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Home e-Newsletters Index Year 2021 April Day 28 - Wednesday

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TMI Tax Updates - e-Newsletter
April 28, 2021

Case Laws in this Newsletter:

GST Income Tax Benami Property Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise Indian Laws



Highlights / Catch Notes

    GST

  • Levy of GST - Supply of services or not - Principles of mutuality - amount collected as membership subscription fees - The applicant is not liable to pay GST on subscription fees and Infrastructure development fund collected from the members and this ruling is subject to the amendment to the CGST Act by section 1 of the Finance Act 2021, as and when it is notified. - AAR

  • Seeking a direction to the respondents to extend the period of time for submitting of Form GSTR-9 and GSTR-9C for the financial year 2019-20 - we are not inclined to entertain the instant writ application and leave it to the petitioner, if so advised, to approach the statutory authority to seek further extension. - HC

  • Confiscation of goods - jewellery items - evasion of GST or not - officers of the respondent department during shadow operation noticed two persons entering and coming out of the jewellery shop. The bags held by them were checked and those were found to be containing gold ornaments including stone weight. Ext.P2 notice makes it clear that goods were not accompanied by any documents showing or reflecting payment of tax on them as per the provisions of the GST Act, 2017 - petition dismissed. - HC

  • Bail application - claiming false input tax credit on the basis of false sales invoices - The investigation in the matter is still under progress and the department has tried to interrogate the accused during investigation after taking permission from the Court but the accused on his health ground refused for being interrogated. - This is not a fit case for bail and hence the bail application is liable to be rejected - DSC

  • Income Tax

  • Liability for payment of advance tax - Amalgamation of company - whether the Company is obliged under the Act to pay advance tax between 1-04-2016 and 20-03-2017 for the assessment year 2017-18? - It cannot but be said that the petitioner company lost its entity only on 20.03.2017, upto this date the obligation to pay advance tax did not vanish. - HC

  • Validity of reopening of assessment u/s 147 - We see no justifiable reason to interfere with the order under challenge. We clarify that when a notice under Section 148 of the Income tax Act is issued, the proper course of action for the noticee is to file return and if he so desires, to seek reasons for issuing notices. The assessing officer is bound to furnish reasons within a reasonable time. On receipt of reasons, the noticee is entitled to file objections to issuance of notice and the assessing officer is bound to dispose of the same by passing a speaking order’. - HC

  • Computation of capital gains under section 50 - no depreciation had been claimed or allowed in respect of the asset - Once, this is a fact that the moment assessee stopped claiming depreciation in respect of property and let out the same for rent, it ceases to be a business asset and thus, the profit or gain arising out of sale of property is to be considered as long term capital gain after indexation - AT

  • Concept of mutuality - Payment of interest / compensation to the members - The very fact that bylaws of the assessee-society contained the provisions that payment of dividend to its members goes to show that it is not a mutual society and commerciality is very much inherent in the activities of the assessee-society. In this regard, clause 75(6) of the Byelaws of the assessee-society is relevant. Therefore, the action of the Assessing Officer in thrusting the concept of mutuality even when the assessee-society never claimed the concept of mutuality, is bad in law and is hereby set aside. - AT

  • Customs

  • Confiscation - redemption fine - penalty - import of seafood for the purpose of export and trade - The appellant had no intention to violate FSSAI and FSS Act and had no intention to import goods contrary to the prohibition stipulated in the Act or any other law for the time being in force. Hence, the imposition of redemption fine and penalty is not sustainable in law - AT

  • Refund of Customs Duty - duty paid under protest - it is found that the Revenue has not challenged the show-cause notice as well as the Order-in-Original allowing the option to the appellant to seek an amendment in the Bill of Entry as permissible under Section 149 of the Customs Act, 1962 but the same was suo moto set aside by the learned Commissioner which is against law as held in various decisions relied upon by the appellant. - AT

  • IBC

  • Appointment of valuer for ascertaining the value of the land of the corporate debtor (CD) being industrial in nature - Once any finality is achieved over any issue, the order that has given finality will be binding on all the interested parties. Here whether the land is to be considered as agricultural or industrial in character has already been decided by NCLT, then by National Company Law Appellate Tribunal and finally by Hon'ble Supreme Court, therefore such order cannot be reopened and examined by this Bench. - Tri

  • Service Tax

  • Revenue neutrality - issue is revenue neutral without involving of any out flow of net tax to the Government - only with effect from May 14, 2015, by virtue of provisions of Section 67 itself, such reimbursable expenditure or cost would also form part of valuation of taxable services for charging service tax. - substantial question of law is answered in favour of the assessee - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (4) TMI 1112
  • 2021 (4) TMI 1110
  • 2021 (4) TMI 1102
  • 2021 (4) TMI 1097
  • 2021 (4) TMI 1095
  • 2021 (4) TMI 1094
  • 2021 (4) TMI 1093
  • 2021 (4) TMI 1091
  • 2021 (4) TMI 1059
  • Income Tax

  • 2021 (4) TMI 1111
  • 2021 (4) TMI 1104
  • 2021 (4) TMI 1103
  • 2021 (4) TMI 1101
  • 2021 (4) TMI 1099
  • 2021 (4) TMI 1098
  • 2021 (4) TMI 1090
  • 2021 (4) TMI 1087
  • 2021 (4) TMI 1085
  • 2021 (4) TMI 1084
  • 2021 (4) TMI 1083
  • 2021 (4) TMI 1082
  • 2021 (4) TMI 1080
  • 2021 (4) TMI 1079
  • 2021 (4) TMI 1077
  • 2021 (4) TMI 1068
  • 2021 (4) TMI 1062
  • 2021 (4) TMI 1060
  • Benami Property

  • 2021 (4) TMI 1108
  • Customs

  • 2021 (4) TMI 1107
  • 2021 (4) TMI 1100
  • 2021 (4) TMI 1089
  • 2021 (4) TMI 1086
  • Corporate Laws

  • 2021 (4) TMI 1072
  • 2021 (4) TMI 1066
  • 2021 (4) TMI 1065
  • 2021 (4) TMI 1063
  • 2021 (4) TMI 1061
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 1088
  • 2021 (4) TMI 1081
  • 2021 (4) TMI 1078
  • 2021 (4) TMI 1075
  • 2021 (4) TMI 1074
  • 2021 (4) TMI 1073
  • 2021 (4) TMI 1071
  • 2021 (4) TMI 1070
  • 2021 (4) TMI 1069
  • 2021 (4) TMI 1064
  • Service Tax

  • 2021 (4) TMI 1096
  • 2021 (4) TMI 1092
  • Central Excise

  • 2021 (4) TMI 1109
  • 2021 (4) TMI 1105
  • 2021 (4) TMI 1076
  • 2021 (4) TMI 1067
  • Indian Laws

  • 2021 (4) TMI 1106
 

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