One stop solution for GST, Income Tax, FEMA, SEZ, Import-Export and Corporate Laws in India, a useful portal for Professionals, trade and Industry

Tax Management India. Com
Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com

Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles

Share:

A: CAPSULE SHELL – A DRUG?

F: ITC OF PLYWOOD AND HARDWARE ITEMS

F: Igst on cif or fob value

F: ITC for FY 2017-18

Finance Commission meets with Ministry of Electronics and Information ...

Competition Commission of India (CCI) celebrates its 10th Annual Day o...

Amendment of Form No 10B of the Income-tax Rules, 1962- Draft notifica...

A: Relief for importers as Gujarat HC Stays IGST levy on Ocean Freight

F: ITC on Furniture

H: Deduction u/s 80P (2) - scope of introduction of sub-section (4) Prima...

H: Disallowance of deduction u/s 80JJAA - employment equal to or more tha...

H: Treatment of loss from share trading - The specific admission of the a...

H: Treatment of loss from share trading - speculative loss OR business lo...

H: Foreign tax credit u/s 91 - Section 6(6) carves out another category o...

H: Revision u/s 263 - there is no finding that the GTD activity expenses ...

H: Exemption 10(37) - consideration of CBDT circular No.36 of 2016 and Ci...

H: Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes esti...

H: Valuation of imported goods - rejection of declared value - The mandat...

H: Valuation of imported goods - rejection of declared value - Formation ...

H: Condonation of delay in filing appeal - Section 85(3A) of the Finance ...

H: CENVAT Credit - no service tax on residential accommodation - When ser...

H: Demand of service tax - brokerage received on IPO related service - Bu...

H: Clandestine removal of goods - the duty could not be demanded on the r...

H: Clandestine removal - Bags and Soft Luggage items - bags were not seiz...

H: Imposition of safeguard duty - imports of Solar Cells - the balance of...

H: Reduction of claim - existence of dispute between the Corporate Debtor...

H: Reverse charge - import of services or reimbursement of various expens...

H: Export of Services - intermediary service or not - the services provid...

H: CENVAT Credit - input services used in ‘setting up’ of their office pr...

Jiva Seva is Shiva Seva: Service to humanity is Service to God
Highlights I.Tax: Deduction u/s 80P (2) - scope of introduction of sub-section (4) - Primary Agricultural Credit Society or a Co-operative Bank - AO has to conduct an enquiry into the factual situation as to the activities of the assessee society and arrive at a conclusion whether benefits can be extended or not in the light of the provisions under sub-section (4) of Section 80P I.Tax: Disallowance of deduction u/s 80JJAA - employment equal to or more than 300 days - by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year - second proviso is clarifactory in nature and is intended to remove the anomaly must be given retrospective effect I.Tax: Treatment of loss from share trading - The specific admission of the assessee before the assessing officer assumes significance that share trading is sole business during the assessment year - The assessee made an admission on a statement of fact which in our view, must bind it. - the deeming fiction u/s 73 would be attracted. I.Tax: Treatment of loss from share trading - speculative loss OR business loss - a specific amendment by Parliament in the Explanation to Section 73, insofar as trading in shares is concerned, w.e.f. 01.04.2015. It was intended to take effect from the date stipulated by Parliament - no reason to hold either that it was clarificatory or that the intent of Parliament was to give it retrospective effect I.Tax: Foreign tax credit u/s 91 - Section 6(6) carves out another category of person in ‘Residents’, who is said to be ‘not ordinarily resident’ in India form part of larger group of the persons who are ‘resident’ - section 91 provides relief/deduction of taxes paid with respect to a person who is a ‘resident’ in India - hence credit allowable to resident but not ordinarily resident I.Tax: Revision u/s 263 - there is no finding that the GTD activity expenses were not for furtherance of the aims and objects of the assessee society or that the assessment order is erroneous for any reasons to be recorded by the Ld. CIT(E) - it difficult to sustain the impugned order for want of an enquiry to reach such a conclusion I.Tax: Exemption 10(37) - consideration of CBDT circular No.36 of 2016 and Circular No.11011/30/2015-LA - the department is duty bound to adhere to the instruction of the CBDT while disposing the proceedings before them even if both the circulars, now referred, were not furnished before them by the assessee - restored back to the file of the AO for denovo assessment I.Tax: Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO consider the same as unexplained investment - AO has to reject the books of account and thereafter, he has to estimate the unexplained investment in WIP in the relevant assessment year by following the market price or cost which was lower which the AO has failed to do so - no addition Cus.: Valuation of imported goods - rejection of declared value - The mandate to record reasons at the second stage of enquiry is not expressly stipulated, albeit it has been read by us by implication in Rule 12 - mandate if applied to past cases would possibly lead to complications and difficulties - decision will be applicable prospective - past cases will be decided on a case to case basis Cus.: Valuation of imported goods - rejection of declared value - Formation of belief and recording of reasons as to reasonable doubt and communication of the reasons when required is the only way and manner in which the proper officer in terms of Rule 12 can proceed to make assessment under Rules 4 to 9 after rejecting the transaction value as declared - mandate of Rule 12(2) cannot be ignored or waived S.Tax: Condonation of delay in filing appeal - Section 85(3A) of the Finance Act, 1994 - Once the period of limitation is specifically prescribed in a statute and stipulates the maximum period/extent of delay which can be condoned, it cannot be condoned under Article 226 of the Constitution of India S.Tax: CENVAT Credit - no service tax on residential accommodation - When service tax was collected by service provider even on providing for residential accommodation which is admissibly not subjected to service tax, there is no point in denying benefits of availment of CENVAT credit to the appellant when legality of such collection at the receivers end was not questioned S.Tax: Demand of service tax - brokerage received on IPO related service - Business Auxiliary Services - appellant’s activity is neither covered u/s 65(19)(i) as they are not promoting or marketing or selling any goods nor u/s 65(19)(i) as it is nor rendered in relation to promotion or marketing of service - IPO is only an offer to the prospective buyers - appellant not covered u/s 65(19)- no service tax C.Ex.: Clandestine removal of goods - the duty could not be demanded on the raw material found short during the course of investigation as the same was not manufactured goods by the respondent - the adjudicating authority also failed to prove that the cash recovered was the sale proceeds of clandestine removed goods - no error or illegality in the findings recorded by the Tribunal - No substantial question of law arises C.Ex.: Clandestine removal - Bags and Soft Luggage items - bags were not seized from outside the factory premises or during transit and that were seized from the factory premises - duty is payable only at the time of clearance of goods from the factory and addressing presumptions that they were not accounted with intent to clear without payment of duty is not tenable in law. Cus.: Imposition of safeguard duty - imports of Solar Cells - the balance of convenience lies in favour of the domestic industry. - the domestic industry would suffer irreparable injury if the ad interim relief granted earlier is permitted to continue. IBC: Reduction of claim - 'existence of dispute' between the 'Corporate Debtor' and the 'Operational Creditor' with regard to supply of coal - Since that order attained finality, the duty is cast upon this Applicant to place the invoices before the RP as against the dates and invoices mentioned in the Original Company Petition. S.Tax: Reverse charge - import of services or reimbursement of various expenses incurred to associated group companies abroad - These charges are not reimbursement but payments towards the specific service provided by the overseas group associate company and are not reimbursements - Tax liability under RCM confirmed. S.Tax: Export of Services - intermediary service or not - the services provided by the appellant in respect of the sale of goods of associated group companies cannot be said to be services provided by intermediary as defined in the Rules - Benefit of export allowed. S.Tax: CENVAT Credit - input services used in ‘setting up’ of their office premises - Some of the services undertaken by the Appellant though are in the nature of civil works, but considering with other works it is definitely relate to repair/renovation, modernization of the existing office premises and eligible to CENVAT Credit. S.Tax: CENVAT credit - the insurance policy is not availed under any statutory obligation and it is for the personal consumption of the employee and therefore not eligible for credit. GST: Street lighting services to corporation including operation and maintenance - pure services - notification no. 12/2017-CentraI Tax (Rate) - On the contract, it is clearly specified that all installed equipments constructed or system installed are transferred to BMC in good condition - the activities carried out in the instant case will be considered as a supply of goods - GST applicable I.Tax: Addition u/s 68 - it is contended before AO that advances (cash credit) were made against the purchase of goods - AO and the Appellate Authority have the power of Civil Court u/s 131 including the power to enforce attendance of the witnesses and the parties - If a half-hearted enquiry was made by the AO and additions were made as unexplained cash credits u/s 68 and such finding of facts were reversed by the Appellate Authority, it would not give rise to any substantial question of law u/s 260A I.Tax: Addition on the basis of Peak Credit - unexplained credit entries in the bank account - basis of Peak Credit can be adopted to remove the cascading effect of the unexplained credit entries (both cash deposits and withdrawals) in the bank account - this is a well settled and common principle so adopted - The finding of facts cannot be said to be perverse or illegal in any manner I.Tax: Capital gain computation - determination of the FMV - it is apparent from the report of the Registered valuer that he does not have any authentic basis for the FMV of the land as on the date of conversion and the view taken by the AO in fixing the FMV is equally not proper - remit the matter to the AO for making a reference to the DVO on a rational basis More Highlights Articles ⇒ CAPSULE SHELL – A DRUG? ⇒ Relief for importers as Gujarat HC Stays IGST levy on Ocean Freight ⇒ CLASSIFICATION OF ‘LENO BAGS’ UNDER GST ⇒ STATUTORY DUES AMOUNT TO ‘OPERATIONAL DEBT’ ⇒ TAXABILITY OF ‘RENT’ FOR ‘HEALTH CARE’ SERVICES ⇒ INDIA’S TRADE AGREEMENTS – Potentially unutilized tool to reduce trade tariffs ⇒ HOW YOUR DEBT TO INCOME BECOMES A REPORT CARD FOR YOUR LOANS ⇒ Case Law No GST for Diagnostic Centres ⇒ PAYMENT OF GST THROUGH BOOK ADJUSTMENT ⇒ CLASSIFICATION BASED ON ASSUMPTION AND PREUSMPTIONS More Articles Notifications SEBI - NSE IFSC Clearing Corporation Limited, Gandhinagar for one year, commencing on the 29th day of May, 2019 and ending on the 28th day of May, 2020 SEBI - Central Government determines that the Securities Appellate Tribunal shall consist of a Presiding Officer, one Judicial Member and two Technical Members to exercise the powers and discharge the functions conferred on it under the SEBI Act 1992 Co. Law - Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019 Cus (NT) - Exchange Rates Notification No.37/2019-Custom(NT) dated 16.05.2019 UTGST - Central Government, notifies the constitution of the Appellate Authority for Advance Ruling in the Union territories UTGST - Seeks to amend Notification No. 14/2018-Union territory Tax, dated the 8th October 2018 Cus (NT) - Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver SEZ - Central Government notifies an additional area of 10.178 hectares, as a part of above Special Economic Zone, thereby making total area of the Special Economic Zone as 27.298 hectares at Plot No. 3, Rajiv Gandhi Infotech Park, Hinjewadi, Phase II, Village Marunji, Taluka Mulshi, District Pune in the State of Maharashtra Cus - Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019. Cus (NT) - Appointment of CAA by Pr. DGRI Cus (NT) - Appointment of CAA by Pr. DGRI CGST - Seeks to extend the due date for furnishing FORM GSTR-3B for the month of for the month of April, 2019 for registered persons in specified districts of Odisha till 20.06.2019. CGST - Seeks to extend the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than ₹ 1.5 crores for the month of April, 2019 for registered persons in specified districts of Odisha till 10.06.2019. SEBI - Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2019 SEBI - Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2019 More Notifications Circulars/ Public Notices DGFT - Prohibition on direct or indirect import and export from/to DPRK (Democratic People’s Republic of Korea) in terms of UNSC Resolutions concerning DPRK – Para 2.17 of the Foreign Trade Policy 2015-20 DGFT - Claim of MEIS benefits for exports made to countries in the OFAC List such as Iran and for Vostro payments DGFT - Three months time window for applying for MEIS for Shipping bills with HS Codes which were harmonized and notified under MEIS Appendix 3B, Table 2 after a delay DGFT - Non-requirement of submission of Hard Copy of application at RAs for issue of Advance Authorisation (AA) & EPCG Authorisation DGFT - Administrative Review of Adjudication Orders passed by subordinate officers DGFT - Imports of Maize (feed grade) under the TRQ Scheme for 2019-20. Income Tax - GAAR - reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance - Order under section 119 of the Income-tax Act, 1961 DGFT - Amendment in the Para 3.01(b) of the Handbook of Procedures DGFT - Discontinuing submission of physical copy of RCMCs with effect from 1.7.2019 while filing application for incentives/entitlements under FTP Companies Law - Clarification for form ADT-I filed through GNL-2 under the Companies Act, 2013 DGFT - Registration of contracts for Peas (HS - code 0713 10 00) under Trade Notice No. 25/2018-19 dated 17th August, 2018 DGFT - Low Usage of Self-Ratification scheme under para 4.07 A of the Foreign Trade Policy SEBI - Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by Mutual Funds Central Excise - Extension of time limit for filing of Monthly Return for production and removal of goods and other relevant particulars and CENVAT credit specified in Form ER-1 and specified in ER-2 SEZ - Uniform list of Services to be followed in Special Economic Zones More Circulars News ⇒ Finance Commission meets with Ministry of Electronics and Information Technology ⇒ Competition Commission of India (CCI) celebrates its 10th Annual Day on 20th May 2019 ⇒ Amendment of Form No 10B of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public ⇒ Auction for Sale (Re-Issue) of Government Stocks ⇒ Exchange Rate of conversion of the Foreign Currencies relating to Imported and Export Goods notified ⇒ Finance Commission holds meetings with Finance Ministry ⇒ India’s Foreign Trade: April 2019 ⇒ Project ‘SPARROW-CBIC’ for online writing of Annual Performance Appraisal Report (APAR) in SPARROW (Smart Performance Appraisal Report Recording Online Window) for Group ‘B’ and ‘C’ Officers of Central Board of Indirect Taxes & Customs (CBIC) implemented ⇒ Interest Rate Benchmark Reform Proposed amendments to IFRS 9 and IAS 39 Comments to be received by 17 June 2019 ⇒ Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified ⇒ Workshop on Artificial Bio Organs held in Visakhapatnam ⇒ FAQs on real estate - GST ⇒ FAQs (Part II) on real estate - GST ⇒ Outcome of the WTO Ministerial Meeting of Developing Countries Working collectively to strengthening the WTO to promote development and inclusivity ⇒ Examination for confirmation of enrollment of GST Practitioners to be conducted by NACIN. More News Forum - Popular issues Bill to overseas- ship to india from india (17) Purchase rejection procedure in gst (17) Rule 42 and 43 input credit reversal (13) Gst applicable or not & if yes how (12) Scn time barred (12) Applicability of anti-profiteering (11) Service tax liability on reimbursible expenses (11) Re export of imported goods (11) Dogs security (10) Itc available on materials purchased for making furniture in office (9) Gst on manpower bill (9) Error in submission gstr 1(no action taken on item) (9) Tax on old imported machinery (8) Reversal under rule 42/43 (8) Point of supply (8) Go to Forum Forum - Recent Replied Issues Itc of plywood and hardware items (3) Gst exports (1) Igst on cif or fob value (1) Itc for fy 2017-18 (1) Itc on furniture (4) Dislcosure in gstr-1 and 3b and gstr-9 (1) Gst form no.9 query (2) Ocean freight (6) Itc on bus service (2) Rcm applicability (3) Itc before getting gst registration (7) Availability of meis on export of second hanf machinery etc.... (4) Advance licence of plastic product (3) Advance license - invalidation letter (4) Repair and maintenance in gst (4) Go to Forum

Latest Case Laws


May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||