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Home e-Newsletters Index Year 2022 September Day 24 - Saturday

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TMI Tax Updates - e-Newsletter
September 24, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Classification of goods - rate of GST - Mango Pulp - The orders passed by the Appellate Authority for Advance Ruling imposing GST in respect of ‘mangopulp’ @ 18% is incorrect and it is made clear that the petitioner is liable to pay GST in respect of Mango pulp @ 12%. - HC

  • Income Tax:

    Benefit u/s 80IC - substantial expansion - the assessing officer has missed out one of the categories which have been mentioned in Clause (b) of Section 80IC(2). The assessee would squarely fall within the category of undertakings or enterprises which manufactures or produces any article or thing as specified in the Fourteenth Schedule as the assessee is a mineral based industry which finds place in clause-16 of Part-A of the Fourteenth Schedule - HC

  • Income Tax:

    Applicability of section 269ST to the investments made in cash - section 269ST and the penalty provisions for not complying with the said section as contained in section 271DA are applicable to the receiver of the sum. Considering the facts of the case and the relevant provisions of the Act, we are of the view the action of PCIT invoking section 263 stating that the AO’s order is erroneous to the extent of AO not verifying whether investments are in violation of section 269ST is not tenable. - AT

  • Income Tax:

    Addition u/s 68 - genuineness of share application / share premium received - Once the undisclosed income declared under IDS-2016 have been accepted by the Department including accepting the fact that ultimate amount was taxed, same therefore, cannot be taxed in the hands of assessee-company again. - AT

  • Income Tax:

    Addition of aggregate of cash as well as cheque deposit in the bank account of assessee - the assessee was doing some business activity, though it was not disclosed to the department. In my view, taxing the entire credit is not justified, thus, it would be justified if only profit element in such business activities from where the assessee generated the credit found in the bank account. Therefore, 7% of total addition is considered as profit from such business activities. - AT

  • Income Tax:

    Assessment u/s 153A - CIT(A) allowed the claim that lease rentals income earned by the appellant as income under the Profit or Gains from Business and Profession (Profit and Gain from Business and Profession) as against Income from House Property - CIT(A) has rightly allowed the fresh claim - AT

  • Income Tax:

    Reopening of assessment u/s 147 - Addition u/s 68 - unexplained deposits in bank account - assessee is a small time tea and pakoda seller and he could not have been expected to grasp intricacies of Income Tax Law - As reached the conclusion that the assessee’s case deserves that a sympathetic view may be taken - the assessment order was also passed exparte qua the assessee as the assessee had furnished the reply before the wrong AO. - AT

  • Income Tax:

    Validity of assessment u/s 147 - it is not a return u/s 119(2)(b) albeit it is a return filed in response to notice u/s 148 which has been accepted by the AO. Thus, when return has been filed in response to notice u/s 148 then it was mandatory for AO to issue notice u/s 143(2) before the completion of assessment, in case he wanted to vary the return of income and make addition - additions deleted - AT

  • Customs:

    Extended period of limitation - suppression of facts or mis-declaration or not - lassification of imported goods - Neutral Pellets - only because there was a change of view by the department, the respondent could not have been said to have either mis-declared or suppressed facts in classifying its goods at the time of its import under CTH 1702. - HC

  • Customs:

    Restricted goods or not - importation of excess quantity of waste/used Rubber Tyre Scrap over a period of time - there was no violation of the decision arrived at by the Technical Review Committee as to the intended usage of the impugned goods in question, by which it only renders that the excess import during the period in question by the respondent was only irregular and not prohibited. - AT

  • Indian Laws:

    It is the duty of the Court to discover the truth and truth is the foundation of the justice. Section 311 Cr.P.C. is one of the provisions which assist the Court in the discovery of the truth. It is true that the power under section 311 Cr.P.C. has to be exercised judiciously for strong and valid reason with caution to meet the ends of justice. Simultaneously, the Court has the duty to give adequate opportunity to the parties to lead evidence for fair trial. - HC

  • IBC:

    CIRP - If there are two borrowers or if two corporate bodies fall within the ambit of corporate debtors, there is no reason why proceedings under Section 7 of the IBC cannot be initiated against both the Corporate Debtors. Needless to mention, the same amount cannot be realised from both the Corporate Debtors. If the dues are realised in part from one Corporate Debtor, the balance may be realised from the other Corporate Debtor being the co-borrower. However, once the claim of the Financial Creditor is discharged, there can be no question of recovery of the claim twice over. - SC

  • IBC:

    Seeking withdrawal of application admitted u/s 7 of IBC - Considering the number of people dependant on the Corporate Debtor for their survival and livelihood, there is no reason why the applicant for the CIRP, should not be allowed to withdraw its application once its disputes have been settled - the settlement cannot be stifled before the constitution of the Committee of Creditors in anticipation of claims against the Corporate Debtor from third persons. The withdrawal of an application for CIRP by the applicant would not prevent any other financial creditor from taking recourse to a proceeding under IBC. The urgency to abide by the timelines for completion of the resolution process is not a reason to stifle the settlement. - SC

  • IBC:

    Maintainability of Insolvency Petition against the Guarantor - The OTS is not a novation of the original debt but is only to be construed as Terms of Settlement offered and agreed upon by the Borrower to discharge its liability. The Guarantor is a direct beneficiary of the OTS. Having signed and accepted OTS proposal, the Appellant cannot now turn around and take a stand that the liability is not co-extensive or that the Guarantee was invoked only in 2013. - AT

  • IBC:

    Maintainability of application after approval of resolution plan - Application’ on behalf of the ‘Company - Suffice it for this Tribunal to make a pertinent mention that the Role of a Resolution Professional, much less of the Erstwhile Resolution Professional is that he cannot proceed any further, after the Resolution Pla is approved by the Adjudicating Authority. - AT

  • VAT:

    Adjustment of amount of tax paid on inter-state sale transaction, against the tax to be paid to the State of Jharkhand - In the present case the transaction is for the period prior to insertion of Section 22(1B) to the Act 1956 and the impugned order has been passed by the Appellate Authority pre-insertion of Section 22(1B) to the Act 1956. Therefore, as such, it cannot be said that the Appellate Authority has committed any error in not issuing any direction which now is permissible under Section 22(1B) of the Act 1956. - SC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (9) TMI 1047
  • 2022 (9) TMI 1046
  • 2022 (9) TMI 1045
  • 2022 (9) TMI 1044
  • 2022 (9) TMI 1043
  • 2022 (9) TMI 1042
  • Income Tax

  • 2022 (9) TMI 1038
  • 2022 (9) TMI 1037
  • 2022 (9) TMI 1036
  • 2022 (9) TMI 1035
  • 2022 (9) TMI 1034
  • 2022 (9) TMI 1033
  • 2022 (9) TMI 1032
  • 2022 (9) TMI 1031
  • 2022 (9) TMI 1030
  • 2022 (9) TMI 1029
  • 2022 (9) TMI 1028
  • 2022 (9) TMI 1027
  • 2022 (9) TMI 1026
  • 2022 (9) TMI 1025
  • 2022 (9) TMI 1024
  • 2022 (9) TMI 1041
  • 2022 (9) TMI 1023
  • 2022 (9) TMI 1040
  • 2022 (9) TMI 1039
  • 2022 (9) TMI 1022
  • 2022 (9) TMI 1021
  • 2022 (9) TMI 1020
  • 2022 (9) TMI 991
  • 2022 (9) TMI 1019
  • 2022 (9) TMI 1018
  • 2022 (9) TMI 1017
  • 2022 (9) TMI 1016
  • Customs

  • 2022 (9) TMI 1013
  • 2022 (9) TMI 1014
  • Insolvency & Bankruptcy

  • 2022 (9) TMI 1012
  • 2022 (9) TMI 1011
  • 2022 (9) TMI 1010
  • 2022 (9) TMI 1009
  • 2022 (9) TMI 1008
  • 2022 (9) TMI 1007
  • Service Tax

  • 2022 (9) TMI 1005
  • 2022 (9) TMI 1004
  • 2022 (9) TMI 1006
  • Central Excise

  • 2022 (9) TMI 1015
  • 2022 (9) TMI 1002
  • 2022 (9) TMI 1001
  • 2022 (9) TMI 1003
  • CST, VAT & Sales Tax

  • 2022 (9) TMI 1000
  • 2022 (9) TMI 999
  • 2022 (9) TMI 998
  • Indian Laws

  • 2022 (9) TMI 997
  • 2022 (9) TMI 996
  • 2022 (9) TMI 995
  • 2022 (9) TMI 994
  • 2022 (9) TMI 993
  • 2022 (9) TMI 992
 

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