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Home e-Newsletters Index Year 2020 September Day 29 - Tuesday

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TMI Tax Updates - e-Newsletter
September 29, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy FEMA PMLA Indian Laws



Highlights / Catch Notes

  • GST:

    Territorial Jurisdiction - transfer of the case - GST investigation - The officer at Ernakulam has been authorised to look into the matter specifically on the grounds stated in the statement. We do not think that the location of the lawyer can at all be a reason for the department to carry out proceedings in a particular place. - HC

  • GST:

    Territorial Jurisdiction - Detention of goods during stock transfer - recovery of GST and penalty - There was no occasion for the 3rd respondent to collect tax and penalty from the petitioner on the pretext that there is illegality in the transport of goods as it would merely amount to stock transfer and there is no element of sale of goods or services in it. - Respondents are directed to refund within four (04) weeks with interest of 9% - HC

  • Income Tax:

    Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges and such business needs to be considered as one business for the purpose of taxation and any profit or loss derived from different exchanges shall be aggregated by allowing losses to be set off. - AO directed to delete additions made towards disallowances of loss incurred from NMCE, Ahmadabad and allowed said loss to be set off against profit derived from derivative trading on MCX. - AT

  • Income Tax:

    Non granting interest u/s 244A - AO is hereby directed to pay interest on the refund eligible in accordance with the proviso to Section 244A(1)(a) with regard to the advance tax paid. With regard to the self-assessment tax paid, we hereby hold that the assessee is eligible for interest on the total amount of refund in accordance with provision of Section 244A(1)(b) as the bar contend in proviso to Clause (a) to Section 244A(1) is not applicable to the cases (A.Ys. 1999-2000 and 1994-95) before us. - AT

  • Income Tax:

    Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable expenditure. It is only characterization whether it is relating to expenses incurred to earn income or loss incurred in the process of making the income. Therefore,interest expenditure incurred by the assessee will fall under the category of loss. Therefore, it is allowed as an expenditure. - AT

  • Income Tax:

    Levying interest u/s 234C - Advance tax - Non-deduction of TDS by the payer - The interest income received by the assessee from IOCL was liable for deduction of tax at source, which however, was not done by the payer. Accordingly, tax deductible at source on the aforesaid amount of interest income - This amount had to be excluded from the tax due on the returned income for the purpose of computing the interest liability u/s 234C - AT

  • Income Tax:

    Additions of CSR expenses - the amendment in section 37(1) of the Act has been introduced w.e.f. 1st April, 2015 and does not apply on the facts of the case and the disabling provision as stated in Explanation 2 to section 37(1) refers only to such corporate social responsibility expenditure as u/s. 135 of the Companies Act, 2013 and as such it cannot have any application for the period not covered by the statutory provision which itself came into existence in the year 2013. And any way this disabling provision cannot be held to be retrospective in operation - AT

  • Income Tax:

    Period of limitation to pass assessment order in case of remand proceedings u/s 153 - An order of any Court means an order of any and every Court of the country. - The hierarchy in status of the Court in the country is not decisive. As provided in Section 153(6) of the Act, that there must be a Court, and there must be an order of the Court. Therefore, when this Court remands the matter, it is an order of the Court which would extend the limitation for completing the assessment by the Assessing Officer for another twelve months. - HC

  • Income Tax:

    TP Adjustment - determination of appropriate method - Matter remanded back to ITAT - We do not expect a further open remand by the learned Tribunal on the said issue any more because such decision of the learned Tribunal is likely to affect not only the years under consideration before the learned Tribunal but also the future assessment years, as the Assessee continues to remain in the same business for such future years also. - HC

  • Income Tax:

    Revision u/s 263 or appeal-able order before CIT(A) u/s 246A - Subject matter of revision was limited - Doctrine of merger - CIT(A) and ITAT rejected the appeal of assessee - appeal is maintainable in respect of the subject matter, which does not pertain to grounds u/s 263 of the Act. The CIT(A) therefore, ought to have adjudicated the appeal on merits to the aforesaid extent. - HC

  • Indian Laws:

    Dishonor of Cheque - Acquittal of accused - Offence u/s 138 - Presumption u/s 139 - the complainant himself has categorically stated that the complaint was filed in his personal capacity. As such, without looking into any other aspect, it can be said that the cheque was issued to a firm which has not been made over to or endorsed to anyone including the present complainant and the present complaint is instituted by the complainant in his personal capacity. As such, the very complaint itself is not maintainable. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (9) TMI 1058
  • 2020 (9) TMI 1057
  • 2020 (9) TMI 1056
  • 2020 (9) TMI 1059
  • 2020 (9) TMI 1060
  • Income Tax

  • 2020 (9) TMI 1052
  • 2020 (9) TMI 1051
  • 2020 (9) TMI 1050
  • 2020 (9) TMI 1049
  • 2020 (9) TMI 1048
  • 2020 (9) TMI 1055
  • 2020 (9) TMI 1047
  • 2020 (9) TMI 1046
  • 2020 (9) TMI 1054
  • 2020 (9) TMI 1045
  • 2020 (9) TMI 1044
  • 2020 (9) TMI 1043
  • 2020 (9) TMI 1042
  • 2020 (9) TMI 1041
  • 2020 (9) TMI 1040
  • 2020 (9) TMI 1053
  • Customs

  • 2020 (9) TMI 1039
  • Corporate Laws

  • 2020 (9) TMI 1038
  • 2020 (9) TMI 1037
  • Insolvency & Bankruptcy

  • 2020 (9) TMI 1035
  • 2020 (9) TMI 1036
  • 2020 (9) TMI 1034
  • 2020 (9) TMI 1033
  • 2020 (9) TMI 1032
  • FEMA

  • 2020 (9) TMI 1031
  • PMLA

  • 2020 (9) TMI 1030
  • Indian Laws

  • 2020 (9) TMI 1029
  • 2020 (9) TMI 1028
 

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