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Highlights GST: Imposition of costs on the Department - provisional attachment - a fine question of law has been raised by the assesses in their appeal arising out of the very same common order and the present appeals filed by the Revenue is confined only to that extent where cost has been imposed. Therefore, in the facts and circumstances of the case, we are of the view that it is not a case where cost has to be imposed, as directed by the learned writ Court. - HC GST: Refund of Input Tax Credit accumulated due to inverted duty structure - In the present case, the Petitioners have not only asserted that notice was not received by the Petitioners nor it was available on GSTN portal in the petition, but before passing the impugned order, the Petitioners had communicated to the Respondents that notice was not received nor it was available on portal. These facts have gone uncontroverted. - Matter restored back - HC I.Tax: Deemed dividend u/s.2(22)(e) - loan received by the Assessee from QNEI - the Assessee is not a shareholder of QNEI, the amount received from QNEI will not be taxable in the hands of the Assessee as deemed dividend u/s.2(22)(e) of the Act and common shareholding in two companies would not attract the provisions of Section 2(22)(e) of the Act. - AT I.Tax: Deduction u/s. 80IA - eligibility of rental income - the rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo business and eligible for deduction u/s. 80IA. The addition is deleted. - AT I.Tax: Income accrued in India - subscription/distribution revenue earned by the assessee - royalty receipt - the issue, whether the assessee had a PE in India in these two assessment years is purely academic in the nature, as, the entire income has been offered to tax by Indian entity - AT I.Tax: Revision u/s 263 - ‘business income’ OR ‘agricultural income’ - In the present case, neither any enquiry has been made by the Assessing Officer nor any questions were asked to the assessee nor any information was called for. Therefore, we have no hesitation to hold that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of revenue within the meaning of section 263 - AT I.Tax: Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and 44AB, which is far below the threshold limit prescribed for the relevant assessment year, the assessee can not treated as assessee in default in terms of S. 271A and S. 271B of the Act. The assessee thus has demonstrated reasonable cause for failure to maintain books of account as well as compliance of Section 44AB of the Act in term of Section 271B of the Act.- AT I.Tax: Expenditure as covered u/s 43B - payment made by the assessee towards EDC under HDRUA Rules does not fall within the ambit of duty, tax, cess or fee. The impugned payment has been made by the assessee for acquiring the facilities on the land allotted to it by HUDA, which is not in the nature of duty, tax, cess or fee. - AT I.Tax: Additional depreciation u/s 32(1)(iia) - manufacturing in term of section 2(29BA) - Vital fact, which is not disputed by revenue, that the assessee is purchasing plastic granule/raw material and manufacturing packing material therefrom such as jar/pouches/bottles make the assessee fully eligible for “additional depreciation”. - AT Cus.: Service Exports from India Scheme - requirement of obtaining IEC - In view of the amendment made in the FTP 2015-20, this Court does not deem it fit to venture further on individual facts of the present case - It is now open to the Petitioners to raise their grievances before the authorities regarding other reliefs as prayed for in the instant Writ Petitions - HC IBC: Delay in Revival of the Corporate Debtor - This Tribunal, on going through the words, any person Aggrieved, occurring in Section 61 (1) of the I & B Code, 2016, is of the view that in Section 61 (1) of the Code, the words Party Aggrieved, are not employed. For an affected person, the Order of an Adjudicating Authority, must cause a Legal Grievance, by wrongfully depriving him of something and in the process, his Legal Right is breached, by the act complained of. - AT Co.Law: Power of NCLT to investigate and direct the ICAI to take action against chartered accountant - no power exist with the Tribunal, to ask an Autonomous Professional Body (herein the Institute of Chartered Accountant of India) to take disciplinary action against its Member. - Tribunal ought to have taken into account the provision as contained in Section 213 of the Companies Act, 2013 and after following due process after hearing the company - AT IBC: Forfeiture of right to file reply of Corporate debtor - Financial Debt or not - It is significant to mention that the Financial Creditor had not sought for enforcement of this promisory note and therefore, the question of it being stamped and the provisions of Indian Stamp Act, 1899 being applicable, does not arise in this case. The material on record evidences that the amount of Rs. 1 Crore disbursed to the Corporate Debtor has the essential ingredients of a Financial Debt as defined under Section 5(8) of the Code. - AT VAT: Jurisdiction and Validity/legality of re-assessment order - time limitation - when the assesses are permitted to file their returns beyond the period prescribed due to pandemic, in view of the judgment of the Hon’ble Supreme Court and circulars issued, we feel that the authorities also should be given time to pass orders during the pandemic. - HC VAT: Maintainability of writ petition - alternate remedy of appeal - The Hon’ble Supreme Court held that the High Court ought not to have entertained the writ petition under Article 226 of the Constitution of India challenging the assessment order in view of the availability of statutory remedy under the Act and there was no exceptional reason. The appeal filed by the State Government was thus allowed on the ground that the High Court should not have entertained a writ petition inspite of alternate remedy. - HC IBC: Initiation of CIRP - If the Appellant was not in a position to satisfy the Adjudicating Authority on the validity of the demand notice certainly application filed under Section 9 of the code was required to be rejected. - AT GST: Violation of principles of natural justice - pre-show cause notice consultation - notice based on audit observation - insufficient time to respond - HC restored the SCN with direction to the assessing officer to consider and discuss the case with assessee - order of HC sustained - SC S.Tax: Pre-show cause notice consultation - notice based on audit observation - insufficient time to respond - The view of the learned Single Judge that there has been violation of principles of natural justice is agreed upon - however, quashing of the said show cause notice-cum-demand would not be necessary in the facts and circumstances of the case and if the order passed in the writ petition is slightly modified, it will not only protect the interest of the assessee but also the interest of the revenue. - HC GST: Rate of GST on services relating to setting up of solar power projects - 18% or 5% - Determination of value of services involved - GST Council has given clarity on specified Renewable Energy Projects that GST can be paid in terms of 70:30 ratio, for the goods and services - Appellate Authority directed to consider the issue afresh in terms of the above Circular. - HC GST: Maintainability of Advance Ruling application - In the instant case the questions, on which the applicant seeks advance ruling, are not in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the said applicant, but in relation to a completed supply, provided by them. - Application rejected - AAR GST: Classification of goods - Satin Rolls and Taffeta Rolls - The tariff heading 5806 covers the woven fabrics that are not covered under heading 5807 consisting of warp without weft assembled by means of an adhesive (Bolducs). It is an admitted fact that the impugned products are woven products consisting of warp and weft and are not assembled by means of an adhesive. Thus the impugned products are not covered under tariff heading 5806. - AAR I.Tax: Supremacy of decision division bench of a non-jurisdictional High Court and a single judge bench of a non-jurisdictional High Court - judicial hierarchy - Applicability of the provisions of section 144C - division bench decision of Hon’ble non-jurisdictional High Court, is required to be followed even if it is contrary to a single bench judgment of another High Court - AT I.Tax: TP adjustment - MAM selection - method used for benchmarking the royalty transaction - It may be true that the assessee aggregated payment of royalty with the transaction of manufacturing as it was closely linked and adopted transactional net marginal method but that does not mean that the transactions are so interrelated that they cannot be evaluated separately for applying profit split method. Further, the assessee does not make any unique contribution to the transaction, hence profit split method in this case cannot be applied. - transactional net marginal method is the most appropriate method - AT I.Tax: Rectification of mistake u/s 154 - TP Adjustment - arm's length price adjustment - even after holding that there was no apparent mistake in the DRP directions, whereas a finding of the mistake being a mistake apparent in the DRP directions was a sine qua non for invoking the jurisdiction under rule 13. - AT I.Tax: Addition u/s. 69A on account of unexplained jewellery - search & seizure - There is no logic for enhancing the quantity of gold by the weight of stones and diamonds. There was no loose stones/diamonds found during the search. What was found was jewellery studded with stones/diamonds. They have neither been valued nor any Expert Valuer's report is available on record. Such an action cannot be supported. Even if it is considered even then alongwith the gold reflected in the books of accounts of the assessee and the explanation on record that credit for the jewellery held by late father and mother-in-law is also considered the occasion to sustain the addition even then does not arise. - AT More Highlights Articles ⇒ NOTICE UNDER SECTION 143(2) OF THE INCOME TAX ACT, 1961 IS MANDATORY AFTER FILING OF THE RETURN OF INCOME AFTER ISSUANCE OF NOTICE UNDER SECTION 148 OF THE ACT ⇒ RIGHT TO INFORMATION ACT IS NOT THE PROPER LAW FOR REDRESSAL OF GRIEVANCES/DISPUTES ⇒ UNJUST ENRICHMENT FOR REFUND ⇒ IMPACT OF STAY ORDER AGAINST THE ADMISSION ORDER OF CORPORATE INSOLVENCY RESOLUTION PROCESS ⇒ No service tax payable on interest free security deposits taken from customer towards trading of shares ⇒ ALCOHOLIC LIQUOR CAN NOT BE CLASSIFIED AS A FOOD PRODUCT ⇒ THE MAKING OF TAX DECISIONS. ⇒ NOTICE UNDER SECTION 148 OF INCOME TAX ACT, 1961 AGAINST A STRUCK OF COMPANY ⇒ Bombay HC orders restoration of GST registration cancelled u/s 29(1) of the CGST Act ⇒ In case of change of AO, newly appointed AO shall continue proceeding from the stage where they were left by earlier AO More Articles Notifications SEBI - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022 SEZ - Central Government de-notifies an area of 8.90 hectares thereby making resultant area as 84.10 hectares at Village Mamidipally, District Ranga Reddy in the State of Telangana CE - Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel. CE - Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude. Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Supersession Notification No. 97/2022-Customs(N.T.), dated 17th November, 2022 CE (NT) - Central Board of Indirect Taxes and Customs appoints the Central Excise officers for the jurisdiction FTP - SCOMET Updates 2022 - Amendment in Appendix 3 {SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items, 2018. IT - U/s 10(39) of IT Act 1961 - Central Government notifies the international sporting event, persons and specified income arising from the National supporters Cus (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver PMLA - Central Government notifies ‘real estate agents’ as defined under clause (zm) of section 2 of the Real Estate (Regulation and Development) Act, 2016 PMLA - Seeks to rescinds Notification No. F.No.P-12011/14/2020-ES Cell-DOR, dated 28th December, 2020 Cus (NT) - Seeks to amend Notification No. 19/2022-Customs (N.T.) dated 30th March 2022 Cus (NT) - Seeks to amend Notification No. 47/2022-Customs (N.T.) dated 31st May 2022 FTP - Incorporation of new policy condition against HS Code 1006 40 00 ADD - Seeks to amend notification no. 17/2019-Customs (ADD) dated 9th April, 2019 More Notifications Circulars/ Public Notices SEBI - Extension of timeline for implementation of Standardized industry classification by CRAs SEBI - Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives SEBI - Inclusion of Equity Exchange Traded Funds as list of eligible securities under Margin Trading Facility SEBI - Review of timelines for listing of securities issued on a private placement basis DGFT - Extension of validity of Pre-Shipment Inspection Agency (PSIAs) SEBI - Introduction of credit risk based single issuer limit for investment by mutual fund schemes in debt and money market instruments SEBI - Procedure for seeking prior approval for change in control Customs - Amendment to Instruction No 18/2022-Customs dated 12.08.2022 and 26/2022-Customs dated 06.10.2022 regarding extension of Requirement of Health Certificate accompanied with the import of food consignments GST - Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017 Customs - Improvements in SWIFT: Integration of ICEGATE with AQCS-ICS (Animal Quarantine and Certification Services-Import Clearance System) effective 01.12.2022 DGFT - One-time relaxation for submission of hard copy of applications for claiming assistance under the erstwhile 'Transport and Marketing Assistance (TMA) for Specified Agriculture Products' Scheme (foreclosed by Department of Commerce w.e.f. 31.03.2021) SEBI - Framework to address the ‘technical glitches’ in Stock Brokers’ Electronic Trading Systems SEBI - Extension of timelines for implementation of SEBI circulars SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/137 and SEBI/HO/MIRSD/ DoP/P/CIR/2022/119 SEBI - Timelines for transfer of dividend and redemption proceeds to unitholders DGFT - Fixation of new Standard Input Output Norms (SION) at E-136 for export of wheat flour (Atta), deletion of SION E-110, amendment in Appendix 4J and insertion of new para 4.05 (iii) under Handbook of Procedures 2015-20 More Circulars News ⇒ Department for Promotion of Industry and Internal Trade (DPIIT) recognizes 59,787 entities as startups in the last 5 years ⇒ Most sectors except certain strategically important sectors open for 100% FDI under the automatic route ⇒ Export of total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22, registering a positive growth of 35.9% ⇒ One District One Product (ODOP) initiative operationally merged with ‘Districts as Export Hub (DEH)’ initiative ⇒ Monetary Policy Statement, 2022-23 Resolution of the Monetary Policy Committee (MPC) December 5-7, 2022 ⇒ India must strive to become the global capital of millets: Shri Piyush Goyal ⇒ Auction for Sale (re-issue) of (i) ‘7.38% GS 2027’, (ii) ‘7.26% GS 2032’, (iii) ‘7.36% GS 2052’ ⇒ Union Finance Minister Smt. Nirmala Sitharaman inaugurates DRI’s 65th Founding Day Celebrations ⇒ DRI to celebrate 65th Founding Day ⇒ Sale of Electoral Bonds at Authorized Branches of State Bank of India (SBI) ⇒ Workshop-cum-Buyer Seller Meet (BSM) organized in Aizawl to promote organic agricultural products of Mizoram and North Eastern Region (NER) ⇒ Scheme for Intellectual Property (IP) protection revised to upgrade the professional charges of the facilitators ⇒ Office of Controller General of Patents Designs and Trademarks (CGPDTM) holds daily open conferences to address grievances of IP filers ⇒ Repayment of ‘6.20% FERT CO GOI SPLBOND 2022’ ⇒ Exchange Rate Notification No. 101/2022 - Customs (N.T.) More News Forum - Popular issues Consideration paid to third person on the direction of seller (16) Rcm sponsorship (15) Refund of service tax credit available as on 30.6.2017 (11) Input tax credit (10) Recovery u/s 79 (10) Itc on bus for transportation of employee (10) Igst exemption on export freight after 01.10.2022 (9) Input tax credit (9) Gst amount recovered from supplier (8) Section 151 (8) Itc availment (8) Refund of inverted duty & refund of itc for export under lut (8) Impact of place of supply of availing input tax credit (8) Parts of packing machinery assessed under hs no.84229090 (7) Rcm for onion transport (7) Go to Forum Forum - Recent Replied Issues Applicability of gst (6) Gst accumulated after igst refund (3) Recovery of hotel expenses (1) Gst on rent (2) Reporting of hsn wise summary of outward supply liable to rcm ... (1) How to deal regarding igst paid instead of sgst/cgst on advance against wor ... ... (2) Rate of tax (2) Gst refund (2) Interest on gst liability (4) Co operative society bank gst credit (2) Refund of gst paid erroneously (6) Revenue expenditure (2) Gst exemption - dance coaching classes (4) Transitional credit as per proviso to section 140(3) ... (4) Limitation period for demand of late fee (1) 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