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Home e-Newsletters Index Year 2020 June Day 16 - Tuesday

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TMI Tax Updates - e-Newsletter
June 16, 2020

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy PMLA



Highlights / Catch Notes

    GST

  • Filing of form GST TRAN-1 - transitional credit - Delhi HC issued a direction to revenue that, either it should re-open the Portal to enable the Petitioner to file its TRAN-1 Form electronically failing which to permit it to file manually on or before 13th September, 2019 - SC refused to interfere.

  • Income Tax

  • Interest paid u/s 201(1A) on TDS on payment by assessee - CIT(A) allowed the deduction following the decision of Karnataka High Court - However, jurisdictional High Court of Bombay has decided the issue against the assessee - Additions confirmed.

  • Scrutiny assessment - conversion of the case from limited scrutiny to complete scrutiny - Bogus purchases - it is very much apparent that the proposal of converting the limited scrutiny to complete scrutiny was merely aimed at making fishing enquiries. We also note that the Ld. Pr. Commissioner of Income Tax has accorded the approval in a mere mechanical manner which is in clear violation of the CBDT Instructions.

  • Computation of lease rental - addition of notional rent on the plant and machinery leased to sister concerns - this is not the case of the AO that higher amount of lease rental was received by the assessee or it has accrued to the assessee - Additions deleted.

  • Benefit of exemption u/s 54F - To what extent the deduction is allowable to the assessee because the residential house was acquired by the assessee jointly with his daughter - quantum of deduction to be decided in the present case u/s 54F after finding out these facts as to what is the amount of investment made by the assessee in the new house.

  • Reopening of assessment u/s 147 - upon purchase of the flat, the purchaser certainly acquires a right or interest in the proportionate share of the land but its realisation is deferred till formation of the co-operative society by the flat owners and transfer of the entire property to the co-operative society - There was no basis or justification to form a belief that any income of the assesee chargeable to tax for the assessment years under consideration had escaped assessment

  • Customs

  • Revocation of Customs Broker license - The appellant has violated the Regulations as alleged in the show-cause notice and are guilty of gross negligence in performance of their duties as Customs Broker - the revocation of Customs Broker licence is a harsh punishment which will deprive the appellant from their livelihood along with livelihood of all those people working with them - revocation is set aside - forfeiture of security deposit upheld - penalty also upheld

  • Revocation of Customs Broker License - The allegation that the IEC was obtained by submitting forged documents has no effect on the appellant as they could only verify the correctness of the documents submitted before taking up of the work for any importer. There is no stipulation or legal requirement to physically verify the business premises or residential premises of the importer and also to have a personal meeting with the importer before taking up the work for any importer.

  • Absolute Confiscation - Penalty - Smuggled Cigarettes - There is no dispute that the cigarettes were found concealed under the consignment of aluminum scrap therefore, the goods are liable for confiscation. For the purpose of confiscation of goods mens rea is not required.

  • PMLA

  • Money Laundering - allegation of depositing demonetized notes of more than ₹ 44 crores in accounts of various persons, including his own, and thereafter transferring it through RTGS into accounts of various other persons at Delhi and Kolkata, mostly in fictitious accounts - Bail application rejected


Articles


News


Case Laws:

  • GST

  • 2020 (6) TMI 326
  • Income Tax

  • 2020 (6) TMI 325
  • 2020 (6) TMI 323
  • 2020 (6) TMI 322
  • 2020 (6) TMI 320
  • 2020 (6) TMI 319
  • 2020 (6) TMI 318
  • 2020 (6) TMI 317
  • 2020 (6) TMI 314
  • 2020 (6) TMI 312
  • 2020 (6) TMI 311
  • 2020 (6) TMI 310
  • Customs

  • 2020 (6) TMI 321
  • 2020 (6) TMI 316
  • 2020 (6) TMI 315
  • Insolvency & Bankruptcy

  • 2020 (6) TMI 313
  • PMLA

  • 2020 (6) TMI 324
  • 2020 (6) TMI 309
 

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