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Home e-Newsletters Index Year 2021 February Day 9 - Tuesday

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TMI Tax Updates - e-Newsletter
February 9, 2021

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax CST, VAT & Sales Tax Indian Laws



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Highlights / Catch Notes

  • GST:

    Provisional attachment of goods - section 83 of CGST Act - The language of Section 83 of the Act is plain and simple. In the absence of any proceedings pending as on date against the writ-applicant under the provisions of the GST Act as referred to under Section83 of the Act, the order of provisional attachment could not have been passed. - HC

  • GST:

    Provisional attachment of the immovable properties as well as the cash credit account of the writ-applicant - Section 83 of the SGST Act, 2017 - The provisional attachment of the cash credit account cannot continue and the same is hereby lifted. - HC

  • Income Tax:

    Validity of order of Tribunal extending the stay beyond a period of 185 days - delay in disposing of the appeal is attributable to the assessee - Scope of Section 254(2A) - We are at a loss to understand as to how the Tribunal exercised its power in issuing a suo motu Corrigendum, that too by an undated order without hearing the Revenue or the Assessing Officer. - Tribunal, while issuing directions to the Departmental representative, not to exercise its jurisdiction against the assessee, should be traceable to the statutory provisions. We find that no such power has been conferred on the Tribunal under Section 254 of the Act. - HC

  • Income Tax:

    Penalty u/s 271E - Period of limitation - The assessee, on change of jurisdiction, requested for rehearing the case as provided in the proviso to section 129 of the Act vide letter dated 27-11-2003 which came to be concluded on 06-05-2004. Effectively, the time of 162 days was consumed in the rehearing of the case of the assessee. Accordingly, such time has to be excluded as per the explanation attached to section 275 of the Act which has been discussed here in above. - AT

  • Income Tax:

    Validity of reopening of assessment - no valid notice issued - A notice or an order without having signature of the person who issued such notice loses its relevance and importance and is to be treated as invalid. An order or notice without signature is not an order for execution or implementation. In all these cases, there was no signature of the AO who issued notice u/s. 148. - AT

  • Income Tax:

    Penalty u/s 271D - amount accepted by the assessee in cash - advance received against sale of land - Section 269SS refers to the loan or deposit received in cash and since it was an advance taken, the amount, therefore would not be within the rigours of Section 269SS of the Act and hence, there cannot be any penalty leviable u/s. 271D of the Act on the assessee. - AT

  • Income Tax:

    Characterization of income - Trading in shares - d 'capital gains' or 'business income' - While maintenance of capital and trading transactions as a separate category in books can be insisted upon in practice to ascertain the underlying intentions, the maintenance of separate D-mat account separately is not necessarily in conformity with usage of share trade and thus cannot be insisted upon. - AT

  • Income Tax:

    Expenditure Allowable u/s 37(1) - Disallowance of medical insurance premium paid for the family members of the employees of the company - it can hardly be said that the impugned expenditure were not incurred wholly and exclusively for the purpose of business, which is the real intent of Section 37(1) - AT

  • Income Tax:

    Addition u/s.56(2)(viii) - interest for delayed payment of compensation under the Land Acquisition Act - interest received by the assessee towards delayed payment of compensation for compulsory acquisition of land is akin to compensation for compulsory acquisition of land, which is exempt from Income Tax by virtue of Section 96 of RFCTLARR Act 2013. - AT

  • Income Tax:

    Ad-hoc disallowance @ 7.5% on trading expenses - failure to submit the documents - As it is highly unlikely that the assessee would intentionally or deliberately not produce the documents before the revenue authorities, as this would cause immense harm to his own interests. Ultimate aim of the assessment by the revenue authorities is to collect correct taxes due from the assessee - Matter remanded back - AT

  • Income Tax:

    Disallowance of Depreciation claimed on the machineries purchased at the end of the year - It is quite evident the machines were not only installed but ready to use as on 30.03.2013. Once this is an accepted position if the assets in the form of machinery equipment are kept ready for use, then same is eligible for depreciation as per the Income Tax Rules. - AT

  • Income Tax:

    TP Adjustment - Grant of negative working capital adjustment - Since the assessee does not have any working capital risk, the question of negative working capital does not arise - TPO is directed to compute the ALP in the light of the directions as given above, after affording Assessee opportunity of being heard. - AT

  • Income Tax:

    Income accrued in India - Reimbursement of expenses as “not income” - royalty or fees for technical services - Since the payment in the case of the assessee was neither received from the Government nor from the Indian concern, it was hold that the provisions of section 44DA of the Act were not applicable. - AT

  • Customs:

    Benefit of conversion from Drawback scheme to DFIA scheme - applicability of benefit at any time for the clearances which had taken place almost four years back - It is settled law that the time limit prescribed by the Board Circular is not binding as same is not statutory provision in terms of section 49 of the Customs Act 1962 - HC

  • IBC:

    Whether the leasehold land of the Corporate Debtor can be scheduled into the Liquidation Estate of the Corporate Debtor? - Since, the Building/ hospital is situated in the very same land having 16.55 Ares, no purpose will be served without getting the hospital property also into the Liquidation Assets - Tri

  • Service Tax:

    Rejection of application (declaration) filed under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - SVLDRS - The decisions of rejecting the application by the respondent No.1 were in violation of principles of natural justice. It appears from the record that, no specific amount of variance being brought into notice of the writ applicant. The only remarks appended to the statement in Form SVLDRS­-2 without any specification, is not sufficient to hold that, the principles of natural justice have been complied by the respondent No.1. - HC

  • VAT:

    Refund of the amount recovered during the search - There is no legal justification for withholding the amount referred to above, which is otherwise refundable to the writ applicants in passing of any assessment orders for the relevant assessment years. It could be said that such withholding of the refund is contrary to the provisions of the Section 36 of the VAT Act, 2003. - HC

  • VAT:

    Legality and validity of the order of attaching the bank account of the writ­-applicant in exercise of power u/s 44 of the GVAT Act - he plain reading of the afore­said communication would indicate that the matter was closed for the assessment year 2010­-11 - as the condition precedent for invoking Section ­34(8A) of the Act is not fulfilled in the present case, not only the impugned order dated 08.07.2019 of assessment is rendered illegal, but even the subsequent action in the form of attachment order under Section­ 44 of the Act would be rendered without jurisdiction. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (2) TMI 295
  • 2021 (2) TMI 294
  • 2021 (2) TMI 293
  • 2021 (2) TMI 292
  • 2021 (2) TMI 291
  • 2021 (2) TMI 290
  • 2021 (2) TMI 289
  • 2021 (2) TMI 288
  • Income Tax

  • 2021 (2) TMI 287
  • 2021 (2) TMI 282
  • 2021 (2) TMI 281
  • 2021 (2) TMI 280
  • 2021 (2) TMI 279
  • 2021 (2) TMI 278
  • 2021 (2) TMI 277
  • 2021 (2) TMI 276
  • 2021 (2) TMI 286
  • 2021 (2) TMI 275
  • 2021 (2) TMI 274
  • 2021 (2) TMI 273
  • 2021 (2) TMI 272
  • 2021 (2) TMI 271
  • 2021 (2) TMI 270
  • 2021 (2) TMI 269
  • 2021 (2) TMI 263
  • 2021 (2) TMI 285
  • 2021 (2) TMI 284
  • 2021 (2) TMI 268
  • 2021 (2) TMI 267
  • 2021 (2) TMI 266
  • 2021 (2) TMI 283
  • 2021 (2) TMI 265
  • 2021 (2) TMI 264
  • Customs

  • 2021 (2) TMI 262
  • 2021 (2) TMI 261
  • 2021 (2) TMI 260
  • 2021 (2) TMI 258
  • 2021 (2) TMI 259
  • Corporate Laws

  • 2021 (2) TMI 257
  • 2021 (2) TMI 256
  • Insolvency & Bankruptcy

  • 2021 (2) TMI 255
  • 2021 (2) TMI 254
  • Service Tax

  • 2021 (2) TMI 252
  • 2021 (2) TMI 253
  • CST, VAT & Sales Tax

  • 2021 (2) TMI 250
  • 2021 (2) TMI 249
  • 2021 (2) TMI 251
  • 2021 (2) TMI 248
  • 2021 (2) TMI 247
  • 2021 (2) TMI 246
  • 2021 (2) TMI 245
  • Indian Laws

  • 2021 (2) TMI 244
 

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