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Home e-Newsletters Index Year 2022 May Day 17 - Tuesday

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TMI Tax Updates - e-Newsletter
May 17, 2022

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Profiteering - purchase of flat in the Respondent's project Heritage Max - allegation is that the Respondent had not passed on the benefit of ITC - This benefit was required to be passed on to the recipients, however, the same was not done by the Respondent. Thus, Section 171 of the CGST, 2017 has been contravened by the Respondent, in as much as the additional benefit of ITC @4.81% of the base price received by the Respondent during the period 01.07.2017 to 30.06.2019, has not been passed on by the Respondent to 390 recipients including the Applicant no. 1. - NAPA

  • Profiteering - supply of "ECLAT SERUM" - allegation is that Respondent had not passed on the benefit of reduction in the GST rate by the way of commensurate reduction in prices - It is established that the Respondent has acted in contravention of the provisions of Section 171 of the CGST Act, 2017, and has not passed on the benefit of reduction in the rate of tax to his recipients by commensurate reduction in the prices. - NAPA

  • Profiteering - supply of “Services by way of admission to exhibition of cinematography films” - allegation is that the Respondent did not pass on the benefit of reduction in the GST rate - - It is evident that the Respondent did not reduce the base prices of five categories of tickets in commensurate manner for the period from 01.01.2019 to 18.07.2019 and four categories for the period from 19.07.2019 to 31.01.2020 and has contravened the provisions of section 171 of the CGST Act. - NAPA

  • Income Tax

  • Recovery proceedings - attachment and auction sale of immovable property - No irregularity committed by the Income Tax Department while auctioning the property. The Income Tax Department also made it very clear that the auction amount will be adjusted toward the tax liability and the interest thereon and the balance if any will be adjusted and payable toward the other stake holders - HC

  • Unexplained Investment u/s 69 as taxed u/s 115BBE - It was not the case of the AO that cash withdrawal from bank account on earlier occasion had been spent by the assessee or used for some other purposes. In absence of any finding contrary to explanation of the assessee that cash deposits into bank account is out of withdrawal from earlier occasion cannot be disregarded.- AT

  • Penalty u/s 271(1)(c) - Gain on sale of land - Bona-fine belief that the land under consideration was an agricultural land only - No mala-fide intention could be attributed on the part of the assessee to conceal the income or to furnish inaccurate particulars of income. The assessee made a claim in the return of income which was not accepted by Ld. AO. However, this fact alone would not necessarily justify imposition of penalty - AT

  • TP Adjustment - existence of international transaction of AMP Expenses - the revenue has also substantially proved the onus of existence of international transaction between assessee and its AE’s as defined u/s 92B of the Act. Ergo, we are of the opinion that, the TPO/DRP/AO are right in holding the existence of international transaction in the AMP undertaken by the Assessee. - AT

  • Unexplained cash credit u/s.68 - authenticity of the credits - as the assessee had in the course of proceedings before the lower authorities adopted an evasive approach and failed to place on record any material/document substantiating the authenticity of the loan transactions in question, therefore, we are of the considered view that no infirmity arises from non-exercise the power u/s. 131(1) of the Act by the lower authorities - Addition confirmed - AT

  • Taxability of amount received for giving up his rights over properties - family settlement - sum received by assessee is traceable to the realisation of rights as legal heir of intestate succession and not to any sale, relinquishment or extinguishment of right to property. - Amount not taxable - AT

  • Claim of deduction regarding donation - assessee directed to submit materials to substantiate the fact of donation it gave to local clubs/bodies during festival/sports in order to have good relations with them for smooth running of its business. And if the assessee produce evidence/material as directed by us, the AO may verify the same and allow balance 50% of the expenses which are shown to have been made by the assessee to the local clubs for smooth functioning of its business of extraction of coal and its transportation. - AT

  • DGFT

  • Prohibition on export of wheat - However, export of wheat on Humanitarian ground, as Aid/Assistance/Government to Government shall be allowed, on case to case basis, with the specific approval of competent authority.

  • Corporate Law

  • Oppression and Mismanagement - Violation of the Status quo order - This Tribunal comes to a resultant conclusion that while passing of status quo order it should be specific with respect to subject matters more particularly in the matters of Oppression and mismanagement, on the basis of the facts of each case and if such status quo is warranted to protect the interest of the Applicants/ Petitioners therein - AT

  • Indian Laws

  • Recovery proceedings - withdrawal of appeal by the respondent - In fact, the Division Bench also did not consider the order of the learned Single Judge on merits but has granted relief even while permitting withdrawal of the appeal. Such conduct on the part of the litigant to once enjoy the fruits of the litigation for number of years, invite the order on merits, which is against him and in the appeal initially after obtaining the exparte adinterim relief and thereafter, having realised that the same would not be sustained, withdrawing the appeal and requesting that observations made by the learned Single Judge while dismissing the writ petition may not be considered, cannot be accepted and such conduct reprehensible - SC

  • Scope and power of the Commissioner / Panch appointed by the court - When a court issues such a commission to such a person, it can direct the commissioner to make such an investigation, examination and adjustment and submit a report thereon to the court. The commissioner so appointed does not strictly perform a ‘judicial act which is binding’ but only a ‘ministerial act’. Nothing is left to the commissioner’s discretion, and there is no occasion to use his judgment or permitting the commissioner to adjudicate and decide the issue involved; the commissioner’s report is only an opinion or noting, as the case may be with the details and/or statement to the court the actual state of affairs. Such a report does not automatically form part of the court’s opinion - SC

  • Interpretation of statute - whether Non Banking Financial Companies (NBFC) regulated by the Reserve Bank of India, in terms of the provisions of Chapter IIIB of the Reserve Bank of India Act, 1934 (RBI Act) could also be regulated by State enactments such as Kerala Money Lenders Act, 1958 (Kerala Act) and Gujarat Money Lenders Act, 2011 (Gujarat Act)? - The Kerala Act and the Gujarat Act will have no application to NBFCs registered under the RBI Act and regulated by RBI. - SC

  • Dishonor of Cheque - requirement of deposit 20% of the amount of fine or compensation - scope of amendment to section 148 of NI Act - retrospective or prospective - In case of Section 148 of the NI Act, there is no substantive right that is being taken away by the enforcement of the amendment - the argument that Section 148 is not retrospective is rejected. - HC

  • IBC

  • CIRP - Physical inspection of plant and machinery of the Corporate Debtor - After approval of the Resolution Plan, Monitoring Committee under the statutory scheme is to function for process of implementation of Resolution Plan and has not to act as any adversary body to the Resolution Applicant. If there were any genuine roadblocks found in the implementation of the plan, Monitoring Committee as well as Monitoring Professional is to use their good offices to sort out the difficulties and not to create roadblocks themselves in successful resolution of the Corporate Debtor. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2022 (5) TMI 741
  • 2022 (5) TMI 740
  • 2022 (5) TMI 739
  • 2022 (5) TMI 738
  • 2022 (5) TMI 737
  • 2022 (5) TMI 736
  • Income Tax

  • 2022 (5) TMI 744
  • 2022 (5) TMI 743
  • 2022 (5) TMI 742
  • 2022 (5) TMI 735
  • 2022 (5) TMI 734
  • 2022 (5) TMI 733
  • 2022 (5) TMI 732
  • 2022 (5) TMI 731
  • 2022 (5) TMI 730
  • 2022 (5) TMI 729
  • 2022 (5) TMI 728
  • 2022 (5) TMI 727
  • 2022 (5) TMI 726
  • 2022 (5) TMI 725
  • 2022 (5) TMI 724
  • 2022 (5) TMI 723
  • 2022 (5) TMI 722
  • 2022 (5) TMI 721
  • Customs

  • 2022 (5) TMI 720
  • Corporate Laws

  • 2022 (5) TMI 719
  • 2022 (5) TMI 718
  • Insolvency & Bankruptcy

  • 2022 (5) TMI 717
  • 2022 (5) TMI 716
  • 2022 (5) TMI 715
  • 2022 (5) TMI 714
  • Service Tax

  • 2022 (5) TMI 713
  • 2022 (5) TMI 712
  • Central Excise

  • 2022 (5) TMI 711
  • 2022 (5) TMI 710
  • 2022 (5) TMI 709
  • 2022 (5) TMI 708
  • CST, VAT & Sales Tax

  • 2022 (5) TMI 707
  • 2022 (5) TMI 706
  • 2022 (5) TMI 705
  • 2022 (5) TMI 700
  • Indian Laws

  • 2022 (5) TMI 704
  • 2022 (5) TMI 703
  • 2022 (5) TMI 702
  • 2022 (5) TMI 701
 

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