Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2022 September Day 16 - Friday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
September 16, 2022

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Securities / SEBI Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax Wealth tax Indian Laws



Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    GST

  • Cancellation of GST registration of petitioner - joint owner of the premises (not in consensus with each other) - requirement of amicable settlement between the joint owners - In the instant case, till dispute between the petitioner and respondent No.5 is settled and two, either jointly apply or property is partitioned and fall in the share of the person applying, no license can be issued by the designated authority under the Act. - HC

  • Seeking grant of Anticipatory Bail - fraud related to GST invoices and getting credits - allegation of cheating the State by claiming input credit through fake invoices by using fake addresses of the firms created - Given the nature of allegations, custodial interrogation is required. An analysis of the allegations and evidence collected does not warrant the grant of bail to the petitioner. - HC

  • Maintainability of petition - availability of alternative remedy of appeal - Detention of goods - If the petitioner is not satisfied with the reasons given for detention of the goods in question and the order passed under Section 129(1) of the Act, the same is appellable before the appellate forum under Section 107 of the Act - HC

  • Income Tax

  • Reopening of assessment u/s 147 - unexplained cash credit - ITAT quashed the notice - Unfortunately, the tribunal failed to examine any of the factual details which have been brought out by the AO as well as the CIT(A) but merely went on the basis as to what are the conditions to be fulfilled in order to reopen the assessment. As pointed out earlier, reasons given by the learned tribunal to distinguish the decision in Peass Industrial Engineers is not tenable. - HC

  • Validity of reopening of assessment u/s 147 - AO cannot be stated to be empowered to make a roving enquiry into other issues which according to him came to his notice during the reassessment proceedings. The foundation of a reassessment proceeding is a valid notice and if this notice is held to be invalid the entire edifice sought to be raised on such foundation has to collapse. - HC

  • Reopening of assessment u/s 147 - reliance on material obtained in the course of a search or a survey - the condition set out under Section 149(1)(b) is satisfied - We find no merit in the submission of the petitioner to the effect that the information available with the officer is vague, non-specific or does not relate to the Risk Management Strategy of the Department. - HC

  • Penalty u/s 271(1)(c) - Addition for unsecured loan u/s 68 - the assessee was not found able to substantiate the explanation pertaining amount of unsecured loan received, but the assessee successfully proved that the explanation is bona fide and all the material facts relating to the same was disclosed by him before the authorities below - No penalty - AT

  • Reopening of assessment u/s 147 - Addition u/s 68 - No infirmity in the order of the CIT(A). The information that there was no return filed by the assessee and there was substantial cash found deposited in the bank account of the assessee was sufficient for formation of belief of escapement of income, when the assessee did not explain the source of the same to the Revenue in the investigation conducted prior to the issuance of notice under section 148 - AT

  • Powers of ITAT in dealing with the claim otherwise than by revised return - whether claim not allowed in the assessment proceedings be allowed during the appellate proceedings? - Denial of claim of exemption u/s 10(38) as assessee did not claim deduction - Contention of revenue rejected - AO directed to consider the issue and decide - AT

  • Estimation of income - garnered transportation receipts - Applicability u/s 44AD for receipts on account of truck plying business - If in case the assessee is unable to substantiate his claim of having garnered transportation receipts, as claimed, to the satisfaction of the AO, then, the estimation of his income as worked out by the AO i.e @8% of the gross receipts shall be sustained. - AT

  • Intimation u/s 143(1) - change of status of the Assessee without intimation - charging higher rate of income tax - assessee is trust - assesse furnished return of income mentioning status as any other AOP/BOI and mentioned code no. 8. - The Ld. A.O. CPC however change the status to any other AOP / BOI artificial judicial person and thus change the status. - Matter restored back - AT

  • Addition u/s 68 - share capital issued at the premium - unexplained cash credit - Assessee has fully discharged its onus cast under section 68 of the Act and proved the genuineness of the credit of the share capital and premium in its books of account. Once the transaction of share capital and premium thereon held to be genuine, there is no question of any commission expenses for getting alleged bogus entry on account of such transaction. - AT

  • Corporate Law

  • Legislative power of state government - Matter covered within the scope of Companies Act - aharashtra Protection of Interest of Depositors (In Financial Establishments) Act 1999 (MPID Act) - The State Legislature could never have framed an enactment or a legislation on any entry that falls within List I. There was simply no legislative competence for it. If this be so, the MPID Act cannot possibly be said to cover any portion of the field that is fully occupied by the Companies Act - HC

  • Oppression and mismanagement - the EC meeting held on 30 Oct 2018 as null and void and contrary to the AOA - EC meeting are not conducted as per AOA and no President for FHRAI functioned since 30.10.2018. It is the turn of the Eastern Region for the election of the post of the President, in the interests of justice, we hereby direct that an EC meeting will be conducted afresh. - Tri

  • Indian Laws

  • Alleged misconduct on Chartered Accountants - The Court notes that before proceeding to reject that objection, it was incumbent upon the ICAI to have duly considered whether the petitioner was in fact severely handicapped from submitting a response to the allegations levelled in the complaint as also whether there was material and evidence available on the basis of which the enquiry could be proceeded with. - HC

  • Dishonor of cheque - vicarious liability of the Proprietor Individual when proprietorship firm not sued - section 141 of NI Act - When the arraigning of the sole proprietary concern rather was a condition precedent for making the complaint well constituted, as it becomes the principal offender, and, with its remaining un-impleaded, as such, the absence of its impleadment cannot make the instant complaint to be well constituted, nor, any valid prosecution can in its absence, be drawn, even against the accused petitioner, who can be assigned only a vicarious liability alongwith it. - HC

  • IBC

  • Maintainability of present suit - liquidator is appointed and liquidation proceedings commenced - If Sections 63 and 231 of the IBC are interpreted in the manner canvased by the counsel for the Liquidator, the provision of Section 33(5) of the IBC would be rendered otiose and the moratorium under Section 33(5) of the IBC, which was to apply only in respect of fresh suits would also apply to pending suits. This cannot be the intention of the legislature. - HC

  • Prayer to guide the NCLT on how to adjudicate cases pending before it - The learned NCLAT has relegated the petitioner to the learned NCLT keeping in mind all issues of fact and law alive. The learned NCLAT has wiped the slate clean. The tabula is, thus, once more rasa. It is open, therefore, to the petitioner to again attempt to convince the learned NCLT regarding the interpretation that the petitioner seeks to place on Sections 33 and 35 of the Stamp Act. - Petition dismissed - HC

  • Initiation of CIRP - The Adjudicating Authority has rightly come to the conclusion that Corporate Debtor raised a bonafide dispute regarding the ‘operational debt’ wherein the Appellant- Operational Creditor had assigned the debt to HSBC Bank and HSBC Bank has not instituted this proceeding under Section 9 of the IBC, therefore, taking in the above facts, the Application under section 9 is not maintainable as the reasons assigned by the Adjudicating Authority is cogent and require no interference. - AT

  • Initiation of CIRP - The Assignment to Suraksha is not a bona fide one, peculiar to the facts of the attendant case and the loan amounts do not satisfy the essential requisites of a ‘Financial Debt’ as envisaged under the Code. This Tribunal observed that the fundamental scope & objective of IBC is ‘Resolution’ and ‘Maximization of Assets’ and not ‘Recovery’ of loans which do not strictly fall within the definition of ‘Financial Debt’ as defined under Section 5(8) of the Code. - AT

  • Service Tax

  • Rejection of declarations vide SVLDRS-01 application - It is crystal clear that a person making ‘Voluntary Disclosure’ after being subjected to any enquiry or investigation or audit is clearly ineligible to avail the benefit of the Scheme of 2019 and, therefore, ineligible to proceed further under the ‘Voluntary Disclosure’ category. - HC

  • Maintainability of Reference to Third to member - Difference of opinion - Classification of services - internet telecommunication service or not - The decisions, on which reliance has been placed by learned authorized representative, would not come to the aid of the Department as it has been found as a fact in the present case that the learned Members have set out the point on which they differ and it is not that the entire matter has been referred to the Third Member. - AT

  • Levy of Service Tax - Collection of penalties or liquidated damages - The recovery of liquidated damages/penalty from the other party cannot be said to be towards any service per se, since neither the appellant is carrying on any activity to receive compensation nor can there be any intention of the other party to breach or violate the contract and suffer a loss - Demand set aside - AT

  • Central Excise

  • Clandestine Removal - Confectionery Items - this manufacturer was availing SSI exemption benefit due to which there was no necessity to prepare the statutory records. The department had put no effort to examine the computerized records. There is no evidence even about any cash flow which may prove the element of any mens rea / bad intention to evade the duty, question of imposition of penalty does not at all arise. - AT

  • VAT

  • Seeking waiver of penalty as provided under the Karasamadhana Scheme, 2021 - The contention urged by the respondents that waiver of penalty levied upon the petitioner under Section 70(2) in the reassessment orders dated 24.09.2020 and 27.04.2021 do not come within the scope and ambit of the scheme since Section 70(2) does not find a place in Clause No.3 of the scheme is concerned, the said contention is clearly erroneous in as much as the said penalty is undisputedly in relation to reassessment proceedings, which were completed on 24.09.2020 and 27.04.2021 much prior to the cut off date dated 21.07.2021 as contemplated in Clause 2 of the Scheme - HC


Case Laws:

  • GST

  • 2022 (9) TMI 667
  • 2022 (9) TMI 666
  • 2022 (9) TMI 665
  • 2022 (9) TMI 664
  • 2022 (9) TMI 663
  • Income Tax

  • 2022 (9) TMI 661
  • 2022 (9) TMI 660
  • 2022 (9) TMI 659
  • 2022 (9) TMI 658
  • 2022 (9) TMI 657
  • 2022 (9) TMI 656
  • 2022 (9) TMI 655
  • 2022 (9) TMI 654
  • 2022 (9) TMI 653
  • 2022 (9) TMI 652
  • 2022 (9) TMI 651
  • 2022 (9) TMI 650
  • 2022 (9) TMI 649
  • 2022 (9) TMI 648
  • 2022 (9) TMI 647
  • 2022 (9) TMI 646
  • 2022 (9) TMI 645
  • Customs

  • 2022 (9) TMI 644
  • Corporate Laws

  • 2022 (9) TMI 643
  • 2022 (9) TMI 642
  • 2022 (9) TMI 641
  • Securities / SEBI

  • 2022 (9) TMI 640
  • 2022 (9) TMI 639
  • Insolvency & Bankruptcy

  • 2022 (9) TMI 638
  • 2022 (9) TMI 637
  • 2022 (9) TMI 636
  • 2022 (9) TMI 635
  • 2022 (9) TMI 634
  • 2022 (9) TMI 633
  • 2022 (9) TMI 632
  • 2022 (9) TMI 631
  • 2022 (9) TMI 630
  • 2022 (9) TMI 629
  • 2022 (9) TMI 628
  • Service Tax

  • 2022 (9) TMI 627
  • 2022 (9) TMI 626
  • 2022 (9) TMI 625
  • Central Excise

  • 2022 (9) TMI 624
  • 2022 (9) TMI 623
  • 2022 (9) TMI 622
  • 2022 (9) TMI 621
  • CST, VAT & Sales Tax

  • 2022 (9) TMI 620
  • 2022 (9) TMI 619
  • Wealth tax

  • 2022 (9) TMI 618
  • 2022 (9) TMI 617
  • 2022 (9) TMI 616
  • 2022 (9) TMI 615
  • 2022 (9) TMI 614
  • Indian Laws

  • 2022 (9) TMI 613
  • 2022 (9) TMI 612
  • 2022 (9) TMI 611
  • 2022 (9) TMI 610
 

Quick Updates:Latest Updates