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Home e-Newsletters Index Year 2022 February Day 14 - Monday

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TMI Tax Updates - e-Newsletter
February 14, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • Income Tax:

    Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the donated corpus for religious and charitable purposes, and that the question whether the gifted income is to be utilised by the donee trust fully for its religious and charitable purposes or whether the donee trust had to keep intact the corpus of the donation and has to utilise only the income therefrom for its religious and charitable purposes, would not make the slightest difference so far as entitlement of the donor trust for exemption under Section 11(1) - HC

  • Income Tax:

    Reopening of assessment u/s 147 - Scope of Section 148A as newly inserted - In plain terms a notice which had become time barred prior to 01.04.2021 as per the then prevailing provisions, would not be revived by virtue of the application of Section 149(1)(b) effective from 01.04.2021. All the notices issued in the present cases are after 01.04.2021 and have been issued without following the procedure contained in Section 148A of the Act and are therefore invalid. - HC

  • Income Tax:

    Addition u/s 68 - The Tribunal not only took note of the legal position but also the factual position. The Tribunal held that the legal effect after amalgamation of the 14 companies with the assessee company is that the amalgamating companies loses its identity and since the assessee company is different juristic entity, cannot be taxed by applying Section 68 of the Act for the share capital and premium which these 14 amalgamating companies have shown in their respective books from financial year 2008-09 onwards.- HC

  • Income Tax:

    Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction to minimize the possible loss from fluctuation in foreign currency, then profit or loss arises on account of appreciation or depreciation in the value of foreign currency held by it on conversion into another currency, such profit or loss would ordinarily be a trading profit or loss, if the foreign currency is held by the assessee on Revenue account or as a trading asset or as a part of circulating capital embarked in the business, if the underline asset is more than the amount of forward contracts entered into by the assessee. - AT

  • Income Tax:

    Deduction u/s 54F or u/s 54 - mere sale of land instead of land and building - The cost of the property declared by the assessee includes an amount for making the house habitable which includes certain items as per serial No.1 to 16 of the table at para 5.5. of the CIT(A) which in our opinion is not allowable as a deduction for making the house habitable because these are all luxury items.CIT(A) has rightly determined the amount for making the house habitable. Therefore, the assessee is entitled to get the benefit of deduction u/s 54 of the Act to the extent including amount for making the house habitable. - AT

  • Income Tax:

    Undisclosed investment u/s.69 - unaccounted payment on purchase of impugned land - Recording of the statement by survey team under section 131(1) is not valid. Thus, no cognizance of such statement could be taken. Hence, the addition which is solely based on the stamen is not legally sustainable. - AT

  • Income Tax:

    Rejection of books of accounts - Estimation of income - The case laws relied upon by the ld. AR are not applicable as per facts of the present case, therefore, considering the totality of facts and circumstances, we found that the ld. CIT(A) has passed a speaking and reasoned order discussing all the details of the case of the assessee, as far as the rejection of books of account, thus we uphold the order of ld. CIT(A) to the extent it has upheld the rejection of books of account of the assessee. - AT

  • Customs:

    Confiscation of goods - insulated copper cables - failure to produce the shipping bill before the ‘proper officer’ - goods had indeed been loaded on board without ‘let export order (LEO)’ - The regularisation of the process for export is on record. Moreover, the vessel had been allowed to depart in accordance with section 42 of Customs Act, 1962 after issue of ‘port clearance’ by the ‘proper officer’ though it was well within the authority of such officer to offload the offending goods. Therefore, it cannot be said that the appellant was in any way connected with illicit shipment of export cargo. Consequently, the imposition of penalty under section 114 of Customs Act, 1962 is unjustified - AT

  • Customs:

    100% EOU - served from India scheme (SFIS) - Recovery of duties of customs foregone - There is no finding in the order of the original authority holding the goods liable to confiscation; the imposition of penalty under section 112 of Customs Act, 1962 is without authority of law. Neither is there any finding on the confiscability of goods under rule 25 of Central Excise Act, 1944 and the imposition of penalty thereunder is, therefore, without authority of law. - AT

  • Indian Laws:

    Dishonor of Cheque - multiplicity of/parallel proceedings - The businesses are conducted on trust but the petitioner failed to maintain the trust and committed breach without payment of money after receiving the goods. He also closed the business and kept himself absconding in the case under Section 138 NI Act due to which LPC proceedings were initiated against him. As it is not only a simple case of failure to repay the value of the goods but also shows his dishonest intention to deceive the 1st respondent not to pay the money after receiving the property and caused wrongful loss to the 1st respondent and wrongful gain to himself, it is considered not a fit case to quash the proceedings. - HC

  • Service Tax:

    Extended period of limitation - Recovery of service tax - service being taxable but the liability has not been discharged by the appellant - the Department has wrongly invoked the extended period of limitation. - nothing of this sort is apparent on part of the appellant - Department has wrongly invoked the extended period of limitation. Both the SCNs are therefore, held to be barred by the period of limitation. - AT

  • Central Excise:

    CENVAT Credit - duty paying invoices - non receipt of the inputs against such documents - diversion of goods - When the investigating offices visited the factory of the respondent as well as that of the job workers, they did not find any discrepancy about the inventory of inputs or final products. There is neither any investigation nor an iota of evidence that the respondent had procured the inputs from open market for substitution of the disputed inputs. - AT


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Case Laws:

  • GST

  • 2022 (2) TMI 554
  • Income Tax

  • 2022 (2) TMI 537
  • 2022 (2) TMI 527
  • 2022 (2) TMI 526
  • 2022 (2) TMI 525
  • 2022 (2) TMI 524
  • 2022 (2) TMI 523
  • 2022 (2) TMI 536
  • 2022 (2) TMI 535
  • 2022 (2) TMI 522
  • 2022 (2) TMI 521
  • 2022 (2) TMI 534
  • 2022 (2) TMI 533
  • 2022 (2) TMI 532
  • 2022 (2) TMI 531
  • 2022 (2) TMI 530
  • 2022 (2) TMI 520
  • 2022 (2) TMI 529
  • 2022 (2) TMI 528
  • 2022 (2) TMI 519
  • 2022 (2) TMI 518
  • 2022 (2) TMI 517
  • 2022 (2) TMI 516
  • 2022 (2) TMI 515
  • 2022 (2) TMI 514
  • 2022 (2) TMI 513
  • Customs

  • 2022 (2) TMI 553
  • 2022 (2) TMI 552
  • 2022 (2) TMI 551
  • Insolvency & Bankruptcy

  • 2022 (2) TMI 550
  • 2022 (2) TMI 549
  • 2022 (2) TMI 548
  • PMLA

  • 2022 (2) TMI 538
  • Service Tax

  • 2022 (2) TMI 547
  • 2022 (2) TMI 546
  • 2022 (2) TMI 545
  • Central Excise

  • 2022 (2) TMI 544
  • 2022 (2) TMI 543
  • 2022 (2) TMI 542
  • CST, VAT & Sales Tax

  • 2022 (2) TMI 541
  • 2022 (2) TMI 540
  • Indian Laws

  • 2022 (2) TMI 539
 

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