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Home e-Newsletters Index Year 2021 June Day 19 - Saturday

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TMI Tax Updates - e-Newsletter
June 19, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Constitutional validity of Section 13(8)(b) read with Section 8(2) of the IGST Act - Supply of intermediary services as intermediary to his overseas customers - Neither Section 13(8)(b) nor Section 8 (2) of the IGST Act are unconstitutional - Also neither Section 13 (8) (b) nor Section 8 (2) of the IGST Act are ultra vires the IGST Act. Section 13 (8) (b) is also not ultra vires Section 9 of the CGST Act, 2017 or the MGST Act, 2017 - Section 13(8)(b) as well as Section 8(2) of the IGST Act are constitutionally valid and operative for all purposes. - HC

  • Income Tax:

    Rectification u/s 154 - Provision for bad and doubtful debts is under Section 36 (1) (viia) - This Court is of the considered opinion that Section 154 cannot be converted as an appeal for entertaining a ground for adjudication of merits or disputable issues. Thus, the scope of Section 154 is undoubtedly limited with reference to the circumstances narrated under the provision itself. - if at all the petitioner is of an opinion that the Authorities may venture into the adjudication of disputed issues, it is for them to place all the judgments and facts with reference to Section 154 of the Income Tax Act. - HC

  • Income Tax:

    MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13 alone, which were completely set off (ie both the losses viz unabsorbed business and unabsorbed depreciation losses were set off) , from the book profits of the remaining assessment years till the previous assessment year 2013-14 and the book profit as per the profit and Loss account balance as on 01.04.2013 per the balance sheet in the books of account - Thus, on the above facts, in effect there remains no brought forward business loss / unabsorbed depreciation loss available as per books for setting off against the book profit of this assessment year. - AT

  • Income Tax:

    Penalty levied u/s 271(1)(c) - disallowance u/s 40 (a)(ia) only for lack of payment of TDS while the payment was bonafide - Though the failure on the part of the assessee to deduct tax at source which it was obligated to deduct rendered the amount in question liable for disallowance as an expenditure, but, we are unable to concur with the view taken by the lower authorities that a disallowance for such technical and venial infraction of a statutory provision would justify saddling the assessee with penalty under Sec. 271(1)(c) of the Act. - AT

  • Income Tax:

    Revision u/s 263 - undisclosed of share application and share premium - the failure of AO to examine the above facts during the assessment proceedings the assessment order is not only erroneous but prejudicial to the interest of the Revenue. Thus, the twin conditions of the provisions of section 263 is fulfilled. - AT

  • Income Tax:

    Unexplained expenditure u/s 69C - The AO has not brought any evidence on record which can demonstrate that assessee has incurred expenses for development work. - There was no evidence with the AO to prove or even indicate that such amount was spent by assessee on the development of land in concern which was sold. AO made addition purely on surmises and conjecture. - AT

  • Customs:

    Though the Sastras spoke of rules of war (Yudha Dharma), the approach was often that all is fair in love and war. Attainment of victory was more important than observing the niceties of the game. - a constitutionally governed democratic State which is committed to upholding the rule of law shall not adopt unfair methods when prosecuting citizens and non-citizens alike. And if the executive wing does, judiciary shall not wink - HC

  • Customs:

    Smuggling - Gold - Electronic goods - baggage rules - Where the fundamental right of the noticees to fair adjudication has been violated, adjudication proceedings cannot be allowed to continue for the purpose of determining their guilt - the petitioners' defence has been prejudiced because of the non-production of CCTV footage, the adjudication proceedings initiated against them can be allowed to continue only for the limited purpose of determining whether the goods in question can be allowed to be re-exported or whether they can be cleared on payment of applicable duties. - HC

  • Corporate Law:

    Enforceability and validity of Oral Agreement - oral agreement for lifting water, exists or not - The first Appellate Court rightly came to the conclusion that there has been a breach of Section 297 of the Companies Act. Since I have held that a oral contract of this nature cannot bind the defendant, the question of avoiding such a contract also does not arise. - HC

  • VAT:

    Levy of Penalty u/s 53(3) of the VAT Act - Under declaration of tax - as the petitioner-assessee was not put on adequate notice with regard to imposition of higher penalty and therefore, had no opportunity to respond thereto the impugned penalty order based on lack of plausible explanation on such score suffers from jurisdiction error and falls foul of principles of fair procedure and natural justice. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (6) TMI 594
  • 2021 (6) TMI 563
  • 2021 (6) TMI 591
  • 2021 (6) TMI 590
  • 2021 (6) TMI 588
  • Income Tax

  • 2021 (6) TMI 579
  • 2021 (6) TMI 593
  • 2021 (6) TMI 578
  • 2021 (6) TMI 577
  • 2021 (6) TMI 574
  • 2021 (6) TMI 573
  • 2021 (6) TMI 570
  • 2021 (6) TMI 589
  • 2021 (6) TMI 569
  • 2021 (6) TMI 568
  • 2021 (6) TMI 564
  • Customs

  • 2021 (6) TMI 580
  • 2021 (6) TMI 595
  • 2021 (6) TMI 586
  • Corporate Laws

  • 2021 (6) TMI 565
  • 2021 (6) TMI 587
  • Insolvency & Bankruptcy

  • 2021 (6) TMI 576
  • 2021 (6) TMI 575
  • 2021 (6) TMI 572
  • 2021 (6) TMI 571
  • 2021 (6) TMI 567
  • 2021 (6) TMI 566
  • PMLA

  • 2021 (6) TMI 583
  • Central Excise

  • 2021 (6) TMI 585
  • CST, VAT & Sales Tax

  • 2021 (6) TMI 592
  • 2021 (6) TMI 584
  • 2021 (6) TMI 582
  • 2021 (6) TMI 581
 

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