Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2021 April Day 17 - Saturday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
April 17, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Applicability or determination of liability to pay Tax - Solar HT XLPE & LT XLPE Cables - In the instant case, any decision on the issue cannot be taken, since the applicant has failed to provide the documents such as contract/agreement/tender. - it will not be possible to take a decision in the matter. - AAR

  • Rejection of request for filing of GST TRAN-1 - Even according to the respondents, though Rule 117 of CGST Rules, 2017, originally stipulates that Form TRAN-1 is filed within 90 days, there was a periodical extension and the final extended date was 31.03.2020. In the present case, the impugned order itself came to be passed on 28.08.2019. - the communication impugned in the writ petition is quashed. - HC

  • Income Tax

  • Reopening of assessment u/s 147 - the learned Single Judge was justified in coming to the conclusion that the jurisdictional requirements for invocation of Section 147/148 of the Act in the instant case were not satisfied and therefore, the impugned notice was only a case of 'change of opinion' and did not come within the scope and ambit of 'reason to believe'. - HC

  • Disallowance u/s 14A r.w.r. 8D - The object of Section 14A is to curb the practice to claim deduction of expenses incurred in relation to exempt income against taxable income and at the same time avail of the tax incentive by way of exemption of exempt income without making any apportionment of expenses incurred in relation to exempt income. - HC

  • Reopening of assessment u/s 147 - Sham transaction - accommodation entries - during the search directors of the company admitted of providing accommodation entry, which statement was not denied by the assessee except by making a bald statement that the statement given by the directors are general in nature. The ld. CIT(A) has made detailed analysis of the material available on record and justified the action of the AO in making the impugned order. - AT

  • Power of CIT(A) enhancing the income of the assessee u/s. 251(1)(a) r.w.s. 251(2) - The Ld. CIT(A) is not empowered to enhance the assessment by computing book profits U/s. 115JB of the Act, as it is a separate code. - This issue whether book profits can be computed U/s. 115JB of the Act, when the GTI and TI of the assessee are Nil and no taxes payable, is adjudicated in favour of the assessee - AT

  • TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of SUPIMA(R) and therefore, it is a payment of royalty. In so far as the other argument of the assessee is that the payment is made every year, in our opinion, whether the payment is made once or payment is made every year does not make any difference. - AO has rightly invoked Section 195 - AT

  • Addition u/s 68 - undisclosed share application monies received from 5 companies - AO could have carried out independent verification of all the parties by issuing summons under section 131 of the Act. The assessing officer has not made any further investigation to controvert the claims of the assessee but proceeded to make the addition heavily relying on the information of investigation wing - No addition could be made - AT

  • Disallowing on account of expenses incurred in giving free samples of veterinary medicines - In fact these expenses are incurred wholly and exclusively for the purpose of increasing the sale of the company by making these samples available to the end user and also studying the effect of those products on animal and birds. - Expenses cannot be disallowed - AT

  • Customs

  • Import of Brass Scrap(Melon) from Maldives - re-export of goods allowed or not - selling of goods allowed or not - by selling the goods in question to someone who is authorised to take the same, the Government will definitely be getting some revenue. I do not understand as to why, such a course of action is not being adopted. - HC

  • Indian Laws

  • Dishonor of Cheque - legally enforceable debt or not - there are various transactions of the loan as per the complainant's contention itself. If that would be the case, for his past transactions of money lending, he ought to have after coming into force of the said Act of money lending, registered with the Registrar of money-lending within 15 days. Such transactions cannot be termed as hand loan. He is also claiming that he has received 24% interest. As such, without registration or intimation to the Registrar as per the Goa Money-Lenders Act, the amount so advanced, cannot be termed as legally enforceable debt. - HC

  • IBC

  • Seeking extinguishing of demand towards Central Sales Tax and VAT - Since the Respondents have not filed their claims relating to the earlier period till the date of approval of the Resolution Plan before the Resolution Professional during the CIRP period/ before the approval of the Resolution Plan, the claims of the Respondents, if it is filed now or in future, is not to be entertained by the Resolution Applicant / Corporate Debtor - Tri

  • Service Tax

  • Levy of penalty - There are no reason why the said benefit cannot be extended to the penalty imposed under Section 76, since both the Sections are to be read along with Section 80, which gives an overriding effect over Sections 76 to 78. The impugned order passed by the Tribunal which denied the said benefit to the petitioner qua the penalty imposed under Section 78 to the tune of 1,00,000/-, is therefore a gross injustice and deserve ₹ to be set aside on account of non-consideration of Section 80 of the Act. - HC

  • Interest on differential amount of service tax - revision of price of storage charges - Extended period of limitation - There is no case of fraud, mis-representation or suppression of facts on the part of the appellant as they have disclosed the additional taxable turnover arising out of the issue of supplementary invoices and has also paid tax in time - Demand is barred by period of limitation - AT


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (4) TMI 658
  • 2021 (4) TMI 648
  • 2021 (4) TMI 619
  • Income Tax

  • 2021 (4) TMI 655
  • 2021 (4) TMI 652
  • 2021 (4) TMI 650
  • 2021 (4) TMI 645
  • 2021 (4) TMI 644
  • 2021 (4) TMI 642
  • 2021 (4) TMI 639
  • 2021 (4) TMI 636
  • 2021 (4) TMI 635
  • 2021 (4) TMI 633
  • 2021 (4) TMI 629
  • 2021 (4) TMI 628
  • 2021 (4) TMI 627
  • 2021 (4) TMI 626
  • 2021 (4) TMI 621
  • Customs

  • 2021 (4) TMI 646
  • 2021 (4) TMI 634
  • Corporate Laws

  • 2021 (4) TMI 653
  • 2021 (4) TMI 631
  • 2021 (4) TMI 630
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 643
  • 2021 (4) TMI 638
  • 2021 (4) TMI 637
  • 2021 (4) TMI 632
  • 2021 (4) TMI 624
  • 2021 (4) TMI 623
  • 2021 (4) TMI 622
  • 2021 (4) TMI 620
  • Service Tax

  • 2021 (4) TMI 656
  • 2021 (4) TMI 649
  • 2021 (4) TMI 647
  • 2021 (4) TMI 640
  • 2021 (4) TMI 625
  • Central Excise

  • 2021 (4) TMI 641
  • CST, VAT & Sales Tax

  • 2021 (4) TMI 654
  • Indian Laws

  • 2021 (4) TMI 657
  • 2021 (4) TMI 651
 

Quick Updates:Latest Updates