Newsletter/Booklets 19th Nov 2021
Dear Reader
Our monthly tax update includes detailed analysis on recent case laws/advance rulings on several direct and indirect issues including-
– Supply of design/drawing not characterized as fees for technical services (FTS)
– HC Orders quashing faceless assessment to be circulated to Revenue Secretary/ MoF
– Section 56(2)(vii) not applicable on proportionate allotment of shares in case of rights issue
– Choosing a tax effective and legally permissible option does not mean employing a colorable device
– ITAT upholds addition of share application money routed via 6 layers of transactions, complex web of companies
– No distinction between listed, unlisted shares w.r.t. holding period for classification as long-term capital asset
– Pre-deposit cannot be made through debit of Electronic Credit Ledger
– Payment of tax, even if voluntary, will not be considered to be paid under Section 74(5)
– Show-cause notice found to be non-est in the eyes of law
– CESTAT set aside proceedings initiated on the basis of SCN issued by DRI
– Amount of wages/salaries, EPF/ESI etc., reimbursed by customer liable to tax
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