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Home e-Newsletters Index Year 2021 January Day 9 - Saturday

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TMI Tax Updates - e-Newsletter
January 9, 2021

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Securities / SEBI PMLA CST, VAT & Sales Tax Indian Laws



TMI SMS


Highlights / Catch Notes

  • GST:

    Provisional release of detained goods - If the goods are of perishable nature, then it is always open for the writ applicant to prefer an application under Section 67(6) of the Act for the provisional release of the goods and the conveyance. If any such application is filed by the writ applicant, then the respondent No.2 shall immediately look into the same and pass an appropriate order in accordance with law. - HC

  • Income Tax:

    Addition u/s 68 - unexplained cash credit - credit worthiness of shareholders/investors to invest such huge amount - Genuineness of transactions - the assessee has discharged its onus by furnishing the necessary details such as copy of PAN, driving license, ITR, confirmation of the parties etc. in support of identity of the parties. - Additions deleted - AT

  • Income Tax:

    Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be evaded by assessee, is a necessary condition for imposition of penalty U/s 271(1)(c) - The allegation of the Ld. CIT(A) that the assessee had the bogus income or bogus credit, is pointless, because the corresponding amount was already included in the returned income of the assessee. - AT

  • Income Tax:

    Exemption u/s 11 - receipts from the business of developing, coordinating plants and implementing the rail infrastructure projects, etc. for Indian Railways, exceeded the limit provided in proviso to section 2(15) - Figures quoted by the Assessing Officer for inferring that the assessee is engaged in profit motive activity in large scale is totally absurd in light of the above said figures. Hence, in our considered opinion the finding given by the Assessing Officer that assessee is engaged commercial and profit motive activity is totally unsustainable. - AT

  • Income Tax:

    Depreciation on the expenditure incurred for construction of Amritsar Bus Terminal project on build, operate and transfer (BOT) basis - the assessee is entitled to claim deprecation as per specified rate at 25% - Once the claim of the assessee towards depreciation allowance is accepted, the deduction allowed by the AO towards allocated cost of project, naturally needs to be withdrawn - AT

  • Income Tax:

    Registration u/s 80G(5)(vi) denied - CIT(E) held that the assessee-trust is a private religious trust and therefore, cannot be held as a charitable trust within the meaning of Section 2(15) - Having granted registration U/s 12AA of the Act which continues to remain in force and which has not been withdrawn as on date, the main character of the assessee-trust as that of the public trust cannot be challenged in the impugned proceedings. - However, for submissions in relation to Temple related activities, mater remanded back - AT

  • Income Tax:

    Validity of reopening of assessment - Pr. CIT has granted the approval in a mechanical manner by putting only “Yes” which is not valid for initiating the reassessment proceedings. Thereafter, the AO has mechanically issued notice u/s. 148 of the Act. The reopening in the case of the assessee for the asstt. Year in dispute is bad in law and deserves to be quashed. - AT

  • Income Tax:

    Addition of burning losses during the process of manufacture of ingots - during the year the burning loss in the assessee’s plant was to the extent of 5.81% which is accurate and as per consumption and production of the finished goods. The addition in dispute is not tenable. - AT

  • Income Tax:

    Rectification u/s 254 - ITAT refused to admit additional ground - Having found that the recording of satisfaction by the AO of the searched person is mandatory; which is the question of law, what remained was only to call for the records of the assessment proceedings of the appellant and peruse the same to find out the satisfaction recorded before transmitting the files to the AO of the appellant. We are hence satisfied that the ground necessarily has to be admitted and the Tribunal committed a mistake in refusing the admission of such ground. - HC

  • Income Tax:

    Disallowance u/s 40(a)(ia) - Failure to Deduct TDS - Assessee has not disclosed the freight receipts from the Exporters and the net freight payment made which is covered u/s 194C as payment to a sub-contractor - It is claimed the payment was received on behalf of others - matter remanded back to reconsider the submissions - HC

  • Corporate Law:

    Writ appeal against writ petition entertained by the Ld. Single Judge - private parties - mismanagement and oppression of majority shareholders - Material on record discloses that the dispute between the first respondent company and its shareholders, under challenge, is purely a civil dispute. The remedy under Article 226 of the Constitution of India is available against a State or authority or instrumentality of the State, falling within the ambit of the definition "State" under Article 12 of the Constitution of India - there is an error in exercising the jurisdiction under Article 226 of the Constitution of India - HC

  • Corporate Law:

    Disqualification of Director - deactivation of DIN - It cannot but be held that the operation of the 2014 and 2018 Amendments to the 2013 Act are prospective in nature - To be specific, the amendment to Section 164(2), with effect from April 1, 2014 has to be applied prospectively. The three-year default contemplated therein has to commence from the financial year 2014- 2015 (April 1, 2014 - March 31, 2015) and end in the financial year 2016-2017 (ending on March 31, 2017). - HC

  • VAT:

    Karnataka VAT - Effect of Conversion of partnership firm into joint stock company - Carry forward deduction of unabsorbed contractor payments - the adjudicating authority as well as the first appellate authority allowed the claim but tribunal did not - the finding recorded by the tribunal that the petitioner had not substantiated its claim for deduction of excess unabsorbed sub contractor payments before the adjudicating as well as first appellate authority is perverse and the aforesaid finding is therefore, set aside. - HC

  • VAT:

    Concessional benefit of tax - purchase of High Speed Diesel from suppliers in other States - difficulty in obtaining C-Form - The petitioner is entitled to the inclusion of ‘High Speed Diesel Oil’ as a commodity in the registration certificate. Let this exercise be carried out within a period of four (4) weeks from date of uploading of this order. The request of the petitioner for issuance of ‘C’ Forms is allowed - HC


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (1) TMI 257
  • 2021 (1) TMI 256
  • 2021 (1) TMI 255
  • 2021 (1) TMI 254
  • 2021 (1) TMI 251
  • 2021 (1) TMI 249
  • 2021 (1) TMI 218
  • Income Tax

  • 2021 (1) TMI 238
  • 2021 (1) TMI 237
  • 2021 (1) TMI 236
  • 2021 (1) TMI 235
  • 2021 (1) TMI 234
  • 2021 (1) TMI 260
  • 2021 (1) TMI 233
  • 2021 (1) TMI 252
  • 2021 (1) TMI 232
  • 2021 (1) TMI 231
  • 2021 (1) TMI 230
  • 2021 (1) TMI 229
  • 2021 (1) TMI 228
  • 2021 (1) TMI 227
  • 2021 (1) TMI 225
  • 2021 (1) TMI 224
  • 2021 (1) TMI 222
  • 2021 (1) TMI 244
  • 2021 (1) TMI 221
  • 2021 (1) TMI 220
  • 2021 (1) TMI 241
  • Customs

  • 2021 (1) TMI 253
  • 2021 (1) TMI 223
  • Corporate Laws

  • 2021 (1) TMI 258
  • 2021 (1) TMI 226
  • 2021 (1) TMI 240
  • 2021 (1) TMI 239
  • Securities / SEBI

  • 2021 (1) TMI 219
  • PMLA

  • 2021 (1) TMI 259
  • CST, VAT & Sales Tax

  • 2021 (1) TMI 250
  • 2021 (1) TMI 248
  • 2021 (1) TMI 247
  • 2021 (1) TMI 246
  • 2021 (1) TMI 245
  • 2021 (1) TMI 243
  • 2021 (1) TMI 242
  • Indian Laws

  • 2021 (1) TMI 261
 

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