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Home e-Newsletters Index Year 2021 April Day 14 - Wednesday

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TMI Tax Updates - e-Newsletter
April 14, 2021

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy PMLA Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

    GST

  • Classification of supply - rate of GST - composite supply of services or not - vehicle owner, the driver and the associate partner together - pick-up charges paid to the Owner/ Driver - service charges collected from the passengers - it's not a composite supply - the pick-up service is incidental to the main service of transportation of passengers by radio taxi, liable to GST @5% - Other activities liable to GST @18%- AAR

  • Classification of goods - rate of GST - parboiling and drier plant - part of rice milling machinery or not - Parboiling and Drying plant is classified under HSN 8419 - Taxable at the rate of 18% of GST - AAR

  • Requirement of filing appeal on online mode or in any other way - Assessment Order copies were received manually - apparently there is a discrepancy between Rule 108(1) and (2) with regard to the manner of filing the appeal and other documents. In view of the discrepancy, the benefit must go to the subject as it is a tax law. - HC

  • Income Tax

  • Disallowance of the amount of expenditure incurred for the purpose of establishing MRF Pace Foundation - The contentions placed by the assessee have not been found to be false or baseless. In such circumstances, it is best for the Department to leave it to the assessee to take a decision as to what is best for them and for the health of the company. These aspects were rightly taken note of by the CIT(A) by observing that the assessee-company is able to get popularity because of its close association with the game of cricket and it is comparable to any other mode of advertisement establishing hoardings, publicity material and other conventional modes of advertisement. - HC

  • Stay on collection/ recovery of tax and interest demands - We grant a stay on collection/ recovery of the disputed impugned demands on account of dividend distribution tax, and interest thereon, aggregating to ₹ 3786.34 crores subject to conditions - assessee directed to furnish securities worth ₹ 760 crores, to the satisfaction of the Assessing Officer, which works out to almost 20% of disputed demands anyway - AT

  • Unexplained cash deposits - In the light of the clear cut explanation which is duly supported by; firstly, the sale receipt of the assessee; and secondly, the amount which has been transferred from current account to his savings bank account which was duly appearing in cash book, explains the entire source. Therefore, it cannot be held that the cash deposits remain unexplained. - AT

  • Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished inaccurate particular of income whereas there is no concept of concealment/furnishing inaccurate particular of income under the provisions of section 158BFA(2) - the penalty levied under section 271(1)(c) of the Act is not sustainable - AT

  • Disallowance of SWAP loss under section 37(1) - As for the CBDT instructions, it is only elementary that any instructions issued by the CBDT cannot bind the assessee even though the assessee is entitled to, and can legitimately ask for, any benefits granted to the assessee by such instructions or circulars. Nothing, therefore, turns on the CBDT instruction even if it is actually contrary to the claim of the assessee. - AT

  • Addition u/s.40A(3) - Purchases made in Cash - assessee has purchased gold and silver through staff at villages, on Sunday/bank holidays, exchange value of old gold and silver and petty purchases, no doubt the assessee has violated the provisions of Section 40A(3) of the Act but there are some instances under which the assessee may get relief as per sub-rule (k) of Rule 6DD of I.T.Rules, 1962. - AT

  • Disallowance of expenditure u/s 37(1) - expenditure under various heads of expenses such as doctors' spends, gifts & external and internal conference, etc - when an expenditure is an allowable business expenditure as per the provisions of the Act, then by invoking the provisions of MCI Guidelines, ad-hoc disallowance cannot be made to the total income without any basis. - AT

  • Revision u/s 263 by CIT - Even after giving effect to the order of the ld. PCIT u/s.263 of the Act, there would be no taxable income under normal provisions of the Act and even then, the income would ultimately get determined only u/s.115JB of the Act. Hence, there would be no prejudice that could be caused to the interest of the Revenue in this regard. - AT

  • Customs

  • Import of prohibited goods - Decalcified Fish scale for Collagen (Fish Protein) - when the goods allowed to be reexported by the Commissioner(Appeals), then the imposition of redemption fine and penalty is not sustainable in view of the various decisions relied upon by the appellant. - AT

  • Service Tax

  • Levy of service tax on municipalities - Renting of immovable property service - the Petitioner Municipalities can be held liable to pay service tax only for service specified in Sub-Clauses in (i), (ii) and (iii) of Clause (a) of Section 66D of the Finance Act, 1994 for the Period post 01.07.2012 - HC

  • Central Excise

  • Clandestine manufacture and removal - Section 31 of Evidence Act has been wrongly applied. - Law is settled that burden of proof for alleged clandestine removal of goods by appellant is upon the department. Section 31 and 58 of Indian Evidence Act are held not applicable to the given facts and circumstances. - AT

  • VAT

  • Levy of tax - transfer of right to use goods or not - The fact that the petitioner is stated to have acted as an agent of the lessee at the time of import under the respective Operating Lease Agreements is of no relevance as the petitioner neither transferred the possession nor effective control to the lessee till the actual delivery and also continued to receive lease rentals during the currency of the respective Operating Lease Agreements. Therefore, the petitioner cannot claim exemption under Section 5(2) of the Central Sales Tax Act, 1956 for the entire period- HC


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Case Laws:

  • GST

  • 2021 (4) TMI 509
  • 2021 (4) TMI 508
  • 2021 (4) TMI 505
  • 2021 (4) TMI 504
  • 2021 (4) TMI 498
  • 2021 (4) TMI 472
  • 2021 (4) TMI 471
  • Income Tax

  • 2021 (4) TMI 502
  • 2021 (4) TMI 501
  • 2021 (4) TMI 497
  • 2021 (4) TMI 495
  • 2021 (4) TMI 494
  • 2021 (4) TMI 490
  • 2021 (4) TMI 489
  • 2021 (4) TMI 488
  • 2021 (4) TMI 487
  • 2021 (4) TMI 486
  • 2021 (4) TMI 485
  • 2021 (4) TMI 484
  • 2021 (4) TMI 483
  • 2021 (4) TMI 482
  • 2021 (4) TMI 481
  • 2021 (4) TMI 480
  • 2021 (4) TMI 479
  • 2021 (4) TMI 478
  • 2021 (4) TMI 477
  • 2021 (4) TMI 476
  • 2021 (4) TMI 475
  • 2021 (4) TMI 474
  • 2021 (4) TMI 473
  • 2021 (4) TMI 469
  • Customs

  • 2021 (4) TMI 492
  • Corporate Laws

  • 2021 (4) TMI 506
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 493
  • 2021 (4) TMI 491
  • PMLA

  • 2021 (4) TMI 507
  • Service Tax

  • 2021 (4) TMI 500
  • Central Excise

  • 2021 (4) TMI 496
  • CST, VAT & Sales Tax

  • 2021 (4) TMI 503
  • 2021 (4) TMI 499
  • Indian Laws

  • 2021 (4) TMI 470
 

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