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Home e-Newsletters Index Year 2022 October Day 7 - Friday

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TMI Tax Updates - e-Newsletter
October 7, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Erroneous orders of GST officers - hese acts/omissions of Respondents’ officers is adding to the already overburdened dockets of the Court. Valuable judicial time is wasted because such unacceptable orders are being passed by Respondents’ officers. The officers do not seem to understand or appreciate the hardship that is caused to the general public. - Cost of Rs. 10000/- imposed on GST officer. - HC

  • Income Tax:

    Undisclosed income of the assessee - Unexplained NRI gifts - onus to prove - Had the appellant given a convincing and believable explanation / reply to the respondent, the question of charging additional tax would not have arisen. That apart, no gifts would be extended to a person after receipt of commission by the donors and the exchange of gifts must be warmhearted and not out of compulsion or demand. - HC

  • Income Tax:

    Exemption u/s 11 - trustees have used property then trust - violation of provision of Section 13(1)(c) and 13 (1)(d) - The residential premises of the assessee trust are applied for the benefit of the specified persons. Therefore, the learned Assessing Officer is direct to determine the part of such income or property of the trust on which it loses the exemption. - AT

  • Income Tax:

    Exemption u/s 11 - spending money by the trust outside India without the approval of CBDT - whether the Ld. CIT (A) was correct in holding that spending by the trust outside India without the approval of the CBDT u/s 11(1 )(c) of the Act is permissible - CIT(A) rightly granted relief to the assessee- AT

  • Income Tax:

    Revision u/s 263 - non-deduction of TDS on freight - failure to furnish Form 26Q - A perusal of the file of the ld. Pr. CIT reveals an “Office Note” appended to the assessment order - The same unequivocally confirms that no inquiry on the aspect raised by the ld. Pr. CIT, i.e., the cumulative satisfaction of the conditions of ss. 194C(6) & 194C(7), as against s. 194C(6) alone, qua which only the AO has limited his inquiry and issued his finding, had been made in assessment. - revision order sustained - AT

  • Income Tax:

    Penalty u/s 271D - contravention of provisions of 269SS - Scope of 'reasonable cause' used in Section 273B - Even though transactions of one party had been settled by the other party by way of assignment of receivables / payables or for any other reason as detailed supra, we find that all the transactions have been ultimately settled for the difference amount by account payee cheques only. - No penalty - AT

  • Income Tax:

    Scope of appeal before CIT(A) after revision order u/s 263 - Since, pending proceedings before the Ld.CIT(A) is with reference to additions made in pursuant to directions of the PCIT, in our considered view, the assessee can only challenge additions made by the AO in pursuant to directions of the PCIT in 263 proceedings on merits, but the assessee cannot question the legality or otherwise of assessment order passed by the AO u/s.143(3) r.w.s.153C of the Act, in pursuant to search action u/s.132 of the Act. - AT

  • Income Tax:

    TDS u/s 195 - section 195 itself is quite explicit in its language while providing withholding of tax in respect of any payment, which is chargeable to tax in India. Since, the management fee paid by assessee is not chargeable to tax in India in terms with Article 12(4) of India-USA DTAA, as held by the Co-ordinate Bench in case of the payee, the assessee was not required to deduct tax at source while making such payment. - AT

  • Income Tax:

    Revision u/s 263 by CIT - profit attribution of a fixed place PE and the DAPE - Erroneous but not prejudicial to revenue order - Even if that computation of profit attribution, on the basis of the two taxpayer approach, is erroneous, in view of Hon’ble jurisdictional High Court decision, it cannot be said to be prejudicial to the interest of the revenue unless there is a categorical finding that the payment to the dependent agent is not an arm’s length price vis-à-vis functions performed, assets employed and risks assumed by the dependent agent. - AT

  • Income Tax:

    Revision u/s 263 by CIT - limited scrutiny assessment - The AO ought to have examined the same to go into the root of these deposits whereas in the instant case, the AO has not questioned the information supplied by the assessee with regard to the source of cash deposits into the safe custody account and has simply accepted those details without further enquiry. - Revision order sustained - AT

  • Customs:

    Confiscation - redemption fine - penalty - import of Carnet - goods cannot be re-exported within stipulated time - the goods were required to be re-exported on 21.12.2019. By this date there was no COVID situation in India - There are no infirmity in the order directing confiscation of these goods giving an option of paying the redemption fine - AT

  • Customs:

    Pre-deposit - The amounts deposited by the other entities cannot be reckoned towards the pre-deposit by the appellant herein. Such amounts can be reckoned towards pre-deposit in appeals, if any, by such entities and if they had not filed any appeals, towards their liabilities of duty or penalty as per the order of the lower authority. - Tri

  • Indian Laws:

    Dishonor of Cheque - discharge of legal liability or not - delaying tactics - Whether the cheque, in question, had been issued as a security cheque or was a blank cheque or whether the filing of the complaint was a pressure tactic or not etc. are not matters to be examined by the Court while adjudicating upon an application under Section 143-A of the Act. - HC

  • IBC:

    Right to claim over property occupied by the Corporate Debtor - Even though the object behind imposing moratorium under section 14 of IB Code, is to prevent depletion of a corporate debtor's assets, in our considered view the same cannot be extended to the properties which are not in rightful possession of the corporate debtor as any such extension to the properties which are not in the rightful possession of the corporate debtor results in unjust enrichment by the corporate debtor, under the guise of 'maximisation' at the cost of the lawful owner of the property. - Tri

  • Service Tax:

    Refund of service tax paid - delay in filing refund claim - time limitation - it is found that the appellant was confused in so far as they believed that the refund is to be filed on quarterly basis and therefore, they counted the delay on the basis of the last date of the quarter. If the last date of filing the refund is taken as the end of the quarter then the refund claims have been filed in time. There is a reasonable cause and in this circumstances the discretion are in favor of the appellant. - AT


Articles


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (10) TMI 181
  • 2022 (10) TMI 180
  • 2022 (10) TMI 179
  • 2022 (10) TMI 178
  • 2022 (10) TMI 177
  • 2022 (10) TMI 174
  • 2022 (10) TMI 176
  • 2022 (10) TMI 175
  • Income Tax

  • 2022 (10) TMI 173
  • 2022 (10) TMI 171
  • 2022 (10) TMI 170
  • 2022 (10) TMI 169
  • 2022 (10) TMI 168
  • 2022 (10) TMI 167
  • 2022 (10) TMI 166
  • 2022 (10) TMI 172
  • 2022 (10) TMI 165
  • 2022 (10) TMI 164
  • 2022 (10) TMI 163
  • 2022 (10) TMI 162
  • 2022 (10) TMI 161
  • 2022 (10) TMI 160
  • 2022 (10) TMI 159
  • 2022 (10) TMI 158
  • 2022 (10) TMI 157
  • 2022 (10) TMI 156
  • 2022 (10) TMI 155
  • 2022 (10) TMI 154
  • 2022 (10) TMI 153
  • 2022 (10) TMI 152
  • 2022 (10) TMI 151
  • 2022 (10) TMI 150
  • 2022 (10) TMI 149
  • Customs

  • 2022 (10) TMI 148
  • 2022 (10) TMI 147
  • Insolvency & Bankruptcy

  • 2022 (10) TMI 146
  • 2022 (10) TMI 145
  • 2022 (10) TMI 144
  • Service Tax

  • 2022 (10) TMI 143
  • 2022 (10) TMI 142
  • 2022 (10) TMI 141
  • Central Excise

  • 2022 (10) TMI 138
  • 2022 (10) TMI 140
  • 2022 (10) TMI 139
  • CST, VAT & Sales Tax

  • 2022 (10) TMI 137
  • Indian Laws

  • 2022 (10) TMI 136
  • 2022 (10) TMI 135
 

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