Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2022 October Day 6 - Thursday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
October 6, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Seizure of goods alongwith vehicle - release of goods - In the case at hand, there is no dispute that the parties are genuine, nor is there any dispute that the original E-way bill contained an error. However, where the error is rectified and a corrected E-way bill is produced, it would be appropriate for the Revenue authorities to act sensibly in the manner and proceed. - HC

  • GST:

    Rejection of refund of the tax paid for the second time and penalty - As there was discrepancy in the document from where the goods were dispatched, the authorities intercepted and confiscated the same. The petitioner was directed to pay the tax as well as penalty - Thereafter it appears that a fresh e-Way Bill was generated immediately after interception. The description of the goods in the second e-Way Bill remains the same. It is only that the place of dispatch was rectified. The petitioner had to pay tax for the second time and penalty for not carrying the proper Way Bill at the very first instance. - Refund allowed - HC

  • Income Tax:

    Correct head of income - gain on sale and purchase of shares - normal business profit or short term capital gain - The learned tribunal had failed to note that the assessee had maintained a separate account for investment, which fact was very material to consider the nature of transactions effected by the assessee during the relevant period. - HC

  • Income Tax:

    Validity of reopening of assessment u/s 147 - notice issued u/s 148A - this Court holds entertainment of the writ petition at the stage of notice would be premature. Doing so would frustrate the tax administration and adjudication process. This Court is alive to the fact that the statute under consideration, viz., the IT Act and rules framed thereunder, provides sufficient safeguard for the assessee-petitioner, more so, when against the final orders of adjudication, appeal lies. - HC

  • Income Tax:

    Penalty u/s. 271D - unsecured loans in the form of cash - the amount paid by the Directors / Shareholder towards share capital and unsecured loans in the form of cash does not attract the provisions of section 269SS of the Act and penalty U/s. 271D cannot be levied on the same - AT

  • Income Tax:

    Taxability of entertainment tax subsidy received by the assessee - Nature of receipts - Entertainment tax subsidy granted by the State Government is not for the purpose of utilizing on any particular or specified assets. That being the factual position emerging on record, the reasoning of the assessing officer that such subsidy would go to reduce the cost of assets is unacceptable. - AT

  • Income Tax:

    Levy of tax on donations - Provisions of Section 115BBC were enacted to tax such donations in hands of certain charitable trust and institutions at the rate of 30%. However, sub-section 2 (b) of the Act excludes the trust established woolly for religious and charitable purpose from rigors of that Section. - AT

  • Income Tax:

    Deduction u/s 10AA - Disallowance for the reason that the assessee had filed return of income belatedly and not within the time limit prescribed u/s 139(1) - When the Legislature has omitted such a restriction in section 10AA in its wisdom, it is not for the A.O. nor the CIT(A) to prescribe such a conditionality and impose it on an assessee. - AT

  • Income Tax:

    Short-deduction of TDS - the approach of assessee is in accordance with the provisions of TDS as prescribed in Income-tax Act, 1961, which permit the consideration of deductions under Chapter-VIA while computing deductible amount of TDS - AT

  • Income Tax:

    Exemption u/s 10(6)(ii) - remuneration received by her from Austrian Trade Commission, Austrian Embassy under full time employment - the certificate issued by the Austrian Embassy cannot be doubted or disregarded in view of said provision and other surrounding facts and circumstances and duties assigned to the assessee by the Austrian Embassy are also mentioned in her passport by the Government of Austria. - AT

  • Income Tax:

    Income accrued in India - Centralized services fee received - royalty or fee for technical services The payments received were rightly held by the Tribunal, to be in the nature of business income. And since the assessee admittedly does not have a permanent establishment under the article 7 of the D TAA 'business income' received by the assessee cannot be brought to tax in India. - AT

  • Income Tax:

    Relief u/s 90 - foreign tax credit - disallowance of FTC in case of delay in filing Form No. 67 - the assessee is eligible for foreign tax credit, as she has filed form number 67 before completion of the assessment, though not in accordance with rule 128 (9) of The Income Tax Rules, which provided that such form shall be filed on or before the due date of filing of the return of income. - AT

  • IBC:

    Suspension of registration of the Resolution Professional (RP) - territorial jurisdiction to entertain the Writ Petition - Pursuant to the order of suspension, the Petitioner would not be in a position to work as a Resolution Professional with the assignments on hand in the State of Maharashtra - it cannot be said that only a small part of cause of action as arisen within the territorial jurisdiction of this court, the part of cause of action has arisen within the territorial jurisdiction of this court. - WP admitted - HC

  • IBC:

    Approval of Resolution Plan - Whether the CoC and Adjudicating Authority discriminated the Operational Creditors from Financial Creditor - once the plan was approved by CoC in its commercial wisdom, the Adjudicating Authority cannot interfere with such decision taken by the CoC, unless the plan is contrary to any of the provisions of IBC or any other law. It is not the case of the Appellant that in approved is against any of the provisions of the IBC or and any other, but, pleaded only discrimination. - AT

  • Central Excise:

    Levy of penalty - Applicability of ration of decision made in the case of co-noticee - in absence of the appeal by revenue against this order the order has acquired finality and Commissioner cannot have passed any order beyond the order passed by his predecessor. In view of this fact, the Commissioner order imposing penalty on Shri JS cannot be sustained and the penalty imposed on Shri SS cannot be in excess of the penalty imposed by this order. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (10) TMI 134
  • 2022 (10) TMI 133
  • 2022 (10) TMI 132
  • 2022 (10) TMI 131
  • Income Tax

  • 2022 (10) TMI 130
  • 2022 (10) TMI 127
  • 2022 (10) TMI 126
  • 2022 (10) TMI 125
  • 2022 (10) TMI 124
  • 2022 (10) TMI 123
  • 2022 (10) TMI 122
  • 2022 (10) TMI 121
  • 2022 (10) TMI 120
  • 2022 (10) TMI 119
  • 2022 (10) TMI 118
  • 2022 (10) TMI 117
  • 2022 (10) TMI 116
  • 2022 (10) TMI 115
  • 2022 (10) TMI 114
  • 2022 (10) TMI 129
  • 2022 (10) TMI 113
  • 2022 (10) TMI 112
  • 2022 (10) TMI 111
  • 2022 (10) TMI 110
  • 2022 (10) TMI 109
  • 2022 (10) TMI 108
  • 2022 (10) TMI 107
  • 2022 (10) TMI 106
  • 2022 (10) TMI 105
  • 2022 (10) TMI 104
  • 2022 (10) TMI 128
  • 2022 (10) TMI 87
  • 2022 (10) TMI 103
  • 2022 (10) TMI 102
  • 2022 (10) TMI 101
  • Customs

  • 2022 (10) TMI 99
  • 2022 (10) TMI 100
  • Corporate Laws

  • 2022 (10) TMI 98
  • Insolvency & Bankruptcy

  • 2022 (10) TMI 96
  • 2022 (10) TMI 95
  • 2022 (10) TMI 94
  • 2022 (10) TMI 97
  • Central Excise

  • 2022 (10) TMI 93
  • CST, VAT & Sales Tax

  • 2022 (10) TMI 92
  • 2022 (10) TMI 91
  • 2022 (10) TMI 90
  • Indian Laws

  • 2022 (10) TMI 89
  • 2022 (10) TMI 88
 

Quick Updates:Latest Updates