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H: Cancellation of petitioners registration - scope and validity of SCN -...

H: Cancellation of registration of petitioner - The petitioners are permi...

H: Seeking grant of anticipatory bail - shell firms/entities - tax evasio...

H: Look Out Circular (LOC) issued - Offence punishable u/s 276C(1)(i) r.w...

H: TDS u/s 195 - the remittances made to GEISA towards use of Pro-E softw...

H: Admission of additional grounds under Rule 11 and 29 of the Income Tax...

H: Addition u/s 68 - accommodation entry - unsecured loan shown under the...

H: Undisclosed income - receipt of on-money by cash - Simply because the ...

H: Judicial discipline - Where facts and law in a subsequent assessment y...

H: Disallowance of depreciation on vehicle on the ground of personal use ...

H: DEPB Scheme - forged DEPB Scrips - intent to evade Customs Duty or not...

H: Seeking provisional release and re-export of the goods - seizure on th...

H: Rejection of amendment/ conversion of 14 Shipping Bills from Scheme Co...

F: Service Tax Liability

H: Refund of CVD - rejection of refund claim on the ground of time limita...

H: Offence under SEBI ACT - Insider trading - the information regarding t...

H: Constitution of Stakeholders Consultation Committee (‘SCC’) - the nomi...

H: Power of RP to admit the Claims suo-motu - There is no such provision ...

H: Levy of service tax - banking and other financial services - premium o...

H: Legislative disbarment of levy of tax on goods transport agency servic...

H: Clandestine Removal - Since the raw material of assessee cannot be hel...

H: Supplier company (IOCL) seeking security depositing against interstate...

A: RIGHT TO LIVELIHOOD IS ULTIMATELY PUT AT RISK BY CANCELLATION OF GST R...

A: SERIOUS FRAUD INVESTIGATION OFFICE

A: SEARCH AND SEIZURE UNDER GST LAW (PART-3)

N: Courier Imports and Exports (Electronic Declaration and Processing) Se...

F: Reversal of Proportionate ITC

F: E - Invoicing and Agreegate Turnover

H: Classification of goods - rate of GST - Mango Pulp - The orders passed...

H: Benefit u/s 80IC - substantial expansion - the assessing officer has m...

Latest: TMI e-Newsletter
Highlights GST: Cancellation of petitioner's registration - scope and validity of SCN - Although, as per the impugned order, the Range Inspector appears to have physically verified the petitioner’s premises, neither was any notice given of the physical verification, nor is the report which was generated after the verification, uploaded on the portal - This was required to be done, as provided in Rule 25 of the CGST Rules. - HC GST: Cancellation of registration of petitioner - The petitioners are permitted to file their returns for the period prior to the cancellation of registration, if such returns have not been already filed, together with tax defaulted which has not been paid prior to cancellation along with interest for such belated payment of tax and fine and fee fixed for belated filing of returns for the defaulted period under the provisions of the Act, within a period of forty five (45) days from the date of receipt of a copy of this order, if it has not been already paid - HC GST: Seeking grant of anticipatory bail - shell firms/entities - tax evasion - Merely, because statement of the accused has to be recorded, is not a reason for declining pre arrest bail to the accused. Further, the stand of the IO that accused is required to be arrested, while apparently, no decision in that regard has been taken by the competent authority under the Act, further strengthens the claim of the applicants. - DSC I.Tax: Look Out Circular (LOC) issued - Offence punishable u/s 276C(1)(i) r.w.s. 278B(1) of the Income Tax Act - Taking into account the factum that there is no extradition treaty of our country with China, the respondent thus falls within the category of a flight risk, but, the factum that he is alleged to have committed only a non-cognizable and an alleged bailable offence can also not be overlooked. - Respondent be permitted to travel out of India only subject to the respondent submitting an FDR drawn on a nationalized Indian bank - HC I.Tax: TDS u/s 195 - the remittances made to GEISA towards use of Pro-E software or Global Web are not royalty income chargeable to tax under the Act as well as under the treaty and consequently the assessee cannot be treated as an ‘assessee-in-default’ under section 201 of the Act for non-deduction of taxes under section 195 - AT I.Tax: Admission of additional grounds under Rule 11 and 29 of the Income Tax (Appellate Tribunal) Rules, 1963 - In the absence of relevant facts available before revenue authorities, we are not inclined to admit the additional ground for adjudication. The additional grounds raised towards a new claim that the agricultural land sold is outside the purview of definition of capital assets is thus rejected as inadmissible. - AT I.Tax: Addition u/s 68 - accommodation entry - unsecured loan shown under the head of trade payables - Though the objection that the assessee has not conducted any business and there is hardly any bank balance or cash on hand, the CIT(A) has ignored the main aspect of trade payables which was shown by the assessee in his balance sheet. If the analogy of the CIT(A) is accepted then Balance Sheet determined by the assessee company itself will become nullity. CIT(A) was not correct in taking the said trade payables as accommodation entry - AT I.Tax: Undisclosed income - receipt of on-money by cash - Simply because the purchaser has admitted on-money payment is not sufficient. Particularly, in this case, a search was conducted and no incriminating material has been found in respect of on-money receipt. - AT I.Tax: Judicial discipline - Where facts and law in a subsequent assessment year are the same, no authority whether quasi judicial or judicial can generally be permitted to take a different view. This mandate is subject only to the usual gateways of distinguishing the earlier decision or where the earlier decision is per incuriam. However, these are fetters only on a coordinate bench which, failing the possibility of availing of either of these gateways may yet differ with the view expressed and refer the matter to a bench of superior strength or in some cases to a bench of superior jurisdiction. - AT I.Tax: Disallowance of depreciation on vehicle on the ground of personal use - Once the claim of depreciation on passenger vehicle is accepted by the AO then the depreciation on delivery van cannot be disallowed on the ground of personal use. AO has otherwise made this disallowance on presumption and surmises without the actual fact of the use of the vehicle. Even otherwise the delivery van is hardly used for personal purpose and can be used only for the business purpose of the assessee. - AT Cus.: DEPB Scheme - forged DEPB Scrips - intent to evade Customs Duty or not - the DEPB licenses/Scripps were not issued at all. - fraud vitiates everything and such forged/fake DEPB licenses/Scripps are void ab initio, it cannot be said that the Department acted illegally in invoking the extended period of limitation. - SC Cus.: Seeking provisional release and re-export of the goods - seizure on the ground of non-observance of conditions of Food Safety and Standards - When the applications seeking provisional release are pending before the authorities, it is entirely for the authorities to consider the same and to further assess the requirements of the nature of the security to be obtained for the provisional release. - HC Cus.: Rejection of amendment/ conversion of Shipping Bills - non-submission of necessary documents - It does not lie in the mouth of the appellant to contend that though the Tribunal had directed the appellant to submit documents before the Commissioner to prove its claim, the Commissioner should on his own have called for the documents from his office even if the appellant had failed to produce the documents. - AT Cus.: Refund of CVD - rejection of refund claim on the ground of time limitation - It was nearly after ten years that the judgement of the Hon’ble Apex Court in M/s. Enterprises International Ltd. [2017 (4) TMI 80 - SC ORDER] was passed, which the appellant is trying to take advantage of by claiming that its application for refund is within one year from the date of the above judgement. This is clearly an afterthought, which cannot be accepted, since the scope of Section 27 ibid. is limited to the claimant who pursues by means of litigation before higher authorities and hence, any third person cannot derive any benefit out of the same. - AT SEBI: Offence under SEBI ACT - Insider trading - the information regarding the termination of the two contracts can be characterised as price sensitive information, in that it was likely to place the existing shareholders in an advantageous position, once the information came into the public domain - the sale by the respondent, of the shares held by him in GIPL would not fall within the mischief of insider trading, as it was somewhat similar to a distress sale, made before the information could have a positive impact on the price of the shares. - SC IBC: Constitution of Stakeholders Consultation Committee (‘SCC’) - the nomination of the first Respondent as the representative of the Shareholders cannot be rejected by the Liquidator simply on the ground that the said nomination was not made unanimously by all the Shareholders and has further held that as the first Respondent was nominated by or i.e., the 3 out of 5 Shareholders, the question of applicability of the provisions under Regulation 31A(4) does not arise. - AT IBC: Power of RP to admit the Claims suo-motu - There is no such provision that the IRP shall admit the Claim without filing a Claim either in Form-B or in Form-C. - the IRP suo-motu cannot admit the Claims without their being a Claim by the Claimants viz. Operational Creditors, Financial Creditors and the Claims by other Creditors. Every Claim shall be submitted by the ‘Claimant’ with proof. Accordingly, the issue is answered. - AT S.Tax: Levy of service tax - banking and other financial services - premium on interest restructuring of loan as interest on loans - It is not possible to accept the contention of the Department that restructuring premium charged by the respondent would fall under ‘lending’ and would be subjected to levy of service tax under ‘banking and other financial services’. - AT S.Tax: Legislative disbarment of levy of tax on goods transport agency service - clearing and forwarding agency - The two services sought to be amalgamated are not only independently taxable but differs in the mechanism of collection and should, intuitively, be immiscible. The provisions of section 65A of Finance Act, 1994 and section 66F of Finance Act, 1994 have not been appreciated in its context. - AT C.Ex.: Clandestine Removal - Since the raw material of assessee cannot be held to be goods manufactured by assessee, same is definitely beyond the scope of confiscation under Rule 25 of Excise Rules. Merely because raw material of an assessee is marketable as such, same can not be held to be the excisable goods. - AT VAT: Supplier company (IOCL) seeking security depositing against interstate sale - C-Forms - differential sales tax - There is no doubt that a dealer can be called upon to furnish a Bank Guarantee in any exigency as contemplated by the Corporation, and the dealers would have no choice but to comply - the mandamus as sought for by the petitioners is not liable to be granted and the prayer is rejected. - HC GST: Classification of goods - rate of GST - Mango Pulp - The orders passed by the Appellate Authority for Advance Ruling imposing GST in respect of ‘mangopulp’ @ 18% is incorrect and it is made clear that the petitioner is liable to pay GST in respect of Mango pulp @ 12%. - HC I.Tax: Benefit u/s 80IC - substantial expansion - the assessing officer has missed out one of the categories which have been mentioned in Clause (b) of Section 80IC(2). The assessee would squarely fall within the category of undertakings or enterprises which manufactures or produces any article or thing as specified in the Fourteenth Schedule as the assessee is a mineral based industry which finds place in clause-16 of Part-A of the Fourteenth Schedule - HC I.Tax: Applicability of section 269ST to the investments made in cash - section 269ST and the penalty provisions for not complying with the said section as contained in section 271DA are applicable to the receiver of the sum. Considering the facts of the case and the relevant provisions of the Act, we are of the view the action of PCIT invoking section 263 stating that the AO’s order is erroneous to the extent of AO not verifying whether investments are in violation of section 269ST is not tenable. - AT I.Tax: Addition u/s 68 - genuineness of share application / share premium received - Once the undisclosed income declared under IDS-2016 have been accepted by the Department including accepting the fact that ultimate amount was taxed, same therefore, cannot be taxed in the hands of assessee-company again. - AT More Highlights Articles ⇒ SERIOUS FRAUD INVESTIGATION OFFICE ⇒ RIGHT TO LIVELIHOOD IS ULTIMATELY PUT AT RISK BY CANCELLATION OF GST REGISTRATION ⇒ SEARCH AND SEIZURE UNDER GST LAW (PART-3) ⇒ CAROTAR 2020- Bonus or Burdensome for Importers ⇒ OBLIGATIONS OF AN NSE PRIME COMPANY ⇒ The power of detention and confiscation can only be invoked together ⇒ Whether Importer can be treated as the original owner of Goods for Provisional Release of Seized Goods under Customs Act ⇒ THE OFFICER IS DUTY BOUND TO HEAR EXPLANATION FOR THE EXPIRY OF E-WAY BILL ⇒ The assertion of clandestine removal cannot be proved merely by the testimony of some transporters ⇒ Seizure of the goods of the godown without jurisdiction may amount to misconduct More Articles Notifications 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. Cus (NT) - Seeks to amend Notification No. 12/97-Customs (N.T.) dated the 2nd April, 1997 ADD - Seeks to impose Anti-Dumping duty on "Toluene Di-Isocyanate (TDI)" originating in or exported from China PR, Japan and Korea RP, for a period of 5 years, in pursuance of sunset review final findings issued by DGTR. ADD - Seeks to amend Notification No. 75/2021-Customs(ADD) dated 21.12.2021 regarding levy of anti-dumping duty on "HFC Component R-32" to amend the name of producer from “Zhejiang Quzhou Juxin Fluorine Chemical Co., Ltd” to “Zhejiang Quhua Fluor-Chemistry Co., Ltd.”. Co. Law - Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 FTP - Extension for the period of exports of broken rice (HS code 1006 40 00) from 15th September, 2022 till 30th September, 2022 as mentioned in Notification No. 31 dt. 08.09.2022 IT - Income-tax (31st Amendment) Rules, 2022. IBC - Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 IBC - Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 IBC - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 FTP - Insertion of Para 2.54(d) under the Foreign Trade Policy in sync with RBI A.P.(DIR Series) Circular No.10 dated 11th July 2022 CE - Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to decrease the Special Additional Excise Duty on Diesel. More Notifications Circulars/ Public Notices 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 SEBI - Validation of Instructions for Pay-In of Securities from Client demat account to Trading Member (TM) Pool Account against obligations received from the Clearing Corporations SEBI - Framework on Social Stock Exchange (“SSE”) FEMA - Exim Bank’s GOI-supported Line of Credit of USD 448 million to the Government of Republic of Uzbekistan for Social Infrastructure and Other Development Projects FEMA - Rupee Drawing Arrangement - Enabling Bharat Bill Payment System (BBPS) to process cross-border inbound Bill Payments Customs - Transhipment through India of containerized export cargo of Bangladesh destined for third countries using Riverine and Land routes Insolvency and Bankruptcy - Details of matters pending with Supreme Court of India and various High Courts Income Tax - Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 Customs - Amendment in Export Policy of broken rice against ITC (HS) Code 1006 4000 DGFT - Corrigendum to Public Notice No.11/2015-20 dated 07.06.2022 DGFT - Inclusion of/ changes made in provisions in continuation to Public Notice No. 10/2015-20 dated 24.05.2022 and Public Notice No. 15/2015-20 dated 14.06.2022 Customs - Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 notified vide Notification 74/2022 dated 9th September, 2022 More Circulars News ⇒ 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 ⇒ First consignment of plant-based meat products under Vegan food category exported to USA from Gujarat ⇒ Fintech as a Force Multiplier (Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - September 20, 2022 - at the Global Fintech Festival, Mumbai) ⇒ Policy introduces Unified Logistics Interface Platform, Standardization, Monitoring framework and skill development for greater efficiency in logistics services ⇒ GeM Seller Samvad held in Panaji, Goa ⇒ DRI foils attempts of gold smuggling, seizes 65.46 kg of gold at Mumbai, Patna and Delhi in one of the biggest seizures of Smuggled Gold in recent past ⇒ IBBI amends Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 ⇒ Central Bureau of Narcotics destroys 1,032 hectares of illicit cannabis (ganja) cultivation Himachal Pradesh ⇒ Repayment of ‘8.15% GOI FCI SB 2022’ ⇒ DRI and Customs seize 10,230 kg of Red Sanders (Red Sandalwood), with estimated worth of Rs 6 crore, at ICD Palwal, Haryana ⇒ Shri Piyush Goyal concludes fruitful visit to Saudi Arabia ⇒ Volume of business has grown ever since registering with Government e-Marketplace: GeM Sellers ⇒ Auction for Sale (re-issue) of (i) ‘7.38% GS 2027’, (ii) ‘GOI FRB 2028’, (iii) ‘7.54% GS 2036’ (iv) ‘7.36% GS 2052’ 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) Rate of tax (12) Payment under drc-03 on account of asmt due to debit note (11) Reversal of proportionate itc (11) Reverse charge on residential dwelling (11) Gst on export ocean freight - freight forwarder (11) Gst on used car by compay (10) Place of supply and registration in case of residential dwelling (10) Rcm on security services (9) Residential dwelling rcm (9) Export of services taxable or not (8) Go to Forum Forum - Recent Replied Issues Service tax liability (2) E - invoicing and agreegate turnover (1) Gst on basic mail services provided by department of post ... (1) Tds on purchase of immovable property u/s 194ia ... (1) Happy independence day (1) Loan taken from parents (1) Whether section 112a and section 112 are optional ... (1) Valuation of sale made between related persons ... (2) Itc on bus for transportation of employee (8) Jurisdiction on adjudication (3) Reverse charge - renting of residential premises ... (7) Valuation of cross charge (6) Itc credit fy 2018-19 available on invoices ... (6) New registration (3) Withholding tax concession for the purpose of form 1cb ... (1) Go to Forum

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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