, strictly act as per law and similar action should
not be repeated.
Read full order here

6. Page 4 of 6
 IBBI’s Summary - Judgement dated 26th February, 2020 of the Hon'ble
Supreme Court of India in the matter of Anuj Jain, IRP for Jaypee Infratech
Limited Vs Axis Bank Limited etc. etc. [Civil Appeal Nos. 8512-8527 of 2019
and other petitions]
Download here complete summary of judgement
Download full judgement here
 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 391
Rajiv Kumar
Agarwalla v.
Rajesh Kumar
Kejriwal
COMPANY
APPEAL (AT)
(INSOLVENCY)
NOS. 588 & 589 OF
2018
NOVEMBER 18,
2019
NCL-AT Delhi Section
74, read
with
sections
14, 17 and
70.
Where during
moratorium period
directors/promoters of
corporate debtor
diverted funds of
corporate debtor,
same was in violation
to provisions of section
14 and therefore,
contempt proceeding
was to be initiated
against corporate
debtor for alleged
violation.

7. Page 5 of 6
Sr.No. Key to find the
document
Authority who
passed the order
Details of decision
Provisions
discussed
Decision
2 [2020] 114
taxmann.com 655
Rajendra K. Bhutta
v.
Maharashtra
Housing & Area
Development
Authority
CIVIL APPEAL NO.
12248 OF 2018
FEBRUARY 19,
2020
Supreme Court Section 14 Section 14(1)(d), when
it speaks about
recovery of property
'occupied', does not
refer to rights or
interests created in
property but only
actual physical
occupation of
property. Thus,
section 14(1)(d) will
apply to statutorily
freeze 'occupation'
that may have been
handed over under a
Joint Development
Agreement.
[Rajendra K. Bhuta v.
Maharashtra Housing
and Area
Development
Authority [2019] 101
taxmann.com 413
(NCL - AT) - reversed.]
3 [2020] 114
taxmann.com 656
Anuj Jain v.
Axis Bank Ltd.
CIVIL APPEAL NOS.
6777, 6797, 8512-
8527 OF 2019 AND
OTHS.
FEBRUARY 26,
2020
Supreme Court Section
43,read
with
sections
44, 49 and
66
Creation of mortgage
by corporate debtor
to secure debt of
related party without
lender’s NOC was
fraudulent.

8. Page 6 of 6
 Security and Exchange Board of India (SEBI)
 Securities and Exchange Board of India (International Financial Services
Centres) Guidelines, 2015- Amendments.
Circular here
 Micro, Small & Medium Enterprises
 80,000 Micro Enterprises to be Assisted in Current Financial year under
Prime Minister’s Employment Generation Programme (PMEGP), a flagship
scheme of the Ministry of MSME, and Credit Guarantee Fund Trust for Micro
and Small Enterprises (CGTMSE).
PMEGP is a credit linked subsidy scheme which promotes self-employment
through setting up of micro enterprises, where subsidy up to 35 percent is
provided by the Government through Ministry of MSME for loans up to Rs.
25 lakhs in manufacturing and Rs 10 lakhs in service sector. Union Minister for
MSME commended the work done by the Banks in supporting setting up
large number of enterprises under PMEGP over the past years, which has
particularly seen a two-fold increase in last Financial Year when more than
73,000 micro enterprises were assisted.
MoMSME Release
 Economy & Finance
 Cut in the offing? EPFO may cut interest rate to 8.5% for FY20, says report
The Employees' Provident Fund Organisation (EPFO) might reduce its
interest rate by 15 basis points to 8.5% in FY20. The issue is likely to be taken
up at the central board of trustees (CBT) meeting of the EPFO on March 5,
says a news report in The Economic Times.
Business Standard Report
SAVE WATER || SAVE UNIVERSE

9. =============================================
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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