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Home e-Newsletters Index Year 2019 September Day 17 - Tuesday

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TMI Tax Updates - e-Newsletter
September 17, 2019

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • U/s 92C(2) of IT Act 1961- Computation of arm's length price - price variance upto 1% in case of wholesale trade and 3% in all other cases will be allowed.

  • Correct head of income - Income from capital gains or business income - the business activity of the assessee is trading in shares, there can be a presumption that the amount claimed was derived through trade; in such case, the assessee has to establish that the impugned amount was indeed invested and the proceeds of sales were of a capital asset. - AT

  • Disallowance of deduction u/s 80IB - net profit on the trading goods - AO is correct in his decision not allowing deduction u/s 80IB on such sale made by the assessee (appellant) out of purchased Deshee Ghee and Skimmed Milk. - AT

  • Additions towards cash seized at airport - Tax should be charged in the relevant assessment year in which it has been received or deemed to be received/accrues or arises or is deemed to accrue or arise/accrues or arises to the assessee at the rate in force in that assessment year. - AT

  • CBDT authorises that the Assistant Commissioner of Income-tax (e-Verification), having headquarter at Delhi, to act as prescribed Income-tax Authority for the purpose of section 143(2) and 142(1)

  • Allowance of wage expenses - Unsigned vouchers - most of the payments are in cash - Though 100% disallowance by AO was not justified but in the given facts and circumstances of the case, disallowance of 20% of the total impugned wages will meet the end to justice for both the parties. - AT

  • Penalty levied u/s. 271(1)(c) - Income disclosed by the assessee in the Return of Income which is not part of Regular Accounts - CIT(A) directed the AO that levy penalty u/s. 271AAA cannot sustained - Hence the action of the Assessing Officer to sustain the penalty u/s 271(1)(c) levied in the revision order is upheld. - AT

  • Penalty u/s 271C - bonafide belief - Governmental authority itself has demanded not to deduct TDS. In case even if tax was required to be deducted on such payment but not deducted under a bonafide belief then no penalty shall be leviable u/s 271C - AT

  • Levy of penalty u/s 271(1)(c) - Scrutiny under CASS - the assessee failed to prove the creditworthiness of the cash deposits (Capital) in the partnership firm and therefore was no illegality in the orders - Levy of penalty confirmed - AT

  • Claim of weighted deduction @ 200% made us/ 35(2AB) - need for production of Form NO.3CL - The year under consideration being AY 2014-15, the same would fall prior to 1/4/2016 and hence the tax authorities are not justified for insisting on production of Form NO.3CL for allowing deduction u/s 35(2AB) - AT

  • Condonation of delay - delay is of 20 years - Here, the applicant wants to condemn the advocate behind his back. In my view, it is impermissible and unacceptable. Further, no steps are also being taken by the applicant against any advocate under the provision of the Advocates Act - Application for condonation of delay dismissed with cost - HC

  • Claim for registration u/s 12AA - Bye-laws of the Trust is not having any provision in relation to disbursement of balance funds in the eventuality of the dissolution of Trust - the situation contemplated by the CIT(E), has now taken care of in any way u/s 115(TD)(c) - registration cannot be denied merely on the basis of future event which is uncertain - HC

  • Warrant of Authorization u/s 132A(1) - the satisfaction has been recorded based on cogent materials on record - The submission that there is no clarity in the Warrant of Authorization issued under section 132A whether the case is one in which the income could be said to be not disclosed or would not have been disclosed, is not acceptable - HC

  • Customs

  • Valuation of imported goods - if the value has been changed by the respondents themselves, there would be no cause for an appeal which would have been against their own assessment as the self-assessment regime is under place - Commissioner (Appeals) wrongly directed the revenue to conduct audit - AT

  • DGFT

  • Annexure I to Appendix 2A revised - laying down the procedure for import of various items under Tariff Rate Quota under different Trade Agreement.

  • SEBI

  • Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957

  • Additional commodities as Eligible Liquid Assets for Commodity Derivatives Segment

  • Renewal of recognition for "Metropolitan Stock Exchange of India Limited" one year

  • Service Tax

  • Re-opening of assessment made under VCES - merely classifying the services under a different head does not tantamount to mis-declaration and therefore it is not open for the department to reopen the assessment in case of VCES unless there is a substantial mis-declaration otherwise. - AT

  • Central Excise

  • Rejection of refund claim - unjust enrichment - on realizing the mistake of excess payment of duty, they have issued credit notes to the customers so as to adjust the excess payment made by them. This adjustment is rebutted in the balance sheet in the form of receivables - Refund allowed. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2019 (9) TMI 665
  • 2019 (9) TMI 664
  • Income Tax

  • 2019 (9) TMI 663
  • 2019 (9) TMI 662
  • 2019 (9) TMI 661
  • 2019 (9) TMI 660
  • 2019 (9) TMI 659
  • 2019 (9) TMI 658
  • 2019 (9) TMI 657
  • 2019 (9) TMI 656
  • 2019 (9) TMI 655
  • 2019 (9) TMI 654
  • 2019 (9) TMI 653
  • 2019 (9) TMI 639
  • 2019 (9) TMI 638
  • 2019 (9) TMI 637
  • 2019 (9) TMI 636
  • 2019 (9) TMI 635
  • 2019 (9) TMI 634
  • 2019 (9) TMI 633
  • 2019 (9) TMI 632
  • 2019 (9) TMI 631
  • 2019 (9) TMI 630
  • 2019 (9) TMI 629
  • 2019 (9) TMI 628
  • 2019 (9) TMI 627
  • 2019 (9) TMI 626
  • 2019 (9) TMI 625
  • 2019 (9) TMI 624
  • 2019 (9) TMI 623
  • 2019 (9) TMI 622
  • Customs

  • 2019 (9) TMI 652
  • 2019 (9) TMI 651
  • Insolvency & Bankruptcy

  • 2019 (9) TMI 650
  • Service Tax

  • 2019 (9) TMI 649
  • 2019 (9) TMI 648
  • 2019 (9) TMI 647
  • Central Excise

  • 2019 (9) TMI 646
  • 2019 (9) TMI 645
  • 2019 (9) TMI 644
  • 2019 (9) TMI 643
  • 2019 (9) TMI 642
  • CST, VAT & Sales Tax

  • 2019 (9) TMI 641
  • 2019 (9) TMI 640
 

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