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Home e-Newsletters Index Year 2022 April Day 2 - Saturday

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TMI Tax Updates - e-Newsletter
April 2, 2022

Case Laws in this Newsletter:

GST Income Tax Insolvency & Bankruptcy PMLA CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

    GST

  • Statutory interest to be paid on the delayed refund amount - The writ-applicant herein is entitled to interest on the delayed payment towards refund at the rate of 6% [six percent] as provided under Section 56 of the Act - HC

  • Seeking restoration of registration certificate of the Petitioners - non-filing of returns continuously for a period of six months - If the appellate authority would have put the firm to the notice, probably, the firm could have appropriately replied to the same. It appears that behind the back of the firm, the ground which is not at all in the show cause notice has been considered and ultimately, appeal came to be dismissed. - We permit the writ applicant to file his returns of an appropriate amount with penalty and interest in accordance with law. The GST registration will have to revived. - HC

  • Refund in the event of reversal of Input Tax Credit carried forward by filing Form TRAN-1 - Transitional scheme - it is not known as to what was the difficulty of the Revenue to decide such refund claim filed by the petitioner within the meaning of Section 142(3) of the GST Act read with the erstwhile provisions under the TNVAT Act. Without considering the application of the petitioner for refund, the present order of reversal of the alleged inadmissible input tax credit with penalty and interest was made. Therefore, the impugned order cannot be proceeded further. - HC

  • Recovery of Tax - Seeking a direction to permit payment of the tax due from the petitioner for the months of February 2021 and March 2021 in 20 equated monthly instalments - The petitioner is bound to pay the tax for the month of February 2021 onwards, within a period of one month from the date of receipt of a copy of the judgment and if the tax due till date is received within the time directed, respondents shall accept the same and permit the petitioner to continue his registration under the Act - HC

  • Exemption from GST or not - AAAR denined the benefit of exemption - services provided by the petitioner to school/educational organization in relation to ASSET examination - It is now well-settled that even in tax statutes, an exemption provision should be liberally construed in accordance with the object sought to be achieved if such provision is to grant incentive for promoting education or otherwise has some beneficial reason behind it. The exemption notification should be given a literal meaning - the exemption notification must be construed having regard to the purpose and object it seeks to achieve. The notification in the case on hand should be read as a whole. - HC

  • Levy of GST - parcels of Ashapura that are being transported by GSRTC - GSRTC is not a Courier Agency as it is not involved in door to door transportation of goods/articles/documents. - GSRTC supplies Business Support Service to its recipient - GST rate is 18% - AAR

  • Income Tax

  • Reopening of assessment u/s 147 - scope and effect of the Income Declaration Scheme (IDS) - to hold- as the High Court did, in this case, that since the assessee may have a reasonable explanation, is not a ground for quashing a notice u/s 147. As long as there is objective tangible material (in the form of documents, relevant to the issue) the sufficiency of that material cannot dictate the validity of the notice. - the High Court fell into error, in holding that the sequitur to a declaration under the IDS can lead to immunity (from taxation) in the hands of a non-declarant. - SC

  • Initiation of assessment proceedings u/s 148 - Scope of new Section 148A - validity of the assessment proceedings initiated against assessees after 1st April 2021 under the provisions of the Act, as it existed before 1st April 2021 - The explanations to the Notification No.20 of 2021 dated 31st March 2021 and Notification No.38 of 2021 dated 27th April 2021 are declared ultra vires and are, therefore, bad in law and null and void. all these writ petitions listed above are disposed by allowing the same. - HC

  • Validity of Search u/s 132 - suppression of income as the profit declared is contrary to the actual profit received. - The power for re-assessment is no doubt a remedy available to the Authority but in light of the information as detailed in the note, grounds have been made out for exercise of power u/s 132(c) in the present case and it cannot be said that the said action is either malafide/ arbitrary/ capricious. - HC

  • Revision u/s 263 by CIT - Regarding the claim of the revenue that, no deduction is allowable u/s 92C(4) of the Act - The claim under Section 10A is not enhanced on account of transfer pricing addition and since the Assessee is not claimed deduction u/s 10A on enhanced assessed income and therefore the proviso to Section 92C(4) shall not apply. - AT

  • Recovery of Tax - Company under liquidation under the IBC - Once a company is dissolved it becomes a non-existent party and therefore no action can be brought in its name. Therefore, in view of overriding effect of IBC code to the Income Tax proceeding, we hold that Revenue is not entitled to recover the claim, if any arising from the present proceedings for Asst. year 2015-16, as the same is not part of the resolution plan. - AT

  • Penalty u/s 272A(2)(k) - assessee failed to furnish the quarterly TDS statements within the time - When the appeal filed by the assessee is against the imposition of penalty under section 272A(k), we fail to understand what more clarification was required by Commissioner (Appeals) regarding the nature of relief sought by the assessee. - Penalty deleted - AT

  • IBC

  • Initiation of CIRP - Period of limitation - NCLAT rejected the application - There was no discussion at all about the letter dated 28.09.2015. - The law as it has developed on the applicability of Section 18 of the Limitation Act and the circumstances in which it would apply, have also not been examined by NCLAT. Therefore, the order of NCLAT is liable to be set aside and the matter liable to be remanded back for a fresh consideration - SC

  • Initiation of CIRP - Going Concern - Even when a going concern is unable to discharge its debt, the Operational Creditor is entitled to invoke Section 9, hence, the Application filed by Operational Creditor under Section 9 cannot be said to be non-maintainable on the ground that Corporate Debtor is a going concern - there are no substance in any of the submission of the learned Counsel for the Appellant - AT

  • VAT

  • Restraint from selling or alienating the property - Priories of secured creditors over State against tax dues - In the present case, it is clear that the charge that would have a priority is that of the bank as it is prior in point of time and also in light of Section 26E of the SARFAESI Act - It must be noted that as on date, the State not having enforced its attachment under the provisions of KVAT Act, Section 26E would be applicable and accordingly, the rights of secured creditors would rank higher and would over-ride the charge of the State that has been created subsequently. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (4) TMI 57
  • 2022 (4) TMI 56
  • 2022 (4) TMI 55
  • 2022 (4) TMI 54
  • 2022 (4) TMI 53
  • 2022 (4) TMI 52
  • 2022 (4) TMI 51
  • 2022 (4) TMI 50
  • 2022 (4) TMI 49
  • 2022 (4) TMI 48
  • 2022 (4) TMI 47
  • Income Tax

  • 2022 (4) TMI 46
  • 2022 (4) TMI 45
  • 2022 (4) TMI 44
  • 2022 (4) TMI 43
  • 2022 (4) TMI 42
  • 2022 (4) TMI 41
  • 2022 (4) TMI 40
  • 2022 (4) TMI 39
  • 2022 (4) TMI 38
  • 2022 (4) TMI 37
  • 2022 (4) TMI 36
  • 2022 (4) TMI 35
  • 2022 (4) TMI 34
  • 2022 (4) TMI 33
  • 2022 (4) TMI 32
  • 2022 (4) TMI 31
  • 2022 (4) TMI 30
  • 2022 (4) TMI 29
  • 2022 (4) TMI 28
  • 2022 (4) TMI 27
  • 2022 (4) TMI 26
  • 2022 (4) TMI 25
  • 2022 (4) TMI 24
  • 2022 (4) TMI 23
  • 2022 (4) TMI 22
  • 2022 (4) TMI 21
  • 2022 (4) TMI 20
  • 2022 (4) TMI 19
  • 2022 (4) TMI 18
  • 2022 (4) TMI 17
  • Insolvency & Bankruptcy

  • 2022 (4) TMI 16
  • 2022 (4) TMI 15
  • 2022 (4) TMI 14
  • 2022 (4) TMI 13
  • 2022 (4) TMI 12
  • 2022 (4) TMI 11
  • 2022 (4) TMI 10
  • 2022 (4) TMI 9
  • PMLA

  • 2022 (4) TMI 8
  • CST, VAT & Sales Tax

  • 2022 (4) TMI 7
  • 2022 (4) TMI 6
  • 2022 (4) TMI 5
  • 2022 (4) TMI 4
  • 2022 (4) TMI 3
  • 2022 (4) TMI 2
  • Indian Laws

  • 2022 (4) TMI 58
  • 2022 (4) TMI 1
 

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