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Home e-Newsletters Index Year 2024 January Day 1 - Monday

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TMI Tax Updates - e-Newsletter
January 1, 2024

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy PMLA Service Tax Central Excise Indian Laws



Articles


Notifications


Highlights / Catch Notes

    GST

  • Determination of quantum of pre-deposit for filing of appeal - deposit of 10% of the disputed tax amount - The legislative intent as construed from Section 107(6)(b) of the CGST Act is that aggrieved party has to pre-deposit 10% of the tax liability and it does not extend to penalties, fees or interest when the petitioner has contested the entirety of the tax liability. - HC

  • Demand of GST u/s 73 of CGST Act, 2017 - input mismatch between GSTR 3B return and GSTR 2A statement - Assessee could not represent his case due to non-receipt of communication - Liberty granted to the petitioner to approach the Appellate Authority by way of filing an appeal within a period of thirty days from the date of receipt of a copy of this order - HC

  • Cancellation of petitioner’s GST registration with retrospective effect - In the present case, the petitioner’s GST registration has been cancelled for failure to furnish return for the continuous period of six months. Clearly, this does not warrant cancellation of GST registration for the period during which the returns were filed. - HC

  • Refund of the input tax credit including cess - After this Court had passed an order, the adjudicating authority once again issued a show cause notice dated 07.07.2023. This is impermissible. The respondents were required to pass an order for sanctioning the refund in accordance with the law and not to re-adjudicate the application once again. - HC

  • Anti-Profiteering proceedings - Legality of notice initiated under Rule 129 of the Central Goods and Services Tax Rules, 2017- A mere show-cause notice or charge-sheet does not infringe the right of anyone. It is only when a final order imposing some punishment or otherwise adversely affecting a party is passed, that the said party can be said to have any grievance. - HC

  • Validity of demand of GST on Betting and gambling - actionable claim - the respondents are directed not to take any coercive action against the petitioner pursuant to the show cause notices. However, the petitioner shall respond to the show cause notices and the proceedings may go on which shall be subject to further orders of this Court. - HC

  • Classification of goods - F-18 Products - F-18 products are essentially radioactive isotopes which are used in radiopharmaceutical imaging such as PET scanning. Although they are used as a pharmaceutical product for the diagnosis and detection of various diseases, 18F FDG and other 18F radiopharmaceutical products are compounds of the radioisotope 18F. - The HSN classification and rate of tax applicable on the product under consideration is 2844 @ 18% - AAR

  • Classification of goods - rate of tax - sale of solar driven submersible pump (water pump) - The Solar driven submersible water pump comprising of Solar panel, Controller and submersible pump is a mixed supply and the highest rate of GST will be applicable amongst goods supplied by the applicant. - AAR

  • Scope of Advance Ruling - Applicant - Applicant M/s National Highways Authority of India (NHAI) is receiver of the Goods/Services provided by the MVVNL. In light of subsection (a) provided under Section 95 of CGST Act 2017, only supplier of the services/goods can file Application for Advance Ruling. - AAR

  • Income Tax

  • Deduction u/s 80IB(10) - Belated filing of ITR - In the instant case, the assessee is a statutory organization created by the State for providing & develop housing infrastructure. It took up a defence of late audit for belated filing of its return of income. The veracity of ground so put forth for late filing of return has not been disputed by the appellant. The assessee deals with public money, the State exchequer. - assessee had a reasonable & bonafide cause for not filing the return of income within the time permitted u/s139(1) - ITAT rightly allowed the deduction - HC

  • Immunity for levy of penalty - If there is a specific finding recorded in the assessment order that the assessee had underreported the income by misrepresenting the facts in the return of its income, then the application u/s 270AA of the Act would not be maintainable, in view of the express bar under Section 270A of the Act. - HC

  • Penalty u/s 271(1)(c) - revised returns were not valid returns u/s 139(5) and that, such returns were not voluntarily filed rather the same were filed only after detection of concealment of income during the course of the survey - this is a case of deliberate omission in the first return and further, the second return filed by the appellant is not a voluntary one, as rightly held by the ITAT - Levy of penalty confirmed - HC

  • Power of CIT(A) to dismiss the appeal in limine ex-parte - Section 251 does not give any power to the ld. CIT (A) dismissing the appeal for non-prosecution. Hence, in the interest of justice, we remit the issue to the file of ld. CIT (A). Ld. CIT(A) shall pass a speaking order on merits after giving the assessee adequate opportunity of being heard. - AT

  • Capital gain - Joint Development agreement (JDA) - Transfer / sale of land u/s 2(47)(v) or not? - - the said execution of land development agreement cannot be a sale of land in favour of the builder within the meaning of section 2(47)(v) as only construction was allowed to be done by the builders after obtaining necessary approvals from competent authorities and, therefore, the capital gain has wrongly been computed and charged to tax. - AT

  • Exemption u/s 11 - charitable activities u/s 2(15) - the ICC is not carrying on any activity of holding meetings, seminars and conferences for business purpose but only in support its main object and it charges from its participants, members and non-members the amount of fee which does not even covers the cost of holding such events. - the ICC is entitled to exemption u/s 11 - AT

  • Revision u/s 263 - There is no quarrel on the point that if the AO has raised the query on this issue of applicability of provision of section 115BBE which was replied by the assessee then question of lack of inquiry does not arise. However, in the case of the assessee the AO has not even taken up this issue despite the income was assessed as income from other sources and therefore, this case does fall in the category of complete lack of inquiry on the part of the AO. - Revision order sustained - AT

  • Validity of reopening of assessment - Reasons were recorded by the Assessing Officer in an arbitrary manner and there is no application of mind by the AO. For example, the reasons stated that assessee has deposited an amount in his bank account to the tune of X amount, whereas the actual amount deposited in the bank account by the assessee was to the tune of Y Amount hence reasons were recorded on arbitrary basis and there is no application of mind by the AO. - AT

  • Corporate Law

  • Direction for investigation into the affairs of the company - reference the matter of SFIO on the request of the official liquidator - It is not the case of the Official Liquidator that the powers conferred on it by virtue of the aforesaid provisions are inadequate for purpose of detection of the irregularities like the allegation of diversion of funds, etc. that caused it to move this Court for referring the matter to the SFIO. It should not appear to the Court that the Official Liquidator seeks referral of the matter to the SFIO for the reason that it finds itself inadequate to exercise the powers conferred on the Official Liquidator by the aforesaid sections of the Act. - HC

  • Professional misconduct - Auditor's conflict of interest with the auditee company - In this case the audit done by the EP related to SKNL which was a large public listed company and involved interest of large number of shareholders and other stake holders such as banks, creditors etc. It is critical that the auditor and the EP performed their job with due diligence to give assurance to the investors and stakeholders on true and fairness of the financial statements and thereby protect public interest. Any default on this account impacts and jeopardizes the larger public interest which needs to be considered while determining the quantum of punishment. - NFRA

  • IBC

  • Qualification of Resolution Applicant - Promotor of the company - Section 29-A which apply to the promoters and exempts them to apply for a plan is not applicable qua any MSME - The statement of the Minister is looked into for purposes of a cut off date that “there is no other specific provision providing for cut off date” which submits that it should be the date of application of making a bid. Thus, to opine that it is the initiation of the CIRP proceedings which is the relevant date, cannot be said to reflect the correct legal view - SC

  • Service Tax

  • Declared Service - relinquishment charges under section 66E (e) of the Finance Act - charges are in the nature of consideration received towards rendition of the declared service i.e. tolerating of relinquishing access rights - relinquishment charges are not consideration received towards rendition of a declared service under section 66E (e) of the Finance Act. - AT

  • Central Excise

  • Reversal of cenvat credit - removal of used/rejected capital goods - As the Appellant has not availed any credit on these rejected capital goods cleared as scrap, we hold that the provisions of Rule 3(5) and 3(5A) are not applicable in this case - AT


Case Laws:

  • GST

  • 2023 (12) TMI 1284
  • 2023 (12) TMI 1283
  • 2023 (12) TMI 1282
  • 2023 (12) TMI 1281
  • 2023 (12) TMI 1280
  • 2023 (12) TMI 1279
  • 2023 (12) TMI 1278
  • 2023 (12) TMI 1277
  • 2023 (12) TMI 1276
  • 2023 (12) TMI 1275
  • 2023 (12) TMI 1274
  • 2023 (12) TMI 1273
  • 2023 (12) TMI 1272
  • 2023 (12) TMI 1271
  • 2023 (12) TMI 1270
  • 2023 (12) TMI 1269
  • 2023 (12) TMI 1268
  • Income Tax

  • 2023 (12) TMI 1267
  • 2023 (12) TMI 1266
  • 2023 (12) TMI 1265
  • 2023 (12) TMI 1264
  • 2023 (12) TMI 1263
  • 2023 (12) TMI 1262
  • 2023 (12) TMI 1261
  • 2023 (12) TMI 1260
  • 2023 (12) TMI 1259
  • 2023 (12) TMI 1258
  • 2023 (12) TMI 1257
  • 2023 (12) TMI 1254
  • 2023 (12) TMI 1253
  • Customs

  • 2023 (12) TMI 1252
  • Corporate Laws

  • 2023 (12) TMI 1256
  • 2023 (12) TMI 1251
  • 2023 (12) TMI 1250
  • Insolvency & Bankruptcy

  • 2023 (12) TMI 1255
  • 2023 (12) TMI 1249
  • 2023 (12) TMI 1248
  • 2023 (12) TMI 1247
  • 2023 (12) TMI 1246
  • 2023 (12) TMI 1245
  • PMLA

  • 2023 (12) TMI 1244
  • 2023 (12) TMI 1243
  • Service Tax

  • 2023 (12) TMI 1242
  • 2023 (12) TMI 1241
  • Central Excise

  • 2023 (12) TMI 1240
  • 2023 (12) TMI 1239
  • 2023 (12) TMI 1238
  • 2023 (12) TMI 1237
  • Indian Laws

  • 2023 (12) TMI 1236
  • 2023 (12) TMI 1235
 

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