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Home e-Newsletters Index Year 2019 January Day 14 - Monday

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TMI Tax Updates - e-Newsletter
January 14, 2019

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy PMLA Service Tax Central Excise CST, VAT & Sales Tax Wealth tax Indian Laws



Highlights / Catch Notes

  • GST:

    Refund of integrated tax (IGST) - rejection of application reiterating the deficiencies already pointed out in the deficiency memo, without consideration of the reply of the assesse - Revenue directed to reconsider the application on merit.

  • Income Tax:

    Levu of Fee u/s 234E for late filing of TDS returns - the provisions of Section 234E of the Act imposing a fee for delayed filing of statement of tax deducted at source are not ultravires the provisions of the Constitution.

  • Income Tax:

    Exemption u/s 10AA - The new unit was not formed by transferring any machinery or plant previously used. Fresh investment was made in the new unit. The revenue earning and profits generated were clearly attributable to the new unit - Benefit of exemption allowed.

  • Income Tax:

    Assessment u/s 144C - Definition of ‘eligible assessee’ would equally apply to the proceedings remanded to the Assessing Officer for fresh adjudication when the variation in income or loss returned which is prejudicial to the interest of the assessee arises as a consequence of the order of the Transfer Pricing Officer.

  • Income Tax:

    Rejection of trading results - The observation by the ld. CIT(A) that the brand ‘Reebok’ carries a high premium in the market and, therefore, could not possibly be disposed through street hawkers, merits acceptance.

  • Income Tax:

    Scope of limited scrutiny assessment - the tax cannot be levied on ignorance of law - The correct income has to be assessed and there is no bar for not entertaining the claim/issue raised by the assessee in limited scrutiny proceedings, if the same has been raised by the assessee.

  • Income Tax:

    Disallowance u/s 14A r.w.r. 8D - the amount of expenses represented on account of loss on sale of fixed assets and travelling expenses cannot be linked with the expenses incurred for the purpose of earning the exempted income. - To be excluded while computing disallowance u/s 14A

  • Customs:

    Import of work boat - once the importer satisfies the condition namely, that the vessels have gone back within a period of three months from the date of their importation, then such importer would be eligible for 95% of the import duty as drawback.

  • Customs:

    Demand of duty - non-fulfillment of export obligation - computation of period of limitation - the period of limitation for the purpose of section 28, accordingly shall have to be computed from the date of payment of duty. If that be so the demand has been made within the period of limitation from the relevant date.

  • Customs:

    Imposition of ADD - Alpha Dane Salt - Advance License scheme - The contention of the appellant is not acceptable that the Bond/ LUT executed by them do not cover the anti dumping duty leviable on the imported material at the time of importation/ clearance of the imported material - Demand confirmed, invoking extended period of limitation.

  • DGFT:

    Rationalization of procedures in handling EODC requests under Advance/EPCG Authorizations

  • DGFT:

    Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

  • Indian Laws:

    Dishonor of Cheque - insufficient funds - involvement of the accused/Director of the company in the complaint - vicarious liability u/s 141 - The contentions therein will be the matter of evidence to be tested during trial.

  • IBC:

    Without initiating any ‘Corporate Insolvency Resolution Process’ against the ‘Principal Borrower’, it is always open to the ‘Financial Creditor’ to initiate ‘Corporate Insolvency Resolution Process’ under Section 7 against the ‘Corporate Guarantors’, as the creditor is also the ‘Financial Creditor’ qua ‘Corporate Guarantor’.

  • Service Tax:

    Classification of services - Business Auxiliary Service or not - the appellant had rendered services to the local exporters in the sale of the sea foods and received commission from them - Demand confirmed invoking extended period of limitation.

  • Service Tax:

    Mere non-payment will not be a ground to invoke proviso to Section 73(1) of the Act - there was no material against the respondent for invoking the extended period.

  • Central Excise:

    Valuation - the subsidy has been paid to assessee by the State Government. Only the mode of payment is by way of crediting the sales tax head under VAT challan in favour of the appellant. Thus, it could not be said that the amount is in the nature of additional consideration.

  • Central Excise:

    Manufacture - Gold bars manufactured from the stage of dore bar - “gold mud” having very low percentage of gold “as any form of gold” - The activity is amounts to manufacture. - Demand confirmed invoking extended period of limitation for the period where no exemption was available.

  • Central Excise:

    Valuation - nexus of Fixed Facility Charges with the value of the gases supplied by the appellants to M/s SAIL - the entire issue of costing has to be gone into afresh. The Fixed Facility Charges have to be apportioned properly between the production facilities in the appellant’s factory as well as in the customers’ premises.

  • VAT:

    When a specific finding is rendered by the Assessing Officer on the genuineness of Form-F declaration submitted by the petitioner through online earlier or produced after passing the order of assessment, as bogus, this Court is not inclined to issue any mandamus as sought for in this writ petition.


Articles


Notifications


Circulars / Instructions / Orders


Case Laws:

  • GST

  • 2019 (1) TMI 610
  • Income Tax

  • 2019 (1) TMI 595
  • 2019 (1) TMI 594
  • 2019 (1) TMI 593
  • 2019 (1) TMI 592
  • 2019 (1) TMI 591
  • 2019 (1) TMI 590
  • 2019 (1) TMI 608
  • 2019 (1) TMI 607
  • 2019 (1) TMI 606
  • 2019 (1) TMI 605
  • 2019 (1) TMI 589
  • 2019 (1) TMI 588
  • 2019 (1) TMI 587
  • 2019 (1) TMI 604
  • 2019 (1) TMI 603
  • 2019 (1) TMI 602
  • 2019 (1) TMI 601
  • 2019 (1) TMI 600
  • 2019 (1) TMI 599
  • 2019 (1) TMI 586
  • 2019 (1) TMI 585
  • 2019 (1) TMI 598
  • 2019 (1) TMI 609
  • 2019 (1) TMI 584
  • 2019 (1) TMI 583
  • 2019 (1) TMI 582
  • 2019 (1) TMI 597
  • 2019 (1) TMI 581
  • 2019 (1) TMI 580
  • 2019 (1) TMI 596
  • Customs

  • 2019 (1) TMI 575
  • 2019 (1) TMI 574
  • 2019 (1) TMI 573
  • Insolvency & Bankruptcy

  • 2019 (1) TMI 579
  • 2019 (1) TMI 577
  • 2019 (1) TMI 578
  • 2019 (1) TMI 576
  • PMLA

  • 2019 (1) TMI 572
  • Service Tax

  • 2019 (1) TMI 568
  • 2019 (1) TMI 567
  • 2019 (1) TMI 566
  • 2019 (1) TMI 565
  • 2019 (1) TMI 569
  • 2019 (1) TMI 564
  • Central Excise

  • 2019 (1) TMI 563
  • 2019 (1) TMI 562
  • 2019 (1) TMI 561
  • 2019 (1) TMI 560
  • 2019 (1) TMI 559
  • 2019 (1) TMI 558
  • 2019 (1) TMI 557
  • 2019 (1) TMI 556
  • CST, VAT & Sales Tax

  • 2019 (1) TMI 555
  • 2019 (1) TMI 554
  • Wealth tax

  • 2019 (1) TMI 553
  • Indian Laws

  • 2019 (1) TMI 571
  • 2019 (1) TMI 570
 

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