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September 18, 2019
I.Tax: Income-tax (8th Amendment) Rules, 2019 - Approving Panel - Power of AO to refer the matter to Pr. CIT or CIT where he considers that it is necessary to declare an arrangement as an impermissible avoidance arrangement
September 18, 2019
GST: Classification of goods - Agriculture Knapsack Sprayer - Mechanical Sprayers classifiable under Chapter head 8424 shall attract GST @12% w.e.f. 25.01.2018. - AAR
September 18, 2019
GST: Provisional attachment of Bank Account - irregular availment of input tax credit - No hard and fast rule can be laid down as to how and under what circumstances the power u/s 83 can be invoked by the Authority. The discretion conferred on the Authority shall be brought to bear having regard to the facts and circumstances of each case. It is not permissible for the Authority to equate the provisional attachment envisaged u/s 83 with attachment in the course of the recovery proceedings. - HC
September 18, 2019
I.Tax: Deduction u/s 80HHC - supporting manufacturers - Exporter stands on a completely different footing from the supporting manufacturer as the parameters and scheme for claiming deduction relatable to exporters under 80HHC(1) read with (3) is completely different from that of supporting manufacturers under Section 80HHC (1A) read with (3A) thereof. - SC
September 18, 2019
I.Tax: Validity of order of Tribunal staying the Show Cause Notice - Prohibition of Benami Property Transactions - the SCN under challenge has been issued u/s 26(1) and the same does not, prima facie, constitute ‘an order’ passed by the Adjudicating Authority. The jurisdiction of the Appellate Tribunal to entertain the Respondent’s challenge to the show-cause notice is in doubt - HC
September 18, 2019
I.Tax: Special audit u/s 142(2A) - complexity in the books of account - AO has carefully scrutinized the objections raised by the Petitioner and has fairly and objectively arrived at the conclusion that special audit is required - no infirmity in the order directing the special audit - HC
September 18, 2019
I.Tax: Disallowance u/s 40(a)(ia) - Additions for non-deduction of TDS - Decision of Delhi HC that the second proviso to Section 40(a)(ia) of the Act is declaratory and curative in nature and has retrospective effect from 1st April 2005, accepted by the Karnataka HC.
September 18, 2019
I.Tax: Addition u/s 56(2)(vii)(b) and Section 69B - Family Settlement - assessee has acquired the Bungalow due to relinquishment of rights in the said property by three brothers of the assessee for Rs.NIL - no commercial transaction have been entered into between the assessee and his brothers and there is no colourable device. - Tri
September 18, 2019
I.Tax: Interest u/s 234B is not chargeable since ECB interest received by the assessee from the borrowers was subject to tax deduction at source u/s 195 - Tri
September 18, 2019
I.Tax: Disallowance of excess deduction claimed u/s 10AA r.w.s 80IA(10) - AO observed that the Appellant earned more than 'ordinary profits' to its associated enterprise ('AE') - where net profit was shown by the assessee at 63%, there is no merit in applying the concept of OP/OC, which cannot be the basis for benchmarking the profits of any business - Tri
September 18, 2019
I.Tax: MAT credit u/s 115JAA - There is no restriction with regard to allowance of MAT credit of an amalgamating company at the hands of the amalgamated company. - Tri
September 18, 2019
I.Tax: Penalty u/s. 271B - Non compliance to provisions of section 44AB - assessee has shown entire receipt as income - We are unable to see any safeguard in the said provisions in a situation when the assessee has shown entire income/receipts without claiming any expenditure or deduction - Penalty confirmed. - Tri
September 18, 2019
I.Tax: Valid source of the amount used for repayment of loan amount - assessee claimed the source from the agricultural income, rental income and interest income were assessed to income tax. - CIT(A) ought not have confirmed the action of the AO on the ground that repayment of loan amount was not accounted in the books of accounts - Tri
September 18, 2019
I.Tax: Exemption u/s 10(23C)(iiiad) - The income generated from the activity of running the school is substantially going in the hand of the commercial entities under agreements. - Hence assessee is not existed solely for education purpose and consequently the benefit of Section 10(23C)(iiiad) - Tri
September 18, 2019
I.Tax: Capital gain arising on account of the succession of the firms - scheme of succession u/s 47(xiii) - there is no requirement that the firms should be converted into the company - It is sufficient if the existing company acquires all the assets and liabilities of the partnership firms in the manner as provided u/s 47(xiii) - Tri
September 18, 2019
I.Tax: Capital gain arising on account of the succession of the firms - scheme of succession u/s 47(xiii) - there is no prohibition for the introduction of new partners in the partnership firms before the date of succession. - Tri
September 18, 2019
Cus.: Refund in cash - unjust enrichment - the prices (both dealer price and RSP) indicate that the burden of enhanced rate of CVD has not been shifted to the buyers - the appellant has fulfilled this responsibility as cast by Section 28C and 28D of Customs Act, 1962 and Department has failed to establish any element of unjust enrichment. - Tri
September 18, 2019
Co.Law: Contempt of Court / Tribunal - Seeking initiation of contempt proceedings against the Respondents - application u/s 425 of the Companies Act, 2013 - for non-exercising of powers for initiation of contempt proceeding by the Tribunal, the appeal u/s 421 is not maintainable before this Appellate Tribunal - Tri
September 18, 2019
S.Tax: Recovery of Service Tax - Post GST - We are not inclined to entertain this petition as only show-cause-notice is issued which involves investigation into facts. - HC
September 18, 2019
C.Ex.: CENVAT credit - time limit availing credit - credit was taken after six months as on 28.2.2015 - The rule changed with effect from 01/03/2015 and the words ‘six months’ were changed to ‘one year’ - it has prospective application - demand confirmed invoking extended period of limitation - Tri
September 18, 2019
VAT: Benefit of exemption - Single Super Phosphate (SSP) - in absence of such exclusionary clause in that notification, it is not permissible for the revenue authorities to break the identity of Gypsum (CaSO4.2H2O) so as to determine the percentage value of Sulphur in Gypsum (CaSO4.2H2O) only with the object of imposing tax on the value of Sulphur. - HC
September 17, 2019
GST: Levy of GST on contributions made to District Mineral Foundation (DMF) and the National Mineral Exploration Trust (NMDF) - the said contributions are nothing but additions to the royalty payable for the original supply itself - such amounts are paid in respect of mining rights and the said supply is already deemed to be taxable under reverse charge (RCM) basis - AAR
September 17, 2019
GST: Liability of IGST - Reverse Charge Mechanism (RCM) - Import of Consulting Services by the Directorate of Skill Development - the applicant is engaged in activities which is to be treated as Business or profession as defined in the Section 2(17) - Provisions of RCM applicable even to Govt. - AAR
September 17, 2019
GST: Interest charged on cost of securities - claim of exemption from GST not allowed - the additional amount charged on delayed payment shall be taxed as per original supply i. e. supply of Stock broking services. - AAR
September 17, 2019
GST: Classification of goods - rate of GST - solar LED Torch - even the packing of the impugned product does not intend to describe it as solar power based device. That being the case we find the argument of the applicant outlandish and arbitrary and a weak attempt to avail concessional rate. - AAR
September 17, 2019
I.Tax: Cash payments made to Royal Calcutta Turf Club u/s. 40A(3) - payment of operational expenses in relation to Horse Race - disallowance provision does not apply in case of overwhelming genuine payments coupled with business exigencies which may go beyond the prescribed rule 6DD - Tri
September 17, 2019
I.Tax: Taxation in the hands of the member of the AOP - amount paid by the BCCI to the appellant which has already been taxed at the hands of BCCI, cannot be now taxed in the hands of the member of the AOP i.e. the appellant State Association as it will amount to double taxation of the same amount. - Tri
September 17, 2019
I.Tax: Addition made u/s 40A(2)(b) - payment to the persons specified - Payment made towards subcontracting of work to JV - Payment of 99% of receipt instead of 95% as per AO - the provisions of this section 40A(2)(b) are not attracted - Tri
September 17, 2019
Cus.: SEZ unit - MEIS benefit - in the case of SEZ, the entire operations are under the control of Development Commissioner and the officers of the Customs posted therein and they can easily verify the entire records but the same was not done in this case. - Amendment in shipping bills allowed - Tri
September 17, 2019
Indian Laws: Right to Privacy - Seeking information from the dealers of BPCL - Any information which discloses remittances made to the Income Tax Department towards discharge of tax liability would constitute personal information. A demand for furnishing income tax returns filed by a person would constitute invasion of the privacy of a person - HC
September 17, 2019
S.Tax: Management consultancy service or not - actual running or managing an organization cannot be the same as providing any service in connection with the management of the organization - Demand set aside - Tri
September 17, 2019
C.Ex.: Reversal of CENVAT credit - sale of capital goods as scrap - Unless Revenue establishes that they availed Cenvat credit on the capital goods which are being removed as waste and scrap, provisions of Rule 3(5A) of Cenvat Credit Rules, 2004 cannot be invoked. - Tri
September 17, 2019
FEMA: Purchase of property in India - Individual arrived in India on Business Visa - He had continuously stayed for a period of 182 days - RBI said that no permission is required under FEMA - Thus, there is no violation of FEMA - Tri
September 16, 2019
I.Tax: U/s 92C(2) of IT Act 1961- Computation of arm's length price - price variance upto 1% in case of wholesale trade and 3% in all other cases will be allowed.
September 16, 2019
I.Tax: Correct head of income - Income from capital gains or business income - the business activity of the assessee is trading in shares, there can be a presumption that the amount claimed was derived through trade; in such case, the assessee has to establish that the impugned amount was indeed invested and the proceeds of sales were of a capital asset. - Tri
September 16, 2019
I.Tax: Disallowance of deduction u/s 80IB - net profit on the trading goods - AO is correct in his decision not allowing deduction u/s 80IB on such sale made by the assessee (appellant) out of purchased Deshee Ghee and Skimmed Milk. - Tri
September 16, 2019
I.Tax: Additions towards cash seized at airport - Tax should be charged in the relevant assessment year in which it has been received or deemed to be received/accrues or arises or is deemed to accrue or arise/accrues or arises to the assessee at the rate in force in that assessment year. - Tri
September 16, 2019
Cus.: Valuation of imported goods - if the value has been changed by the respondents themselves, there would be no cause for an appeal which would have been against their own assessment as the self-assessment regime is under place - Commissioner (Appeals) wrongly directed the revenue to conduct audit - Tri
September 16, 2019
S.Tax: Re-opening of assessment made under VCES - merely classifying the services under a different head does not tantamount to mis-declaration and therefore it is not open for the department to reopen the assessment in case of VCES unless there is a substantial mis-declaration otherwise. - Tri
September 16, 2019
C.Ex.: Rejection of refund claim - unjust enrichment - on realizing the mistake of excess payment of duty, they have issued credit notes to the customers so as to adjust the excess payment made by them. This adjustment is rebutted in the balance sheet in the form of receivables - Refund allowed. - Tri
September 16, 2019
I.Tax: Warrant of Authorization u/s 132A(1) - the satisfaction has been recorded based on cogent materials on record - The submission that there is no clarity in the Warrant of Authorization issued under section 132A whether the case is one in which the income could be said to be not disclosed or would not have been disclosed, is not acceptable - HC
September 16, 2019
I.Tax: Claim for registration u/s 12AA - Bye-laws of the Trust is not having any provision in relation to disbursement of balance funds in the eventuality of the dissolution of Trust - the situation contemplated by the CIT(E), has now taken care of in any way u/s 115(TD)(c) - registration cannot be denied merely on the basis of future event which is uncertain - HC
September 16, 2019
I.Tax: Condonation of delay - delay is of 20 years - Here, the applicant wants to condemn the advocate behind his back. In my view, it is impermissible and unacceptable. Further, no steps are also being taken by the applicant against any advocate under the provision of the Advocates Act - Application for condonation of delay dismissed with cost - HC
September 16, 2019
I.Tax: Claim of weighted deduction @ 200% made us/ 35(2AB) - need for production of Form NO.3CL - The year under consideration being AY 2014-15, the same would fall prior to 1/4/2016 and hence the tax authorities are not justified for insisting on production of Form NO.3CL for allowing deduction u/s 35(2AB) - Tri
September 16, 2019
I.Tax: Levy of penalty u/s 271(1)(c) - Scrutiny under CASS - the assessee failed to prove the creditworthiness of the cash deposits (Capital) in the partnership firm and therefore was no illegality in the orders - Levy of penalty confirmed - Tri
September 16, 2019
I.Tax: Penalty u/s 271C - bonafide belief - Governmental authority itself has demanded not to deduct TDS. In case even if tax was required to be deducted on such payment but not deducted under a bonafide belief then no penalty shall be leviable u/s 271C - Tri
September 16, 2019
I.Tax: Penalty levied u/s. 271(1)(c) - Income disclosed by the assessee in the Return of Income which is not part of Regular Accounts - CIT(A) directed the AO that levy penalty u/s. 271AAA cannot sustained - Hence the action of the Assessing Officer to sustain the penalty u/s 271(1)(c) levied in the revision order is upheld. - Tri
September 16, 2019
I.Tax: Allowance of wage expenses - Unsigned vouchers - most of the payments are in cash - Though 100% disallowance by AO was not justified but in the given facts and circumstances of the case, disallowance of 20% of the total impugned wages will meet the end to justice for both the parties. - Tri
September 15, 2019
SEBI: Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957
September 15, 2019
DGFT: Annexure I to Appendix 2A revised - laying down the procedure for import of various items under Tariff Rate Quota under different Trade Agreement.

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