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Home e-Newsletters Index Year 2020 December Day 26 - Saturday

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TMI Tax Updates - e-Newsletter
December 26, 2020

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Insolvency & Bankruptcy Central Excise CST, VAT & Sales Tax



Highlights / Catch Notes

  • Income Tax:

    Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from firms in which he was a partner - conspicuously section 28(v) has not been included in sub-section (2) of Section 44AD which deals with any interest, salary, bonus, commission or remuneration by whatever name called, due to or received by, a partner of a firm from such firm. - HC

  • Income Tax:

    Reopening of assessment u/s 147 - the Revenue could not produce any evidence to show that the reasons recorded were provided to the assessee in spite of opportunity having been granted by the Tribunal. Thus, we find that the Tribunal was right in allowing the assessee's appeal and quashing the re-assessment proceedings. - HC

  • Income Tax:

    Validity of reopening of assessment - year of taxation of capital gain - Petitioner argument that the order of assessment for AY 2016-17 has been challenged in appeal only on the aspect of computation of the capital gain and thus as far as the year of taxability is concerned, the order has attained finality is misconceived since the very doubt entertained by the Officer turns on the question of whether the year of taxability adopted by the petitioner is correct or not. The finality attained by filing of the first appeal by the petitioner is subject to statutory processes such as 263 and 147 of the Act, if otherwise valid. - HC

  • Income Tax:

    Higher depreciation claim - Receipt from business of hiring of plant and machinery - The assessee’s claim is that since the substantial income i.e. 2/3rd of its income is from hiring business, it qualifies for higher depreciation @ 30%. - Claim allowed - AT

  • Income Tax:

    Claim of deduction of expenditure u/s 37(1) - Provision for audit fees - the matter requires examination and verification of fact that the payee has discharged its obligation to pay the taxes on Audit fees. - AT

  • Customs:

    Confiscation of goods - imposition of redemption fine and penalty - at the time of importation of the goods, admittedly, Pre Shipment Inspection Certificates were not available and the goods were wrongly described as scrap of tin instead of scrap of steel. The appellant could not even produce such certificates prior to adjudication and as such, the order of confiscation of the imported goods are proper and correct under Section 111(d) of the Customs Act, 1962 and thus upheld. - AT

  • Customs:

    Right of department to file any appeal or cross-objections before the Commissioner (Appeals) against Refund order - the Department could neither have filed an appeal before the Commissioner (Appeals) against a part of the order passed by the Deputy Commissioner nor it could have filed cross-objections in the appeal filed by the Vivo Mobile before the Commissioner (Appeals) against that part of the order sanctioning the refund amount since the right to file cross-objection has not been conferred under section 128 of the Customs Act, which deals with appeal to the Commissioner (Appeals). - AT

  • IBC:

    Initiation of CIRP - filing of application by the Promotor / Director of company - it is on record that the SIDBI and IOB, the Financial Creditors have strenuously opposed the admission of Section 10 Application by filing their Counter Affidavits. We add and express that the intention of Promotors is only to get admission and followed by imposition of Moratorium to stall all further proceedings. The IBC being a special legislation cannot be used as a tool to one’s advantage and other’s disadvantage. - AT

  • IBC:

    Initiation of CIRP - Whether the ‘Dispute’ pertaining to the invoice was settled between the parties? - The material on record, specifically the email dated 08.02.2019 evidences that the ‘Dispute’ is not ‘transaction centric’ but is an ongoing ‘Dispute’. Additionally, there is no documentary evidence to substantiate the contention of the Learned Counsel for the Appellant that November 2017 ‘Dispute’ was settled. The correspondence between the parties establishes that the ‘Dispute’ is with respect to substandard material supplied for both the consignments and explicitly refers to ‘problem of adhesion’ which led to laminates becoming unusable. - AT

  • IBC:

    Validity of deed of assignment - Related Party - if the Assignor of a debt is a Related Party of the Corporate Debtor, as per the ratio laid down by the Hon'ble NCLAT, the Assignee, who is a third party, is also liable to be held as a Related Party of the Corporate Debtor. - Tri

  • VAT:

    Stock Transfer - merger and amalgamation done under Section 391 and 394 of the Indian Companies Act - In the present case the predecessor Company/transferor Company have been succeeded by the Revisionist/ transferee Company who had taken over its business along with assets, liabilities, profits and losses etc. The stock transferred as a result of amalgamation was not a sale requiring issuance of certificate by M/s. Ritesh Vyaapar Ltd. in favour of the Revisionist as per the Exemption Notification of 2016. - HC

  • VAT:

    Validity of reassessment order - Even though, Tribunal may have referred to amended provisions of the Act, however, it is trite law that mere mention of a wrong provision would not invalidate an order so long as power exists with the authority. In the instant case, the re-assessment have rightly been initiated as the power to do so exists even under the un-amended Section 39(1) of the Act - HC

  • VAT:

    Works contract service - Composite Contract or not - works contract of 'structural glazing', 'suspended glazing', 'curtain walling', 'ACP cladding', 'spider glazing', 'fixed glazing', are not specified in any of the categories of Entry No.1 to 21 and are works along with the categories covered by Entry Nos.3 and 4. - the nature of activities of the petitioner fall within Entry 23 of Sixth Schedule to the Act and are liable to tax at 12.5%. - HC


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2020 (12) TMI 988
  • 2020 (12) TMI 995
  • 2020 (12) TMI 994
  • 2020 (12) TMI 987
  • 2020 (12) TMI 986
  • 2020 (12) TMI 985
  • 2020 (12) TMI 984
  • 2020 (12) TMI 983
  • 2020 (12) TMI 982
  • 2020 (12) TMI 981
  • 2020 (12) TMI 980
  • 2020 (12) TMI 979
  • 2020 (12) TMI 978
  • 2020 (12) TMI 977
  • 2020 (12) TMI 993
  • 2020 (12) TMI 976
  • 2020 (12) TMI 996
  • 2020 (12) TMI 992
  • 2020 (12) TMI 991
  • 2020 (12) TMI 990
  • 2020 (12) TMI 989
  • 2020 (12) TMI 975
  • 2020 (12) TMI 974
  • 2020 (12) TMI 973
  • 2020 (12) TMI 972
  • 2020 (12) TMI 971
  • 2020 (12) TMI 970
  • 2020 (12) TMI 969
  • 2020 (12) TMI 968
  • 2020 (12) TMI 967
  • Customs

  • 2020 (12) TMI 964
  • 2020 (12) TMI 966
  • 2020 (12) TMI 965
  • 2020 (12) TMI 963
  • 2020 (12) TMI 962
  • Corporate Laws

  • 2020 (12) TMI 961
  • 2020 (12) TMI 960
  • 2020 (12) TMI 959
  • 2020 (12) TMI 958
  • 2020 (12) TMI 957
  • 2020 (12) TMI 956
  • 2020 (12) TMI 955
  • Insolvency & Bankruptcy

  • 2020 (12) TMI 954
  • 2020 (12) TMI 953
  • 2020 (12) TMI 952
  • 2020 (12) TMI 951
  • Central Excise

  • 2020 (12) TMI 950
  • CST, VAT & Sales Tax

  • 2020 (12) TMI 949
  • 2020 (12) TMI 948
  • 2020 (12) TMI 946
  • 2020 (12) TMI 947
 

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