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

Indian Laws: Discussion on: Late fee for the period from date of cancelation of registration to the date of its revocation - this query has been raised by an expert for brainstorming purpose - though there are good discussions to the query, the experts are invited to deliberate more and make posts to this query. - Note: the discussion forum is free - anyone can put the query relating to Tax and corporate laws - An expert may reply - Mere login is required.

News: Discussion on: GST APPLICABLE ON SALES OF FACTORY SHED - the experts have deliberated upon that issue to understand weather the transaction is outright sale or in the nature of lease of the property - the experts have suggested that querist about the rate of GST, payment of duty / GST may be made under protest since the latter is under litigation.

GST: Provisional attachment of cash-credit facility - Section 83 of the CGST Act - In the instant case, it relates to recovery of GST. Subsection 5 of Section 159 clearly gives adequate power to the petitioner to file objection for releasing the bank account or, in the instant case cash-credit facility - In view of such circumstances, when there is efficacious relief in the statute itself, this Court is of the view that the petitioner should adopt such efficacious relief and this Court is not inclined to afford any relief under Article 226 of the Constitution. - HC

GST: Place of supply of services. - In order to examine whether Section 13(3)(b) of the IGST Act is applicable, it is necessary to identify the service provider and the service recipient. In the present case, under the Service Agreement, the service recipient is McDonald’s USA and the petitioner is the service provider. The supply of services by the petitioner to McDonald’s USA does not require the physical presence of McDonald’s USA. We are unable to follow as to why the physical presence of the service recipient, that is, McDonald’s USA, in India is necessary for receiving the services rendered by the petitioner or any third-party supplier. - HC

GST: Levy of tax and penalty - E-way Bill lost its validity - Appellate authority directed to dispose of the appeal preferred by the petitioner manually expeditiously and preferably within a period of eight weeks from the date of receipt/ production of a copy of this order, since it has been submitted by the learned counsel for the petitioner that the memo of appeal submitted manually contains all the grounds on which he has assailed the impugned order dated 19.02.2021. - HC

I.Tax: Transfer u/s 127 - Power to transfer case under the Faceless Assessment Scheme - Even under the Central Charges, the assessment proceedings are conducted through the e-proceeding functionality, and as such, the assessee or its authorised representative would not be bound to physically appear before the Assessing Officer on each date of hearing. In view of the above, no prejudice shall be caused to the assessees on account of their cases being transferred to the Central Circle. - HC

I.Tax: Nature of receipts - treatment to toll charges during the project construction - capital receipt or revenue receipts - toll receipts received during the period of project construction were inextricably linked to the project because it was mandatorily required to be used for the construction of the project - thus correctly treated as capital receipts and held that assessee had rightly reduced the same from the cost of project. - AT

I.Tax: Rectification of mistake u/s 154 - salary income - denying the HRA Exemption claimed u/s 10(13) - taxing the perquisites value twice - Without rejecting the Form No. 16 by the revenue authorities they are bound to accept the income/exemption/deductions and other contents therein shown in the Form No. 16 issued by the employer. Section 192 has cast duty upon the employer for deducting tax on the estimated income of employees at per the rate in force for the particular financial year and the employer has to issue Form No. 16 as per Rule 31(1)(a) - AT

I.Tax: Capital gain - JDA - transfer of capital asset u/s 2(47) - There is no document by which the revenue can come to the conclusion that there was delivery of possession. The mere fact that development of the property cannot be done without possession, cannot be the basis to come to a conclusion that, possession was delivered in part performance of the agreement for sale in the manner laid down in Sec.53A of the Transfer of Property Act - Additions towards capital gain deleted - AT

I.Tax: TP Adjustment - Interest on delayed receivables - only two instances where there has been a marginal delay of 60 days and 26 days. Considering the nominal delay in the realization period and the overall average realization period being well before the grace period - there is no requirement to charge any interest towards receivables and, therefore, the TP adjustment made in this regard should be deleted - AT

I.Tax: Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss account, sales is higher than the purchases in rupees terms, therefore, the addition would be only required to be made to the extent of lower gross profit on alleged bogus purchases then the regular gross profit. It is not the case of the AO that amount invested in acquiring the bogus purchases should also be considered as an addition, because the only addition is disallowance of bogus purchases, no further addition is warranted. - AT

I.Tax: Assessment u/s 153A - validity of granting the approval u/s 153D - The action of the JCIT granting approval in this case was a mere mechanical exercise, accepting the draft order as it is, without any independent application of mind on his part. His action of granting the approval was thus, a mere mechanical exercise accepting the draft order as it is without any independent application of mind on his part. - Assessment orders passed u/s 153A r.w.s. 143 (3) stand cancelled. - AT

Cus.: Levy of penalty u/s 112(a) - under-invoicing the import goods - Power of DRI to issue SCN - In the present case, the order was adjudicated by the Joint Commissioner of Customs and there is no dispute that he had the jurisdiction to adjudicate the question of levy of penalty under Section 122 of the Customs Act - the question as to whether the officers of DRI are proper officers for issuance of notice u/s 28 of the Customs Act does not arise in the present case. - HC

Cus.: Refund of Special Additional Duty (SAD) - Period of limitation - Conditions of a notification should be strictly construed. This being so, as per sub para (c) of para 2 of the amended notification, which was effective on the date of the appellant filing the claim, the importer should have filed his claim before the expiry of one year from the date of payment of the said additional duty of customs. This has not been complied with and hence the claim has been correctly rejected by the impugned order. - AT

Cus.: 100% EOU - Joint filing of import documents by the EOU / EPZ unit and the domestic leasing company - The appellant cannot be faulted if the EDI system did not permit a joint filing of the import documents. Revenue has not disputed the appellants claim. - The appellant-EOU imported the impugned goods they would have been eligible for the exemption. Similarly, if Amul had jointly filed a Bill of Entry and executed a bond along with the appellant, they (Amul) too would have been eligible for the exemption. - Benefit of exemption allowed - AT

Cus.: Smuggling - burden to prove - invocation of Section 123 - the statement recorded under Section 108 of the Customs Act, 1962 made before the customs officers is not a statement recorded under Section 161 of Cr.PC., for customs officers not being the police officers. Therefore, the statement got recorded by customs officer is the material piece of evidence which can be used as substantive evidence connecting the deponent with the alleged contravention of the customs act. - AT

Cus.: Levy of penalty u/s 112(a) Though adjudicating authority has invoked the provisions of Prohibition of Benami Property Transactions Act, 1988 without any empowerment to do so, and ostensibly to bring the appellant within the scope of Customs Act, 1962 in circumstances initiating proceedings even before bill of entry was filed, that law, intended to be invoked for prosecution as a consequence of holding property in ‘benami’ as well as for interdiction of such property, exists as an independent statute not amenable for concatenation with Customs Act, 1962 by any enabling provision. - AT

IBC: CIRP - Seeking restraint/ injunction on the Respondents from encashing or appropriating the Performance Bank Guarantee - The Resolution Plan has been approved with the intent and purpose to revive the Corporate Debtor, which revival is in accordance with objective and purpose of the IBC - MC Lenders shall not invoke the Performance Bank Guarantee in the facts of the present case as on date, and for invocation, if any, MC Lenders may take leave of the Adjudicating Authority. - AT

IBC: Territorial Jurisdiction for consideration of section 7 application - on the issue of jurisdiction it is unambiguously clear that Punjab National Bank (International) Limited as financial creditor is fully entitled and authorised to take action in respect of section 7 application against the corporate debtor under the IBC before the NCLT, Mumbai which shall be the Adjudicating Authority to adjudicate the section 7 application. - AT

IBC: Implementation of the approved Resolution Plan - At no point of time, the Appellant made an application praying for any direction to the Resolution Applicant towards implementation of the Plan alleging any non-implementation - The Lenders and Banks are obliged to discharge their obligations as per the Resolution Plan. The fact that directions have been issued to the Appellant, cannot mean that Resolution Applicant is not to perform its obligation as per the Resolution Plan. - AT

GST: Liability to pay GST under reverse charge basis - Kacha Arhtiya or not - Any interpretation which leads to illogical conclusion has to be eschewed. Therefore, it is clear that by no canon of interpretation, Kacha Arhtiya can be made liable to pay GST in terms of Notification No. 4/2017-CT dated 28th June, 2017(as amended). Moreover, the ultimate objective of RCM is to fix the GST liability on the person who is better organized being engaged in the business of supply of goods and services. Pakka Arhtiya by its very nature of activity is much more organised in the business dealing as compared to Kacha Arhtiya - AAAR

GST: Quantification of GST / Valuation of supply - GST on whole amount of bill (monthly rental + night charges + fuel on mileage basis) or only on monthly rental (excluding night charges + fuel on mileage basis)? - All the consideration including reimbursement of any kind shall form part of value of supply in view of Section 15 of the CGST Act, 2017 - the service provider has to charge GST on the whole amount of bill which in the instant case is monthly rental plus night charges and fuel on mileage basis. - AAR

I.Tax: Exemption u/s 11 - assessee a charitable institution u/s 2(15) - depreciation claimed on the cost of assets - the assessee is eligible for claiming depreciation as application of income on the assets purchased during preceding assessment year and consequentially he is also eligible for benefit of exemption u/s 11 and other relevant provisions of the Act. Ground no. 2 of Revenue dismissed being devoid of merits. - AT

I.Tax: TP adjustments - reference made to TPO - Cognizance u/s 92BA(i) - effect of omission of law - undisputedly, by the Finance Act, 2017, clause (i) of section 92BA has been omitted with effect from 01.04.2017, therefore, once this clause is omitted by subsequent amendment then it would be deemed that clause (i) was never there in the Statute. Therefore, we hold that the reference made to TPO under section 92CA is invalid and bad in law and hence consequential order passed by the TPO and AO is also not sustainable in the eyes of law - AT

I.Tax: Addition on the ground of balance appearing in HSBC Bank Account, Geneva undisclosed - Nothing has been brought on record in “reasons recorded” or there is any material on record that assessee has any business connection in India and therefore amount deposited in said foreign bank account is income arisen or accrued or deemed to have arisen or deemed to have accrued in India. If at all there is some doubt about the said entity and deposits made therein, then, it is the UK Tax authorities which have to examine this issue. - No jurisdiction to the AO to reopen the case of a non-resident u/s 147 - AT

More Highlights

Articles Articles, Tax Laws, GST

⇒ SCHEDULE III OF CGST ACT- RELATED TO EMPLOYER & EMPLOYEE SERVICES

⇒ GST Clean Up Drive- To Do List and Rights of Genuine Taxpayers

⇒ RECENT DEVELOPMENTS IN GST

⇒ No Service Tax on sale of coaching material

⇒ IBC: DELAY NOT CONDONABLE BEYOND MAXIMUM STIPULATED PERIOD

⇒ HOLDING OF DIRECTORSHIP OF COMPANIES IN EXCESS OF THE LIMIT - AN OFFENCE?

⇒ Trader of second-hand gold in form of lumps or irregular shapes cannot avail GST chargeability under margin scheme

⇒ Registering as an Indian Subsidiary Company : Things you should know

⇒ Four months – 120 or 121 days – litigation initiated by appellate authority by adopting meaning of four months as 120 days causing tax payer to approach High Court.

⇒ Rent on Accommodation buildings located outside the boundaries of religious places are chargeable to GST

More Articles

Notifications Notifications

UTGST - AAR in the Union territories - Entries substituted in Name and designation of the Member for Dadra and Nagar Haveli and Daman and Diu - Amendment in Notification No. 14/2018-Union territory Tax dated 8th October 2018

IT - Specifies Rs. 25,00,000 as maximum amount received as leave encashment for the purpose of section 10(10AA)

IT - Provision of section 56(2)(viib) of IT Act 1961, shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Startup, subject to conditions - Supersession Notification No. 13/2019 dated 5th March 2019

IT - Provision U/s 56(2)(viib) of IT Act 1961 shall not apply in respect of Exemption from any consideration for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares - Central Government notifies class or classes of persons

CGST - Seeks to extend the due date for furnishing FORM GSTR-7 for April, 2023 for registered persons whose principal place of business is in the State of Manipur.

CGST - Seeks to extend the due date for furnishing FORM GSTR-3B for April, 2023 for registered persons whose principal place of business is in the State of Manipur.

CGST - Seeks to extend the due date for furnishing FORM GSTR-1 for April, 2023 for registered persons whose principal place of business is in the State of Manipur.

FTP - Amendment in Export Policy of broken rice under HS Code 1006 40 00

SEBI - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2023

Cus - Seeks to amend Australia FTA notification to make changes in tariff preference given to Coking Coal and Raw Cotton arising out of Finance Act, 2023

IT - Calculation of Net winnings from online games during the previous year, for the purposes of section 115BBJ - New Rule 132 inserted - TDS Form 16, certificate amended - various TDS Returns / statements amended - Income-tax (Fifth Amendment) Rules, 2023

FTP - Amendment in Export Policy of Cough Syrup

Indian Law - Central Government appoints the 18th day of May, 2023 as the date on which the provisions various sections of the Competition (Amendment) Act, 2023 shall come into force

Cus (NT) - Notification in relation to the rail link route connecting Bathnaha-Indian Customs Yard, Jogbani in Inda, and Nepal Customs Yard, Biratnagar in Nepal by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994

Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Supersession of the Notification No. 33/2023-Customs(N.T.), dated 4th May, 2023

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

GST - Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards

DGFT - Amendment under Interest Equalisation Scheme

SEBI - Model Tripartite Agreement between the Issuer Company, Existing Share Transfer Agent and New Share Transfer Agent as per Regulation 7(4) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015

Customs - Clarification on the classification of product DHA Algal oil

Customs - Foreign Trade Policy 2023

Income Tax - Clarification regarding provisions relating to charitable and religious trusts

SEBI - Revision in computation of Core Settlement Guarantee Fund in Commodity Derivatives Segment

SEBI - Dematerialization of securities of Hold Cos and SPVs held by Real Estate Investment Trusts (REITs)

Income Tax - TDS on Winnings from online games - Guidelines for removal of difficulties under sub-section (3) of section 194BA of the Income-tax Act, 1961

SEBI - Risk disclosure with respect to trading by individual traders in Equity Futures & Options Segment

Customs - Requirement of EPR registration certificate for import of battery as well as equipment containing battery

SEBI - Master Circular for Registrars to an Issue and Share Transfer Agents

Customs - E-waste (Management) Rules 2022 - regarding release of imported consignments of producers of 85 EEEs items (ITEW 17 to ITEW 27, CEEW 6 to CEEW 19, LSEEW 1 to LSEEW 34, EETW 1 to EETW 8, TLSEW 1 to TLSEW6, MDW 1 to MDW 10 and LIW1 to LIW 2)

Customs - Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders - Notification No. 32/2023-Customs dated 26.04.2023

SEBI - Investment in units of Mutual Funds in the name of minor through guardian

More Circulars

News News, PIB

⇒ CCI approves acquisition of additional Series E compulsorily convertible preference shares of Acko Technology & Services Private Limited by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc.

⇒ Webinar on ‘New e-Invoice FO portal’

⇒ Increased limit for tax exemption on leave encashment for non-government salaried employees notified

⇒ IICA conducts 3-day training programme on ‘Leadership Skills for Government Officers’ of Directorate General of Civil Aviation (DGCA)

⇒ DRI busts clandestine makeshift laboratory in Nagar Kurnool District, Telangana; seizes 31.42 kg Alprazolam worth Rs. 3.14 crore, one held

⇒ National e-Vidhan Application is a testament to commitment of Govt. leveraging latest technological advancements for public good: Shri Piyush Goyal

⇒ Guided City Bus Tour ‘The Bengaluru Story’ and Cultural Programme organized for G20 Delegates of 2nd Trade and Investment Working Group (TIWG) Meeting.

⇒ India being looked upon as the bright spot by the world: Shri Piyush Goyal

⇒ FAQs w.r.t. TCS on foreign remittance through Liberalised Remittance Scheme

⇒ Auction for Sale (re-issue) of (i) ‘7.17% GS 2030’, (ii) ‘7.41% GS 2036’ and (iii) ‘7.40% GS 2062’

⇒ Open Network for Digital Commerce created to democratise the existing ecommerce ecosystem of the country: Shri Piyush Goyal

⇒ ₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender

⇒ DRI seizure of 18.1 kg Ambergris worth Rs 31.67 crore at Tuticorin Coast

⇒ CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities

⇒ Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS

More News

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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
 
 
 
F: Software export
H: Discussion on: Late fee for the period from date of cancelation of reg...
H: Discussion on: GST APPLICABLE ON SALES OF FACTORY SHED - the experts h...
F: Composite Supply
F: Criteria For Zero Rated Supply
F: ITC on import of goods
F: CDNR-AMENDMENT NOT DECLARE IN GSTR-1
F: Refund of ITC in case of Export with payment of Tax
F: GST on amount received from google
F: Services supplied to employees
F: Cdnr not declared in gstr 1
F: Supplier charged Lower GST rate, Goods and Services Tax - GST
F: ROSL scheme and ITC under GST
F: GOODS TRANSPORT AGENCY
F: Tax impact of International trade
H: Liability to pay GST under reverse charge basis - Kacha Arhtiya or not...
H: Transfer u/s 127 - Power to transfer case under the Faceless Assessmen...
H: Place of supply of services. - In order to examine whether Section 13(...
H: Provisional attachment of cash-credit facility - Section 83 of the CGS...
H: Levy of tax and penalty - E-way Bill lost its validity - Appellate aut...
H: Nature of receipts - treatment to toll charges during the project cons...
H: Rectification of mistake u/s 154 - salary income - denying the HRA Exe...
H: Capital gain - JDA - transfer of capital asset u/s 2(47) - There is no...
H: TP Adjustment - Interest on delayed receivables - only two instances w...
H: Additions towards Bogus purchases - Estimation of profit - Purchases a...
H: Assessment u/s 153A - validity of granting the approval u/s 153D - The...
H: Levy of penalty u/s 112(a) - under-invoicing the import goods - Power ...
H: Refund of Special Additional Duty (SAD) - Period of limitation - Condi...
H: 100% EOU - Joint filing of import documents by the EOU / EPZ unit and ...
H: Smuggling - burden to prove - invocation of Section 123 - the statemen...