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Home e-Newsletters Index Year 2019 July Day 16 - Tuesday

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TMI Tax Updates - e-Newsletter
July 16, 2019

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy Central Excise



TMI SMS


Highlights / Catch Notes

    GST

  • Clarification regarding applicability of GST on additional / penal interest - Corrigendum issued - No GST on Penal Interest where goods purchased on installments (EMI) being financed by the Bank

  • Advisory for Bill of Supply issued by Composition Taxable Person - If composition taxable person fails to comply with the conditions as mentioned in rule 5 of CGST Rules, the proper officer may initiate appropriate action against such persons under GST Law

  • Income Tax

  • Addition u/s 68 - receipt of share capital - assessee having furnished the complete details of the 5 parties necessary for proving their identity, genuineness and creditworthiness, it was for the AO to have made further inquiries if he were to doubt those details - Without undertaking that exercise, the AO is not justified in rejecting the explanation offered by the Assessee - no addition

  • Addition u/s 69C - capitation fee for admission in medical college - Chairman and managing trustee of college had accepted receipt of capitation fees and name of assessee son was also appeared - there being no credible explanation offered by the Assessee for the payment made as capitation fee, the AO is justified in adding it to the Assessee’s income

  • Best judgment assessment u/s 144 - notice u/s.142(1) was intimated/served on the assessee informing that failure to produce audit report and books of account, the case shall be disposed of by invoking the provisions of section 145(3) - thus on non-compliance to notice u/s.142(1) AO was compelled to take recourse of provisions of section 144 - order justified

  • Penalty u/s 272A(2)(k)/274 - delay in submitting quarterly TDS returns - assessee has submitted documentary evidence in support of serious illness of the accountant who was bed ridden and because of this the return in form 26Q has not been filed in time and circumstances was beyond the control of the assessee - sufficient and reasonable cause as per section 273B

  • Penalty u/s 271(1)(c) - deduction u/s 80IA(4) denied as industrial undertaking was not approved by the CBDT - the assessee has made a claim anticipating sanction of scheme by the CBDT and it has disclosed this fact during the course of assessment proceedings - no deliberate effort was made for withholding such information or furnishing inaccurate particulars - no penalty

  • Penalty u/s 271(1)(c) - accepted quantum addition - in penalty proceedings he offer explanation that the jewellery found during search were already offered to tax in the VDIS, 1997 - quantum assessment as well as the penalty proceedings are independent of each other - the explanation offered should be tested for its correctness and only if it is found to be palpably false or not acceptable, then the question of imposing the penalty would arise.

  • Revision u/s 263 - change of opinion - in proceedings u/s 147 assessee contended that the transfer price was based on the individual assets and liabilities of the undertaking transferred and the sale would not qualify as “Slump Sale” as per Section 2(42C) - this explanation of the Assessee was accepted by the AO - for the very same reasons, the CIT has invoked the power u/s 263 - not permissible

  • Nature of expenditure - contribution made towards the construction of the new bridge - the contribution enabling its being carried on more efficiently or more profitably and yet, at the same time, the fixed capital of the Assessee was left untouched - the expenditure was clearly on revenue account and not on capital account, though it resulted into an advantage of enduring nature

  • Revision u/s 264 - payment of tax on FTS under the DTAA at wrong rate (20% instead 10%) - it is not even denied by the Department that the Petitioner committed a mistake and should have paid tax at 10% - extra 10% paid by the Petitioner was of its own volition, it was indeed prejudicial to the Assessee - all the ingredients of Section 264 stand attracted hence permissible

  • Revision u/s 264 against intimation/order u/s 143(1) - an intimation passed u/s 143(1) is regarded as an ‘order’ for the purpose of Section 264 - hence revision petition u/s 264 would be maintainable

  • Customs

  • Validity of order in the absence of show cause notice (SCN) and personal hearing - Principles of natural justice - The impugned order has been passed in breach of elementary principle of natural justice leading to a flaw in the decision making process - Matter restored before the Commissioner.

  • Jurisdiction of SCN - There is no reason at this stage to suspect that the adjudicating Authority would not grant a fair and reasonable hearing to the petitioner and also decide upon the show-cause notice fairly taking into account the petitioner's contentions.

  • IBC

  • The shareholder has a right to decide whether approving or disapproving the decision be proceeded with the corporate insolvency resolution process under Section 10 of the I&B Code. Such right does not stand curtailed by Deed of Pledge.

  • Central Excise

  • Denial of CENVAT credit to the appellant on such general services (motor vehicle) on the ground that the same is covered in the exclusion clause is erroneous - credit allowed.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2019 (7) TMI 690
  • Income Tax

  • 2019 (7) TMI 709
  • 2019 (7) TMI 708
  • 2019 (7) TMI 707
  • 2019 (7) TMI 706
  • 2019 (7) TMI 705
  • 2019 (7) TMI 704
  • 2019 (7) TMI 703
  • 2019 (7) TMI 702
  • 2019 (7) TMI 701
  • 2019 (7) TMI 700
  • 2019 (7) TMI 699
  • 2019 (7) TMI 698
  • 2019 (7) TMI 697
  • 2019 (7) TMI 696
  • 2019 (7) TMI 695
  • 2019 (7) TMI 694
  • 2019 (7) TMI 693
  • 2019 (7) TMI 692
  • 2019 (7) TMI 691
  • 2019 (7) TMI 680
  • Customs

  • 2019 (7) TMI 689
  • 2019 (7) TMI 688
  • 2019 (7) TMI 687
  • Insolvency & Bankruptcy

  • 2019 (7) TMI 686
  • 2019 (7) TMI 685
  • 2019 (7) TMI 684
  • Central Excise

  • 2019 (7) TMI 683
  • 2019 (7) TMI 682
  • 2019 (7) TMI 681
 

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