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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 September Day 28 - Monday

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TMI Tax Updates - e-Newsletter
September 28, 2020

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Grant of Bail - power to re-arrest if the amount of tax evaded goes up during the investigation - Even if any new case is made out after release of the accused on bail ipsofacto, the Court or the police/department will not get a right to take the accused to the custody unless the bail originally granted is cancelled for any substantial reasons. There must overwhelming circumstances are necessary for cancellation of bail. Therefore it is clear that the right of a person once he has been granted by the competent authority shall be safeguarded with utmost respect to the said order passed by the competent court. - DSC

  • Income Tax:

    Income from other sources u/s 56(2)(viib) - determining the share value of the premium - Method of valuation of shares - AO did not point out any flaw in the method of calculation of the value of shares by adopting the DCF method but, out rightly rejected the same, which should not have been done. - A direction issued based on the concession extended by the assessee cannot be relied upon by the Revenue as a precedent. - HC

  • Income Tax:

    Reopening of assessment u/s 147 - As used the expression 'seems' by stating that though the assessee seems to be qualified under clause (a) to Section 43(5), since they had not complied with condition ('d') they are not entitled to any relief. As pointed out earlier reopening, based upon a change of opinion or a review of decision taken by the Assessing officer, is impermissible. - HC

  • Income Tax:

    Exemption u/s 54F - Denial of exemption as appellant received multiple number of flats - Amendment to section 54 & 54F, restricting the claim of deduction to one residential unit was introduced by Finance (No.2) Act, 2014 w.e.f. 1.4.2015 (i.e. from AY 2015-16). Since we are concerned with assessment year 2009-10, the amendment brought out by Finance (No.2) Act, 2014 does not have application for the instant case. - AT

  • Income Tax:

    Revision u/s 263 - the assessee made no specific claim u/s. 80P2(d) of the Act before the AO nor in the return of income as rightly pointed by the ld. DR. - Further, AO on incorrect assumptions of facts without applying correct application of law allowed deduction u/s. 80P2(d) of the Act which clearly reflects non application of mind. - Revision order sustained - AT

  • Income Tax:

    Addition u/s 43CA - differential amount over and above the declared sale consideration - we are unable to accede to the contention so advanced on behalf of the assessee that the AO is not always obligated to follow the report of DVO and has to apply his own independent mind to the facts and circumstances persistent to the sale transaction. - AT

  • Income Tax:

    Addition on the basis of Central Bureau of Investigation (CBI) report - criminal conspiracy - Assessee being govt officer (treasury officer) - allegation of dishonestly caused withdrawal from the public exchequer against a Letter of Credit (LOC) - Now since the foundation of the addition has gone, the addition cannot be sustained. - AT

  • Customs:

    Interpretation of the Exemption Circular - the emphasis on the comma punctuation mark (,) used in Clause 5.5 of the Circular dated 23.03.2009 to be misdirected. The stress given to this separator is entirely out of context. The surrounding words both preceding and succeeding the comma have to be read together to give a complete meaning. - HC

  • IBC:

    Direction for payment of outstanding amount of CIRP expenses and the contribution towards the liquidation cost - being satisfied that IFCI's inclusion as a member in the CoC is disputed by the remaining financial creditors, it appears to me that IFCI cannot be compelled to contribute its part of share towards the CIRP and Liquidation cost. Part payment voluntarily made by the IFCI does not bar it from disputing its liability to pay the amount as demanded by the liquidator. - Tri

  • Service Tax:

    Prayer for revival of appeal accepting 7.5% pre-deposit and dispose of the appeal on merits - the appeal was rejected for non compliance of pre-deposit requirements, the petitioner has lost opportunity to urge the aforesaid legal contention. In the circumstances, this Court is of the opinion that the petitioner shall be permitted to argue the appeal on merits. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (9) TMI 1025
  • 2020 (9) TMI 1027
  • 2020 (9) TMI 1026
  • 2020 (9) TMI 985
  • Income Tax

  • 2020 (9) TMI 1015
  • 2020 (9) TMI 1014
  • 2020 (9) TMI 1013
  • 2020 (9) TMI 1012
  • 2020 (9) TMI 1011
  • 2020 (9) TMI 1024
  • 2020 (9) TMI 1023
  • 2020 (9) TMI 1022
  • 2020 (9) TMI 1021
  • 2020 (9) TMI 1010
  • 2020 (9) TMI 1020
  • 2020 (9) TMI 1019
  • 2020 (9) TMI 1018
  • 2020 (9) TMI 1009
  • 2020 (9) TMI 1017
  • 2020 (9) TMI 1016
  • 2020 (9) TMI 1008
  • 2020 (9) TMI 1007
  • Customs

  • 2020 (9) TMI 1006
  • Corporate Laws

  • 2020 (9) TMI 1005
  • 2020 (9) TMI 1004
  • 2020 (9) TMI 1003
  • 2020 (9) TMI 1002
  • 2020 (9) TMI 1001
  • 2020 (9) TMI 1000
  • Insolvency & Bankruptcy

  • 2020 (9) TMI 989
  • 2020 (9) TMI 999
  • 2020 (9) TMI 998
  • 2020 (9) TMI 997
  • 2020 (9) TMI 996
  • 2020 (9) TMI 995
  • 2020 (9) TMI 994
  • 2020 (9) TMI 993
  • 2020 (9) TMI 992
  • 2020 (9) TMI 991
  • 2020 (9) TMI 990
  • Service Tax

  • 2020 (9) TMI 988
  • Central Excise

  • 2020 (9) TMI 987
  • CST, VAT & Sales Tax

  • 2020 (9) TMI 986
 

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