Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 September Day 16 - Wednesday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
September 16, 2020

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Classification of goods - the ‘Fly Ash Bricks’ manufactured by the applicant does not find mention in any of the Schedules of the said notification from 15.11.2017 onwards - Fly Ash Bricks would be liable to GST @18% - Fly Ash Block would be liable to GST @5%- - AAR

  • GST:

    Benefit of exemption from GST - professional service in respect of maintenance of Accounts and allied items of work to the SSNNL - SSNNL carries out activity of water supply for domestic, industrial and commercial purpose which is entrusted to Municipality - the Maintenance of Accounts service has no anywhere concern with functions prescribed under clause 243G and 243W of the Constitution of India - Benefit of exemption not available - AAR

  • GST:

    Valuation of supply - transaction of sale of residential/ commercial property with undivided rights of land - applicant is required to deduct one third value of land or undivided shares from the total value charged for the subject supply - AAR

  • Income Tax:

    Introduction of concept of mediation and Advance Ruling System for Residents to reduce tax litigation and more clarity - Notes

  • Income Tax:

    Disallowance u/s 40A - cash payment exceeding fixed limits - Payee was identifiable and not a fictitious person would go to show the bonafides of the transaction and this is what is required to be considered from the angle of a commercially expedient and prudent business house - No additions - HC

  • Income Tax:

    Slump sale u/s 50B or not - Transfer of business in lieu of equity shares to its subsidiary by a scheme of arrangement as approved by HC - mere use of the expression ‘consideration for transfer’ cannot be said to be a transaction as a sale - The activity not liable to Capital Gain tax - HC

  • Income Tax:

    Slump sale u/s 50B or not - Fresh Claim that transaction not liable to capital gain tax - investment in Tax Savings Bonds u/s 54EC - AO, CIT(A) and the Tribunal committed a fundamental error in shutting out the contention raised by the assessee solely on the ground that the assessee approached the Bond Issuing Authorities for availing the benefit u/s 54EC. A careful reading of the submissions made by the assessee before the AO would make things further clear. - There is no estoppel on the part of the assessee to pursue their claim and accordingly, we reject the argument of the Revenue in this regard. - HC

  • Income Tax:

    Exercise of power of the Settlement Commission u/s 245D - Scope of enquiry - Procedure at the (2C) stage is undoubtedly summary in nature and the application filed by the 1st respondent/writ petitioner could not have been declared as invalid at the said stage, as the issue requires adjudication, which can be done only when the application is decided under Section 245D(4) of the Act. - HC

  • Income Tax:

    Correct head of income - Rental income - where, in the terms of memorandum of association, the main object of the assessee given was to acquire properties and earn income by letting out the same, such income was brought to books as business income and not as income from house properties - HC

  • Income Tax:

    Unexplained income - difference between the turnover declared by the assessee and the turnover declared in form 26AS - Once the assessment of the assessee was completed u/s. 44AD, there cannot be any application of sec. 68/69A. - AT

  • Income Tax:

    The interest expenditure correlating to the interest paid by the assessee firm on the funds borrowed is to be disallowed u/s 36(1)(iii), to the extent, the same were advanced to the partner by way of overdrawing of his capital, and it is only the excess interest so received by the firm from him, if any, which would be assessed under the head “Other sources”. - AT

  • Income Tax:

    Penalty u/s 271AAB - Defects in the notice issued u/s 274 - CIT(A) reduced the penalty to 10% applying provisions of Section 271AAB(a) of the Act as against penalty levied @30% by the Ld. A.O u/s 271AAB(c) of the Act but to our surprise Ld. CIT(A) has not taken pain to issue a fresh notice before reducing the penalty thus not giving reasonable opportunity of being heard as mandated under the proviso to Section 275 - Since the penalty notice issued u/s 274 r.w.s. 271AAB is vague and does not fulfill the requirement of law, entire penalty set aside - AT

  • Customs:

    Valuation of imported goods - Commissioner (Appeals) allowed the appeal accepting the declared value - The assessing officer have been making enhancement in a routine manner and the respondent who are regular importers are left with no choice but to sign on the dotted line for taking delivery of their goods to carry on their business, and also save the demurrage charges if the consignment is delayed in the port for want of clearance. - Revenue appeal dismissed - AT

  • Customs:

    Benefit of exemption - certificate of origin - The rejection of certificate of origin is bad as it was a case of minor discrepancy and was fit to be ignored in terms of Rule 18 of the said rules. Further, the appellant had produced the rectified certificate of origin, which have been wrongly treated as issue of certificate retrospectively - the certificates of origin submitted by the appellant are in order. - AT

  • IBC:

    Initiation of disciplinary proceedings - complaint against the IP by the petitioner - Regulation 7(3) of IBC - Merely informing the petitioner as has been done in the present case that appropriate action is being initiated in the matter, would not, therefore, satisfy the requirements of Regulation 7. The complainant was never informed whether respondent no.1 has formed an opinion in favour of the complainant or against him, on such complaint. - HC

  • IBC:

    Initiation of CIRP - Outstanding dues and Adjustment of retention money - The IBC is not a substitute for a recovery forum. - Since there was a dispute existing prior to the issuance of Section 8 notice, the insolvency provisions cannot be invoked. - AT

  • Central Excise:

    Classification of goods - RBD Palm Stearin - Making a wrong claim of classification, per se, is neither fraud nor collusion nor wilful misstatement nor suppression of any facts. It is just a wrong claim. If the claim is wrong in the ER-1 returns, it was open for the revenue to have raised demand by issuing a show cause notice immediately. - there is no ground for invoking extended period of limitation - AT


TMI Short Notes


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (9) TMI 547
  • 2020 (9) TMI 546
  • 2020 (9) TMI 545
  • 2020 (9) TMI 544
  • Income Tax

  • 2020 (9) TMI 537
  • 2020 (9) TMI 536
  • 2020 (9) TMI 535
  • 2020 (9) TMI 534
  • 2020 (9) TMI 533
  • 2020 (9) TMI 543
  • 2020 (9) TMI 542
  • 2020 (9) TMI 541
  • 2020 (9) TMI 532
  • 2020 (9) TMI 540
  • 2020 (9) TMI 531
  • 2020 (9) TMI 539
  • 2020 (9) TMI 538
  • 2020 (9) TMI 530
  • 2020 (9) TMI 529
  • Customs

  • 2020 (9) TMI 527
  • 2020 (9) TMI 528
  • 2020 (9) TMI 526
  • 2020 (9) TMI 525
  • Corporate Laws

  • 2020 (9) TMI 524
  • 2020 (9) TMI 523
  • 2020 (9) TMI 522
  • 2020 (9) TMI 521
  • 2020 (9) TMI 520
  • 2020 (9) TMI 518
  • 2020 (9) TMI 516
  • 2020 (9) TMI 515
  • Insolvency & Bankruptcy

  • 2020 (9) TMI 514
  • 2020 (9) TMI 513
  • 2020 (9) TMI 512
  • 2020 (9) TMI 511
  • 2020 (9) TMI 510
  • 2020 (9) TMI 519
  • 2020 (9) TMI 509
  • 2020 (9) TMI 508
  • 2020 (9) TMI 517
  • 2020 (9) TMI 507
  • 2020 (9) TMI 506
  • 2020 (9) TMI 505
  • 2020 (9) TMI 504
  • Central Excise

  • 2020 (9) TMI 503
  • 2020 (9) TMI 502
  • CST, VAT & Sales Tax

  • 2020 (9) TMI 501
 

Quick Updates:Latest Updates