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Home e-Newsletters Index Year 2021 May Day 7 - Friday

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TMI Tax Updates - e-Newsletter
May 7, 2021

Case Laws in this Newsletter:

GST Income Tax Corporate Laws Insolvency & Bankruptcy FEMA PMLA Central Excise Wealth tax



Highlights / Catch Notes

    GST

  • Validity of attachment order - Seeking interim relief sought, that is for lifting of attachment of bank account pending appeal - The same cannot be considered as the details in relation to the balance available in the bank account are not placed. Had the same been produced, there could have been a direction to the authorities to set aside a portion of amount in satisfaction of the dues and permit operation of the bank account. Let the petitioner approach the first appellate authority with an application for interim protection - HC

  • Grant of Bail - issuance of fake invoices of other firms without accompanying the goods - No previous involvement of accused in any similar offence has been brought on record which implies that it is his first offence and he is not a habitual offender. It is also to be seen that accused is not at a flight risk and no submissions have been made to this effect. - Bail granted subject to conditions - DSC

  • Income Tax

  • Validity of order of Settlement Commission u/s 245C - When the prerequisite condition contemplated in the provision stipulates that the person approaching the second respondent- Settlement Commission should come out with true and full disclosure of income and the Department could able to establish that there are many discrepancies in the matter of such disclosure made by the first respondent-assessees, then, there is no other reason whatsoever to settle the issues under the provisions of the Act and the mater must be placed before the Assessing Officer for assessment. - HC

  • Capital Gains - cost of acquisition - As regards the details of the expenditure furnished of the assessee which are being sought as exempt by the assessee, find that except for the expenditure incurred by the assessee towards electrical, water leakage problem and plumbing work, no other expenditure is required to be incurred for making the house habitable. AO is directed to allow the same as cost of improvement and allow the same, if found to be in order. - AT

  • Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking the provisions of Section 273B, we hereby remit the matter back to the file of the Ld. AO to examine that no unexplained funds are introduced in the business of the assessee Company as loan from the Managing Director and if it found that the source of fund obtained from the Managing Director of the assessee Company is explained then delete the penalty levied invoking the provisions of section 271D - AT

  • Addition on account of interest u/s 40(a)(ia) - ld. CIT (A) has rightly arrived at the decision that entire transaction of the assessee having been reflected in the return of income who being a chartered accountant was supposed to come up with clean hands, is a colourable device to evade the tax and the entire interest income has been rightly taxed under the head “income from other sources” in the hands of the assessee. - AT

  • Penalty u/s.271(1)(b) - there was a reasonable cause with the assessee in not complying with the requirements of the AO in such a short period for the reasons discussed hereinabove. This being a reasonable cause has brought the case within the ambit of section 273B of the Act. - No penalty - AT

  • Corporate Law

  • Oppression and Mismanagement - This ‘Tribunal’ keeping in mind of the ingredients of Section 241 and 242 of the Companies Act, 2013 comes to a resultant conclusion that to achieve the object(s) for which the aforesaid provisions are enacted, without expressing any opinion on the merits of the matter, also not delving deep because of the fact that allegations of ‘Oppression and Mismanagement’ concerning mixed question of Law and fact cannot be decided at the ‘interim’, stage - AT

  • IBC

  • Seeking release of attached property and to restore possession - property of Corporate Debtor who is not a financial establishment as defined under Section 2(e) WBPIDFE Act - The Director of the Corporate Debtor and the property of the Corporate debtor cannot get immunity from the prosecution. Thus, the attached property, which is confiscated by the Designated Court of Economic Offences, cannot be de-attached - Now the attached property is not in possession and control of the DEO, WB. Therefore, as per the impugned order DEO, WB cannot de-attach the property which is already confiscated by the Designated Court of Economic Offences. - AT

  • Initiation of CIRP - since the affidavit not having been notarized is only a procedural irregularity and it is a curable defect. This irregularity can be rectified by the Applicant at any point of time. It is also pertinent to note here that the proviso to Section 7(5) of IBC, 2016 states that this Adjudicating Authority before rejecting the application under sub-clause (b) of sub-section (5) of Section 7 of IBC, 2016 shall give a notice to the Applicant to rectify the defect in the application - Tri

  • PMLA

  • Money laundering - proceeds of crime - huge difference between the said cash deposit and the income of the petitioner - creation of benami Funds - the objective satisfaction of the guilt of the accused is required to be reduced to writing in the grounds of arrest formulated by the Investigating Officer prior to the arrest and to be furnished in writing to the arrestee at the time of arrest or immediately thereafter - the grounds of arrest are in compliance with the stipulated requirement - HC

  • Wealth-tax

  • Wealth tax assessment - ownership of the Gold in possession of the assessee - Limited power to deal with the Gold - Legal heirs - the Tribunal ought not to have included any consideration for the seized gold for computation of wealth tax assessment on the respective valuation dates as the gold still stands seized and not released. - HC


Articles


Notifications


News


Case Laws:

  • GST

  • 2021 (5) TMI 195
  • 2021 (5) TMI 194
  • 2021 (5) TMI 171
  • 2021 (5) TMI 170
  • Income Tax

  • 2021 (5) TMI 197
  • 2021 (5) TMI 196
  • 2021 (5) TMI 193
  • 2021 (5) TMI 192
  • 2021 (5) TMI 188
  • 2021 (5) TMI 186
  • 2021 (5) TMI 184
  • 2021 (5) TMI 183
  • 2021 (5) TMI 182
  • 2021 (5) TMI 176
  • 2021 (5) TMI 174
  • 2021 (5) TMI 173
  • 2021 (5) TMI 172
  • Corporate Laws

  • 2021 (5) TMI 187
  • 2021 (5) TMI 181
  • Insolvency & Bankruptcy

  • 2021 (5) TMI 185
  • 2021 (5) TMI 180
  • 2021 (5) TMI 179
  • 2021 (5) TMI 178
  • 2021 (5) TMI 177
  • FEMA

  • 2021 (5) TMI 198
  • 2021 (5) TMI 190
  • PMLA

  • 2021 (5) TMI 189
  • Central Excise

  • 2021 (5) TMI 191
  • 2021 (5) TMI 175
  • Wealth tax

  • 2021 (5) TMI 199
 

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