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Home e-Newsletters Index Year 2021 April Day 23 - Friday

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TMI Tax Updates - e-Newsletter
April 23, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Time of supply of goods - facility of supply of different types of Pre-Paid Instruments (PPI's) - Voucher by GST law is recognized as an instrument of consideration (non-monetary form) for future supply. Regarding classification of voucher, since voucher is only an instrument of consideration and not goods or services, the same is not classifiable separately but only the supply associated with the voucher is classifiable according to the nature of the goods or services supplied in exchange of the voucher earlier issued to the customer. - Thus, the time of supply of the gift vouchers / gift cards by the applicant to the customers shall be the date of issue of such vouchers and the applicable rate of tax is that applicable to that of the goods. - AAAR

  • Input tax credit of GST paid - The applicant is not eligible for availment of input tax credit of GST paid on goods and services for laying of transfer pipeline and the foundation and structural support for such pipeline which is intended for unloading Propane/Butane from the Vessel/Jetty to the Terminal - The applicant is eligible for availment of input tax credit of GST paid on goods and services used for setting up refrigerated storage tank - The applicant is eligible for availment of input tax credit of GST paid on goods and services for setting up of Fire Water reservoir(tank) including the structural support thereon - AAR

  • Exemption from GST - pure service or not - The operation of the Plant includes providing the security for the plant and also issuance of smart cards whenever necessary - the supplies made by the applicant is not 'pure service' but is a composite supply of purified water(goods), smart cards(goods), maintenance of RO Plant, vending machines(Service), providing security(service). The supply being not a 'Pure Service' - AAR

  • Exemption from service tax - Agricultural Service - service of cold storage of tamarind inner pulp without shell and seeds - In the present case, the product stored is processed by drying the same in the sun and then by beating with wooden sticks to remove the pod and hammered to deseed and destring for extraction of the endocarp/pulp of the Tamarind. This process is not done at farm level. - The Tamarind inner pulp without shell and seeds is not an ‘Agricultural produce’ - therefore the service of cold storage of such tamarind are not exempted - AAR

  • Seeking allowance to access to the portal to enable us to file Form GST TRAN – 1 - The exchange of communications between 12.02.2019 to 26.03.2019 reveal that the petitioner has been diligent in making efforts to open the portal and upload the forms. In the light of the above, the respondents are directed to do the needful forthwith to enable the petitioner to upload the requisite forms - HC

  • Income Tax

  • Non setup of business - disallowance of deduction for expenditure incurred - Tribunal failed to appreciate the difference between the assessee being ready to commence business and the date from which it conducts business or, as in this, allowed to conduct. It has to be understood that business does not conform to, metaphorically speaking, the “cold start” doctrine. There is, in most cases, hiatus between the time a person or entity is ready to do business and when business is conducted. During this period, expenses are incurred towards keeping the business primed up. These expenses cannot be capitalized as suggested by the authorities below. - HC

  • Disallowance of expenditure incurred in Cash under the head 'pond and farm maintenance' u/s. 40A(3) - as per the ledger account copy furnished by the assessee, all payments have been made to labours for cleaning of pond and JCB baffling charges. Therefore, we are of the considered view that expenditure debited under the head 'pond and farm maintenance expenses' cannot come under the exclusion provided under Rule 6DD(e) of IT Rules, 1962. - AT

  • Disallowing unpaid interest u/s. 43B - In the instant case the assessee company failed to pay the interest amount on or before the due date of filing the return of income u/s. 139(1) of the Act. The proviso clearly states that the deduction is allowable if the amount is actually paid." Therefore, we are of the view that one more opportunity may be given to assessee to substantiate its claim by filling documentary evidence before the AO. - AT

  • Disallowance u/s. 40A(3) - no disallowance can be made u/s. 40A(3) and benefit of rule 6DD(j) will be given to the assessee therein it is contemplated that if payment of Rs. More than ₹ 20,000/- paid in cash “where the payment was required to be made on a day on which banks were closed on account of holiday or strike.” It is pertinent to note here that assessee took this plea which was not accepted by the lower authorities so to our mind same is amounting to miscarriage of justice - AT

  • Agricultural income OR Business income - AO observed that, the yielding from the assessee’s mango garden cannot be more than 90 tons as against 168.3 tons - The fact is examined by the Ld. CIT(A) at length and he gave a finding that the yielding of the mangoes depend upon the soil, maintenance, variety of mangoes and other aspects and the report of the District Collector is not a conclusive proof. We are fully agreeing with the Ld. CIT(A) on this count. - AT

  • Customs

  • Interest on differential duty upon finalization of order-in-original - When the statute itself prescribes both the starting point and the ending point, to say that it shall be from the first day of the month in which the duty is provisionally assessed till the date of payment thereof, to read the same as “on the date of order” is beyond the legislative intent. - AT

  • Service Tax

  • CENVAT credit of Service Tax - Input service - General Insurance Service - the appellant has not been able to bifurcate the Insurance Service availed on the assets of the company and on the lives of the persons working in the said company. In the absence of clear bifurcation and lack of documentary evidence, the CENVAT credit on General Insurance Services is denied - credit denied. - AT

  • CENVAT Credit - input services - insurance premium paid in respect of “workmen compensation insurance policy” - The question is referred to as follows:- “The view expressed by the Tribunal Hydus Technologies India lays down the correct position in law. The view expressed by the Tribunal in Ganesan Builders has been over ruled by the Madras High Court in Ganesan Builders Ltd. vs. Commissioner of Service Tax, Chennai.” - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (4) TMI 885
  • 2021 (4) TMI 884
  • 2021 (4) TMI 883
  • 2021 (4) TMI 882
  • 2021 (4) TMI 881
  • 2021 (4) TMI 880
  • 2021 (4) TMI 879
  • 2021 (4) TMI 876
  • 2021 (4) TMI 874
  • 2021 (4) TMI 873
  • Income Tax

  • 2021 (4) TMI 875
  • 2021 (4) TMI 871
  • 2021 (4) TMI 868
  • 2021 (4) TMI 866
  • 2021 (4) TMI 865
  • 2021 (4) TMI 864
  • 2021 (4) TMI 862
  • 2021 (4) TMI 861
  • 2021 (4) TMI 860
  • 2021 (4) TMI 859
  • 2021 (4) TMI 858
  • 2021 (4) TMI 857
  • 2021 (4) TMI 856
  • 2021 (4) TMI 854
  • 2021 (4) TMI 849
  • 2021 (4) TMI 847
  • 2021 (4) TMI 845
  • 2021 (4) TMI 844
  • 2021 (4) TMI 843
  • 2021 (4) TMI 842
  • 2021 (4) TMI 840
  • Customs

  • 2021 (4) TMI 870
  • 2021 (4) TMI 867
  • 2021 (4) TMI 851
  • 2021 (4) TMI 850
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 855
  • PMLA

  • 2021 (4) TMI 878
  • 2021 (4) TMI 877
  • 2021 (4) TMI 869
  • Service Tax

  • 2021 (4) TMI 863
  • 2021 (4) TMI 853
  • Central Excise

  • 2021 (4) TMI 852
  • 2021 (4) TMI 848
  • 2021 (4) TMI 846
  • CST, VAT & Sales Tax

  • 2021 (4) TMI 872
  • Indian Laws

  • 2021 (4) TMI 841
 

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