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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 January Day 22 - Monday
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TMI Updates - Newsletter dated: January 22, 2018

Case Laws in this Newsletter:

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



Highlights

  1. Income Tax : Applications seeking exemption u/s 80G(5)(vi) - at the time of granting approval under Section 80G, what is to be examined is the object of the trust and so far as the aspect of income is concerned, same can be very well examined by the AO at the time of framing assessment. - The 80G(5) subsists the 12AA so far as examination of charitable nature of objectives is concerns. - Tri

  2. Income Tax : Treatment given to the rental income - assessee was not the owner of the premises - The objects of the company must also be kept in view to interpret the activities - Thus no hesitation to treat the rental income received by the assessee in the instant case as business income. - Tri

  3. Income Tax : Disallowance of advance given to employees being written–off - Except furnishing the name of some persons with amounts written against their names no other details or supporting evidence have been produced by the assessee to demonstrate advancement of money to the concerned persons. No supporting bills / vouchers have been produced - additions confirmed - Tri

  4. Income Tax : The payments received by the Applicant for rendering lighting and searchlight services to OCCG, would be taxable in India, under the provisions of the Income tax Act 1961. - AAR

  5. Income Tax : The gains arising from the alienation of shares of Bock GmbH, on account of its acquisition by GEA Refrigeration Technologies GmbH, the Applicant, shall not be taxable in India - No TDS liability u/s 195 - AAR

  6. Income Tax : Income taxability in India - even if for the sake of argument, it is assumed that MFPM has a business connection in India, it cannot be said that the income is deemed to accrue or arise in India as per Section 9(1)(i) of the Act, as no part of the income earned by MFPM from sale of equipment in India is attributable to the operations carried out in India - AAR

  7. Income Tax : Deduction u/s 54 eligibility - Applicant was entitled to the benefit provided by section 54, on account of his investment in a residential house in London, out of the capital gains arisen in India - prior to the prospective amendment made w.e.f 01.04.2015 by the Finance Act, 2014. - AAR

  8. Customs : SUB : Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 - reg. - Trade Notice

  9. Customs : Sub : Discontinuation of Printing of EP copy of the Shipping Bill –reg. - Trade Notice

  10. Customs : Subject: Removal of goods from a Customs Station-instructions regarding affixation of one-time-lock, movement of ISO Tank Container from Customs Station to Warehouse under Customs Punch Seal - Trade Notice

  11. Customs : Applicable Rate of Duty - date of presentation of Bill of Entry - the importer had filed all the relevant particulars on 07.11.2017 itself, it was on account of the system related fault, the bill of entry got generated on 08.11.2017 - in the light of Section 15 of the Customs Act, 1962, the rate of duty applicable to the import in question will be the one that obtained on 07.11.2017 - HC

  12. Customs : Revocation of CHA License - Since the charge of negligence and nonadherence to the Regulations insofar as failure to fulfill and discharge the responsibilities has been proved, the penalty of revocation of license for a period of five years is justified - HC

  13. DGFT : Export Policy of Onions- Imposition of Minimum Export Price (MEP) - Notification

  14. Companies Law : Provision relating to Nidhis and its application, etc. - a declaration of mutual benefit societies and with Nidhi companies - Section 406 of the Companies Act, 2013

  15. Companies Law : Fee for filing, etc. - Amendments to bring more clarity with respect to late filings of documents under sections 89, 92, 117, 121, 137 and 157 and defaults in filings, consequences, etc. - Section 403 of the Companies Act, 2013

  16. Companies Law : Application of sections 34 to 36 and Chapter XX - closure of the place of business of a foreign company in India - limited application - Section 391 of the Companies act, 2013

  17. Companies Law : Application of Act to foreign companies - amendments to bring clarity with respect to applicability of provisions of the Act to foreign companies - Section 379 of the Companies Act, 2013

  18. Companies Law : Obligations of companies registering under this Part - Upon registration as a company under this Part a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 shall be deemed to have been dissolved under that Act without any further act or deed - Section 374 of the Companies Act, 2013

  19. Companies Law : Allows conversions into companies from partnership firms, etc. with two or more members provided that in case of less than seven members the conversion would be into a private company - Section 366 of the Companies Act, 2013

  20. Companies Law : Valuation by registered valuers - registered valuer shall not undertake valuation of any asset in which he has direct or indirect interest three years before appointment as valuer or three years after valuation of assets - Section 247 of the Companies Act, 2013

  21. Companies Law : Purchase of minority shareholding - Clarification amendment - for the words, "transferor company", the words "company whose shares are being transferred" substituted - Section 236 of the Companies Act, 2013

  22. Companies Law : Copy of inspectors report shall be made available only to members, creditors or any other person whose interest is likely to be affected - Section 223 of the Companies Act, 2013

  23. Companies Law : Central Government may appoint inspectors for determining true persons who have or had beneficial interest in shares of a company or who are or have been beneficial owners or significant beneficial owner of the company - Section 216 of the Companies Act, 2013

  24. Companies Law : Central Government or company to fix limit with regard to remuneration - the words "Central Government" omitted - Section 200 of the Companies Act, 2013

  25. Companies Law : Calculation of profits - requirement of not giving credit for profits on sale of shares or debentures for calculation of profit shall not apply to investment companies - Section 198 of the Companies Act, 2013

  26. Companies Law : Responsibility of Auditor to make a statement as to whether the remuneration paid by the company to its directors is in accordance with the provisions of this section, whether remuneration paid to any director is in excess of the limit laid down under this section and give such other details as may be prescribed - Section 197(16) the Companies Act, 2013

  27. Companies Law : Payment of managerial remuneration in excess of prescribed limits - requirement of obtaining approval of Central Government done away with, subject to special resolution and other conditions - Section 197 the Companies Act, 2013

  28. Companies Law : Appointment of managing director, whole-time director or manager - a person who has attained the age of seventy years - special resolution even if not passed, votes cast in favour of the motion exceed the votes, if any, cast against the motion, Central Govt. may approve the appointment - Section 196 the Companies Act, 2013

  29. Indian Laws : Arbitration - Once it is established that the party was justified in terminating the contract on account of fundamental breach thereof, then the said innocent party is entitled to claim damages for the entire contract, i.e. for the part which is performed and also for the part of the contract which it was prevented from performing - SC

  30. Insolvency and Bankruptcy : On a query as to why the Petitioner chose not to approach the NCLT, the response was that the Petitioner wanted to be governed by the repealed Act, i.e., SICA and not in accordance with the Code as provided for under Section 4(b). Such a submission lacks any legal basis and is liable to be rejected. - HC

  31. News : Defaulter of Income Tax TDS arrested and sent to jail by ​the ​Tis Hazari Court

  32. Central Excise : Valuation - the appellant has acted as a job worker - the mischief of Rule 10A of the Valuation Rules becomes applicable - the goods are required to the valued on the basis of the price at which the principal manufacturer sells such goods from their depot - Tri

  33. VAT and Sales Tax : Recovery of dues of the Company from the Directors - Petitioners cannot be held automatically responsible for outstanding dues unless the responsibility of the director was fixed after lifting the veil. Further, the company is not under liquidation. - HC

  34. VAT and Sales Tax : Rate of tax on mobile charger - The charger is admittedly neither classified nor priced separately on the package. It is also not invoiced separately. The MRP is of the composite package - Revenue therefore cannot be permitted to split the value of the commodities contained therein and tax them separately. - HC


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