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Home e-Newsletters Index Year 2020 May Day 2 - Saturday

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TMI Tax Updates - e-Newsletter
May 2, 2020

Case Laws in this Newsletter:

GST Income Tax Benami Property Customs Insolvency & Bankruptcy Service Tax Indian Laws



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Circulars / Instructions / Orders


Highlights / Catch Notes

    Income Tax

  • Refunds along with interest u/s 244A - Processing of ITR u/s 143 - Adjustment of refund with the dues - Since the statute now envisages exercise of power of withholding of refund in a particular manner, it goes without saying that for assessment year commencing after 01.04.2017 the requirements of Section 241-A of the Act must be satisfied. - Revenue directed to refund the amount of ₹ 733 to the appellant within four weeks from today subject to any proceedings that the Revenue may deem appropriate to initiate in accordance with law.

  • Assessment u/s 153A - Section 153A of the Act was attracted and accordingly, assessment u/s 153A read with Section 143(3) of the Act had been framed. Since the search had taken place at the residence of the assessee as well, thus, no proceedings for framing assessment u/s 153C of the Act arose.

  • Refund of interest u/s 201(1A) - Any payment of TDS by the deductor in respect of payment made to deductee-petitioner will entitle the deductee to get back such TDS with interest at the time of framing of assessment under Section 143(3) of the Act. In such eventuality, it was not proper to hold the deductor as assessee in default under Section 201(1) nor interest could be levied under Section 201(1A) of the Act.

  • Dismissal of appeal filed by the Revenue - non obtaining approval of the committee on dispute constituted by the Central Govt. - Matter restored before the ITAT to hear the appeal on merit.

  • Benefit of carry forward of losses - failure to file the return of income on time. - assessee does not have a proper case for availing the benefit of carry forward loss by not following the respective provision of filing return within the due date

  • Claim of foreign exchange fluctuation loss - ECB was availed for the purpose of expansion of three existing industrial units, hence, not on capital account and further taking note of Accounting Standard/11 r/w Accounting Standard/16, ultimately concluded that assessee’s claim of loss is allowable.

  • Long Term Capital Gain - sale of property - diversion of income due to overriding title - whether the sale of the property has been made directly by the SBI and the sale consideration was appropriated to the loan amount? - if the money was routed through the bank account of the assessee before being finally appropriated towards the dues of M/s. PPPL, there cannot be diversion of income by overriding title.

  • Deduction u/s. 10(10C) - VRS (Exit Option Scheme) - Employer has deducted tax at source u/s. 192 of the I.T. Act on ex-gratia amount received and the employer has not vouched that the conditions mentioned under Rule 2BA has been cumulatively satisfied. Thus the assessee is not entitled to the benefit of exemption u/s.10(10C)

  • Refusing to grant recognition u/s 80G - genuineness of the activities for grant of approval u/s 80G[5](vi) cannot be verified - Reasons cited by Ld. CIT(E)(supra), are not the requirements mandated by provisions of the act, and cannot be the basis for rejection of assessee’s application for recognition u/s 80G.

  • Deduction u/s 80-IC - telecommunication software development and trading in telecommunication hardware - Though the services agreement is separately entered into by the assessee, it has a direct nexus and connection with the agreement for supply of software - claim u/s. 80IC to be allowed.

  • Addition u/s 68 - LTCG - it is settled position under the law, that tenancy right is a transferable asset. The assessee received consideration on transfer of said right - assessee has unambiguously proved that asset was in the possession of assessee for more than three year, thus, on the sale of tenancy right the assessee is entitled for LTCG.

  • Deduction u/s 54F - Clubbing of exempt long term capital gain income of minor children - to find out whether there is any profit or gain chargeable to tax u/s 45(1), the provisions of both the sections are to be read together. Section 54F cannot be read in isolation - CIT(A) was not justified in denying the exemption of capital gain to the minors, which was invested in capital gain accounts scheme (CGAS).

  • Customs

  • Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver - Notification

  • Extension of time limits under the Customs Act,1962 and Rules and Regulations issued there under - Trade Notice

  • Export of Carpets - generation of wrong documents, due to defects in software - mis-description of value as well as quantity of goods - The appellant on being pointed out by the CHA immediately placed the correct document before Customs Authority on the same very date. In such set of circumstances, no mala fide can be attributed to the assessee so as to confiscate the export consignment or to impose penalty upon them.

  • Smuggling - Silver Granules - foreign origin goods - The meaning of bullion thus does not take away platinum, gold or silver in the form of grains/granules. Thus, granules also fall within the definition of bullion. This would lead to the consequence that if the silver granules has foreign markings even though less than 100 kgs. would not be covered by the above Board circular.

  • IBC

  • Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Whether the debt is beyond 3 years from the date of declaration of the amount of corporate debt as NPA in 2013. -In our considered view, such plea stands on no legs for the simple reason that the default which has been shown in the balance sheet of financial year-ended 31-3-2018 is not running from March 2013 or earlier.

  • Service Tax

  • Club and association Service - co-operative society - suppression of facts or not - time limitation - the bonafide belief of the appellant is established - the entire demand is under extended period, the same will not sustain on the time bar itself.


Case Laws:

  • GST

  • 2020 (5) TMI 31
  • 2020 (5) TMI 29
  • 2020 (5) TMI 28
  • Income Tax

  • 2020 (5) TMI 27
  • 2020 (5) TMI 26
  • 2020 (5) TMI 25
  • 2020 (5) TMI 24
  • 2020 (5) TMI 23
  • 2020 (5) TMI 22
  • 2020 (5) TMI 21
  • 2020 (5) TMI 20
  • 2020 (5) TMI 19
  • 2020 (5) TMI 18
  • 2020 (5) TMI 17
  • 2020 (5) TMI 16
  • 2020 (5) TMI 15
  • 2020 (5) TMI 14
  • 2020 (5) TMI 13
  • 2020 (5) TMI 12
  • Benami Property

  • 2020 (5) TMI 11
  • Customs

  • 2020 (5) TMI 10
  • 2020 (5) TMI 9
  • Insolvency & Bankruptcy

  • 2020 (5) TMI 8
  • 2020 (5) TMI 7
  • 2020 (5) TMI 6
  • 2020 (5) TMI 5
  • 2020 (5) TMI 4
  • 2020 (5) TMI 3
  • Service Tax

  • 2020 (5) TMI 2
  • 2020 (5) TMI 1
  • Indian Laws

  • 2020 (5) TMI 30
 

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