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Highlights Highlights, Income Tax, GST, Import Eport and Corporate Laws

GST: Seizure of Cash - Power of the GST authorities to seize the cash of a dealer - cash seized is not ‘stock in trade’ - The respondents are directed to release the cash seized from the petitioners and credit the same to the account of the petitioners within a period of five days from today - HC

GST: Denial of benefit of ITC which was not reflected in GSTR 2A - Merely on the ground that in Form GSTR-2A the said tax is not reflected should not be a sufficient ground to deny the assessee the claim of the input tax credit. - Matter restored back for fresh adjudication - HC

I.Tax: Jurisdiction to issue notice u/s 148 - Income escaping assessment - Assessee submitted that, it was required to get the re-assessment done in a faceless manner, rather than being assessed by the jurisdictional officer - the procedure adopted by the respondent-Department is in contravention to the statute i.e. the Finance Act, 2021, at the first instance. Secondly, it is also in direct contravention to the directives issued by the Hon’ble Supreme Court in the case of Ashish Agarwal - HC

I.Tax: Revision u/s 264 in favor of assessee - CIT rejected the application - Petitioner has not filed the revised returns u/s 139(5) of the Act but he has admitted to an inadvertent error in declaring total income as Nil vide a rectification application. Admittedly, he is entitled to a refund of Rs. 72,370/- for excess amount of tax deduction at source. - CIT directed to accept the rectified ITR and process the same in accordance with law - HC

I.Tax: Protective assessment - Addition in the hands of the Assessee Firm on protective basis - since the substantive addition has not been survived on account of being time barred, consequently, the protective addition made in the hands of the assessee herein also will not survive, accordingly, we delete the protective addition by setting aside the order of the Lower Authorities. - AT

I.Tax: Revision u/s 263 - Applicability of provisions of 56(2)(vii)(b) - Documentary evidence available in the records which the AO admits to have verified the veracity thereof amply demonstrate that the AO made the requisite enquiry. If that be so, a mere non-discussion or non-mention thereof in the assessment order could not lead to assumption that the AO did not apply his mind or that he had not made inquiry on the issue. - Revision order set aside - AT

I.Tax: Deemed dividend u/s. 2(22)(a)/2(22)(d) r.w.s. 115-O - purchase/ buyback of its own shares by the company - It is to be noted that as per the proviso to Sec. 2(22), only buyback u/s. 77A is excluded from the definition of dividend u/s. 2(22). In other words, any other form of buyback, including purchase of own shares u/s. 391-393 would fall back under the definition of Sec. 2(22), because, which entails release of all or part assets of a company to its shareholders. This is further fortified with the fact that there was reduction of share capital and distribution of accumulated profits, and thus, purchase of own shares would come within the ambit of dividend u/s. 2(22). - Additions confirmed - AT

I.Tax: Non-genuine unsecured loan u/s. 68 - When part of the loans taken from the same lender has been accepted by the Assessing Officer as genuine, then it is not understandable as to why the balance loan taken from the same lender should be treated as non-genuine on the ground that no “confirmation” from the said the lender has been filed. - AT

I.Tax: Capital gain computation - real owner of asset - the land was purchased in the individual name of the assessee, and not as director of the company. Funds for the purpose of the land was also not found to be contributed by the company. The land having neither been purchased in the name of the company nor paid for by the company there is no case for treating the land as belonging to the company. - AT

I.Tax: Addition of income u/s 69A or Business income - surrender of income during survey proceedings - when all the incomes earned by the assessee are only from the business income of the assessee, there do not arise any question as to application of provisions of section 69A and hence taxing such income at special rate as per section 115BBE is improper. - AT

I.Tax: Addition u/s 69A - cash deposited in bank on various dates during the demonetization period - cash received from sale of milk during the demonetization period as regular business activity - the averments made by the Appellant, which in our view are supported by the documents furnished, went uncontroverted. Addition made by the AO u/s 69A of the Act is deleted. - AT

Cus.: Preferential rate of duty - Eligibility of FTA duty benefit - denial of benefit on the ground that country-of-origin certificate was not produced by the respondent at the time of filing the Bill of Entry - It is explained by the respondent that they could not obtain it from the foreign supplier due to Covid-19 pandemic - Matter restored back for fresh consideration - AT

Cus.: Refund of anti dumping duty wrongly paid by the assessee - Refund of anti dumping duty wrongly paid by the assessee - Denial on the ground that the refund sought under Section 27 cannot be given to the party as Customs Act And Customs Tariff Act, 1962, and Customs Tariff Act, 1975 are different legislations - The stand of revenue is not sustainable - refund allowed - AT

Cus.: Valuation of Export duty on Iron ore - The entire process of Adjudication and appeal proceedings before the Commissioner (Appeals) have been carried out in a very casual and careless manner. The Commissioner (Appeals) after holding that the Adjudicating Authority was in error in going with enhancement still has rejected the appeal - Demand set aside - AT

Cus.: 100% EOU - Refund of excess self-assessed Excise duty - During the intervening period between the date of no objection certificate by the Central Excise Authorities and the date of issue of final debonding order by the Development Commissioner, an EOU can export the finished goods under claim for advance authorization/DEPB/duty draw back and that no excise duty can be charged in respect of such goods as the same have not been cleared into DTA. In view of this, the impugned order rejecting the refund claim is not sustainable. - AT

Cus.: Ex-parte order - Appellant could not represent its case due to medical conditions - Smuggling - Gold of Foreign Origin - Matter restored back for fresh adjudication - AT

S.Tax: Extended period cannot be invoked to demand service tax for mere inaction or failure or negligence on the part of the Appellant. There must be deliberate defiance of law to invoke extended period, which is not there in this case. The Notice has also not brought in any evidence of deliberate defiance of law warranting invocation of extended period of limitation. - AT

S.Tax: Extended period of limitation - The Appellant in the present matter has also provided all the details/documents/records related to the disputed activity before department. In this circumstances charge of suppression or willful misstatement do not survive against the Appellant. Thus extended period of limitation is not invokable in the present matter - The show cause notice was issued on 19.10.2012 for the period covered 2007-08 to 2011-12, which is clearly beyond the normal period of limitation. - AT

S.Tax: Exemption from payment of tax or not - Educational Institute or commercial training or coaching centre - ICFAI has not been considered as an Educational Institution granting degrees recognised by UGC. Therefore, in the present case, the appellant claim that they have rendered services to Educational Institution cannot be accepted. - AT

C.Ex.: Availability of benefit of exemption subject to conditions - the appellants have availed the exemption contained in Notification No.06/2006 dated 01.03.2006 only after the receipt of a Certificate issued by the jurisdictional Deputy Commissioner, in charge of their customer. The Department has not got the Certificate nullified/ modified/ withdrawn. - Duty cannot be demanded from the appellants - AT

C.Ex.: Waste item or not - Benefit of exemption - waste arising out of manufacture of vegetable oils - waste, gums, fatty acids etc. arising during the course of manufacture of vegetable oils are eligible for the exemption Notification No.89/95. - AT

GST: Refund u/s 54 - Rejection of Input Tax Credit (ITC) on capital goods due to inverted duty tax structure - business of textile manufacturing of fabrics - calculation / determination of refund amount - In view of the CBIC circular, the respondent authorities are directed to sanction the refund as per the refund application - HC

GST: Cancellation of GST registration of petitioner - the competent authority was only required to form the formalities and the authority concerned or the competent authority could not have taken an independent decision. Therefore, the impugned order is set aside. - The petitioner is directed to appear before the GST authority - The adverse materials collected against the petitioner must be given to him for adverting the same by him - HC

GST: Restriction availing on Input Tax Credit (ITC) - Constitutional validity of Section 16(4) of the Central Goods and Services Tax Act (CGST Act) 2017 - Sub-section (4) of Section 16 of the CGST/ BGST Act are constitutionally valid and are not violative of Articles 19(1)(g) and Article 300-A of the Constitution of India. The said provision is not inconsistent with or in derogation of any of the fundamental right guaranteed under the Constitution of India. - HC

GST: GST registration obtained by the third person mis-using the facility - The respondents from the Tax Department and the respondents from the Law Enforcing Department namely the Police and the Cyber Crime shall investigate and to go to the root of the alleged wrongful registration obtained in the name of the petitioner and complete the investigation within a period of 12 months from the date of receipt of a copy of this order - HC

More Highlights

Articles Articles, Tax Laws, GST

⇒ Process for cancellation of GST registration

⇒ THE MEDIATION ACT, 2023 - AN OVER VIEW

⇒ Section 16(4) of the CGST Act is constitutionally validity

⇒ AUTHORITY’S PANORIA IS NOT SUFFICIENT TO ISSUE ‘LOOKOUT CIRCULAR’ CURTAILING INDIVIDUAL LIBERTY

⇒ Vague SCN may be non-maintainable… but can be practically handled better

⇒ GST Registration for E-commerce sellers

⇒ FILING OF APPEAL BEFORE GST APPELLATE TRIBUNAL

⇒ Marketing and support services provided in India on direction of the foreign Company is export of service

⇒ Old VS New tax regime Which regime is better?

⇒ Revenue Vs Capital Expenditure & Depreciation on Capital expenditure – the argument continues

More Articles

Notifications Notifications

SEBI - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023

IT - Exemption from specified income U/s 10(46) – Notifies ‘Uttar Pradesh Expressways Industrial Development Authority’

SEZ - Central Government de-notifies an area of 1.8687 hectares of the Special Economic Zone, thereby making the total area of the Special Economic Zone as 17.5866 hectares at Village Attipra, Taluk and District Thiruvananthapuram in the state of Kerala

IBC - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023

IBC - Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2023

IBC - Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023

CGST - Seeks to appoint Adjudicating Authority

Cus (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Cus - Exemption to specified defense equipment and their parts imported in India by the Ministry of Defence, Government of India or the defence forces - Seeks to amend Notification No. 19/2019-Customs, dated the 6th July, 2019

CE - Reduce the Special Additional Excise Duty on export of Diesel - Notification No. 04/2022-Central Excise, dated the 30th June, 2022 as amended

CE - Increase the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF - Notif No. 18/2022-Central Excise, dated the 19th July, 2022 as amended

CGST - Constitution of State Benches of the GST Appellate Tribunal (GSTAT)

Cus (NT) - Land Customs Stations and Routes for import and export of goods by land or inland water ways - Maia in Murshidabad District, West Bengal notified - Amendment in Notification No. 63/1994-Customs (N.T.) dated the 21st November, 1994

Cus - Graded BCD structure for wearable and hearable devices and its parts, sub-parts and sub-assembly - Amendment in Notification Nos. 11/2022-Custom and 12/2022-Custom dated 01-02-2022

Cus - Effective rates of customs duty and IGST for goods imported into India -Notification No. 50/2017-Customs, dated the 30th June, 2017 as amended.

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

SEBI - Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform

Customs - Nomination in respect of U.S. Department of Justice's Intellectual Property Crimes Enforcement Network (IPCEN): Invitation for CBIC

DGFT - De-listing of agencies authorized to issue Certificates of Origin- (Non Preferential) from Appendix 2E of FTP, 2023

Customs - Implementation of Ex-Bond Shipping Bill in ICES 1.5

Customs - Order under rule 5 of the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 for the Linear Alkyl Benzene (LAB)

Income Tax - Extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24

SEBI - Regulatory Reporting by AIFs

Customs - Norms for posting of officers and benchmark performance criteria while granting exemption from payment of Cost Recovery Charges (CRC) at Air Freight Stations (AFS)

SEBI - Board nomination rights to unitholders of Real Estate Investment Trusts (REITs)

SEBI - Board nomination rights to unitholders of Infrastructure Investment Trusts (InvITs)

Customs - Standard Operating Procedures (SOP) regarding monitoring of Export obligation fulfilment under EPCG and Advance authorization scheme-Reg.

SEBI - Clarification regarding investment of Mutual Fund schemes in units of Corporate Debt Market Development Fund

Customs - Streamlining the process of receiving amendment request of out of charged Bill of Entry in the ACC, Import Commissionerate –Reg.

Customs - Streamlining of Customs Post Clearance Audit (PCA) Work-Instructions

Customs - Amnesty Scheme for One Time Settlement of Default in Export Obligation by Advance and EPCG Authorisation Holders.

More Circulars

News News, PIB

⇒ India wins bid to host 17th International Congress on the Chemistry of Cement

⇒ CCI approves acquisition of additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Limited and acquisition of equity stake in Highway Concessions One Private Limited by 2743298 Ontario Limited

⇒ CCI approves certain shareholding in TVS Credit Services Limited by PI Opportunities Fund-I Scheme-II along with certain Individuals

⇒ CCI approves acquisition of approximately 24.16% of total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited

⇒ CCI approves acquisition of 72.49% stake (approx.) in Quality Care India by BCP Asia II

⇒ Fourth Infrastructure Working Group Meeting to be held in Khajuraho, Madhya Pradesh on 21st-22nd September, 2023

⇒ Advisory: Geocoding Functionality for the Additional Place of Business

⇒ Amendments to Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.

⇒ DPIIT notifies Quality Control Order for ‘Flux Cored Solder Wire’

⇒ The fourth & final meeting of the G20 FWG Successfully concluded in Raipur, Chhattisgarh today

⇒ CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24

⇒ Auction for Sale (re-issue) of (i) ‘7.06% GS 2028’, (ii) ‘7.18% GS 2033’ and (iii) ‘7.30% GS 2053’

⇒ Ministry of Finance approves welfare measures for LIC agents and employees

⇒ Gross Direct Tax collections for Financial Year 2023-24 (as on 16.09.2023) register a growth of 18.29%

⇒ SFIO arrests Chartered Accountant in Hyderabad for role during demonetisation

More News

 

Latest Case Laws Latest Case Laws

 

Jiva Seva is Shiva Seva:
Service to humanity is Service to God

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

 

 

 

N: Seeks to notify special procedure to be followed by the electronic com...
C: Nomination in respect of U.S. Department of Justices Intellectual Prop...
F: Would GST be applicable on the portion of statutory levy charged by Au...
H: Seizure of Cash - Power of the GST authorities to seize the cash of a ...
H: Denial of benefit of ITC which was not reflected in GSTR 2A - Merely o...
H: Jurisdiction to issue notice u/s 148 - Income escaping assessment - As...
H: Revision u/s 264 in favor of assessee - CIT rejected the application -...
H: Protective assessment - Addition in the hands of the Assessee Firm on ...
H: Revision u/s 263 - Applicability of provisions of 56(2)(vii)(b) - Docu...
H: Deemed dividend u/s. 2(22)(a)/2(22)(d) r.w.s. 115-O - purchase/ buybac...
H: Non-genuine unsecured loan u/s. 68 - When part of the loans taken from...
C: Redressal of investor grievances through the SEBI Complaint Redressal ...
H: Capital gain computation - real owner of asset - the land was purchase...
H: Addition of income u/s 69A or Business income - surrender of income du...
H: Cancellation of GST registration of petitioner - the competent authori...
H: Refund u/s 54 - Rejection of Input Tax Credit (ITC) on capital goods d...
H: Addition u/s 69A - cash deposited in bank on various dates during the ...
H: Preferential rate of duty - Eligibility of FTA duty benefit - denial o...
H: Refund of anti dumping duty wrongly paid by the assessee - Refund of a...
F: Interest rate
F: Interest Liability under GST
H: Valuation of Export duty on Iron ore - The entire process of Adjudicat...
H: 100% EOU - Refund of excess self-assessed Excise duty - During the int...
H: Ex-parte order - Appellant could not represent its case due to medical...
N: Securities and Exchange Board of India (Listing Obligations and Disclo...
A: Process for cancellation of GST registration
A: THE MEDIATION ACT, 2023 - AN OVER VIEW
A: Section 16(4) of the CGST Act is constitutionally validity
C: De-listing of agencies authorized to issue Certificates of Origin- (No...
F: ITC credit eligibility on commercial vehicles