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Finance Act, 2023 - Section Wise - Chapter Wise Union Budget 2023 + FINANCE Bill, 2023
Highlights GST: Valuation of goods - service of SCN (to accountant of the firm) - As the entire tax has been determined and the penalty has been levied only on the basis of a survey by taking recourse u/s 130 of the GST Act and not taking a recourse to Section 74, the order impugned is clearly unsustainable. - HC GST: Detention of goods alongwith vehicle - without E-Way bill - invoice value less that monetary limit - as the petitioner is ready and willing to pay the liability in terms of Section 129(1)(a) of the Act, instead of remanding, it is deemed appropriate to direct the respondents to release the goods to the petitioners if the petitioners offer to pay two hundred percent of the tax payable on the goods valuing the same on the basis of the valuation as shown in the invoice - HC I.Tax: Delay in filling ROI - application for condonation of delay u/s 119(2)(b) - the PCIT ought to have taken a lenient view considering the difficulties, which the persons were facing during the period of Covid-19 pandemic and general lock-down imposed during the said period. - Matter restored back - HC I.Tax: Reopening of assessment u/s 147 - Validity of order u/s 148A - all such notices when they would relate to Assessment Year 2013-14 or Assessment Year 2014-15 would be time barred as per the provisions of the Act as applicable in the old regime prior to 01.04.2021. Furthermore, these notices cannot be issued as per the amended provision of the Act. - HC I.Tax: Rectification of mistake u/s 154 - the explanation of payments on Holidays appears highly doubtful but however such inference cannot be taken in the realm of obvious mistake. Section 154 has no application to gauge the purported mala fides in explanation offered by the Assessee behind such transaction. - AT I.Tax: Requirement of TDS - Levy of late filing fee on account of delay in filing of TDS statements u/s. 234E - it is unclear to us as to how the assessee is under an obligation to file TDS return in respect of taxes deducted at source by the Government of Gujarat, specially when the remuneration to the public prosecutors have been given directly by the Gujarat State in their bank accounts - matter restored back - AT I.Tax: Fixed Place PE - Taxability of offshore supply of goods - Attribution of profits - once the basis of determination of total income itself is illegal due to violation of provisions of section 144C(10) and 144C(13) of the Act, the ultimate determination of total income in the final assessment order also becomes bad in law. - AT I.Tax: Reopening of assessment u/s 147 - addition u/s 68 - As the failure on the part of the A.O to facilitate a cross-examination of the aforementioned persons, and also make available complete copies of their statements would have undeniably made it impractical for the assessee company to defend its case and rebut the adverse inferences which the A.O would have drawn by pressing into service the statements of the aforementioned persons, therefore, in our considered view the matter in all fairness would require to be revisited by the A.O. - AT I.Tax: Allowability of interest expenses under “Income from Other Sources” - interest paid to SBI loan - assessee has not shown any income from the said property - In the absence of evidence from the assessee, the disallowance made by the AO does not require any interference. - AT I.Tax: Exclusion of insurance charges from the export turnover for computing 10AA deduction - The assessee has not charged its customers separately in respect of the insurance charges nor has the assessee included the same in the export turnover nor recovered it from its customers. Export turnover of the assessee does not include the aforesaid expenses. Such being the case, the question of reducing the aforesaid expenditure from the export turnover does not arise. - AT I.Tax: Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned loss of (-) Rs.1,05 crores. AO made addition of Rs.1,06 crores and finally he determined the income of (+) Rs. 40 thousands - Only assessed income has to be looked into as stipulated in sub-section (3) of section 255 of the Act - AT Cus.: Classification of imported goods - LCD panels - LCDs are not articles provided “more specifically in other headings”, i.e., other than 90.13. Furthermore, the fact that LCDs could be used for purposes other than television sets or audio sets is also concluded because, in that decision, its use in meters was in issue. - SC Cus.: Jurisdiction - power of DGFT to amend the Import Policy Condition - competent authority - Once the Central Government invoked the powers in the Act and issued Gazette Notification, the said Notification amounting to merit of policy of the Government cannot be challenged simply on the ground that the said Notification was signed by the Director General of Foreign Act. - HC Cus.: EPCG Scheme - non-fulfilment of export obligation - The findings of the competent authority reveals that in order to relax the conditions, EPCG license number, date of the license and the name of the EPCG license holder should be endorsed in the shipping bills. However, the authority found that the petitioner repeatedly failed to file the copies of the shipping bills relating to the 3rd party exports made by them - Petition dismissed - HC SEBI: Allegation on Karvy Stock Broking committed fraud with respect to thousands of investors - not only the grievance of the petitioners but the grievance of similarly situated investors has also been considered by the appropriate authority as per the procedure prescribed by law. The manner in which grievances have been considered of course, would not be relevant at this stage as the investors and the petitioners would have appropriate remedy to test the validity of those decisions. - HC IBC: Initiation of CIRP - Priority of consideration and admission of application - Keeping in view that the Order of Admission, has not yet been passed by the Adjudicating Authority, and also that no prejudice would be caused to the Appellant herein, as they can file their Claim, with the Resolution Professional, and also having regard to the fact that they were given Liberty, in accordance with Law by the Adjudicating Authority, this Tribunal, is not inclined to set the clock back on this ground. - AT FEMA: Search operation under Section 37 of FEMA - The petitioner instead of furnishing documents and statements have chosen to file the present writ petition. The original files reveals that the authorities have formed an opinion that there is a reason to believe, which is the condition stipulated in the Act and on satisfaction, they conducted a search and thereafter issued summons to the petitioner to respond and submit his explanations and documents. - the search and seizure conducted cannot be held as illegal or ultravires to the provisions of FEMA, 1999 and Income Tax Act and CPC. - HC GST: Classification of goods - PVC Cushion mats for motor vehicles (with no Textile material to be used in these) after cutting to size from rolls, to fit in vehicle floors as per the requirement of the buyers and packing - the goods do not fall under chapter 57 and also cannot be considered as purely car accessories. - The supply of the said goods i.e. PVC cushion mats falls under the chapter 39 of the GST tariff rates. Applicable rate of tax is 18% - AAR GST: Exemption from GST - Healthcare services - sharing of the charges paid by the patients - contract of taking a space with all amenities related to the Gastroenterological department - the scope of supply under the GST Act is quite vast and covers all aspects of the nature of supplies. And the said supply which is to be made between the applicant and M/s Asian Hospital is duly covered under the definition of the scope of supply, hence taxable under the Act. - AAR I.Tax: Levying penalty u/s 272A(1)(d) - non-compliance of correspondences for special audit u/s 142(2A) - AO has written a letter to the Auditor for special audit of four case including the appellants but, the AO had never issue a specific notice with point of special audit to the appellant assessee u/s 142(2A) of the Act with the Approval of the PCIT. - No penalty - AT I.Tax: Additions u/s 68 - unknown cash deposits made in two bank accounts - from the very first instance, assessee had been in a very loud and clear manner categorically denying the fact that the alleged two bank accounts and the transactions of deposit in cash/transfer therein are not his and has always disowned the same. He has taken the possible steps of making complaint to the Police station seeking appropriate redressal and enquiry on the matter by bringing the relevant facts on record. - AT I.Tax: TP adjustment - Since the funds have been borrowed in USD and also advanced in USD, the currency and exchange risks are minimised and the only risk to be considered is the lending risk for determining the markup. - No infirmity in the impugned order in treating 7.375% plus markup of 1% as the arm’s length rate of interest in respect of loan advanced by the assessee to its AE. - AT I.Tax: Disallowance of expenditure incurred under Voluntary Retirement Scheme (VRS) - AO has not examined the details as per the directions of the DRP and has made disallowance considering the provisions of Section 144C(8) and sustained the disallowance. Since the AO has not verified the details of spends towards VRS payments based on the details furnished by the assessee we remit the issue back to the AO with a direction to examine the details of and decide the allowability accordingly. - AT I.Tax: Not giving credit of the TDS as available in the form 26 AS - Portuguese Civil Code of 1867 which is in force in the State of Goa - the legislative expression “assessee” herein must be read as “the spouses assessees” in light of section 5A of the Act and therefore, such TDS amount has to be consequentially apportioned going by scheme of the Act. The assessee’s instant arguments seeking entire TDS credit in his hands stand rejected therefore. - AT Cus.: Seeking de-sealing of his premises - Smuggling of Gold - Attachment of immovable property - It is thus clear that the seizure of the goods contemplated under Section 110 or Section 121 is only of movable property which is not immovable property. Even otherwise no immovable property can be seized and confiscated, though it can be attached and sold for making recovery of loss to or dues of the government as for example, when done in exercise of the power under Section 142 (1) (c) (ii) of the Customs Act, 1962, but that stage, however, is yet to reach in this case. Therefore, even the second prayer made in the petition deserves to be allowed. - HC More Highlights Articles ⇒ Foreign Contribution Regulation Act "FCRA" Compliances ⇒ PMLA Act and Maintenance of records become more stringent. ⇒ CENTRAL REGISTRY OF SECURITIZATION ASSET RECONSTRUCTION AND SECURITY INTEREST ⇒ RECENT DEVELOPMENTS IN GST ⇒ Credit of TDS to be allowed for salaries even if the same is not deposited with the exchequer ⇒ Cancellation of GST Registration without determining the amount payable by the assessee is cryptic, invalid and not sustainable ⇒ REJECTION OF APPLICATION FOR ADVANCE RULING ⇒ Mere ‘reason to believe’ do not satisfy the condition for re-opening of the assessment ⇒ MEANING AND SCOPE OF CIRCULARS IN TAXATION ⇒ Assessee permitted to rectify its GSTR-1 for FY 17-18 & 18-19 to avail ITC benefits More Articles Notifications Cus (NT) - Amendment in Notification No. 19/2022-Customs (N.T.) dated the 30th March 2022 Cus (NT) - U/s 51A (4) of Customs Act, 1962, to exempt deposits into ECL till 30th April 2023 Cus - Seeks to amend notification 8/20120-Customs, dated 02.02.2020 to continue/provide health cess exemption on import of goods for use in the manufacture of X-ray machines Cus - Seeks to amend notification 50/2017-Customs dated 30.06.2017 to continue/provide BCD exemption on import of specific textile machineries parts & raw materials for manufacture of goods to be supplied in connection with the purposes of off-shore oil exploration or exploitation medicines of rare diseases and goods for use in the manufacture of X-ray machines IT - Income-tax (Fourth Amendment) Rules, 2023 Cus (NT) - Seeks to amend Notification No. 61/94-Customs (N.T.) dated the 21st November, 1994 FTP - Inclusion of 18 HS Codes under Heading 5208 in Appendix 4R for RoDTEP FTP - Amendments in Export Policy of Bio-fuels under Chapter 27 of Schedule 2 (Export Policy) ITC (HS) classification of Export and Import. FTP - Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule - I (Import Policy) IT - Modification of Notification No. 141/2021 dated 29th December, 2021 CE - Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase 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) - Seeks to amend Notification No. 61/94-Customs (N.T.) dated the 21st November, 1994 Co. Law - U/s 396 (1) of Companies Act, 2013 Central Government establishes a Centre for Processing Accelerated Corporate Exit at Gurgaon (Haryana) Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees -supersession of the Notification No. 12/2023-Customs(N.T.), dated 2nd March, 2023 More Notifications Circulars/ Public Notices SEBI - Extension of compliance period – Fund raising by large corporates through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year Customs - Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023 SEBI - Cyber Security and Cyber Resilience framework for Portfolio Managers SEBI - Review of time limit for disclosure of NAV of Mutual fund schemes investing overseas DGFT - Extension of Date for mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st December 2023 SEBI - Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories SEBI - Nomination for Mutual Fund Unit Holders – Extension of timelines Income Tax - Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA SEBI - Amendment to Securities Lending Scheme, 1997 SEBI - Nomination for Eligible Trading and Demat Accounts – Extension of timelines for existing account holders SEBI - Streamlining the onboarding process of FPIs Customs - Demarcation of the role of Central Intelligence Unit (CIU) in a Custom House in relation to anti-smuggling work GST - Clarification regarding GST rate and classification of ‘Rab’ based on the recommendation of the GST Council in its 49th meeting held on 18th February, 2023 SEBI - E-wallet investments in Mutual Funds DGFT - Amendment in conditions of the Standard Input Output Norms (SION) at E-136 for export of wheat flour More Circulars News ⇒ Monthly Review of Accounts of Union Government of India upto the month of February 2023 for the Financial Year 2022-23 ⇒ INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR FEBRUARY, 2023 ⇒ Foreign Trade Policy 2023 announced ⇒ Sale of Electoral Bonds at Authorized Branches of State Bank of India (SBI) ⇒ Union Commerce and Industry Minister Piyush Goyal seconds G-20 member countries in finding common solutions to address the gaps in Multilateral Trading System ⇒ Customs duty full exemption for all imported drugs&Food for Special Medical Purposes for personal use for treatment of all Rare Diseases ⇒ MoS (Finance) Dr. Bhagwat Kishanrao Karad inaugurates the first G-20 Trade and Investment Working Group (TIWG) Meeting in Mumbai ⇒ Calendar for Auction of Government of India Treasury Bills (For the Quarter ending June 2023) ⇒ Issuance Calendar for Marketable Dated Securities for April 2023 - September 2023 ⇒ Government’s Borrowing plan for First Half of FY 2023-24 ⇒ 8.08% PLI GOI SPL SECURITY 2023 ⇒ STARTUPS IN EMERGING TECHNOLOGY ⇒ Market Access Initiative Scheme to assist EPCs, Trade Bodies, Commodity Boards ⇒ Govt. provides enabling eco-system for industrial development of the country, including A&N Islands ⇒ Agri exports show 6.04% rise during Apr 22 – Jan 23 over the corresponding period of the previous FY More News Forum - Popular issues Place of supply (27) Input credit (27) Delay in recovery of export proceeds (19) Rcm on purchase of wood from unregistered dealar (18) Gst on extra classes (16) Export of services and firc (15) Can gst department impose penalty on interest on delayed payment of tax for fy 2018-19 (15) Capital goods destroyed in fire (15) Credit note = payment (15) Import of service - payment not made/written off (13) Monetary limit for issuing show cause notice (13) Interest on itc untilised balance in ecrl (13) Gst applicable on labour cess and seignorage fees (12) Composition/regular return in gst 2017 18 (11) Regarding gstr 1 (11) Go to Forum Forum - Recent Replied Issues Advance ruling (1) Gst on import of service (2) Place of supply (1) Income received from admission cancellation - educational institute ... (1) Gst on extra bed (1) Gst on itc reversal recovered from supplier ... (1) Gst on compensation received (1) Gst on advance from customer (1) Gst on amount not paid to supplier (1) Documents necessary for goods sent for trial/demo ... (7) Eligibility of itc (4) Gst on tds against import of service (6) Interest u/s 234 b & 234c is not applicable for 44 ad income for assessment ... ... (2) Delay in filing revised return of income (1) Penalty for wrong issuance of invoice is overall or per invoice ... (6) 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