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Home Newsletters Index Year 2018 January Day 18 - Thursday
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TMI Updates - Newsletter dated: January 18, 2018

Case Laws in this Newsletter:

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


  1. Income Tax : Income from house property - unsold inventory of built- up residential houses/flats - the properties held as stock in trade will be taxable under the notional annual letting value method prescribed u/s 23(1)(a) - HC

  2. Income Tax : TDS liability - There was and still is no obligation on the part of the appellant’s said branch to deduct tax while making interest remittance to its head office or any other foreign branch. The permanent establishment and the head office have to be taken as separate entities for all purposes. - Tri

  3. Income Tax : The free sample of medicine is only to prove the efficacy and to establish the trust of the doctors on the quality of the drugs. This again cannot be reckoned as freebies given to the doctors but for promotion of its products. - expenses allowed - Tri

  4. Income Tax : Penalty u/s 271D and 271E - the transaction between son and father and wife and husband, for giving a support and help, in law, is not a loan or deposit in stricter sense of section 269SS of the Act and it is only a financial support - no penalty - Tri

  5. Income Tax : Taxability of supply of software - the receipts from supply of software are not taxable in the hands of Intec–Ireland as Royalty under new Ireland tax treaty. Intec-Ireland does not have PE in India and accordingly amounts received by Intec-Ireland towards supply of software are not liable to tax in India. - Tri

  6. Income Tax : Nature of income - salary income or busniss income - the assessee has only Business Income and not Salary Income, hence, the professional contracts carried on by assessee are treated as ‘contract for service’ and not ‘contract of service‘ - Tri

  7. Income Tax : Disallowing the claim of bad debts written off in respect of debts pertaining to Jute division - the assets of jute division representing sundry debtors had been merged with the sundry debtors of tea division of the assessee company - assessee is entitled for deduction u/s 36(1)(vii) - Tri

  8. Income Tax : The surrendered value of keyman insurance policy received during the previous year had also to be considered as part of the composite income on which Rule 8 has to be applied - Tri

  9. Income Tax : When it stands established that the visits of the actors, celebrities and VIPs to the matches staged by the assessee was a part of the business strategy of the assessee to generate more revenues, therefore, what quality of security cover was required to be provided to the aforesaid persons remained within the exclusive realm of the wisdom of the assessee and the A.O could not guide him as to the nature of the security cover - Tri

  10. Income Tax : Receipt on account of electricity duty exemption as capital receipt. Hence, the same cannot be brought to tax in the hands of assessee company under the normal computational provisions as well as while determining the books profits u/s 115JB - Tri

  11. Income Tax : TDS liability on education cess and higher education cess - assessee’s claim of deduction on account of education cess (EC) & secondary and higher education cess (SHEC) on income tax & dividend distribution tax as eligible revenue expense u/s 37- Tri

  12. Income Tax : Addition on account of prior period expenditure - deducting prior period income From prior period expenditure is against well settled principles of law. - Tri

  13. Customs : Sub: Clearance of Baggage at Unaccompanied Baggage Centre, (Speedy CFS), J.N.Custom House, Nhava Sheva-reg. - Trade Notice

  14. Customs : Refund of SAD - filing the refund application filed after one year from the date of import as prescribed under the said Notification is barred by limitation - Tri

  15. Customs : Focus Product Scheme (FPS) - exports of industrial valves - it would be difficult to accept that the intention of the Central Government was to not grant export incentives to industrial valves and restrict the same only to valves used in bicycles for a short intervening period. - HC

  16. Central Excise : Area based exemption - appellant is not entitled to claim the CENVAT Credit on the basic excise duty paid on the raw materials for payment of NCCD and the cesses. - HC

  17. Central Excise : Benefit of N/N. 108/1995-CE dated 28.08.1995 - The department allowed clearance of the goods without any murmur on the validity of the certificate. The department cannot later turn around to deny exemption by interpreting Explanation 2 to the effect that the exemption is not available if the goods are withdrawn from project site. - Tri



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