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Home e-Newsletters Index Year 2021 July Day 16 - Friday

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TMI Tax Updates - e-Newsletter
July 16, 2021

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

  • Levy of GST - supply of service or not - pure agent services - payment made to American Academy of Professional Coders (AAPC) as examination fee for students on behalf of some of the students of the applicant institute - The collection and payment of examination fee to AAPC by the applicant on behalf of outside students (who are not enrolled for training with the applicant) without collecting any service charge either from students or AAPC is not liable to GST - AAR

  • Levy of interest under Section 50 of the Central Goods and Services Tax Act, 2017 - The provisions of Section 42 can only be invoked in a situation where the mismatch is on account of the error in the database of the revenue or a mistake that has been occasioned at the end of the revenue. In a case where the claim of ITC by an assessee is erroneous, as in this case, then the question of Section 42 does not arise at all, since it is not the case of mismatch, one of wrongful claim of ITC. - As far as the levy of interest on belated cash remittance is concerned, it is compensatory and mandatory and the levy is upheld to this extent. - HC

  • Threshold limit of contribution to RWA to claim exemption from payment of GST - validity of Circular No.109/28/2019 - The plain words employed in Entry 77 being, ‘upto’ an amount of ₹ 7,500/- can thus only be interpreted to state that any contribution in excess of the same would be liable to tax - the term ‘upto’ hardly needs to be defined and connotes an upper limit. It is interchangeable with the term ‘till’ and means that any amount till the ceiling of ₹ 7,500/- would exempt for the purposes of GST. - it is only contributions to RWA in excess of ₹ 7,500/- that would be taxable under GST Act. - HC

  • Income Tax

  • Validity of order passed by PCIT u/s 264 - Non-consideration of submissions of the assessee - Contention of the respondents that it was time barring matter is not acceptable in view of the fact that the relevant assessment order to be revised was received by the petitioner on 4th February, 2020 and as per the statute, limitation is two years from the date of receipt of such assessment order, so, the time for passing the impugned order was becoming barred on 3rd February, 2022 and in view of this fact, the respondent Commissioner could have easily considered the aforesaid objection of the petitioner on 29th March, 2021. There was enough time available to the Commissioner but hastily he passed the impugned order on 29th March, 2021. - HC

  • Addition u/s 68 - share application money received from 6 different companies unexplained - The learned CIT-A did not utter a word in his whole order that what would be the reason for surrender of the sum by the assessee and forfeiture of the share application money immediately in the succeeding year. Therefore we completely agree with the argument of the learned departmental representative that the order of the learned CIT – A does not have any legs to stand. - AT

  • Expenditure on brokerage expenditure paid for obtaining investments in mutual funds - investment made in the funds yields income over a period of years, however the said amount of brokerage expenditure incurred is not refundable to the assessee in any circumstances - The expenditure cannot not be categorized in the capital filed on the plea of enduring benefit - Allowed as revenue expenditure - AT

  • Exemption u/s 11 - Constitution of the Trust does not remain the same as it was prior to the amendment and hence when the constitution itself is changed and the registration is granted on the new and amended constitution of the Trust, then the benefit of proviso to section 12A would not be available to the assessee for the assessment year preceding to the year in which such registration is granted. The said proviso to section 12A(2) specifically mentions the proceedings of the assessment are pending before the AO. - AT

  • Late filing fees u/s 234E - intimation u/s 200A - TDS return for the 1st quarter for the financial year 2014-15 was filed on 25. 08.2015, which was due on 15. 07.2014 - TDS returns were filed after June, 2015, even intimation was issued after June, 2015 - respectfully following the decision of the Pune Bench of the Tribunal discussed above, we allow the appeal of the assessee and set aside impugned order passed by the Ld. CIT(A). - Tri Chandigarh

  • Exemptions u/s 11 and 12 - Charitable activity u/s 2(15) - The assessee trust is carrying out the activities of general utility of development of infrastructure for world class gem and jewellery in Surat. Now, on insertion of First Proviso to section 2(15), the benefit of section 11 cannot be deprived as the assessee is not carrying out any trade, commerce or business and only deals with its members to attain its objects. Therefore, it cannot be considered as an entity carrying out business under the guise of charity, as referred at para 3.2 of aforesaid CBDT Circular. - The object of the assessee is of general public utility and does not hit by first proviso to section 2(15) of the Act. - AT

  • Customs

  • Allegation for conducting market inquiry improperly by the Inspector (Cutoms) (now deceased) - No question arises of abeting him at a stage later than the commission of said fraudulent exports. There is no evidence produced by the department which may prove that the appellant ever instigated or conspired or intentionally aided the exporter to fraudulently export the hand woven carpets to traders in different countries and to take as high as 12 Crores of drawback in DAPL and higher drawback in other companies as well. There is no evidence that appellant has been the beneficiary of these amounts or part thereof. - AT

  • Corporate Law

  • Compounding of offence u/s 233B of the Companies Act, 1956 read with the Companies (Cost Audit Report) Rules, 2011 - The amendment takes away the need of taking permission of Special Court - In the case on hand, even though prosecution is pending without seeking permission from the concerned Court, this Tribunal can compound the offence relying upon the aforesaid two judgments of the Hon'ble NCLAT and the amended Section 441(6) of Companies Act, 2013. - Tri

  • IBC

  • Allegation of Wilful and deliberate violation of Resolution Plan by the successful Resolution Applicant(Rl) - application seeking award of criminal punishment be filed by the erstwhile RP before this Adjudicating Authority. - RP could make a complaint seeking criminal punishment against the RA u/s. 74(3) read with Section. 236(2) of the Code without being authorised by the Central Government nor any offences under the Code could be tried by this Adjudicating Authority in view of provisions of Section 236(1) of the Code - Tri

  • VAT

  • Validity of rejecting original ‘H’ declaration forms after completion of the assessment order - there are force in the submission of learned counsel for petitioner that having regard to the lockdown imposed by the Central Government, he was operating from his Chennai office and not at Guntur office. At any rate, having regard to the submission of the petitioner that he is ready to produce forms ‘F’& ‘H’ to the satisfaction of the authorities, we deem it fit to grant an opportunity by following principles of natural justice. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2021 (7) TMI 604
  • 2021 (7) TMI 602
  • 2021 (7) TMI 600
  • 2021 (7) TMI 595
  • 2021 (7) TMI 591
  • 2021 (7) TMI 550
  • Income Tax

  • 2021 (7) TMI 601
  • 2021 (7) TMI 598
  • 2021 (7) TMI 594
  • 2021 (7) TMI 590
  • 2021 (7) TMI 589
  • 2021 (7) TMI 584
  • 2021 (7) TMI 583
  • 2021 (7) TMI 582
  • 2021 (7) TMI 577
  • 2021 (7) TMI 576
  • 2021 (7) TMI 575
  • 2021 (7) TMI 574
  • 2021 (7) TMI 572
  • 2021 (7) TMI 571
  • 2021 (7) TMI 570
  • 2021 (7) TMI 569
  • 2021 (7) TMI 568
  • 2021 (7) TMI 562
  • 2021 (7) TMI 558
  • 2021 (7) TMI 555
  • 2021 (7) TMI 554
  • 2021 (7) TMI 553
  • 2021 (7) TMI 549
  • Customs

  • 2021 (7) TMI 597
  • 2021 (7) TMI 596
  • 2021 (7) TMI 579
  • 2021 (7) TMI 578
  • Corporate Laws

  • 2021 (7) TMI 566
  • 2021 (7) TMI 565
  • 2021 (7) TMI 561
  • Insolvency & Bankruptcy

  • 2021 (7) TMI 593
  • 2021 (7) TMI 581
  • 2021 (7) TMI 580
  • 2021 (7) TMI 567
  • 2021 (7) TMI 564
  • 2021 (7) TMI 563
  • 2021 (7) TMI 560
  • 2021 (7) TMI 559
  • 2021 (7) TMI 557
  • 2021 (7) TMI 556
  • 2021 (7) TMI 552
  • Service Tax

  • 2021 (7) TMI 573
  • Central Excise

  • 2021 (7) TMI 551
  • CST, VAT & Sales Tax

  • 2021 (7) TMI 603
  • 2021 (7) TMI 599
  • 2021 (7) TMI 588
  • 2021 (7) TMI 587
  • 2021 (7) TMI 586
  • 2021 (7) TMI 585
  • Indian Laws

  • 2021 (7) TMI 592
 

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