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Home e-Newsletters Index Year 2022 May Day 16 - Monday

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TMI Tax Updates - e-Newsletter
May 16, 2022

Case Laws in this Newsletter:

GST Income Tax Benami Property Customs Corporate Laws Securities / SEBI Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • GST:

    Refund of IGST - zero-rated supply of goods or services or both - as the provisional refund and payment of interest would be subject to resolving the issues around the mismatches now discussed or if any other, there should be no inhibition in law for the aforesaid Nodal officers, as they examine the resolution of the mismatches, to decide on the recommendations in this regard. - HC

  • GST:

    Rejection of application of the petitioner to revise the form TRAN-1 - Admittedly the portal opened only on 15th March, 2018, for filing the TRAN-2 returns and petitioner could realise the inadvertent error only after that. Immediately thereafter, a complaint was made to the GST council. Thus, this Court finds that the mistake in filling up TRAN-1 form is a genuine, and, in the circumstances, the said error should not prevent the petitioner from claiming or being entitled to claim, what is otherwise legally due to it. - HC

  • GST:

    Anti-profiteering - if the benefit of ITC, which was not available earlier, was made available to the Respondent in the post GST period, it was incumbent on the Respondent to pass on such benefit to the Applicant no. 1 by commensurate reduction in price. - this case such benefit has not been passed on by the Respondent to the Applicant No. 1 by way of commensurate reduction in the price. - NAPA

  • Income Tax:

    LTCG - Exemption of capital gains in terms of Section 54EC - Assessee should not suffer where no default was committed by him in submitting the application under Section 119[2][b] of the Act on 24.05.2011 i.e., when there was no period of limitation prescribed. No application could be denied on technical grounds. - HC

  • Income Tax:

    Addition u/s 69 - purchases made but not recorded the same in regular books of account - the assessee had shown such purchases from different parties only for the purpose of showing the purchases from multiple sellers to the bank. This was done to obtain higher spending limit from the bankers. - No additions - HC

  • Income Tax:

    Addition u/s 56 - addition in respect of allocation of 1,03,000 rights shares - valuation - since the shares were allotted before Balance Sheet for AY 2013-14 was finalized, in our view Ld. CIT(Appeals) has not erred in computing the FMV per share considering the previous balance sheet which was approved in the AGM for valuation of FMV of the shares. - AT

  • Income Tax:

    Deduction u/s 80IAB - The statute or the provisions contained u/s 80IAB does not make any distinction that if the income has been derived from approved activities in SEZ, the same has to be classified under a particular head and then only deduction would be allowed - It is immaterial that whether the income derived has been shown from house property or business income or any other head. Thus, we hold that income derived from approved activity from the SEZ is liable to be allowed as deduction u/s 80IA. - AT

  • Income Tax:

    Permanent Establishment (PE) in India - attribution of profit to the PE - Revenue authorities have not brought any material on record to demonstrate that the activities of DHR India are wholly devoted on behalf of the assessee and as such it does not have any independent status and was not acting in the ordinary course of its business. - there cannot be any PE under Article 5(8) and 5(9) of the Indian – Singapore Tax Treaty. - AT

  • Income Tax:

    TDS u/s 195 - Outsourcing charges payable treated as 'fees for technical services' - These individuals are employees of iRunway Inc. and fulfill the criteria of the relevant US statutory requirements to be able to access the protective information. None of these individuals are employees of the assessee as incorrectly alleged by the revenue. AO failed to appreciate that owing to the legal restrictions in the US, iRunway Inc. or its employees did not have an opportunity or any occasion to 'make available' any technical knowledge to the assessee or its employees while rendering services. - AT

  • Income Tax:

    Revision u/s 263 - Assessment u/s 153A - addition of unaccounted receipts found in 15 red colored notebooks - The initiation of 263 proceedings based on the invalidation of manual return filed by the assessee u/s. 153C is not proper, considering the fact that same income cannot be added in two Assessment Years. - AT

  • Income Tax:

    Addition u/s 41(1) - creditors treated as ceased/waived liability - recalling of appeal - the Assessing Officer issued summons to the alleged trade creditors and recorded their statements, wherein they have denied of any payment due to the assessee - The appeal recalled to the extent of examining the two decisions, is accordingly dismissed. - Additions confirmed - AT

  • Income Tax:

    Protective addition made in the hands of the assessee - income surrendered by the assessee in the sworn statement - the surrender was not blanket surrender as presumed by the tax authorities. We also noticed that the surrender was couched with various caveats. In any case, the surrender of income without any basis is against the circular issued by CBDT . We also noticed that the assessee has explained later before the AO that the capital gain was in his mind while making surrender. - Additions deleted - AT

  • Customs:

    Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver - Notification

  • Customs:

    Seizure of mobile phones - violation of the principles of natural justice - sufficient and reasonable opportunity to the petitioners provided or not - the petition must be allowed quashing the impugned order and restoring the appeals to the file of the second respondent for reconsideration without much ado to ensure that the proceedings are decided strictly on merits and upon consideration of all material dispassionately in accordance with law after due opportunity. - HC

  • DGFT:

    The Export Policy of Onion Seeds has been put under 'Restricted' category, with immediate effect. - Notification

  • DGFT:

    The expert policy of wheat against the above mentioned HS codes is "Prohibited" with immediate effect except for shipments fulfilling the conditions mentioned in Para 2 - Notification

  • SEBI:

    Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Circular

  • SEBI:

    Related party transaction - Listing Obligations and Disclosure Requirements - The view, as taken by the Appellate Tribunal, in the given set of facts and circumstances of the present case, appears to be a plausible view of the matter. In fact, nothing of ill-intent on the part of the respondents has been established in the present case. - SC

  • Service Tax:

    Refund claim - time limitation - Whether the statutory time prescribed under section 11B shall be applicable to the amount erroneously deposited by the appellant despite having no liability to deposit the same? - reverse charge mechanism - at the time of the payment the payment had no colour of liability as already discussed above section 11B of Excise Act is not applicable - AT

  • Central Excise:

    Reversal of CENVAT Credit - clearance of LPG, which was produced as joint petroleum product with other dutiable petroleum product by chemical reaction/fraction of common blend of raw material is proper - byproduct or not - since the assessee could not have manufactured gelatin (dutiable final product) using a lesser quantity of hydrochloric acid, Rules 6(1) and 6(2) of the CCR would not come into play. - HC

  • Central Excise:

    Clandestine removal - The standard of evidences need not be as high as in criminal proceedings, where the charges are required to be established beyond reasonable doubts. But in the present case, the allegation of clandestine manufacture and clearance has not been substantiated by any tangible evidences - the law as to whether the third party records can be admitted as an evidence for arriving at the findings of clandestine removal, in the absence of any corroborative evidence, is well established. - AT

  • Central Excise:

    Benefit of exemption notification - galvanised solar structure - mounting structure - It is clear that experts in the field consider the Module Mounting Structure as an integral and essential component of the solar power systems and the Ministry implementing the projects also considers the same as components of the solar power plants and hence were covered by the notifications. - AT

  • Central Excise:

    Violation of principles of natural justice - Evasion of duty - the presumption as to the truth and evidentiary value of the documents is available to the Revenue, if the document relied upon is recovered and seized from the premises of the assessee. However, where any incriminating documents are recovered from the premises of third party, such third party should also be jointly prosecuted by being added as co-noticee in the show cause notice. - Revenue has failed to establish the charge of clandestine removal. - AT

  • Central Excise:

    Interest on delayed refund - relevant date for calculation of refund - No justification for the bifurcation have been given while sanctioning the interest only on the amount of pre deposit has been given in the order. It is also observed that the findings of the claim to be barred by time are also not correct as the relevant date for recovery period is considered as date of filing the appeal (i.e. 01.09.2014). Inspite of date of communication of the final order entitling the appellant from the impugned relief, 30.6.2017. - Claim of interest allowed - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (5) TMI 699
  • 2022 (5) TMI 698
  • 2022 (5) TMI 691
  • 2022 (5) TMI 697
  • 2022 (5) TMI 693
  • 2022 (5) TMI 696
  • 2022 (5) TMI 695
  • 2022 (5) TMI 692
  • 2022 (5) TMI 694
  • Income Tax

  • 2022 (5) TMI 687
  • 2022 (5) TMI 686
  • 2022 (5) TMI 685
  • 2022 (5) TMI 684
  • 2022 (5) TMI 683
  • 2022 (5) TMI 682
  • 2022 (5) TMI 681
  • 2022 (5) TMI 680
  • 2022 (5) TMI 679
  • 2022 (5) TMI 678
  • 2022 (5) TMI 677
  • 2022 (5) TMI 676
  • 2022 (5) TMI 675
  • 2022 (5) TMI 674
  • 2022 (5) TMI 673
  • 2022 (5) TMI 672
  • 2022 (5) TMI 671
  • 2022 (5) TMI 670
  • 2022 (5) TMI 669
  • 2022 (5) TMI 668
  • 2022 (5) TMI 667
  • 2022 (5) TMI 666
  • 2022 (5) TMI 690
  • 2022 (5) TMI 689
  • 2022 (5) TMI 665
  • 2022 (5) TMI 664
  • 2022 (5) TMI 688
  • Benami Property

  • 2022 (5) TMI 663
  • Customs

  • 2022 (5) TMI 662
  • 2022 (5) TMI 661
  • Corporate Laws

  • 2022 (5) TMI 660
  • Securities / SEBI

  • 2022 (5) TMI 659
  • Insolvency & Bankruptcy

  • 2022 (5) TMI 658
  • 2022 (5) TMI 657
  • 2022 (5) TMI 656
  • 2022 (5) TMI 655
  • 2022 (5) TMI 654
  • 2022 (5) TMI 653
  • 2022 (5) TMI 638
  • Service Tax

  • 2022 (5) TMI 652
  • 2022 (5) TMI 651
  • Central Excise

  • 2022 (5) TMI 649
  • 2022 (5) TMI 648
  • 2022 (5) TMI 647
  • 2022 (5) TMI 646
  • 2022 (5) TMI 645
  • 2022 (5) TMI 650
  • 2022 (5) TMI 644
  • CST, VAT & Sales Tax

  • 2022 (5) TMI 643
  • 2022 (5) TMI 642
  • 2022 (5) TMI 641
  • Indian Laws

  • 2022 (5) TMI 640
  • 2022 (5) TMI 639
 

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