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Home e-Newsletters Index Year 2021 April Day 21 - Wednesday

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TMI Tax Updates - e-Newsletter
April 21, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Eligibility of deduction of entire sum paid to the insurance company as premium on Key Man insurance policy u/s 37 - In the case on hand, with regard to the insurance premium paid by the assessee is concerned, the Tribunal, without giving any acceptable finding, came to the conclusion that the sum should be treated as business expenditure. That apart, the assessee also failed to produce any documentary evidence to justify their claim under Section 37(1) . - HC

  • Reopening of assessment u/s 147 - When factually, the Deputy Commissioner of Income Tax formed an opinion by assigning reasons that the issue involved during the original assessment was different from that of the reasons for reopening of assessment, then there is no reason for the High Court to go into the further details by conducting a roving enquiry and it is for the Competent Authorities to adjudicate the issues on merits and by affording opportunity to the writ petitioner in the manner prescribed under the Statute. - HC

  • TP Adjustment - Disallowance on professional fee u/s 40A(2) and alternatively u/s 37 - the A.O. has erred in invoking the provisions of section 40A(2) of the I.T.Act to disallow the claim of expense as excessive and not legitimate to the business needs, especially in view of the fact that the TPO, in its transfer pricing orders for assessment years 2008-2009 and 2010-2011, had held the impugned transaction at arms length. - AT

  • Disallowance of compensation loss claimed - hedging transaction - The transactions entered into are contended by the assessee to be in the nature of hedging transactions in order to safe-guard the company and as a precautionary measure, in the course of business carried on by it and, therefore, they fall proviso in clause (a) to sub-section (5) to Sec.43 of I.T. Act. - CIT(A) rightly directed the AO to allow the compensation loss claimed - AT

  • Addition of sum received as share premium u/s. 68 - issue of shares at such high premium - The amended provisions of section 68 of the Act providing satisfaction of the assessing officer regarding explanation from the party from whom the credit is received as per proviso to section 68 of the Act was inserted by Finance Act, 2012 with effect from 1/4/2013. The same is not applicable for this assessment year. - AT

  • Addition of Prior period expense - the genuineness of the expenses has not been doubted by the lower authorities. Since in the instant case the bills for expenses under consideration have been processed by various divisions of the assessee and finally approved in the year under consideration, and thus, respectfully following the decision of the Tribunal in the case of State Bank of Bikaner and Jaipur (supra), the liability for the expenses was finally settled and crystallised in the year under consideration. - Claim of expenses cannot be denied - AT

  • Disallowance of depreciation on goodwill - now when the order of the Pr.CIT under Sec. 263, dated 21.02.2016 had been quashed by the Tribunal, therefore, the disallowance of depreciation on goodwill made by the A.O by relying on the order passed by his predecessor under Sec. 143(3) r.w.s 263, dated 30.12.2016, cannot survive on a standalone basis and was liable to be vacated - AT

  • Customs

  • Refund of SAD - relevant Time period - the board also issued a circular no. 23/2010-Cus wherein, it was clarified that one year should be taken from the date of actual payment irrespective whether it is provisional assessment or final assessment. However, the Hon’ble High Court dealing with the very same circular since concluded that one year should be counted from the date of the final assessment, the said circular was held ultravires and quashed. - The limitation of one year has to be reckoned from the date of finalization of Bill of entry. - AT

  • IBC

  • Approval of Resolution Plan - Resolution plan met with 66% criteria or not - In this case, even though the resolution plan of M/s. KALS Group has been approved with 100% voting in favour of it by the COC, in view of very meagre difference between both the Resolution Plans, we are of the view that there is scope for further improvement of the resolution amount to be payable by the Resolution Applicants. - AT

  • Initiation of CIRP - the ‘Lease’ in the instant case, is a ‘Financial Lease’ and comes to an irresistible conclusion that there is ‘Financial Debt’ as per section 5(8) of the Code, 2016 and the default being committed by the First Respondent/Corporate Debtor in terms of the ingredients of section 3(12) of the Code, 2016. Further, that the ‘debt’ in question as per section 3(11) of the Code, 2016 cannot be termed as an ‘Operational Debt’ as per section 5(21) of the Code, 2016 - AT

  • Service Tax

  • Refund of unutilized CENVAT Credit - denial on the ground of intervening changes in view of the intervening events with the implementation of GST - legitimate export incentives given to exporters of goods or service cannot be denied merely because of intervening changes. - HC


Articles


Notifications


News


Case Laws:

  • GST

  • 2021 (4) TMI 795
  • 2021 (4) TMI 790
  • 2021 (4) TMI 789
  • Income Tax

  • 2021 (4) TMI 797
  • 2021 (4) TMI 796
  • 2021 (4) TMI 794
  • 2021 (4) TMI 793
  • 2021 (4) TMI 787
  • 2021 (4) TMI 786
  • 2021 (4) TMI 785
  • 2021 (4) TMI 781
  • 2021 (4) TMI 779
  • 2021 (4) TMI 778
  • 2021 (4) TMI 770
  • 2021 (4) TMI 768
  • 2021 (4) TMI 767
  • 2021 (4) TMI 766
  • 2021 (4) TMI 762
  • 2021 (4) TMI 761
  • 2021 (4) TMI 760
  • 2021 (4) TMI 759
  • 2021 (4) TMI 758
  • 2021 (4) TMI 757
  • 2021 (4) TMI 756
  • 2021 (4) TMI 755
  • Customs

  • 2021 (4) TMI 788
  • 2021 (4) TMI 774
  • 2021 (4) TMI 765
  • Corporate Laws

  • 2021 (4) TMI 763
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 777
  • 2021 (4) TMI 776
  • 2021 (4) TMI 775
  • 2021 (4) TMI 773
  • 2021 (4) TMI 772
  • 2021 (4) TMI 771
  • 2021 (4) TMI 769
  • 2021 (4) TMI 764
  • Service Tax

  • 2021 (4) TMI 792
  • 2021 (4) TMI 791
  • 2021 (4) TMI 783
  • CST, VAT & Sales Tax

  • 2021 (4) TMI 782
  • Indian Laws

  • 2021 (4) TMI 784
  • 2021 (4) TMI 780
 

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