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 2021 May Day 27 - Thursday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
May 27, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Supply of services or deemed supply - Liaison office - applicant connects businesses in India with business partners in Dubai - intermediary - non-profit organization - requirement to obtain registration or not - levy of GST - While on one hand applicant has submitted that it is not undertaking any supply, on the other hand applicant accepts that it connects businesses in India with business partners in Dubai, which is nothing but supply of services. Thus the applicant acts as a conduit between some business partners in Dubai and certain businesses in India. It therefore appears that the applicant is acting as an intermediary in the subject case. - AAR

  • GST:

    Confirmation of demand of GST with interest and penalty - Non filing of reply to Show Cause notice (SCN) - non-compliance of mandatory provisions of sub-section (4) of Section 75 of the CGST Act, 2017 - Opportunity of hearing - In the considered opinion of this Court, is liable to be set aside not only on the ground of deviation from the mandatory provisions under sub-section (4) of Section 75 of the CGST Act, 2017 but also on the ground of violation of principles of natural justice - HC

  • Income Tax:

    Validity of Assessment passed under Section 143(3) read with Section 144B - order was passed prior to the expiration of deadline prescribed for preferring a response - assessment order was passed much before the time to file the response elapsed - Assessment order and demand notice quashed - Revenue at liberty to pass a fresh order - HC

  • Income Tax:

    Rejecting the registration u/s.12AA - CIT(Exemption) has not mentioned in his finding that the objects of the trust were not in order or that the application made for registration was also not in accordance with law. In absence of these findings, just because, the taxes were not paid on the donations/voluntary contributions received cannot be the ground for rejection of application u/s.12AA of the Act. - AT

  • Income Tax:

    Penalty proceedings u/s. 221(1) - default as per Section 220 - the AR of the assessee could not explain fund availability position on the due date of payment of advance tax as well as on the date of self-assessment tax i.e. date of filing of return. We also observe form the order of the authorities below, the assessment was completed u/s. 144 by rejecting the books of accounts of the assessee which clearly shows that the intention of the assessee was not in favour of the revenue for the payment of tax. It clearly shows that the assessee was not paying the taxes within the stipulated time. - Levy of penlty confirmed - AT

  • Income Tax:

    Characterization of income - Income by way of winnings from lotteries on unsold lottery tickets - Winnings from lottery is read with the other kinds of winnings included within the ambit of section 2(24)(ix) of the Act, it becomes apparent that it is only attracted to those people who have such winnings by reason of their participation in draw of lottery as part of their hobby or enjoyment or pastime. If these winnings have arisen as part of business of distribution of lottery tickets, then such winnings cannot be regarded as ‘winnings from lotteries‘ u/s 2(24)(ix) of the Act but would be taxable as profits and gains of business of distribution of lottery tickets. - AT

  • Income Tax:

    Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded that the revision proceedings has been invoked by the PCIT u/s 263 of the Act based on audit objection, which is nothing but borrowed satisfaction. Hence the said revision proceedings u/s 263 of the Act need to be construed as bad in law. - AT

  • Income Tax:

    MAT - book profit u/s.115JB - Additions towards amount received on sale of Floor Space Index (FSI) - merely because a particular receipt , which is in the capital field, had been offered to tax by the assessee voluntarily in the return of income while computing book profits u/s 115JB of the Act, it cannot be brought to tax merely on that ground. It is very well settled that there is no estoppel against the statute. - AT

  • Income Tax:

    Exercising power of AO by the Addl. CIT - Validity of framing of assessment by the ld. Additional Commissioner of Income Tax - in absence of a valid notification under section 120(4)(b) the Addl. CIT cannot exercise power of an Assessing Officer. - AT

  • Indian Laws:

    Dishonor of Cheque - cheque on presentation was dishonoured for want of sufficient funds - acquittal of the accused - Once signature, execution and handing over of the cheque are satisfactorily proved, the presumption u/s. 139 of the NI Act would come into play and remain in force until the accused discharges the burden. The complainant has successfully established the signature, execution and handing over of the cheque. There is absolutely no evidence adduced to rebut the said presumption available to the complainant u/s. 139 of the NI Act - The impugned judgment of acquittal, thus, cannot be sustained and is liable to be set aside - HC

  • IBC:

    Liability of Purchaser of corporate debtor under liquidation under auction - Certain demand raised by the liquidator - now post the execution of the Sale Certificate, the demand raised by the Liquidator to the Applicant for the Interest as well as TDS is not maintainable. The Liquidator is at liberty to file for refund with the Income Tax department for the refund of TDS, if any, applicable to this case. The Liquidator is also directed to hand over the possession of the Corporate Debtors assets as per Schedule I of the Sale Certificate to the Applicant. - Tri

  • Service Tax:

    Classification of services - Manpower Recruitment Agency Service - conversion of raw material to soap and detergent on behalf of the principal - contract between the appellant and M/s Nirma Limited is of contract manufacturing hence demand under manpower supply cannot be made. - AT

  • Central Excise:

    Reversal of CENVAT Credit - Capital Goods - Lease back of sold out capital goods - Deemed removal of goods from the factory premises of the petitioner - core contention of the petitioner's counsel is that the Central Excise Act does not contemplate any deemed removal - The order impugned in the writ petition is quashed. The matter is remitted to the file of the respondent. The respondent will bear in mind the Circular No. 1063/2/2018-CX - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (5) TMI 813
  • 2021 (5) TMI 811
  • 2021 (5) TMI 809
  • Income Tax

  • 2021 (5) TMI 801
  • 2021 (5) TMI 800
  • 2021 (5) TMI 799
  • 2021 (5) TMI 798
  • 2021 (5) TMI 797
  • 2021 (5) TMI 796
  • 2021 (5) TMI 795
  • 2021 (5) TMI 794
  • 2021 (5) TMI 793
  • 2021 (5) TMI 792
  • 2021 (5) TMI 791
  • 2021 (5) TMI 790
  • 2021 (5) TMI 789
  • 2021 (5) TMI 788
  • 2021 (5) TMI 787
  • 2021 (5) TMI 810
  • 2021 (5) TMI 786
  • 2021 (5) TMI 782
  • 2021 (5) TMI 781
  • 2021 (5) TMI 806
  • 2021 (5) TMI 776
  • 2021 (5) TMI 775
  • 2021 (5) TMI 774
  • Corporate Laws

  • 2021 (5) TMI 783
  • 2021 (5) TMI 779
  • 2021 (5) TMI 777
  • Insolvency & Bankruptcy

  • 2021 (5) TMI 785
  • 2021 (5) TMI 784
  • 2021 (5) TMI 780
  • 2021 (5) TMI 778
  • Service Tax

  • 2021 (5) TMI 802
  • Central Excise

  • 2021 (5) TMI 812
  • 2021 (5) TMI 804
  • CST, VAT & Sales Tax

  • 2021 (5) TMI 805
  • 2021 (5) TMI 803
  • Indian Laws

  • 2021 (5) TMI 808
  • 2021 (5) TMI 807
 

Quick Updates:Latest Updates