News Update

ST - Residential complex service - Completion certificate - Sale of immovable property - Exempt services - As at the time of taking credit, there was no existence of any exempted service, therefore, there is no application of Rule 6 of CCR: HCPost - Sale Discounts: Clarification or Confusion?RBI levies Rs 7 Cr penalty on SBI for not complying with guidelinesGST - An agenda for reforms - Part 46 - Amnesty season - Time to bring Settlement Commission for GST disputesRajasthan HC asks lawyers not to call Judges as My Lord; Addressing SIR is fineIt is fit case for remand if adjudication order passed is cryptic and does not consider relevant parameters while disposing of stay petitions: HCTariff Values of all Edible oils see a dip whereas that of Gold and Silver hiked marginallyCus - As far as relationship has not influenced pricing pattern, there is no justification for inclusion of royalty and technical know-how in AV of imported products: CESTATDefence Industrial Corridors - Consultant hired to prepare Project ReportAdditions can be made on basis of peak credit theory if assessee fails to explain genuineness of transactions: ITATDigital Healthcare to deliver services at doorstep: Dr Harsh VardhanCX - On provisional release, goods were cleared on payment of duty, therefore, order of confiscation is not as per law: CESTATPetro Sector contributed about Rs 6 lakh crore to Central & State Exchequers last yearRevisional power exercised by subordinate officer on behalf of CIT in delegation of power, is not permissible as per Sec 263: ITATST - Assessee is himself operating the power plants and not managing the same for others - maintenance is in the nature of self service, not taxable: CESTATProvision created for post-retirement medical benefit can be held as ascertained liability and is allowable as expenditure: ITATCX - AA is bound to make assessee aware with the materials collected behind their back and to give them adequate opportunity to meet the case of Revenue - Matter remanded: CESTATDespite remand proceedings, if AO fails to place any incriminating materials found during survey operations, no addition for suppression of yield can be made: ITATST - Unjust enrichment is not applicable even when refund amount is claimed as expenses in the P&L Account: CESTATNo penalty u/s 271(1)(c) can be imposed merely because claim of deductions are found to be untenable & no act of concealment is recorded: ITATCX - Merely for procedural lapse, substantial benefit of CENVAT credit cannot be denied - credit taken on the strength of first stage dealer invoice even though issued by importer is admissible: CESTATSum held in fiduciary capacity cannot be taxed as income in hands of holder: ITATFailure to reconcile differences in sales figures as reported in books to that of corresponding figures reflected in TDS statement, calls for penalty: ITATIndia's exports in June month logs negative growth of 9.7%Over 9622 acres of defence land stand encroached; UP, Maharashtra, West Bengal and Assam top the tallyCBDT issues AGT order of 122 ACIT / DCIT on All India basisGST - Slabs of Quartz (Artificial stone) is classifiable under HSN 6810 1990 and attracts GST @18%: AARGST - Air-conditioning work for new building carried out by applicant is a Composite Supply; Ch. 8415 @28% GST: AARGST - Healthcare treatment to patients through Ayurveda, Naturopathy, Yoga by appropriate diagnosis and intake of medicines - applicant qualifies as clinical establishment, Nil rate GST: AARGST - Converting bare shaft supplied by customers to 'Sugar Mill Rollers' is supply of goods and not services: AARGST - Offering advisory services is not covered under mandate of Authority - application rejected: AAR
INCOME-TAX CONSULTANCY SERVICES


TIOL announces launching of "Income-tax Advisory Services" as a new vertical under its existing set up. This will be an online as well as offline services to be offered by experts having more than three decades of experience in tax administration.

With the implementation of policy of eliminating the contact between tax payers / representatives like advocate / CA / CS/ ITP and the tax authorities / Assessing officers, the queries of tax authorities have to be replied to ONLY by email. The written submissions would be the basis for acceptance or rejection of claims / contentions of the tax payers.

In this scenario submissions of the assessee have to be comprehensive covering factual aspects as well as legal contentions on the issues raised in the Notice.

Income Tax & Litigation go hand in hand! Litigation begins with the issuance of NOTICE prior to assessment proceedings. If the Reply to the Notice is deficient or lack in any aspect, additions to a tax payer's income or disallowance would become inevitable. This brings the Journey of Litigation to the Second Stage before the Commissioner of Income Tax (Appeal). From here it goes to the Tribunal, followed by the High Court and the Supreme Court of India.

In case of International Taxation or Transfer Pricing case, the journey remains the same except one or two stopovers such as the issue being referred to the TPO or the DRP before the Tribunal comes into the picture.

Income Tax & Litigation go hand in hand! And Litigation begins with the issuance of NOTICE prior to assessment proceedings. If the Reply to the Notice falls short of the Assessing Officers (AOs), additions are made to a taxpayer's income or disallowance beomes inevitable. This brings the Journey of Litigation to the Second Stage before the Commissioner of Income Tax (Appeal). From here it goes to the Tribunal, followed by the High Court and the Supreme Court of India.

WHAT OUR EXPERTS INTEND TO DO?

TIOL has joined hands with several former Revenue officials who have experiences spanning over close to FOUR decades, and gathered in various capacities, including the making of Union Budgets. Based on their hands-on and unique departmental experiences our Experts intend to help Taxpayers or their Counsels / Consultants / CAs etc in the following areas under I-T Act, 1961, Benami Act, Black Money Act & FEMA / PMLA:

A) Drafting Reply to Notices for Scrutiny Assessments, hearing of appeal or reply to show cause notices under different laws mentioned above;

B) Vetting of Reply drafted by the querist;

C) Determination of tax implications on any proposed corporate transactions or business deals or corporate restructuring or M&A or Demerger etc

D) Preparation of Appeal Papers for CIT(A) or DRP or Tribunal

E) Vetting of Appeal Memos prepared by the queries;

F) Settlement Commission - Petition related matters;

F) Any another Advisory support under different tax statutes as may be needed.

WHAT OUR EXPERTS DO NOT INTEND TO DO

No appearance before the Department Officers, CIT(A) and Tribunal. However, representations by practicing advocates / CA may be made available, if required, to be engaged directly by the querist.

WHO ARE OUR EXPERTS?

1) Mr Rajnish Kumar, Former Principal Chief Commissioner of Income Tax

2) Mr Anand Kishore, Former Chief Commissioner of Income Tax & Former Member of PMLA Tribunal

3) Mr N L Kalra, Former Member, Income Tax Appellate Tribunal

4) Mr Satbir Singh, Former Chief Commissioner of Income Tax

5) Mr Vijay Bahadur Singh, Advocate, Bombay High Court. He specialises in PMLA cases.

Besides these senior officers, we also have some former CCITs and Professionals like Advocate and CAs in our Team to assist you.

CONSULTATION FEE

This is to be decided after discussion with the querist or his/her representative on a case to case basis.

FOR FURTHER GUIDANCE

Please contact:

1) Richa Nigam: 9873983092

2) Shikha Choudhary: 7838594748

OR, drop us a mail at tiolllp@tiol.in