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Home e-Newsletters Index Year 2020 December Day 14 - Monday

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TMI Tax Updates - e-Newsletter
December 14, 2020

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Validity of SCN - Jurisdiction - Without expressing any opinion on the merits of the case, we deem it proper to dispose of this writ petition, at this stage, reserving liberty to the petitioner-Company to file detailed reply to the show cause notice in question, enabling the respondents to determine the tax under the GST Act. - HC

  • Income Tax:

    Exemption u/s 11 - Denial of carry forward of the deficit of excess of expenditure over income - there is no bar in law and there is no specific provision in the Act which says that deduction of 15% for accumulation will not be allowed in case of deficit to such 15% accumulation is allowable irrespective of whether 15% of income have been applied or not. - AT

  • Income Tax:

    Levy of penalty u/s 271(1)(c) - Even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared the said income in the return of income filed under section 139(1) of the Act, then the penalty cannot be levied on the surmises, conjectures and possibilities that the assessee would not have disclosed the income but for survey. - AT

  • Income Tax:

    Assessment u/s 153A - Addition u/s 69 - on money payment made by the assessee - As noted by the learned CIT(A) despite extensive search no other material of on money was seized except for the admission of the assessee for the amount paid for the amenities, which were duly offered to tax in the hands of the assessee’s company in which he was director - when the addition is solely based upon builder’s employee statement, which has been retracted and without any corroborative material brought on record, the same is not sustainable. - AT

  • Income Tax:

    Book profit computation u/s. 115JB for capital receipt inform of interest subsidy - After considering the finding of the judicial pronouncement on this issue, the assessing officer is directed to treat the aforesaid amount of subsidy as capital receipt under Technology Upgradation Fund Scheme for Textile and Jute Industries. - AT

  • Income Tax:

    Disallowance of business expenditure - very businessman have a right to acquire knowledge and special skills in management for implementation of systems and new techniques. - Simply because the turnover has fallen down and further granting license is pending before the Government are not at relevant factors to deny the business expenditure claimed by the Assessee. - AT

  • Income Tax:

    Reopening of assessment u/s 147 - non-deduction of TDS as mentioned in the Form no. 3CD Tax Audit Report u/sec. 44AB - the assessee has filed the details and disclosed fully and truly all material facts relevant to the assessment year in consideration. - the assessment was reopened beyond a period of four years and cannot be sustained. - AT

  • Customs:

    Smuggling - Foreign Origin Gold Bars - It is also surprising that even though the Revenue is believing and relying upon the initial statement of Shri Karan Soni (employee who were carrying gold), detailing the name and address of the persons at Kolkata from whom the gold in question was received by him, they have not bothered to make any investigation at their end. There is no explanation coming from the Revenue for the said lapse on their part - Once the names of the alleged supplier of the goods were disclosed, it was the duty of the Department to approach them and to investigate at their end so as to collect the evidence and to corroborate the statement - Order of confiscation and penalty set aside - AT

  • Indian Laws:

    Dishonor of Cheque - summon of accused - Application under Section 145 of NI Act was entertained at wrong stage whereas such application is permissible after closure of or during leading of evidence of complainant, at a stage when complainant would have been given opportunity to lead and complete his evidence after recording substance of accusation or putting notice of accusation or framing of charge but not before that. Therefore, the application should not have been permitted to be filed at wrong stage and in any case, if it had been permitted to be filed at wrong stage, then the same should have been kept pending for consideration at appropriate stage. - Serious mistake committed by the trial Court is not mere irregularity but illegality - HC

  • Indian Laws:

    Dishonor of Cheque - existence of debt or not - When the petitioners categorically called upon the respondent to refrain from presenting the cheques and also return the same, the petitioners would not have instructed the respondent to present those cheques for collection. That apart, those cheques admittedly are post-dated one. When there is a dispute in respect of quality of the garments, the petitioners stopped the payment of those cheques. - All the impugned complaints filed as against the petitioners are liable to be quashed - HC

  • IBC:

    Liquidation of Corporate Debtor - once CIRP is initiated under IBC, the management vests in IRP/RP and if Liquidation Order gets passed the Powers and Duties of the Liquidator as in Section 35 of IBC vest with Liquidator. Without liquidator taking steps no such application to obtain Certificate of MSME could have been filed by the Appellant. - Applicant/Appellant could not have moved the Authorities for Certificate under MSME by-passing the Liquidator and such action must be held as illegal. - AT

  • IBC:

    Cancellation of shares - Petitioners have contended that the cancellation of shares were done without obtaining consent and without giving opportunity to the petitioners - Since it has been held by this Tribunal that the removal of the petitioners as board of directors is also invalid, it is considered that the continuation of the clauses 31(a), 32 and 39(b) are totally against the interest of the majority shareholders and hence it is ordered that the above mentioned clauses may be deleted and the Articles of Association thus stand amended of the R1 company. - Tri

  • Service Tax:

    Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) - failure to make payment by 30th June 2020 - the error is at the end of the petitioner’s agent i.e. petitioner’s bank. - the decision taken by the Designated Committee is in accordance with Section 127 (5) of the Finance Act 2019 read with section 7(iv) of the Taxation and Other Laws ordinance, 2020 - If the petitioner has any grievances with its bank, it shall be at liberty to proceed against the same in accordance with law. - HC

  • Central Excise:

    Refund of CENVAT Credit - export goods or not - goods were cleared by the appellant, not for physical exports, but were cleared by them to their sister concern, who is an 100% Export Oriented Unit - Since these goods were not cleared for physical exports by the applicant, in view of the definition of “export goods”, as per explanation (1A) inserted in Rule 5 of CENVAT Credit Rules, 2004, they do not qualify to be included in the export turnover of the appellant for the purpose of computing the refund under rule 5. - Amount debited from Cenvat Credit account allowed to be restored / re-credited - AT

  • Central Excise:

    Recredit of amount already reversed - It is a fact on record that when the appellant filed the refund claim of cenvat credit reversed by them, it was not the issue but with the introduction of CGST Act 2017, the issue of re-credit was arise in terms of Section 142 (3) of the CGST Act 2017 and the appellant was having no occasion to raise the issue of the re-credit before the adjudicating authority - The appellant is entitled to recredit of the amount already reversed before introduction of CGST Act 2017 - AT


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Case Laws:

  • GST

  • 2020 (12) TMI 453
  • 2020 (12) TMI 452
  • 2020 (12) TMI 451
  • 2020 (12) TMI 450
  • Income Tax

  • 2020 (12) TMI 449
  • 2020 (12) TMI 448
  • 2020 (12) TMI 447
  • 2020 (12) TMI 446
  • 2020 (12) TMI 445
  • 2020 (12) TMI 444
  • 2020 (12) TMI 443
  • 2020 (12) TMI 442
  • 2020 (12) TMI 441
  • 2020 (12) TMI 440
  • 2020 (12) TMI 439
  • 2020 (12) TMI 438
  • 2020 (12) TMI 411
  • 2020 (12) TMI 437
  • 2020 (12) TMI 436
  • 2020 (12) TMI 435
  • 2020 (12) TMI 434
  • Customs

  • 2020 (12) TMI 428
  • 2020 (12) TMI 427
  • 2020 (12) TMI 429
  • Corporate Laws

  • 2020 (12) TMI 426
  • 2020 (12) TMI 425
  • 2020 (12) TMI 424
  • 2020 (12) TMI 423
  • 2020 (12) TMI 422
  • Insolvency & Bankruptcy

  • 2020 (12) TMI 421
  • 2020 (12) TMI 454
  • 2020 (12) TMI 420
  • 2020 (12) TMI 433
  • 2020 (12) TMI 432
  • 2020 (12) TMI 419
  • Service Tax

  • 2020 (12) TMI 418
  • 2020 (12) TMI 416
  • 2020 (12) TMI 417
  • Central Excise

  • 2020 (12) TMI 415
  • 2020 (12) TMI 431
  • Indian Laws

  • 2020 (12) TMI 414
  • 2020 (12) TMI 430
  • 2020 (12) TMI 413
  • 2020 (12) TMI 412
 

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