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Home e-Newsletters Index Year 2019 November Day 4 - Monday

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TMI Tax Updates - e-Newsletter
November 4, 2019

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    The contract between the main contractor and the Government entity is for the supply, design, erection, transmission and commissioning of different capacity of transformers & 11 KV lines and industrial electrification works, Networking & Automation Apartments /complex, Electrical works and allied services, liable for GST @18%

  • GST:

    Generation of waste - Job work - applicability of GST - any waste and scrap generated during the job work may be supplied by the registered job worker directly from his place of business on payment of tax, or by the principal if the job worker is not registered.

  • Income Tax:

    Withholding of the refund u/s 241A - AO has not given due regard to the facts of the case and he has not applied his mind as to why the refund is likely to adversely affect the revenue. There are no reasons recorded in writing by him to justify withholding of the refund due to the petitioner in terms of Section 143(1) - Matter restored before AO.

  • Income Tax:

    Penalty u/s 271B - not getting account u/s 44AB - The action of the AO in treating the unaccounted turnover as part of total turnover and holding the assessee liable for paying penalty u/s 271B of the Act for not getting books of account audited, is not sustainable.

  • Income Tax:

    Deduction on account of washout charges - cancellation of expired contract - The permission had been awarded by the RBI, consequent to which only the assessee made the payment to LD Asia. - Claim of deduction allowed.

  • Income Tax:

    Disallowance of medical expenses incurred on treatment of one of the Director - The assessee was required to deduct tax at source on the said amount of perquisite, which was part of the salary as defined u/s 17(2) - Additions confirmed.

  • Income Tax:

    TDS u/s 194H - disallowance of salary expenditure by treating it as commission paid for selling goods - When the assessee had furnished the details of the payment to his employees it cannot be simply rejected without verifying the facts.

  • Income Tax:

    Capital gains computation u/s 48 - deduction of interest as part of cost of acquisition from full value of sale consideration - We do not have even a slightest doubt that the interest in question is indeed an expenditure in acquiring the asset.

  • Income Tax:

    Exemption u/s 54F - purchase of residential land - Nursing Home was constructed in addition to the residential house - No force in the argument that exemption is available for the entire land on which construction in respect of residential house as well as commercial building being nursing home have been done.

  • Income Tax:

    Just because by shifting the head of income, the assessee would be hit by tax liability cannot be ground enough for shifting the capital gains disclosed by the assessee to the business head, especially when the property has been shown as an investment by the assessee and the same has also been clearly demarcated.

  • Income Tax:

    Capital gain computation - fair market value u/s. 50C - we accept the contention of the assessee that it is a distress sale and assessee was constrained to sell the property to none other than the Respondent in the Civil Suit and therefore, the property could not have been sold at the fair market value. Appeal of the assessee is allowed.

  • Income Tax:

    Addition of purchase expenses in cash u/s.40A(3) - the credit balance of the parties were transferred to the partners account and partners in turn settled the claims of the parties in cash - what is not directly permitted cannot be indirectly permitted.

  • Income Tax:

    VDIS - identification of jewellery declared - Tribunal committed a serious error in arriving at a conclusion that items sold by the respective appellants were different from the jewellery declared under the VDIS and as such the substantial questions of law deserves to be answered in favour of the assessees

  • Customs:

    Imposition of penalties u/s 112 (b) and 114AA On CHA - there is no element of mens rea or conscious knowledge which can be attributed to the CHA - CHA acted bona fide and merely facilitated the imports on the strength of the documents which were handed over to him by the importer -There is no sufficient material to impose penalty.

  • Customs:

    Imposition of penalties on CHA u/s 114(i) of Customs Act, 1962 - The sole allegation against the ‘Custom House Agent’ is that they allowed unauthorized use of their licence - a proposition, which fails the test of reasonableness, must be corrected by evidence but a statement of retraction does not have to be - No penalty.

  • Customs:

    Maintainability of appeal of the Revenue in terms of Section 129D of CA - the proper officer who has been entrusted with the job for filing the appeal should only sign the appeal records including the verification memo contained in the appeal memorandum

  • State GST:

    User Acceptance Testing of New Returns Offline Tool and online version of Form GST ANX-1 and Form GST ANX-2.

  • Indian Laws:

    Guilty of professional misconduct on the part of Chartered Accountant - the petitioner had made all efforts to dissuade other Chartered Accountants from taking up the assignment to audit the accounts of TIL. This, clearly, is not the object of requiring an auditor to correspond with the previous auditor. - The language of the letters sent by the petitioner and the threats held out do no credit to the profession.

  • IBC:

    Initiation of CIRP - financial service provider, including an NBFC, is excluded from the definition of a corporate person and CD - no creditor can seek initiation of corporate insolvency resolution process against any financial service provider.

  • Service Tax:

    Refund claim - time limitation - Section 11B - The doctrine of merger applicable to the case on hand - the view of the respondent-revenue in denying the refund claimed by the appellant is unjustifiable and hit by Article 265 of the Constitution of India.

  • Central Excise:

    CENVAT Credit - appellant was acting in dual capacity i.e. as manufacturer and also service provider - Merely because the appellant themselves are the paint manufacturers and raised invoices in their own name but for HPCL site, they cannot be denied the Cenvat credit of duty paid by them.

  • Central Excise:

    CENVAT Credit - input services - Repair and maintenance services - AMC services - the works contract services pertain to either maintenance of office equipment or cleaning of carpets, etc., which were used at the head office - credit allowed.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2019 (11) TMI 113
  • 2019 (11) TMI 112
  • 2019 (11) TMI 111
  • 2019 (11) TMI 110
  • 2019 (11) TMI 109
  • Income Tax

  • 2019 (11) TMI 99
  • 2019 (11) TMI 98
  • 2019 (11) TMI 97
  • 2019 (11) TMI 96
  • 2019 (11) TMI 95
  • 2019 (11) TMI 94
  • 2019 (11) TMI 93
  • 2019 (11) TMI 92
  • 2019 (11) TMI 91
  • 2019 (11) TMI 90
  • 2019 (11) TMI 89
  • 2019 (11) TMI 88
  • 2019 (11) TMI 87
  • 2019 (11) TMI 86
  • 2019 (11) TMI 85
  • 2019 (11) TMI 84
  • 2019 (11) TMI 83
  • 2019 (11) TMI 82
  • 2019 (11) TMI 42
  • 2019 (11) TMI 62
  • 2019 (11) TMI 108
  • 2019 (11) TMI 107
  • 2019 (11) TMI 106
  • 2019 (11) TMI 105
  • 2019 (11) TMI 104
  • 2019 (11) TMI 103
  • 2019 (11) TMI 102
  • 2019 (11) TMI 81
  • 2019 (11) TMI 100
  • 2019 (11) TMI 63
  • 2019 (11) TMI 80
  • 2019 (11) TMI 79
  • 2019 (11) TMI 78
  • 2019 (11) TMI 77
  • 2019 (11) TMI 76
  • 2019 (11) TMI 75
  • 2019 (11) TMI 74
  • Customs

  • 2019 (11) TMI 71
  • 2019 (11) TMI 73
  • 2019 (11) TMI 72
  • 2019 (11) TMI 70
  • 2019 (11) TMI 69
  • 2019 (11) TMI 68
  • Insolvency & Bankruptcy

  • 2019 (11) TMI 67
  • 2019 (11) TMI 66
  • Service Tax

  • 2019 (11) TMI 65
  • 2019 (11) TMI 64
  • 2019 (11) TMI 57
  • 2019 (11) TMI 61
  • 2019 (11) TMI 60
  • 2019 (11) TMI 59
  • 2019 (11) TMI 58
  • Central Excise

  • 2019 (11) TMI 56
  • 2019 (11) TMI 55
  • 2019 (11) TMI 54
  • 2019 (11) TMI 53
  • 2019 (11) TMI 52
  • 2019 (11) TMI 51
  • 2019 (11) TMI 50
  • 2019 (11) TMI 49
  • 2019 (11) TMI 48
  • 2019 (11) TMI 47
  • CST, VAT & Sales Tax

  • 2019 (11) TMI 46
  • 2019 (11) TMI 45
  • Wealth tax

  • 2019 (11) TMI 44
  • Indian Laws

  • 2019 (11) TMI 43
 

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