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CBIC clarifies perquisites provided by employer to the employees as per contractual agreement not subject to GST

IT Department issues note on e-proceedings for cases under international taxation and central charges and faceless assessment

FAQs on GST applicability on ‘pre-packaged and labelled’ goods

FAQs on AIS - Annual Information Statement
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Judicial Pronouncement

  • Income Tax
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Sep 20, 2022

Amritsar ITAT: Since no addition was made on the issue for which re-assessment notice was issued to the assesee, there was no jurisdiction to make addition on any other issue. Entire re-assessment proceedings held invalid. Order quashed.

Sep 20, 2022

Pune ITAT: Proportionate deduction claimed u/s 80IB(10) for completed portion of the project allowable only if the said completed portion is actually habitable

Sep 12, 2022

Varanasi ITAT: Where complete details were filed along with bills and vouchers, the assessee has discharged its onus and now it was upon the AO to point out specific defects in the books of accounts as well as bills and vouchers after making necessary enquiries and investigation and the authorities are to point out which expenses are not allowable and reasons thereof. No adhoc disallowances can be made in absence of such investigation by AO

Sep 12, 2022

Delhi ITAT:  Excise duty refund and interest subsidy received are ‘capital receipts’ and not to be included in book profits for the purpose of computing tax payable u/s 115JB

Sep 12, 2022

Expenses incurred by a Pharmaceutical company for distributing gift cards to medical practioneers, punishable as per Circular issued by Medical Council of India under MCI Regulations, 2022. And therefore expenditure incurred in distribution of freebies would not be allowed as deduction in view of Explanation – 1 to Section 37(1) of the Act.

Sep 09, 2022

Chennai ITAT: Managerial expenses paid to AE to be duly substantiated with documentary evidences for claiming allow ability and determining ALP  Where actual expenditure incurred on providing warranty was less than balance available in the provision for warranty account provision made rightly added back

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Jan 19, 2023

CESTAT, New Delhi - Telecom operators discharging service tax on the whole MRP value of SIM cards and recharge cards there could be no further service tax liability on the persons who are dealing/selling the said SIM cards or recharge cards to the public. When the appellants have received incentives and discounts in the course of their trading activity, they are not liable to pay service tax. Department was fully aware of the activities of the appellant and had issued a show cause notice so  Department cannot allege that it was not aware of the activities of the appellant and that the appellant had suppressed any information.

Jan 19, 2023

CESTAT, New Delhi - The buyer of the appellant who himself has undertaken the responsibility of segregating such defective pieces where defect was not arising out of mis-handling and has charged the compensation in form of penalty from the appellant for undertaking such an activity and this particular fact is sufficient to hold that the activity was performed by the buyer for himself, as such cannot be called as eligible input service in terms of section 2(l). The activity in question is the activity undertaken by the buyer of the manufacturer that too to ensure his right as he got reserved between the contracting parties for not receiving the damaged goods.

Jan 18, 2023

CESTAT, Chennai - The authorities have found that the violation, if any, has not resulted in any specified categories of items being imported or that there was any reason to hold that there has been an improper importation of the goods in question, resulting in confiscation of the same. The goods have not been imported contrary to any prohibition imposed by or under the Act or contrary to any prohibition imposed by any other law for the time being in force. Authorities below are not justified in demanding redemption fine and penalty under Section 112(a).

Jan 18, 2023

CESTAT, Kolkata - Cenvat credit used on inputs/capital goods used in power plant set up by the manufacturer is admissible if the final product is dutiable. Removal of coal Fly Ash is one of the necessity for running of the captive power plant and without such removal of the coal fly ash from the captive power plant, the same cannot operate and run, in which case, the power won’t be generated and the appellant would not be in a position to manufacture their final product. Appellants are entitled to service tax paid on the services used by them for removal of coal fly ash from the captive power plant.

Jan 17, 2023

CESTAT, New Delhi - Appellant have produced documents of transport before the Tribunal as well as the bilties that the goods were being transported from Delhi to Ahmedabad. Appellant had appeared before the Customs Department and had claimed the goods and no other person has claimed the goods in question. In view of admitted town seizure, it was the onus on the Customs Department to lead evidence in support of allegation as to the smuggled nature of goods. Sale-purchase of goods in India is supported by the levy of Sales Tax by the Sales Tax Department of Rajasthan.

Jan 16, 2023

CESTAT, New Delhi - Interest is payable for default in depositing the tax by the due date voluntarily or after determination of the amount of duty under Section 11A. Here both the conditions are not available to Revenue as admittedly neither there is any determination of duty liability of NCCD under Section 11A, nor there is voluntary default in deposit of the amount of NCCD. In absence of condition precedent in Section 11AA, no interest can be demanded from the appellant –assesse. The appellant was prevented from deposit of dues, due to glitch on the portal, which is wholly attributable to inaction on the part of Revenue and Revenue cannot take advantage of its wrong doing, by levy of interest.  

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Jan 12, 2023

NCLAT, New Delhi - Deduction of TDS itself is not sufficient to conclude the transaction. Appellant has miserably failed to prove that the amount of Rs. 10 Lakh, reflected in the ledger account was paid by the Respondent towards the part payment of the amount due in order to extend the period of limitation of three years from the said date specially in the absence of the evidence of any writing in this regard or otherwise an admission of the Respondent who has categorically denied the same in its reply. Appellant cannot take the advantage of the note for the purpose of brining the application filed under Section 7 within the period of limitation.The application filed under Section 7 by the Appellant was barred by limitation and has rightly been dismissed by the Adjudicating Authority.

Jan 11, 2023

NCLAT, Chennai - The Resolution Plan was approved by the Adjudicating Authority after almost a year after the lodging of the initial FIR and this Tribunal does not have jurisdiction to decide the title of the land more so when a Civil Suit has already been preferred by the Appellant and they have already opted for seeking a remedy before the Civil Court. Appeal is with respect to the Dispute regarding the Title of the Subject Land which the Appellant claims was erroneously included in the assets of the Corporate Debtor by the Resolution Professional, which subject matter is already seized by the Civil Court. Appellant may work out its remedy for redressal of its grievances, before the `Civil Court of Law itself, ofcourse, in accordance with `Law, if it so desires / advised

Jan 10, 2023

NCLAT, New Delhi - The restoration of the name of the Company is subject to filing of all the outstanding documents required by law and completion of all statutory formalities including payment of any late fee for the outstanding period and any other charges leviable by ROC and also payment of cost of Rs. 50,000/- to be paid to the ‘Prime Minister’s Relief Fund’ within two weeks. The name of the Company shall stand restored on the Register of ‘Registrar of the Companies’ as if the name of the Company was not struck off in accordance with Section 248 (5)

Dec 22, 2022

NCLAT, New Delhi - Judgement/decree for money or Certificate of Recovery or Arbitral Award in favour of the ‘Financial Creditor’, constitutes an ‘acknowledgement of debt’ and gives rise to a fresh cause of action, provided it is within three years of the default. The ‘date of default’ defined under Section 3(12) of the Code is to mean ‘non-payment of a date which has become ‘due and payable’ whether in whole or any part and is not paid by the Corporate Debtor’. The material on record shows that the ‘Corporate Debtor’ has been consistently acknowledging its ‘debt’ by way of letters in Restructuring Packages, and also by way of communication the Appellant/‘Financial Creditor’ for Restructuring, apart from the liability being shown in the Balance Sheets. Section 7 Application is not ‘barred by Limitation’, and that there is a ‘debt’ and ‘default’

Dec 22, 2022

NCLAT, Chennai - A Lease, more than 12 months has to be registered in the manner known to Law and in accordance with Law and an unregistered Lease / Documents cannot be looked into by a Court of Law / Tribunal even for a collateral purpose. Adjudicating Authority had in the impugned order had mentioned that Dr. A.M. Arun had already paid the amount towards the Lease Rental and came to the right conclusion that IA is not maintainable but had directed the Resolution Professional to pay the rent at Rs.2,25,000/- till the continuation of the Corporate Insolvency Resolution Process which was agreed to be paid.

Dec 21, 2022

NCLAT, New Delhi - Regulation 20 (6) of CCI(General) Regulations, 2009 can be used in furtherance of exercise of jurisdiction under Section 26(7) which is required to be invoked in a case where DG under Section 26(5) submits report regarding non contravention of the provisions of the Act. In any event taking shelter of Regulation 20(6) of Regulation 2009 CCI was not authorised to pass an order for further investigation and the same cannot be justified. The order impugned is liable to be set aside since the order is primarily passed on the supplementary investigation report submitted by the DG which was conducted on a void order of the CCI. The matter is remitted back to the CCI to pass order afresh on the basis of the 1st DG Report submitted by the DG.

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Jul 11, 2022

Telangana HC: Sine qua non for exercising power under sub section (1) of Section 5 is that the attaching authority must have reason to believe, which must be recorded in writing. The reason to believe must have a direct nexus or live link with the materials in possession pertaining to the above aspects. Offence of money laundering is not an independent or autonomous offence but is dependent on commission of a predicate offence

Jul 01, 2022

AP High Court: When greater harm would be caused to the petitioner in case interim order is not granted and no loss is caused to the respondent if the interim order is passed, there shall be interim order restraining the respondent from giving effect to and operating the online ticketing solution for ticketing as enacted under the impugned Act, Rules or under the impugned provisions

Jun 07, 2022

Bombay High Court: Clause stating liability to pay GST would be on the applicant cannot contemplate payment of interest on default in timely payment by the respondent and therefore liability of GST on such interest cannot be fastened on the applicant

Jun 06, 2022

Kolkata High Court: Where a specific time period has been mentioned in the scheme for making of application, a unit is required to comply the same in order to avail the benefits under the Scheme. The petitioners themselves are solely responsible for the delay in making such application and accordingly the unit ought not to be found fit for availing the subsidy as per the Scheme

Jun 02, 2022

P&H High Court: The businesses can fail for several reasons such as market conditions, labour unrest, lack of raw material, events like pandemic of Covid-19 etc.  and merely looking at the quantum of loss caused to a banker, it cannot be presumed that there was a fraud committed by the borrower/guarantor when no criminal case alleging fraud has even been filed against the borrower/guarantor. Accordingly, the action of the respondent Bank in seeking issuance of an LOC to prevent the petitioner from leaving the country on the ground that she was a guarantor to company’s loan is arbitrary, illegal and violative of Article 21 of the Constitution of India

May 26, 2022

Delhi High Court: The Real Estate Appellate Tribunal has been constituted as a forum whose jurisdiction may be invoked by any person aggrieved by a direction, decision or order made by the Authority or an Adjudicating Officer and Sections 43 and 44 of the Act do not confer, recognize or envisage any original or plenary power or authority being exercised by the Appellate Tribunal. The injunction is not shown to have been preceded by any enquiry with respect to the validity of a particular project or even a prima facie assessment or evaluation of the validity of a single project and it does not even take note of a proven or evident violation of the provisions of the Act by a particular project. Accordingly orders dt. 17 November 2021 and 24 November 2021 issued by the Tribunal are set aside

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What’s Hot

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  • Statutes
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Mar 13, 2023

The Emergency Credit Line Guarantee Scheme (ECLGS) was launched in May, 2020 as part of Aatmanirbhar Bharat Abhiyan to support eligible Micro, Small and Medium Enterprises (MSMEs) and business enterprises in meeting their operational liabilities and restarting their businesses in the context of the disruption caused by the COVID-19 pandemic. As per the information received from National Credit Guarantee Trustee Company Limited (NCGTC), the agency operating the scheme, as on 31.1.2023, guarantees amounting to Rs 3.61 lakh crore have been issued under ECLGS, benefiting 1.19 crore borrowers. Also, the Economic Survey 2022-23 states that the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector has been remarkably high, over 30.6 per cent, on average during Jan-Nov 2022, supported by the ECLGS.

Mar 13, 2023

  There has been a growth of more than 200% in digital payment volume during the last four years since 2018-19. Further, as per the data sourced from National Payments Corporation of India (NPCI), UPI transactions registered in FY 21-22 were 45 billion, showing 8 times growth in last 3 years and 50 times growth in last 4 years. Therefore, the Scheme provides financial incentive to Banks for promoting point-of-sale (PoS) and e-commerce transactions using RuPay Debit Cards and person- tomerchant (P2M) transactions of low value (i.e up to Rs.2,000) on the BHIM-UPI platform. The Scheme also promotes UPI lite and UPI 123 PAY as economical and user-friendly digital payment solutions. MeitY has allocated Rs. 2,600 crore for the Scheme for FY 2022-23.  

Mar 13, 2023

  The Scheme aims to share and verify such financial transaction information with the taxpayer which appears to be either unreported or under-reported in the Income Tax Return (ITR) filed by the taxpayer. The entire information is now displayed to the taxpayer through the Annual Information Statement (AIS). The AIS provides a facility to the taxpayer to object to any information if the Source has misreported any such information. On a pilot basis, in about 68,000 cases, information of financial transactions pertaining to FY 2019-20 has been taken up for e-Verification. So far, e-Verification has been completed by the designated Directorate in approximately 35,000 cases and remaining are under verification.  

Mar 11, 2023

  Direct Tax collections up to 10th March, 2023 show that gross collections are at Rs. 16.68 lakh crore which is 22.58% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year. This collection is 96.67% of the total Budget Estimates and 83.19% of the Total Revised Estimates of Direct Taxes for F.Y. 2022-23. Further the net growth in CIT collections is 13.62% and that in PIT collections are 20.73% (PIT only)/ 20.06% (PIT including STT). Refunds amounting to Rs.2.95 lakh crore have been issued during 1st April, 2022 to 10th March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year.  

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Mar 15, 2023

The CBIT amends in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001 in respect of palm oil, Palmolein, areca nuts, soya bean oil, brass scrap ,gold and silver etc.

Mar 01, 2023

The CBDT issued notification in respect of Insolvency and Bankruptcy Board of India for the sake of the section 10(46) of the Income-tax Act, 1961. The exemption will apply to grants-in-aid, fines and fees received under IBC, as well as interest money earned on those amounts

Mar 01, 2023

It is hereby notified that Shri Mohit Bansal, Chartered Accountant (Membership Number 510652), KD-209, Pitampura, Delhi-110088 has incurred disability within the meaning of Clause (v) of Section 8 of the act and convicted by the High Court  of the Delhi for the offences under Section 354 and 506 (II) of Indian Penal Code, 1860 in Cr. LA 828/2009. Thereafter, the name of Shri Mohit Bansal be removed from the Register of Members under Section 20(1)(d) of the Chartered Accountants Act, 1949 for incurring the disability as specified in Section 8(v) of the said Act

Mar 01, 2023

The Director General of Foreign Trade hereby revises the provisions relating to Tariff Rate Quota (TRQ) for import of Crude Sunflower Seed Oil by amending Para 2.60 and 2.61 of the Handbook of Procedures as notified earlier vide Public Notice 10/2015-20 dated 24.05.2022, Public Notice 15/2015-20 dated 14.06.2022 and Public Notice 50/2015-20 dated 11.01.2023. It states that it has decided to discontinue imports of crude sunflower seed oil under tariff rate quota (TRQ) from April 1, 2023

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Nov 08, 2022

The European Union's highest court overturned a 2015 tax ruling against Fiat Chrysler, dealing the bloc's regulators a new setback in a crackdown on multinational corporations' efforts to financially shield their operations.

Nov 07, 2022

China's factory gate prices or producer price index (PPI) fell by 1.3% year-on-year for October, its first decline since December 2020, the National Bureau of Statistics (NBS) data showed on Wednesday. This was driven by faltering domestic demand amid COVID-19 curbs, a property slump and global recession risk hitting the economy. Consumer inflation moderated from a 29-month high in September.China's factory gate prices or producer price index (PPI) fell by 1.3% year-on-year for October, its first decline since December 2020, the National Bureau of Statistics (NBS) data showed on Wednesday. This was driven by faltering domestic demand amid COVID-19 curbs, a property slump and global recession risk hitting the economy. Consumer inflation moderated from a 29-month high in September.

Nov 03, 2022

During the 27th Session of the Conference of Parties to the UN Framework Convention on Climate Change (COP27), which will be held in Sharm El-Sheikh, Egypt, from November 6 to 18, India plans to push for clarity on the definition of climate finance for developing countries.

Nov 03, 2022

On Friday, November 4, 2022, the Supreme Court upheld the Employees' Pension (Amendment) Scheme, 2014 as "legal and valid," while reading down certain provisions of the scheme affecting current members.

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Beyond Taxes

Jan 30, 2023

Highlights of the 2022-23 Economic Survey

Jan 28, 2023

Budget will place an emphasis on spurring economic activity: Balagopal

Jan 28, 2023

Ex-parte assessment order issued in violation of natural justice principles carries civil consequences.

Jan 28, 2023

Fees received by cricket players from IPL team owners do not constitute "Business Support Service."

Jan 26, 2023

Deadline for issuance of SCN for fiscal year 2017-18 extended to September 30, 2023 by the Kerela High Court

Jan 23, 2023

Bicycle industry wants GST relief in the budget.

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Expert Corner

  • Income Tax
  • Indirect Tax
  • Corporate Law
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Jul 18, 2022

After 01.04.2021, the assessment order passed by NaFAC ought to have been passed in consonance with the provisions of Section 144B - Telangana HC rules

Telangana High Court on 11th July 2022 ruled that the assessment order passed under national...

Jul 16, 2022

Overriding effect of Insolvency and Bankruptcy Code, 2016 over Income Tax Act, 1961

As per the provisions of section 14 of the IBC, 2016, institution of a Suit or continuation of...

Jul 12, 2022

Condonation of Delay in filing of Appeal

ITAT, Surat – As per section 5 of the limitation act, length of delay is no matter;...

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Jul 12, 2022

Companies rendering Consulting Engineer Services under Service Tax Net before 2005 Amendment: Supreme Court

The Supreme Court's bench of MR Shah* and Sanjiv Khanna, JJ, has overturned the decision of the...

Jul 06, 2022

An Overview of GST notifications dated 5th July 2022

Central Board of Indirect Taxes and Customs, on 5th July 2022, issued 6 notifications giving effect...

May 31, 2022

Search, Seizure, and Arrest under GST

Where there are rules, there are rule breakers. To combat this, every tax administration has a...

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Jun 01, 2022

Eligibility Criteria of Gratuity

Gratuity being an important retirement benefit to employees in the Indian context, is relevant for...

May 31, 2022

RISE OF CRYPTOCURRENCIES IN INDIA

In the fast-growing age of technological progressions and Globalisation, one thing is drawing the...

May 26, 2022

Real Estate Appellate Tribunal cannot pass suo moto orders: Delhi High Court

the Real Estate Appellate Tribunal has been constituted as a forum whose jurisdiction can be...

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