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 2019 September Day 27 - Friday

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

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
September 27, 2019

Case Laws in this Newsletter:

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



TMI SMS


Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    GST

  • Input tax credit (ITC) - As the commercial production of exempted goods did not begin in 2018-19, the entire input tax on input services, subject to the provisions under rule 42(2) of the GST Rules, is an admissible credit during 2018-19. - AAR

  • Input tax credit (ITC) - the assessee is required to compute the admissible amount of the input tax credit on the capital goods used for both taxable and exempt supplies in the tax periods over the useful life of such capital goods, calculated from the date of invoice. - AAR

  • Exemption of GST - providing services to Government of Mizoram, as a Financial Management Specialist and Institutional Development Specialist - The Applicant is, therefore, providing pure service to the State Government in relation to a project that involves functions listed under Entry 4 of the Twelfth Schedule - AAR

  • Income Tax

  • Expenses incurred for the preoperative period towards the project development cost - the treatment given in the books of account by the assessee would not be conclusive in income tax proceedings to decide whether the expenditure was revenue or capital - Order of ITAT allowing as revenue expenditure upheld. - HC

  • Levy of fee u/s 234E - Late filing of TDS returns - no fee was leviable to the assessee u/ s 234E in violation of section 200(3), because assessee had furnished the statement immediately after depositing all the tax without any delay.

  • Set off of unabsorbed depreciation against Income from House Property and Income from Other Sources - the ‘set off’ of the ‘unabsorbed depreciation’ cannot be bridled with a condition that the business should be continued by the assessee in the said year

  • Rate of depreciation - nature of assets - Colour solution machines, have rightly been classified as plant and machinery by the DRP. It correctly held that these are operational tools and cannot be called furniture

  • Bogus LTCG - Penny stock transaction - denying exemption u/s. 10(38) - This is a classic case of penny stock transaction. Such conversion of unaccounted money through dubious method is not permitted.

  • Admission of additional evidences under rule 46A by the CIT(A) - whether in earlier years the declared income of the assessee have been accepted in framing assessment U/s 143(3) of I.T. Act, or not; is an entirely irrelevant consideration for the purpose of admission of Additional Evidences.

  • Capital gain on asset sold - LTCG OR STCG - period of holding - merely because there is a change in the nature of immovable property, the principles of determining date of acquisition cannot change

  • TDS u/s 194C or 194I - Expenses on Advertising and Exhibition - space is allotted to the assessee for carrying-out its business activities. Thus, a property for a limited time have been rented out to the assessee - TDS. liable to be deducted u/s 194I

  • Validity of order passed u/s 201(1) & 201(1A) - period of limitation - TDS u/s 195 - order u/s 201(1) & 201(1A) r.w.s 195 for A.Y 2007-08 in the case of the assessee before us could have been passed latest by 31.03.2011, and not thereafter.

  • Disallowance u/s 36(l)(vii) r.w.s. 36(2) - bad debts written off in the P & L account - Writing off of sums which represent money lent in the ordinary course of business is allowed as deduction.

  • Bogus LTCG - exemption claimed u/s 10(38) denied - No evidence of actual sale except the contract notes issued by the share broker were produced by the assessee. No question of law, therefore arises - additions confirmed - HC

  • LTCG - Characterization of income - Benefit of exemption - as the assessee has entered into multiple transactions for various listed Companies, it was a regular feature of the assessee to trade in shares to obtain short term gain and, therefore, the short term gain has rightly been included as business adventure and has rightly been included in the income of the assessee. - HC

  • Customs

  • Imposition of Penalty - Once the value has been found misdeclared the goods become liable for confiscation under Section 111(m) of the Customs Act, 1962 and the person misdeclaring or abetting in such misdeclaration is liable to penalty u/s 112(a).

  • Appropriation of the amount said to be deposited voluntarily by the importer - by issuing the show cause notice, Revenue has itself opted not to settle the issue in terms of sub-section 2B of Section 28 of Customs Act, 1962. Having done so they cannot go back subsequently on failing in adjudication proceedings to ask for settlement and appropriation of the amounts paid in terms of this section.

  • Irregular imports - In the present case the goods were seized and then provisionally released. After provisional release of the goods they have been re-exported. In such as situation the goods are liable for confiscation.

  • IBC

  • Winding up petition - time limitation - recovery of dues - A suit for recovery based upon a cause of action that is within limitation cannot in any manner impact the separate and independent remedy of a winding up proceeding - Winding up Petition filed beyond the period of three-years mentioned in Article 137 of the Limitation Act is time-barred, and cannot therefore be proceeded with any further. - SC

  • Initiation of CIRP - Petition u/s 7 of the I&B Code is to be considered by the Adjudicating Authority on its own merits taking into consideration the records and in absence of any evidence to show that the State Bank of India filed the application only because of the ‘Circular’ issued by Reserve Bank of India, it was not open to the Adjudicating Authority to reject the application.

  • Wealth-tax

  • Non filing of return of wealth - Penalty levied u/s 18(1)(c) of the Wealth Tax Act - third member confirms that, penalty be imposed against the assessee.

  • Service Tax

  • Works contract service - Site Formation and Clearance, Excavation, Earthmoving and Demolition Service - the contract being indivisible, no Service Tax can be levied upon the appellants before 01.06.2007.

  • Central Excise

  • Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - certain clarifications on the Scheme

  • Refund of CENVAT Credit - Duty drawback claimed for export goods - since the drawback scheme itself has provided for a single rate of drawback, which, according to the clarification in the Notification 110/2015-CUS dated 16.11.2015, means only customs duty drawback, it is impossible that the respondents could have availed drawback of central excise duty.

  • Requirement with the pre-deposit - Section 35F The prayer of the petitioner for being permitted to prosecute its appeal before the CESTAT without complying with the condition of mandatory pre-deposit, cannot be granted - HC

  • VAT

  • Taxable event in case of ‘Central Excise’ and ‘Sales Tax’ is different. While ‘manufacture’ is the event in case of Central Excise; the taxable event in the case of VAT is ‘sale’. - The “Facility Charge” levied by the petitioner company is towards consideration of sale of gases and is exigible to value added tax - HC

  • Vires of Section 33 of HVAT Act 2003 - declaration of 'C' Forms - At the time of arguments, realising that vires cannot be challenged in appeal, learned counsel for appellant prays for permission to withdraw present appeal to enable his client to file writ petition. - HC


Case Laws:

  • GST

  • 2019 (9) TMI 1120
  • 2019 (9) TMI 1100
  • 2019 (9) TMI 1097
  • 2019 (9) TMI 1096
  • 2019 (9) TMI 1092
  • 2019 (9) TMI 1091
  • 2019 (9) TMI 1086
  • 2019 (9) TMI 1081
  • Income Tax

  • 2019 (9) TMI 1119
  • 2019 (9) TMI 1118
  • 2019 (9) TMI 1117
  • 2019 (9) TMI 1116
  • 2019 (9) TMI 1090
  • 2019 (9) TMI 1089
  • 2019 (9) TMI 1085
  • 2019 (9) TMI 1080
  • 2019 (9) TMI 1079
  • 2019 (9) TMI 1078
  • 2019 (9) TMI 1077
  • 2019 (9) TMI 1076
  • 2019 (9) TMI 1075
  • 2019 (9) TMI 1074
  • 2019 (9) TMI 1073
  • 2019 (9) TMI 1072
  • 2019 (9) TMI 1071
  • 2019 (9) TMI 1070
  • 2019 (9) TMI 1069
  • 2019 (9) TMI 1068
  • 2019 (9) TMI 1067
  • 2019 (9) TMI 1066
  • 2019 (9) TMI 1065
  • 2019 (9) TMI 1064
  • 2019 (9) TMI 1063
  • 2019 (9) TMI 1062
  • 2019 (9) TMI 1061
  • 2019 (9) TMI 1060
  • 2019 (9) TMI 1059
  • 2019 (9) TMI 1057
  • 2019 (9) TMI 1055
  • 2019 (9) TMI 1054
  • 2019 (9) TMI 1053
  • Customs

  • 2019 (9) TMI 1115
  • 2019 (9) TMI 1114
  • 2019 (9) TMI 1113
  • 2019 (9) TMI 1112
  • 2019 (9) TMI 1111
  • 2019 (9) TMI 1093
  • 2019 (9) TMI 1087
  • Insolvency & Bankruptcy

  • 2019 (9) TMI 1121
  • 2019 (9) TMI 1110
  • 2019 (9) TMI 1109
  • 2019 (9) TMI 1098
  • 2019 (9) TMI 1058
  • 2019 (9) TMI 1056
  • 2019 (9) TMI 1052
  • PMLA

  • 2019 (9) TMI 1108
  • Service Tax

  • 2019 (9) TMI 1107
  • 2019 (9) TMI 1105
  • 2019 (9) TMI 1099
  • 2019 (9) TMI 1088
  • Central Excise

  • 2019 (9) TMI 1106
  • 2019 (9) TMI 1104
  • 2019 (9) TMI 1051
  • 2019 (9) TMI 1050
  • CST, VAT & Sales Tax

  • 2019 (9) TMI 1103
  • 2019 (9) TMI 1095
  • 2019 (9) TMI 1094
  • 2019 (9) TMI 1084
  • 2019 (9) TMI 1083
  • 2019 (9) TMI 1082
  • Wealth tax

  • 2019 (9) TMI 1102
  • Indian Laws

  • 2019 (9) TMI 1101
 

Quick Updates:Latest Updates