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Home e-Newsletters Index Year 2020 March Day 12 - Thursday

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TMI Tax Updates - e-Newsletter
March 12, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy Central Excise Indian Laws



Highlights / Catch Notes

  • GST:

    Territorial Jurisdiction - Detention of goods - Goods detailed in Kerala whereas jurisdiction lies in Tamil Nadu - In case of a bonafide dispute with regard to the classification between a transitor of the goods and the squad officer, the squad officer may intercept the goods and detain them for the purpose of preparing the relevant papers for effective transmission to the judicial assessing officers and nothing beyond. - HC

  • GST:

    Classification of goods - Preparation of a kind used in Animal Feeding, Bio Processed Meal - a critical analysis is required to establish that the said product is meant only for animal feed - there are no evidences in support of the applicant’s claim that the said product falls under Chapter heading 23099090. The applicants withdrawn of the comment that “and not fit for human consumption”, further substantiates our contention - Not entitled to Nil rate of duty - AAR

  • GST:

    Classification of services - works contract service or not - business of real estate developer and is developing a colony by executing joint development agreement with the land owner - the activities performed/to be performed by the applicant cannot be classified under Para 5 of schedule Ill. It amounts to supply of services under works contract and is liable to be taxed under GST Act - Rule 31 applies in the instant case and the value of supply is equal to the amount received/receivable by the applicant which is equal to 40% of the amount on which the plots are sold. - AAR

  • GST:

    Pure services or not - supply and distribution of electricity - work of distribution of electricity and electrification work in rural area also - it appears from the context that services involving no supply of goods are considered as pure service. - The Government of Madhya Pradesh is having full control over the applicant and the applicant is covered under the definition of Government Entity. - The work entrusted to the applicant as mentioned above is covered under the article 243G of the constitution - Benefit of exemption from GST is available - AAR

  • GST:

    Exemption from GST or not - deduction of TDS while paying consideration for the supply conservancy/solid waste management service to the Howrah Municipal Corporation - Applicant's supply to HMC is a pure service - The same is eligible for exemption from GST - NO TDS liability u/s 51 of GST - AAR

  • Income Tax:

    Govt. notifies Brunei Darussalam for the Exchange of Information and Assistance in Collection with Respect of Taxes. - Notification

  • Income Tax:

    Disallowance being the interest on late payment of TDS - the interest expenses claimed by the assessee on account of delayed deposit of service tax as well' as TDS liability are allowable expenses u/s 37(1) of the Act. - AT

  • Income Tax:

    Scrutiny assessment u/s 143(3) - issuance of the statutory notice u/s 143(2) - Change in address - The assessee submitted that he changed his address and the new address was mentioned in the return of income filed for subsequent years - AO who had jurisdiction over the assessee i.e., ITO Ward-8(3), Kolkata had not issued the notice to the assessee u/s 143(2) of the Act as mandatorily required under the Act, the assessment framed u/s 143(3) is bad in law - AT

  • Income Tax:

    Short term capital loss - genuine purchase and sale of shares or not - value of consideration for transfer of shares is far exceeding the valuation as per Rule 11UA. - the AO has failed to point out any mistake in the working of the value of shares as per Rule 11UA. The disallowance made by the AO is based on conjectures. - AT

  • Income Tax:

    Capital gain - LTCG - capital asset u/s 2(14) - Exemption u/s 54/54F - Right in the asset relinquished/ surrendered after booking of flat - Period of holding - surplus/ compensation received - the assessee in the present case claimed right in the asset, which was remained in the ownership of assessee for more than 36 month when it was relinquished/ surrendered - Benefits allowed - AT

  • Income Tax:

    Enhancement of assessment u/s 251 - additions were made by the CIT(A) in first round - matter was remanded back by ITAT to CIT(A) - assessee sought the adjournment - CIT(A) not satisfied with the reasons mentioned by the assessee and the Ld. CIT(A) has determined the income of the assessee on already determined income - Order cancelled - AT

  • Income Tax:

    TP Adjustment - associated enterprises (AEs) - Business advances cannot be construed as loan advanced to the assessee company. Once the same is excluded and the loans given by the aforesaid two entities are considered independently, we find that none of the aforesaid parties had advanced loans more than 51% of book value of total assets of the assessee company. Hence it could be safely concluded that the aforesaid two entities cannot be construed as AEs of the assessee company within the meaning of section 92A(2)(c) - AT

  • Income Tax:

    Block assessment u/s 158BD - Penalty u/s 158BFA(2) - Penalty is almost automatic unless it is covered by the proviso. In the present case, return was not filed by these two assesses after receipt of notice u/s 158BD. Hence, the proviso is not applicable - AT

  • Income Tax:

    Exemption u/s 11 - charitable activity u/s 2(15) - to promote the handloom sector - organizing exhibitions in different parts of the country - AO has not appreciated the activities and objective of the society properly and therefore he is not justified in holding that provision of section 2(15) will be attracted in the case of the assessee. - AT

  • Income Tax:

    Interest income on loans / ICD given to subsidiaries and group concerns - Correct head of income - “income from other sources” or “income from business” as claimed by assessee - AO directed to treat interest income as “income from business” and to allow interest expenditure u/s.36(1)(iii) - AT

  • Income Tax:

    Validity of exparte assessment order - Reopening of assessment - Petitioner has sought confirmation as to whether a return of income can be filed manually by it, since it was unable to upload a return electronically, the successor company not having been incorporated for that assessment year. No reply has been given to this letter and instead the impugned order of assessment has come to be passed on 30.12.2017, exparte. - Order set aside - The petitioner is permitted to file a return within a period of two (2) weeks - HC

  • Income Tax:

    Application for Income Tax Settlement Commission - Short payment of admitted tax - this is not a case where the assessee has consciously short-paid admitted tax. There are computational differences that exist that could well be the reason for the remittances falling short of the required amounts. - the differences are quite insignificant in the context of the entirety of the payments made. - Matter restored before commission - HC

  • Income Tax:

    Exemption u/s 11 - Deemed registration u/s 12AA - Charitable activity or not - The Supreme Court decision does not lay down any principle of law. In such circumstances, deemed registration cannot be granted on the ground that the application filed by the Trust u/s 12AA is not decided, for any good reason, within a period of six months from the date of filing. - HC

  • Income Tax:

    Validity of reassessment order u/s 147 - order was not uploaded online - Procedure followed by the revenue in time barring assessments is that while the order may not be uploaded immediately, a DIN number is generated and the order of assessment sent manually. In the present case, the DIN number appears to have been issued on 28.12.2019 and the assessment order in hard copy issued on the same date franked by the post office on 30.12.2019 and served upon the assessee on 02.01.2020, (though returned) with the endorsement 'left'. - Since the order has been received only now, appeal to be filed within 30 days - HC

  • Customs:

    100% EOU unit - Debonding - for imported capital goods, the appellant is liable to pay duty at the rate of duty prevailing on the date of debonding - the appellant is liable to pay duty for indigenously procured capital goods at the rate of duty prevailing on the date of debonding - no interest is payable by the appellant. - AT

  • Customs:

    Revocation of CHA License - time limitation - The Revenue has not failed in following the time schedule or limitation which is mandatory one, as has been declared by the Courts of law in number of decisions referred to above, but the Respondent/Licensee made the Revenue to wait for some time only to get some benefits on its own awaiting some orders to be passed in the parallel proceedings initiated by the Customs Authorities - The matter is remitted back to the CESTAT for fresh consideration - HC

  • Indian Laws:

    Frequently Asked Questions on LLP Settlement Scheme, 2020 issued by the Ministry of Corporate Affairs, Government of India - News

  • Indian Laws:

    Dishonor of Cheque - Account closed - When the cheque is returned by a bank with an endorsement account closed, it would amount to returning the cheque unpaid because the amount of money standing to the credit of that account is insufficient to honour the cheque as envisaged in Section 138 of the Act. - HC

  • SEBI:

    Procedure for launching of schemes - Regulation 28 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 - Sub-regulation (4) amended

  • SEBI:

    Appointment of custodian - Regulation 26 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended - gold or gold related instruments may be kept in the custody of a custodian (earlier it was Bank)

  • SEBI:

    Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2020. - Notification

  • Central Excise:

    Rebate of duty - failure to self-sealing of the exported goods - The government agrees with the applicant’s contention that contravention of the mandatory conditions stipulated in Para (2) & Para (3) of the Notification No. 19/2004, dated 6-9-2004 cannot be waived or relaxed under Rule 18 of Central Excise Rules, 2002 - CGOVT


Articles


Notifications


News


Case Laws:

  • GST

  • 2020 (3) TMI 445
  • 2020 (3) TMI 439
  • 2020 (3) TMI 444
  • 2020 (3) TMI 443
  • 2020 (3) TMI 442
  • 2020 (3) TMI 441
  • Income Tax

  • 2020 (3) TMI 430
  • 2020 (3) TMI 429
  • 2020 (3) TMI 428
  • 2020 (3) TMI 427
  • 2020 (3) TMI 440
  • 2020 (3) TMI 426
  • 2020 (3) TMI 425
  • 2020 (3) TMI 423
  • 2020 (3) TMI 422
  • 2020 (3) TMI 413
  • 2020 (3) TMI 447
  • 2020 (3) TMI 437
  • 2020 (3) TMI 421
  • 2020 (3) TMI 420
  • 2020 (3) TMI 436
  • 2020 (3) TMI 446
  • 2020 (3) TMI 419
  • 2020 (3) TMI 434
  • 2020 (3) TMI 418
  • 2020 (3) TMI 433
  • 2020 (3) TMI 417
  • 2020 (3) TMI 416
  • 2020 (3) TMI 414
  • Customs

  • 2020 (3) TMI 424
  • 2020 (3) TMI 438
  • 2020 (3) TMI 435
  • Insolvency & Bankruptcy

  • 2020 (3) TMI 415
  • Central Excise

  • 2020 (3) TMI 431
  • Indian Laws

  • 2020 (3) TMI 432
 

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