Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 April Day 13 - Monday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
April 13, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Securities / SEBI Insolvency & Bankruptcy Service Tax CST, VAT & Sales Tax



TMI SMS


Highlights / Catch Notes

  • GST:

    Implementation of decision to expedite pending refund claims - Clarifications / Instructions / Orders

  • Income Tax:

    Income from property held for charitable or religious purposes. - Section 11 of the Income-tax Act, 1961 as amended

  • Income Tax:

    Unexplained expenditure under section 69C - allegation that, 18340 kilograms of wheat flour was purchased from the open market and had not shown the purchase cost of 123750 kilograms of wheat flour - the purchase of stock of such atta was reflected in the wheat purchase account and not in the atta purchase account. The Commissioner (Appeals) noted that the assessee had submitted documentary evidence to demonstrate the same, which was found to be correct - No addition can be made - HC

  • Income Tax:

    Additions against Cessation of liability u/s.41(1) - there was nothing on record to show that there was any remission or cessation of such liability. Under the circumstances, in the absence of remission or cessation of such liabilities, the question of invoking subsection (1) of section 41 of the Act did not arise. - HC

  • Income Tax:

    Disallowance of obsolete inventory written off - the assessee should produce the details of inventory, year of manufacturing/purchase, how it is to be used and how it can be construed that it has no value. Since the assessee failed to give any such details; therefore, the Assessing Officer has disallowed it. - AT

  • Income Tax:

    Cash deposits in bank account as unexplained cash deposits - cash deposits pertained to assessee's retail business - Since the assessee has not maintained any books of accounts, hence, in such situation only net profit as per provisions of section 44AD is required to be estimated as net profit and not entire turnover or cash deposits reflected in the bank account. - AT

  • Income Tax:

    Addition u/s 68 - unexplained cash credit - No doubt, deficiency if any is liable to be looked into even at the time of remand proceeding also. Each and every share-holder responded to the notice u/s 133(6) of the Act and submitted necessary details. The facts are not distinguishable at this stage. After the examination of each and every details by the CIT(A), the CIT(A) was of the view that the assessee has proved the identity, genuineness and creditworthiness of the share-holder. - Revenue appeal dismissed - AT

  • Income Tax:

    Revision u/s 263 - validity of Reopening of assessment u/s 147 - proceedings without concerned authority having territorial jurisdiction are not valid - PCIT’s sec. 263 assumption of revision jurisdiction itself stands quashed - AT

  • Income Tax:

    Addition u/s 24(b) - Claim of expenditure to run the company from rental income - assessee has itself assessed rental income under the head “Income from house property’ - such expenditure has to be allowed while computing the income of the assessee - AT

  • Income Tax:

    Reference of matter to DVO - assessee challenged the fair market value adopted by the assessing officer during the course of assessment proceeding itself and made a request for referring the matter of the valuation to DVO which was not accepted. - AO directed to refer the matter of DVO and do the assessment accordingly as per law - AT

  • Income Tax:

    TP Adjustment - comparable selection - filters applied by Ld.TPO - assessee is not involved in any of the strategic functions and is only undertaking preliminary tactical managerial functions. Assessee also does not undertake any marketing/business development activity. Further it is observed that assessee do not undertake any key risks. Based upon the above in our view the comparables needs to be revisited. - AT

  • Customs:

    Permission to import Grain De Cotton (Cotton Grain) for cattle feed - restricted import or not - The impugned Notification to the extent the same defines "Animal Feed" as “kibbled-crushed seeds/pellet/dried cake form” is quashed and set aside - HC

  • Corporate Law:

    COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) - Circular

  • Corporate Law:

    Clarification on contribution to PM CARES Fund as eligible CSR activity under item no. (viii) of the Schedule VII of Companies Act, 2013 - Circular

  • SEBI:

    Private placement of securities - Allotment of Unsecured Fully Convertible Debentures (FCDs) in excess of 500 members - section 71(5) - However the restriction of 500 persons is done away if a trustee was appointed by the Company. In the instant case, it is an admitted fact that a trustee was appointed. Thus there was no restriction to the number of shareholders to whom the debentures would be issued. - AT

  • Service Tax:

    Refund claim - Period of limitation - SEZ unit - distribution of input services (ISD) CESTAT was not justified in holding that in case of ISD invoices, for all purposes, be it cenvat or refund, the ISD invoice is deemed to be taxpaying document, and hence, the date of that invoice has to be taken even for computing the one year stipulated in clause (e) of paragraph 3(III) of Notification No.12/2103-ST - HC

  • VAT:

    Ex-parte order passed by the Special Committee rejecting the application since the application was filed beyond the period of limitation of 3 years - Since the petitioner did not get to participate in the hearing and an ex parte order came to be passed by the 2nd respondent, the petitioner deserves an opportunity of being heard - HC

  • VAT:

    Ab initio cancellation of the registration certificate of the appellant - In case of mere non-payment of assessed tax dues, there is no illegality in the transactions entered into by the parties, and hence, the concerned authority should exercise discretion accordingly, and if it finds on facts that a case for cancellation is made out, it may cancel the registration prospectively. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (4) TMI 334
  • Income Tax

  • 2020 (4) TMI 330
  • 2020 (4) TMI 329
  • 2020 (4) TMI 328
  • 2020 (4) TMI 327
  • 2020 (4) TMI 326
  • 2020 (4) TMI 325
  • 2020 (4) TMI 324
  • 2020 (4) TMI 323
  • 2020 (4) TMI 322
  • 2020 (4) TMI 321
  • 2020 (4) TMI 320
  • 2020 (4) TMI 319
  • 2020 (4) TMI 333
  • 2020 (4) TMI 332
  • 2020 (4) TMI 331
  • Customs

  • 2020 (4) TMI 318
  • 2020 (4) TMI 317
  • Corporate Laws

  • 2020 (4) TMI 316
  • Securities / SEBI

  • 2020 (4) TMI 315
  • Insolvency & Bankruptcy

  • 2020 (4) TMI 314
  • 2020 (4) TMI 313
  • 2020 (4) TMI 312
  • 2020 (4) TMI 311
  • 2020 (4) TMI 310
  • 2020 (4) TMI 309
  • Service Tax

  • 2020 (4) TMI 308
  • CST, VAT & Sales Tax

  • 2020 (4) TMI 307
  • 2020 (4) TMI 306
 

Quick Updates:Latest Updates