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    AMENDMENTS IN THE GST (Compensation to States) Act, 2017
    Case LawsIncome Tax
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    Case LawsIncome Tax
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    NewsBills
    AMENDMENTS IN THE GST (Compensation to States) Act, 2017
    Show AI Summary
    Regularisation of cess shortfalls where non levy arose from general practice allows government to sanction corrective levy.
    Section 8A empowers the government to regularize cases of non-levy or short-levy of the compensation cess where such under-collection arose from a prevailing general practice, providing an administrative mechanism to treat practice-driven cess shortfalls as regularizable liabilities under the GST compensation framework.
    Case LawsIncome Tax
    Court Upholds Deduction for Operational Hotel under Section 35AD Despite Administrative Delays
    Show AI Summary
    Deduction eligibility for operational hotels affirmed despite administrative delay in star classification, focusing on substantive compliance.
    The court addressed entitlement to a deduction under Section 35AD(5)(aa) where a hotel began operations and generated income in the relevant year and a timely application for star classification was submitted, but formal certification was delayed due to administrative inspections; the court applied a purposive construction to allow the deduction when substantive operational conditions were satisfied and delay was not the assessee's fault.
    Case LawsIncome Tax
    Landmark Ruling: Leasing Businesses Entitled to Depreciation Benefits
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    Depreciation entitlement for leasing companies where contractual ownership and business use are established, allowing higher depreciation rates.
    A lessor retains entitlement to depreciation where lease terms demonstrate exclusive ownership rights, repossession power, return obligations and inspection rights, and where the asset is used in the course of the lessor's leasing business; actual physical use by the lessor is not required. Leasing activity that functionally equates to hiring can qualify assets for an enhanced rate of depreciation despite registration in the lessee's name.
    Case LawsIncome Tax
    Court Decision on Convertible Debentures Expenses : Revenue or Capital Expenditure?
    Show AI Summary
    Revenue classification of debenture issuance expenses upheld as revenue expenditure despite later conversion into equity.
    Expenses incurred to issue convertible debentures that are raised to provide working capital are to be treated as revenue expenditure because classification depends on the purpose and usage of the expenditure, and future conversion into shares does not change its revenue character.
    Case LawsIncome Tax
    Judgement on Feasibility Study Costs on Project Development: Revenue or Capital Expenditure?
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    Classification of feasibility study costs: expansion-related studies without new assets qualify as revenue expenditure.
    Whether feasibility study expenditures are revenue or capital depends on purpose and benefit: costs to obtain an enduring benefit or create a new capital asset are capital; costs incurred to expand the same business, under unity of control and without creation of new assets, are revenue in nature.
    Case LawsIncome Tax
    Navigating Section 43B: Supreme Court Decision on Unutilised MODVAT Credit and Sales Tax Recoverable
    Show AI Summary
    Section 43B actual-payment requirement prevents deduction of unutilised MODVAT credit and sales tax recoverable balances.
    Section 43B permits deduction only for sums payable as tax, duty, cess or fee that are actually paid in the relevant previous year (or paid before the return due date where a statutory liability existed). Unutilised MODVAT credit is an entitlement to adjust future excise liabilities and not an actual payment; sales tax in a recoverable account is a cost adjustment, not discharge of statutory liability. Because no excise liability existed at the relevant year end, the proviso does not apply and such credits do not meet the Section 43B payment requirement for deduction.
    Case LawsIncome Tax
    Failure to deduct TDS and Disallowance of expenses: Supreme Court Clarifies Retrospective Applicatio...
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    Retrospective application of curative amendment to TDS deadline clarified, affecting disallowance of expenses under the tax provision.
    The Court addressed whether an amendment extending the time to deposit TDS should be applied retrospectively to govern the operation of a statutory disallowance provision. After reviewing prior amendments, explanatory materials, and precedent on curative measures, the Court characterised the later amendment as curative and directed its retrospective application to the date of insertion of the original provision, thereby affecting the applicability of the disallowance to expenses where TDS was deposited by the extended deadline.
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    Deduction of Bad Debts: Supreme Court's Ruling on Section 36 Compliance and alternative claim u/s 37
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    Bad debt deduction criteria clarified under Sections 36 and 37 - stricter substantiation required; capital expenditure excluded.
    Entitlement to a bad debt deduction requires statutory compliance and adequate substantiation; an accounting write off alone does not suffice. The assessee's failure to produce coherent documentary evidence of the nature and terms of the advance, inconsistent characterisation of the payment, and the capital nature of the outflow precluded treatment as a business deduction. The general business expenditure provision does not avail items that are within or expressly excluded by the bad debt framework.
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    Principal-Agent Relationship in Telecom Sector and TDS u/s 194H: A Supreme Court Verdict
    Show AI Summary
    Commission characterization: discounts to franchisees are sales margins, not commission; therefore no TDS obligation under Section 194-H.
    The Court held that the characterisation of receipts as commission or brokerage under Section 194-H requires agency relationships established by control, fiduciary obligations and the ability to bind the principal. Franchisees/distributors who buy prepaid products at discounts, bear commercial risk, determine resale margins and lack pricing control operate independently. Their discounted purchase price and resale margin constitute sale proceeds, not commission for services rendered on behalf of the provider, and thus do not fall within Section 194-H's withholding obligation.
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    Procedural timelines for charitable registration may be treated as directory to mitigate transitional electronic filing hardships and enable merit review.
    The tribunal treated administrative timeline extensions and electronic-filing difficulties as relevant to construing statutory deadlines for charitable approval, regarding the contested filing timelines as directory rather than strictly mandatory where substantive compliance existed, and directed merit-based reconsideration instead of dismissal solely for technical delay.
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    Maximizing Value in Insolvency: NCLAT Upholds CoC's Right to Negotiate Post-Challenge Mechanism
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    CoC negotiation rights preserved after challenge mechanism, allowing revised proposals to maximize corporate value under insolvency framework.
    The CoC retains authority to negotiate with resolution applicants and to call for revisions to resolution plans post-challenge mechanism to maximize corporate value; Regulation 39(1A) is procedural and does not bar such substantive negotiation, and the conclusion of a challenge mechanism does not vest the highest bidder with an automatic right to approval, leaving the CoC's commercial judgment paramount.
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    Show AI Summary
    Limitation period for IBC appeals runs from e filing date, with time to obtain certified copies excluded.
    The period for filing an appeal under the Insolvency and Bankruptcy Code is to be computed from the date of e filing, with allowance for later submission of a physical copy; time taken to obtain certified copies is excluded from the limitation calculation in line with the Limitation Act, producing a framework harmonising tribunal rules, statutory principles, and technological filing practices.
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    Navigating the Bounds of Tax Law: Supreme Court's Verdict on Section 153-C Assessments
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    Incriminating evidence requirement for search-based tax assessments: without it, 153 C assessments fail; reassessment under 147/148 remains possible.
    Assessments under Section 153-C require incriminating material discovered during search and seizure; absent such material, those assessments lack evidentiary foundation and may be set aside, though the Revenue may pursue reassessment under alternate provisions if independent legal grounds exist.
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    The Delhi High Court's Guiding Light on Post-Search Tax Assessments: Application of Section 153C, po...
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    Post-search assessment requires reliance on incriminating material discovered during search to validate reassessment of income.
    Post-search assessments must be founded on incriminating material discovered during the search; reassessments cannot be based on material unconnected to search records. Third party assessments require a demonstrable link between the impugned income and the incriminating material within those records. The court reaffirmed precedent distinguishing ordinary reassessment from search triggered reassessment and directed re determination consistent with those legal principles to preserve procedural fairness.
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    Navigating Legal and Procedural Hurdles: A Charitable Institution's Quest for Tax Exemption and Regi...
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    Procedural fairness: clarifying timing for final registration under section 80G prevents denial for pre approval activities.
    The tribunal identified procedural deficiencies in the tax authority's handling of a charity's final registration application, finding that a single short-notice hearing failed to secure adequate opportunity to be heard and underscoring procedural fairness. It further clarified that provisional approval is a predicate to applying for final registration and that activities begun prior to provisional approval do not automatically preclude later final registration, rejecting a restrictive timing construction and directing fresh consideration consistent with those legal principles.
    Case LawsIncome Tax
    Supreme Court Clarifies Jurisdictional Objections in Tax Assessments: A Landmark Order
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    Jurisdictional objection waiver: assessee's participation after notice bars later challenge, remedial reassessment permitted within timeframe.
    The Supreme Court held that an assessee who participates in assessment proceedings after receiving an assessment-process notice without timely challenging the assessing officer's jurisdiction is barred from later disputing that jurisdiction under the statutory limitation. It set aside the High Court's order and directed the assessing officer to complete the assessment within a short prescribed timeframe, with the proviso that the assessee may not plead limitation in that completion process.
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    Invalid Notices and the Importance of Proper Jurisdiction: Lessons from a High-Profile Tax Case
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    Jurisdiction in tax assessments was the pivotal issue: the record showed assessment power lay with the Commissioner of Income Tax (Exemption), not the subordinate officer who issued the contested notice, rendering that notice issued without jurisdiction. The petition also challenged adherence to principles of natural justice. The court refrained from adjudicating the substantive assessment and demand because those aspects were subject to statutory appeal, distinguishing jurisdictional defects from appealable merits and allowing issuance by the competent authority in conformity with procedural safeguards.
    Case LawsIncome Tax
    Upholding Precedent: Supreme Court's Stance on Taxation of Cross-Border Software Payments (Royalty)
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    Taxation of cross border software payments as royalty reinforced; precedent remains binding despite pending review, so withholding obligations persist.
    Supreme Court reaffirmed that payments to non residents for software are to be treated as royalty for withholding tax purposes, holding that a pending review against an earlier precedent does not suspend that precedent's application; procedural limits on review under the Code of Civil Procedure prevent indefinite postponement of settled law, requiring taxpayers and payors in cross border software transactions to comply with prevailing withholding obligations.
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    The Cross-Border Software Purchase Conundrum: Supreme Court's Clarification on TDS for Non-Resident...
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    Royalty characterisation of cross-border software dictates TDS obligations based on transaction substance and applicable DTAA.
    Whether payments to non-resident suppliers for computer software constitute royalty and attract TDS depends on the transaction's terms and economic substance; payments reflecting a one-time purchase or transfer of goods do not automatically qualify as royalty. Applicable Double Taxation Avoidance Agreement (DTAA) provisions that are more favourable to the taxpayer govern taxability, and withholding obligations arise only if, after applying treaty benefits and examining substance, the payment is chargeable under domestic law or the DTAA.
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    Ensuring Justice in GST Registration Cancellations: A Landmark High Court Ruling
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    Procedural fairness: administrative cancellation of registration demands reasoned decision-making to uphold equality and due process protections.
    Procedural fairness in administrative GST cancellations is the central concern: cancellation of a proprietorship's GST registration for non-filing of returns raises whether authorities considered exceptional personal and pandemic-related circumstances before terminating registration and whether orders contain adequate, contemporaneous reasons so that affected persons can understand and challenge the basis of the action.

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      AMENDMENTS TO THE CUSTOMS ACT, 1962

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

       

      CUSTOMS

      Note:

      (a) “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962.

      (b) “Agriculture Infrastructure and Development Cess (AIDC)” means a duty of customs that is levied under Section 124 of the Finance Act, 2021.

      (c) “Road and Infrastructure Cess (RIC)” means an additional duty of customs that is levied under Section 111 of the Finance Act, 2018.

      (d) “Health Cess” means a duty of customs that is levied under Section 141 of the Finance Act, 2020.

      (e) “Social Welfare Surcharge (SWS)” means a duty of customs that is levied under Section 110 of the Finance Act, 2018.

      (f) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance (No. 2) Bill, 2024.

      (g) Amendments carried out through the Finance (No. 2) Bill, 2024, will come into effect on the date of its enactment, unless otherwise specified.

      S.No.

      Amendment

      Clause of the Finance (No. 2) Bill, 2024

       

      These changes will come into effect from the date of enactment of the Finance (No. 2) Bill, 2024

       

      1.

      Section 28DA is being amended to enable the acceptance of different types of proof of origin provided in trade agreements in order to align the said section with new trade agreements, which provide for self-certification.

      [100]

      2.

      A proviso to sub-section (1) of Section 65 is being inserted to empower the Central Government to specify certain manufacturing and other operations

      [101]

       

      in relation to a class of goods that shall not be permitted in a warehouse.

       

      3.

      Section 143AA of the Customs Act is being amended by substituting the expression “a class of importers or exporters” with “a class of importers or exporters or any other persons” for the purpose of facilitating trade.

      [102]

      4.

      Clause (m) of sub-section (2) of section 157 of the Customs Act is being amended by substituting the expression “a class of importers or exporters” with “a class of importers or exporters or any other persons”

      [103]

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

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