Tax INFORM- November 2023

The thirty-fifth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.

The highlights of the current issue are:

Direct Tax – 

Domestic Tax Rulings:

• Interest received from investments made in co-operative banks is deductible under Section 80P(2)(d) of the Income-Tax Act, 1961: Madras HC.
• Madras HC upholds prosecution under Section 276CC on account of wilful concealment of income by the Assessee.
• Bombay HC invalidates reassessment proceedings against an amalgamating entity with active PAN.

Notifications/ Circulars:

• Income-tax agreement between India and Saint Vincent signed for information exchange.
• Delay in filing Form 10-IC condoned for Assessment Year 2021-22 with conditions.
• Due date of Form 56F filing for AY 2023-24 extended.

Indirect Tax – 

Goods & Services Tax

Case Laws:

• Detention of goods not justified if discrepancy in documentation rectified before movement of goods: Allahabad HC.
• Allahabad HC sets aside orders imposing penalty for expiry of e-way bill as transport delay was “beyond control” of the Assessee.
• Affiliation and inspection fee collected by universities attracts GST: Telangana HC.

Notifications/ Circulars:

• CBIC enforces biometric Aadhaar authentication for GST in Andhra Pradesh.
• State of Rajasthan issues guidelines for filing of GST appeals.
• Delhi issues instructions for GST returns scrutiny for FY 2017-18.
• GST Amnesty Scheme for filing of appeals notified.
• Place of supply for transportation, co-location & advertisement services clarified.
• Export proceeds received in Special INR Vostro accounts for export of service qualify as receipt in foreign exchange: CBIC.
• CBIC clarifies on taxability of personal and corporate guarantee.