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Home e-Newsletters Index Year 2019 September Day 2 - Monday

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TMI Tax Updates - e-Newsletter
September 2, 2019

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Requirement of pre-deposit of 10% of the disputed amount u/s 107(6) of the CGST Act - the disputed amount now remains secure through the Bank Guarantee furnished, hence directed to keep in abeyance encashment of the Bank Guarantee furnished until the disposal of the appeal, provided the appellant keeps the same valid until disposal of appeal against

  • Income Tax:

    Income–tax (Fifth Amendment) Rules, 2019 - deemed application for allotment of permanent account number where Aadhaar number has been furnished or intimated or quoted in lieu of PAN

  • Income Tax:

    Revision u/s 263 - Non-submission of form 3CEB electronically - as result of non filing the case of the assessee could not be referred to the TPO by the AO - ld. Pr. CIT was justified in invoking the provision of section 263 holding that the order passed by the AO as erroneous and prejudicial to the interest of revenue to the extent of non-filing of form 3CEB report

  • Income Tax:

    Addition to the valuation of unsold flats - the valuation of unsold stock at the close of an accounting period is a necessary part of the process of determining the trading results of that period and can in no sense be regarded as the source of such profits - valuing unsold flats at the average of sale price and assessed profit attributable to unsold flats is not permissible

  • Income Tax:

    Inclusion of land in Working of cost of the real estate development project - if the cost of land is included in the percentage of the project completion, then it would show that the project has been substantially completed say, to the extent of 50-60% at the beginning itself - Hence, for working out percentage of completion, land value should not be included - directed to accept percentage of work as determined by the assessee

  • Income Tax:

    Addition of service tax payable u/s 43B - not debited to the P&L A/c - once the assessee has not claimed it as an expenditure, the disallowance of the same u/s 43B of the Act would not arise - in fact, the AO is not disallowing the expenditure, but is bringing it to tax, which is not the purpose of the section - addition is deleted

  • Income Tax:

    Allowability of set off of unabsorbed depreciation with ‘Income from house property’ and ‘income from other sources’ - duly allowable

  • Income Tax:

    Validity of the order passed u/s 143(3) r.w.s 144C - since the AO issued notice of demand at the stage of the draft order, which, actually ought to have been done at the stage of passing the final order, thereby assigning the finality to the assessment at the stage of draft order itself, resultant final assessment order got vitiated in the eyes of law and hence cannot stand

  • Income Tax:

    Penalty u/s 271D - default of provisions of section 269SS - recording of satisfaction - since the assessment order as well as the order of the JCIT are devoid of any satisfaction regarding initiation of penalty proceedings u/s 271D - no penalty can be levied

  • Income Tax:

    Deprecation on goodwill - assessee has fully written off goodwill in the books of accounts - section 32(1)mandates that the block of assets should exists to claim depreciation - Since, goodwill is not treated as an asset in its books of accounts, the question of allowing depreciation on such non existing asset does not arise

  • Income Tax:

    Revision u/s 263 - non consideration of the provisions of Section 40(a)(i-a) in respect of land development expenses - the CIT had proceeded to remand the matter back to the AO while the appeal of the assessee was pending u/s 250 and the power of exercise u/s 263 was barred by Clause (c) to Explanation 1 of Section 263 - no interference in the order of the ITAT called far

  • Income Tax:

    Penalty u/s 271(1)(c) - addition u/s 68 on gift received - AO had discarded and doubted the genuineness of gifts on ground of human probabilities and no authority has recorded any finding to the effect that details furnished by the assessee to be incorrect, erroneous or false - it is not a case of either concealment of income or of furnishing inaccurate particulars

  • Income Tax:

    Condonation of delay of 27 months - factory premises was under attachment by the Excise department - Neither the AO has acted in a fair manner nor the assessee has prosecuted its income tax proceedings before the ld.Revenue authorities diligently - If something has been done illegally against it, then that illegality should not be regularized on account of technicalities - condoned the delay subject to cost of ₹ 50,000/-.

  • Income Tax:

    Addition u/s 68 - conversion of preference share into equity share - the only doubt is that the value of share premium charged is not truly reflecting the intrinsic value of the equity shares of the company - the amount of preference shares credited in the earlier year and no cash/sum credited in the books of accounts in current year which is the essential condition to apply the provisions of u/s 68 - no addition

  • Income Tax:

    TDS u/s 194C - flight handling charges - being the beneficial provision second proviso to sect. 40(a)(ia) r.w. first proviso to sect. 201(1) inserted w.e.f. 1.4.2013 having retrospective effect and assessee has filed certificate in Form No. 26A of the CA of Air India certifying that amount paid to Air India by the assessee has been credited in its books of accounts - neither disallownace is called for nor any need to remand for verification

  • Customs:

    Demand of interest on recovery of excess duty drawback claim - Section 75A(2) - when the petitioner realized that there was an excess claim and grant of drawback, he had deposited the same prior to issuance of SCN - Since the petitioner had repaid the drawback even prior to the demand, the respondents will not be empowered to claim any interest.

  • Customs:

    Revocation of CHA licence - forfeiture of security deposit - period of limitation for issuing SCN - Once the notice was sent out of the office of issuing authority, it was definitely out of the control of the said authority. Hence, the obligation of said authority for issuing the same stands discharged with the said dispatch - the service of notice cannot be covered under the word “shall issue”

  • Customs:

    Limitation - a period of more than 7 years has expired from the date of SCN by DRI - in the absence of passing any order in terms of proviso to Section 28(9) or Section 28 (9A), the Department cannot absolve itself from its statutory duty - SCN quashed

  • Customs:

    Cancellation of CHA License - there is no corroborative evidence or statement of anybody that the CHA had information, knowledge or has connived in the alleged forgery of invoices, mis-declaration and under-valuations - the Customs Broker/ CHA merely acts as a facilitator or agent for carrying out import operations - the CESTAT fell into error in directing cancellation of the CHA license of the Appellant

  • Customs:

    Release of imported goods from Pakistan - the Petitioners placed import orders prior to 16.02.2019 and received goods in India on or before 16.02.2019, admittedly before the impugned Notification was issued/uploaded at 8.45 PM on 16.02.2019 after the working hours. If the impugned notification is made applicable to them, it would amount to retrospective application which is not permissible in law.

  • Indian Laws:

    Dishonor of cheque - seeking 20% of the amount of dishonoured cheque as interim compensation - The said Section was inserted in the statute Book on 1/9/2018 whereas in the present case the offence was committed much prior to that. Hence the provisions of Section 143A will not be attracted in the present case.

  • Service Tax:

    Voluntary Compliance Entitlement Scheme - the Department have enough evidence to prove that the VCES declaration made by the appellant for financial year 2009-2010, 2010-2011 has been substantially false as the appellant have not come clean in making a declaration - declaration have correctly been rejected

  • Service Tax:

    Service tax on turnover achieved through the main contractor - in the case of works contract there is one transaction, one sale. The work may be done either by the main contractor or through the subcontractor. Service tax being the other part of the same type of transaction, there cannot be two services and/or two transfers of service - demand set aside.

  • Central Excise:

    Principles of natural justice - The remand cannot be ordered in such a casual manner, particularly, in a matter in which the CESTAT itself records that the Adjudicating Authority has made extensive examination and after granting fair opportunity of hearing to the parties came to the conclusion that there was violation of provisions of the Customs Act, 1962 and Central Excise Act, 1944. - Order of CESTAT not sustainable.

  • Central Excise:

    Inordinate delay in adjudication of SCN - delay of eleven years from issuance of SCN - the petitioner cannot be blamed for non adjudication of the SCN as he had never requested to transfer it to the Call Book or he has never delayed any proceedings pending adjudication - there shall not be any hanging sword, without any justifiable reasons - impugned order quashed


Articles


Notifications


News


Case Laws:

  • GST

  • 2019 (8) TMI 1396
  • 2019 (8) TMI 1421
  • 2019 (8) TMI 1395
  • Income Tax

  • 2019 (8) TMI 1415
  • 2019 (8) TMI 1414
  • 2019 (8) TMI 1413
  • 2019 (8) TMI 1412
  • 2019 (8) TMI 1411
  • 2019 (8) TMI 1410
  • 2019 (8) TMI 1409
  • 2019 (8) TMI 1408
  • 2019 (8) TMI 1407
  • 2019 (8) TMI 1420
  • 2019 (8) TMI 1419
  • 2019 (8) TMI 1394
  • 2019 (8) TMI 1418
  • 2019 (8) TMI 1417
  • 2019 (8) TMI 1406
  • 2019 (8) TMI 1405
  • 2019 (8) TMI 1404
  • 2019 (9) TMI 1
  • 2019 (8) TMI 1416
  • 2019 (8) TMI 1403
  • 2019 (8) TMI 1357
  • 2019 (8) TMI 1402
  • 2019 (8) TMI 1401
  • 2019 (8) TMI 1393
  • Customs

  • 2019 (8) TMI 1385
  • 2019 (8) TMI 1389
  • 2019 (8) TMI 1388
  • 2019 (8) TMI 1387
  • 2019 (8) TMI 1400
  • 2019 (8) TMI 1399
  • 2019 (8) TMI 1398
  • 2019 (8) TMI 1386
  • 2019 (8) TMI 1392
  • 2019 (8) TMI 1391
  • 2019 (8) TMI 1384
  • 2019 (8) TMI 1390
  • Insolvency & Bankruptcy

  • 2019 (8) TMI 1383
  • 2019 (8) TMI 1382
  • 2019 (8) TMI 1381
  • PMLA

  • 2019 (8) TMI 1380
  • 2019 (8) TMI 1379
  • 2019 (8) TMI 1378
  • Service Tax

  • 2019 (8) TMI 1376
  • 2019 (8) TMI 1375
  • 2019 (8) TMI 1374
  • 2019 (8) TMI 1373
  • 2019 (8) TMI 1372
  • 2019 (8) TMI 1377
  • 2019 (8) TMI 1371
  • 2019 (8) TMI 1370
  • 2019 (8) TMI 1369
  • Central Excise

  • 2019 (8) TMI 1364
  • 2019 (8) TMI 1363
  • 2019 (8) TMI 1366
  • 2019 (8) TMI 1365
  • 2019 (8) TMI 1368
  • 2019 (8) TMI 1367
  • 2019 (8) TMI 1397
  • CST, VAT & Sales Tax

  • 2019 (8) TMI 1362
  • 2019 (8) TMI 1361
  • 2019 (8) TMI 1360
  • Indian Laws

  • 2019 (8) TMI 1359
  • 2019 (8) TMI 1358
 

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