14th July 2K20
Economic Times
Ø Moody’s investor service confirms Tata Steel’s Ba2 rating outlook to negative
Ø Timely measures from central bank helped stabilize market: RBI
Ø Mideast loses $270 bn oil income amid virus
Ø Non-financial services sector takes a Covid hit
Ø Oaktree invests Rs 570 crore in realty developer M3M
Ø June retail inflation picks up to 6.09% y/y
Ø ITC Hotels declare partnership with Zomato
Ø Mumbai ITAT rules in favour of HSBC
Business Standard
Ø Equity seems to be losing its charm as long-term returns disappoint
Ø Indian industry welcomes UK govt's post-Brexit immigration regime
Ø RBI turns net purchaser of US dollar in May, buys $4.363 billion
Ø HDFC plans to seek shareholders' approval to raise Rs 45,000 crore
Ø Inflows into Jio limit fall in H1 PE/VC investments to 10% at $18.3 bn
Ø Adani Ports fund-raising plan of $1.25 bn draws negative rating outlook
Business Line
Ø India-EU Summit may take a fresh look at long-pending FTA
Ø Despite weak demand, steel firms hike prices by up to ₹750/tonne
Ø I-T Dept offers one-time relaxation for verification of last 5 years ‘e-filed’ returns
Ø Centre lifts export ban on textile raw materials for masks, coveralls
Ø Major fire mishap at Visakha Solvents's plant in Vizag Pharma City
Mint
Ø Tata Sons withheld info on its public deposits: Mistry
Ø PepsiCo reports double-digit volume decline in India beverage business
Ø Franklin Templeton Mutual Fund updates investors on six schemes under winding up
Ø Bombay High Court dismisses Zee Learn’s petition on moratorium on bonds
Ø Tax dept allows one-time verification of past income tax returns by Sep 2020
Financial Express
Ø Asset quality of banks in India, ASEAN economies to weaken due to COVID-19 crisis: Moody’s
Ø FTAs with EU, US, UK, Australia, Canada to help double apparel exports in 3 years: AEPC
Ø City Union Bank gets board’s approval to raise Rs 1,100 crore
Deccan Chronicle
Ø Sundar Pichai announces Google's Rs 75,000 crore fund for India's digital economy
Ø Glenmark Pharma cuts price of COVID-19 drug Favipiravir to Rs 75/tablet
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One time relaxation for Verification of Income Tax Return
1) CBDT through circular no. 3/2020 dated 13th July 2020 given one time opportunity to taxpayers whose Income Tax Return’s was filed online but verification was pending.
2) Now any taxpayer whose ITR is pending for verification can verify their ITR on or before 30th September 2020.
3) ITR for FY 2014-15 to FY 2018-19 can be verified through this one time relaxation scheme
4) All such verified ITRs shall be processed on or before 31 December 2020.
5) ITRs can be verified through EVC or by sending duly signed hard copy to CPC Bangalore.
Note: if any proceeding has been started against taxpayers considering that return for such year has not been filed by taxpayer then benefit of relaxation can not be availed
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Ex-Parte order passed during COVID 19 Pandemic is against of principles of natural justice
Recently, the Hon’ble Gujarat High Court in the case of
Remankhan Belin v. State of Gujarat - [2020] 117 taxmann.com 175 (Gujarat)
HC quashed and set aside the order which was passed without hearing the assessee during COVID pandemic.
In the said case, hearing notice was issued to the assessee, however, considering the current situation of outbreak of COVID 19 pandemic, the assessee preferred to remain safe and was not present at the time of hearing.
The department in the absence of the assessee, passed the order.
The Hon’ble High Court quashed and set aside the said order as it was passed without hearing the assessee.
The authorities were directed to pass fresh order on merits after giving an opportunity of hearing to the assessee.
The authorities shall inform the assessee in advance about the next date of hearing and he shall be required to remain present on the date fixed for hearing.
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