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Home e-Newsletters Index Year 2023 August Day 17 - Thursday

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TMI Tax Updates - e-Newsletter
August 17, 2023

Case Laws in this Newsletter:

GST Income Tax Customs Securities / SEBI Insolvency & Bankruptcy Service Tax Central Excise Indian Laws



Highlights / Catch Notes

    GST

  • Cancellation of GST registration of petitioner - Although the impugned order is an appealable order, but considering that this is a clear case of violation of the principles of natural justice, it is considered apposite to entertain the present petition - HC

  • Income Tax

  • Reopening of assessment u/s 147 - Bad Debts - Petitioner clearly showed that the Petitioner had in response to specific queries raised during the assessment proceedings, disclosed to the Respondents all the material facts in respect of Bad Debts Written Off. Therefore, the reason given by for reopening the reassessment in respect of Bad Debts Writing Off cannot be a reason to reopen the Assessment u/s 148 of the Act. - HC

  • Reopening of assessment u/s 147 - Reason to believe - deduction u/s 80IA - The entire claim of the petitioner for deduction u/s 80IA of the Act had been examined and allowed by the assessing officer at the time of framing assessment for the relevant previous years. As such, in our opinion, it could not be claimed by the revenue that the assessee had not fully disclosed the facts. - HC

  • Dependent agency PE of the assessee in India - profit attribution to the said DAPE - TP adjustments - Arm's length price - it has been brought on record that assessee had incurred losses in the fiscal year 2018, 2019 and 2020 and ld. AO without analyzing the transactions had made the losses of the assessee into profit just merely rely on the draft report of the CBDT and a recommendary course of action for the profit attribution to the PE. - Additions deleted - AT

  • Applicability of section 92BA(i) on the SDT [Specified domestic transactions] - Since in this case the assessee has undertaken international transactions for a sum which is less than Rs. 1 crore, therefore the TP adjustment should not be made. - However, AO can examine the issue in terms of the provision of sec. 40A(2)(b) - AT

  • TP Adjustment - Assessee contents that part of the Revenue reported in future years, but the contention of the assessee cannot be accepted for the simple reason that when the assessee is following mercantile system of accounting, Revenue should be recognized as and when income accrues and arises to the assessee, irrespective of the fact that the assessee has received the income or not. - there is no error in the reasons given by the AO/DRP to make additions towards billing in excess of Revenue - AT

  • Penalty u/s 271B - non-compliance of getting accounts audited u/s. 44AB - Ostensibly, the assessee was under bona fide belief that the advance are not turnover, which was a right contention, according to project completion method of accounting. No deliberate act or defiance of law or guilty conduct was observed - No penalty - AT

  • Customs

  • Valuation of imported goods - undervalued goods or not - allegation based on contemporaneous import prices of similar goods - there is no finding as to how this consignment was considered as contemporaneous import of identical goods in terms of Rule 4 of the Customs Valuation Rules, 2007. - there is no valid reason to reject the declared transaction value of the goods. - AT

  • Valuation of export goods - overvalued goods or not - it is found that the appellant was informed as to constitution of the Valuation Committee. Even there was a communication as to what rate the exported goods were valued item wise, but, there was no reason intimated to the appellant as to the adoption of revised lesser values and the basis thereof. - Claim of duty drawback allowed - AT

  • IBC

  • Seeking relief from Income Tax Dues - BIFR scheme - the promoters had not complied with the Scheme which they now submit is binding on all other parties. It also appears that the entire exercise of gifting the shares to the Company and the Company selling the same was with the object of ensuring that the capital gains arise in the hands of the Company so as to enable the Company to claim further exemption. - HC

  • SEBI

  • Delisting orders from DSE - Rishab Ispat Ltd. - Promotors have failed to demonstrate the adequacy of efforts for providing exit to their shareholders in conformity with the exit mechanism - the circulars dated 10.10.2016 and 01.08.2017 issued by SEBI are legally valid, and are part of a structured scheme that deals with the situation of ELCs, and the manner in which the shareholders associated with such ELCs are to be protected. - HC

  • Service Tax

  • Classification of services - supply of tangible goods for use or work of transportation of concrete for its customers? - the appellant’s service is correctly classifiable under Goods Transport Agency service for which service recipient M/s. Ultratech Cement Limited have discharged the service tax as required under Rule 2(d) of Service Tax Rules, 1994 under reverse charge basis. Therefore, the demand under the category of Supply of Tangible Goods service shall not sustain - AT

  • Refund claim of amount paid under mistake of law - It is also noticed that it is a dispute between the appellant and the builder, two contracting parties. This dispute has to be resolved between two parties to the contract and no refund can be made treating the disputed amount as tax which was never paid to the exchequer. - AT

  • Central Excise

  • Galvanized Silo Solution systems (Silos) - classifiable under Chapter sub-heading 9406 00 93 or under Chapter 8437 10 00 of CETA, 1985 - the classification of the said Silos would be under Chapter 8437 10 00 but not under Chapter sub-heading 9406 00 99 of CETA, 1985. - AT

  • Classification of goods - flue gas - merely because it is having contents more than 80% v/v, it cannot be said that the said gas is Nitrogen gas by applying rule 3(b) of the General Rules of Interpretation without any evidence. In the absence of any evidence produced on record that the flue gas can be sold in the market as Nitrogen and the same cannot be classified as Nitrogen. - AT

  • Extended period of limitation - short payment of duty - suppression of facts or not - It is also found that the appellant was supplying the goods to its own sister unit and, therefore, every rupee which the appellant paid as duty would have been available to its sister unit as Cenvat credit. Therefore there cannot be any intention to evade. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2023 (8) TMI 735
  • 2023 (8) TMI 734
  • 2023 (8) TMI 733
  • Income Tax

  • 2023 (8) TMI 732
  • 2023 (8) TMI 731
  • 2023 (8) TMI 730
  • 2023 (8) TMI 729
  • 2023 (8) TMI 728
  • 2023 (8) TMI 727
  • 2023 (8) TMI 726
  • 2023 (8) TMI 725
  • 2023 (8) TMI 724
  • 2023 (8) TMI 723
  • 2023 (8) TMI 722
  • 2023 (8) TMI 721
  • 2023 (8) TMI 720
  • 2023 (8) TMI 719
  • 2023 (8) TMI 718
  • 2023 (8) TMI 717
  • 2023 (8) TMI 716
  • 2023 (8) TMI 715
  • 2023 (8) TMI 714
  • 2023 (8) TMI 713
  • Customs

  • 2023 (8) TMI 712
  • 2023 (8) TMI 711
  • Securities / SEBI

  • 2023 (8) TMI 710
  • Insolvency & Bankruptcy

  • 2023 (8) TMI 709
  • 2023 (8) TMI 708
  • Service Tax

  • 2023 (8) TMI 736
  • 2023 (8) TMI 707
  • 2023 (8) TMI 706
  • 2023 (8) TMI 705
  • 2023 (8) TMI 704
  • 2023 (8) TMI 702
  • 2023 (8) TMI 699
  • Central Excise

  • 2023 (8) TMI 703
  • 2023 (8) TMI 701
  • 2023 (8) TMI 700
  • 2023 (8) TMI 698
  • 2023 (8) TMI 697
  • 2023 (8) TMI 696
  • Indian Laws

  • 2023 (8) TMI 695
 

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