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Home e-Newsletters Index Year 2017 January Day 19 - Thursday

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TMI Tax Updates - e-Newsletter
January 19, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Protective assessment - Double addition - the fact that a protective assessment has been completed against the assessee’s wife does not ipso facto mean that assessment of such items of assets at the hands of the assessee is unsustainable. - HC

  • Income Tax:

    Treatment to issuance of CCDs as a loan - TPA - issuance of CCDs was denominated in Indian Rupees and not foreign currency. Therefore, TPO has erred in considering LIBOR as benchmark rate which is in complete contradiction to the principles on the issue. - AT

  • Income Tax:

    Adjustment arrived by TPO in respect of notional interest - buyback of shares - assessee had given justification of the buy-back price by pointing-up the NAV of the investee company on the date of buy-back, which was much lower than buyback price - CIT(A) has made no mistake in deleting the addition - AT

  • Income Tax:

    Penalty u/s 271(l)(c) - it is a case where the hypothesis of there being a concealment of income and there not being concealment of income are equal - no penalty - AT

  • Income Tax:

    Exemption U/s 11 and 12 - non charitable activities - receipt of rent - the dominant motive in this case is not earning profit but to do charity in the form of public service by providing accommodation to the common man at affordable rates - benefit of exemption allowed - AT

  • Income Tax:

    Eligibility to claim of deduction u/s 5F - even though the property was registered in the name of assessee’s wife and daughter in law the deduction as claimed by the assessee u/s 54F is to be allowed. - AT

  • Income Tax:

    Validity of reopening of assessment - The allegation is of bogus loss from brokers by client code modification being booked in the accounts - such loss was not placed before the AO for consideration - reopening sustained - HC

  • Income Tax:

    TDS u/s 194I - Passenger Service Fees (PSF) - PSF paid by the asssessee to the airport operators was not covered under the definition of rent given in the Explanation (i) to Section 194-I - HC

  • Income Tax:

    Estimation of profit @ 8% on the alleged bogus purchases - the assessee has failed to prove beyond doubt that the purchases made from the concerned parties are genuine, there is no other option but to estimate the profit element embedded in the bogus purchases - AT

  • Income Tax:

    Revision u/s 263 - nature of modification and improvement expenditure leasehold Workshop - the observation of the CIT that said expenditure is capital in nature (not Revenue in nature) and eligible for Depreciation is correct - AT

  • Central Excise:

    Valuation - the goods were partly sold at factory gate and duty was paid. Remaining goods were transferred to the Depot. Therefore, Rule 7 of Central Excise (Valuation) Rules, 2000, is not applicable in the instant case - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (1) TMI 894
  • 2017 (1) TMI 893
  • 2017 (1) TMI 892
  • 2017 (1) TMI 891
  • 2017 (1) TMI 883
  • 2017 (1) TMI 890
  • 2017 (1) TMI 889
  • 2017 (1) TMI 903
  • 2017 (1) TMI 900
  • 2017 (1) TMI 896
  • 2017 (1) TMI 888
  • 2017 (1) TMI 887
  • 2017 (1) TMI 885
  • 2017 (1) TMI 881
  • 2017 (1) TMI 886
  • 2017 (1) TMI 882
  • 2017 (1) TMI 899
  • 2017 (1) TMI 902
  • 2017 (1) TMI 884
  • 2017 (1) TMI 879
  • 2017 (1) TMI 901
  • 2017 (1) TMI 898
  • 2017 (1) TMI 897
  • 2017 (1) TMI 895
  • 2017 (1) TMI 880
  • Customs

  • 2017 (1) TMI 869
  • Corporate Laws

  • 2017 (1) TMI 866
  • 2017 (1) TMI 865
  • Service Tax

  • 2017 (1) TMI 877
  • 2017 (1) TMI 876
  • 2017 (1) TMI 878
  • Central Excise

  • 2017 (1) TMI 871
  • 2017 (1) TMI 872
  • 2017 (1) TMI 875
  • 2017 (1) TMI 874
  • 2017 (1) TMI 873
  • 2017 (1) TMI 870
  • CST, VAT & Sales Tax

  • 2017 (1) TMI 867
  • 2017 (1) TMI 868
  • Indian Laws

  • 2017 (1) TMI 863
  • 2017 (1) TMI 864
 

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