Our monthly tax update includes detailed analysis on recent case laws/advance rulings on several direct and indirect issues including-
Commercial expediency, a must in an interest-free loan to a subsidiary in a different line of business
Possibility of filing appeal against assessment order sufficient for eligibility under VsV
Assessment order passed in the name of the dissolved company i.e., the amalgamating company is non est and void ab initio
Addition under Section 68 of the IT Act with regards to receipt of share application money routed via 6 layers of transactions and complex web of companies
Loss allowed to be set off under Section 79 of the IT Act as there is no effective change in voting rights
Input tax credit availed on input services is not eligible for refund under inverted duty structure
Whether an amount refundable under one Act be adjusted against the admitted interest liability under a separate Act
Excess Customs duty paid by utilization of MEIS scrips is eligible to be refunded in cash
MEIS benefit cannot be denied to the assessee due to an inadvertent error in the reward column while filing the Shipping Bill
Input tax credit is required to be reversed where vendor pays tax belatedly
Subsequent transfer of SIPCOT allotted land is supply and liable to GST
Input tax credit in CSR activities is hit by restriction under Section 16 of the CGST Act
The update also provides recent Circulars/Notifications from Central Board of Direct Taxes.
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