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 2022 May Day 27 - Friday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
May 27, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Ocean Freight-A Brief study of Recent Supreme Court Judgement dismissing petition of Union of India in case of RCM.

  • GST:

    Demand and Recovery u/s 74 - Cross state adjustment of unutilized input tax credit - input service distributor (ISD) - It is pertinent to notice that in view of definition of “Input Service Distributor” contained in Section 2(61), it is necessary that the ISD as an office is required to receive tax invoices towards inward supply. Since no such supply being shown to have been made by JSW Steel Ltd. of Odisha to JSW Steel Ltd. of Maharashtra, no prima facie case is made out by the Petitioner. Thus transactions in question prima facie amount to siphoning of tax amounts, therefore, apparently warrant invocation of proceeding under Section 74 of the OGST/CGST Act - No interim relief - HC

  • GST:

    Validity of SCN - Denial of Input Tax Credit - complete mismatch between the supplier and the petitioner - mismatch rectified or not - Section 42(3) of the GST Act - the technical reason that under Section 42(3) it should have been communicated at the earliest point of time and therefore the show cause notice cannot be treated as communication intimating the mismatch between the supplier and the petitioner, cannot be countenanced. Therefore, on that ground this Court feels that the impugned order cannot be successfully challenged. - HC

  • GST:

    Condonation of delay in filing appeal - requirement of mandatory pre-deposit - Since this Court had directed the Appellate Authority to exclude the period spent by the petitioner in pursuing the litigation in W.P.(C) No.2963 of 2018, and the said judgment became final, the Appellate Authority was bound to abide by it. Failure to abide by the binding directions in the said judgment has rendered the impuned order perverse. - HC

  • GST:

    Classification of services - rate of GST - (Training Academy) Fire Prevention & Emergency Training and Awareness Programmes - Serial No.69 of the Notification No. 12/2017-Central Tax (Rate) - the applicant has not furnished any information whether they are a training partner approved by the National Skill Development Corporation or the Sector Skill Council and hence the activity of providing training to the trainees on fire prevention is not covered under this entry. - Taxable @18% of GST - AAR

  • GST:

    Seeking grant of Bail - input tax credit - non-existent suppliers - non receipt of goods - Considering the gravity of the alleged offence, severity of the punishment provided for the alleged offence and the aforesaid reasons, this Court is of the opinion that the applicant-accused Saurabh Srivastava is not entitled to bail at this stage - Bail application dismissed. - DSC

  • Income Tax:

    Disallowance u/s. 43B - Electricity Duty deposited into designated bank Account as per direction of this Court - under the interim orders passed by this Court as much as nearly Rs.100 crores has been released to the State Government. In other words, the amount has not only been parted with by the Assessee but also has been received by the Government. Consequently, the deduction under Section 43B of the Act as claimed by the Assessee cannot be denied to it. - HC

  • Income Tax:

    Addition u/s 69A - unexplained investment in the bank account - Though there is no specific evidence but the circumstances of the assessee and his lifestyle do suggest that the expression “may” used in Section 69A of the Act, has to be used here. This expression “may” infused discretion in the Assessing Officer to treat such an investment as explained or unexplained investment - Additions deleted - AT

  • Income Tax:

    Levy of penalty u/s 272A(1)(C) - Failure to comply to the summon issued u/s 131(1) - AO has rightly acted as per the provision of sub-Section 3 of Section 272A of the Act by making a reference to Joint Commissioner of Income Tax for initiation of penalty and the same was levied at Rs. 10,000/- u/s 272A(1)(C) of the Act. The ground of the assessee that notice of demand u/s 156 of the Act should be under the signature of the ld. AO and not Joint Commissioner of Income Tax has no merit because the issue before us is the penalty levied u/s 272A(1)(C) of the Act. - AT

  • Income Tax:

    Deemed dividend under section 2(22)(e) - assessee claimed that advances were received as business advances, however, the assessee failed to produce any documentary evidence in support of this submission - the basic conditions of section 2(22)(e) of the Act are satisfied in the present case. - Additions confirmed - AT

  • Income Tax:

    Disallowing excess directors remuneration - sum paid towards directors remuneration and that is to the extent of 80% of the net profit - the AO has not carried out any exercise for holding the payment of remuneration to the directors that the same is unreasonable or not in consonance with the payment of directors or remuneration. - Even it is accepted position that the directors have paid taxes on these remunerations on maximum margin rate and there is no revenue loss to the Department. - AT

  • Income Tax:

    Nature of expenditure - Disallowing revenue expenditure on product testing prototyping and verification expenses - Expenditure was incurred only up-gradation of existing products, we are of the considered opinion that the expenditure is not in the nature of capital but revenue expenditure. - AT

  • Income Tax:

    Correct head of income - Characterization of income - rental income as 'business income' or 'income from house property' - there is no doubt that assessee has object of renting out of the properties as per its object in Memorandum of Association (MOA) - income from property earned by the assessee is chargeable to tax as business income and not as income from house property. - AT

  • Income Tax:

    Gain on sale of plot - capital Income or business income - assessee is engaged in the business of real estate on part-time basis - the transaction undertaken qualifies as ‘adventure in the nature of trade’ and hence provisions of section 50C would not apply to the instant set of facts. - AT

  • Customs:

    Seeks to amend notification No. 27/2011 dated 1st March, 2011 to increase export duty on certain goods. - Notification

  • Customs:

    Effective rate of Agriculture Infrastructure and Development Cess for specified goods - Seeks to further amend notification No. 11/2021- Customs dated 1 st February, 2021 to reduce duty on Anthracite/Coking Coal - Notification

  • Customs:

    Seeks to amend Second Schedule of the Customs Tariff Act, 1975 to increase and levy Export duty. - Notification

  • Customs:

    Effect rate of Customs Duty on import of goods - Seeks to further amend notification No. 50/2017- Customs dated 30th June, 2017. - Notification

  • DGFT:

    Amendment in import policy of Paper and incorporation of policy condition in Chapter 48 of ITC (HS), 2022, Schedule - I (Import Policy) - Notification

  • DGFT:

    Import of Oxytocin reference standards is permitted exclusively for the purpose of test and analysis subject to submission of Test License issued by the DGCI / CDCSO. - Amendment in import policy condition under Chapter 29 and 30 of ITC (HS) 2022, Schedule – I (Import Policy) - Notification

  • FEMA:

    Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA) - Circular

  • IBC:

    Review of circulars - it has been decided to rescind circulars listed in the Annexure - Circular

  • IBC:

    Initiation of CIRP - Period of limitation - Article 137 of the Limitation Act, 1963 - Under Article 137, time from which period begins to run is “when the right to apply accrues” the right to apply accrues when invoices issued by the Appellant to the Corporate Debtor were not paid. Invoices on the basis of which payment is claimed are more than three years earlier from the date of filing of Section 9 Application which is the basis for rejection of the Application of the Appellant by the Adjudicating Authority. - AT

  • SEBI:

    Simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificates - Circular

  • SEBI:

    Circular on Development of Passive Funds - to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

  • VAT:

    Requirement of pre-deposit - Rejection of appeal - Since statutory deposits as discussed in the foregoing paragraphs were not made, the appeals were rejected summarily. Summary rejection orders were carried in revision before the Commissioner of Sales Tax, Odisha who has upheld the rejection orders of the appellate authority. It appears the petitioner has been bona fide pursuing its matter before different fora. Since the counsel for the petitioner has prayed for grant of opportunity to make statutory deposit, it is, therefore, pertinent to observe that the appellate authority shall not raise any objection as to limitation in view of the fact that the petitioner has been pursuing its matter diligently - HC


TMI Short Notes


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (5) TMI 1239
  • 2022 (5) TMI 1238
  • 2022 (5) TMI 1235
  • 2022 (5) TMI 1237
  • 2022 (5) TMI 1234
  • 2022 (5) TMI 1236
  • Income Tax

  • 2022 (5) TMI 1229
  • 2022 (5) TMI 1228
  • 2022 (5) TMI 1227
  • 2022 (5) TMI 1226
  • 2022 (5) TMI 1225
  • 2022 (5) TMI 1233
  • 2022 (5) TMI 1224
  • 2022 (5) TMI 1223
  • 2022 (5) TMI 1222
  • 2022 (5) TMI 1221
  • 2022 (5) TMI 1220
  • 2022 (5) TMI 1219
  • 2022 (5) TMI 1186
  • 2022 (5) TMI 1232
  • 2022 (5) TMI 1218
  • 2022 (5) TMI 1217
  • 2022 (5) TMI 1216
  • 2022 (5) TMI 1215
  • 2022 (5) TMI 1213
  • 2022 (5) TMI 1214
  • 2022 (5) TMI 1231
  • 2022 (5) TMI 1230
  • Corporate Laws

  • 2022 (5) TMI 1212
  • 2022 (5) TMI 1211
  • Insolvency & Bankruptcy

  • 2022 (5) TMI 1210
  • 2022 (5) TMI 1209
  • 2022 (5) TMI 1208
  • 2022 (5) TMI 1207
  • 2022 (5) TMI 1206
  • 2022 (5) TMI 1205
  • 2022 (5) TMI 1204
  • 2022 (5) TMI 1203
  • 2022 (5) TMI 1202
  • 2022 (5) TMI 1201
  • 2022 (5) TMI 1200
  • Service Tax

  • 2022 (5) TMI 1199
  • 2022 (5) TMI 1198
  • CST, VAT & Sales Tax

  • 2022 (5) TMI 1197
  • 2022 (5) TMI 1196
  • 2022 (5) TMI 1195
  • 2022 (5) TMI 1194
  • 2022 (5) TMI 1193
  • 2022 (5) TMI 1187
  • 2022 (5) TMI 1192
  • 2022 (5) TMI 1191
  • 2022 (5) TMI 1190
  • 2022 (5) TMI 1189
  • 2022 (5) TMI 1188
 

Quick Updates:Latest Updates