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Home e-Newsletters Index Year 2021 April Day 7 - Wednesday

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TMI Tax Updates - e-Newsletter
April 7, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Detention of goods alongwith vehicle - Having regard to the fact that goods and vehicle are lying stationed/detained with the respondent No.2 since 11.03.2021; inspection and physical verification of the goods including its weight has already been done. Hence, goods and vehicle are not required, at least for the purpose of inquiry. If they are detained for indefinite period, the condition of stationary truck with weight of 38.120 MT on its tyres, and loss of business of hopeless driver will be irreversible. - HC

  • Income Tax

  • Reopening of assessment u/s 147 - reopening beyond the period of 4 years - bogus purchases transactions of diamonds - assessee was aware that, it was only an accommodation entries - It cannot be said that there was no tangible material before the Assessing Officer and that he proceeded mechanically based on the sole information and the impugned notice is without jurisdiction and contrary to Section 147 - HC

  • Addition u/s 68 - If the assessee could not produce the Directors during the assessment proceedings in response to the summons issued by the Assessing Officer due to lack of time, then what prevented the Assessing Officer to ask the assessee to produce the Directors during the course of remand report when ample opportunity was given by the CIT (A) to him. - Thus onus cast upon the assessee was duly discharged - AT

  • Addition on account of suppressed production on the basis of electricity consumption - the AO failed to appreciate the facts and did not attempt to establish a direct nexus between the production and electricity consumed for the manufacturing and arrived at a conclusion that there was an excess consumption of electricity resulting in suppressed production - AT

  • Reopening of assessment u/s 147 - undisclosed capital gain - a right person is liable to pay tax on his income and no option is available to tax income in the hands of person other than one in whose hands it is taxable. - Income Tax is leviable only on the real income which the assessee has proved beyond doubt that assessee has received only 25% of the sale consideration - AT

  • TP Adjustment - Arm's length price of the corporate guarantee fee - Lower authorities have also included a letter of comfort as part of corporate guarantee - We reject the submissions of the ld. AR of the assessee that the issue of corporate guarantee by the assessee to its AEs is not an international transaction and direct the AO/TPO to decide the issue - AT

  • Deemed dividend addition u/s 2(22)(e) - it is only where a loan advanced by a company to registered shareholder and other conditions set out in section 2(22)(e) are satisfied, such amount of loan would be liable to regarded as deemed dividend within the meaning of the said section - AT

  • Deduction u/s 80IA - More than ordinary profit shown by the assessee under section 80IA(10) - Admittedly, in the case on hand the assessee is showing higher amount of profit but question arises whether it is the result of arrangement of the assessee with the party based outside India. If yes, then such an arrangement has to be proved by the AO but the same has not been done so. - AT

  • Ex-parte order passed by CIT(A) - Non-appearance before CIT(A) since the affairs of the assessee company not having been properly looked into by the person incharge at the relevant point of time - Matter remanded back to CIT(A) for fresh consideration - AT

  • Customs

  • Release of seized goods - Drones - the Commissioner (Appeals) has taken a correct view after applying his mind so as to release the goods for immediate use so that the pandemic can be contained and lives of many can be saved - It requires application of mind taking into consideration the facts and circumstances of each case. - Revenue appeal dismissed - AT

  • Central Excise

  • Judicial Review of Show Cause Notice (SCN) - whether refunds granted earlier pursuant to the Judgment of the Apex Court can be considered to be refunds erroneously granted in view of the subsequent Judgment of the Apex Court - As such, the contention of the Department that the refunds granted earlier were erroneous and could be recovered under Section 11A cannot be accepted. - HC

  • VAT

  • Levy of tax on turnover - Bill of Lading - title to the goods or not - In the instant case, the Revenue did not dispute the fact that the duty was paid by the ultimate buyer and except for the alleged interpolation in the Bill of Entry, there was no other adverse finding rendered either by the Assessing Officer or by the Tribunal against the dealer. - HC

  • Levy of sales tax on turnover - High seas sale - Admittedly, the Bill of Entry is not the document of title and even assuming that there are certain interpolations or corrections in the Bill of Entry, the question would be as to what is the effect of such corrections. - The Tribunal committed a serious error in reversing the well considered order passed by the First Appellate Authority by touching upon the factual findings, which were recorded by the First Appellate Authority - HC


Articles


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Case Laws:

  • GST

  • 2021 (4) TMI 234
  • 2021 (4) TMI 233
  • Income Tax

  • 2021 (4) TMI 232
  • 2021 (4) TMI 231
  • 2021 (4) TMI 225
  • 2021 (4) TMI 224
  • 2021 (4) TMI 220
  • 2021 (4) TMI 218
  • 2021 (4) TMI 216
  • 2021 (4) TMI 214
  • 2021 (4) TMI 213
  • 2021 (4) TMI 212
  • 2021 (4) TMI 211
  • 2021 (4) TMI 210
  • 2021 (4) TMI 209
  • 2021 (4) TMI 208
  • 2021 (4) TMI 206
  • 2021 (4) TMI 205
  • 2021 (4) TMI 204
  • 2021 (4) TMI 203
  • 2021 (4) TMI 202
  • 2021 (4) TMI 201
  • 2021 (4) TMI 200
  • 2021 (4) TMI 199
  • 2021 (4) TMI 198
  • 2021 (4) TMI 197
  • 2021 (4) TMI 196
  • 2021 (4) TMI 195
  • 2021 (4) TMI 194
  • 2021 (4) TMI 193
  • Customs

  • 2021 (4) TMI 230
  • 2021 (4) TMI 229
  • 2021 (4) TMI 215
  • Corporate Laws

  • 2021 (4) TMI 228
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 223
  • 2021 (4) TMI 222
  • 2021 (4) TMI 221
  • 2021 (4) TMI 219
  • 2021 (4) TMI 217
  • 2021 (4) TMI 207
  • PMLA

  • 2021 (4) TMI 227
  • Central Excise

  • 2021 (4) TMI 226
  • CST, VAT & Sales Tax

  • 2021 (4) TMI 192
  • 2021 (4) TMI 191
  • 2021 (4) TMI 190
  • 2021 (4) TMI 189
  • 2021 (4) TMI 188
  • 2021 (4) TMI 187
  • 2021 (4) TMI 185
  • Indian Laws

  • 2021 (4) TMI 186
 

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