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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 May Day 29 - Friday

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TMI Tax Updates - e-Newsletter
May 29, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • GST:

    Applicability of TDS under GST - catering services - The provision of tax deduction at source is applicable on the payment made to a supplier of taxable services and since the applicant is supplying exempt services, the said provisions are not applicable to the payments made to him by the educational institutions.

  • GST:

    Place of supply - manufacture and supply of die to the foreign customer - export or not - applicant raised the tax invoice for this die immediately after the manufacture in the name of overseas customer in foreign currency for receipt of payment though the die not physically moved out of India to the place outside India. Hence manufacture and supply of die to the foreign customer does not amounts to export as per section 2(5) of the IGST Act, 2017.

  • GST:

    Government Entity or not - Rate of tax - Works Contract - agreement with National Centre for Biological Sciences for construction of Hostel building at NCBS Campus in Bangalore - for all reasons, NCBS is not covered under the definition of a “Government Entity”

  • GST:

    Profiteering - purchase of Flat - The Respondent has benefited from the additional ITC to the extent of 11.90% of the turnover during the period from July, 2017 to March, 2019 and hence the provisions of Section 171 of the CGST Act, 2017 have been contravened by the Respondent as he has not passed on the above benefit to his customers.

  • Income Tax:

    Reopening of assessment u/s 147 - Bogus purchases - AO directed to confirm the addition to the extent of 2% of the purchase amount involved in the alleged accommodation entry obtained by the assessee and further addition of 5 % to the extent of investment in goods procured by the assessee which has been sold.

  • Income Tax:

    Disallowance u/s 36(1)(iii) - interest expenses - The only plea of the assessee is that the assessee had mortgaged its property to avail bank loans for the sister concerns and if the sister concerns failed in their business, it will effect the profitability of the assessee - assessee has not produced an iota of evidence to prove that it has mortgaged its property, and on its classification of funds as NPA, it would affect the assessee's profitability.

  • Income Tax:

    Addition on renovation expenses on lease hold property - Non deduction of TDS - Such an addition or disallowance cannot be made u/s 40(a)(ia), because the major expenses relates to purchase of material and labour payments are for petty amounts, on which TDS liability is not attracted

  • Income Tax:

    Revenue recognition - The difference in revenue generating pattern. ‘NOP’ project already completed but certain portion of development remain unsold. It shows that revenue model is not same i.e. in construction contract, the whole revenue is already determined and only construction has to be completed. Revenue can be recognized significantly based on principle of AS-9 (Accounting Standard as per ICAI).

  • Income Tax:

    Unexplained deposit in assessee’s bank account - it has to be presumed that the assessee has withdrawn the cash and the same remained to be unutilized for one reason or the other, and the cash remained with the assessee. In such circumstances, due credit has to be given for such withdrawal of cash by the assessee.

  • Income Tax:

    Registration u/s 12AA - education and advancement of general public utility - Object of general public utility is wider and larger object which encompasses the object like imparting the training to the Govt employees working in various Department and Revenue. The Govt. Employees working with state govt. belongs to various state of the society and they are not restricted to one religion, caste or creed.

  • Income Tax:

    License/registration fee paid - whether is a commercial right and in the nature of an asset within the meaning of section 32(1)(ii) and the assessee is entitled to claim depreciation thereon? - the Revenue has been accepting the capitalization of special Dunnage and allowing depreciation @ 16% per annum over the period of life expectancy of such Dunnage.

  • Income Tax:

    Assessment u/s. 153A - Total work in progress shown by the assessee in its books of accounts in each assessment year is to be apportioned between accounted collections and unaccounted collections in their respective ratio so as to arrive at correct undisclosed income of assessee for each assessment year. The resultant figure would be the undisclosed income of the assessee for each assessment yea

  • Customs:

    Amendment in shipping bills - For applicability of section 149 of the Customs Act relating to amendment of documents, all that has to be seen is that documentary evidence should have been in existence at the time the goods were exported. There is no document which was not in existence at the time the goods were exported for the simple reason that all the Appellant was claiming by the amendment was incorporation of the declaration that the Appellant intended to avail the rebate under paragraph 2 of the notification.

  • Central Excise:

    Valuation - manufacture and clearance of physician samples - sale on principal to principal basis - whatever goods were sold by the appellant to their principal is correct transaction value in terms of Section 4.


Articles


Notifications


News


Case Laws:

  • GST

  • 2020 (5) TMI 601
  • 2020 (5) TMI 602
  • 2020 (5) TMI 604
  • 2020 (5) TMI 603
  • 2020 (5) TMI 583
  • Income Tax

  • 2020 (5) TMI 598
  • 2020 (5) TMI 584
  • 2020 (5) TMI 600
  • 2020 (5) TMI 597
  • 2020 (5) TMI 596
  • 2020 (5) TMI 595
  • 2020 (5) TMI 594
  • 2020 (5) TMI 593
  • 2020 (5) TMI 592
  • 2020 (5) TMI 591
  • 2020 (5) TMI 590
  • 2020 (5) TMI 599
  • Customs

  • 2020 (5) TMI 589
  • 2020 (5) TMI 588
  • Corporate Laws

  • 2020 (5) TMI 582
  • Central Excise

  • 2020 (5) TMI 587
  • CST, VAT & Sales Tax

  • 2020 (5) TMI 586
  • Indian Laws

  • 2020 (5) TMI 585
 

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