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Home e-Newsletters Index Year 2021 February Day 17 - Wednesday

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TMI Tax Updates - e-Newsletter
February 17, 2021

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Securities / SEBI Insolvency & Bankruptcy PMLA CST, VAT & Sales Tax Wealth tax Indian Laws



Highlights / Catch Notes

    GST

  • There is no such obligation on the Central Board of Indirect Taxes and Customs (CBITC) and the counsel for the petitioner has not cited any authority holding so, to advise the petitioner on, the authority under which goods in movement are intercepted, detained and/or procedure to be adopted thereafter and the scope of verification of documents etc. The petitioner, if in doubt as to the legal position, instead of seeking legal counsel of its advisors/advocates, cannot turn to respondent No. 2 CBITC to give legal opinion. - HC

  • Release of goods - Sale of goods through broker - Broker is not tracable - Purchaser refused to admitting the transaction with the applicant - Let the proceedings with respect to the confiscation proceed further in accordance with law. We are not inclined to interfere at this stage. However, provisional release of goods ordered subject to conditions - HC

  • Opening of the GST Common Portal so as to enable the petitioner to claim the benefit of the input credit - A mandamus is issued directing the GST Council to consider the innumerable representations made by the petitioner from time to time in a manner so as to enable the petitioner to claim input tax credit either by permitting the petitioner to upload the form on the web portal or by collecting hard copies and processing the same - HC

  • Income Tax

  • Capital gain - JDA entered - Transfer u/s 2(47) - We are not in agreement with the argument of the learned AR that the transfer took place in the assessment year 2005-2006 and has been rightly brought to tax by the AO in the year 2012-2013, since the assessment in the year 2012-2013 the assessee received duly developed and constructed area into his possession out of his share of constructed area. - AT

  • Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any business activity but it was a mere facilitation services being provided by the society to its members and other persons in lieu of service charge at ₹ 100/- per lakh - the addition for the alleged cash deposits should be higher of the two namely peak bank balance during the year or the services charged at ₹ 100 per lakh on the alleged cash deposit during each of the year. - Additions deleted - AT

  • Disallowance under Section 40(a)(ia) - provision for expenses under the head ‘repairs and maintenance’ on which tax was not deducted at source - TDS on contingent liability not required to be deducted - Subsequently, as and when the final bills were received/issued, the tax was deducted. - AT

  • Bogus purchases - AO’s observation that none of the architects can find out the actual material, steel bars used construction of any building of 2 to 3 years cannot be accepted as the consumption of the material can be well estimated from the drawings and the site books. - Inspector report cannot be given credence as the party was found to be genuine on enquiry. - no addition is warranted - AT

  • Adding same income twice - interest income - if interest income is excluded from profit & loss account, the business loss would increase further. However, the same would still be not be allowable since the assessee has not substantiated any expenditure. The interest income has rightly been assessed under the head Income from other sources keeping in view the assessee’s nature of business. - AT

  • Unexplained share application money u/s 68 - the ld. CIT (A) has duly satisfied himself as the assessee and the parties could provide documents relating to identity, genuineness and creditworthiness of the amounts received along with confirmations, address, cheque number and PAN. Hence, we decline to interfere with the order of the ld. CIT (A) on this issue. - AT

  • Customs

  • Smuggling - Gold - It is true that the conduct of the appellants was suspicious - But, the Officers did not have a reasonable belief in the first place to assert that the seized primary gold was smuggled gold which is essential to shift the burden on to the accused under Section 123 - the officers of the Department had no reasonable belief that the gold was smuggled and therefore they have not discharged their responsibility of forming reasonable belief under Section 123 without which the burden of proof will not shift to the person from whom the gold is seized. - AT

  • IBC

  • As per Section 19(2) of the IBC, 2016, it is made clear that this Tribunal (NCLT) can direct such personnel or other person to comply with the instructions of the Resolution Professional and to cooperate with him for collection of information and management of the Corporate Debtor. - Tri

  • SEBI

  • Winding up of mutual fund scheme - Procedure and manner of winding up - For the purpose of clause (c) to Regulation 18(15), consent of the unitholders would mean consent by majority of the unitholders who have participated in the poll, and not consent of majority of all the unitholders of the scheme. In view of the findings and reasons stated above, we reject the objections to poll results and hold that the unitholders of the six schemes have given their consent by majority to windup the six schemes. - SC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (2) TMI 628
  • 2021 (2) TMI 627
  • 2021 (2) TMI 626
  • 2021 (2) TMI 619
  • 2021 (2) TMI 618
  • Income Tax

  • 2021 (2) TMI 625
  • 2021 (2) TMI 623
  • 2021 (2) TMI 622
  • 2021 (2) TMI 621
  • 2021 (2) TMI 615
  • 2021 (2) TMI 614
  • 2021 (2) TMI 613
  • 2021 (2) TMI 611
  • 2021 (2) TMI 610
  • 2021 (2) TMI 609
  • 2021 (2) TMI 608
  • 2021 (2) TMI 606
  • 2021 (2) TMI 604
  • 2021 (2) TMI 603
  • 2021 (2) TMI 602
  • 2021 (2) TMI 601
  • 2021 (2) TMI 600
  • 2021 (2) TMI 597
  • Customs

  • 2021 (2) TMI 617
  • 2021 (2) TMI 612
  • Corporate Laws

  • 2021 (2) TMI 607
  • Securities / SEBI

  • 2021 (2) TMI 598
  • Insolvency & Bankruptcy

  • 2021 (2) TMI 605
  • PMLA

  • 2021 (2) TMI 620
  • CST, VAT & Sales Tax

  • 2021 (2) TMI 616
  • Wealth tax

  • 2021 (2) TMI 624
  • Indian Laws

  • 2021 (2) TMI 599
 

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