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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 January Day 9 - Thursday

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TMI Tax Updates - e-Newsletter
January 9, 2020

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Insolvency & Bankruptcy Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • Income Tax:

    Reopening of assessment u/s 147 - Addition u/s 68 - transactions of providing accommodation entries - If the transactions undertaken by SIPL with Moral are indeed not genuine, as now reasonably believed by the Assessing Officer, it would not be correct to say that SIPL had disclosed fully and truly all the material facts for its assessment for the relevant assessment year.

  • Income Tax:

    Penalty u/s 271E/271D - accepting loans in cash - The cash loans in question therefore cannot be said fall within the mischief of Section 269SS of the Act as near relatives cannot be said to be “Other person” - In any event in the circumstances of the case, there was reasonable cause for accepting loans in cash. - No penalty.

  • Income Tax:

    Taxation of retention money not accrued during the year - Accrual of income - as per AO addition has been rightly made during the course of assessment as well as in section 115JB MAT computation - The Revenue fails to rebut the clinching fact that there is no surety about the impugned retention money to be finally refunded to the taxpayer - Additions deleted.

  • Income Tax:

    TDS u/s 194 - Since this Tribunal has already taken a view that the person to whom interest was paid was falling within the ambit of section 194A(3)(f), there cannot be any order treating the assessee as an assessee in default u/s. 201(1) and also levying interest u/s. 201(1A)

  • Income Tax:

    Penalty u/s 271(1)(c) - income surrendered by the assessee during survey - Explanation 5A is exclusively in the case of search and seizure action u/s 132 and the said deeming provision cannot be applied in the case of survey conducted u/s 133A.

  • Income Tax:

    Benefit of exemption u/s 54B - investment on agricultural land made in the name of spouse of the assessee - In view of the clear provisions, investment made by any other person particularly the spouse of the assessee, cannot be entitled for deduction u/s 54B.

  • Income Tax:

    Addition on account of notional rent u/s. 23(1)(a) - no addition on account of notional deemed rent u/s.23(1)(a) can be made, once the property itself was either in the stage of construction or was not ready for use.

  • Customs:

    Imposition of penalty on Director of the company - mis-declaration of goods - It is anybody’s guess that the CHA will not be benefited in any manner by this mis-declaration - The Appellant (Director) being at the helm of the affairs of the Company has liaison with valid suppliers, CHA and the Customs Authorities.

  • Corporate Law:

    Striking of the name of the appellant company from Register of Companies - disqualification of directors - non filing of annual returns - The order of striking of name of the company from the register of companies is certainly prejudicial to the shareholders of the company

  • Indian Laws:

    Dishonor of Cheque - whether in case of dishonour of cheque on the ground that 'signature does match with specimen' 'signature incomplete' 'signature differ' etc., complaint under Section 138 NI Act, 1881 is maintainable? - The Court cannot quash the complaint on this ground.

  • IBC:

    Public auction of the assets of the Corporate Debtor - if the Liquidator, for justified reasons deems it fit to increase the period of payment as it would help maximize participation and returns of the auction, then the Liquidator in his discretion can be allowed to do so

  • Central Excise:

    Refund of accumulated CENVAT Credit - inputs used in manufacture of finished goods cleared by them to 100% EOU - the benefit of rule 5, is admissible in respect of clearances made without payment of duty in terms of Rule 19 of Central Excise Rules, 2002

  • VAT:

    Imposition of penalty - discrepancy in Form 38, E-Sugam form - the Officer managing the Check Post after verifying the goods should have filled up the Column 8 of Form 38 in accordance with the documents and there was no occasion for imposing a penalty as has been done by the Assessing Officer and upheld by the Commercial Tax Tribunal.


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Case Laws:

  • Income Tax

  • 2020 (1) TMI 262
  • 2020 (1) TMI 261
  • 2020 (1) TMI 260
  • 2020 (1) TMI 259
  • 2020 (1) TMI 258
  • 2020 (1) TMI 256
  • 2020 (1) TMI 255
  • 2020 (1) TMI 254
  • 2020 (1) TMI 253
  • 2020 (1) TMI 252
  • 2020 (1) TMI 251
  • 2020 (1) TMI 250
  • 2020 (1) TMI 249
  • 2020 (1) TMI 257
  • 2020 (1) TMI 248
  • 2020 (1) TMI 247
  • 2020 (1) TMI 246
  • 2020 (1) TMI 245
  • 2020 (1) TMI 244
  • Customs

  • 2020 (1) TMI 243
  • 2020 (1) TMI 242
  • Corporate Laws

  • 2020 (1) TMI 241
  • Insolvency & Bankruptcy

  • 2020 (1) TMI 239
  • 2020 (1) TMI 226
  • 2020 (1) TMI 238
  • 2020 (1) TMI 237
  • 2020 (1) TMI 236
  • 2020 (1) TMI 235
  • Central Excise

  • 2020 (1) TMI 234
  • 2020 (1) TMI 233
  • 2020 (1) TMI 232
  • CST, VAT & Sales Tax

  • 2020 (1) TMI 231
  • 2020 (1) TMI 230
  • Indian Laws

  • 2020 (1) TMI 240
  • 2020 (1) TMI 228
  • 2020 (1) TMI 227
  • 2020 (1) TMI 229
 

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