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Home e-Newsletters Index Year 2020 December Day 18 - Friday

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TMI Tax Updates - e-Newsletter
December 18, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws PMLA Service Tax Central Excise Indian Laws



Highlights / Catch Notes

  • GST:

    Grant of regular bail - mis-applying and mis-interpreting the exemption notifications - Whether or not the registered trademark has been foregone and whether or not the applicant has mislead the authority would be a matter adjudication. The applicant is reported to have deposited a sum of ₹ 75 Lacs during the course of investigation - Considering the facts and circumstances of the case, this Court finds this to be a fit case where discretion could be exercised in favour of the applicant. - HC

  • GST:

    Refund of IGST alongwith the interest - export of 740 cartons of garments to West Midlands, United Kingdom - This Court directs the petitioner to submit a Revised Refund Request Form as per the Board's Circular No. 40/2018-Customs dated 24.10.2018, within a period of one week from the date of receipt of a copy of this order - HC

  • Income Tax:

    Addition u/s 68 - share application money was received from the company which is having no net worth - there is no case for making addition for the A.Y. 2012-13 since, the amount was found credited in the books of accounts of F.Y. 2008-09, relevant to the A.Y. 2009-10. - the addition made by the AO deleted. - AT

  • Income Tax:

    Addition on account of diversion of income - The assessee is a simple dealer in grains and obviously does not have any big brand name of his own but simply purchasing and selling grains through “mandi”, the same could have been done by these three persons also. These transactions in the name of the family members of the appellant raise doubts on the genuineness of the transactions. - Transactions in the name of the family members appear to be sham transaction and is a clear case of the income of the assessee being diverted in the name of the family members. - Additions confirmed - AT

  • Income Tax:

    TP Adjustment - The manufacturing agreement in an unambiguous manner has restricted the assessee to manufacture for Sandoz and its affiliates. Since the import and export transactions are within the group concerns and manufacturing is carried out in accordance with the orders received from AEs, we have no hesitation in holding that there is live link of the import and export transactions. - The assessee has imported APIs from its AEs for manufacturing FDFs and has exported FDFs to its AEs under manufacturing arrangement. - CUP cannot be adopted to benchmark the international transaction of import of APIs. - AT

  • Income Tax:

    Addition u/s 41(1) - Once the AO has allowed the assessee’s corresponding material purchases claim in the revenue account as a regular head of expenditure, the same very amount could not have been added as a bogus sundry creditor liability u/s 41(1) - when there is no indication about the said sum involving any cessation or remission of liability no reason to accept Revenue’s arguments seeking to revive the impugned sec. 41(1) addition - AT

  • Income Tax:

    Rectification of mistake u/s 154 - Assessment order does not include income from other sources mainly on account of bank FDR interest - it is a clear-cut case of the AO carrying out rectification of a glaring and patent mistake committed in the original assessment order. By no standard, it can be construed as a debatable point amenable to two views.- AT

  • Income Tax:

    Characterisation of receipt - Forfeiture of advance received - till the assessment year 2015- 16, the amount of forfeiture is not liable to be taxed but will go only in reducing the value of the asset while computing the taxability of the assessee under the head “capital gains”. There is no taxability of the forfeited amount in the current year. The revenue may monitor or keep track of determination of capital gains as and when the asset is finally sold. - AT

  • Income Tax:

    Reopening of assessment - requirement of issue of notice u/s 143 - The question will arise then that if the assessee was issued a notice u/s 148 of the Act and he does not file any return of income till the date of framing of the assessment order or also filed a return before passing of the assessment order u/s 143(2) of the Act, then what is the stand Revenue should take? In such case, it is not at all possible that the assessee can contest that notice u/s 143(2) should have been issued, in all such cases where reassessment is required to be made.- AT

  • Income Tax:

    Reopening of assessment u/s 147 - Unexplained loan - There were no justification for the A.O. to record non-existing, incorrect and wrong facts in the reasons for reopening of the assessment.The entirety of the facts clearly show that A.O. recorded wrong, incorrect and non-existing reasons for reopening of the assessment without application of mind and such reopening of the assessment would be invalid and bad in Law. - AT

  • Income Tax:

    Penalty levied u/s 158BFA - inflated agricultural income - Tribunal deleted the penalty - The above tax case appeals are dismissed on account of the low tax effect. The substantial questions of law raised are left open. - HC

  • Income Tax:

    TP Adjustment - adjustment on account of AMP - we cannot infer the existence of international transactions qua AMP expenses between taxpayer and AE beyond the reimbursement already made by the AE under MDF Agreement. - AT

  • Customs:

    Release of absolutely Confiscated Imported goods - levy of penalty - Canadian Green Peas - looking into the facts of the case that the appellant is a regular importer; is aware of the law and procedures regarding imports; has violated more than one condition of import, the interest of justice will be met if a deterrent redemption fine is imposed, in addition to the penalty already imposed by the Commissioner. - AT

  • PMLA:

    Grant of anticipatory bail - money laundering - siphoning of funds - Apparently, the money that is alleged to be siphoned off is public money and the offence is grave in nature. Indeed, the Investigating Officer has interrogated the petitioner twice, however looking at the gravity of the offence and the aspect of pending investigation relating to finding out the real beneficiaries of the siphoned off money, this Court finds itself in disagreement with the submission that no more interrogation in custody is required. - HC

  • Service Tax:

    Validity of action of the DGCEI to initiate investigation against the Petitioner - Exclusion of period of stay from the period of limitation - The period between the 10th February, 2016 when the stay order was passed till the disposal of the review petition i.e. 4th December, 2020 would be excluded for the propose of computing limitation period for the issuance of Show Cause Notice under Section 73(1) of the Finance Act - HC


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (12) TMI 625
  • 2020 (12) TMI 624
  • 2020 (12) TMI 623
  • 2020 (12) TMI 622
  • 2020 (12) TMI 584
  • Income Tax

  • 2020 (12) TMI 630
  • 2020 (12) TMI 610
  • 2020 (12) TMI 609
  • 2020 (12) TMI 608
  • 2020 (12) TMI 606
  • 2020 (12) TMI 605
  • 2020 (12) TMI 604
  • 2020 (12) TMI 592
  • 2020 (12) TMI 629
  • 2020 (12) TMI 603
  • 2020 (12) TMI 602
  • 2020 (12) TMI 601
  • 2020 (12) TMI 600
  • 2020 (12) TMI 599
  • 2020 (12) TMI 598
  • 2020 (12) TMI 583
  • 2020 (12) TMI 628
  • 2020 (12) TMI 597
  • 2020 (12) TMI 613
  • 2020 (12) TMI 593
  • 2020 (12) TMI 591
  • 2020 (12) TMI 612
  • 2020 (12) TMI 611
  • 2020 (12) TMI 590
  • 2020 (12) TMI 589
  • 2020 (12) TMI 627
  • 2020 (12) TMI 626
  • 2020 (12) TMI 588
  • 2020 (12) TMI 587
  • 2020 (12) TMI 586
  • 2020 (12) TMI 585
  • Customs

  • 2020 (12) TMI 607
  • 2020 (12) TMI 618
  • 2020 (12) TMI 617
  • Corporate Laws

  • 2020 (12) TMI 596
  • 2020 (12) TMI 595
  • 2020 (12) TMI 594
  • PMLA

  • 2020 (12) TMI 620
  • 2020 (12) TMI 616
  • Service Tax

  • 2020 (12) TMI 619
  • Central Excise

  • 2020 (12) TMI 615
  • Indian Laws

  • 2020 (12) TMI 621
  • 2020 (12) TMI 614
 

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