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Home e-Newsletters Index Year 2022 May Day 6 - Friday

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TMI Tax Updates - e-Newsletter
May 6, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Revocation of cancellation of GST registration of petitioner - It is not in dispute that although, Rule 25 requires inspection to be done in the presence of the person whose property is being inspected, it was not done as the petitioner had no notice of the inspection - the perusal of the order dated 09.12.2020 clearly discloses that there is no tax outstanding qua the petitioner. - The order of cancellation set aside - The respondents will ensure that the petitioner’s registration is revived. - HC

  • GST:

    Constitutional Validity of Section 103(1)(b) of the GST Acts - applicability of advance ruling appellate orders passed in the case of other taxable persons having identical facts and circumstances are binding on all authorities who are subordinate to the Chief Commissioners of CGST and SGST which constitute the advance ruling appellate authority - Notices issued - HC

  • Income Tax:

    Reopening of assessment u/s 147 - Scope of new provision section 148A - Validation of notices after quashed by various High Courts - if the aforesaid order is passed, it will strike a balance between the rights of the Revenue as well as the respective assesses as because of a bonafide belief of the officers of the Revenue in issuing approximately 90000 such notices, the Revenue may not suffer as ultimately it is the public exchequer which would suffer. - SC

  • Income Tax:

    Reopening of assessment u/s 147 -“cause of action” - jurisdiction to this High Court - Appropriate High Court - The writ applicant has a PAN card at such place. The impugned notice under Section 148 of the Act, 1961 was also issued at Cuttack. The return of income for the A. Y. 2015-16 was also filed at Cuttack. The final assessment order dated 29th December 2017 for the A. Y. 2015-16 was also passed at Cuttack. - e should not entertain this writ application and relegate the writ applicant to file an appropriate writ application before the High Court of Orrissa at Cuttack. - HC

  • Income Tax:

    Revision u/s 263 - When the Assessing Officer after exhaustive deliberations had accepted the explanation of the assessee and refrained from drawing any adverse inferences in its hand qua the issue in question i.e. contents of the seized loose sheet, therefore, the Pr. CIT in the garb of exercise of his revisionary jurisdiction u/s.263 of the Act could not have sought for substitution of his view as against that arrived at by the Assessing Officer. - AT

  • Income Tax:

    Penalty u/s 271(1)(c) - Non specification of charge - defective notice - as the A.O had clearly failed to discharge his statutory obligation of fairly putting the assessee to notice as regards the default for which he was being proceeded against, therefore, the penalty under Sec. 271(1)(c) imposed by him being in clear violation of the mandate of Sec. 274(1) of the Act cannot be sustained. - AT

  • Income Tax:

    Addition u/s. 36(1)(viia) - maintainability of the provision for bad and doubtful debts, as well as for overdue interest, as claimed by the assessee, a cooperative bank - The assessee having credited the interest income in its’ accounts for the relevant year/s, the same, even though not received, is to be, in terms of s. 43D itself, regarded as the income for the relevant year/s, i.e., the year/s in which it stands recognized as income by crediting the same to its’ P&L A/c. - AT

  • Income Tax:

    TP Adjustment - TP Adjustment on corporate guarantee - As it is a case of holding company and subsidiary company transaction, we do not think any reason to consider the placement of margin money for the purpose of bank guarantee. - AT

  • Income Tax:

    Characterization of receipt - in respect of business exigencies the compensation specially in respect of damage to properties through fire or any other activities, the businessman ensures his business equipment as well as assets. While claiming the compensation, the assessee was very well aware about the business loss and has given a treatment of the receipts as revenue receipts. Thus, the colour of the receipts in respect of the interest received on compensation amounts to a revenue receipt - AT

  • Income Tax:

    Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not declared in the books. Since there is a direct nexus with the type of stock found during survey and the business carried on by the assessee, these excess stock in only be treated as chargeable to tax under the head income from business not under the head income from other sources. - AT

  • Customs:

    Revocation of CHA License - forfeiture of security deposit - levy of penalty - while submitting the reply a faint attempt has been made by the appellant to retract the so called statement. Therefore, we hold that the authority rightly rejected the so called retraction and proceeded to adjudicate the matter taking note of the statement recorded under Section 108 of the Act. The learned Tribunal on its part also examined this aspect and rightly affirmed the view of the Commissioner. - HC

  • Indian Laws:

    Dishonor of Cheque - when a cheque has been issued as a security, the consequences flowing therefrom is also known to the drawer of the cheque, and in the circumstances, if the cheque is presented and dishonoured, the holder of the cheque/drawee would have the option to initiate civil proceedings for recovery or criminal proceedings for punishment in a fact situation. But, in any event, it is not for the drawer of the cheque to dictate terms with regard to the nature of litigation. - HC

  • Indian Laws:

    Dishonor of cheque - payment of interim compensation - direction to deposit 15% amount - Insofar as the present facts are concerned, the period of 15 days from the date of giving notice under the proviso (c) to Section 138 of the NI Act had expired on 04.09.2018 and whereas it is upon non-payment of the cheque amount by the drawer (petitioners-accused) till the said date that the offence under Section 138 of the NI Act could be stated to be committed. The said date being later than the date on which the amended Section 143A came into force i.e. on 01.09.2018, the provisions of the said amended Section would be applicable to the complaint in question. - HC

  • IBC:

    Prayer for immediate restoration of the petitioner’s electricity supply - Section 238 of the IBC - dues of electricity supply to be cleared - This is not a case of ouster of the powers of the licensee conferred by the 2003 Act. Even if such powers under Section 56 of the 2003 Act remain intact, those become illusory in view of the dues themselves having been extinguished on the approval of the Resolution Plan, by independent operation of the IBC. - HC

  • SEBI:

    System and Network Audit of Market Infrastructure Institutions (MIIs) - to protect the interest of investors in securities market and to promote the development of, and to regulate the securities market. - Circular

  • Central Excise:

    Method of Valuation - MRP Value u/s 4A - Industrial Consumer - there is an ambiguity in the treatment of the impugned goods by the department. It is the very same goods that are sold directly to the industrial consumers and also through channel partners. It is found that such a treatment by the department defies logic as the nature of the goods is not changed just by the way they are sold. The characteristics, the usage and the users are not changed. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (5) TMI 239
  • 2022 (5) TMI 238
  • 2022 (5) TMI 237
  • 2022 (5) TMI 236
  • Income Tax

  • 2022 (5) TMI 240
  • 2022 (5) TMI 230
  • 2022 (5) TMI 229
  • 2022 (5) TMI 228
  • 2022 (5) TMI 227
  • 2022 (5) TMI 226
  • 2022 (5) TMI 225
  • 2022 (5) TMI 224
  • 2022 (5) TMI 194
  • 2022 (5) TMI 193
  • 2022 (5) TMI 192
  • 2022 (5) TMI 223
  • 2022 (5) TMI 235
  • 2022 (5) TMI 222
  • 2022 (5) TMI 221
  • 2022 (5) TMI 220
  • 2022 (5) TMI 234
  • 2022 (5) TMI 219
  • 2022 (5) TMI 233
  • 2022 (5) TMI 218
  • 2022 (5) TMI 232
  • 2022 (5) TMI 231
  • 2022 (5) TMI 191
  • 2022 (5) TMI 190
  • 2022 (5) TMI 217
  • 2022 (5) TMI 216
  • 2022 (5) TMI 189
  • 2022 (5) TMI 215
  • 2022 (5) TMI 214
  • 2022 (5) TMI 188
  • 2022 (5) TMI 213
  • 2022 (5) TMI 212
  • Customs

  • 2022 (5) TMI 211
  • Corporate Laws

  • 2022 (5) TMI 210
  • 2022 (5) TMI 209
  • Insolvency & Bankruptcy

  • 2022 (5) TMI 208
  • 2022 (5) TMI 207
  • 2022 (5) TMI 206
  • 2022 (5) TMI 205
  • 2022 (5) TMI 204
  • 2022 (5) TMI 203
  • Service Tax

  • 2022 (5) TMI 202
  • Central Excise

  • 2022 (5) TMI 201
  • 2022 (5) TMI 200
  • CST, VAT & Sales Tax

  • 2022 (5) TMI 199
  • Indian Laws

  • 2022 (5) TMI 198
  • 2022 (5) TMI 197
  • 2022 (5) TMI 196
  • 2022 (5) TMI 195
 

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