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R N Marwah & Co The Velocity of Risk In a time of instant crises, internal auditors and their stakeholders need a sense of urgency to identify and manage risk. RNM ALERT A MONTHLY R N MARWAH & NEWSLETTER CO. LLP www.rnm.in PUBLICATION VOL NO 123 RNM MONTHLY, APRIL 2019 EDITORIAL TEAM R N MARWAH & CO. LLP RNM ALERT R N MARWAH & CO LLP W: www.rnm.in E: [email protected] T: 011 - 43192000 AUDIT & ASSURANCE TAX & REGULATORYNkdckjksj k j vcjjvjasvjjjjavjvn Welcome Readers, CORPORATE & LEGAL Dear Readers, CORPORATE The month of April 2019 saw voting in India in large parts with widespread voter participation in a FINANCE true strength of India‘s democratic fabric. Team RNM urges all of you to exercise your franchise by voting. On a separate note, Team RNM offers its condolences to the victims of Cyclone storm ‗Fani‘ which has hit the eastern coast of India and left large devastation in its wake. The new GST changes in Real Estate sector which have kicked in from April 1, 2019 have far reaching Content: impact in trying to incentivize the flagging fortunes of this important sector of the economy. 1.5% rate is now applicable on Affordable Residential Apartments and 7.5% rate is applicable to Other than WELCOME Affordable Residential Apartments and Commercial Apartment. The said rates come with certain Message by our safeguards and existing projects as on 31.3.2019 have the option of going with old rates of 8% or 12% Managing partner with input tax credits or new rates without input tax credit. 03 DIRECT TAX Corporate Legal Department has been busy this past month with the new changes introduced. A Direct tax case laws training workshop was also organized on the ‗New Compliances under Companies Act, 2013 for FY 2019-20‘ which was well received. The ICSI has also issued a new Guidance Note on Related party 08 INDIRECT TAX Goods & Services tax Transactions which shall go a long way in maintaining good corporate governance standards. cases The Tax Department has been busy analyzing the CBDT proposal for amendment of rules for profit 13 CORPORATE attribution to Permanent Establishments (PE). In cases where business connection or PE is established, LEGAL Law updates profits of the entity in India are taxable to the extent the same are attributable to the operations carried out in India. Quantification of the attribution under Rule 10 has always led to discretion and a lack of 20 CORPORATE uniformity of approach. Team RNM is of the view that such rules would reduce litigation and FINANCE improve ease of Doing Business in India and is therefore a welcome step. Transactions 33 INTERNAL AUDIT We would like to take this opportunity of wishing all our esteemed readers a very Happy Budhha Purnima on May 12, 2019! On this day may we take inspirations from the words of Lord Budhha ―Do 37 TAX DIARY not dwell in the past , do not dream of the future, concentrate the mind in the present moment”. Mark Calendar For RNM Alert Editorial Team U.N. Marwah Managing Partner Page 3 DIRECT TAX R N MARWAH & CO LLP W: www.rnm.in E: [email protected] T: 011 - 43192000 2. Section 4: Where in order to set up a joint venture in insurance sector, a foreign company gave capital subsidy to assessee in order to enable it to contribute its share in share capital of joint venture company, amount of subsidy so received was to be regarded as capital receipt not liable to tax. Sundaram Finance Ltd. vs. ACIT (High Court of Madras) (Image credits freepik.com) Trust Taxation DIRECT TAX CASE LAWS 3. Section 11: Exemption u/s 11 allowed for providing plots to EWS category at Judicial Precedents under various affordable rates being a 'charitable sections of Income Tax Act, 1961 (Act) activity' within meaning of section 2(15). Charge of Income Tax Bangalore Development Authority vs. 1. Section 4: Whether where incentives by ACIT(ITAT Bangalore Bench 'B') way of excise duty refund and sales tax incentives were given to assessee to Profits and gains of business and encourage setting up of new industrial profession unit in area which was devastated by 4. Section 40a(ia): Disallowance of earthquake, impugned Central excise expense for TDS default shall be made benefit and sales tax incentive received even if payment is made by other by assessee were capital receipts not person on behalf of assessee. exigible to tax. ACIT vs. Hiravati Marine Products (P.) Ltd. (ITAT Rajkot Bench) Welspun India Ltd. v. DCIT (ITAT Mumbai Bench 'G') 5. Section 40a(ia)/194H: Where assessee, which was selling travel products, paid fees to banks for providing payment the entire purchase amount cannot be gateway facility, same could not be added. The addition has to be restricted treated as commission or brokerage; to the extent of the Gross Profit rate on hence, not liable to tax under section purchases at the same rate of other 194H. genuine purchases. PCIT vs. Make My Trip India (P.) Ltd. PCIT vs. Mohommad Haji Adam (High Court of Delhi) (Bombay High Court) Income from other sources Transfer Pricing 6. Section 56(2)(viib)/Rule 11UA: Where 8. Section 92C: No addition could be made The fact that the company is loss- to assessee's ALP on basis of internal making does not mean that shares CUP method where intra AE cannot be allotted at premium. The DCF transactions were fundamentally method is a recognized method though different in character and same could it is not an exact science & can never be not be compared with independent done with arithmetic precision. The fact transactions. that future projections of various factors Gulbrandsen Chemicals (P.) Ltd. vs. made by applying hindsight view DCIT (Ahmedabad - Trib.) cannot be matched with actual performance does not mean that the 9. Section 92C: Company providing DCF method is not correct. The fact that support services to its Associated future projections of various factors Enterprise couldn't be compared with a cannot be matched with actual company doing World Bank sponsored performance does not mean that the projects. DCF method is not correct. DCIT vs. Terex India (P.) Ltd. (ITAT India Today Online Pvt. Ltd vs. ITO Delhi Bench 'I-2') (ITAT Delhi) Determination of tax in certain special Cash Credits cases 7. Section 68/69: Where revenue 10. Section 115BBE: Amendment made to authorities had not disputed the section 115BBE w.e.f. 1-4-2017 denying assessee's sales & there was no set off of losses is prospectively discrepancy between purchases and applicable; assessee could claim set off sales, the purchases cannot be rejected of losses, both current and brought without disturbing the sales in case of a forward, against its business income as trader. Even if the purchases are bogus, well as deemed income under sections 68 to 69C in assessment year‘s prior to Income Escaping Assessment 1.4.2017. 13. Section 148: Where Assessing Officer Famina Knit Fabs vs. ACIT (ITAT did not furnish reasons for issuing Chandigarh Bench 'A') reassessment notice so as to enable assessee to file objections and passed Minimum Alternate Tax reassessment order without hearing 11. Section 115JB: Where, on assessee, it would be a breach of amalgamation, assessee acquired shares principles of natural justice against held by amalgamating company and which writ petition could be filed before same were revalued on basis of fair High Court. market value (FMV), since such North Eastern Electric Power revaluation was mandated by order of Corporation vs. PCIT (High Court of High Court approving amalgamation Meghalaya) scheme, difference arising between book Rectification of mistake value of shares shown in books of 14. Section 154: Where Assessing Officer amalgamating company and FMV of failed to apply binding precedent that shares which formed capital reserve of blending of tea leaves was not assessee, could not be added while manufacturing or production activity computing book profit under section and had wrongly allowed deduction 115JB. under section 80-I, same being an error Priapus Developers (P.) Ltd. vs. ACIT apparent on face of record, assessment (ITAT Delhi Bench 'F') order was to be rectified under section Method of Accounting 154. 12. Section 145: In case of hire purchase Hindustan Lever Ltd. vs. JCIT (High Court of Calcutta) transactions, assessee was justified in adopting EMI method for taxability of Penalties interest income in its return even 15. Section 158BFA: In course of block though assessee had adopted sum of assessment proceedings, only when digit method used for accounting in its final determination of income is in books of account on basis of guidelines excess of that returned by assessee issued by ICAI. under section 158BC, there can be a levy Sundaram Finance Ltd. vs. ACIT (High of penalty under section 158BFA. Court of Madras) CIT vs. C. Najeeb [2019] 104 taxmann.com 250 (Kerala High Court) Other Important Direct Tax Updates Commission‖ for exemption under section 10(46). 16. CBDT Press Release Dated 22-4-2019 The Delhi unit of the Directorate 18. Circular No. 7/2019 General of Income-tax (investigation) [F.NO.370142/17/2018-TPL], dated 8-4- had carried out search and seizure 2019 operation in NCR on 07/04/2019 on a The due date for furnishing of report leading Solar Power group based upon under Section 286(4), in respect of credible information. The said search transactions between constituent action has led to detection of large scale subsidiaries of US parent co., has been tax evasion of more than Rs. 1350 Crore. extended by the CBDT for reporting accounting years ending up to April 29, 17.
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