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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2021 June Day 2 - Wednesday

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TMI Tax Updates - e-Newsletter
June 2, 2021

Case Laws in this Newsletter:

GST Income Tax Benami Property Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise Indian Laws



Highlights / Catch Notes

  • GST:

    Directions to keep in abeyance the summons issued - There is no certainty that the pandemic will abate by 15.07.2021, we are of the view that, for the moment, the summons issued should be kept in abeyance till the next date of hearing, i.e., 09.08.2021. Quite obviously, the petitioner cannot plead defence of limitation, by including the period for which the summons are kept in abeyance, as the leeway is given, inter alia, for the benefit of its authorised representatives and employees. - HC

  • GST:

    Refund of CGST, IGST and TNGST - renting of the shops from the third and fourth respondents - there is no useful purpose in directing the third and fourth respondents Airport Authority to pay the tax for the past period and thereafter, it is for the petitioner to file refund claims in Form GST RFD-01A as the incidence of tax that has to be passed on the petitioner is refundable to the petitioner. - HC

  • GST:

    Transitional credit of CENVAT credit - On 4th January, 2018, when the Petitioner attempted to load TRAN-2 Form, no time had been specified under the Rules, which could be deemed to be mandatory. The time period was introduced on 7th March, 2018 through Notification No. 12/2018-CT. By virtue of this notification, in terms of Rule 117(4)(iii)(b), the time period was specified to be up to 31st March, 2018. Thus, even if the retrospective amendment to Section 140, (introduced through Section 128 of the Finance Act, 2020) is taken into consideration, there cannot be any denying the fact that on the date when the Petitioner made an attempt, no time period had been specified. - Directions issued to reopen the portal - HC

  • Income Tax:

    Faceless assessment u/s 144B - Since the statute itself makes the provision for grant of personal hearing, the respondents/revenue cannot veer away from the same. - Accordingly, the impugned assessment order as well as the impugned notice of demand and notice for initiating penalty proceedings, of even date, i.e., 29.04.2021, are set aside. - HC

  • Income Tax:

    Income deemed to accrue or arise in India - Collection of membership fees - We are in agreement with the claim of the assessee that amount of profit that would be attributable to a PE would be on the basis of the extent appropriate to the role played by the PE in those transactions. In a case where the transactions had taken place outside India, the same cannot be attributed to the PE, because the PE had no role to play in such transactions. As such, only the portion of profits which are attributable to the PE in India are taxable in India, and the revenue from functions/activities carried outside India cannot be taxed in India. - AT

  • Income Tax:

    Income deemed to accrue or arise in India - income attributable to India - As we have held that the ATC’s are not the DAPE of the assessee, therefore, the addition i.e 40% of the revenue generated from sale of distance learning material, attributed to them in their status as that of DAPE of the assessee corporation, viz. IATA, Canada, and assessed as the business income of the assessee in India under Article 7 of the India-Canada tax treaty cannot be sustained and is therefore vacated. - AT

  • Income Tax:

    Faceless assessment u/s 144B - Validity of assessment order passed u/s 143(3) r.w.s. 143(3A) & 143(3B) - principal grievance of the petitioner that the impugned assessment order was passed without issuance of a show cause notice-cum draft-assessment order - the impugned assessment order and the notice issued under Section 156 and Section 270A read with Section 274 of the Act are set aside. Liberty is, however, given to the respondent/revenue to pass a fresh assessment order, albeit, as per law. - HC

  • Customs:

    Levy of IGST or Customs Duty - Classification of goods - Bronze Cladding Panel for Statue of Unity Project - irrespective whether the classification claimed by the appellant is correct or not since the classification proposed by the Revenue is absolutely incorrect, the entire case of the Revenue will not sustain. Therefore, we are not addressing the issue that whether the appellant’s classification was correct or otherwise. - AT

  • Customs:

    Import duty on Amphotericin B (used for treatment of Mucormycosis (Black Fungus) - petitioner states that the import duty is 70% whereas respondents claims it to be 27%? - the Central Government shall look to waive the Import and other duties on all imports of the said medicine. - HC

  • Direct Taxes:

    Benami transaction - orders barred by limitation - The provision imposes a ban upon the passing of an order beyond the period stipulated, a prohibition. It is a burden cast upon the respondent and one that the respondent must comply with, and prove that it has satisfied, within the statutory timeframe provided. In this case, it is of the view that this burden has not been discharged. In fact, the attempt to establish compliance is also lukewarm. - the prohibition imposed by the provisions of Section 26(7) will apply squarely in this case and the impugned orders cannot be said to have been passed within the period of limitation, as provided. Writ Petitions are allowed and the impugned orders quashed. - HC

  • Indian Laws:

    Dishonor of cheque - Offences punishable under Sections 415 and 420 of IPC - sub-standard black pepper supplied - In the case on hand, though the cheque was bounced, no case is filed under Section 138 of the NI Act. The allegation is made against the petitioner that with dishonest intention, a transaction was entered into and at the inception of the transaction itself there was an intention to cheat the complainant. When such being the facts and circumstances of the case, the very contention of the learned counsel for the petitioner that only on abuse of process, a false proceedings is initiated against the petitioner cannot be accepted at this juncture. - HC

  • IBC:

    Initiation of CIRP - To attract the provision of IB Code under Section 9, there must be 'due' and 'default' which is found absent in the instant application - application is also not complete as the due date and default date is not provided, even no invoices are annexed or ever raised upon corporate debtor. In absence of such primary information, it is difficult to come to the conclusion that the amount claimed is operational debt - Application dismissed - Tri

  • Service Tax:

    Nature of activity - Manufacture or service - Process amounting to manufacture or not - activity of crushing, pulverizing, converting and packing of spices into powder form - taxability under business auxiliary service? - Difference of opinion - Matter referred to larger bench - AT

  • Service Tax:

    Reverse charge mechanism - Levy of service tax - Banking and Financial Services - service provider located outside India - time limitation - penalty - revenue neutrality - various service provider viz. Merchant Bankers, Lead Managers, Advisors, Financial Advisors, Principal Agents, Legal Advisors, Management Consultants, Under writers, etc. - Demand of service tax confirmed - Regarding period of limitation, matter remanded back - AT

  • Central Excise:

    CENVAT Credit - input services - the Cenvat credit on the service used for removal of goods up to the place of removal is admissible. The CHA service is also used from removal of goods up to place of removal - credit allowed - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (6) TMI 39
  • 2021 (6) TMI 38
  • 2021 (6) TMI 37
  • 2021 (6) TMI 36
  • 2021 (6) TMI 34
  • 2021 (6) TMI 33
  • 2021 (6) TMI 16
  • 2021 (6) TMI 13
  • 2021 (6) TMI 12
  • 2021 (6) TMI 11
  • 2021 (6) TMI 10
  • 2021 (6) TMI 7
  • 2021 (6) TMI 32
  • 2021 (6) TMI 20
  • 2021 (6) TMI 19
  • Income Tax

  • 2021 (6) TMI 5
  • 2021 (6) TMI 18
  • 2021 (6) TMI 17
  • 2021 (6) TMI 15
  • 2021 (6) TMI 1
  • 2021 (6) TMI 3
  • 2021 (6) TMI 2
  • Benami Property

  • 2021 (6) TMI 6
  • Customs

  • 2021 (6) TMI 14
  • 2021 (6) TMI 4
  • Corporate Laws

  • 2021 (6) TMI 31
  • 2021 (6) TMI 30
  • Insolvency & Bankruptcy

  • 2021 (6) TMI 24
  • 2021 (6) TMI 23
  • 2021 (6) TMI 22
  • 2021 (6) TMI 21
  • Service Tax

  • 2021 (6) TMI 26
  • 2021 (6) TMI 25
  • Central Excise

  • 2021 (6) TMI 28
  • 2021 (6) TMI 27
  • Indian Laws

  • 2021 (6) TMI 35
  • 2021 (6) TMI 9
  • 2021 (6) TMI 8
  • 2021 (6) TMI 29
 

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