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Home Newsletters Index Year 2018 January Day 19 - Friday
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TMI Updates - Newsletter dated: January 19, 2018

Case Laws in this Newsletter:

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



Highlights

  1. GST : GST Council discusses making return filing process simpler

  2. Income Tax : Addition on account of capital introduction by one of the partner of the firm u/s 68 - no addition can be made with regard to the partner’s capital introduction in the hands of the partnership firm - HC

  3. Income Tax : Addition u/s.115JB under the head ‘provision set aside for diminution in the value of investment holding that the same are not in the nature of provision only.” - MAT - The assessee had credited the difference between the sale price and fair value as on 31.03.2008 to Profit & Loss Account and not the difference between sale price and its cost. - No additions - Tri

  4. Income Tax : Disallowance as the overloading charges - Railway Punitive Charges - payments made to the railways for overloading of the wagons is compensatory in nature and cannot be disallowed under Explanation to Section 37(1) of the Act. - Tri

  5. Income Tax : TDS u/s 194C - Disallowance u/s 40(a)(ia) - when the amount in question was paid by the assessee to the concerned 3 persons at the fixed rate on monthly basis for the specified services rendered by them, there was bound to be an oral contract on the basis which the services were agreed to be rendered on retainership basis - the amount in question was liable to be disallowed u/s 40(a)(ia) - Tri

  6. Income Tax : Deduction u/s 80P - The assessing officer was not competent and did not possess the jurisdiction to resolve / decide the issue as to whether the assessee was a 'Primary Agricultural Credit Society' or a 'Co-operative bank', within the meaning assigned to it under the provisions of the Banking Regulation Act and to take a contrary view - Tri

  7. Income Tax : Income in the shareholders a/c has to be computed under the normal provisions of the computation of income in Income Tax Act. Royalty paid by the assessee in our view cannot be regarded to be an expense relating to the life insurance business. - Tri

  8. Income Tax : Deduction u/s. 80IC - Thus, the basis for allocation of expenditure without examining the separate books of account by the AO on the facts and circumstances of the case is not called for and same is rejected. - Tri

  9. Income Tax : Deduction u/s 80IB - manufacturing of breads and buns - breads and buns do not qualify as confectionery items and are thus not prohibited to be manufactured by SSI units as per the 11th Schedule of the Act. - Tri

  10. Income Tax : TDS u/s 194C - payments made to developers/contractors by assessee co-operative society - The mere fact that the contractor/developer were required to layout roads and undertake other activities before the delivery of the completed sites cannot be either determinative of the facts or need to mean that the agreements entered into by the assessee society is a composite contract and amounts to a works contract - no TDS liability - Tri

  11. Income Tax : Levy of interest u/s 220(2) - such cash seized/ offered to settle the cash liability, should have been accepted and assessee should be deemed to have made the payment specified in the demand notice within the period of limitation as provided u/s 220(1); and cannot be treated in default for not making the payment - Tri

  12. Income Tax : Disallowance of expenses when the business was not fully functional - - Nowhere in the order of the AO there is a whisper as to how the expenditure is excessive and how the expenditure is not having been incurred for the purpose of business u/s 37(1) or there is a personal expenditure - AO cannot disallow expenditure on estimate basis - Tri

  13. Service Tax : Levy of service tax - reimbursable expenses - Electricity and Water charges - levy of service tax on the reimbursable expenses of electricity charges and water charges is unsustainable and requires to be set aside. - Tri

  14. Central Excise : Attachment of immovable properties - creation of charge on such properties for the recovery of the dues of her husband - if the petitioner is correct in contending that all the four immovable properties were purchased by her from her own source of income, the department cannot carry out coercive recovery against such properties merely because her husband died leaving behind sizable departmental dues - HC

  15. Central Excise : Classification of goods - Automatic Taps - Urinals and WC Flushing Systems - classified under CETH 854390 or under CETH 90328910? - The goods manufactured are in the nature of instruments/ apparatus for automatically controlling of the flow of the fluid. Hence, these are most appropriately classifiable under CETH 9032 - Tri

  16. Central Excise : CENVAT credit - Capital goods - the Railway siding was laid down from the factory premises up to the Railway station, which is necessary for inward transportation of the inputs and outward transportation of their final product - the pre-stressed cement sleepers are Cenvatable items - Tri

  17. Central Excise : Valuation - amortization of cost of patterns - appellants amortized the entire cost of these patterns against the first Purchase Order for supply of 75 pieces of the castings - The department entertained the view that appellant ought to have amortized the cost of patterns against supply of all castings manufactured using the patterns - demand confirmed - Tri

  18. VAT and Sales Tax : Lapses and failures on the part of authorities - If the contention and the pleas of the petitioner are rejected, they can be burdened with tax, interest and penalty. However, there is no provision in the Act under which the authorities can be burdened with any penalty or costs for the wrongs committed by them in violation of the provisions of the Act. - we are inclined to impose penalty in form of costs of ₹ 50,000/- on the respondents (officers) - HC


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