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Home e-Newsletters Index Year 2020 April Day 11 - Saturday

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TMI Tax Updates - e-Newsletter
April 11, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Service Tax Central Excise CST, VAT & Sales Tax Wealth tax



TMI SMS


Highlights / Catch Notes

  • GST:

    Delay in filing appeal - The failure on the part of the petitioner to file the appeal in time was on account of the attempt of the petitioner to unsuccessfully upload the appeal memorandum on the website of the 1st respondent - Delay condoned - Appeal restored before the first appellate authority - HC

  • GST:

    Detention of goods - Section 129(3) of the CGST Act - stock transfer - allegation that the consignor and consignee are two different entity with different GSTINs - appellant contended that the detention itself is without jurisdiction and authority. We are not persuaded to accept such a contention, because the officer had mentioned sufficient reason for detention of the transport. - HC

  • Income Tax:

    Disallowance of depreciation on computer software u/s 40(a)(ia) - assessee had purchased software but had not deducted TDS u/s 194J of the Act on the payment for its purchase - when the assessee has once capitalized the payment and had not deducted TDS on such payments, Sec.40(a)(ia) of the Act cannot be invoked for disallowance of depreciation - AT

  • Income Tax:

    Disallowance u/s 40A(3) - cash payments to lorry drivers - The payments is supported by ledger account of transport operators on whose behalf the payment were made to lorry drivers on day to day basis - where payments are genuine and identifiable no disallowance under section 40A(3) are warranted. - AT

  • Income Tax:

    Rectification u/s 154 - Exemption u/s 54F denied - the assessee through rectification application u/s 154 of the Act wants to play second innings which is nothing but abuse of the process of law. - AT

  • Income Tax:

    Exemption u/s 54F - Assessee given advance for purchase of land in the year 2005 and accordingly acquired right for specific performance of agreement of sale - The said right constitutes “capital asset” within the meaning of sec.2(14) of the Act. Subsequently, the assessee has received money for giving up the said right. - Benefit u/s 54F allowed - AT

  • Income Tax:

    Exemption u/s 10(23FB) - income earned on investments from VCUs [venture capital undertaking] - Since we have held in the preceding paragraphs, that the assessee cannot be subjected to tax for capital gains, there was no necessity to examine the question of applicability of provisions of sec.10(38) of the Act to the capital gains earned by the assessee on sale of shares. - AT

  • Income Tax:

    Capital gain - LTCG or STCG - Period of holding of asset - right acquired on signing of JDA - this right was held by the assessee for more than 36 months because it was acquired on 16.12.2010 and sold in F. Y. 2014-15. Hence, the capital gain in question is LTCG and not STCG - AT

  • Income Tax:

    Disallowance of TDS recoverable written off - AO directed to verify that initially the assessee recognized the total invoice amount and subsequently, identified the bad debt with reference to the deficit payment by the party and the amount under TDS certificate issued - If both the conditions are satisfied, claim to be allowed bad debt - AT

  • Income Tax:

    Bogus LTCG - Long Term Capital Gain on sale of listed equity share exempt u/s 10(38) - Company has a meager turnover and minuscule profit. The regulators conducted the enquiry and found that the price of this company has been rigged. - The statement of the assessee itself did not give any credence to the mere documentary evidences produced by. - Additions confirmed - AT

  • Income Tax:

    Assessment u/s 153C v/s Reopening of assessment u/s 147 - when incriminating documents were found during the course of search, the same have been used in the case of the assessee-company. The proper course the A.O. should have adopted is to proceed against the assessee-company under section 153C of the I.T. Act instead of recording reasons for reopening of the assessment under section 147/148 of the I.T. Act. - AT

  • Income Tax:

    Unexplained investment - Purchase of vehicle - In the assessment order, the AO has also accepted that the assessee has sufficient bank balance to meet out for purchase of car, however, did not accept the explanation of the assessee and added the same to the total income of the assessee. - additions deleted - AT

  • Income Tax:

    Condonation of delay - delay of 2554 days in filing the appeal - sufficient cause for delay - assessee waited for the decision of the similar issue pending before the CIT(A) Mysore, which was decided on 31.08.2017 construing the status of the assessee as a Central Government Organization for the purpose of valuation of perquisites and not as an autonomous body - the grounds taken by the assessee for condonation of delay is not sufficient. - AT

  • Income Tax:

    Validity of initiation of proceedings u/s 147/148 - Addition u/s 69 - anonymous complaint - Once the sellers as well as the purchasers have denied the allegation of any unaccounted purchase consideration/sale consideration paid or received in their statements recorded under section 131 of the Act, then in the absence of any such fact detected during the investigation carried out by the DDIT, the opinion formed by the DDIT and consequently by the AO is merely based on the allegation made in the complaint which is anonymous complaint as admitted and stated by the DDIT Investigation - AT

  • Customs:

    Seeks to exempt customs duty on ventilators, personal protection equipments, covid-19 testing kits and inputs for these goods. - Notification

  • Customs:

    Special Refund and Drawback Disposal Drive - Implementation of decision to expedite pending refund and drawback claims - Order-Instruction

  • Customs:

    Recovery of Customs Duty with penalty after a gap of 17 years - It is the grievance on the part of the petitioner that for the entire period of 17 years, the show cause notice issued in the year 2000 was not heard and surprisingly the date of hearing was given after 17 years - there are no grounds put-forth by the department, which can attribute any of the reasons to the petitioners for delay, which has been caused in adjudicating the matter - SCN quashed - HC

  • Customs:

    Interest on Delayed Refund of SAD - The interdepartmental lack of clarity can hardly effect the right of the parties particularly when there is statutory provision permitting the interest on the refund claim, if the sum is not paid within stipulated time period of 3 months - HC

  • Customs:

    Imposition of 100% penalty instead of 25% - if there is any short payment they would have been be asked to pay at that stage and the matter could have been come to an end. But instead of doing so, the matter had to travel up to this Tribunal which is very unfortunate - As whole of the demand of duty, interest and 25% penalty has been paid by the appellant and the Managing Director is also not be penalised. - AT

  • Customs:

    Valuation of imported goods - import of multi functional digital copiers - enhancement of value - Mere acquiescence by the importer in order to expedite their clearances through customs does not form the evidence that the value has been mis-declared, more so when the enhancement was marginal - Confiscation as well as redemption fine set aside. - AT

  • Corporate Law:

    Sale of Land of a company - proper authorization - Sale of the property of a company requires board resolution to that effect. The sale alleged to have been executed is only on the basis of board resolution dated 01.08.2015 which itself cannot be relied upon. Therefore, the sale of the said land seems to have been executed without proper authorization of the board - AT

  • Corporate Law:

    Power of the tribunal to pass appropriate orders - Impleadment of the appellants(s) as party (including auditors) - Before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal is of the opinion that it requires to give appropriate hearing to the concerned parties, including those who audited ‘IL&FS’ and/ or those who have managed or were concerned with ‘IL&FS’ or its Group Companies, it cannot be held to be illegal - AT

  • Service Tax:

    CENVAT Credit - input services - The appellant has specifically come out with a case that the CENVAT Credit availed by the appellant for the period 2011-12 pertains to input services received by the appellant prior to 1 April, 2011 - credit cannot be denied by applying the amendment made in the definition of ‘input service’ with effect from 1 April, 2011 - AT

  • Service Tax:

    Demand of service tax on the amount of reimbursement of payroll cost for the expatriate employees deputed - to ascertain whether the employer employee relation exists, matter remanded back - AT

  • VAT:

    Validity of assessment order - CST Act - inter-state sales or not - It was thus incumbent upon the Authority to examine the transactions minutely and then come to a decision as to whether the transactions were domestic transactions inter se the petitioner and the vendor or inter state sales. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (4) TMI 305
  • 2020 (4) TMI 304
  • 2020 (4) TMI 303
  • Income Tax

  • 2020 (4) TMI 301
  • 2020 (4) TMI 300
  • 2020 (4) TMI 299
  • 2020 (4) TMI 298
  • 2020 (4) TMI 297
  • 2020 (4) TMI 296
  • 2020 (4) TMI 295
  • 2020 (4) TMI 294
  • 2020 (4) TMI 293
  • 2020 (4) TMI 292
  • 2020 (4) TMI 291
  • 2020 (4) TMI 290
  • 2020 (4) TMI 289
  • 2020 (4) TMI 288
  • 2020 (4) TMI 287
  • 2020 (4) TMI 286
  • 2020 (4) TMI 285
  • 2020 (4) TMI 284
  • 2020 (4) TMI 302
  • 2020 (4) TMI 283
  • Customs

  • 2020 (4) TMI 282
  • 2020 (4) TMI 281
  • 2020 (4) TMI 280
  • 2020 (4) TMI 279
  • 2020 (4) TMI 278
  • Corporate Laws

  • 2020 (4) TMI 277
  • 2020 (4) TMI 276
  • Service Tax

  • 2020 (4) TMI 275
  • 2020 (4) TMI 274
  • Central Excise

  • 2020 (4) TMI 273
  • CST, VAT & Sales Tax

  • 2020 (4) TMI 272
  • 2020 (4) TMI 271
  • Wealth tax

  • 2020 (4) TMI 270
 

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