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Home e-Newsletters Index Year 2019 May Day 22 - Wednesday

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TMI Tax Updates - e-Newsletter
May 22, 2019

Case Laws in this Newsletter:

Income Tax Customs Insolvency & Bankruptcy Service Tax Central Excise



Highlights / Catch Notes

  • Income Tax:

    Deduction u/s 80P (2) - scope of introduction of sub-section (4) - Primary Agricultural Credit Society or a Co-operative Bank - AO has to conduct an enquiry into the factual situation as to the activities of the assessee society and arrive at a conclusion whether benefits can be extended or not in the light of the provisions under sub-section (4) of Section 80P

  • Income Tax:

    Revision u/s 263 - there is no finding that the GTD activity expenses were not for furtherance of the aims and objects of the assessee society or that the assessment order is erroneous for any reasons to be recorded by the Ld. CIT(E) - it difficult to sustain the impugned order for want of an enquiry to reach such a conclusion

  • Income Tax:

    Treatment of loss from share trading - The specific admission of the assessee before the assessing officer assumes significance that share trading is sole business during the assessment year - The assessee made an admission on a statement of fact which in our view, must bind it. - the deeming fiction u/s 73 would be attracted.

  • Income Tax:

    Treatment of loss from share trading - speculative loss OR business loss - a specific amendment by Parliament in the Explanation to Section 73, insofar as trading in shares is concerned, w.e.f. 01.04.2015. It was intended to take effect from the date stipulated by Parliament - no reason to hold either that it was clarificatory or that the intent of Parliament was to give it retrospective effect

  • Income Tax:

    Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO consider the same as unexplained investment - AO has to reject the books of account and thereafter, he has to estimate the unexplained investment in WIP in the relevant assessment year by following the market price or cost which was lower which the AO has failed to do so - no addition

  • Income Tax:

    Exemption 10(37) - consideration of CBDT circular No.36 of 2016 and Circular No.11011/30/2015-LA - the department is duty bound to adhere to the instruction of the CBDT while disposing the proceedings before them even if both the circulars, now referred, were not furnished before them by the assessee - restored back to the file of the AO for denovo assessment

  • Income Tax:

    Foreign tax credit u/s 91 - Section 6(6) carves out another category of person in ‘Residents’, who is said to be ‘not ordinarily resident’ in India form part of larger group of the persons who are ‘resident’ - section 91 provides relief/deduction of taxes paid with respect to a person who is a ‘resident’ in India - hence credit allowable to resident but not ordinarily resident

  • Income Tax:

    Disallowance of deduction u/s 80JJAA - employment equal to or more than 300 days - by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year - second proviso is clarifactory in nature and is intended to remove the anomaly must be given retrospective effect

  • Customs:

    Imposition of safeguard duty - imports of Solar Cells - the balance of convenience lies in favour of the domestic industry. - the domestic industry would suffer irreparable injury if the ad interim relief granted earlier is permitted to continue.

  • Customs:

    Valuation of imported goods - rejection of declared value - The mandate to record reasons at the second stage of enquiry is not expressly stipulated, albeit it has been read by us by implication in Rule 12 - mandate if applied to past cases would possibly lead to complications and difficulties - decision will be applicable prospective - past cases will be decided on a case to case basis

  • Customs:

    Valuation of imported goods - rejection of declared value - Formation of belief and recording of reasons as to reasonable doubt and communication of the reasons when required is the only way and manner in which the proper officer in terms of Rule 12 can proceed to make assessment under Rules 4 to 9 after rejecting the transaction value as declared - mandate of Rule 12(2) cannot be ignored or waived

  • IBC:

    Reduction of claim - 'existence of dispute' between the 'Corporate Debtor' and the 'Operational Creditor' with regard to supply of coal - Since that order attained finality, the duty is cast upon this Applicant to place the invoices before the RP as against the dates and invoices mentioned in the Original Company Petition.

  • Service Tax:

    Reverse charge - import of services or reimbursement of various expenses incurred to associated group companies abroad - These charges are not reimbursement but payments towards the specific service provided by the overseas group associate company and are not reimbursements - Tax liability under RCM confirmed.

  • Service Tax:

    Export of Services - intermediary service or not - the services provided by the appellant in respect of the sale of goods of associated group companies cannot be said to be services provided by intermediary as defined in the Rules - Benefit of export allowed.

  • Service Tax:

    CENVAT Credit - input services used in ‘setting up’ of their office premises - Some of the services undertaken by the Appellant though are in the nature of civil works, but considering with other works it is definitely relate to repair/renovation, modernization of the existing office premises and eligible to CENVAT Credit.

  • Service Tax:

    CENVAT credit - the insurance policy is not availed under any statutory obligation and it is for the personal consumption of the employee and therefore not eligible for credit.

  • Service Tax:

    Demand of service tax - brokerage received on IPO related service - Business Auxiliary Services - appellant’s activity is neither covered u/s 65(19)(i) as they are not promoting or marketing or selling any goods nor u/s 65(19)(i) as it is nor rendered in relation to promotion or marketing of service - IPO is only an offer to the prospective buyers - appellant not covered u/s 65(19)- no service tax

  • Service Tax:

    CENVAT Credit - no service tax on residential accommodation - When service tax was collected by service provider even on providing for residential accommodation which is admissibly not subjected to service tax, there is no point in denying benefits of availment of CENVAT credit to the appellant when legality of such collection at the receivers end was not questioned

  • Service Tax:

    Condonation of delay in filing appeal - Section 85(3A) of the Finance Act, 1994 - Once the period of limitation is specifically prescribed in a statute and stipulates the maximum period/extent of delay which can be condoned, it cannot be condoned under Article 226 of the Constitution of India

  • Central Excise:

    Clandestine removal - Bags and Soft Luggage items - bags were not seized from outside the factory premises or during transit and that were seized from the factory premises - duty is payable only at the time of clearance of goods from the factory and addressing presumptions that they were not accounted with intent to clear without payment of duty is not tenable in law.

  • Central Excise:

    Clandestine removal of goods - the duty could not be demanded on the raw material found short during the course of investigation as the same was not manufactured goods by the respondent - the adjudicating authority also failed to prove that the cash recovered was the sale proceeds of clandestine removed goods - no error or illegality in the findings recorded by the Tribunal - No substantial question of law arises


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2019 (5) TMI 1162
  • 2019 (5) TMI 1161
  • 2019 (5) TMI 1160
  • 2019 (5) TMI 1159
  • 2019 (5) TMI 1158
  • 2019 (5) TMI 1157
  • 2019 (5) TMI 1156
  • 2019 (5) TMI 1155
  • 2019 (5) TMI 1154
  • 2019 (5) TMI 1153
  • 2019 (5) TMI 1165
  • 2019 (5) TMI 1164
  • 2019 (5) TMI 1163
  • Customs

  • 2019 (5) TMI 1152
  • 2019 (5) TMI 1142
  • 2019 (5) TMI 1151
  • 2019 (5) TMI 1150
  • 2019 (5) TMI 1149
  • Insolvency & Bankruptcy

  • 2019 (5) TMI 1141
  • 2019 (5) TMI 1140
  • Service Tax

  • 2019 (5) TMI 1148
  • 2019 (5) TMI 1147
  • 2019 (5) TMI 1139
  • 2019 (5) TMI 1138
  • 2019 (5) TMI 1146
  • 2019 (5) TMI 1145
  • 2019 (5) TMI 1137
  • 2019 (5) TMI 1136
  • Central Excise

  • 2019 (5) TMI 1144
  • 2019 (5) TMI 1143
 

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