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Home e-Newsletters Index Year 2021 April Day 9 - Friday

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TMI Tax Updates - e-Newsletter
April 9, 2021

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy PMLA Service Tax Central Excise Indian Laws



Highlights / Catch Notes

    GST

  • Recovery of interest on GST - Adjustment of amount of rebate claims against the interest on delayed payment of goods and service tax by the appellant - since the interest liability has not been adjudicated, in that circumstances, the recovery of interest from the appellant is not in terms of law and the said recovery cannot be made - there are no merit in the impugned orders, the same are set-aside. - AT

  • Income Tax

  • Denying the registration u/s.12AA - Charitable activity u/s 2(15) - In any event, CIT (Exemption) should not have come to conclusion that the objects of the appellant society are not charitable in nature and the genuineness of the activities are not established based on the above observations, these observations even are held to be correct cannot lead to the conclusion that the objects are not charitable and genuineness of the activities are in doubt. - AT

  • Levy of penalty u/s.271(1)(c) - estimation of disallowance at 50% of commission and improvement expenditure - in this case, the additions were made on the basis of estimation and as discussed in the cases referred above, the penalty cannot be levied on the basis of estimated additions and thus, it is not a fit case for levying penalty. - AT

  • Addition on account of bogus creditors - non-producing the parties in person - When the purchases from the parties were accepted and the sales made out of those purchases were not doubted, the payments outstanding in the name of those parties were accepted in the subsequent year, then there was no reason to doubt the genuineness of the outstanding balance. - AT

  • ITAT dismissed an appeal solely on account of non-appearance of the appellant - the first application aforesaid of the petitioner, filed in or about March, 2017, for restoration of the appeal dismissed for non-prosecution on 10th December, 2015, was within three years and the ITAT erred in dismissing the same invoking the amendment to Section 254(2) requiring application thereunder to be filed within six months and in not going into the sufficiency of the reasons given by the petitioner for non-appearance. - Appeal restored before ITAT - HC

  • Offences punishable u/s 276C(1) r.w.s 201 and 204 of IPC - unaccounted financial transaction - until and unless it is determined that the unaccounted transactions unearthed during search were liable for payment of tax, penalty or interest, no prosecution could be launched on the ground of attempt to evade such tax, penalty or interest. As a result, the very prosecution launched against the respondent being premature and illegal cannot be allowed to continue. - HC

  • Customs

  • Refund of Additional Customs Duty - refund rejected on the ground that the claimant is not the importer of the goods - The agreement is sufficient evidence to satisfy that the ownership of the goods was transferred from Doosan Infracore India Pvt.Ltd. to the appellant herein - before the goods were cleared for home consumption as per slump sale agreement, the liability to pay all duties including SAD on the imported goods is on the appellant. Consequent to slump sale agreement, not only the liability to pay duty but also the right to claim SAD refund also is passed on to the appellant herein - sanction of refund to the appellant is legal and proper. - AT

  • Recording of investigation by way of videography - the need for comprehensive videography, and the installation of CCTV cameras in all investigating agencies has been recognised and directions issued as early as in 2018. - In the absence of any instructions that are reported regarding the status of CCTV cameras in the DRI offices at Kolkata, it is directed that the process of investigation of the petitioners be videographed and the data stored till completion of the proceedings. - HC

  • Refund claim redemption fine and penalty, since the demand was set aside - Revenue contended that the claim is unsupported by documents - applicability of time limitation - refund claim is after 14 years of alleged deposit - All the contentions of the revenue rejected - HC

  • Indian Laws

  • Validity of Guidelines issued by the Institute of Chartered Accountants of India (ICAI) - specified number (Cap) of tax audit assignments - The guidelines which are impugned in the High Court and consequent disciplinary proceedings initiated against various chartered accountants throughout the country is an issue of public importance affecting Chartered Accountants as well as the citizens who have to obtain compulsory tax audits. - Transfer Petitions are allowed. - SC

  • IBC

  • Priority to the first charge holder - Secured Creditor - relinquishment of security interest - Sub-classification inter-se the Secured Creditors in the distribution mechanism adopted in a Resolution Plan of the Corporate Debtor - The impugned order holding that the inter-se priorities amongst the Secured Creditors will remain valid and prevail in distribution of assets in liquidation cannot be sustained - AT

  • Initiation of CIRP - time limitation - OTS Proposals and Settlement requests and balance sheet referred, it is not found that the Application under Section 7 could be said to be barred by Limitation. - AT

  • Initiation of CIRP - Appeal against the admission of application - The Corporate Debtor's main contention is that the amounts paid by the Operational Creditor and its financial statements do not match. It is not for the Adjudicating Authority to ascertain, investigate, or fix the exact amount of liability at the admission stage. After the admission of the petition, it is the duty of the Resolution Professional to collate the claims and ascertain the liability. - AT

  • Central Excise

  • Benefit of SVLDRS - Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - In the considered opinion of this Court, by virtue of provisions of Section 125(1)(d) of the Act of 2019, a person who has been served with the notice to show cause under indirect tax enactment for an erroneous refund or refund shall be ineligible to make a declaration under the Scheme to claim benefits thereof and it does not make any difference that the notice to show cause issued stands culminated in passing of the order creating the demand of amount of erroneous refund. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (4) TMI 307
  • Income Tax

  • 2021 (4) TMI 316
  • 2021 (4) TMI 315
  • 2021 (4) TMI 311
  • 2021 (4) TMI 310
  • 2021 (4) TMI 308
  • 2021 (4) TMI 305
  • 2021 (4) TMI 304
  • 2021 (4) TMI 299
  • 2021 (4) TMI 297
  • 2021 (4) TMI 295
  • 2021 (4) TMI 294
  • 2021 (4) TMI 293
  • 2021 (4) TMI 291
  • 2021 (4) TMI 290
  • 2021 (4) TMI 289
  • Customs

  • 2021 (4) TMI 314
  • 2021 (4) TMI 312
  • 2021 (4) TMI 303
  • Corporate Laws

  • 2021 (4) TMI 320
  • 2021 (4) TMI 292
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 309
  • 2021 (4) TMI 302
  • 2021 (4) TMI 301
  • 2021 (4) TMI 300
  • 2021 (4) TMI 298
  • 2021 (4) TMI 296
  • PMLA

  • 2021 (4) TMI 313
  • 2021 (4) TMI 288
  • 2021 (4) TMI 287
  • Service Tax

  • 2021 (4) TMI 306
  • Central Excise

  • 2021 (4) TMI 317
  • Indian Laws

  • 2021 (4) TMI 319
  • 2021 (4) TMI 318
 

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