This daily newsletter aims to keep readers updated on daily developments in laws and regulations related to direct taxes, goods and services tax, income tax, corporate laws, insolvency and bankruptcy laws, and economic and financial news. It provides summaries of legal updates from authorities such as tribunals, high courts and the Supreme Court. The newsletter also shares notifications, circulars, and reports from regulatory bodies including the ICAI, ICSI, IBBI, SEBI, and RBI. The goal is to help professionals stay informed of changes occurring in various areas of the law and economy.

1. F E B R U A R Y 2 7 , 2 0 2 0 | T H U R S D A Y I S S U E 1 7 5
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 3
 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 303
Samsung R & D
Institute-India
Bangalore (P.) Ltd.
v. Central Board of
Indirect Taxes and
Customs
WRIT PETITION
NO. 32009 OF 2019
(T-RES)
DECEMBER 17,
2019
Karnataka High
Court
Section 54 Where assessee
sought refund of
input tax credit for
period July, August
and October, 2017,
Competent Authority
was to be directed to
consider application
of assessee for refund
of input tax credit in
terms of Circular No.
125/44/2019 - GST,
dated 18-11-2019.
 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
276 CIT v.
HSBC
Supreme Court Section
37(1)
Sum paid towards
vacating premises
to be regarded as
revenue expenses-
SC dismissed SLP.

4. Page 2 of 3
 The Insolvency and Bankruptcy Law
 Notification/Circular/Press release/ Write-ups/Newsletters by IBBI/Government
 IBBI Uploaded Summary of SC Order in the case of Anuj Jain Interim Resolution
Professional for Jaypee Nfratech Limited [Appellant(S)] Versus Axis Bank Limited
Etc. Etc. ……. [REspondent(S)] CIVIL APPEAL NOS. 8512-8527 OF 2019.
Download here
 Insolvency and Bankruptcy Board of India (Disciplinary Committee) order dated
26th
February, 2020 in the matter of Ms. Kavitha Surana, 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).
Download order 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 623
K.L. Jute Products
(P.) Ltd. v.
Tirupti Jute
Industries Ltd.
COMPANY APPEAL
(AT) (INS) NO. 277
OF 2019,
FEBRUARY 20,
2020
NCL-AT Delhi NCLAT upholds
NCLT’s order refusing
to grant its approval
to resolution plan.

5. Page 3 of 3
 Security and Exchange Board of India (SEBI)
 SEBI issues guidelines for Facilitating transaction in Mutual Fund schemes
through the Stock Exchange Infrastructure.
SEBI Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/29 dated 26.02.2020
 Reserve Bank of India
 RBI’s notification for External Benchmark Based Lending – Medium Enterprises
With a view to further strengthening monetary policy transmission, it has now
been decided that all new floating rate loans to the Medium Enterprises
extended by banks from April 01, 2020 shall be linked to the external
benchmarks as indicated in the RBI circular no. DBR.DIR.BC. No.14/13.03.00/2019-
20 dated September 04, 2019. All the other instructions as contained in the
aforesaid circular remain unchanged.
Download here
 Economy & Finance
 FM warns banks against trusting credit scores of loan seekers 'blindly'
Finance Minister Nirmala Sitharaman on Wednesday told state-owned banks to
not “blindly” trust the credit scores of loan seekers, and to focus on improving
branch-level connect with customers. Her suggestions came on a day she
launched a new set of reform measures for public sector banks (PSBs), aimed at
enhancing the role of technology.
Business Standard Report
 Govt's new audit rules to shield companies against financial frauds
In a bid to bring greater financial discipline in audits, the government has asked
auditors to provide details like loans given by a company for reporting whistle-
blower complaints and assessing internal audit mechanisms of firms. In a press
statement issued on Wednesday, the corporate affairs ministry said it had
notified the Companies (Auditor’s Report) Order, 2020, (CARO) on Tuesday to
enhance due diligence and disclosures by auditors and bring greater
transparency into the financial affairs of companies.
Business Standard Report
SAVE WATER || SAVE UNIVERSE

6. =============================================
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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