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Index

Judgment

• ITAT deletes additions as assessee proved genuineness of purchases by documentary evidence
• CENVAT Credit cannot be claimed on expenses incurred on CSR: Delhi CESTAT
• Subsidy received from the Govt. in the form of Refund of VAT and CST, to encourage industrial growth, is a capital receipt: Pune ITAT
• Assessee should be given opportunity to produce evidence which has impact on tax liability: Calcutta HC
• Credit Availed by Indian Overseas Bank on the Service Tax paid on deposit Insurance Service is eligible for CENVAT Credit: CESTAT
• Compensation awarded for Property acquired for Bullet Train project not taxable: Bombay HC
• IT Services provided by Assessee to Associate Company in USA amounts to Export of Service: CESTAT
• Commissioner can’t allow deposit of Interest Payment in instalments: Orissa HC
• No Limitation applicable for Refund amount lying with Dept. having the Nature of Revenue Deposit: CESTAT
• No reason to believe that ITC is fraudulently availed: Punjab & Haryana HC

GST Law

CGST Act, 2017

GST in Media

• Export entitlements and Duty Drawback of Promotion Scheme is an income assessable under “Profits or Gains from Business or Profession”: ITAT
• Voluntary payment by outgoing society member subject to GST, says AAR
• Tuition fee is Taxable only when a Corresponding Service is rendered by the Educational Institution: Hyderabad ITAT
• Delhi HC quashes reassessment order issued without considering the reply filed by the assesse
• ITAT Deletes Penalty for Delay In Filing Audit Reports Due To The Hospitalisation Of Accountant
• Gift Received From HUF By A Member Of HUF is Exempt From Tax: ITAT Mumbai
• Assessee discharges primary onus submitting documentary evidence: ITAT deletes addition of unexplained cash credits
• Non-Supply of documents relied upon in Detention Order affects Detenus’ right under Article 22(5): Kerala HC
• Just because the ratio for payment of Service Tax not adhered to, assessee not liable to pay double tax as penalty: Karnataka HC
• The buyer is not responsible for non-payment of tax by the supplier

Export-Import

Export-Import

• An export overhaul could see SEZs shifting from Videsh to DESH
• DGFT unrestricted the Import of Water Melon Seeds till September 30, 2022
• An export overhaul could see SEZs shifting from Videsh to DESH
• Services rendered abroad amounts to Export of Services, No GST applicable: Bombay HC
• Piyush Goyal suggests customs duty on digital exporters
• CBIC introduced changes in Customs system w.r.t. AD Code registration in exports
• Stringent Refund Procedure w.e.f 14.06.2022
• DGFT notified additional provisions w.r.t. TRQ for Crude Soya bean oil and Crude Sunflower oil for FY 2022-23 and 2023-24
• DGFT extended the last date for filing of annual report under EPCG Scheme for the year 2022-23 till September 30, 2022
• DGFT issued amendment in guidelines of ANF-4F under FTP to simplify the procedure and reduce the compliance burden

Income Tax in Media

• 10% TDS on Benefits and Shares Given to Directors
• CBDT to release Crypto Tax FAQ before July 1 to provide more ‘Clarity’
• Income Tax Portal not Hacked, says Government, asks Infosys to Fix Glitch
• CA caught taking bribe for income tax officers
• CBDT aims to lift tax-GDP ratio to 15-20% form the current 12%
• Big opportunity to rectify the mistake in Income Tax return file
• Cryptocurrency assets sold at a profit will be subject to a 30% tax from April 1, 2022
• CBDT issued refunds from April 01, 2021 to March 20, 2022
• People see future in crypto, govt sees source of tax revenue: FM Sitharaman
• Income Tax Department conducts searches in a major Telecom Group

GST Notes by CMA Anil Sharma

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