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Home e-Newsletters Index Year 2021 September Day 13 - Monday

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TMI Tax Updates - e-Newsletter
September 13, 2021

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Revocation of cancellation of registration of the petitioner - The petitioner had remedy of challenging cancellation of registration by filing an appeal which it has not availed. The cancellation of registration was on 14.01.2019 and that order has attained finality - the petitioner cannot be heard to say that as now the amnesty scheme as framed by the Government and as the petitioner wants to avail the benefit of that Amnesty Scheme, the registration which was cancelled needs to be revoked - Petition dismissed. - HC

  • Income Tax:

    Addition u/s 68 - share application money/share capital and share premium as unexplained - The onus was on revenue to dislodge assessee’s documentary evidences and rebut the same by bringing on record any cogent material to demonstrate that assessee’s own money flew back in the shape of share application / share premium - nothing of that sort has been brought on record by Ld. AO. It is trite law that no additions could be made merely on the basis of suspicion, conjectures or surmises - AT

  • Income Tax:

    Additions u/s 28(iv) - Business perquisite - ECB loan as received from the holding company by the assessee in convertible foreign exchange for the purpose of acquiring assets in the earlier years. The said loan has been waived and credited to the capital reserve - Therefore, there is no benefit or perquisite other than in the shape of money to invoke the provisions of section 28 (iv) - AT

  • Income Tax:

    Deduction u/s.54F - Assessee holding more than one property - joint ownership - AO Assessee has relinquished his rights on the two flats - it can be safely concluded that the relinquishment of the half share of his two properties is a family arrangement which cannot be considered as a tax avoidance plan. In view of the above, the Assessing Officer is not correct in denying the benefit of exemption u/s.54F of the Income Tax Act, 1961 to the Assessee.- AT

  • Income Tax:

    Revision u/s 263 - deduction u/s 54 - capital gains/ loss - During the assessment proceedings as well as revision proceeding the assessee had submitted the documentary evidences and explanations in respect of genuineness of the claim of deduction u/s 54Fand the AO on meticulous appreciation of evidence on record has allowed the claim of deduction which is not only accordance with provision of law but also supported from documentary evidences and as such there is no error in the Assessment order. - AT

  • Income Tax:

    Mode and manner of set off of loss - loss from one head set off against other head of income - business loss should be first set off against income from house property and then followed by income from long term capital gain and further still unabsorbed loss remains, it should be set off against income from other sources. - AT

  • Income Tax:

    Initiation of penalty proceeding u/s 271(1)(c) - ndisclosed income as referred under sub-Section 1 of Section 271AAA - Impugned penalty proceeding has been initiated and culminated into imposition of penalty u/s 271(1)(c) but the same has been explicitly prohibited by the provision of sub-Section 3 of Section 271AAA particularly where undisclosed income has been found during the search proceeding. - AT

  • Income Tax:

    Exemption u/s 11 - Denial of registration u/s 12AA - charitable activity u/s 2(15) - charging certain fees to recoup its cost - There are enough safeguards provided in the Act including by way of section 11(4A) to monitor the activities of the assessee society and the Revenue is at liberty to examine the same during the course of regular assessment proceedings - as far as the objects of the assessee society are concerned, the same are clearly charitable in nature and the assessee society therefore deserve to succeed in seeking registration u/s 12AA - AT

  • Income Tax:

    Revision u/s 263 by CIT - - in the present appeals, the assessment orders have already been cancelled – meaning thereby it has extinguished, and therefore, no subsequent further proceedings can be initiated - Commissioner has committed an error by holding that “since the Revenue wants to keep the issue alive, it is necessary to pass such order”. Therefore, in view of the above discussions, the impugned orders are not sustainable in these assessment years. - AT

  • Income Tax:

    Faceless Assessment Scheme as stipulated in Section 144B - Since in the present case no hearing had been granted before passing the impugned assessment order, there is a violation of principles of natural justice as well as mandatory procedure prescribed in “Faceless Assessment Scheme” and stipulated in Section 144B, the matter is remanded back to the AO - HC

  • Income Tax:

    Reopening of assessment u/s 147 - Unexplained cash credit - penny stock purchases - AO was aware of the fact that the script of Shreenath was allegedly a penny stock company as it is clear from the annual information report given by the Assessing Officer himself to petitioner alongwith the first notice. Therefore, there is no question of any further information on the same issue being treated as information so as to justify the reopening of the assessment.The expression "reason to believe" in Section 147 of the Act has been held to mean a cause or justification. - HC

  • Corporate Law:

    Entrustment of Investigation under the Companies Act by Serious Fraud Investigation Office - liability for penal prosecution under the TNPID Act - TNPID Act is not applicable to the present case and the act of ITNL relating to issuance of debentures under the private placement scheme cannot be termed to be receipt of deposit from public and, therefore, the consequential registration of the case for investigation by the 1st respondent against ITNL and the petitioners herein is beyond its legal dominion - HC

  • Service Tax:

    Levy of service tax - Clearing and Forwarding Agency Service - The profits gained by the appellant by buying space on ships at lower price and selling at a higher price to the customers cannot by any stretch of imagination be called “Clearing and Forwarding Agent Service”. No service tax can be charged on this amount. - AT

  • Service Tax:

    Refund of Service Tax - electrical works contract - the exemption is accorded to activities in connection with ‘civil structure’ or ‘original structure’ and not restricted to erection of the structure which appears to be the construction placed upon the expression by the lower authorities. - The retrospective effect of the exemption is applicable to the electrical works executed, and the maintenance undertaken, by the appellant for Goa State Industrial Development Corporation (GSIDC) and Goa Medical College (GMC) - AT

  • Service Tax:

    Exempt services or not - educational institutions or not - whether the services rendered by the petitioner university by granting affiliation and its allied activities and also by providing shelter in their campus to the service providers like Bank, Post Office, or catering etc., directly beneficial to the students, staff and faculty of the university, are exempted services within the meaning of Section 66-D of the Finance Act and also under the Mega Exemption Notification of the year 2012 as amended from time to time? - Demand set aside - HC

  • Central Excise:

    Rejection of declaration by the petitioner on SVLDRS-1 - scope of the term 'quantified' - The reasoning given by the Designated Committee in the impugned order runs contrary to law. The Designated Committee was obligated to deal with the declaration filed by the petitioner, on merits. No discretion was vested in the Designated Committee to take a different view. Even though the Circular has not been referred to or dealt by the Designated Committee, by virtue of the clear language of Section 133 of the Scheme, it was further obligated to necessarily act in accordance with that law. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (9) TMI 518
  • Income Tax

  • 2021 (9) TMI 514
  • 2021 (9) TMI 513
  • 2021 (9) TMI 512
  • 2021 (9) TMI 511
  • 2021 (9) TMI 509
  • 2021 (9) TMI 508
  • 2021 (9) TMI 507
  • 2021 (9) TMI 506
  • 2021 (9) TMI 505
  • 2021 (9) TMI 504
  • 2021 (9) TMI 503
  • 2021 (9) TMI 502
  • 2021 (9) TMI 501
  • 2021 (9) TMI 499
  • 2021 (9) TMI 498
  • 2021 (9) TMI 517
  • 2021 (9) TMI 484
  • 2021 (9) TMI 515
  • 2021 (9) TMI 489
  • Customs

  • 2021 (9) TMI 519
  • Corporate Laws

  • 2021 (9) TMI 521
  • 2021 (9) TMI 490
  • 2021 (9) TMI 487
  • 2021 (9) TMI 485
  • Insolvency & Bankruptcy

  • 2021 (9) TMI 492
  • 2021 (9) TMI 491
  • 2021 (9) TMI 486
  • Service Tax

  • 2021 (9) TMI 510
  • 2021 (9) TMI 500
  • 2021 (9) TMI 520
  • 2021 (9) TMI 494
  • 2021 (9) TMI 488
  • 2021 (9) TMI 516
  • Central Excise

  • 2021 (9) TMI 522
  • 2021 (9) TMI 497
  • 2021 (9) TMI 496
  • 2021 (9) TMI 495
  • 2021 (9) TMI 493
 

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