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Home e-Newsletters Index Year 2020 December Day 7 - Monday

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TMI Tax Updates - e-Newsletter
December 7, 2020

Case Laws in this Newsletter:

GST Income Tax Corporate Laws Securities / SEBI Insolvency & Bankruptcy FEMA PMLA Service Tax Central Excise Wealth tax Indian Laws



Highlights / Catch Notes

  • GST:

    Rate of tax - mixed supply or not - Job work activity or not - applicant does job work on the materials and design belonging to another registered person - The applicant supplies a mixed supply constituting of the job work of fabrication of steel structures and the works contract of applying paint to the erected steel structures. It is taxable @ 12% in terms of the provisions under section 8(b) of the GST Act. - AAR

  • GST:

    Exempt service or not - conservancy service - pure services or not - The applicant performs waste disposal activities by engaging garbage lifting vehicles and other cleaning equipment. There is, however, no reference to any supply of goods in the course of executing the work. The vehicles used and the fuel consumed and the machinery used do not result in any transfer of property in goods to the recipient. Based on the above documents, it may, therefore, be concluded that the applicant’s supply to the recipient is a pure service. - AAR

  • Income Tax:

    Valid search - proceedings initiated under Section 132 - Note of satisfaction does record reasons calling for necessary authorization to carry out search and seizure operation. The search and seizure operations carried out by and in terms of Section 132(1) of the Income Tax Act cannot be said to be illegal and ultra vires the Statute. - HC

  • Income Tax:

    Addition u/s 40A(3) - Disallowance u/s 40(a)(ia) - payment in cash to SNBT for raw material purchases and SNBT making the said amount to the suppliers - Since both the issues are inter-related and since the matter stood remitted by the learned Tribunal vide para 12 aforequoted for Section 40A(3), the issue with regard Section 40(a)(ia) of the Act also ought to have been restored to the file of the CIT (A). - HC

  • Income Tax:

    Penalty u/s.271D - there is no estopel against the statute and therefore, it is open to the assessee to claim before the authorities that a particular item of income is not taxable despite having offered the same in its return of income or even having accepted the same as taxable before the authorities or even in the books of accounts - This appeal filed by the assessee against penalty u/s.271D of the Act for A.Y.2007-08 requires to be remanded back to the file of the ld. CIT(A) for denovo adjudication in accordance with law. - AT

  • Income Tax:

    TDS u/s 194A - There is no quarrel on the point that the provision to section 194A are not applicable in respect of the payment in question and consequently the claim of deduction cannot be disallowed by invoking the provision to section 40(a)(ia) - AT

  • Income Tax:

    Exemption u/s 11 - AO in this case without looking into this issue, straightaway treated as the donation income of assessee. AO has failed to carryout necessary enquiry with regard to sources from which such donors have donated the amount to the present assessee and are unable to comment on this aspect. - Benefit of exemption cannot be denied - AT

  • Income Tax:

    Exemption u/s 80G denied - assessee clearly demonstrated that assessee has been running the educational institution and it is not dormant and assessee being so, we direct the CIT(E) to grant the recognition under section 80G - AT

  • Income Tax:

    Capital gain computation - Without going into the merits of the basis of valuation so adopted by the registered valuer and subsequently by the department’s valuation officer, in absence of a valid reference to the valuation officer, the addition so made under the head “long term capital gains” so far as it relates to cost of acquisition as substituted by fair market value as on 1.4.1981 is directed to be deleted. - AT

  • Income Tax:

    Addition of notional interest income - the Income Tax Officer (ITO) cannot decide affairs of businessman as to how the businessman should incur the expenses or earn the interest. It is the sole discretion of businessman to manage its affairs and not the ITO. - Additions deleted - AT

  • Income Tax:

    Deduction u/s.80IB(9) - Disallowance on aborted blocks - the deduction u/s 80IB(9) has to be computed after ascertaining profits and gains of eligible business in terms of sec. 80IA(5) of the Act. Hence there is no scope to adjust expenses relating to other “undertaking” while computing deduction u/s 80IB(9) of the Act. - AT

  • Income Tax:

    Computation of Long Term Capital Gains - There is nothing on record to substantiate the allegation of intention to avoid tax in the guise of transfer of shares. Ld.CIT(A) on one hand holds that there was no transfer of Capital Asset, whereas on the other hand, refers to DVO report to allege tax avoidance by assessee. Ld.CIT(A) once rejected application of sec.50C cannot rely on DVO report to hold that assessee adopted a colourable device to avoid tax. - AT

  • Indian Laws:

    Dishonor of cheque - if the applicant has a remedy under law, then permission from the Court is not necessary. Further, the offence under Section 138 Negotiable Instruments Act is a bailable offence and, the applicant may surrender before the court concerned and furnish bail bonds and thereafter, he may take recourse to the remedy as may be available to him in accordance with law - HC

  • Central Excise:

    Interest on delayed refund of pre-deposit - demand of interest from the date of deposit till its realization - Admittedly, in the case in hand, the refund claim was sanctioned on 04.11.2019, whereas the order of this Tribunal was passed on 05.09.2019; therefore, no interest is payable to the appellant. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (12) TMI 190
  • 2020 (12) TMI 189
  • Income Tax

  • 2020 (12) TMI 183
  • 2020 (12) TMI 182
  • 2020 (12) TMI 181
  • 2020 (12) TMI 180
  • 2020 (12) TMI 179
  • 2020 (12) TMI 178
  • 2020 (12) TMI 177
  • 2020 (12) TMI 176
  • 2020 (12) TMI 175
  • 2020 (12) TMI 174
  • 2020 (12) TMI 188
  • 2020 (12) TMI 186
  • 2020 (12) TMI 173
  • 2020 (12) TMI 185
  • 2020 (12) TMI 172
  • 2020 (12) TMI 171
  • 2020 (12) TMI 170
  • 2020 (12) TMI 169
  • 2020 (12) TMI 184
  • 2020 (12) TMI 168
  • 2020 (12) TMI 167
  • 2020 (12) TMI 166
  • 2020 (12) TMI 165
  • 2020 (12) TMI 164
  • 2020 (12) TMI 163
  • 2020 (12) TMI 162
  • 2020 (12) TMI 161
  • 2020 (12) TMI 160
  • 2020 (12) TMI 159
  • Corporate Laws

  • 2020 (12) TMI 158
  • Securities / SEBI

  • 2020 (12) TMI 156
  • 2020 (12) TMI 157
  • Insolvency & Bankruptcy

  • 2020 (12) TMI 155
  • 2020 (12) TMI 154
  • 2020 (12) TMI 153
  • FEMA

  • 2020 (12) TMI 187
  • PMLA

  • 2020 (12) TMI 152
  • Service Tax

  • 2020 (12) TMI 151
  • 2020 (12) TMI 150
  • Central Excise

  • 2020 (12) TMI 147
  • Wealth tax

  • 2020 (12) TMI 149
  • 2020 (12) TMI 148
  • Indian Laws

  • 2020 (12) TMI 146
  • 2020 (12) TMI 145
  • 2020 (12) TMI 144
  • 2020 (12) TMI 143
  • 2020 (12) TMI 142
  • 2020 (12) TMI 141
 

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