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Tea Board of India, being the operator of the electronic auction system for trading of tea across the country including for collection and settlement of payments, admittedly falls under the category of electronic commerce operator liable to collect Tax at Source (TCS) in accordance with the provisions of section 52 of the Central Goods and Service Tax Act, 2017.
Concerns have been expressed regarding the valuation of supplies from Principal to recipient where the payment for such supply is being discharged by the recipient through the loan provided by DCA or by the DCA himself. Issues arising out of such loan arrangement have been examined and the clarifications on the same are as below:
CBIC exempt supply of Goods and Services from PSU to PSU from applicability of provisions relating to TDS vide Notification No. 61/2018 – Central Tax Dated 5th November, 2018.
DGFT revises products falling under the jurisdiction of S.No.11 and 22 of Appendix – 2T of Appendices of Foreign Trade Policy, 2015-20 vide Public Notice No. 44/2015-2020 Dated The 5th November, 2018.
Arun Kumar Vs ACIT (ITAT Delhi) The ld AO has not brought any evidence on record to show that these agencies have alleged any stock manipulation against the assessee and or the brokers and or the Company. In absence of any evidences it cannot be said that merely because the stock price moved sharply, the […]
Kalanithi Maran Vs. UOI (Madras High Court) In the absence of any material, 2nd respondent should not have come to conclusion that assessee was Principal Officer. Unless the 2nd respondent makes out a prima facie case against petitioner of his liability and obligation as Principal Officer in day-to-day affairs of the company as Chairman-cum-Managing Director […]
Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court) When the assessee failed to prove the capacity of the concerned persons who alleged to have given the unsecured loan and/or gift, it cannot be said that the learned Tribunal has committed any error in confirming the additions made by the Assessing officer and confirmed by the […]
Pr. CIT Vs M/s Nawany Construction Co. Pvt Ltd (Bombay High Court) Section 260A Low Tax Effect Circular– Department has made an attempt to get over the binding Circulars and in any case we shall not allow the Revenue to get over them in this manner. The Circulars continue to bind the Revenue and if they contain any conditions, whether […]
CBIC gives Chief Commissioners powers to assign the cases for adjudication of show cause notices (SCNs) within their respective jurisdiction vide Notification No. 91/2018-Customs (N.T.) Dated 5th November, 2018.
In re Assistant Commissioner of Central Tax (T & R), Howrah CGST & CX Commissionerate (GST AAAR West Bengal) It is clarified that Polypropylene Woven and Non-Woven Bags and PP Woven and Non-Woven Bags laminated with BOPP would be classified as plastic bags under HS code 3923 and would attract 18% GST.” From the above, […]
