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Home e-Newsletters Index Year 2023 November Day 23 - Thursday

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TMI Tax Updates - e-Newsletter
November 23, 2023

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Disclosure of information respecting assessees - U/s 138(1) of IT Act 1961 - Central Government specifies Deputy Director General (Tech Development Division), Unique Identification Authority of India (UIDAI) - Notification

  • Validity of Assessment order against the Company dissolved u/s 560(5) of the Companies Act - appellant-company was struck off from the Register of Companies and stood dissolved - Once a company is dissolved under Section 560(5) of the Companies Act, it ceases to exist and, therefore, no order of assessment could be validly passed against it under the Income Tax Act and if it is passed, it would be a nullity. - HC

  • Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search. The seized cash was offered by the assessee, under the regime which was prevailing then, to be treated as the advance tax and thus there was no default in payment of advance; although its payment /adjustment was triggered due to a search action. Lastly, for the same reason, it cannot be said there was a deferment of payment of advance tax. - HC

  • Credit of TDS/ TAX deducted but not deposited with the Government by the diductor - Rectification application concerning the Return of Income (ROI) - Credit of TAS deducted by borrower - Credit allowed - Government may initiate the recovery proceedings from the deductor - HC

  • Disallowance of interest paid on loan u/s.40A(2)(b) - excessive or unreasonable expenditure - Neither the AO nor the Ld.CIT(A) have demonstrated as to how the rate of interest applied by them was the fair rate , nor have they demonstrated as to how the rate applied by the assessee was unreasonable. - Additions deleted - AT

  • Capital loss on account of destruction of capital assets where insurance claim is filed - Asset/ building destroyed in an earthquake - Taxable Year - For year in which the capital gain/loss is to be deemed to relate to as per the section we hold that it pertains to the year in which the claim of the assessee was initially rejected by the insurance company. - AT

  • Eligibility of exemption u/s 10(1) - Agriculture income - income earned from the sale of hybrid seeds - Agriculture process - license holder of the land - Since the manner in which the agricultural process as undertaken by the assessee in the year under consideration is similar to the preceding years, respectfully following the judicial precedents in assessee’s own case, benefit of exemption allowed - AT

  • Validity of penalty levied u/s 271(1)(c) where the validity of assessment order itself is in doubt - Assessment u/s 153A questioned on approval Granted u/s 153D - whether the assessment order can be challenged in the penalty proceedings? - The penalty levied by the AO in the penalty order framed under section 271(1)(c) of the Act is not sustainable. - AT

  • Revision u/s 263 - The use of the word `and’ between the two expressions amply demonstrates that the calling for and examining the record by the CIT should precede and his such examination should culminate in getting satisfied that the order passed by the AO is erroneous and prejudicial to the interest of the Revenue. - AT

  • Revision u/s 263 - claim of exemption u/s. 11 & 12 - Simply on the judgment of Hon’ble Supreme Court in the case of Ahmedabad Urban Development Authority, supra, the revision is not possible. - The CIT(Exemption) has not at all deliberated how the assessee has violated the proviso to the provision of section 2(15) of the Act and how the AO has not examined the issue. - Revision order quashed - AT

  • Loss of immunity from Penalty u/s. 271AAA - Delay in payment full tax as per the order of Settlement Commission (ITSC) - DR in argument mentioned that the assessee had lost the immunity, so penalty is justified. But remained silent about the application of Section 271AAA(2)(i) - In our considered view, the assessee is eligible for granting immunity for application of penalty u/s 271AAA - AT

  • Addition u/s 68 - unexplained unsecured loan - capacity/creditworthiness of creditor - The creditor has given loan to assessee out of proceeds held in Bank A/c from clearing of cheque and not from his income. Therefore, it is prima facie wrong to judge the capacity/creditworthiness of creditor with his income. - AT

  • Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned person, transfers such agricultural land as it is and where it is basis, and also it is not the transfer of any share in the right in the development of such land through any joint development agreement - land in question cannot be treated as non-agricultural land - AT

  • Revision u/s 263 - nature of income surrendered in survey proceedings - deeming provision r.w.s 115BBE - Higher Rate of Tax - assessee has provided the necessary explanation about the nature and source of such unrecorded transactions and the necessary nexus with assessee’s business has been established - Provision of Section 115BBE not applicable - Revision set aside - AT

  • Depreciation on Hotel Building including the cost of land - hotel building complex was purchased at consolidated value - Merely because the parties have not specified the separate value of the land and building in the conveyance deed for the reasons based known to them, the same would not enable an Assessee to claim the depreciation on the land on which the assessee is not eligible to claim the depreciation. - AT

  • Penalty u/s 270A - misreporting of income - Claim of donation u/s 80G was disallowed - Assessee in the assessment proceeding submitted that “Regarding Donation-I don’t any document slip so request you to cancel the same and offer my apology and promise to not put any kind of non-documentary submission in future. - No penalty - AT

  • Customs

  • Levy of anti-dumping duty on "Synthetic Grade Zeolite 4A (Detergent Grade) from China PR for 5 years pursuant to First Sunset Review Final Findings issued by DGTR." - Notification

  • Valuation - Aviation Turbine Fuel (ATF) remained on board - conversion into domestic flight - Methodology adopted in computing assessable value on fuels - loading of the prices with 1% landing charges - 20% transportation cost - 1.125% of insurance - none of these charges can become part of transaction value as per Rule 10(2) - AT

  • IBC

  • Initiation of CIRP - Maintainability of joint application u/s 7 - The three appellants being part of one Common Real Estate Project and the Applicants of Section 7 Application being part of the said project they had every right to initiate Section 7 Application against all the three appellants together - the decision of the Adjudicating Authority upheld holding that application under Section 7 is maintainable. - AT

  • Initiation of CIRP - NCLT admitted the application u/s 7 - period of limitation - The application filed by the Respondent No. 1 was not barred by time there being continuous acknowledgment in their respective balance sheets of the Corporate Debtor which acknowledgment was within the meaning of Section 18 of the Limitation Act extending the period of limitation by fresh period of limitation by each acknowledgment. - AT


Articles


Notifications


News


Case Laws:

  • GST

  • 2023 (11) TMI 813
  • Income Tax

  • 2023 (11) TMI 812
  • 2023 (11) TMI 811
  • 2023 (11) TMI 810
  • 2023 (11) TMI 809
  • 2023 (11) TMI 808
  • 2023 (11) TMI 807
  • 2023 (11) TMI 806
  • 2023 (11) TMI 805
  • 2023 (11) TMI 804
  • 2023 (11) TMI 803
  • 2023 (11) TMI 802
  • 2023 (11) TMI 801
  • 2023 (11) TMI 800
  • 2023 (11) TMI 799
  • 2023 (11) TMI 798
  • 2023 (11) TMI 797
  • 2023 (11) TMI 796
  • 2023 (11) TMI 795
  • 2023 (11) TMI 794
  • 2023 (11) TMI 793
  • 2023 (11) TMI 792
  • 2023 (11) TMI 791
  • 2023 (11) TMI 790
  • 2023 (11) TMI 789
  • 2023 (11) TMI 788
  • 2023 (11) TMI 787
  • 2023 (11) TMI 786
  • 2023 (11) TMI 785
  • 2023 (11) TMI 784
  • Customs

  • 2023 (11) TMI 783
  • Insolvency & Bankruptcy

  • 2023 (11) TMI 782
  • 2023 (11) TMI 781
  • Service Tax

  • 2023 (11) TMI 821
  • 2023 (11) TMI 820
  • 2023 (11) TMI 819
  • Central Excise

  • 2023 (11) TMI 818
  • CST, VAT & Sales Tax

  • 2023 (11) TMI 817
  • 2023 (11) TMI 816
  • 2023 (11) TMI 815
  • Indian Laws

  • 2023 (11) TMI 814
  • 2023 (11) TMI 780
 

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