Newsletter/Booklets 13th Oct 2021

Tax Newsletter

Authors

Sweta Rajan Partner | Mumbai

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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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