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- 2021 (2) TMI 1164 - APPELLATE AUTHORITY FOR ADVANCE, KARNATAKA
Supply of services or not - activities of a liaison office - requirement of registration of liaison office - liability of liaison office to pay GST - HELD THAT:- Establishment of a liaison office in India by foreign entities is regulated in terms of Section 6(6) of the Foreign Exchange Management Act (FEMA), 1999. The FEMA defines Liaison Office as “a place of business to act as a channel of communication between the Principal place of business or Head Office by whatever name called and entities in India but which does not undertake any commercial / trading / industrial activity, directly or indirectly, and maintains itself out of inward remittances received from abroad through normal banking channel”. A body corporate incorporated outside India (including a firm or other association of individuals) desirous of opening a liais....... + More
- 2021 (2) TMI 1163 - AUTHORITY FOR ADVANCE RULINGS, NEW DELHI
Advance ruling application u/s 245N - eligibility of deduction under section 80IA - no notice under section 143(2) for the A. Y. 2019-20 issued - Revenue has submitted that the application may not be admitted for the reason that the issue raised in the application was already pending before the Income-tax Authority - HELD THAT:- In the present case, the notice under section 143(2) for AY 2018-19 was issued prior to the filing of the present application which had raised the very specific question of "Deduction Claimed for Industrial Undertaking u/s 80IA"which was subject matter of the present application. As regards objection of the Applicant that no specific issue of pendency was raised in the report of the PCIT, the matter of pendency of the issue before any Income-tax Authority is required to be decided by the Authority while ....... + More
- 2021 (2) TMI 1162 - MADRAS HIGH COURT
Reopening of assessment u/s 147 - Disallowance of non - compete fees - Whether amount incurred towards a sum under two agreements to the two companies was towards non - compete fees for a short period and therefore were in the nature of a revenue expenditure? - HELD THAT:- As earlier a collaboration agreement dated 07.11.1977 was entered into between the petitioner and the Chicago Pneumatic Tool Company which had granted a license and know how to manufacture and sell the specified products which was being transferred permanently. Clause 2.4 which has been extracted above also seems to indicate that the license granted by the Chicago Pneumatic Tool Company to the petitioner was perpetual and that the petitioner was free to license the right to manufacture and sell the specified products and to disclose, impart and supply the know how recei....... + More
- 2021 (2) TMI 1161 - MADRAS HIGH COURT
Reopening of assessment u/s 147 - it is the contention of the Income Tax Department that the method followed by the petitioner has not disallowed the correct income - HELD THAT:- The petitioner is engaged in supply and installation of paint booth for automobile companies. The petitioner has adopted mercantile method of accounting which is one of the recognized method for the purpose of recognition of income under the Income Tax Act, 1961. The law on the subject is also clear. Every assessee is entitled to arrange its affair and follow the method of accounting which the department has earlier accepted. According to the petitioner, the method adopted by the petitioner has been accepted for the Assessment Years 2010-11, 2012-13, 2014-15 and thereafter. As per outcome of a construction contract can be estimated reliably, contract revenue and ....... + More
- 2021 (2) TMI 1160 - DELHI HIGH COURT
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - impugned show cause notice for the same period has been issued, demanding further amounts from the petitioner towards CGST - It is the contention of petitioner that under Section 129(1) of the Finance Act, 2019, after the issuance of discharge certificate, such notice could not have been issued - HELD THAT:- Issue notice. List on 15th March, 2021.
- 2021 (2) TMI 1159 - DELHI HIGH COURT
Erroneous impleadment of Authority under the Central Goods and Services Tax as respondent, instead of the State Authority - HELD THAT:- Issue notice. List on 25th March, 2021.
- 2021 (2) TMI 1158 - MADRAS HIGH COURT
Deduction u/s 80HHC - Tribunal reversing the order of the first appellate authority and restoring that of the Assessing Officer for excluding receipts arising in the core business and not specified in Explanation (baa) to Section 80 HCC - HELD THAT:- Receipts constituting independent income had no nexus with exports were required to be reduced from business profits under Clause (baa). A bare reading of Clause (baa)(1) indicates that receipts by way of brokerage, commission, interest, rent, charges etc. formed part of gross total income being business profits. On a reading of all the variables, it becomes clear that every receipt may not constitute sale proceeds from exports and every receipt is not income under the Income Tax Act and every income may not be attributable to exports. In the case on hand, the insurance claim and miscellaneou....... + More
- 2021 (2) TMI 1157 - DELHI HIGH COURT
Territorial Jurisdiction to entertain the petition - Seeking enforcement and execution of partial Award - Foreign Award or not - Jurisdiction of Courts where the Award-debtor resides or where the assets, which are subject-matter of the Award are situated - Whether this Court has territorial jurisdiction to entertain the present petition? - HELD THAT:- The term “subject-matter of the arbitration” cannot be confused with “subject-matter of the suit”. The term “subject-matter” in Section 2(1)(e) is confined to Part I. It has a reference and connection with the process of dispute resolution. Its purpose is to identify the courts having supervisory control over the arbitration proceedings. Hence, it refers to a court which would essentially be a court of the seat of the arbitration process. In our opinion, t....... + More
- 2021 (2) TMI 1156 - GUJARAT HIGH COURT
Maintainability of application - final order of confiscation in Form GST-MOV 11 has already been passed - HELD THAT:- It needs to be noted that the writ applicant herein is a purchaser of the goods in question. The MOV-11 order has been passed against the seller. According to Mr. Kathiriya, the learned AGP, the whereabouts of the seller are not known to the Department. In such circumstances, the only remedy now available for the writ applicant is to recover the amount paid, if any, to the seller in accordance with law - Application disposed off.
- 2021 (2) TMI 1155 - MADRAS HIGH COURT
Passing of assessment orders - case of petitioner is that It was thus incumbent upon the Officer to have passed orders of assessment on or before 23.8.2019, instead of which he issues a notice on 28.08.2019 granting one more opportunity of personal hearing - HELD THAT:- In the affidavit filed in support of this writ petition, the only ground raised is that the timelines fixed by this Court on 20.06.2019 have not been adhered to. This ground fails in light of the reply of the petitioners dated 12.07.2019 requesting the officer to keep the matters in abeyance till such time the batch is decided by the Bench. There are no merit in these writ petitions - Let notice be issued afresh and proceedings concluded after hearing the petitioners in accordance with law.
- 2021 (2) TMI 1154 - MADRAS HIGH COURT
Levy of Entry Tax - Section 4 of the Entry Tax Act - no opportunity of personal hearing granted - HELD THAT:- Pursuant to the order of remand, the petitioner appeared before second respondent and submitted their objection. The same is also enclosed at Page No.12 of the typed set of papers. Even though, this Court had specifically stated that the point of set off should also be dealt with, in the impugned order, dated 31.08.2020, I find that the set off point has not at all been dealt with. There is considerable force in the contention of the learned Counsel for the petitioner that the direction given by this Court has not been complied with by the second respondent. The second respondent need not issue any more hearing notice to the Writ Petitioner. All the materials are very much on record. The second respondent will consider the same and pass fresh orders in accordance with law - Petition allowed.
- 2021 (2) TMI 1153 - KARNATAKA HIGH COURT
Rectification u/s 254 - Tribunal had erred in disallowing the depreciation claimed by assessee in the revised return of income and therefore rectification of the error was required - HELD THAT:- There was no issue of depreciation involved in the Misc. Petition filed by the assessee and the Tribunal has stated that assessee has not claimed depreciation which is nobody's case. The above Order prima facie establishes that there is improper application of judicial mind in respect of the matters in issue and therefore, needs to be set aside and matter requires to be remanded to the Tribunal for fresh consideration in accordance with law. Appeal is allowed.
- 2021 (2) TMI 1152 - MADRAS HIGH COURT
Orders passed u/s 92CA(3) barred by limitation by one day - Assessments are to be completed within the limitation set out in Section 153 - HELD THAT:- The provisions of Section 144C prescribe mandatory time limits both pre and post the stage of passing of a transfer pricing order. Assessments involving transfer pricing issues are different and distinct from regular assessments and the intention of Legislature is to fast track such assessments. Bearing in mind the specialized nature of such assessments, a separate set of Officers attend to the framing of assessments and the DRP has been constituted for redressal of disputes involving TP issues, in a timely fashion. In this scheme of things, unable to accept the submission that the period of 60 days stipulated for passing of an order of transfer pricing, is only directory or a rough and rea....... + More
- 2021 (2) TMI 1151 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Seeking direction to Appellant not to demand the release of bank guarantee amount from the Respondent No. 2, in view of the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the ‘M/s J.P. Engineers Private Limited.’ (Corporate Debtor) Respondent No. 1 - HELD THAT:- Admittedly the Appellant had entered into an agreement for sale and purchase of aluminium products for the period 01.04.2019 to 31.03.2020 with J.P. Engineering’s (Corporate Debtor). For ensuring the payments the Respondent No. 2 issued bank guarantee dated 22.04.2019 for an amount of ₹ 1 Crores 60 Lakhs in favour of the Appellant. The Respondent No. 2 vide letter dated 21.10.2019 extended the period of guarantee till 21.04.2020. The Appellant on 03.03.2020 sent a letter to the Respondent No. 2 for invocation of the ba....... + More
- 2021 (2) TMI 1150 - CESTAT AHMEDABAD
Levy of service tax - recovery of certain amounts from its supplier which in view of the Revenue are in the nature of liquidated damages for compensating the appellant against the poor quality of material supplied to the appellant by its supplier - Section 66(E)(e) of the Finance Act, 1994 - HELD THAT:- The facts are not in disputed that amount recovered by the appellant is towards the poor quality of goods purchased by them. The appellant have taken the ground before the Adjudicating Authority as well as Commissioner (Appeals) that the amount which they have received is in the form of “liquidated damage” and not in the form of “consideration” towards any service for the reason that the said amount is for supply of lower quality of goods and thus the effect is only reduction in the transaction value of the goods. H....... + More
- 2021 (2) TMI 1149 - CESTAT CHENNAI
Revocation of Customs Broker License - forfeiture of security deposit - illegal removal of container / goods - It was found that the Bills of Entry was not filed by the importer and the container was detained and lying at Viking CFS. The same container was removed illegally from Viking CFS by forging the import clearance documents - HELD THAT:- Apart from 108 statement of the Shri A.C. Hari Babu, the department has not been able to adduce any evidence to support such allegation that instead of the appellant herein, Sathish Kumar had done the filing of bill of entry and the clearance activities. So also there is no evidence to show the passing of consideration of ₹ 1,000/- per bill of entry from Sathish Kumar to the appellant herein. Although it is alleged that earlier the 10 bills of entry for M/s. Sky and Sea Exports were filed by ....... + More
- 2021 (2) TMI 1148 - ITAT MUMBAI
Disallowance of interest expenditure by applying provisions of section 40A(2)(b) - assessee submitted, the assessee has paid 15% interest on the unsecured loan availed from related parties because they are long term loans compared to short term loans availed from unrelated parties - whether the interest paid by the assessee to the related parties can be considered to be excessive or unreasonable having regard to the fair market value of interest in terms of section 40A(2)(b) ? - HELD THAT:- Rate of interest normally charged by commercial banks on loan varies between 12% to 20%. Further, it cannot be denied that if the assessee would have availed loan from banks and financial institutions, apart from paying higher rate of interest it would have paid additional cost by way of processing charges and would also have been required to furnish c....... + More
- 2021 (2) TMI 1147 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHI
Maintainability of application - initiation of CIRP by Operational Creditors - Adjudicating Authority has dismissed the application under Section 9 of IBC filed by the Operational Creditor (Appellant) as being barred by limitation of time - non-fulfilment of conditions of Limitation Act - HELD THAT:- Under Sub-Section 2 of Section 14 of the Limitation Act, in computing the period of limitation, exclusion of time can be claimed when in the court of first instance or of Appeal or revision, against the same party and for the same relief, such proceedings are prosecuted in good faith which the said court is unable to entertain, from defect of jurisdiction or other cause of like nature - Admittedly, the Appellant was not party in the winding up Petition. Thus, this case may be of non-joinder of parties and not the mis-joinder of parties. The P....... + More
- 2021 (2) TMI 1146 - ITAT PUNE
TP Adjustment in the ‘Manufacturing activities’ - Depreciation adjustment - first disputed item of operating costs is a claim for adjustment on account of depreciation - DRP ruled in this regard directing the AO/TPO that `depreciation adjustment should be worked out in the hands of the comparables and not for the assessee.’ Giving effect to such a direction, the TPO computed the mean PLI of comparables at 6.74% as against originally computed at 6.70% in the consequential order - HELD THAT:- Depreciation cost in the case of the assessee forming part of its operating costs base gets neutralized with the rent cost in the cost base of the comparables. Having taken the figure of operating profit as numerator, both in the case of the assessee and the comparables, one cannot again go back to the individual items of operating ex....... + More
- 2021 (2) TMI 1145 - ITAT BANGALORE
Deduction u/s 37(1) - addition of amount representing 15% of sale proceeds deducted by the Monitory committee from e-auction sale of mineral stock belonging to the assessee and which was contributed to Special Purpose Vehicle, as per the direction given by Hon’ble Supreme Court - HELD THAT:- It cannot be said that these amounts are penal in nature. We notice that the Hyderabad bench of Tribunal in the case of NMDC Ltd [2018 (10) TMI 1120 - ITAT AHMEDABAD] came to the same conclusion by following the decision rendered by Hon'ble Kolkatta High Court in the case of Shyam Sel Ltd [2016 (8) TMI 511 - CALCUTTA HIGH COURT] wherein identical types of payments made to remedy the river pollution caused by the parties were held to be compensatory in nature. Hence the provisions of Explanation 1 to sec.37 will not apply to these payments. H....... + More