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Home e-Newsletters Index Year 2020 November Day 24 - Tuesday

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TMI Tax Updates - e-Newsletter
November 24, 2020

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Exigibility of GST - supply of goods or not - sale of applicant’s share (40%) of residential flats - revenue sharing basis - the amounts received by the applicant, either by himself or through his agents, towards sale of their share of flats are not exigible to GST, if and only if the entire consideration related to such sale of flats is received after the issuance of Completion Certificate - AAR

  • GST:

    Validity of Summon Order - seeking permission to appear through video conferencing - The concept of balance of convenience cannot be tilted in favour of the Petitioner to be allowed to appear through video conferencing, merely because travelling from Bengaluru to New Delhi would be a risk factor for the Petitioner of contracting COVID-19. This mere apprehension of contracting COVID-19 does not persuade us to grant the relief sought for by the present Petitioner. - HC

  • GST:

    Principles of Natural Justice - validity of Garnishee Notice - As the Garnishee Notice came to be passed without hearing, the Writ Petition is allowed setting aside the impugned Garnishee Notice, issued by the 1st Respondent, however, leaving it open to the authorities to proceed in accordance with law. - HC

  • GST:

    Imposition of penalty under Section 122 of CGST Act - Without waiting for statutory period stipulated under the Act, assessment Order came to be issued in Form GSTR ASMT-13 under Section 62 of CGST Act, on 29.01.2019, directing the Petitioner to pay huge sum of money including penalty. - The order came to be passed without following the principles of natural justice, the Writ Petition is allowed setting aside the impugned Order - HC

  • GST:

    Validity of SCN - Cancellation of GST registration - this Court does not think it fit to set aside the order of cancellation of registration at such a belated stage, specially as the period of limitation has been extended by the authorities. The petitioner shall exhaust the available remedy under the statute. - HC

  • GST:

    Levy of interest - belated filing of GST returns - Section 50 of the CGST Act - ppropriate reasoned order may be passed affording opportunity to the petitioner, within a period of one month from the date of communication of this order. Till then, adverse order, if any passed against the petitioner, shall not be given effect to. - HC

  • Income Tax:

    Jurisdiction to frame the scrutiny assessment u/s 143(3) - Jurisdiction recognized by the Act are based on territory, residence, pecuniary, classes of assessee like companies, firms etc. Since the PAN jurisdiction must be an internal arrangement of the Department which does not have the sanction of law and since it is not recognized by the Statute, therefore this contention of the revenue cannot be accepted and so it is rejected. - AT

  • Income Tax:

    Deduction u/s.54F - Receipt of 10 flats in lieu of Joint development agreement (JDA) of land - assessee did not offer any long term capital gain (LTCG) on entering into joint venture agreement in respect of property - once ecemption u/s 54F is allowed, no capital gain that would remain which is chargeable to tax in the hands of the assessee. - AT

  • Income Tax:

    Addition u/s 68 - unexplained cash credit - The assessee had to discharge the primary onus in that regard. The peak credit worked out by the assessee, on the basis that the principle of peak credit applied, notwithstanding the failure to explain each of the sources of the deposits and the corresponding destinations of the payments without squaring them off, was not permissible - AT

  • Income Tax:

    Unexplained share capital - share premium and share application money - Ld.CIT(A) has noted as assessee has filed the confirmation letters, copies of ITRs, copies of bank statements of five parties, who invested share capital. Besides, the assessee has filed the allotment letters, returns as filed with the AO along with Board’s resolution for allotment of shares - No addition could be made - AT

  • Customs:

    Reclaim of goods after surrender of rights in warehoused Goods (after import) u/s 23(3) - Due to increased customs duty, the plaintiffs could not take the delivery of the goods - Since the plaintiffs have initially surrendered their right and claim over the goods, now they cannot reverse their stand and re-claim the same after inordinate delay without assigning any sufficient condonable reasons for the same. Rather what appears is that the suit filed by the plaintiffs is an afterthought belated machination by misuse of the process of the Court - HC

  • Customs:

    Classification of goods - consignment imported under SKD condition - When the goods are presented in SKD condition, Revenue does not have authority of law to separate different parts and components and classify them differently in view of Rule 2(a) of General Rules for Interpretation of the Customs Tariff. - AT

  • IBC:

    Whether notification issued under Section 4 of the MPID Act and consequent attachment of the property including the bank account of the corporate debtor can be challenged by approaching NCLT under Section 60(5) of the I.B. Code? - Section 18 of the I.B. Code specifying duties of interim resolution professional, although provides in sub-Section 18(f) that he shall take control and custody of any asset over which the corporate debtor has ownership rights, however the same is subject to the determination to the ownership by a Court or Authority. In this particular case, such Court will be the Designated Court as per the provisions of the MPID Act. - HC

  • Service Tax:

    Recovery of Refund of service tax - appeal is disposed of, answering the questions of law in favour of the Revenue; but restraining the respondent-Revenue from recovering the amounts refunded since as of now the levy of service tax on the payment in lieu of foreign agency commission will not be leviable as 'Business Auxiliary service' prior to 18.04.2006 - HC

  • Central Excise:

    Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - Misdeclaration in SVLDRS-1 Form - This writ petition also stands disposed of by requiring the petitioner to submit an application before the respondent authorities for correction to be made in the information provided in the Form SVLDRS-1 as regards the penalty imposed and upon such application being made, the respondent authorities would pass a reasoned speaking order thereon - HC

  • Central Excise:

    CENVAT credit - electricity - captive consumption - Even after the insertion of the Explanation 1 Rule 6 of the CCR with effect from 1 March 2015 equating non-excisable goods with exempted goods for the purpose of Rule 6 of the CCR, the factual position remains that no Cenvat availed inputs were used by the Appellant in the generation of electricity from Bagasse. Bagasse remains non-excisable and the question of availing any credit thereon does not arise. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (11) TMI 717
  • 2020 (11) TMI 716
  • 2020 (11) TMI 715
  • 2020 (11) TMI 719
  • 2020 (11) TMI 718
  • 2020 (11) TMI 714
  • 2020 (11) TMI 713
  • 2020 (11) TMI 712
  • 2020 (11) TMI 711
  • 2020 (11) TMI 710
  • Income Tax

  • 2020 (11) TMI 704
  • 2020 (11) TMI 703
  • 2020 (11) TMI 702
  • 2020 (11) TMI 701
  • 2020 (11) TMI 700
  • 2020 (11) TMI 699
  • 2020 (11) TMI 709
  • 2020 (11) TMI 698
  • 2020 (11) TMI 708
  • 2020 (11) TMI 707
  • 2020 (11) TMI 706
  • 2020 (11) TMI 705
  • 2020 (11) TMI 697
  • 2020 (11) TMI 696
  • 2020 (11) TMI 695
  • 2020 (11) TMI 694
  • 2020 (11) TMI 693
  • 2020 (11) TMI 692
  • Customs

  • 2020 (11) TMI 686
  • 2020 (11) TMI 691
  • 2020 (11) TMI 690
  • 2020 (11) TMI 689
  • 2020 (11) TMI 688
  • 2020 (11) TMI 687
  • 2020 (11) TMI 685
  • Corporate Laws

  • 2020 (11) TMI 683
  • 2020 (11) TMI 682
  • 2020 (11) TMI 681
  • 2020 (11) TMI 680
  • 2020 (11) TMI 679
  • Insolvency & Bankruptcy

  • 2020 (11) TMI 678
  • 2020 (11) TMI 677
  • 2020 (11) TMI 676
  • 2020 (11) TMI 675
  • 2020 (11) TMI 674
  • 2020 (11) TMI 673
  • 2020 (11) TMI 672
  • 2020 (11) TMI 671
  • 2020 (11) TMI 670
  • 2020 (11) TMI 669
  • 2020 (11) TMI 668
  • PMLA

  • 2020 (11) TMI 667
  • Service Tax

  • 2020 (11) TMI 666
  • Central Excise

  • 2020 (11) TMI 664
  • 2020 (11) TMI 663
  • 2020 (11) TMI 665
  • CST, VAT & Sales Tax

  • 2020 (11) TMI 662
  • 2020 (11) TMI 684
  • 2020 (11) TMI 661
  • 2020 (11) TMI 660
  • Indian Laws

  • 2020 (11) TMI 659
 

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