Allahabad High Court division bench while hearing a Criminal Misc Writ Petition filed by Rangnath Mishra And Another has stayed any coercive action, including attachment, by the ED till the disposal of the interim relief application on the appeal pending in the tribunal.
The Supreme Court on Tuesday dismissed a petition filed by an NRI, whose stay in India was involuntary extended on account of Covid-induced lockdown and suspension of international air travel, challenging the notification issued by the Central Board of Direct Taxes (CBDT), alleging that it had placed him in the pernicious position of losing his 'non-resident status' for the purpose of Indian Income Tax Act, 1961.
Bilateral Netting refers to offsetting of all claims arising from dealings between two parties, to determine a net amount payable or receivable from one party to other. While Qualified financial contracts entails any bilateral contract notified as a QFC by the relevant authority.
The Central Government has filed a detailed affidavit before the Supreme Court in connection with the loan moratorium case, stating that the difference between compound interest and simple interest will be deposited in the account of borrowers by November 5.
The Central Board of Direct Taxes (CBDT) vide Notification dated June 24, 2020 and the Ministry of Finance, June 24, 2020 has provided a much needed clarity and has given a legislative sanction to the income tax reforms inter alia proposed by the Hon’ble Finance Minister in light of the pandemic COVID 19.