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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 June Day 9 - Tuesday

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TMI Tax Updates - e-Newsletter
June 9, 2020

Case Laws in this Newsletter:

GST Income Tax Customs CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • GST:

    Direction to the respondents to return all the documents and record seized - Allegation of availing ineligible drawback and IGST by way of accumulating ITC by procuring fake purchase bills - Section 105 of the Customs Act, 1962 - The factual aspect cannot be gone into at this stage and would not be a reason to quash the panchnama or to declare the search illegal.

  • GST:

    Classification of services - Online Information and Database Retrieval Services or not - self-administered test taken by the candidates - taxability - The service provided for type 2 test classifies as OIDAR Services. - Service provided for type 3 test does not classify as OIDAR Services.

  • GST:

    Classification of goods - preparation of Whole Wheat parota and Malabar parota - even if the applicant’s argument of classification of impugned products under heading 1905 as well as the classification under heading 2106 are considered as two relevant headings, the heading 2106 occurs last in numerical order and hence the heading 2106 would be more appropriate and right classification by virtue of Rule 3(c).

  • Income Tax:

    Deduction u/s 10B - computation - CIT(A) has rightly held that the assessee is eligible for deduction under section 10B of the Act prior to giving effect to the brought forward depreciation of earlier years and thus, the assessee is eligible to claim deduction under section 10B on profits of business.

  • Income Tax:

    Income accrued in India - Capital gain - the new double taxation avoidance agreement has come into force much letter then the transaction took the place. In the new double taxation, avoidance agreement there is a provision as per article 13 (4) wherein now such transaction, probably is chargeable to tax in India. However, as the amended double taxation avoidance agreement is subsequent to the date of transaction it does not apply.

  • Income Tax:

    Disallowance under various heads of expenses - adhoc disallowance by disallowing 20% of the expenses - When the assessee is unable to produce the bills and vouchers, the Assessing Officer can make reasonable addition, as he deems proper - disallowance restricted at 10%

  • Income Tax:

    Deduction u/s 80P(2) - If it is found that the fixed deposit has not been made from surplus funds or it has been made from the own funds which were kept for marketing assistance not immediately disposable in the form of marketing assistance to craftsmen and are also not available for otherwise use by the assessee, the AO is directed to give the benefit of deduction u/s.80P(2)(d) to the assessee.

  • Income Tax:

    Assessee-in-default' for non-deduction of tax at source u/s 194J of the Act on roaming charges paid to other telecom operators - Once, the assessee is treated as assessee not in default u/s.201(1), the interest u/s. 201(1A) is not required to be charged

  • Income Tax:

    Tax liability towards Interest on Income Tax Refund - The argument of the assessee is that since interest paid u/ss.234B, 234C &. 234D is not allowable as a deduction from taxable income, interest received should also not be taxed as income. - This argument is not acceptable.

  • Customs:

    100% EOU - Export of substandard capital goods/machinery to Singapore by falsely declaring the item exported as Capital Goods - in view of the live connect of conspiracy being snapped at both end, this Court finds that the continuation of the proceedings against the petitioners would be an excise in futility.

  • VAT:

    Reimbursement of the sales tax paid - Scope of terms of works contract - contract inclusive of taxes - even when the contract provided that the rates quoted by the contractor shall be deemed to be inclusive of sales and other taxes and royalties on the materials, it was agreed to between the parties that sales tax and other taxes under completed items of work, as paid by the contractor were to be reimbursed.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (6) TMI 183
  • 2020 (6) TMI 182
  • 2020 (6) TMI 177
  • Income Tax

  • 2020 (6) TMI 176
  • 2020 (6) TMI 175
  • 2020 (6) TMI 174
  • 2020 (6) TMI 173
  • 2020 (6) TMI 172
  • 2020 (6) TMI 171
  • 2020 (6) TMI 170
  • 2020 (6) TMI 169
  • 2020 (6) TMI 168
  • 2020 (6) TMI 179
  • 2020 (6) TMI 167
  • 2020 (6) TMI 166
  • 2020 (6) TMI 164
  • 2020 (6) TMI 165
  • Customs

  • 2020 (6) TMI 180
  • CST, VAT & Sales Tax

  • 2020 (6) TMI 181
  • Indian Laws

  • 2020 (6) TMI 178
 

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