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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2021 April Day 30 - Friday

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TMI Tax Updates - e-Newsletter
April 30, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • Income Tax:

    Reopening of assessment u/s 147 - There is no indication of any application of mind by the authority. Moreover, the approval under Section 151 of the Act had to be granted by the Principal Chief Commissioner, or the Chief Commissioner, or the Principal Commissioner, or the Commissioner, if the reopening is beyond four years. However, the above approval in the instant case was issued by the Joint Commissioner and therefore, it was not a valid approval under Section 151 of the IT Act. - HC

  • Income Tax:

    Validity of Recovery proceedings - The conduct of the petitioners is also relevant. Not only have the returns been filed belatedly but the petitioners have also chosen not to co-operate in the conduct of assessment. They are admittedly in receipt of the defect notices from the CPC, but have not bothered to respond to the same. The writ petitions have themselves been filed belatedly and after the elapse of more than six to eight months from the dates of impugned orders - Writ petition dismissed - HC

  • Income Tax:

    Stay orders - Recovery proceedings - The amount recovered from petitioner over and above the amount as per instructions, memoranda, circular towards demand of tax for the AY 2013-14 pending in appeal would be returned to the Petitioner with interest according to law and refunds of amounts over and above the amount as per instructions / guidelines may not be adjusted towards tax demand for AY 2013-14 till disposal of appeal.- HC

  • Income Tax:

    Reopening of assessment u/s 147 - Merely, offer made by the assessee in our considered view, ought not to have been taken as a conclusive evidence of earning salary income by the assessee. Therefore, in the absence of any conclusive evidence that the assessee infact had earned salary from M/s. Oldy Goldy Computers, the Assessing Officer was not justified in taking the addition and making the addition on account of earning of salary income - AT

  • Income Tax:

    Capital gain on sale of land - nature of land sold - once the amendment to the above statutory provision came vide Finance Act, 2013 w.e.f. 01-04-2014 the assessee’s case would continue to be governed by the earlier un-amended provisions as we are in AY.2011-12. This is also not the Revenue’s stand that assessee’s land(s) deserved to be treated as a capital asset as per the unamended proviso since covered by any notification issued in this behalf from the Central Government. - AT

  • Income Tax:

    Disallowance of depreciation of plant and machinery - even assuming for a moment, the asset was not put to use in the business of the assessee, but when the plant and machinery is installed and ready for use in the business for the relevant assessment year, then claim of depreciation can be allowed. There is no error in the findings recorded by the learned CIT(A) to delete disallowance of depreciation on plant and machinery. - AT

  • Income Tax:

    Addition as headless deemed income - Unaccounted income u/s. 68 to section 69D - In sub-section (2) of section 115BBE as introduced by Finance Act, 2012 only disallowance of expenditure or other allowance was considered against unaccounted income u/s. 68 to section 69D but business loss was not covered. It is only by Finance Act, 2016 w.e.f. 01.04.2017 it is inserted in the provision to deny benefit of set off of any loss. - AT

  • Service Tax:

    Refund of Service Tax - The refund of tax if any borne by the petitioner had to be made only within a period of limitation prescribed under Section 11B of the Central Excise Act, 1944 notwithstanding the fact that the petitioner became aware of the wrong payment of tax only after the Central Board of Excise and Customs issued clarification - HC

  • Service Tax:

    Levy of Service Tax - appellant is a partner and the service recipient is a partnership firm - the appellant is a partner performing some duties for which he has an expertise, skill in the marketing and distribution of the goods manufactured by partnership firm M/s Zydus Healthcare. And as a remuneration, the appellant have been received the amount which is nothing else but a special share in the profit. - not liable to service tax - refund allowed - AT

  • Central Excise:

    Violation of principles of natural justice - there is nothing to indicate as to how this affixing at company premise should be construed as sufficient notice to the petitioner nor is it found on record from any document that he was made aware of the show cause notice which led to the order impugned and therefore, merely because in reply to another show cause notice, he has been made aware also cannot furnish the ground to assume that he was aware of the show cause notice, the order of which is impugned in this matter. - HC

  • Central Excise:

    Refund claim - Applicability of Doctrine of unjust enrichment - the purchaser of the goods was not entitled to a claim for refund of duty made under protest by the manufacturer without complying with the mandate of Section 11B of the Act. - HC

  • Central Excise:

    CENVAT Credit - input services - nexus with the manufacture of final product - Since, the above reasoning is not flowing from the show cause notice even without going into the legality of the above two issues, the orders of the both the authorities does not sustain, for the reason that any issue which were not raised in the show cause notice, cannot be imported into the adjudication order or Commissioner (Appeals) order- AT


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (4) TMI 1172
  • Income Tax

  • 2021 (4) TMI 1163
  • 2021 (4) TMI 1162
  • 2021 (4) TMI 1161
  • 2021 (4) TMI 1160
  • 2021 (4) TMI 1176
  • 2021 (4) TMI 1156
  • 2021 (4) TMI 1175
  • 2021 (4) TMI 1155
  • 2021 (4) TMI 1173
  • 2021 (4) TMI 1154
  • 2021 (4) TMI 1153
  • 2021 (4) TMI 1152
  • 2021 (4) TMI 1151
  • 2021 (4) TMI 1150
  • 2021 (4) TMI 1171
  • 2021 (4) TMI 1169
  • 2021 (4) TMI 1165
  • 2021 (4) TMI 1141
  • Corporate Laws

  • 2021 (4) TMI 1149
  • Insolvency & Bankruptcy

  • 2021 (4) TMI 1159
  • 2021 (4) TMI 1148
  • 2021 (4) TMI 1147
  • 2021 (4) TMI 1146
  • 2021 (4) TMI 1145
  • 2021 (4) TMI 1144
  • 2021 (4) TMI 1143
  • 2021 (4) TMI 1142
  • Service Tax

  • 2021 (4) TMI 1157
  • 2021 (4) TMI 1167
  • Central Excise

  • 2021 (4) TMI 1158
  • 2021 (4) TMI 1168
  • 2021 (4) TMI 1166
  • 2021 (4) TMI 1164
  • CST, VAT & Sales Tax

  • 2021 (4) TMI 1174
  • 2021 (4) TMI 1170
 

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