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Highlights GST: Levy of penalty u/s 129(3) of the U.P. Goods and Services Tax Act, 2017 - demand based on mere presumptions - the proceedings has been initiated solely on the basis of presumption that goods having been brought into the State using two different vehicles by same e-way bill. Once, it was found that the vehicle was carrying the required documents along with the e-way bill, no question arose for taking some other view. - Order of penalty set aside - HC GST: Refund of unutilised Input Tax Credit - Annexure B was not complete in all respect - it was essential for the concerned authorities to examine the information as submitted by the petitioner and process its claim for refund in accordance with law. Clearly, the petitioner cannot be penalised for the inadvertent error in submitting an erroneous information against Column No. 7 of its form, which has since been rectified. - HC GST: Seeking grant of Anticipatory Bail - fraudulent availment of IGST refund by exporters and passing fraudulent input tax credit (ITC) by their suppliers - In the present case it is found that applicant has not cooperated as mentioned in the reply of DGGI DZU that despite issuance of four summons accused/applicant has not turned up and has never furnished documents also in support thereof. - Bail application rejected - DSC I.Tax: Interest Liability u/s 234B - settlement of case u/s 245D(4) - Levy of interest on tax on additional income offered without providing the set off of the prepaid taxes already paid. - The plea on the part of the petitioner is that it has required to pay the interest at a specific rate on the additional amount of Income Tax offered before the Settlement Commission was not executed. - it cannot be expected to pay interest on the taxes already paid. - HC I.Tax: Taxability of interest income - Interest on deposit while the matter was in dispute - claim arouse against accident under motor vehicle Act - TDS u/s 194A r.w.s. 56 of the Income Tax Act - Income was taxable - TDW was wrongly deducted - Amount of TDS directed to be refunded - HC I.Tax: Validity of reopening of assessment - necessity to have a valid approval under section 151 - PCIT while according to approval for reopening the assessment has either not perused these reasons and merely given a mechanical approval by stating in Item no. 13 of the approval granted dated 30.03.2019 that “Yes, I am satisfied case may be reopened” - AT I.Tax: Penalty u/s 271E levied on the deceased person - The notice of penalty was served in the name of dead person; no notice was served on the legal heirs of the deceased assessee. Such notices issued in the name of dead person, is not curable even by applying provisions of Section 292B - AT I.Tax: Disallowing foreign exchange loss - claim of exchange fluctuation loss in revenue account by the Assessee in accordance with generally accepted accounting practices and mandatory accounting standards notified by the ICAI - in the light of fact that the conversion in foreign currency loans which led to impugned loss, were dictated by revenue considerations towards saving interest costs etc. we have no hesitation in coming to the conclusion that loss being on revenue account is an allowable expenditure under S. 37(1) - AT I.Tax: Exemption u/s. 11 - The civil contract awarded to a firm in which the managing trustee of the trust is proprietor is tantamount to services as defined u/s. 13(2)(c) - Since, payment made in pursuant to services rendered by the interested persons is not in excess of consideration paid for relevant work, it cannot be held that there is a direct or indirect benefit to the interested persons as referred to u/s. 13(2) of the Act and violation of provisions of section 13(1)(c) of the Act. - AT I.Tax: TDS u/s 195 - Disallowance u/s 40(a)(ia) - non-deduction of TDS on payment of management fees - It is not even the allegation of the revenue that the non-residents had made available to the assessee, the knowledge generated in the course of rendering managerial services. In our view the services rendered were purely managerial services and by no stretch of imagination can be considered as making available any technical knowledge, experience, skill, know-how or processes, to the assessee. - No TDS liability - AT Cus.: Smuggling - foreign origin gold bars - It is undisputed that it had foreign markings and has been certified by the jewellery expert to be of foreign origin. The only question which remains is if it was legally imported or smuggled and the burden of proving that it was legally imported rests upon the appellant. There is not even an assertion in the application before the learned CMM by the appellant that he had legally imported the gold. Therefore, we find no force in the submission of the appellant that his statement under Section 108 cannot be relied upon. - AT Cus.: Exemption from the whole of the duty of customs - Import of Machinery as Gift - bilateral Agreement - This factual portion is also reflected from the Certificate dated 09.11.1999 given by the European Union. The Certificate clearly mentions that the plant and machinery was gifted free of cost to the Programme under the bilateral Agreement between the Government of India and the European Union - On a plain reading of the Agreement, it is clear that clause 8 of the exemption notification stands satisfied - AT IBC: Maintainability of petition - aggrieved person being IBBI - The Appellant has nothing to do with the litigation between two parties i.e. ‘Financial Creditor’ and ‘Corporate Debtor’, in order to challenge the impugned order by which the petition filed by the Financial Creditor has been dismissed for whatever reasons. - AT IBC: The creditors of the Personal Guarantors who are unable to file an application due to enforcement of moratorium under Section 96 can very well avail the benefit of period during which moratorium continues, hence, due to interim moratorium enforced by Section 96, the creditors like Central Bank of India and other creditors are in no manner prejudiced. If they have not filed any application during moratorium period, they have every right to file application and for computation of the period of limitation, period during which moratorium is in place is to be excluded - AT PMLA: Money Laundering - scheduled/predicate offence - territorial jurisdiction of Trial Courts - The issue of territorial jurisdiction cannot be decided in a writ petition, especially when there is a serious factual dispute about the place/places of commission of the offence. Hence, this question should be raised by the petitioner before the Special Court, since an answer to the same would depend upon evidence as to the places where any one or more of the processes or activities mentioned in Section 3 were carried out. - SC C.Ex.: Seeking waiver of pre deposit - Clandestine Removal - The impugned demand is to the extent of Rs.12.50 Crores. The pre-deposit of 10% would come to Rs.1.25 crores which this Court finds would be onerous for the petitioner unit which is closed since 20th September 2006 to furnish in order to effectively avail of the remedy of appeal before learned CESTAT. - Stay granted - HC C.Ex.: Pending appeals wherein, the IBC proceedings have been concluded by NCLT - Since the IBC proceedings have been concluded, these appeals shall stand infructuous accordingly, we dismiss these appeals as infructuous. Both the sides have liberty, in case of any amicable resolution is not arrived at between the appellant and the respondent, to approach to this tribunal to revive the present appeals and the same shall be decided on merit, if required. - AT C.Ex.: Cash refund against the accumulated and unutilized Cenvat credit - From the Rule, under clause (vi) and (via), the credit of Education Cess and Secondary and Higher Education Cess is clearly allowed. Therefore, the appellant is legally entitled for Cenvat of Education Cess and Secondary and Higher Education Cess. Hence, on this count refund cannot be denied. - AT VAT: Validity of Departmental Eqquiry agaisnt the Revenue officer - alleged act or omission relating to exercise of his powers in the matter of passing orders of assessment/reassessment/refund of taxes to the dealers - This Court is of the considered view that although allegation of bias has been made but the allegations are not substantiated by any material or conduct of the inquiry officer in order to create any impression of bias against the petitioner, even remotely. - disciplinary proceedings to continue - HC GST: Validity of summary of the show cause notice in Form GST DRC-01 - Summary of SCN in Form DRC-01 is not a substitute of SCN u/s 74(1) - The impugned show cause notice in both the cases does not fulfill the ingredients of a proper show- cause notice and thus amounts to violation of principles of natural justice, the challenge is maintainable in exercise of writ jurisdiction of this Court - HC GST: Rejection of Application for de-freezing the account of the company - The application filed by the petitioner-company for de-freezing the account was not opposed at any time by the prosecution on this ground. Similarly, the application was not rejected by the Magistrate on this ground. Learned Magistrate found the application otherwise maintainable. - Matter restored back to Session Judge for fresh decision - HC I.Tax: Refund of TDS - applications for condonation of delay in filing returns claiming refund - Looking to the pecuniary jurisdiction, it clearly transpires that the Assessing Officer who was ACIT (TDS); who passed the impugned order of rejection was not having any pecuniary jurisdiction. - CBDT directed to pass a fresh order of refund in accordance with law. - HC I.Tax: TDS u/s 194H OR 192 - Disallowance u/s 40(a)(i) - Payment of commission to the Directors - TDS is liable to be deducted u/s 192 only at the time of making payment and this view has since been upheld by the High Court. Accordingly, the disallowance made u/s 40(a)(ia) of the Act in all the three years in respect of commission expenses is liable to be deleted. - AT I.Tax: Employee benefit expenses and other expenses - AO without giving any reason disallowed the expenditure to the tune of 20% on account of employee benefit expenses and other expenses. Therefore, such disallowance made on estimated basis without any cogent reason for the same shall be unlawful and prejudicial to the interest of assessee - AT Cus.: Classification of imported goods - products used in the preparation of animal feed supplements - when confronted with a specific classification entry vis-a-vis a residuary classification entry, one must favour the specific entry. In fact, that the mandate of Rule 3A of the General Rules of Interpretation of Customs Tariff. - The product would merit classification under Heading 2936 of the First Schedule to the Customs Tariff Act, 1975. - AAR More Highlights Articles ⇒ Supply of telecommunication services to a local authority is a taxable service ⇒ Integrated Desktop Computer cannot be classified as ‘portable device’ ⇒ MAJOR BUDGET UPDATES ON DIRECT AND INDIRECT TAXES: AT A GLANCE ⇒ Detention of goods along with vehicle: Mistake in entering details of the transporter in the e-way bill is human error, No penalty under Section 129 ⇒ Partnership Firms –ignored entity in matter of Income tax. Attention is desired for incentives and lower rate in a balanced manner taking into provisions for Individuals, AOP , BOI and companies ⇒ EXTENSION OF CORPORATE INSOLVENCY RESOLUTION PROCESS ⇒ Borrower cannot escape from prosecution and criminal liability for the dishonour of cheque ⇒ Security/ bank guarantee is necessary for the provisional release of the confiscated goods before adjudication ⇒ No GST on charges collected from employees for canteen services provided. ⇒ ECONOMIC SURVEY 2023-24: SALIENT FEATURES More Articles Notifications SEBI - Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 SEBI - Securities and Exchange Board of India (Buy-Back of Securities) (Amendment) Regulations, 2023 SEZ - Seeks to amend Notification No. S.O. 3625(E) dated 17.09.2020 Cus - Corrigendum - Notification No. 2/2023-Customs, dated the 1st February, 2023 FTP - Addition of Gemological Science International (GSI) Pvt. Ltd., Mumbai, Maharashtra, India in Para 4.42 of Foreign Trade Policy (2015-20) FTP - Alignment of RoDTEP Schedule for chapter 28, 29, 30 & 73 with First Schedule of the Customs Tariff Act, 1975 IT - Centralised Processing of Equalisation Levy Statement Scheme, 2023 CE - Seeks to amend Notification No. 04/2022-Central Excise, dated the 30th June, 2022 CE - Seeks to amend Notification No.18/2022-Central Excise, dated the 19th July, 2022 SEBI - Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023 Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Supersession Notification No. 05/2023-Customs(N.T.), dated 19th January, 2023 Cus - Seeks to amend 32 notifications in order to provide a specific end date for these notifications. Cus - Seeks to amend the notification Nos. 90/2009-Customs, dated the 7th September, 2009, 33/2017-Customs, dated the 30th June, 2017, and 41/2017-Customs, dated the 30th June, 2017 to extend the validity of said notifications up to the 31st March, 2028. Cus - Seeks to further amend notification No. 146/94-Customs, dated the 13th July, 1994 to extend the exemption benefit to Warm blood horse for equestrian sports and extend the validity of said notification up to the 31st March, 2028. Cus - Seeks to further amend notification No. 57/2000-Customs which exempts gold, silver and platinum imported under specified schemes. More Notifications Circulars/ Public Notices Customs - Import of High risk food products at specific ports SEBI - Grant of extension of time to entities operating/ desirous of operating as Online Bond Platform Providers (OBPPs) for making an application to obtain certificate of registration as a stock broker under the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 Customs - Amendment in Circular No. 29/2020-Customs dated 22.06.2020 for allowing transhipment of Bangladesh export cargo to third countries through Delhi Air Cargo Companies Law - Extension of Time for filing of 45 company e-Forms and PAS-03 in MCA 21 Version 3.0 without additional fee SEBI - Enhanced obligations and responsibilities on Qualified Stock Brokers (QSBs) SEBI - Review of Chapter IX – Green Debt Securities of the Operational Circular for issue and listing of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts (SR), Municipal Debt Securities and Commercial Paper (CP) dated August 10, 2021 (hereinafter referred to as the ‘NCS Operational Circular’), as amended from time to time Central Excise - Performance Audit Report No. 14 of 2022 “Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019” of C&AG of India (Indirect Taxes- GST, Central Excise & Service Tax) Income Tax - CORRIGENDUM TO CIRCULAR NO. 23 OF 2022 DATED 03.11.2022 EXPLANATORY NOTES TO FINANCE ACT 2022 SEBI - Amendments to Operational Circular for Credit Rating Agencies SEBI - Dos and don’ts relating to green debt securities to avoid occurrences of greenwashing SEBI - Manner of achieving minimum public shareholding DGFT - Amendment in Appendix 2T (List of Export Promotion Councils/Commodity Boards/ Export Development Authorities) of Foreign Trade Policy 2015-2020 SEBI - Changes to the Framework to Enable Verification of Upfront Collection of Margins from Clients in Cash and Derivatives segments SEBI - Transaction in Corporate Bonds through Request for Quote (RFQ) platform by Alternative Investment Funds (AIFs) Customs - Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2023 More Circulars News ⇒ Government proposes quick settlement of contractual disputes to promote ease of doing business as announced in Union Budget 2023-24 ⇒ Government has created the new Ministry of Cooperation to provide a separate administrative, legal and policy framework for strengthening the cooperative movement in country ⇒ Government e-Marketplace (GeM) suitably placed to exceed its ambitious target of ₹ 1.75 lakh crore: Shri PK Singh, CEO, GeM ⇒ Industrial growth during 2021- 22 stood at 11.7 per cent over the corresponding period of the last year ⇒ Eight projects under National Industrial Corridor Development and Implementation Trust (NICDIT) sanctioned and approved by Government ⇒ Coffee exports grow by 38% in 2021-22 as compared to 2020-21 ⇒ 13,18,192 sellers registered in the Government e-Marketplace (GeM) to sell their products directly to various Government departments and organizations ⇒ Network Planning Group (NPG) under PM GatiShakti recommends 63 infrastructure projects on the Principles of PM GatiShakti ⇒ Products with export potential identified from all 765 districts of the country under the One District One Product- Districts as Export Hubs (ODOP-DEH) initiative ⇒ Monetary Policy Statement, 2022-23 Resolution of the Monetary Policy Committee (MPC) February 6-8, 2023 ⇒ India received highest ever foreign inward remittances in a single year of $89,127 million in FY 2021-22 ⇒ ED seized ₹859.15 crore under PMLA and Rs 189.28 crore under FEMA Act ⇒ Blockchain Technology (BCT) is one of many promising technologies: RBI ⇒ Directorate General of GST Intelligence (DGGI) and the National Forensic Sciences University (NFSU) signed a Memorandum of Understanding (MoU) for setting up of digital forensic laboratories ⇒ Prime Minister, Shri Narendra Modi lays foundation stone to South India’s 1st Industrial Corridor Project, the Tumakuru Industrial Township, as part of National Industrial Corridor programme More News Forum - Popular issues Input credit (25) Sub contractor received scn for non payment of service tax (20) Scn & order-in-original issued after death of the assesse. whether recovery can be initiated by department ? (18) Rcm sponsorship (16) Gst on rent of employee paid by employer (16) In case of death of proprietor, whether reversal of itc is required? (16) Gst on guest house given to employee on rent (15) Section 18(6) of the cgst act read with rules 40 and 44 (15) Rcm on purchase of wood from unregistered dealar (14) Credit note = payment (14) Claim against short paid igst paid through manual challan. (13) Itc on cctv camera (13) Reverse charge and the place of supply (12) Gst applicable on labour cess and seignorage fees (11) Recovery u/s 79 (11) Go to Forum Forum - Recent Replied Issues Appeal order time limitation (3) Transfer of going concern (7) Rcm on external development charges (edc) paid by builder to local authority ... (5) Input tax availability (3) Gst liability in case payment to unregistered service provider exceeds rs. ... ... (4) Regarding wrong payment igst tax (9) Input credit (4) Goods to be imported under bill to ship concept ... (4) Blocked credit sec 17 (5) (2) Refund of gst (3) Igst on imports (3) Gst on shops (6) Works contract service provided to project implementation unit ... (5) Cenvat credit (5) Gst rate for wooden sofa set (2) Go to Forum

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