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Home e-Newsletters Index Year 2020 February Day 17 - Monday

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TMI Tax Updates - e-Newsletter
February 17, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise Indian Laws



Highlights / Catch Notes

  • GST:

    Validity of notice issued n Form GST-MOV-10 - As per the interim order, detained goods with vehicle have already been released after depositing the GST with penalty - there is no question of looking into Section 129(6) of the Act, more particularly, when this Court has passed a specific order - Notice quashed.

  • GST:

    Release of goods alongwith the vehicle - the claim of the petitioner as owner qua the goods which are loaded on the detained vehicle has to be determined by the competent authority in accordance with law and the said aspect cannot be preempted by directing release of the goods to the petitioner.

  • GST:

    Interest on delayed payment of tax - though the liability of interest under section 50 is automatic, quantification of such liability shall have to be made by doing the arithmetic exercise, after considering the objections of the assessee.

  • GST:

    Profiteering - supply of Xiaomi-Ml Power Bank 2i Red (10000 mAh) - The scope of this investigation/proceedings is limited to the issue of profiteering only and not to the issue of classification. - The allegation of the Applicant is not tenable

  • Income Tax:

    Bogus purchases - estimation of income - When the Tribunal had concluded that the assessee did make the purchase, as a natural corollary not the entire amount covered by such purchase but the profit element embedded therein would be subject to tax. No substantial question of law

  • Income Tax:

    Delay in filing return of income (ITR) - condonation of delay u/s 119 - Refund - the petitioner did submit his return keeping in view Section 139(4) electronically for AY 2015-16 on 2.12.2015 - the CPC, Banglore received duly signed acknowledgment, which was generated online at the time of filing of the return on 01.03.2017 - Delay condoned in view of genuine hardship.

  • Income Tax:

    Settlement of cases - Period of limitation for rectification of mistake - if any right has been conferred by the Legislature, it equally has the right to take it away or prescribe reasonable conditions for the exercise of the right. The Legislature would be perfectly within its right to regulate any right conferred by it while imposing conditions or restrictions on its exercise.

  • Income Tax:

    Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  • Income Tax:

    Additions as notional interest pertaining to one of the partners - Debit balance in the account of partner while the assessee is paying interest on bank loan - bringing to tax an amount which is of notional in nature and which was never earned by the assessee cannot stand the test of jurisprudence in the tax regime. No justification in the action of the AO making addition.

  • Customs:

    Notification regarding exemption of duties of Customs against scrips issued under the 2% Additional ad hoc incentive for mobile phones.

  • Customs:

    Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2020 - New system deferred till 1-8-2020

  • Customs:

    Undervaluation of goods - The adjudicating authority has proceeded to redetermine the value of imported aluminium scrap on the basis of the DGOV circular without considering and overlooking the contemporaneous data available before it on record. - further, the statements of witnesses cannot be relied upon as they failed to appear for cross-examination.

  • Customs:

    Valuation of imported goods - the activity of advertisement and sales promotion is a post import activity incurred by the appellant on its own account and not for discharge for any obligation of the seller under the terms of sale. - Further, the impugned order is also vitiated due to mistake of fact. - Demand set aside.

  • Customs:

    Initiation of anti-dumping investigation - the Designated Authority placed reliance upon certain material and facts for concluding the issue against the appellant - Failure to make available to material on which the decision is based is clearly violation of principles of natural justice. It rather amounts to placing reliance on such data not made known to the party concerned.

  • Customs:

    Valuation of imported goods - Brass Valve & Zinc Valves - Without rejecting the transaction value, the application of any other rule, for re-determination of the value for the purpose of levy of Custom Duty is neither permissible nor admissible position in law

  • DGFT:

    Amendments to remove the pre-export conditions for the items mentioned against SIONs E-121, E-122, E-123, E-124, E-127 and E-128

  • Corporate Law:

    Compliance with rule 3A by certain Nidhis - Rule 23A of the Nidhi Rules, 2014 - As amended

  • Corporate Law:

    Nidhi (Second Amendment) Rules, 2020

  • Indian Laws:

    Dishonor of Cheque - The story put forward by the accused that the cheques were given by way of security is not believable in absence of further evidence to rebut the presumption and more particularly the cheque in question was issued for the second time, after the earlier cheques were dishonoured.

  • IBC:

    Initiation of CIRP - existence of debt and dispute or not - In view of such serious dispute, which is the matter of trial, cannot become the subject matter of I&B Code when the main object of the I&B Code is resolution and not the recovery. In other way, it can be said "resolution is rule and liquidation is exception". The same is evident from the long title of the IB Code.

  • IBC:

    Initiation of CIRP - Corporate Debtor failed to make repayment of its debt - There is no substance in the argument of the Appellant that the subsequent Promissory Note cannot be looked into for considering the relationship.

  • Service Tax:

    Refund of service tax - commercial and industrial construction service - time limitation - since the claim for refund is based on the decision of the Delhi High Court in Suresh Kumar Bansal’s case, and since the application for refund was filed barely two months after the decision of the Delhi High Court, it cannot be said that there is any inordinate delay in the petitioners seeking refund of the tax paid by them - Refund allowed with 9% interest.

  • Service Tax:

    Supply of tangible goods - right of possession of the vehicle - The appellant was under bonafide belief that they are not liable to pay service tax on the activity undertaken by them. Therefore, the extended period of limitation is not invokable

  • Central Excise:

    Notification regarding exemption of duties of Central Excise against scrips issued under the RoSCTL scheme and additional ad-hoc incentive for apparel and made-ups sector.

  • Central Excise:

    Refund of CENVAT Credit - export of goods on payment of duty - even after payment of all duties, it had accumulated Cenvat credit because of high rate of duty in the input and low rate duty in the output - The appellant is entitled to get refund under Rule 5 of Cenvat Credit Rules, 2004

  • Central Excise:

    Rebate claim - Export of goods - To allow rebate claim to the petitioner without the petitioner discharging the obligation undertaken under the relevant customs notification read with Foreign Trade Policy under which the inputs were imported may result in unintended incentives being granted to the petitioner without proper examination


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (2) TMI 673
  • 2020 (2) TMI 672
  • 2020 (2) TMI 671
  • 2020 (2) TMI 667
  • 2020 (2) TMI 670
  • 2020 (2) TMI 622
  • 2020 (2) TMI 668
  • 2020 (2) TMI 669
  • Income Tax

  • 2020 (2) TMI 654
  • 2020 (2) TMI 653
  • 2020 (2) TMI 663
  • 2020 (2) TMI 662
  • 2020 (2) TMI 661
  • 2020 (2) TMI 660
  • 2020 (2) TMI 659
  • 2020 (2) TMI 658
  • 2020 (2) TMI 657
  • 2020 (2) TMI 652
  • 2020 (2) TMI 656
  • 2020 (2) TMI 651
  • 2020 (2) TMI 650
  • 2020 (2) TMI 655
  • 2020 (2) TMI 649
  • 2020 (2) TMI 648
  • 2020 (2) TMI 666
  • 2020 (2) TMI 665
  • 2020 (2) TMI 664
  • Customs

  • 2020 (2) TMI 644
  • 2020 (2) TMI 643
  • 2020 (2) TMI 647
  • 2020 (2) TMI 642
  • 2020 (2) TMI 646
  • 2020 (2) TMI 645
  • 2020 (2) TMI 641
  • 2020 (2) TMI 640
  • Corporate Laws

  • 2020 (2) TMI 639
  • Insolvency & Bankruptcy

  • 2020 (2) TMI 638
  • 2020 (2) TMI 637
  • 2020 (2) TMI 636
  • 2020 (2) TMI 635
  • 2020 (2) TMI 634
  • 2020 (2) TMI 633
  • Service Tax

  • 2020 (2) TMI 631
  • 2020 (2) TMI 630
  • 2020 (2) TMI 632
  • Central Excise

  • 2020 (2) TMI 625
  • 2020 (2) TMI 626
  • 2020 (2) TMI 624
  • 2020 (2) TMI 623
  • Indian Laws

  • 2020 (2) TMI 629
  • 2020 (2) TMI 628
  • 2020 (2) TMI 627
 

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