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A: GIST OF RECENT SUPREME COURT JUDGMENTS ON GST

C: Amendments to guidelines for preferential issue and institutional plac...

C: Amendments to guidelines for preferential issue and institutional plac...

C: Extension of time for filing e-form DIR-3-KYC and web-form DIR-3-KYC-W...

F: Limitation period

C: Order specifying the Collegium - Explanation to section 158AB of the I...

C: Implementation of Notification No. 31/2015-20 dated 08.09.2022 regardi...

N: Corrigendum - Notification No. 80/2022-Customs (N.T.), dated the 21st ...

N: Seeks to amend Notification No. 25/2021-Customs, dated the 31st March, 2021

N: Amendment in Import Policy Condition under ITC(HS) 0802 80 10 of Chapt...

N: Income-tax (32nd Amendment) Rules, 2022

N: Seeks to rescinds the Notification No. 20/2018-Central Tax, dated the ...

N: Central Goods and Services Tax (Second Amendment) Rules, 2022

N: Central Government appoints the 1st day of October, 2022, as the date ...

A: WHETHER A FINANCIAL CREDITOR CAN OPPOSE THE SETTLEMENT PROPOSAL OF COR...

A: SEARCH AND SEIZURE UNDER GST LAW (PART-4)

A: Refund application is not barred by limitation, as period from 1st Mar...

H: Money Laundering - While the Appellate Tribunal is correct in holding ...

H: Money Laundering - Validity of look out circular - No action under PML...

H: Clandestine removal - Ingots - demands of duty made on account of alle...

H: Jurisdiction - delegation of power to an Officer not below the rank of...

F: Reverse Charge and the Place of Supply

F: Transitional credit

F: GST on liquidated damages

C: Credit Ratings supported by Credit Enhancement (CE)

C: Procedure for Registration Certificate for Import of Fresh (green) Are...

H: Income from other sources - interest expenditure is to be set off agai...

N: Filing of annual return - Seeks to exempt taxpayers having AATO upto R...

H: Reopening of assessment u/s 147 - notice issued to the dead assessee -...

H: TDS u/s 195 - profit attributable to the PE in India - the privity of ...

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Highlights PMLA: Money Laundering - While the Appellate Tribunal is correct in holding that the provisional attachment order and the order of the adjudicating authority confirming attachment suffered from fundamental flaws, thus being without jurisdiction, it fell short of declaring such orders as illegal; it further fell in error in relegating the appellant to the forum of Special Court to seek release of the attached property as it amounts to abdicating its authority and allowing an illegality to continue. - HC PMLA: Money Laundering - Validity of look out circular - No action under PMLA can be resorted to unless there is a substratum of a scheduled offence for the same, which substratum should legally exist in the form of a subsisting (not quashed) criminal complaint/inquiry or if it did exist the accused has since been discharged or acquitted by a Court of competent jurisdiction. - HC C.Ex.: Clandestine removal - Ingots - demands of duty made on account of alleged production based on the number of heats and alleged clandestine removal based on parallel invoices - There is no evidence of any variation of the capacity of the furnace during that period. There are sufficient reason to trust the private records maintained by the appellant itself and hold that the demand on this count is reasonable and needs to be upheld. - AT VAT: Jurisdiction - delegation of power to an Officer not below the rank of Deputy Commissioner (CT) and to conduct the enquiry - Section 64 (4) of the TNVAT Act - it does not empower the Commissioner to delegate the power and to pass orders to any lower authority and the Commissioner himself will have to pass orders. - HC I.Tax: Income from other sources - interest expenditure is to be set off against the interest income. As regards the AO's contention that interest paid to member is not eligible deduction in the case of AOP under Section 40 (ba), we have perused the said Section. This clause excludes registered society from its applicability. Accordingly, this clause will not be applicable to the assessee society. Moreover, as rightly contended by the learned AR Section 40 (ba) is applicable while computing business income. This clause is not applicable while computing income from other sources. - AT I.Tax: Reopening of assessment u/s 147 - notice issued to the dead assessee - There cannot be an assessment against the dead person. As noticed above, the provisions of Section 292B are also not applicable and no assessment can be framed against a non-existing entity or a person who has died. - HC I.Tax: TDS u/s 195 - profit attributable to the PE in India - the privity of contract is between the assessee and Indian customers, wherein, CCPL has no role to play. The aforesaid factual position emerging on record could not be effectively controverted by the Revenue through proper evidence. - the assessee cannot be construed as a dependent agent PE of CCPL - CIT(A) rightly deleted the additions - AT I.Tax: Unaccounted professional income - Income estimation - the grant of 25% of the gross receipts towards expenses is very much on the lower side. In the interest of justice and equity, we are of the view that the expenditure of 40% towards the gross receipts should be allowed as deduction. - AT I.Tax: Additions u/s.68 - unexplained cash credits in the form of unsecured loans - We are pained to find that the A.O had not even thought it fit to refer to the material which was placed on record by the assessee in support of his aforesaid claim of having raised authentic loans from the aforementioned lenders. - CIT(A) rightly deleted the additions - AT I.Tax: Rate of tax - 20% or 30% - share of depreciable assets - In the present case, it is not the plea of the Revenue that the property from which the capital gains arose was held by the assessee for less than three years. The Assessing Officer only by application of provisions of section 50 of the Act treated the gains as arisen from transfer of short term capital asset and hence applied the rate of tax @ 30% as applicable in case of short term capital gain. - AT I.Tax: Accrual of income - If the sum paid by the assessee is loan and as per the terms of the loan agreement, certain rate of intereset is payable by the borrower every year then it can be said that under the mercantile system of accounting, interest accrues to the assessee as income, irrespective of actual receipt of payment. In the case of preference shares, such an inference cannot be drawn and the repayment of the face value of the preference shares as well as the premium on redemption is uncertain. - AT I.Tax: TP adjustments towards AMP expenditure pertaining to trading segment AND reimbursement of warranty expenses to AE - the AMP expenses and warranty expenses cannot be treated as a separate international transaction when the TPO has not otherwise rejected the margins of the assessee in the trading segment. - AT Cus.: Smuggling - 3 Kgs of smuggled Gold Bars - foreign origin goods or not - The invoices, purchase register, stock register, delivery challan have failed to prove that the gold in question was lawfully purchased by the appellant that too of such a purity which was more than 995. The possibility of all these documents to be subsequently created cannot be ruled out. This inference gets support from the fact that the delivery challan as is mentioned to have been given was not found during his personal search- AT Cus.: Penalty u/s 112(b)(i) of the Customs Act 1962 - smuggling - Gold Bars - the statements of the co-noticee cannot be adopted as a legal evidence to penalize the accused unless the same are corroborated with material particulars by independent evidence. The statement of co-accused cannot be used against the appellant, particularly when appellant has denied his involvement in respect of the goods in question - AT Cus.: Levy of penalty u/s 112(b)(i) of the Customs Act 1962 - petitioner has any role in the smuggling of Gold activity or not - Appellant is the financer of the importer - It is found that the appellant cannot come within the ambit of Section 112(b) because appellants had never acquired possession or in any way concerned in any of the activities mentioned in the Section or any measure dealing with any goods which the appellants knew or had reason to believe are liable to confiscation. - AT IBC: Seeking admission of the claim - There are no material to indicate that the loan which was disbursed by the DHFL to the Corporate Debtor was discharged at any point of time. The Adjudicating Authority committed error in refusing to admit the claim of the Appellant. - AT Co.Law: Oppression and Mismanagement - requisite shareholding to maintain the Petition, present or not - There is no gain saying of the pivotal fact that Law does not coerce / force any Litigant to pursue the Litigation. In fact, in a Civil Suit / Civil Proceeding, a Plaintiff/ Petitioner is a Dominus Litis. - AT FEMA: Offence under FEMA - Eligible charge against petitioner in SCN - repatriation of sale proceeds to person resident outside India and that acquisition and transfer of immovable property by her heirs residing outside India - It is essential for a show cause notice to indicate the precise scope of the notice and also to indicate the points on which the recipient of the show cause notice give a reply. - HC C.Ex.: Reversal of CENVAT Credit - breakage of glass beverage bottles - It is noted that substantial compliance with the circular of 2010 has been made by the appellant by reversing the CENVAT Credit on the inputs used in respect of the finished goods contained in the breakages. Thus, taking the note of the reversal made, the impugned order cannot be sustained. - AT GST: Seizure of goods alongwith the vehicle - E-way bill - The goods in the present case were seized on 11.02.2018 that is only for the reason they were not accompanied with the E-way bill. Since the requirement of the E-way bill was not applicable for the petitioner during the above period, the seizure itself is bad in law. - HC GST: Seeking grant of Anticipatory Bail - availment of Input Tax Credit (ITC) based on forged and fake invoices - Having considered the gravity of offence and its implications, this Court is of the view that the applicant is not entitled for anticipatory bail - HC GST: Proper officer - Validity of issue of Authorization for access to Business premises issued u/s 71(1) - the Proper Officer for the functions referred to Section 71(1) of the Act, would be the three officers referred to in the column designation of officer authorized and one such Officer being Joint Commissioner (ST) working in the Division - In the instant case, as seen from the impugned proceedings, the authorization for access to business purpose under Section 71(1) of APGST Act was issued by Joint Commissioner (ST). Hence, the argument though appeared to be impressive at the first stage, but on a close perusal of the Notification issued, proved to be incorrect. - Authorization is valid - HC GST: Seeking grant of Regular Bail - evasion of GST - kachcha entry (unaccounted transaction) - when trial of the case would not likely to conclude in a reasonable time and the applicant is in custody since 24.03.2022 and considering the bonafide shown by the applicant to deposit the amount, the applicant is to be released on bail subject to conditions - HC I.Tax: Exchange in old currency notes seized by the Police Authorities under an order of seizure - directions issued - the respondents shall exchange the old demonetized currency notes with new currency notes subject to the petitioner fulfilling the terms and conditions mentioned above, within a period of 04 weeks of the petitioner approaching the respondents. - HC I.Tax: Revision u/s 263 by CIT - The AO ought to have, therefore, exceeded his ambit to verify the veracity of the claims as to agricultural income, exempt u/s. 10, i.e., besides being in explanation of the source of the cash deposit. He having not done so, by seeking the approval of his range head, as enjoined upon him by the Board Circular, binding on him, the said authority was competent to, in exercise of his revisionary jurisdiction, require the AO to examine the same, setting aside the assessment for the purpose. - AT More Highlights Articles ⇒ WHETHER A FINANCIAL CREDITOR CAN OPPOSE THE SETTLEMENT PROPOSAL OF CORPORATE DEBTOR? ⇒ SEARCH AND SEIZURE UNDER GST LAW (PART-4) ⇒ Refund application is not barred by limitation, as period from 1st March, 2020 to 28th February, 2022 to be excluded ⇒ RECENT ADJUDICATION ORDERS BY REGISTRARS OF COMPANIES ⇒ CENVAT credit available on inputs used in the production of electricity supplied to Sister Unit FOC ⇒ GIST OF RECENT SUPREME COURT JUDGMENTS ON GST ⇒ Cancellation Vs Revocation of Cancellation of GST Registration - Limitations on delay Revocation of Cancellation - Form GST DRC-03 Vs Form GSTR-3B - Input against Form DRC-03 - Voluntary Payment - Year End Restrictions with Sec 16(4) of the CGST/SGST Act 2017 (“ACT”) – Query on Input Availability of the Supplier & Recipient. ⇒ Activities to be undertaken w.r.t GST Compliances for the FY 2021-22 in September 2022 ⇒ Vague SCN cannot be relied upon for cancellation of GST registration ⇒ CORPORATE INSOLVENCY RESOLUTION PROCESS MAY BE INITIATED AGAINST THE TWO BORROWERS IF THEY FALL WILTHIN THE AMBIT OF CORPORATE DEBTORS More Articles Notifications Cus - Seeks to amend Notification No. 25/2021-Customs, dated the 31st March, 2021 FTP - Amendment in Import Policy Condition under ITC(HS) 0802 80 10 of Chapter 08 of ITC(HS) 2022, Schedule – I (Import Policy). CGST - Seeks to rescinds the Notification No. 20/2018-Central Tax, dated the 28th March, 2018 CGST - Central Goods and Services Tax (Second Amendment) Rules, 2022 CGST - Central Government appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114, except clause (c) of section 110 and section 111, of the Finance Act, 2022 shall come into force. IT - Income-tax (32nd Amendment) Rules, 2022 Cus - Seeks to further amend notification No. 50/2022-Customs, dated the 30th June, 2017 FTP - Extension for the period of exports of broken rice (HS code 1006 40 00) from 30th September, 2022 till 15th October, 2022 as mentioned in Notification No. 34 dt. 20.09.2022 Cus (NT) - Corrigendum - Notification No. 80/2022-Customs (N.T.), dated the 21st September, 2022 Cus (NT) - Seeks to amend Notification No. 78/2022-CUSTOMS (N.T.), dated 15th September, 2022 Cus (NT) - Amendments in the provisions of GSR keeping in view the Guidelines issued by Department of Science & Technology (DST) for acquiring and producing Geospatial Data and Geospatial Data Services including Maps Cus (NT) - Courier Imports and Exports (Electronic Declaration and Processing) Second Amendment Regulations, 2022 SEZ - Central Government rescind the Notification No. S.O. 2323(E) dated 10th July, 2020 SEZ - Central Government de-notifies an area of 34.83 hectares , thereby making resultant notified area as 60.71 hectares at Balethottam, Taluk and Olaipatti, Taluk Uthangarai Krishnagiri District in the State of Tamil Nadu SEZ - Central Government de-notifies an area of 48.5830 hectares at Mundra Taluka, District Kutch, in the State of Gujarat, thereby making resultant area as 8234.1840 hectares. More Notifications Circulars/ Public Notices DGFT - Implementation of Notification No. 31/2015-20 dated 08.09.2022 regarding Export of Broken Rice SEBI - Amendments to guidelines for preferential issue and institutional placement of units by a listed REIT SEBI - Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT SEBI - Credit Ratings supported by Credit Enhancement (CE) Income Tax - Order specifying the Collegium - Explanation to section 158AB of the Income-tax Act, 1961 DGFT - Procedure for Registration Certificate for Import of Fresh (green) Areca Nut from Bhutan without Minimum Import Price (MIP) condition Companies Law - Extension of time for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without fee upto 15.10.2022 SEBI - Modification in Daily Price Limits (DPL) for Commodity Futures Contracts SEBI - Modification in the Operational Guidelines for FPIs, DDPs and EFIs pertaining to FPIs registered under Multiple Investment Managers (MIM) structure Customs - Amendments to Rebate of State and Central Taxes and Levies (RoSCTL) Scheme. Customs - Amendments to Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) SEBI - Issue and listing of Commercial Paper by listed InvITs SEBI - Issue and listing of Commercial Paper by listed REITs Customs - Classification of goods that undertake lifting and handling functions and have mobility as a function SEBI - Firewall between Credit Rating Agencies and their Affiliates More Circulars News ⇒ GST revenue in September likely at Rs 1.45 lakh Cr ⇒ Cabinet approves release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners, due from 01.07.2022 ⇒ Department for Promotion of Industry and Internal Trade (DPIIT), Invest India and the Embassy of the Netherlands formalize the India-Netherlands Fast-Track Mechanism (FTM) ⇒ The Finance Minister’s Award 2022 presentation ceremony held by the Income Tax Department at Delhi ⇒ Finance Minister Smt. Nirmala Sitharaman chairs performance review of Credit and other Welfare Schemes for Scheduled Castes in Public Sector Banks ⇒ Govt commits Rs. 7,385 crore under Fund of Funds for Startup India Investment for 88 Alternative Investment Funds (AIFs); 720 startups supported by AIFs ⇒ Foreign Trade Policy extended for six months ⇒ Central Bureau of Narcotics (CBN) seizes more than 1,000 kg poppy straw in operation in Madhya Pradesh ⇒ Auction for Sale (re-issue) of (i) ‘6.69% GS 2024’, (ii) ‘7.10% GS 2029’, (iii) ‘7.26% GS 2032’ (iv) ‘7.40% GS 2062’ ⇒ Finance Minister Smt. Nirmala Sitharaman to review performance of Credit and other Welfare Schemes for Scheduled Castes in Public Sector Banks tomorrow ⇒ RBI set for fourth straight rate hike to quell inflation, say experts ⇒ India-UAE CEPA makes significant positive impact on India-UAE trade ⇒ Customs Notification No. 81 /2022- Customs (N.T.) to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 ⇒ Piyush Goyal calls for intensive efforts to save and promote ideals of multilateralism ⇒ CCI approves amalgamation of Jio Cinema OTT platform with Viacom 18 Media Private Limited, following an investment by BTS Investment 1 Pte. Ltd. and Reliance Projects & Property Management Services Limited More News Forum - Popular issues Gst on service of renting of residential dwelling w.e.f. 18-07-2022 read more at: https://taxguru.in/goods-and-service-tax/gst-service-renting-residential-dwelling-w-e-f-18-0 (21) Scn & order-in-original issued after death of the assesse. whether recovery can be initiated by department ? (17) Gst on rent of employee paid by employer (15) Levy of general penalty under section 125 (14) Consideration paid to third person on the direction of seller (14) Reversal of proportionate itc (13) Rate of tax (12) Reverse charge on residential dwelling (12) Gst on used car by compay (11) Payment under drc-03 on account of asmt due to debit note (11) Gst on export ocean freight - freight forwarder (11) Itc on bus for transportation of employee (9) Rcm on security services (9) Residential dwelling rcm (9) Export of services taxable or not (8) Go to Forum Forum - Recent Replied Issues Limitation period (5) Reverse charge and the place of supply (4) Transitional credit (4) Gst on liquidated damages (1) Epcg lisence and igst refund (2) Input tax credit (4) Refund of igst paid on imports (3) New registration (4) Nclt/nclat (1) Deduction under section 80ia (1) Professional tax for disabled in assam (1) Core field amendment -gst registration (1) Unclaimed tds credit (1) Refund on works contract - inverted duty structure ... (6) Service tax liability (3) Go to Forum

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May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137