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Home e-Newsletters Index Year 2022 December Day 8 - Thursday

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TMI Tax Updates - e-Newsletter
December 8, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Imposition of costs on the Department - provisional attachment - a fine question of law has been raised by the assesses in their appeal arising out of the very same common order and the present appeals filed by the Revenue is confined only to that extent where cost has been imposed. Therefore, in the facts and circumstances of the case, we are of the view that it is not a case where cost has to be imposed, as directed by the learned writ Court. - HC

  • GST:

    Refund of Input Tax Credit accumulated due to inverted duty structure - In the present case, the Petitioners have not only asserted that notice was not received by the Petitioners nor it was available on GSTN portal in the petition, but before passing the impugned order, the Petitioners had communicated to the Respondents that notice was not received nor it was available on portal. These facts have gone uncontroverted. - Matter restored back - HC

  • Income Tax:

    Deemed dividend u/s.2(22)(e) - loan received by the Assessee from QNEI - the Assessee is not a shareholder of QNEI, the amount received from QNEI will not be taxable in the hands of the Assessee as deemed dividend u/s.2(22)(e) of the Act and common shareholding in two companies would not attract the provisions of Section 2(22)(e) of the Act. - AT

  • Income Tax:

    Deduction u/s. 80IA - eligibility of rental income - the rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo business and eligible for deduction u/s. 80IA. The addition is deleted. - AT

  • Income Tax:

    Income accrued in India - subscription/distribution revenue earned by the assessee - royalty receipt - the issue, whether the assessee had a PE in India in these two assessment years is purely academic in the nature, as, the entire income has been offered to tax by Indian entity - AT

  • Income Tax:

    Revision u/s 263 - ‘business income’ OR ‘agricultural income’ - In the present case, neither any enquiry has been made by the Assessing Officer nor any questions were asked to the assessee nor any information was called for. Therefore, we have no hesitation to hold that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of revenue within the meaning of section 263 - AT

  • Income Tax:

    Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and 44AB, which is far below the threshold limit prescribed for the relevant assessment year, the assessee can not treated as assessee in default in terms of S. 271A and S. 271B of the Act. The assessee thus has demonstrated reasonable cause for failure to maintain books of account as well as compliance of Section 44AB of the Act in term of Section 271B of the Act.- AT

  • Income Tax:

    Expenditure as covered u/s 43B - payment made by the assessee towards EDC under HDRUA Rules does not fall within the ambit of duty, tax, cess or fee. The impugned payment has been made by the assessee for acquiring the facilities on the land allotted to it by HUDA, which is not in the nature of duty, tax, cess or fee. - AT

  • Income Tax:

    Additional depreciation u/s 32(1)(iia) - manufacturing in term of section 2(29BA) - Vital fact, which is not disputed by revenue, that the assessee is purchasing plastic granule/raw material and manufacturing packing material therefrom such as jar/pouches/bottles make the assessee fully eligible for “additional depreciation”. - AT

  • Customs:

    Service Exports from India Scheme - requirement of obtaining IEC - In view of the amendment made in the FTP 2015-20, this Court does not deem it fit to venture further on individual facts of the present case - It is now open to the Petitioners to raise their grievances before the authorities regarding other reliefs as prayed for in the instant Writ Petitions - HC

  • Corporate Law:

    Power of NCLT to investigate and direct the ICAI to take action against chartered accountant - no power exist with the Tribunal, to ask an Autonomous Professional Body (herein the Institute of Chartered Accountant of India) to take disciplinary action against its Member. - Tribunal ought to have taken into account the provision as contained in Section 213 of the Companies Act, 2013 and after following due process after hearing the company - AT

  • IBC:

    Delay in Revival of the Corporate Debtor - This Tribunal, on going through the words, any person Aggrieved, occurring in Section 61 (1) of the I & B Code, 2016, is of the view that in Section 61 (1) of the Code, the words Party Aggrieved, are not employed. For an affected person, the Order of an Adjudicating Authority, must cause a Legal Grievance, by wrongfully depriving him of something and in the process, his Legal Right is breached, by the act complained of. - AT

  • IBC:

    Forfeiture of right to file reply of Corporate debtor - Financial Debt or not - It is significant to mention that the Financial Creditor had not sought for enforcement of this promisory note and therefore, the question of it being stamped and the provisions of Indian Stamp Act, 1899 being applicable, does not arise in this case. The material on record evidences that the amount of Rs. 1 Crore disbursed to the Corporate Debtor has the essential ingredients of a Financial Debt as defined under Section 5(8) of the Code. - AT

  • IBC:

    Initiation of CIRP - If the Appellant was not in a position to satisfy the Adjudicating Authority on the validity of the demand notice certainly application filed under Section 9 of the code was required to be rejected. - AT

  • VAT:

    Jurisdiction and Validity/legality of re-assessment order - time limitation - when the assesses are permitted to file their returns beyond the period prescribed due to pandemic, in view of the judgment of the Hon’ble Supreme Court and circulars issued, we feel that the authorities also should be given time to pass orders during the pandemic. - HC

  • VAT:

    Maintainability of writ petition - alternate remedy of appeal - The Hon’ble Supreme Court held that the High Court ought not to have entertained the writ petition under Article 226 of the Constitution of India challenging the assessment order in view of the availability of statutory remedy under the Act and there was no exceptional reason. The appeal filed by the State Government was thus allowed on the ground that the High Court should not have entertained a writ petition inspite of alternate remedy. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (12) TMI 300
  • 2022 (12) TMI 299
  • 2022 (12) TMI 298
  • 2022 (12) TMI 297
  • 2022 (12) TMI 296
  • 2022 (12) TMI 295
  • Income Tax

  • 2022 (12) TMI 305
  • 2022 (12) TMI 304
  • 2022 (12) TMI 293
  • 2022 (12) TMI 292
  • 2022 (12) TMI 291
  • 2022 (12) TMI 290
  • 2022 (12) TMI 289
  • 2022 (12) TMI 288
  • 2022 (12) TMI 287
  • 2022 (12) TMI 286
  • 2022 (12) TMI 285
  • 2022 (12) TMI 284
  • 2022 (12) TMI 283
  • 2022 (12) TMI 303
  • 2022 (12) TMI 302
  • 2022 (12) TMI 282
  • 2022 (12) TMI 281
  • 2022 (12) TMI 280
  • 2022 (12) TMI 279
  • 2022 (12) TMI 301
  • 2022 (12) TMI 278
  • 2022 (12) TMI 294
  • Customs

  • 2022 (12) TMI 277
  • Corporate Laws

  • 2022 (12) TMI 275
  • Insolvency & Bankruptcy

  • 2022 (12) TMI 272
  • 2022 (12) TMI 276
  • 2022 (12) TMI 274
  • 2022 (12) TMI 271
  • 2022 (12) TMI 273
  • PMLA

  • 2022 (12) TMI 270
  • 2022 (12) TMI 269
  • Central Excise

  • 2022 (12) TMI 268
  • CST, VAT & Sales Tax

  • 2022 (12) TMI 267
  • 2022 (12) TMI 266
  • 2022 (12) TMI 265
  • 2022 (12) TMI 264
 

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