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Home e-Newsletters Index Year 2023 April Day 26 - Wednesday

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TMI Tax Updates - e-Newsletter
April 26, 2023

Case Laws in this Newsletter:

GST Income Tax Benami Property Customs FEMA Service Tax Central Excise Indian Laws



Highlights / Catch Notes

    Income Tax

  • Release / return of Seized currency to the petitioner - currency notes recovered by the police under Section 102 Cr.P.C. - the release of vehicle/article/currency notes under Section 451 Cr.P.C. cannot be restricted merely on account of the fact that they were used for commission of any offence. - HC

  • Transactions not regarded as transfer - exemption from tax on capital gains - the prerequisites provided in Section 47(iv) of the Act stand fulfilled i.e., the transfer of the Trunk Infrastructure/capital work-in-progress was made by the respondent/assessee to its 100% subsidiary and the subsidiary was an Indian company. - HC

  • Reopening of assessment u/s 147 - time limit for issuance of notice for reopening of the assessment - Validity of order u/s 148A - The Taxation and Other Laws Act, 2020 was rightly viewed to be a secondary legislation. It was therefore held that secondary legislation would not override the principal legislation-the Finance Act, 2021. - HC

  • Validity of the assessment framed u/s 147 - Denial of natural justice - Copy of the documents place show the ld. Commissioner has not put his signature on the reasons recorded by the AO. Therefore, various objections raised by the assessee before us, which have been noted by us in the foregoing paragraphs require adjudication afresh on merit at the end of the Revenue authorities. - AT

  • Taxability of interest earned on External Commercial Borrowings (“ECB”) loans - Permanent Establishment - Undisclosed income / TDS - Not claiming credit of TDS on the ground the income is not taxable in India and Tax Burden is born by the Deductors themselves - AO directed to adjudicate the issue afresh - AT

  • Taxability of dividend as declared, distributed or paid by a domestic company to a non-resident shareholder(s) which attracts Additional Income Tax (Tax on Distributed Profits) referred to in Sec.115-O of the Act - such additional income tax payable by the domestic company shall be at the rate mentioned in Section 115 O of the Act and not at the rate of tax applicable to the non-resident shareholder(s) as specified in the relevant DTAA with reference to such dividend income. - AT

  • TDS u/s 194C - freight expenses - since the three parties were having PAN and also were in possession of less than 10 vehicles and therefore there was no requirement to deduct tax at source under s 194C(6) - AO directed to verify the claim - AT

  • TDS u/s 194J - non deduction of TDS from payments made to Guest faculties - the remuneration paid to Guest Faculty is drawn from contingency/wages head in the light of the order of the Government of Haryana and thus shown under the head ‘Professional and Special Services’ in its income and expenditure account. - The monthly remuneration paid to the Guest Faculties are in the nature of ‘contract of service’ between the assessee deductor and its teaching staff appointed on adhoc basis and such adhoc salary paid to them being below taxable limit on individual basis, does not warrant deduction of tax at source - AT

  • TP Adjustment with respect to receivables from the Associated Enterprises (AE) - With the Assessee having already factored in the impact of the receivables on the working capital and thereby on its pricing/profitability vis-a-vis that of its comparables, any further adjustment only on the basis of the outstanding receivables would have distorted the picture and recharacterized the transaction. - AT

  • TP adjustment - Segment results cannot be said to be unreliable. However on perusal of the transfer pricing order, we agree with the ld. DR that these segmented results were never verified by the TPO since he had out-rightly rejected the same. Accordingly we uphold the Ld. DR's alternative claim and set aside the audited segmented results to the file of the AO for the limited purpose of verification and cross- check with the overall audited financial statements of the appellant. - AT

  • Customs

  • Levy of Anti-Dumping Duty - Failure on the part of the respondent–authority to impose Anti Dumping Duty on imports of Low Density Polyethylene (LDPE) from foreign countries - petitioner is entitled to an interim order - Central Government shall impose a provisional Anti Dumping Duty under Section 9A (2) of the Tariff Act at the rate determined by respondent No. 2 in its Final Finding - SC

  • Classification of imported goods - digital cameras - There is nothing on record to indicate that the imported goods do not conform to the description that entitles them to the benefit of exemption in the impugned notification. The rescinding of the Explanation therein has done away with any technical specification that may, at some in the past, have served to segregate ‘digital still image video camera’ as eligible and ineligible for the exemption. - AT

  • Direct Taxes

  • Benami Transaction or not - properties purchased by the father in the name of mother - he person in whose name stamp papers were purchased, more so when they are spouses, can never be considered as a strong piece of evidence to compel an inference conclusively the intent behind a purchase. This Court considers that it is far too inadequate to prove benami. - HC

  • Indian Laws

  • Corruption and money laundering - HC has quashed the FIR - Viewed through the prism of gravity of allegations, a first information report based on "probability" of a crime having been committed would obviously be of a higher degree as compared to a first information report lodged on a "mere suspicion" that a crime has been committed - The High Court failed to bear in mind these principles and precisely did what it was not supposed to do at this stage. We are, thus, unhesitatingly of the view that the High Court was not justified in its interference on the ground it did. - SC

  • Validity of WILL - The defence set up by the respondent was that the Will was brought about by undue influence and coercion. In such cases, on the propounder discharging the initial burden required to prove the Will, the onus shifts to the Caveator to prove the allegations of undue influence and coercion. - HC

  • Service Tax

  • Levy of Service tax - GTA service or not - hiring tankers on monthly basis - no consignment notes issued - the transporter is taking the entire responsibility of the goods for the route and transporter is not issuing any LRs for the purpose of these goods. The appellants are issuing delivery challans. - No service tax liability - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2023 (4) TMI 1007
  • 2023 (4) TMI 1006
  • 2023 (4) TMI 1005
  • Income Tax

  • 2023 (4) TMI 1004
  • 2023 (4) TMI 1003
  • 2023 (4) TMI 1002
  • 2023 (4) TMI 1001
  • 2023 (4) TMI 1000
  • 2023 (4) TMI 999
  • 2023 (4) TMI 998
  • 2023 (4) TMI 997
  • 2023 (4) TMI 996
  • 2023 (4) TMI 995
  • 2023 (4) TMI 994
  • 2023 (4) TMI 993
  • 2023 (4) TMI 992
  • 2023 (4) TMI 991
  • 2023 (4) TMI 990
  • 2023 (4) TMI 989
  • 2023 (4) TMI 988
  • 2023 (4) TMI 987
  • 2023 (4) TMI 986
  • 2023 (4) TMI 985
  • 2023 (4) TMI 984
  • 2023 (4) TMI 983
  • 2023 (4) TMI 982
  • 2023 (4) TMI 981
  • 2023 (4) TMI 980
  • 2023 (4) TMI 979
  • 2023 (4) TMI 967
  • Benami Property

  • 2023 (4) TMI 977
  • Customs

  • 2023 (4) TMI 976
  • 2023 (4) TMI 975
  • FEMA

  • 2023 (4) TMI 974
  • Service Tax

  • 2023 (4) TMI 973
  • 2023 (4) TMI 972
  • 2023 (4) TMI 971
  • Central Excise

  • 2023 (4) TMI 970
  • 2023 (4) TMI 969
  • Indian Laws

  • 2023 (4) TMI 978
  • 2023 (4) TMI 968
 

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