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Home e-Newsletters Index Year 2023 April Day 1 - Saturday

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TMI Tax Updates - e-Newsletter
April 1, 2023

Case Laws in this Newsletter:

GST Income Tax Customs Securities / SEBI Insolvency & Bankruptcy FEMA CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

    GST

  • Valuation of goods - service of SCN (to accountant of the firm) - As the entire tax has been determined and the penalty has been levied only on the basis of a survey by taking recourse u/s 130 of the GST Act and not taking a recourse to Section 74, the order impugned is clearly unsustainable. - HC

  • Detention of goods alongwith vehicle - without E-Way bill - invoice value less that monetary limit - as the petitioner is ready and willing to pay the liability in terms of Section 129(1)(a) of the Act, instead of remanding, it is deemed appropriate to direct the respondents to release the goods to the petitioners if the petitioners offer to pay two hundred percent of the tax payable on the goods valuing the same on the basis of the valuation as shown in the invoice - HC

  • Income Tax

  • Delay in filling ROI - application for condonation of delay u/s 119(2)(b) - the PCIT ought to have taken a lenient view considering the difficulties, which the persons were facing during the period of Covid-19 pandemic and general lock-down imposed during the said period. - Matter restored back - HC

  • Reopening of assessment u/s 147 - Validity of order u/s 148A - all such notices when they would relate to Assessment Year 2013-14 or Assessment Year 2014-15 would be time barred as per the provisions of the Act as applicable in the old regime prior to 01.04.2021. Furthermore, these notices cannot be issued as per the amended provision of the Act. - HC

  • Rectification of mistake u/s 154 - the explanation of payments on Holidays appears highly doubtful but however such inference cannot be taken in the realm of obvious mistake. Section 154 has no application to gauge the purported mala fides in explanation offered by the Assessee behind such transaction. - AT

  • Requirement of TDS - Levy of late filing fee on account of delay in filing of TDS statements u/s. 234E - it is unclear to us as to how the assessee is under an obligation to file TDS return in respect of taxes deducted at source by the Government of Gujarat, specially when the remuneration to the public prosecutors have been given directly by the Gujarat State in their bank accounts - matter restored back - AT

  • Fixed Place PE - Taxability of offshore supply of goods - Attribution of profits - once the basis of determination of total income itself is illegal due to violation of provisions of section 144C(10) and 144C(13) of the Act, the ultimate determination of total income in the final assessment order also becomes bad in law. - AT

  • Reopening of assessment u/s 147 - addition u/s 68 - As the failure on the part of the A.O to facilitate a cross-examination of the aforementioned persons, and also make available complete copies of their statements would have undeniably made it impractical for the assessee company to defend its case and rebut the adverse inferences which the A.O would have drawn by pressing into service the statements of the aforementioned persons, therefore, in our considered view the matter in all fairness would require to be revisited by the A.O. - AT

  • Allowability of interest expenses under “Income from Other Sources” - interest paid to SBI loan - assessee has not shown any income from the said property - In the absence of evidence from the assessee, the disallowance made by the AO does not require any interference. - AT

  • Exclusion of insurance charges from the export turnover for computing 10AA deduction - The assessee has not charged its customers separately in respect of the insurance charges nor has the assessee included the same in the export turnover nor recovered it from its customers. Export turnover of the assessee does not include the aforesaid expenses. Such being the case, the question of reducing the aforesaid expenditure from the export turnover does not arise. - AT

  • Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned loss of (-) Rs.1,05 crores. AO made addition of Rs.1,06 crores and finally he determined the income of (+) Rs. 40 thousands - Only assessed income has to be looked into as stipulated in sub-section (3) of section 255 of the Act - AT

  • Customs

  • Classification of imported goods - LCD panels - LCDs are not articles provided “more specifically in other headings”, i.e., other than 90.13. Furthermore, the fact that LCDs could be used for purposes other than television sets or audio sets is also concluded because, in that decision, its use in meters was in issue. - SC

  • Jurisdiction - power of DGFT to amend the Import Policy Condition - competent authority - Once the Central Government invoked the powers in the Act and issued Gazette Notification, the said Notification amounting to merit of policy of the Government cannot be challenged simply on the ground that the said Notification was signed by the Director General of Foreign Act. - HC

  • EPCG Scheme - non-fulfilment of export obligation - The findings of the competent authority reveals that in order to relax the conditions, EPCG license number, date of the license and the name of the EPCG license holder should be endorsed in the shipping bills. However, the authority found that the petitioner repeatedly failed to file the copies of the shipping bills relating to the 3rd party exports made by them - Petition dismissed - HC

  • FEMA

  • Search operation under Section 37 of FEMA - The petitioner instead of furnishing documents and statements have chosen to file the present writ petition. The original files reveals that the authorities have formed an opinion that there is a reason to believe, which is the condition stipulated in the Act and on satisfaction, they conducted a search and thereafter issued summons to the petitioner to respond and submit his explanations and documents. - the search and seizure conducted cannot be held as illegal or ultravires to the provisions of FEMA, 1999 and Income Tax Act and CPC. - HC

  • IBC

  • Initiation of CIRP - Priority of consideration and admission of application - Keeping in view that the Order of Admission, has not yet been passed by the Adjudicating Authority, and also that no prejudice would be caused to the Appellant herein, as they can file their Claim, with the Resolution Professional, and also having regard to the fact that they were given Liberty, in accordance with Law by the Adjudicating Authority, this Tribunal, is not inclined to set the clock back on this ground. - AT

  • SEBI

  • Allegation on Karvy Stock Broking committed fraud with respect to thousands of investors - not only the grievance of the petitioners but the grievance of similarly situated investors has also been considered by the appropriate authority as per the procedure prescribed by law. The manner in which grievances have been considered of course, would not be relevant at this stage as the investors and the petitioners would have appropriate remedy to test the validity of those decisions. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2023 (3) TMI 1360
  • 2023 (3) TMI 1359
  • 2023 (3) TMI 1358
  • 2023 (3) TMI 1357
  • Income Tax

  • 2023 (3) TMI 1356
  • 2023 (3) TMI 1355
  • 2023 (3) TMI 1354
  • 2023 (3) TMI 1353
  • 2023 (3) TMI 1352
  • 2023 (3) TMI 1351
  • 2023 (3) TMI 1350
  • 2023 (3) TMI 1349
  • 2023 (3) TMI 1348
  • 2023 (3) TMI 1347
  • 2023 (3) TMI 1346
  • 2023 (3) TMI 1345
  • 2023 (3) TMI 1344
  • 2023 (3) TMI 1343
  • 2023 (3) TMI 1342
  • 2023 (3) TMI 1341
  • 2023 (3) TMI 1340
  • 2023 (3) TMI 1339
  • 2023 (3) TMI 1328
  • 2023 (3) TMI 1327
  • Customs

  • 2023 (3) TMI 1338
  • 2023 (3) TMI 1337
  • 2023 (3) TMI 1336
  • Securities / SEBI

  • 2023 (3) TMI 1335
  • 2023 (3) TMI 1334
  • Insolvency & Bankruptcy

  • 2023 (3) TMI 1333
  • FEMA

  • 2023 (3) TMI 1332
  • CST, VAT & Sales Tax

  • 2023 (3) TMI 1331
  • 2023 (3) TMI 1330
  • Indian Laws

  • 2023 (3) TMI 1329
 

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