Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2023 April Day 6 - Thursday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
April 6, 2023

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Transportation of goods - Documents to be carried in physical form or electronic form - Rule 138A - When the said provision specifically provided for that documents and devices to be carried by the person-in-charge of a conveyance including the invoice, this clearly means that the invoice has to be carried in physical form and if required shall be produced in its physical form. - HC

  • Classification of services - rate of GST - Other Charges collected from its customers in respect of the sale of residential apartments - it is clear that charges in respect of some services are inextricably linked while other services are independently provided to the customer. The dominant intention test and principles for determination of naturally bundled services point out the independent nature of some of the services - the rate of tax on the inextricably linked services would be 12%. - Rate of GST is 18% on other charges - AAAR

  • Income Tax

  • Disallowance on loss on shares - colourable device - when all the parties to the transaction are genuine and the intention of the assessee in subscribing to the preferential shares of the company is also supported by the benefits derived by the company, the mere fact that the shares were sold at loss does not result in treating the entire transaction as colourable - AT

  • Addition u/s 68 - assessee is not required to maintain proper books of accounts since he has opted for presumptive taxation u/s 44AD - Since the assessee is admittedly not required to maintain the books of account, therefore, there is no basis for invoking the provision of section 68 - we delete the addition made for unexplained sundry creditors - AT

  • Unaccounted and Unexplained cash credit u/s 68 - capital introduced by partners - There was no justification for making addition to the total income of the assessee on account of capital introduced by its partners since the assessee duly justified the identity and creditworthiness of the partners as well as genuineness of the transactions as entered into with them.- AT

  • Addition u/s. 40(b)(v) - remuneration paid to partners - The supplementary partnership deed operates retrospectively, the calculation of the remuneration paid to partners if in accordance with the provisions of the Act is to be allowed. - AT

  • Registration u/s.80G - In the case of the assessee, Shri Sai Bhakta Seva Trust, the main object is to construct and maintain Shri Sai baba temple. This fact has not been disputed by the Ld.AR. The Assessee trust regularly performs Pooja, and other rituals. The expenditure on religious activities is more than 5% of the total income of the assessee. Thus, the assessee has violated provision of Section 80G(5B). - AT

  • Penalty u/s 271B - failure to get the accounts audited in time - It appears that the book results shown by the assessee were substantially accepted by the revenue as genuine and the compliance was made by the assessee with some delay. The delay has also been explained by the assessee that it was the 1st year of the business - No penalty - AT

  • Revision u/s 263 - When the AO adopted one of the courses permissible in law and it has resulted in loss to the revenue, or where two views are possible and the AO has taken one view with which the CIT does not agree, it cannot be treated as an erroneous order prejudicial to the interest of the revenue “unless the view taken by the Assessing Officer is unsustainable in law”. - AT

  • Additions made u/s 68 - capitation fee paid for admission of assessee’s children - Though, Commissioner (Appeals) has made an attempt to cover up the legal lacuna by stating that the AO has treated the payment of fee in cash as unexplained expenditure under section 69C, however, such observation of learned Commissioner (Appeals) is factually incorrect, hence, cannot be accepted. - AT

  • Indian Laws

  • Dishonour of Cheque - legally enforceable debt - financial capacity of the complainant - The learned Magistrate has rightly shifted the burden upon the complainant to prove the case beyond reasonable doubt. In absence of any cogent material being brought on record in the form of evidence, the learned Magistrate has proceeded to record the order of acquittal - No error can be attributed - HC

  • Central Excise

  • Clandestine Removal - the extended period of limitation could not have been invoked as well as the penalty could not have been imposed since there is no charge of willful mis-statement or suppression made against the assessee - the department has failed to discharge the onus cast upon him to prove the charge of clandestine removal. - HC

  • VAT

  • Classification of goods - melamine utensils, i.e., plates, bowls, spoons and dinner sets, etc. - The word “appliances” being word of day-to-day use, its popular or commercial parlance meaning has to be adopted as against its scientific or technical meaning because of the well-settled principle of interpretation that in taxing statutes, words of everyday use must be construed not in the scientific or technical sense but as understood in common parlance. - HC

  • Discretionary power for imposition of penalty - Penalty is not prescribed for mechanical imposition because law permits such a levy. It is well settled legal position that while interpreting the provisions of the statute, every part of the provisions of the statute has to be given effect to and one part cannot be interpreted in a manner inconsistent with another part of the statute that would defeat the object and purpose of the Act and rules framed thereunder - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2023 (4) TMI 157
  • 2023 (4) TMI 156
  • 2023 (4) TMI 155
  • Income Tax

  • 2023 (4) TMI 154
  • 2023 (4) TMI 153
  • 2023 (4) TMI 147
  • 2023 (4) TMI 146
  • 2023 (4) TMI 145
  • 2023 (4) TMI 144
  • 2023 (4) TMI 143
  • 2023 (4) TMI 142
  • 2023 (4) TMI 141
  • 2023 (4) TMI 140
  • 2023 (4) TMI 139
  • 2023 (4) TMI 138
  • 2023 (4) TMI 137
  • 2023 (4) TMI 136
  • 2023 (4) TMI 135
  • 2023 (4) TMI 134
  • 2023 (4) TMI 133
  • 2023 (4) TMI 132
  • 2023 (4) TMI 131
  • 2023 (4) TMI 130
  • 2023 (4) TMI 129
  • 2023 (4) TMI 128
  • 2023 (4) TMI 127
  • 2023 (4) TMI 126
  • PMLA

  • 2023 (4) TMI 152
  • 2023 (4) TMI 151
  • Service Tax

  • 2023 (4) TMI 125
  • Central Excise

  • 2023 (4) TMI 124
  • CST, VAT & Sales Tax

  • 2023 (4) TMI 150
  • 2023 (4) TMI 149
  • 2023 (4) TMI 148
  • 2023 (4) TMI 123
  • 2023 (4) TMI 122
  • Indian Laws

  • 2023 (4) TMI 121
  • 2023 (4) TMI 120
 

Quick Updates:Latest Updates