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Home e-Newsletters Index Year 2020 November Day 23 - Monday

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TMI Tax Updates - e-Newsletter
November 23, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy PMLA Service Tax Central Excise Indian Laws



Highlights / Catch Notes

  • GST:

    Grant of retrospective registration with effect from 01.07.2017 for petitioner's Registration Certificate dated 07.06.2018 - This Court directs the fourth and fifth respondents to consider the petitioner's representation, dated 14.09.2020 seeking for validation of his registration from 01.07.2017 itself and pass final orders on merits and in accordance with law - HC

  • Income Tax:

    Deduction / Exemption u/s. 10A - irrespective of the fact whether or not the assessee provides training to its employees or to the employees who are recruited by its clients, since, the assessee is engaged in providing human resource services, its case is squarely covered by Notification dated 26.09.2000. Therefore, the assessee is entitled to the benefit of deduction u/s 10A - HC

  • Income Tax:

    Bogus LTCG - exemption u/s 10(38) on sale of shares denied - During the appellate proceedings, the assessee was not made available any such statement and even the right of cross examination was denied by the ld CIT(A) who exercises the co-terminus powers as that of the AO. - Therefore, the statement of a third party cannot be sole basis of the assessment without given an opportunity of cross examination and consequently it is a serious flaw which renders the order a nullity. - AT

  • Income Tax:

    Unexplained cash credit u/s 68 - Director-promoter of the lending companies have already confessed during the survey action that the lending companies controlled by them are bogus companies engaged in providing accommodation entries - the assessee has discharged the onus cast upon him as he has filed all the documents proving identity , creditworthiness of the parties and genuineness of the transactions and therefore the addition can not be made u/s 68 - AT

  • Income Tax:

    TDS u/s 195 - addition u/s 40(a)(i) - computer maintenance expenses - Royalty - The Singapore entity buys various licenses from third party manufacturers and in turn sells the same to the Indian assessee. The Singapore entity is not the owner of any copyright. This is a clear case of providing services by the Singapore entity to the assessee company. Hence, the same cannot fall within the ambit of royalty. - AT

  • Income Tax:

    Penalty u/s 271(1)(c) - If authority is satisfied that there was a reasonable cause, it may impose any penalty but inadvertent mistake cannot call for penalty in the absence of any material to show there is gross negligency or want of bona fides on the part of the assessee. - In the instant case, we find no such gross negligency on the part of the assessee and thus in our considered opinion the penalty should be justified for an inadvertent mistake committed by the assessee. - AT

  • Customs:

    Gross overvaluation to fraudulently avail export benefits - Petitioner placed in the Denied Entity List (DEL) - The submission of the learned counsel for the respondents (Revenue) that the Impugned Order is interim in nature and therefore principles of Natural Justice can be dispensed with cannot also be accepted. - Impugned order set aside - HC

  • Customs:

    Permission for re-export of imported diamonds on paying the penalty and redemption fine - Import of rough diamonds without KP (Kimberly Process) certificate - The Circular, which permit import of rough diamonds, mandates confiscation on violation of conditions. - There are no reason to interfere with the judgment of the learned Single Judge - HC

  • Customs:

    Physical presence of the petitioner for enquiry - (i) Petitioners shall appear on 17.11.2020 in DRI office for further enquiry; (ii) They shall be permitted to carry their own food and medicines; and (iii) Enquiry shall be conducted during the office hours and completed as expeditiously as possible. - HC

  • Customs:

    Maintainability of appeal - time limitation - If the date of receipt of the order is taken into consideration, it is observed that the appeal was filed within the statutory period of 60(sixty) days and there was no delay in filing the appeal before the Commissioner (Appeals) - AT

  • Corporate Law:

    Transmission of shares - estoppel by conduct - The appellant himself has purchased the shares of the respondents of USA based company at a consideration on the same plea, no doubt, but taking a different plea in India and without communicating in explicit terms when this fact was known to the Appellant no.2 since the date of death of the holder of shares or earlier. Indian Evidence Act, 1872 does not permit taking one stand at one place & a different stand at other place. - AT

  • IBC:

    Direction issued to the Appellant / ROC, West Bengal to restore the name of the Company for completion of ‘Corporate Insolvency Resolution Process’ effectively in the register of Companies cannot be found fault with. However, the further direction issued by the Tribunal, to the Appellant ‘not to levy any fee / penalty’ to the Company because Company is in ‘Corporate Insolvency Resolution Process’ is legally untenable - AT

  • Service Tax:

    CENVAT Credit - proper invoices or not - validity of invoices/ bills issued to their office which is unregistered - requirement of Central Excise Registration or ISD Registration for availing CENVAT credit on the invoices issued on a different address - There is no law that prescribes that the only way to distribute CENVAT credit is registering as an ISD. - AT

  • Service Tax:

    Taxable Service or not - payment of remuneration in the nature and form of commission based on percentage of profit to whole time directors - reverse charge mechanism (RCM) - when the very provisions of the Companies Act make whole-time director (as also in capacity of key managerial personnel) responsible for any default/offences, it leads to the conclusion that those directors are employees of the assessee company. - AT

  • Central Excise:

    Grant of Anticipatory Bail - excise duty evasion case of ₹ 150 crores - department contended that applicant/accused is playing hide and seek and intends to take undue benefit of the fact that after five years of the commencement of investigation i.e. September 2020, as investigation commenced in September, 2015, the department would not be in a position to take the investigation to a logical conclusion - Considering the nature of allegations involved in the present case,this is not a fit case to grant anticipatory bail to the applicant/accused - DSC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (11) TMI 658
  • 2020 (11) TMI 657
  • Income Tax

  • 2020 (11) TMI 655
  • 2020 (11) TMI 651
  • 2020 (11) TMI 650
  • 2020 (11) TMI 649
  • 2020 (11) TMI 648
  • 2020 (11) TMI 654
  • 2020 (11) TMI 653
  • 2020 (11) TMI 647
  • 2020 (11) TMI 652
  • 2020 (11) TMI 646
  • 2020 (11) TMI 618
  • 2020 (11) TMI 645
  • 2020 (11) TMI 644
  • 2020 (11) TMI 643
  • 2020 (11) TMI 642
  • 2020 (11) TMI 641
  • 2020 (11) TMI 640
  • 2020 (11) TMI 639
  • 2020 (11) TMI 638
  • Customs

  • 2020 (11) TMI 637
  • 2020 (11) TMI 636
  • 2020 (11) TMI 635
  • 2020 (11) TMI 634
  • 2020 (11) TMI 633
  • Corporate Laws

  • 2020 (11) TMI 632
  • 2020 (11) TMI 631
  • Insolvency & Bankruptcy

  • 2020 (11) TMI 627
  • 2020 (11) TMI 626
  • 2020 (11) TMI 620
  • PMLA

  • 2020 (11) TMI 629
  • Service Tax

  • 2020 (11) TMI 624
  • 2020 (11) TMI 622
  • 2020 (11) TMI 621
  • 2020 (11) TMI 619
  • Central Excise

  • 2020 (11) TMI 623
  • 2020 (11) TMI 656
  • Indian Laws

  • 2020 (11) TMI 630
  • 2020 (11) TMI 628
  • 2020 (11) TMI 625
 

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