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Home e-Newsletters Index Year 2020 October Day 7 - Wednesday

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TMI Tax Updates - e-Newsletter
October 7, 2020

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:

    Principles of Natural justice - late filing of return - intent to evade or not - it is the case of petitioner is that various aspects have not been dealt with or discussed by the Appellate Authority - The impugned Order in the instant case, which is the order passed by the Appellate Authority, seems to be more of an order passed by the Assessing Authority rather than an order passed by the Appellate Authority - Matter restored before the appellate authority - HC

  • Income Tax:

    Entitlement for TDS credit - venture capital undertakings - proportionate share of contributors - deduction of TDS by the deductors on behalf of the assessee or not? - CIT (A) has rightly pointed out that the deduction of TDS by the deductors was on behalf of the assessee. Since, the information furnished by the deductors to Income Tax authorities refers to the assessee only and not to the investors, the AO was required to give credit to the assessee. - AT

  • Customs:

    Vacation of Interim Order - levy of redemption fine and penalty - import of consignments of multifunctional printers/devices (MFD) - whether, the Tribunal exercised its discretion in accordance with law, in light of the violations complained by the Department? - Held Yes - HC

  • Customs:

    Refund of Mica Cess - levy of said mica cess got repealed vide the Finance Act, 2016 - effective date of repealment - cess applicable under the repealed Act was very much effective till the date of receipt of the Hon’ble President’s assent. The same being the legal position, no contrary conclusion can be drawn on the basis of contents of Office Memorandum dated 27.07.2016 as relied by the appellant. - AT

  • Customs:

    Levy of penalty - late filing to bill of entry - since the Customs Official did not clear the goods under exemption, the appellant had no option but to file bill of entry without claiming the exemption notification. - This entire episode is a sufficient cause for delay in filing the bill of entry, therefore, invoking the sub-regulation-(2) of regulation 4, no charges for late presentation of bill of entry should have been demanded from the appellant - AT

  • Customs:

    Valuation of imported goods - Sunglasses of various models - There are no reasons recorded for rejection of transaction value before taking the exercise of revaluation and enhancement of transaction value - demand, enhancement of declared value, redemption fine and penalty set aside - AT

  • Customs:

    Valuation of imported goods - On the one hand OIO says there are no imports of identical or similar goods, and the other hand re-determines the values of some goods on the basis of price of identical goods said to have been imported by the appellants themselves. Moreover, adjudicating authority observes that the appellant has not been able to justify the vast difference in value with any cogent reasons. - It is for the department to prove that valuation was wrong rather than the appellant proving it otherwise. - AT

  • Corporate Law:

    Oppression and mismanagement - removal of the Petitioner from the Directorship - the instant Company Petition is maintainable U/s.241 of the Companies Act, 2013, and the Petitioner No. 1 deemed to be a shareholder of Respondent No. 1 Company by holding 51% of Shares as held by the Respondent No. 7, and the Petitioner Nos.2 to 4 cannot removed from the position of Directors of R 1 Company, without consent of majority shareholders and it is contrary to law and against the principle of natural justice - Tri

  • Indian Laws:

    Priority of settlement of claims - payment to secured creditors over tax dues - scope and ambit of Section 26(E) of The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 and Section 31-B of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - a secured creditor under the above said provisions get priority over the right, if any, claimed by the revenue. - HC

  • IBC:

    Initiation of CIRP - The Credit facilities had admittedly been revised and sanctioned from time to time and finally on 15th February, 2018 when various documents had been got executed from the Corporate Debtor, the date of default could not be 28th February, 2018 and the date of the corporate debtor's account could not be declared as NPA on 29th May, 2018 when bank had accepted the Resolution passed by the Board of Directors of the Corporate Debtor on 15th February, 2018. - the CP, being devoid of any merit, liable to be dismissed. - Tri

  • Central Excise:

    Eligibility to avail CENVAT Credit - Export of exempted goods - Provision has also been made in Rule 6(6)(v) to state that goods cleared for export under bond in terms of Central Excise Rules shall also not be denied input credit, which also clearly implies that assessee shall be allowed to avail credit on inputs used in exported manufactured goods. - AT

  • Central Excise:

    Availing cenvat credit against pre-deposit - to be considered as 'deposit of Service Tax or not' - Since, payment made under 35F is not specifically finding any place in Rule 3 ibid, taking of such amount as Cenvat credit is contrary to such statutory provision and hence, denial of Cenvat benefit in the present case by the authorities below is in conformity with the statutory provisions - Demand confirmed - AT

  • Central Excise:

    CENVAT Credit - input services or not - residential accommodation for the housing of their staff as well as their officers, working in the factory - nexus with output service - credit allowed - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (10) TMI 196
  • 2020 (10) TMI 195
  • 2020 (10) TMI 194
  • Income Tax

  • 2020 (10) TMI 192
  • 2020 (10) TMI 191
  • 2020 (10) TMI 190
  • 2020 (10) TMI 189
  • 2020 (10) TMI 188
  • 2020 (10) TMI 193
  • 2020 (10) TMI 187
  • 2020 (10) TMI 186
  • Customs

  • 2020 (10) TMI 183
  • 2020 (10) TMI 185
  • 2020 (10) TMI 182
  • 2020 (10) TMI 184
  • 2020 (10) TMI 181
  • 2020 (10) TMI 180
  • 2020 (10) TMI 179
  • Corporate Laws

  • 2020 (10) TMI 178
  • 2020 (10) TMI 177
  • 2020 (10) TMI 176
  • 2020 (10) TMI 175
  • 2020 (10) TMI 174
  • 2020 (10) TMI 173
  • 2020 (10) TMI 172
  • 2020 (10) TMI 171
  • Insolvency & Bankruptcy

  • 2020 (10) TMI 170
  • 2020 (10) TMI 197
  • 2020 (10) TMI 169
  • 2020 (10) TMI 168
  • 2020 (10) TMI 167
  • 2020 (10) TMI 166
  • 2020 (10) TMI 165
  • 2020 (10) TMI 164
  • 2020 (10) TMI 163
  • 2020 (10) TMI 162
  • 2020 (10) TMI 161
  • 2020 (10) TMI 160
  • Central Excise

  • 2020 (10) TMI 158
  • 2020 (10) TMI 157
  • 2020 (10) TMI 159
  • 2020 (10) TMI 156
  • 2020 (10) TMI 155
  • 2020 (10) TMI 154
  • 2020 (10) TMI 153
  • CST, VAT & Sales Tax

  • 2020 (10) TMI 152
  • Indian Laws

  • 2020 (10) TMI 151
  • 2020 (10) TMI 150
 

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