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 16 - Thursday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
April 16, 2020

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    TCS u/s 206C(1) - activity of sale of scrap - to fall under the definition of scrap as given in the Explanation to section 206C of the Act, the term ‘waste’ and ‘scrap’ are one and which should arise from manufacture and if the scrap is not coming out of manufacture, then the items do not fall under the definition of scrap and thus not liable to TCS.

  • Income Tax:

    Condonation of delay - it filed appeal against the assessment order instead of 154 order passed by the Assessing Officer because the scope in challenging the assessment order in appeal is far more wider than challenging the order passed under Section 154 of the Income-tax Act for rectification of any mistake. Since the assessee has availed one of the courses available to it and this has made its appeal time barred, it is a plausible explanation for condonation of delay. - Delay condoned - AT

  • Income Tax:

    Addition being difference between the value determined by the DVO - As per the records, the assessee has shown project completion method, hence, the profit is liable to be taxed in the assessment year under consideration only , hence, we hold the same. - in such circumstances and non corporative attitude of the assessee, the AO could not do justice with the assessee

  • Income Tax:

    Addition u/s 68 - unexplained cash credit - if the AO wanted to disbelieve the identity, credit-worthiness and genuineness of transaction of cash depositors with the assessee, the AO’s could have carried out more enquiry by examining these persons to establish whether they have given cash to the assessee for carrying out share trading on their behalf or not - Additions deleted.

  • Income Tax:

    Claim of exemption u/s 10(37) - it was a case of compulsory acquisition of land for which the SMC under the instruction of Government of Gujarat for which the SMC has also given a certificate - conditions stipulated in section 10(37) is satisfied.

  • Income Tax:

    Condonation of delay in filing of appeal before CIT (A) - In the case in hands, the branch has to act as per advice of Head Office, hence, which consumed sufficient period of time, therefore, it could not be regarded as negligence or of lacking of bona-fides. We are of the considered opinion that CIT (A) was not justified in refusing to condone the delay in filing of appeal - Delay condoned.

  • Income Tax:

    AO/CIT(A) have erred in disallowing the deduction for education cess on income-tax, dividend distribution tax and fringe benefit tax in computing the total income under normal provisions of the Act, consequently ordered to be deleted. - AT

  • Customs:

    Revocation of approval granted to Overseas Warehousing Private Limited to act as custodian of the imported goods - the appellant has by his action of auctioning the goods which were in his custody acted without putting the importer to notice and without informing/ seeking permission from the Custom Officer has contravened the provisions of Section 48 of the Customs Act, 1962.

  • Customs:

    Import of prohibited item - old and used multifunction devices and printers - the impugned goods are to be considered as ‘other wastes’ and the prohibition, applicable upon nonconformity with the conditions for import of ‘hazardous waste’, would not apply to the impugned goods. - The absolute confiscation of the goods must be set aside in the face of restrictions that are not prohibition.

  • DGFT:

    Manner of Continuation of Merchandise Exports from India Scheme (MEIS) for shipments on or after 01.04.2020 and Introduction of the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme - Trade Notice

  • FEMA:

    Offence under FERA / FEMA - Economic Offence cases - failure to realize the respective full export proceeds - By just giving the quota to A-1 to A-3, A-4 to A-6 cannot shirk their responsibility and take a turn and say that since they are not the exporters and that the sale proceeds does not pertain to them, they have not contravened the provisions of Section 18 (3) more so, when A-6 is the joint declarant in the GR Forms along with A-1. - HC

  • Corporate Law:

    Jurisdiction - Status of NCLT as Court or not - The term Adjudicating Authority, as defined in Section 5(1) of IBC cannot come within the ambit of court as defined in Section 2(29) of the Companies Act, 2013. - As per Section 60(1) of ‘I&B’ Code the NCLT is an Adjudicating Authority - NCLT in Law is not empowered to order an investigation directly, to be carried out by the Central Government.

  • Corporate Law:

    Cancellation of Certificate of Incorporation - The Chartered Accountant (ACA) failed to fulfil his statutory professional duties in following the extant provisions of the Companies Act, in incorporating the R 1 Company. He has given false declaration that the petitioner has signed the requisite documents in question before him. Therefore, the incorporation of R 1 Company ab initio void as per the said proviso, apart from criminally liable for action against the Second and third Respondent

  • Indian Laws:

    The word “perverse” has to be understood in law as defined to mean “against the weight of evidence.” From the discussions it is held that the findings arrived at by the learned trial Court are perverse and erroneous. - HC

  • Indian Laws:

    It is manifest that criminal proceedings had not commenced based on the complaints. When criminal proceedings had not commenced, it will be incongruous to hold that the accused stands acquitted with the dismissal of the complaint - HC

  • IBC:

    Validity of order of spcial bench of NCLT - Irregularity in publishing of Cause List in the prescribed manner - The petitioner got the certified copy of the order within 7 days from the date of pronouncement of the common order dated 20.01.2020 i.e., within the timeline contemplated under Section Sub-Section (2) of Section 61 of IBC and as such, it cannot be said that he has been put to serious prejudice on account of non-uploading of the information relating to pronouncement of the orders on 20.01.2020 and non indication of the same in the Cause List. - HC

  • PMLA:

    Prevention of Money-laundering (Maintenance of Records) 2nd Amendment Rules, 2020 - Notification

  • RBI:

    ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities - Circular

  • Central Excise:

    CENVAT Credit - inputs/capital goods - all the items in question has been used by the appellant for fabrication of capital goods - the items in question has been used by the appellant for fabrication of capital goods which are inputs for the appellant and they are entitled to avail cenvat credit - AT

  • Central Excise:

    Cenvat credit can be availed by the manufacturer on the strength of supplementary invoice since such amount of duty cannot be said to be paid on account of any non-levy or short levy by reason of fraud, collusion or any willful mis-statement or suppression of facts or contravention of any provision of the Central Excise Act/Rules with intent to evade payment of duty.

  • VAT:

    Classification of goods - rate of tax - Medical Oxygen IP - Nitrous Oxide IP - Medical Oxygen IP and Nitrous Oxide IP are medicines used for or in the diagnosis, treatment, mitigation or prevention of any disease or disorder in human beings falling within the ambit of Section 3(b)(i) of the 1940 Act. Medical Oxygen IP and Nitrous Oxide IP fall within the ambit of Section 3(b)(i) of the 1940 Act and are consequently covered in Entry 88 of the 2005 Act. - SC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (4) TMI 442
  • 2020 (4) TMI 441
  • Income Tax

  • 2020 (4) TMI 439
  • 2020 (4) TMI 438
  • 2020 (4) TMI 437
  • 2020 (4) TMI 436
  • 2020 (4) TMI 435
  • 2020 (4) TMI 434
  • 2020 (4) TMI 433
  • 2020 (4) TMI 432
  • 2020 (4) TMI 431
  • 2020 (4) TMI 430
  • 2020 (4) TMI 429
  • 2020 (4) TMI 428
  • 2020 (4) TMI 427
  • 2020 (4) TMI 426
  • 2020 (4) TMI 425
  • 2020 (4) TMI 424
  • 2020 (4) TMI 440
  • Customs

  • 2020 (4) TMI 422
  • 2020 (4) TMI 423
  • 2020 (4) TMI 421
  • Corporate Laws

  • 2020 (4) TMI 420
  • 2020 (4) TMI 419
  • Insolvency & Bankruptcy

  • 2020 (4) TMI 418
  • FEMA

  • 2020 (4) TMI 417
  • Service Tax

  • 2020 (4) TMI 416
  • Central Excise

  • 2020 (4) TMI 415
  • 2020 (4) TMI 414
  • CST, VAT & Sales Tax

  • 2020 (4) TMI 413
  • Indian Laws

  • 2020 (4) TMI 412
  • 2020 (4) TMI 411
 

Quick Updates:Latest Updates