IT : Non-compliance of direction of Supreme Court in GKN Driveshafts (India) Ltd. v. Income Tax Officer [2002] 125 Taxman 963 that on receipt of objection given by assessee to notice under section 148, Assessing Officer is bound to dispose of objections by passing a speaking order, would not make reassessment order void ab initio
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Thursday, May 31, 2018
CBDT announces rewards scheme of upto Rs. 5,00,00,000 for informants on tax evasion
The Central Board of Direct Taxes (CBDT) has announced Income Tax Informants Rewards Scheme, 2018 & Benami Transactions Informants Reward Scheme, 2018 though which Income-tax Dept. will reward upto Rs. 5 crore to person giving specific information about evasion of tax or benami property
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No denial of sec. 11 relief as loan advanced to another trust couldn't be termed as investments: Delhi ITAT
IT : Where assessee trust advanced money as a loan to another trust for which assessee had not received any interest and common trustees had no substantial interest in such other trust and said sum was returned by other trust, amount advanced not being investment could not be held to be in violation of sections 13(1)(d) and 11(5)
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ALP accepted in case of AE has no relevance while completing assessment of assessee-co.: ITAT
IT/ILT: Where assessee made payments of royalty and administrative charges to AE, mere fact that ALP of said payments had been accepted in case of AE, it could not be concluded that price paid by assessee in international transactions had to be accepted as at arm's length
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Regulator asks rating agencies to set up review committees
Front-end fee received by French Financial Institute for appraisal of loan application outside India not taxable
IT : AAR ruled that where applicant, a Financial Institution of France, entered into agreements with clients, engaged in business of developing infrastructure projects in India for grant of loan facility and will earn front end fee, commitment fee, cancellation fee, monitoring fee and amendment fee front-end fee payable by a customer in India for appraisal of loan application carried out outside India, not taxable as income from 'interest' under article 12 of India-France tax treaty in addition
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Wednesday, May 30, 2018
Sum received by Parent US Co. from reselling of its content delivery solutions in India not taxable: AAR
IT/ILT : Payment received by applicant a US based technology company from its India based group company under non-exclusive Reseller Agreement for sale of applicant's content delivery solutions directly to customers in India, not taxable as FTS/FIS or Royalty under Act or India-US DTAA. Solutions provided by applicant are in nature of a 'standard facility' and do not cater to individual requirements of customer, moreover absent human intervention it cannot be termed as FTS under Explanation 2 to
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SEBI enhances disclosure and transparency norms for Credit Rating Agencies
SEBI has issued guidelines to enhance the governance, accountability and functioning of Credit Rating Agencies (‘CRA)’. The Guidelines prescribe that a Rating Committee (consisting of majority of independent members) shall review the requests by an issuers for review of the rating provided by CRAs. Also all non-accepted ratings shall have to be disclosed on CRA’s website for period of 12 moths from date of such rating. Prescribes formats for disclosing ‘Half yearly rating summary sheet’.
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Order of CLB was to be set aside on its failure to consider allegation made by appellant-director: HC
CL: Where in oppression and mismanagement petition filed by R2 director, CLB totally failed to atleast consider response/explanations of appellant-director and had simply held in favour of R2 stating that 'they have failed to refute allegation', CLBs finding was ex facie perverse and thus, was to be set aside
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No ST on ambulance services provided by private SP to govt. under National Health Mission; Govt. cla
HC condoned delay in filing form no. 10 as trust received declaration u/s 12AA with retrospective effect
IT : Where assessee having received declaration under section 12AA with retrospective effect, immediately submitted necessary documents including declaration in Form 10 claiming benefit of exemption under section 11, since revenue had not made out a case to arrive at a finding that Form No. 10 was belatedly submitted by assessee without any justifiable reason, assessee's application seeking condonation of delay in filing same, was to be allowed
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Rejection of interest waiver application justified if tax payment was delayed by 14 yrs without genuine hardship
IT : Where assessee-firm consciously delayed payment of tax by fourteen years even though its partners had sufficient funds and it did not co-operate in assessment proceedings, its application for waiver of interest under section 220(2A) was rightly rejected
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HC allowed deduction of sum paid to cane growers in excess of price fixed by Govt.
Govt Expects State-Run Banks to Cut Bad Loans by Rs. 3 Lakh Crore in FY19
Advance received by land-owner from developer taxable only when flats handed over to prospective buyers
IT : Where assessee had given land for development and was entitled to receive 18 per cent on gross sales under terms of development agreement, advance received by assessee from developer towards flat booking shall not be taxable in relevant year 2009-10 on receipt basis, but in subsequent assessment year when project was completed and tenements / flats were handed over to prospective buyers. Advance booking amount received by assessee is an advance receipt because right to collect said amount w
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No fresh approval was required in case of search as CIT remanded matter back to AO for fresh assessment
Income-tax appeal limits may be raised to cut litigation
37 banks see Rs 1.3 trillion jump in gross non-performing assets in Q4
Tuesday, May 29, 2018
Penalty order based on revisional order of CIT was to be set-aside if said order was quashed by ITAT
IT : Where Commissioner passed a revisional order directing Assessing Officer to initiate penalty proceedings under section 271D, in view of fact that said revisional order was set aside by Tribunal, consequential order of Assessing Officer under section 144 read with section 263 did not survive and thus, penalty imposed in said order also deserved to be deleted
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'Mahindra Bolero Camper' was classifiable as "Motor vehicles for transport of goods" under excise law
No additions on excess jewellery found during search if there was custom to gift jewellery in family
IT: Where Assessing Officer under section 69A made addition on account of jewellery found in search of assessee, since assessee belonged to a wealthy family and jewellery was received on occasions from relatives, excess jewellery was very much reasonable and, thus, no addition under section 69A was called for
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Winding up order to be recalled when co-in-liquidation has settled all claims and dues to its creditor
Co. operating a diagnostic center isn't comparables to co. carrying out R&D in relation to development of seeds
Claim of warranty provision to be accepted if Hitachi was following consistent method of creating provisions
Traders’ body files plea in CCI against Walmart-Flipkart deal
Fixing sliding door & window classifiable as 'Commercial or industrial construction services'
GST/Service Tax: Where assessee was involved in fixing of automatic sliding door, fixing of doors and windows with pre-laminated particle board/decorative lamination, fixing glazing in aluminum door, window, etc., said activities covered under category of 'commercial or industrial construction services'
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Monday, May 28, 2018
Govt. extends time to submit suggestions by stakeholders on new DT by 3 months to June 15, 2018
Madras HC stayed recovery proceedings against assessee on payment of additional Rs. 5 lakhs
IT : Where during of pendency of appeal before court, a notice of attachment of assessee's bank accounts was issued, in view of fact that assessee had already paid a part of tax demand, in interest of justice, recovery proceeding were to be stayed subject to payment of a further sum of Rs. 5 lakh by assessee
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High salaries paid to doctors who were reputed professionals in their field couldn't be held as excessive: ITAT
Sec. 133A empowers AO to make block assessment utilizing evidence collected at premises of connected person: SC
IT : Any material or evidence found/collected in a survey which has been simultaneously made at premises of a connected person can be utilized while making block assessment in respect of an assessee under section 158BB, read with section 158BH
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Govt. prescribes procedure for service of notice of Special Court on fugitive economic offenders
The Government has notified the Fugitive Economic offenders (Procedure of sending Letter of Request to the Contracting State of Service of Notice and Execution of Order of the Special Court) Rules, 2018. The rules prescribes procedure for issuing notice to fugitive economic offender against whom application has been filed u/s 4 of the Fugitive Economic Offenders Act, 2018.
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HC set-aside ITAT order as it accepted additional evidence without complying with ITAT procedure rules
IT : Where assessee filed instant petition challenging validity of Tribunal's order under section 254(2), in view of fact that Tribunal had accepted additional evidence without complying with provisions of rule 29 of ITAT Procedure Rules, impugned order passed by Tribunal became defective and, thus, same was to be set aside
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Notification No. 24/2018 [F.No.370142/5/2018-TPL(Pt)] / SO 2088(E)
Income-tax (6th Amendment), Rules, 2018
Angel Investors Cheer as New DIPP Policy on Funding Gets Less Taxing
I-T department bars CAs from valuing shares of closely held firms
Binani’s CoC vote on UltraTech offer today
Saturday, May 26, 2018
Income from shares gifted to trust not eligible for sec. 11 relief if shares not converted into investments
IT : Where assessee, a charitable trust, received gift of shares, in view of fact that assessee failed to dispose off or convert said shares into permissible investments, denial of exemption under section 13(1)(d)(iii) was to be restricted to only income earned from shares to be taxed at marginal rate under section 164(2) and not entire income of assessee
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SC condoned delay in filing appeal against partial disallowance of sec. 11 claim
IT : Where assessee, a charitable trust, received gift of shares, in view of fact that assessee failed to dispose off or convert said shares into permissible investments, denial of exemption under section 13(1)(d)(iii) was to be restricted to only income earned from shares to be taxed at marginal rate under section 164(2) and not entire income of assessee
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CBDT rewards Start-ups but penalizes CAs
Two notifications have been issued by the CBDT in respect of Section 56(2)(viib). One of the notifications provides exemption to start-ups from this provision even if they issue shares at premium which exceeds its fair market value. The another notification bars the CAs from doing any valuation of unlisted shares for the purpose of calculating its fair market value as per discounted free cash flow method.
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HC justified remanding of matter back to AO for fresh assessment on legal representative of deceased person
Purchase of assets for in-house R&D facility was eligible for sec. 35 deduction: ITAT
IT: Objective behind exclusion clause in section 43(4)(ii) is to be that expenditure on scientific research should be incurred on research actually carried out by assessee in-house and assessee should not spend money in acquiring rights in or arising out of scientific research carried on by some other person
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No service tax on salary of staff reimbursed to distributors under Business Auxiliary Services
GST/Service Tax: Where assessee, a manufacturer of medicaments, had engaged distributors in various countries where goods were supplied and sold and these distributors appointed sales representatives for promotion of product supplied by assessee and salary of these sales representatives was reimbursed by assessee to these distributors on debit note, assessee not liable to pay service tax under category of 'business auxiliary service'
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Friday, May 25, 2018
Deduction of membership fee of social club not allowable if it wasn't taken for entertaining business clients
Sum received by partner on retirement from firm is exempt from capital gain tax: Bombay HC
Exp. incurred to upgrade computer software which brought efficiency in business was revenue in nature
AO to grant refund after scrutinizing ITR filed after due date if original ITR was wrongly declared invalid
IT : Return filed by assessee was wrongly declared invalid by department under section 139(9) and on advise of department assessee filed fresh return and also application for condonation of delay, ITO was to be directed to provide assessee refund, if available, after scrutinizing return
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Disputes related to execution of document could be raised before appropriate forum: HC
CL: Where a finance company namely 'AFIC' entered into an agreement with R1 bank and assigned petitioner's debt to it but according to petitioner, another company namely 'ACTIS' had executed assignment agreement in favour of Bank whereas, it had financial dealing with AFIC, since, challenge raised by petitioner in instant petition did not come within purview of section 141 of 1956 Act, and it would be open for petitioner to raise challenge relating to documents, its enforceability, execution bef
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Thursday, May 24, 2018
Provisional attachment was to be set aside when creditor initiated recovery proceeding under SARFAESI Act
PMLA: Where properties were charged/mortgaged/hypothecated in favour of appellant bank as a security for loan taken and on loan account becoming NPA, bank as secured creditor had initiated recovery proceedings under SARFAESI Act and RDDBFI Act, Provisional Attachment order under PMLA Act qua such charged properties was to be set aside
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Transportation of goods after their loading into trucks couldn't be classified as 'Cargo handling services'
GST/Service Tax : Where assessee was involved in loading/unloading of timber logs into truck/trailer and transport of same to nearby location of importer and was issuing consignment note for these transportations, services provided by assessee would not fall under category of 'cargo handling service'
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Wednesday, May 23, 2018
HC justified levy of concealment penalty as assessee had claimed dep. on non-existing assets
Saturday, May 19, 2018
What is the way to file my ITR after 3 years
My answer to What is the way to file my ITR after 3 years? https://t.co/8ycqSzxbIc
— TAXFILES INDIA (@taxfilesind) May 19, 2018
Saturday, May 5, 2018
Allahabad HC: Quashes seizure of consignment for non-filing of e-Way Bill’s Part B during intra-state transport
HC quashes seizure order/show cause notice passed/issued u/s 129 of CGST Act for non-filing of Part-B of e-Way Bill during movement of goods within State of U.P up to transporter’s premises. Accepts assessee’s contention that in terms of amendment to Rule 138 of CGST Rules vide Notification No. 12/2018-Central Tax, it was not obliged to fill details of conveyance in Part-B where goods were being transported up to a distance of 50 kms within the State, from the place of consignor’s business to the place of transporter for further transportation. Finds force in assessee’s submission that there was no intention to evade payment of tax for the reason that it had charged IGST @ 18% in respect of such goods consigned to Gujarat.Noting that all the documents accompanied the goods and requisite details were duly mentioned, HC elucidates that mere non-mentioning of vehicle no. in Part-B cannot be a ground for seizure of goods. Moreover, states that it was obligatory on Revenue’s part to pass an appropriate reasoned order on noting that no reasons were assigned nor any discussion mentioned therein, consequently directs release of seized goods & vehicle.
Citation: [TS-154-HC-2018(ALL)
Outcome of 27th GST Council Meeting on May 04th, 2018
SIMPLIFICATION OF RETURNS
GST Council today in its 27th meeting approved principles
for filing of new return design based on the recommendations of the Group
of Ministers on IT simplification.
CHANGE IN THE SHAREHOLDING PATTERN OF GSTN
Presently, the Central Government and State Government are
holding 24.5% equity shares respectively and the remaining 51% are held by
non-Governmental institutions and through various mechanisms, GSTN is under
strategic control of government.
Considering the nature of ‘state’ function performed by
GSTN, Council in its meeting held today decided that GSTN be converted
into be a fully owned government Company.
INCENTIVE TO PROMOTE DIGITAL TRANSACTIONS
Keeping in view the need to move towards a less cash
economy, the Council has discussed in detail the proposal of a concession of 2%
in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and
SGST rates] on B2C supplies, for which payment is made through cheque or
digital mode, subject to a ceiling of Rs. 100 per transaction, so as to
incentivise promotion of digital payment.
The council has recommended for setting up of a Group of
Ministers from State Governments to look into the proposal and make
recommendations, before the next Council meeting, keeping in mind the views
expressed in GST Council.
IMPOSITION OF SUGAR CESS OVER AND ABOVE 5% GST AND REDUCTION
IN GST RATE ON ETHANOL
The council has recommended for setting up of a Group of Ministers from State Governments to look into the proposal and make recommendations, within two weeks, keeping in mind the views expressed in GST Council in this regard.
Thursday, May 3, 2018
Wednesday, May 2, 2018
Clarification on issues related to taxability of ‘Tenancy Rights’ under GST [Circular No.44/18/2018-CGST dated 02 May, 2018]
Transfer of tenancy rights to a new tenant against consideration in
the form of tenancy premium is taxable. However, renting of residential dwelling for use as a
residence is exempt [Sl. No. 12 of notification No. 12/2017-Central Tax(Rate)]. Hence, grant of
tenancy rights in a residential dwelling for use as residence dwelling against tenancy premium or
periodic rent or both is exempt. As regards services provided by outgoing tenant by way of
surrendering the tenancy rights against consideration in the form of a portion of tenancy premium
is liable to GST.
Tuesday, May 1, 2018
STATEMENT OF FINANCIAL TRANSACTIONS [Sec. 285BA read with Rule 114E]
RULE 114E
(1) The statement of financial transaction required to be furnished
under sub-section (1) of section 285BA of the Act shall be furnished in respect
of a financial year in Form No. 61A and shall be verified in the manner
indicated therein.
REPORTABLE
TRANSACTIONS [RULE 114E(2)]
(2) The statement referred to in sub-rule (1) shall be furnished by
every person mentioned in column (3) of the Table below in respect of all the
transactions of the nature and value specified in the corresponding entry in
column (2) of the said Table in accordance with the provisions of sub-rule (3),
which are registered or recorded by him on or after the 1st day of April, 2016,
namely:—
TABLE
Sl. No.
|
Nature and value of transaction
|
Class of person (reporting person)
|
||||||||||||
(1)
|
(2)
|
(3)
|
||||||||||||
1.
|
(a) Payment made in cash for
purchase of bank drafts or pay orders or banker's cheque of an amount
aggregating to ten lakh rupees or more in a financial year.
(b) Payments made in cash
aggregating to ten lakh rupees or more during the financial year for purchase
of pre-paid instruments issued by Reserve Bank of India under section 18 of
the Payment and Settlement Systems Act, 2007 (51 of 2007).
(c) Cash deposits or cash
withdrawals (including through bearer's cheque) aggregating to fifty lakh
rupees or more in a financial year, in or from one or more current account of
a person.
|
A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or banking
institution referred to in section 51 of that Act).
|
||||||||||||
2.
|
Cash deposits aggregating to ten lakh rupees or more in a financial
year, in one or more accounts (other than a current account and time deposit)
of a person.
|
(i) A banking company or a
co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949)
applies (including any bank or banking institution referred to in section 51
of that Act);
(ii) Post Master General10 as referred to in clause (j) of section 2 of the Indian Post Office
Act, 1898 (6 of 1898).
|
||||||||||||
3.
|
One or more time deposits (other than a time deposit made through
renewal of another time deposit) of a person aggregating to ten lakh rupees
or more in a financial year of a person.
|
(i) A banking company or a
co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949)
applies (including any bank or banking institution referred to in section 51
of that Act);
(ii) Post Master General as
referred to in clause (j) of
section 2 of the Indian Post Office Act, 1898 (6 of 1898);
(iii) Nidhi referred to
in section 406 of the Companies Act, 2013 (18 of 2013);
(iv) Non-banking financial
company which holds a certificate of registration under section 45-IA of the
Reserve Bank of India Act, 1934 (6 of 1934), to hold or accept deposit from
public.
|
||||||||||||
4.
|
Payments made by any person of an amount aggregating to—
(i) one lakh rupees or more in
cash; or
(ii) ten lakh rupees or more
by any other mode, against bills raised in respect of one or more credit
cards issued to that person, in a financial year.
|
A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or banking
institution referred to in section 51 of that Act) or any other company or
institution issuing credit card.
|
||||||||||||
5.
|
Receipt
from any person of an amount aggregating to ten lakh rupees or more in a
financial year for acquiring bonds or debentures issued by the company or
institution (other than the amount received on account of renewal of the bond
or debenture issued by that company).
|
A company
or institution issuing bonds or debentures.
|
||||||||||||
6.
|
Receipt
from any person of an amount aggregating to ten lakh rupees or more in a
financial year for acquiring shares (including share application money)
issued by the company.
|
A company
issuing shares.
|
||||||||||||
7.
|
Buy back
of shares from any person (other than the shares bought in the open market)
for an amount or value aggregating to ten lakh rupees or more in a financial
year.
|
A company
listed on a recognised stock exchange purchasing its own securities under
section 68 of the Companies Act, 2013 (18 of 2013).
|
||||||||||||
8.
|
Receipt from any person of an amount aggregating to ten lakh rupees
or more in a financial year for acquiring units of one or more schemes of a
Mutual Fund (other than the amount received on account of transfer from one
scheme to another scheme of that Mutual Fund).
|
A trustee of a Mutual Fund or such other person managing the affairs
of the Mutual Fund as may be duly authorised by the trustee in this behalf.
|
||||||||||||
9.
|
Receipt from any person for sale of foreign currency including any
credit of such currency to foreign exchange card or expense in such currency
through a debit or credit card or through issue of travellers cheque or draft
or any other instrument of an amount aggregating to ten lakh rupees or more
during a financial year.
|
Authorised person as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of
1999).
|
||||||||||||
10.
|
Purchase
or sale by any person of immovable property for an amount of thirty lakh
rupees or more or valued by the stamp valuation authority referred to in
section 50C of the Act at thirty lakh rupees or more.
|
Inspector-General
appointed under section 3 of the Registration Act, 1908 or Registrar or
Sub-Registrar appointed under section 6 of that Act.
|
||||||||||||
11.
|
Receipt of
cash payment exceeding two lakh rupees for sale, by any person, of goods or
services of any nature (other than those specified at Sl. Nos. 1 to 10 of
this rule, if any.)
|
Any person
who is liable for audit under section 44AB of the Act.
|
||||||||||||
12.
|
Cash deposits during the period 09th November, 2016
to 30th December, 2016 aggregating to—
|
|
||||||||||||
13.
|
Cash deposits during the period 1st of April, 2016 to
9th November, 2016 in respect of accounts that are reportable
under Sl.No.12.
|
|
AGGREGATION RULE IS
APPLICABLE FOR ALL THE TRANSACTIONS SUBJECT TO EXCEPTION FOR CLAUSE 10 AND CLAUSE
11 [RULE 114E(3)]
The
reporting person mentioned in column (3) of the Table
under sub-rule (2) (other than the persons at Sl.No.10 and Sl.No.11) shall,
while aggregating the amounts for determining the threshold amount for
reporting in respect of any person as specified in column (2) of the said
Table,—
(a)
|
take into account all the accounts of the
same nature as specified in column (2) of the said Table maintained in
respect of that person during the financial year;
|
|
(b)
|
aggregate all the transactions of the same
nature as specified in column (2) of the said Table recorded in respect of
that person during the financial year;
|
|
(c)
|
attribute the entire value of the
transaction or the aggregated value of all the transactions to all the
persons, in a case where the account is maintained or transaction is recorded
in the name of more than one person;
|
|
(d)
|
apply the threshold limit separately to
deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of
the said Table.
|
TIME LIMIT [RULE 114E(5)]
The statement of financial transactions referred to in sub-rule (1)
shall be furnished on or before the 31st
May, immediately following the financial year in which the transaction is
registered or recorded:
[Provided the statement of financial transaction in
respect of the transactions listed at serial number (12) [and serial number (13)] in
the Table under sub-rule (2), shall be furnished on or before the 31st day
of January, 2017.]
PENALTY FOR FAILURE TO FURNISH ANNUAL
INFORMATION RETURN [SEC 271FA]
If a person who is required to furnish an annual information return
under sub-section (1) of section 285BA, fails to furnish such return within the
time prescribed under sub-section (2) thereof, the income-tax authority
prescribed under said sub-section (1) may direct that such person shall pay, by
way of penalty, a sum of one hundred
rupees for every day during which such failure continues:
Provided that where such person fails to furnish the return within
the period specified in the notice issued under sub-section (5) of section
285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure
continues, beginning from the day immediately following the day on which the
time specified in such notice for furnishing the return expires.".
PENALTY FOR FURNISHING INACCURATE STATEMENT
OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT [SEC 271FAA]
If a person referred to in clause (k) of sub-section (1) of section
285BA, who is required to furnish a statement under that section, provides
inaccurate information in the statement, and where—
(a)
|
the inaccuracy is due to a failure to comply with the due diligence
requirement prescribed under sub-section (7) of section 285BA or is
deliberate on the part of that person; or
|
|
(b)
|
the person knows of the inaccuracy at the time of furnishing the
statement of financial transaction or reportable account, but does not inform
the prescribed income-tax authority or such other authority or agency; or
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(c)
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the person discovers the inaccuracy after the statement of financial
transaction or reportable account is furnished and fails to inform and furnish
correct information within the time specified under sub-section (6) of
section 285BA,
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then, the prescribed
income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.
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