Daily Tax & Corporate Law Digest
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Today’s newsletter analytically summarizes today’s top Tax & Corporate Law stories reported at taxmann.com, in a unique section-wise format.
INCOME TAX
NOTIFICATION NO. G.S.R 153(E), DATED 01-03-2024
CBDT notifies ITR-7 applicable for AY 2024-25
Editorial Note: The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) form 7 applicable for filing of return for the Assessment Year 2024-25. The Board has already notified ITR forms 1 to 6 applicable for AY 2024-25.
NOTIFICATION F. NO. 22S/132/2023/ITA-II, DATED 01-03-2024
CBDT extends deadline to process ITRs filed for AY 2021-22 with refund claim to April 30, 2024
Editorial Note: Due to technical issues or other reasons not attributable to assessee, many validly filed returns for AY 2021-22 couldn't be processed, delaying sending processing intimations within the prescribed timeframe. Thus, the CBDT directed that all validly filed returns for Assessment Years 2021-22 bearing refund claims can be processed until 30-04-2024.
NOTIFICATION NO. S.O. 999(E) & S.O. 1000(E), DATED 01-02-2024
CBDT notifies ‘Uttar Pradesh RERA’ & ‘Karnataka Urban Water Supply and Drainage Board’ for Sec. 10(46) exemption
Editorial Note: The Central Board of Direct Taxes (CBDT) has notified ‘Uttar Pradesh Real Estate Regulatory Authority’ and ‘Karnataka Urban Water Supply and Drainage Board’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961.
SECTION 2(1A) OF THE INCOME-TAX ACT, 1961 - AGRICULTURAL INCOME
Cash credit: Where Assessing Officer rejected claim of assessee for exemption of agricultural income on ground that assessee had failed to produce relevant documents to justify agricultural income, since assessee had filed additional evidence in form of surveyor's report to prove that agricultural activities were carried out, matter was to be remanded back for de novo consideration of issue - Madan Mohan Mishra v. Income Tax Officer, Ward-8(2)(4) - [2024] 160 taxmann.com 42 (Mumbai - Trib.)
SECTION 40(a)(ia) OF THE INCOME-TAX ACT 1961 - BUSINESS DISALLOWANCE – INTEREST, ETC., PAID TO A RESIDENT WITHOUT DEDUCTION OF TAX AT SOURCE
Where assessee-company made provision for expenses and had voluntarily disallowed same under section 40(a)(ia) on ground that said expenses were not subjected to TDS, since assessee had not credited corresponding liability for expenses to account of concerned vendors who had rendered services, payees became non-identifiable, and hence, there was no question of applicability of TDS provisions on same and that merely because assessee had voluntarily disallowed expenses under section 40(a)(ia) in return, same would not automatically enable AO to treat it as "assessee in default' under section 201(1) and consequentially levy interest under section 201(1A) - ACIT (TDS) v. Artemis Medicares Services Ltd. - [2024] 159 taxmann.com 1368 (Delhi - Trib.)
SECTION 54F OF THE INCOME-TAX ACT, 1961 - CAPITAL GAIN - EXEMPTION OF, IN CASE OF INVESTMENT IN RESIDENTIAL HOUSE
Ownership of house: Where assessee claimed exemption under section 54F in respect of amount invested in a flat, however, Assessing Officer rejected said claim on ground that entire consideration for purchase of flat was not paid during relevant period, since assessee had filed additional evidence in form of share certificate and ledger of vendor to prove that entire consideration was paid, matter was to be remanded back for de novo consideration - Madan Mohan Mishra v. Income Tax Officer, Ward-8(2)(4) - [2024] 160 taxmann.com 42 (Mumbai - Trib.)
SECTION 56 OF THE INCOME-TAX ACT, 1961 - INCOME FROM OTHER SOURCES - CHARGEABLE AS
Gifts: Where Assessing Officer completed assessment and disallowed a certain sum as income from other sources under section 56(2)(vii)and during appeal proceedings before CIT(A) , assessee's husband expired and consequently notices were issued and served on assessee through email, being wife and legal heir, but no response was received from assessee and Commissioner (Appeals) dismissed appeal of assessee ex parte, since assessee pleaded for another opportunity of being heard , in view principles of natural justice, matter was remitted back to file of Commissioner (Appeals) - Smt.Vardhanapu Manikumari v. Income-tax Officer, Ward-1 - [2024] 160 taxmann.com 41 (Visakhapatnam - Trib.)
SECTION 68 OF THE INCOME-TAX ACT, 1961 - CASH CREDIT
Accommodation entries: Once source of cash deposit was disclosed and in respect of such cash deposit assessee was treated as accommodation entry provider and, accordingly, brokerage/commission on aforesaid cash deposit was determined as income of assessee for providing service in form of accommodation entry, addition made by Assessing Officer under section 68 was unsustainable - Commissioner of Income-tax, Central-I v. Pramod Sharma - [2024] 160 taxmann.com 44 (Calcutta)
Incriminating material: Where AO made addition under section 153A in respect of share capital amount received by assessee, since no incriminating material was found or seized during course of search in respect of addition towards said share capital amount and year under consideration was unabated year considering date of conduct of search within meaning of section 153A, no addition could be made to income of assessee and thus same was to be deleted - Deputy Commissioner of Income-tax v. Arunachal Pradesh Power Corporation (P.) Ltd. - [2024] 159 taxmann.com 1369 (Guwahati - Trib.)
SECTION 69 OF THE INCOME-TAX ACT, 1961 - UNEXPLAINED INVESTMENTS
Illustrations: Where Assessing Officer issued to assessee a reopening notice on ground that during search and seizure action in case of a builder firm, it was found that assessee made on-money payment for purchase of a flat, since there was no material on record to indicate that assessee had paid entire amount of flat in cash, impugned reopening notice was unjustified - Sumathi Janardhana Kurup v. Income tax Officer, Ward-28(3)(1) - [2024] 160 taxmann.com 40 (Bombay)
SECTION 69C OF THE INCOME-TAX ACT, 1961 - UNEXPLAINED EXPENDITURE
Objections to reopening: Where Assessing Officer framed assessment making additions to assessee's income by way of disallowance of purchases made by assessee on ground that same were bogus and unexplained, since objections filed by assessee against reopening of assessment were not decided by Assessing Officer, impugned assessment so framed was to be set aside - Champalal Omprakash v. Income-tax Officer - [2024] 159 taxmann.com 1397 (Kolkata - Trib.)
SECTION 80-IB OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKING OTHER THAN INFRASTRUCTURE DEVELOPMENT UNDERTAKING, ETC.
Housing projects: Where deduction claimed by assessee under section 80-IB was subject matter of consideration by Assessing Officer during original assessment proceedings, reopening of assessment to deny deduction claimed under section 80-IB(10) merely on basis of change of opinion of Assessing Officer from that held earlier during course of assessment proceedings would not constitute justification and/or reason to believe that income chargeable to tax had escaped assessment - Mahavir Enterprises v. Income-tax Officer, Ward 28(2)(2) - [2024] 160 taxmann.com 38 (Bombay)
SECTION 92B OF THE INCOME-TAX ACT, 1961 - INTERNATIONAL TRANSACTION, MEANING OF
Corporate guarantee: Corporate guarantee charged by assessee from its associated enterprises at rate of 1 per cent was at ALP - Zydus Lifesciences Ltd. v. Deputy Commissioner of Income-tax, Circle 1(1)(2) - [2024] 160 taxmann.com 37 (Ahmedabad - Trib.)
SECTION 92C OF THE INCOME-TAX ACT, 1961 - TRANSFER PRICING - COMPUTATION OF ARMS LENGTH PRICE
Adjustment -Interest: Where assessee had advanced Optionally Convertible Loans (OCL) to its associated enterprise, since TPO had proposed adjustment on account of charging of interest on OCL by adopting same methodology followed in preceding assessment years, which was unjustified, same was to be deleted - Zydus Lifesciences Ltd. v. Deputy Commissioner of Income-tax, Circle 1(1)(2) - [2024] 160 taxmann.com 37 (Ahmedabad - Trib.)
Adjustments - Reimbursement of expenses: Where assessee had reimbursed expenses to its associated enterprises, since assessee had been able to demonstrate that these expenses were incurred in respect of assessee's business interest in overseas jurisdiction, TPO was not justified in holding that arm's length price in respect of these cost to cost reimbursements should be determined at nil - Zydus Lifesciences Ltd. v. Deputy Commissioner of Income-tax, Circle 1(1)(2) - [2024] 160 taxmann.com 37 (Ahmedabad - Trib.)
SECTION 132B OF THE INCOME-TAX ACT, 1961 - SEARCH AND SEIZURE - RETAINED ASSETS, APPLICATION OF
Release of seized assets: Where during course of search, cash and fixed deposit receipts [FDRs] were seized and assessee had had made an application for release/adjustment of cash and FDRs; as per section 132B(1), Assessing Officer ought to have adjusted seized cash and FDRs against tax liability while framing regular assessment and, therefore, there was no question of levy of interest under section 234B - Nune Trimurtulu Rayudu v. Assistant Commissioner of Income-tax, Central Circle-2 - [2024] 160 taxmann.com 43 (Rajkot - Trib.)
Payment of interest on seized FDRs: FDRs cannot be treated as 'money' as referred in section 132B(4)(b) and since by mere seizure of FDRs, assessee had not suffered any pecuniary loss by way of loss of interest, no interest under section 132B(4) could be granted to assessee - Nune Trimurtulu Rayudu v. Assistant Commissioner of Income-tax, Central Circle-2 - [2024] 160 taxmann.com 43 (Rajkot - Trib.)
SECTION 153C OF THE INCOME-TAX ACT, 1961 - SEARCH AND SEIZURE - ASSESSMENT OF ANY OTHER PERSON
Satisfaction note drawn by Assessing Officer of assessee, although a carbon copy of note of Assessing Officer of searched person, does not warrant rejection, as Assessing Officer of assessee independently recorded satisfaction fulfilling requirements of section 153C - Bhagwandas Rupchand Parwani v. Assistant Commissioner of Income-tax, Circle 1(1)(1) - [2024] 160 taxmann.com 7 (Gujarat)
Where assessee challenged section 153C proceedings due to absence of DIN in satisfaction note as per CBDT Circular No.19/2019, however, revenue provided DIN in subsequent communication, meeting CBDT requirement, thus, objection raised by assessee could not be upheld - Bhagwandas Rupchand Parwani v. Assistant Commissioner of Income-tax, Circle 1(1)(1) - [2024] 160 taxmann.com 7 (Gujarat)
SECTION 194J OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - FEES FOR PROFESSIONAL OR TECHNICAL SERVICES
Where assessee-company, engaged in business of establishing, maintaining and running hospital and multi-speciality healthcare facilities, made payment of consultancy charges to doctors, said payment would be covered under section 194J and not under section 192 - ACIT (TDS) v. Artemis Medicares Services Ltd. - [2024] 159 taxmann.com 1368 (Delhi - Trib.)
SECTION 251 OF THE INCOME-TAX ACT, 1961 - COMMISSIONER (APPEALS) - POWERS OF
Condonation of delay: Where assessee filed appeal against order of Commissioner (Appeals) with delay of 51 days and submitted that delay in filing appeal was due to unfortunate and unforeseen circumstances surrounding her health along with doctor's certificate in support of her submission , since there was a reasonable cause for assessee to file appeal belatedly delay was to be condoned and appeal was to be admitted for hearing in interest of justice - Smt.Vardhanapu Manikumari v. Income-tax Officer, Ward-1 - [2024] 160 taxmann.com 41 (Visakhapatnam - Trib.)
SECTION 271(1)(c) OF THE INCOME-TAX ACT, 1961 - PENALTY - FOR CONCEALMENT OF INCOME
Disallowance of claim: Within six months from end of month in which Appellate Tribunal passed orders, Assessing Officer became functus officio and he had no jurisdiction to pass second penalty order beyond period prescribed under section 275(1), therefore, Assessing Officer having passed second penalty order beyond period prescribed under section 275(1), said order was to be set aside - Kamal Enterprises and New Life Hospital v. Deputy Commissioner of Income-tax, Circle-9(1) - [2024] 160 taxmann.com 39 (Hyderabad - Trib.)
Disallowance of claim: Where merely because assessee preferred a claim which was not acceptable to revenue, assessee could not be visited with proceedings under section 271(1)(c), unless and until twin requirements under section 271(1)(c) were satisfied - Kamal Enterprises and New Life Hospital v. Deputy Commissioner of Income-tax, Circle-9(1) - [2024] 160 taxmann.com 39 (Hyderabad - Trib.)
GOODS AND SERVICES TAX LAWS
Rs. 1,68,337 crores gross GST revenue collected during February 2024: Press Release
Editorial Note: The Government has issue press release to inform that Rs. 1,68,337 crores gross GST revenue collected during February 2024 and Gross GST collection reaches Rs. 18.40 lakh crores for FY 2023-24 which is 11.7% higher than the collection for the same period in FY 2022-23.
SECTION 6 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - GST AUTHORITIES AND ADMINISTRATION - STATE/UNION TERRITORY TAX OFFICERS, AUTHORIZATION OF
Where proceedings initiated by SGST authorities were ongoing and assessee received second Show Cause Notice from CGST authorities on the same subject matter, CGST authorities were directed not to proceed with second notice till next hearing, considering pendency of first notice and statutory provisions - Rajesh Mittal v. Union of India - [2024] 160 taxmann.com 49 (Gauhati)
SECTION 14 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - SUPPLY - CHANGE IN RATE OF TAX
Where the petitioner company was issued acceptance letter for some work with condition that rates are inclusive of GST, subsequent communication after completion of work, that rates are exclusive of GST, was arbitrary and illegal and was to be set aside - Kalinga Combines (P.) Ltd. v. Odisha Industrial Infrastructure Development Corporation (IDCO) - [2024] 160 taxmann.com 16 (Orissa)
SECTION 16 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - INPUT TAX CREDIT - ELIGIBILITY AND CONDITIONS FOR TAKING CREDIT
Where assessee intends to manufacture footwear through independent outsource units under sale and buyback model and expresses its willingness to settle mutual debts through book adjustments and net dues through bank transfer, settlement of mutual debts through book adjustment is a valid mode of payment under GST Act, thus, assessee can pay supplier by way of setting book debt since provision of Act has not put any restriction in this regard and can claim credit of input tax - Paragon Polymer Products (P.) Ltd., In re - [2024] 160 taxmann.com 46 (AAR-WEST BENGAL)
SECTION 29 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - REGISTRATION - CANCELLATION OF
Where for reasons, due to which registration was cancelled by impugned order, assessee had not been put to notice or had been granted an opportunity of hearing, thus impugned order cancelling registration was not sustainable and same was to be set aside - Gurunanak Merchants v. Deputy State Tax Officer - [2024] 159 taxmann.com 566 (Telangana)
Merely because a taxpayer has not filed returns for some period does not mean that taxpayer’s registration is to be cancelled with retrospective date also covering period when returns were filed and taxpayer was compliant - Dashmesh Wires and Cables (India) v. Commissioner of GST - [2024] 159 taxmann.com 564 (Delhi)
SECTION 30 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - REGISTRATION - REVOCATION OF CANCELLATION OF
Where registration of assessee was cancelled for non-filing of returns for a continuous period of more than six months, appeal filed by assessee against cancellation order within seven months from date of cancellation was maintainable and, thus, Appellate Order was to be set aside - Rana Engineering v. Union of India - [2024] 160 taxmann.com 51 (Jharkhand)
领英推荐
SECTION 54 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - REFUND - TAX, REFUND OF
Where appellate authority failed to provide personal hearing or issue reasoned orders within reasonable timeframe, despite being requested by assessee, Appellate Authority was directed to grant proper hearing and pass orders promptly to uphold principles of natural justice and right to carry on business - Openwave India (P.) Ltd. v. Union of India - [2024] 160 taxmann.com 19 (Bombay)
SECTION 73 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - DEMANDS AND RECOVERY - TAX OR INPUT TAX CREDIT DUE NOT INVOLVING FRAUD MISSTATEMENT OR SUPPRESSION
Where notices for personal hearing were sent to different e-mail id than assessee's registered e-mail id, assessee was deprived of opportunity of personal hearing, impugned order being violative of principles of natural justice was to be set aside - Raghava- HES- Navayuga (JV) v. Additional Commissioner of Central Tax - [2024] 160 taxmann.com 21 (Telangana)
In case a Proper Officer is of view that assessee’s reply to SCN is incomplete and further details are required, same can be sought from assessee; however, without giving assessee opportunity to clarify its reply or furnish further documents/details, order could not be passed - D.C. Sales v. Union of India - [2024] 159 taxmann.com 565 (Delhi)
SECTION 140 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - TRANSITIONAL PROVISIONS -INPUT TAX CREDIT - TRANSITIONAL ARRANGEMENT FOR
Where assessee could not file Form 66 within time limit due to non-availability of GST registration number and later it had applied for GST registration, assessee was not entitled to claim transitional credit which had been denied by impugned order, petitioner was to be directed to approach appellate authority as prescribed under statute - Versuni India Home Solutions Ltd. v. Deputy Commissioner of State Tax-6, Special Circle-II - [2024] 160 taxmann.com 53 (Kerala)
COMPANY AND SEBI LAWS
NOTIFICATION NO. S.O. 1002(E), DATED 01-03-2024
Govt. notifies list of Goods for purpose of commodity derivatives u/s 2(bc) of SCRA, 1956
Editorial Note: The Govt., in consultation with the SEBI has notified the goods specified in the Schedule as commodity derivatives under section 2(bc) of the SCRA, 1956. The specified Goods are a) Cereals and Pulses b) Oil Seeds, Oil Cakes and Oils, c) Spices d) Fruits & Vegetables, e) Metals f) Precious Metals g) Gems & Stones, h) Forestry i) Fibers, J) Energy k) Chemicals l) Sweeteners m) Plantations o) Dairy and Poultry p) Dry Fruits q) Activities Services, Rights, Interest & Events r) Others
SECTION 168 OF THE COMPANIES ACT, 2013 - DIRECTOR - RESIGNATION OF
Where petitioner's request to remove his name as director from records of RoC was rejected by RoC on ground that since petitioner had not fulfilled some of compliances required to be made under provisions of 2013 Act, he was in default as per section 166(3), in view of fact that this was Covid-19 pandemic period during which such compliances could not be made, thus, instant petition filed by petitioner praying for a relief against RoC for a direction to RoC to remove name of petitioner as director of company was to be allowed - Rajiv Sharma v. Registrar of Companies - [2024] 160 taxmann.com 36 (Bombay)
FEMA BANKING AND INSURANCE LAWS
PRESS RELEASE: 2023-2024/1985, DATED 01-03-3024
NEFT & RTGS systems have registered a growth of 700% & 200% respectively during (2014-23): RBI
Editorial Note: The RBI has informed that during the previous ten years (2014-23), NEFT and RTGS systems have registered growth of 700 per cent and 200 per cent respectively in terms of volume and 670 per cent and 104 per cent respectively in terms of value. The RBI has further informed that RTGS system had processed its highest ever volume of 16.25 lakh transactions in a day on March 31, 2023
NOTIFICATION NO. S.O. 1003(E), DATED 01-03-2024
Govt. notifies ‘contract for the purchase or sale of a right to buy or sell’ as a derivative under SCRA, 1956
Editorial Note: The Ministry of Finance has declared a ‘contract for the purchase or sale of a right to buy or sell, or a right to buy and sell in future, with such underlying goods’ as notified under section 2(bc) of the Securities Contracts (Regulation) Act, 1956 as a derivative for the said Act. Sec 2(bc) of the Act defines ‘commodity derivative’ as a contract for the delivery of such goods as may be notified by the Central Government in the Official Gazette and which is not a ready delivery contract.
CIRCULAR NO. RBI/2023-24/129 DOS.CO.ARG/SEC.11/08.91.001/2023-24, DATED 01-03-2024
RBI decides to withdraw a list of 34 circulars with an immediate effect
Editorial Note: Upon review of circulars issued by RBI from time to time, RBI has now decided to withdraw 34 circulars with immediate effect. The list of withdrawn circulars along with their subjects is mentioned in annexure attached to circular. Some of the circulars cover subjects such as appointment of Statutory Central Auditors for the year 1970, appointment of branch auditors for Indian branches for the year 1970, remuneration payable to Statutory Central and branch auditors of Nationalised Banks etc.
INSOLVENCY AND BANKRUPTCY CODE
SECTION 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 - CORPORATE LIQUIDATION PROCESS - INITIATION OF
Where RP was not able to carry out various activities and actions required to be carried out during CIRP of corporate debtor due to assets of corporate debtor being under attachment by Directorate of Enforcement under provisions of PMLA, 2002 and considering bleak chances of insolvency resolution amid ongoing investigations and attachment of assets, CoC decided to liquidate corporate debtor by a majority of 90.16 per cent voting share and ,therefore, application filed under section 33 was to be admitted - Vijay Kumar Garg, Resolution Professional of Gitanjali Gems Ltd., In re - [2024] 160 taxmann.com 35 (NCLT - Mum.)
ACCOUNTS AND AUDIT
Case law on treatment of impairment loss on Cash Generating Unit (CGU) & its reversal
Editorial Note: An entity shall assess at the end of each reporting period whether there is any indication that an impairment loss recognised in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall account for the reversal of the impairment loss as per the case study discussed in this story
OPINIONS
Limitation of Benefits Clause in Double Taxation Avoidance Agreements: A Comprehensive Examination - Harleen Kaur, Chartered Accountant - [2024] 160 taxmann.com 58 (Article)
ROC Cracks the Whip: Heavy penalties on Company, MD & CS for concealing CSR expenditure omission - Prof R Balakrishnan, FCS – FCWA - [2024] 160 taxmann.com 59 (Article)
Facing the Fallout: A Case Study on Director KYC Non-Compliance - Poorvee Patel, CS - [2024] 160 taxmann.com 61 (Article)
Harnessing the Power of CSR Funds: Transforming Environmental Challenges through an ESG Lens - CS Hasti Vora, Research Associate - RND Team, Makarand M Joshi & Co. - [2024] 160 taxmann.com 60 (Article)
That’s it from us for today! Stay Tuned for more updates from Taxmann.com
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