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Home e-Newsletters Index Year 2021 April Day 24 - Saturday

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TMI Tax Updates - e-Newsletter
April 24, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Classification of goods - rate of GST - fruit juice-based drinks - to be classified as “Carbonated beverage with fruit juice” as per Para 3A definition in FSSAI Act or not - In the case at hand it is evident that the product contains fruit juice but is not 'Fruit pulp or Fruit juice based drink' but a Carbonated fruit beverage as marketed by the appellant and therefore, the product is not classifiable under CTH 22029920 as claimed by the appellant and is rightly classifiable under CTH '2202 1090-Other' as has been decided by the lower authority - AAAR

  • Levy of GST - reimbursement of the subsidiary company to its ultimate holding company located in a foreign territory outside India - rate of GST - the Ruling pronounced by the Advance Ruling Authority is modified to the extent that GST is leviable on the reimbursement amount, being advance payment made by the holding company towards the cost incurred for the provision of Software Services supplied by the appellant, as per the Time of Supply provided under Section 13 of the CGST/TNGST Act 2017 and applicable rate is that applicable to the supply of Software Services made by them. - AAAR

  • Levy of GST - leasing of pathway to a person to her/his dwelling unit by CMRL - the grant of shared access for a consideration by the appellant is classifiable under SAC 9997 as rightly held by the Lower Authority and liable to GST - AAAR

  • Classification of goods - prepared laboratory reagents/ Pharmaceutical Reference Standards - AARThe Pharmaceutical Reference Standards (Prepared Laboratory Reagents) imported and supplied by the Appellant and classified under Tariff Item 3822 00 90 - liable to GST @12%

  • Supply or not - The shipping charges collected by the applicant from the customers located in USA, UK and Canada (non-taxable territory) for the delivery of books from the warehouse located in USA (non-taxable territory) to the customer located in USA, UK and Canada (non-taxable territory) are not exigible to GST. - AAR

  • Income Tax

  • Set off of refund against oustanding demand u/s 245 - non receipt of notice u/s 245 - stay of demand was granted by the ITAT - It is difficult to appreciate the stand of the respondents that the order passed by the high court would not cover/operate over the matters and orders passed by the ITAT, Union of India being not a party to the matter. Such a justification from and the approach of, the respondent authorities is difficult to be approved of which is not in fitness of stature, especially of the state department, which is supposed to act like a model litigant. - HC

  • Assessment u/s 153A r.w.s. 153C - Initiation of the impugned action cannot be said to be without basis. They are grounded on solid material. In fact, immediately after the seizure of the material, the impugned action was not taken. The officials examined many other persons and statements were also recorded. Only after fully satisfying himself, the assessing officer chose to issue the impugned notices. If the petitioners have nothing to fear, they can as well place all the materials before the assessing authority for consideration. - HC

  • Disallowance on account of commission paid to 5 persons - Contention of the assessee that since out of the 5 ladies, 2 have confirmed the transactions, therefore by preponderance of probabilities it can be safely presumed that the transactions with other 3 ladies were also genuine is not acceptable. - AT

  • Deemed dividend u/s 2(22)(e) - Since the assessee is having substantial interest in M/s Kalanikethan Textiles and Jewels Pvt. Ltd., i.e. more than 10% shareholding, the amount withdrawn from the above company over and above his credit balance, is treated as deemed dividend u/s 2(22)(e) of the Act in the hands of the assessee - AT

  • Assessment u/s 153C - Now supposing a search is conducted in one year and documents of other person are handed over to the Assessing Officer, of other person or to the Assessing Officer with whom jurisdiction is centralized, after two years from the date of search, then for which six years the other person would show his accounts, whether for the years which are applicable for search person or for those years which are governed by the proviso. Thus, for those years which are governed by the proviso because the Income Tax Rules say so. - AT

  • Reopening of the assessment u/s 147/148 - The "reason to believe" would mean cause or justification. If the Assessing Officer has cause or justification to know or suppose that income had escaped assessment, he can be said to have reason to believe that an income had escaped assessment. The expression cannot be read to mean that the Assessing Officer should have finally ascertained the fact by legal evidence or conclusion and what is required is "reason to believe", but not the established fact of escapement of income. - At the stage of issue of notice, the only question is whether there was relevant material on which a reasonable person could have formed a requisite belief. - AT

  • Seeking extension of stay already granted - the assessee is entitled for stay of demand even though it exceeds the period beyond the 365 days and we have already stated that the delay in non-disposal of the appeal is not attributable to the assessee. we are inclined to grant extension of stay in the instant case for a further period of 180 days or till the disposal of the appeal for this AY, whichever is earlier - AT

  • Addition on protective basis u/s. 69A - The loan was received from normal banking channel as evident from the bank statement there was no cash deposited in the account of the assessee prior to giving of the loan. The Assessing Officer has not brought any material or evidences on record to disprove the aforesaid facts and evidences submitted by the assessee in support of genuineness of the loan transactions - AT

  • IBC

  • Release of freezed bank account of petitioner - moratorium in process - Having regard to the orders passed by the NCLT admitting the application, under Section 7, and also the ordering of moratorium under Section 14 of the IBC and the orders which have been passed by the tribunal otherwise, the impugned order of the High Court resulting in the Respondent No. 1 being allowed to operate the account without making good the amount of ₹ 32.50 lakhs to be placed in the account of the Corporate Debtor cannot be sustained. - SC

  • Initiation of CIRP - While initiating CIRP, one of the criteria is solvency of CD apart from debt and default in question. It is settled position of law that the provisions of the Code cannot be invoked for recovery of outstanding amount, and it cannot be misused to drop curtain on healthy organisation. - Tri

  • Service Tax

  • Refund of unutilized cenvat credit - nexus between the input services and the output services which is exported - no correlation is required because the intention of the Government is to allow refund to the exporters and the Circular/clarification issued on this subject have to be viewed with the objective of allowing the refund. - AT


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (4) TMI 938
  • 2021 (4) TMI 937
  • 2021 (4) TMI 936
  • 2021 (4) TMI 935
  • 2021 (4) TMI 934
  • 2021 (4) TMI 933
  • 2021 (4) TMI 932
  • 2021 (4) TMI 931
  • 2021 (4) TMI 930
  • 2021 (4) TMI 929
  • 2021 (4) TMI 918
  • 2021 (4) TMI 917
  • Income Tax

  • 2021 (4) TMI 923
  • 2021 (4) TMI 922
  • 2021 (4) TMI 921
  • 2021 (4) TMI 920
  • 2021 (4) TMI 916
  • 2021 (4) TMI 915
  • 2021 (4) TMI 914
  • 2021 (4) TMI 913
  • 2021 (4) TMI 912
  • 2021 (4) TMI 911
  • 2021 (4) TMI 910
  • 2021 (4) TMI 909
  • 2021 (4) TMI 908
  • 2021 (4) TMI 907
  • 2021 (4) TMI 906
  • 2021 (4) TMI 905
  • 2021 (4) TMI 904
  • 2021 (4) TMI 903
  • 2021 (4) TMI 902
  • 2021 (4) TMI 901
  • 2021 (4) TMI 900
  • 2021 (4) TMI 899
  • 2021 (4) TMI 896
  • 2021 (4) TMI 889
  • 2021 (4) TMI 887
  • 2021 (4) TMI 886
  • Customs

  • 2021 (4) TMI 927
  • 2021 (4) TMI 924
  • Corporate Laws

  • 2021 (4) TMI 898
  • 2021 (4) TMI 895
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 928
  • 2021 (4) TMI 897
  • 2021 (4) TMI 893
  • 2021 (4) TMI 892
  • 2021 (4) TMI 891
  • 2021 (4) TMI 890
  • Service Tax

  • 2021 (4) TMI 894
  • 2021 (4) TMI 888
  • Indian Laws

  • 2021 (4) TMI 926
  • 2021 (4) TMI 925
  • 2021 (4) TMI 919
 

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