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Home e-Newsletters Index Year 2023 March Day 16 - Thursday

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TMI Tax Updates - e-Newsletter
March 16, 2023

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Levy of GST - Forward Charge Mechanism (FCM) or Reverse Charge Mechanism - Service Received by a registered person by way of renting of residential premises used as guest house of the registered person - it may be concluded that irrespective of the purpose of use, if the residential dwelling is rented to a registered person under GST, the tenant has to discharge the GST liability under RCM - AAR

  • Income Tax

  • Addition u/s 41(1) - outstanding balances of sundry creditors and other liabilities - Unconfirmed bill, advance from customers and sundry creditors which are static creditors were there for which the assessee could not provide any confirmation or explanation - Additions confirmed - AT

  • Revision u/s 263 by CIT - assessee while arriving at the balances of capital of the partners in the assessee firm, incorrectly took the share of loss in the aforesaid JVs as share of profit. It is quite understandable that interest on the partners’ capital balance must have been calculated on the figure including this wrong treatment. The apprehension of Ld. Pr. CIT that excessive interest has been claimed on the closing balances of capital of partners which includes this claim on account of inadvertent mistake of share of loss in the aforesaid JV. However, the facts do not corroborate the apprehension of the Ld. Pr. CIT. - Revision order is not correct - AT

  • Rectification of mistake u/s 154 - non- inclusion of surrendered income in the Book Profits of the assessee as per section 115JB - the non- inclusion of surrendered income in the Book Profits of the assessee as per section 115JB of the Act, was not a patent error amenable to rectification u/s 154 of the Act.The adjustment so made, therefore, is directed to be deleted. - AT

  • Unaccounted/unexplained payments u/s 69C - unexplained expenditure - Revenue authorities have not enquired with the vendors or brought any statement on record of the vendors to substantiate the claim of the Revenue that extra cash has actually change hands - CIT(A) rightly deleted the additions. - AT

  • TP Adjustment - ESOP considered as operating cost by the Ld.AO/TPO - TPO failed to consider the basic fact that, purchase cost of the shares of foreign AE is charged from the employees of the assessee directly and the assessee deducts TDS on the 15% discount received by such employees, who have opted for the scheme. In our view, based on the option scheme and the “Employee Information Supplement India”, the 15% discount received by such employees of the assessee cannot be treated as operating in nature. - AT

  • TDS u/s 195 - non deduction of tax at source - Residential status of payee unknown - Bonafide belief that the payee is resident of India (who is non-resident) - This argument cannot be accepted as he was with the company since long time and this argument of the assessee do not come to present assessee’s rescue or absolve him of the duty to do what the law required the present assessee to do. - AT

  • Customs

  • Exemption from customs duties - allegation that aircraft used for private purposes and not for providing non-scheduled (passenger) services - notwithstanding that the respondent has not published its tariff for providing the said services, it has nonetheless complied with the conditions of providing non-scheduled (passenger) services as defined in the Explanation to the Condition No.104 of the Notification in question. - HC

  • Classification of imported goods - I Stat Blood Gas Investigation Cartridges - I Stat Wireless Analysers with printer kit - I Stat Alinity Instruments with accessories - The Court Below have erred in deciding the classification relying on the facts that the goods in question are mostly used on bedside or in an ICU - the goods under consideration are appropriately classifiable under CTH 9027 - AT

  • Corporate Law

  • Provisional attachment of property - Power of the NCLT to protect the assets of corporate debtor - Action under the Prohibition of Benami Property Transactions Act, 1988 - issues/disputes, pertaining to an Attachment, effected under The Prohibition of Benami Property Transactions Act, 1988, cannot be gone into, by an Adjudicating Authority (Tribunal), under the I & B Code, 2016. - AT

  • PMLA

  • Money Laundering - proceeds of crime - Freezing of bank accounts of petitioner - This Court is of the considered view that though there is power to direct freezing of the account or to issue the communications as has been issued in the present case to the Banks, under Section 5 or/and Section 17, but such power/direction which has the effect of freezing the property/bank account under Section 17 (1-A) is to be exercised as per the law by following the procedure prescribed. - HC

  • Service Tax

  • Invocation of extended period of limitation - Valuation of services - Short Term Accommodation Services - certain charges collected from the customers towards in-room dining, in-room beverages supply and mini bar and also on laundry, Miscellaneous Income and Telephone - Assuming the levy is valid, the impugned proceeding invoking the extended period of limitation cannot be sustained. - HC

  • CENVAT Credit - services provided by the Commission Agent - In the present case, the Commission Agent is not rendering any service towards sale/Sales Promotion of the present Appellant. The Commission Agent is only an Agent engaged in collection of debts from various subscribers. Therefore, the very premise to issue Show Cause Notice basing on the decision of the Hon’ble Gujarat High Court is erroneous on the part of Department. - AT

  • Levy of service tax - Fee collected by the SEBI for various activities - extended period of limitation - the finding of fact arrived at by the CESTAT to the effect that there was no suppression, misrepresentation or fraud committed by the respondent, to enable the appellant to invoke the extended limitation clause in Section 73 is proper and based upon the correct appreciation of the record. - HC

  • Central Excise

  • Clandestine Removal - statements recorded by Revenue - The Commissioner has clearly ignored this findings and come to a difference conclusion. While doing so he is relied on the confessional statements of buyers. There are no opportunity of cross-examination has been given and the test of Section 9D of the Central Excise Act has not been passed in respect of this statements. In absence of cross-examination no reliance can be placed on these statements. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2023 (3) TMI 629
  • 2023 (3) TMI 628
  • 2023 (3) TMI 627
  • 2023 (3) TMI 626
  • 2023 (3) TMI 625
  • 2023 (3) TMI 624
  • 2023 (3) TMI 623
  • 2023 (3) TMI 622
  • Income Tax

  • 2023 (3) TMI 621
  • 2023 (3) TMI 620
  • 2023 (3) TMI 619
  • 2023 (3) TMI 618
  • 2023 (3) TMI 617
  • 2023 (3) TMI 616
  • 2023 (3) TMI 615
  • 2023 (3) TMI 614
  • 2023 (3) TMI 613
  • 2023 (3) TMI 612
  • 2023 (3) TMI 611
  • 2023 (3) TMI 610
  • 2023 (3) TMI 609
  • 2023 (3) TMI 608
  • 2023 (3) TMI 607
  • 2023 (3) TMI 606
  • 2023 (3) TMI 605
  • 2023 (3) TMI 604
  • 2023 (3) TMI 603
  • 2023 (3) TMI 602
  • 2023 (3) TMI 601
  • 2023 (3) TMI 600
  • 2023 (3) TMI 599
  • 2023 (3) TMI 598
  • 2023 (3) TMI 597
  • 2023 (3) TMI 596
  • Customs

  • 2023 (3) TMI 595
  • 2023 (3) TMI 594
  • 2023 (3) TMI 593
  • Corporate Laws

  • 2023 (3) TMI 592
  • Insolvency & Bankruptcy

  • 2023 (3) TMI 591
  • 2023 (3) TMI 590
  • PMLA

  • 2023 (3) TMI 589
  • 2023 (3) TMI 588
  • 2023 (3) TMI 587
  • 2023 (3) TMI 586
  • 2023 (3) TMI 585
  • Service Tax

  • 2023 (3) TMI 584
  • 2023 (3) TMI 583
  • 2023 (3) TMI 582
  • 2023 (3) TMI 581
  • 2023 (3) TMI 580
  • 2023 (3) TMI 579
  • 2023 (3) TMI 578
  • 2023 (3) TMI 577
  • 2023 (3) TMI 576
  • 2023 (3) TMI 575
  • 2023 (3) TMI 574
  • 2023 (3) TMI 571
  • 2023 (3) TMI 570
  • Central Excise

  • 2023 (3) TMI 573
  • CST, VAT & Sales Tax

  • 2023 (3) TMI 572
 

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