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Home e-Newsletters Index Year 2021 September Day 22 - Wednesday

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TMI Tax Updates - e-Newsletter
September 22, 2021

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy Service Tax CST, VAT & Sales Tax Wealth tax



Highlights / Catch Notes

  • GST:

    Classification of supply - supply of batteries by the required Applicant for the use in warships such as submarines of the Indian Navy - The batteries are essential requirements in manufacture of submarines and are classified under heading 85 of the GST Tariff and are parts of submarines. - Such batteries will be classified under Sr. No. 252 of Notification No. 1/2017- C.T. (Rate) - AAR

  • GST:

    Transitional credit - Direction to the Opposite Parties to accept the GST TRAN-1 form from the Petitioner - In the present case a direction is issued to the Opposite Parties to either open the portal and permit the Petitioner to file TRAN-1 form electronically on or before 1st November, 2021 or accept the TRAN-1 form from the Petitioner manually before that date. It will be open to the authorities to verify the genuineness of the claim of the Petitioner in accordance with law and pass appropriate orders. - HC

  • GST:

    Validity of Recovery order - demand notice was never supplied within time and it was communicated much after initial recovery order with back date - non-compliance of section 73(1) of the Act and Rules 118 & 142 of the GST Rules, 2017 - The issue need to be examined - stay granted subject to deposit of 10% of demand - HC

  • Income Tax:

    Assessment u/s 153A - Addition made u/s 68 on account of unexplained credits and u/s 69C on account of unexplained expenses - assessment of the respondents had attained finality prior to the date of search and no incriminating documents or materials had been found and seized at the time of search. Consequently, no addition can be made under Section 153A of the Act as the cases of respondents are of non-abated assessments - HC

  • Income Tax:

    Income earned from trading in Shares, Future and Options and derivatives - speculative business or not - Assessee has shown better income from sale and purchase of shares and lower loss in derivative business and, therefore, in our considered view, the Ld. CIT(A) has rightly appreciated this aspect, thereby deleting the addition made by the Ld. AO wrongly apportioning of expenditure towards alleged speculation/business, which gave rise to higher speculation loss. - AT

  • Income Tax:

    Assessment u/s 153A - in these appeals also the additions has not been made on the basis of any incriminating material and rather has been made on the basis of entries in the books of accounts. The dates of filing of returns as mentioned in the chart reproduced earlier in this order are found to be correct from the copies of returns placed in respective paper book pages. The period of issue of notice u/s. 143(2) in the above cases expired on 30.09.2012 and 30.09.2013 respectively whereas the search took place on 31.08.2015 therefore assessments in these cases also stood completed before the date of search - AT

  • Income Tax:

    Non-genuine creditors u/s 41(1) - proof of liability ceased to exist - Simply because, the assessee could not produce the confirmation from this party, the genuineness of transaction cannot be doubted. All the relevant details proving the transaction as genuine were available on record despite that, the A.O’s mere emphasis was on the production of the confirmation from this party. In fact, the name and addresses were mentioned in the copies of bills of sale and purchase. - No Additions - AT

  • Income Tax:

    Addition on protective addition - Application to Income tax Settlement Commission[ITSC] - the provisions of Section 245I does not give protection to the whole world with respect to the ‘matter’ as decided by the settlement commission, it only protects those applicants who are before the settlement commission. Therefore, this proposition raised by the learned authorised representative stands rejected. - AT

  • Income Tax:

    Addition u/s 69C - unexplained expenditure - Since the assessee purchased the stamp and made the payment through RTGS then there is no question of considering the same has unexplained investment - AO issued the summon u/s 131 of The Act to the stamp vendor and by issuing the summon, the stamp vendor becomes the witness of the Revenue and thus, it was the duty of the Assessing Officer to collect the information from the stamp vendor and confront to the assessee but the AO failed to gather the information. - No additions - AT

  • Income Tax:

    Computation of assessee income - GP estimation - For applying section 44 AF, it is clear that the total turnover of the assessee must be less than 40 lakhs of rupees. In the present case as mentioned hereinabove turnover the assessee, as per the case of the assessee as well as of the assessing officer was more than 40 lakhs, therefore the rate of 5% cannot be applied as claimed by the assessee - Estimation of income @8% confirmed - AT

  • Income Tax:

    Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts of the assessee against which no revenue towards turnover could be attributed. Therefore, estimation cannot be made on the bogus purchases at 8 or 10 % as claimed by the assessee and the entire bogus claim of expenditure has to be disallowed - AT

  • Service Tax:

    Sabka Vikas (Legacy Dispute Resolution) Scheme 2019 - petitioner was orally informed that the applicability of scheme has been rejected as the Deputy Commissioner till date has not calculated any duty/tax liability - In the present case as well, there was a reference to a unilateral declaration of liability by the petitioner and not a quantification of demand by the Revenue in the letter/notice dated 20.11.2018 and therefore, the same does not make the petitioner eligible to avail the benefit of SVLDRS. - HC

  • Service Tax:

    Claim of exemption from service tax - services provided to the US Embassy - In the present case, the appellant was able to correlate the invoices with the undertakings. It can, therefore, be concluded that the appellant satisfied the substantial conditions set out in the Exemption Notifications - Benefit of exemption allowed - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (9) TMI 907
  • 2021 (9) TMI 905
  • 2021 (9) TMI 904
  • 2021 (9) TMI 903
  • 2021 (9) TMI 909
  • 2021 (9) TMI 876
  • Income Tax

  • 2021 (9) TMI 899
  • 2021 (9) TMI 898
  • 2021 (9) TMI 895
  • 2021 (9) TMI 894
  • 2021 (9) TMI 893
  • 2021 (9) TMI 892
  • 2021 (9) TMI 890
  • 2021 (9) TMI 889
  • 2021 (9) TMI 888
  • 2021 (9) TMI 887
  • 2021 (9) TMI 886
  • 2021 (9) TMI 902
  • 2021 (9) TMI 885
  • 2021 (9) TMI 884
  • 2021 (9) TMI 883
  • 2021 (9) TMI 882
  • 2021 (9) TMI 881
  • 2021 (9) TMI 880
  • 2021 (9) TMI 879
  • 2021 (9) TMI 878
  • 2021 (9) TMI 877
  • Customs

  • 2021 (9) TMI 906
  • Insolvency & Bankruptcy

  • 2021 (9) TMI 891
  • Service Tax

  • 2021 (9) TMI 897
  • 2021 (9) TMI 908
  • CST, VAT & Sales Tax

  • 2021 (9) TMI 901
  • 2021 (9) TMI 900
  • Wealth tax

  • 2021 (9) TMI 896
 

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