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Home e-Newsletters Index Year 2020 June Day 17 - Wednesday

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TMI Tax Updates - e-Newsletter
June 17, 2020

Case Laws in this Newsletter:

Income Tax Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax



Highlights / Catch Notes

    Income Tax

  • Addition u/s 68 - Sundry Payable - Even in the assessment carried out in the case of the creditor, no doubt as to the source of the amount has been made by the AO. Without bringing any adverse evidence on the file or pointing any discrepancy in the explanations submitted by the assessee, the AO was not justified in making the impugned additions.

  • Validity of reopening of assessment u/s 147 - Addition u/s 56(2)(v) - gifts received by the assessee from the HUF interpreted as the gift from the relatives - reopening the assessment on the same issue which was already considered by the AO and taken a view amounts to difference of opinion and on difference of opinion, reopening of assessment is not permissible

  • Deduction u/s 80 IC/ 80 IB - assessee is eligible to deduction u/s 80 IB/ 80 IC of the Act on the damages against cancellation, commission from shipping while it is held not eligible for deduction on the other receipts, interest receipts from bank and others and rental income.

  • Expenses on account of construction - Charitable Trust - the assessee started the construction activity in earlier years i.e. A.Ys. 2010-11, 2011-12, 2012-13 & 2014-15 all the years the AO has allowed the expenditure incurred by the assessee. The only year under consideration, AO without giving proper opportunity has disallowed the expenditure incurred by the assessee is not correct. - CIT(A) rightly allowed the deduction.

  • IBC

  • Maintainability of petition - initiation of CIRP - The law which was prevalent on the date when the main CP application was filed, proceeded with and when the matter was finally heard and reserved thereafter on 04.03.2020, is required to be disposed of by this Tribunal considering only the pecuniary limits of ₹ 1 Lakh for maintaining a Petition under Section 9 of I&B Code, 2016 by an Operational Creditor, and in the circumstances, this Tribunal at the time of pronouncement hence was not lacking in pecuniary jurisdiction.

  • Service Tax

  • Claim of interest with refund of Pre-deposit made - Rate of interest - amount was deposited under protest - Revenue are expected to at least now, on or before 15th July, 2020 refund the amount of ₹ 2,38,00,000/- with interest @ 6% per annum from 1st November, 2006 to 31st May, 2018 and with interest @ 7.5% per annum from 1st June, 2018 till the date of refund on or before 31st July, 2020. However, if the said amount is not refunded by 15th July, 2020, the rate of interest with effect from 1st August, 2020 shall stand enhanced to 12% per annum.

  • Central Excise

  • Clearance of Cement - Benefit of exemption Notification No. 4/2007-CE - if the retail sale price is not required to be declared and hence also not declared the goods shall be treated as if they are cleared in other than packaged form and charged to duty accordingly. Such cases are covered by Sl No. 1C of the exemption notification.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2020 (6) TMI 341
  • 2020 (6) TMI 340
  • 2020 (6) TMI 339
  • 2020 (6) TMI 338
  • 2020 (6) TMI 337
  • 2020 (6) TMI 336
  • 2020 (6) TMI 335
  • 2020 (6) TMI 334
  • Insolvency & Bankruptcy

  • 2020 (6) TMI 333
  • 2020 (6) TMI 332
  • 2020 (6) TMI 331
  • Service Tax

  • 2020 (6) TMI 342
  • 2020 (6) TMI 330
  • Central Excise

  • 2020 (6) TMI 329
  • CST, VAT & Sales Tax

  • 2020 (6) TMI 328
  • 2020 (6) TMI 327
 

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