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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 January Day 23 - Tuesday
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TMI Updates - Newsletter dated: January 23, 2018

Highlights

  1. Income Tax : An individual, who holds a bachelor degree from a recognised Indian University or institution, or has passed the intermediate level examination conducted by the ICAI or the ICSI or the ICMAI, shall be eligible to act as Tax Return Preparer

  2. Income Tax : Perquisite in lieu of salary u/s 17(2)(iii) - difference in value between stamp duty valuation and actual sale value - Merely because the assessee happens to be a director of the company, provisions of section 17(2)(iii) of the Act cannot be applied to the assessee without establishing the fact that the assessee is an employee of the company and the benefit given is in the nature of salary. - Tri

  3. Income Tax : Deduction u/s.80IB(10) - The joint venture was merely used as conduit to facilitate execution of housing project work, the actual work was done by the two members of JV. All the expenditure for the execution of project was incurred by the individual members and not the joint venture. Therefore, the deduction was rightly claimed by the members - Tri

  4. Income Tax : Addition u/s 68 - genuineness of share transactions - For the only reason that the payment of purchase has been made after a lapse of 9 months cannot render the purchase as non genuine unless and otherwise any material is brought on record which could negate this fact. - Tri

  5. Income Tax : Disallowing contribution to gratuity fund - Once the provisions of contribution to gratuity fund are specifically covered by Section 36(1)(v), as is the admitted position on the facts of the case, section 37(1) can obviously not have any application - Tri

  6. Income Tax : Nature of receipts - royalty / FIR or reimbursement of expenses - The appellant is merely arranging Corporate IT services. The payments are received for such services and not for the right to use of equipment (hardware or software) - Such payments were not in the nature of royalty or FIS - Tri

  7. Income Tax : Penalty u/s 271(1)(c) - Though section 69B is a deeming fiction but in the matter of penalty proceedings, such deeming fiction cannot be extended so as to hold assessee guilty of concealment of income or furnishing of inaccurate particulars when the addition on account of deeming fiction is based on some kind of estimate given by a Govt. Valuer. - Tri

  8. Income Tax : If the partners of the firm are aggrieved by the reopening of the assessment in their hands, it is for the partner to challenge the same in appropriate forum. - Tri

  9. Income Tax : Eligibility to deduction u/s 54B and u/s. 54F - assessee has not deposited the net sale consideration in the capital gain account - belated investment - beyond the due date specified u/s 139(1) but within the date specified u/s 139(4) - benefit of deduction allowed - HC

  10. Customs : Classification of goods - Optical Fibre Cables (OFC in short) imported by Vodafone Group of Companies and used in Telecommunication are not classifiable under Customs Tariff Heading 8544 and they would fall under customs Tariff Heading 9001. - Tri

  11. Customs : Penalty on CHA u/s 114 (iii) of CA, 1962 - It has been alleged that appellants were one of the three CHAs whose services were utilized in filing the shipping bills of the fictitious export firms - Penalty reduced

  12. Companies Law : Delegation by Central Government of its powers and functions - Consequential amendment since section 194 and section 195 relating to forward dealing and insider trading omitted - Section 458 of the Companies Act, 2013

  13. Companies Law : Punishment for fraud - to bring thresholds with respect to compounding provisions relating to fraud without imprisonment - Section 447 of the Companies Act, 2013

  14. Companies Law : Lesser penalties for One Person Companies or small companies - lesser penalties (not be more than one-half) for one person companies and small companies - Section 446B of the Companies Act, 2013

  15. Companies Law : Factors for determining level of punishment - New Section 446A of the Companies Act, 2013

  16. Companies Law : Compounding of certain offences - to enable Tribunal to compound offences punishable with fine only or with fine or imprisonment or both - Section 441 of the Companies Act, 2013

  17. Companies Law : Transitional provisions - till the time a Special Court is established, the trial of offences shall be continued with Court of Session or Court of Metropolitan Magistrate or a Judicial Magistrate of the First Class - Section 440 of the Companies Act, 2013

  18. Companies Law : Offences to be non-cognizable - to include member along with shareholders in respect of complaint with respect to taking cognizance of offences under the Act by the Court - Section 439 of the Companies Act, 2013

  19. Companies Law : Application of Code to proceedings before Special Court - Amendment as a consequence of amendments to section 435 - Section 438 of the Companies Act, 2013

  20. Companies Law : Establishment of Special Courts - to include appointment of Metropolitan Magistrate or a Judicial Magistrate of the First Class by Central Government in Special Court in case of offences punishable under the Act with imprisonment of not more than two years - Section 435 of the Companies Act, 2013

  21. Companies Law : Selection of Members of Tribunal and Appellate Tribunal - to align with Supreme Court directions - Section 412 of the Companies Act, 2013

  22. Companies Law : Qualifications of Chairperson and Members of Appellate Tribunal (NCLAT) - eligibility for technical members with Supreme Court directives with respect to qualifications of Technical Member - Section 411 of the Companies Act, 2013

  23. Companies Law : Constitution of Appellate Tribunal - Jurisdiction extended to hear the appeal against the order of National Financial Reporting Authority (NFRA) - Section 410 of the Companies Act, 2013

  24. Companies Law : Qualification of President and Members of Tribunal (NCLT) - to provide for eligibility for technical members with Supreme Court directions - Section 409 of the Companies Act, 2013

  25. Central Excise : Rebate of duty - export of goods - bank realization certificate has no link with the factum of export of the goods and non-submission of the same cannot be made, the basis for denial of the rebate of duty on the exported goods. - Tri

  26. Central Excise : Manufacture - ore concentrate - various processes such as crushing, screening, sorting by hydraulic machines and washing with high pressure water was performed by machines - processes undertaken by the appellant will incur the mischief of Chapter 4 and Excise duty will be payable by the appellant - Tri

  27. Central Excise : CENVAT credit - the activities of the assessee at the two separate premises in question were clearly interlinked. 'Factory' under Section 2(e) of the Act, means any premises where part of manufacturing processes connected with the production of goods is carried on - Tribunal has made no error in allowing the assessee to utilize CENVAT credit on capital goods against the duty payment on sugar and molasses. - HC

  28. VAT and Sales Tax : Condonation of delay in filing appeal - time limit prescribed u/s 35H(1) is absolute and unextendable u/s 5 Limitation Act. Since court has to respect the legislative intent, limitation cannot be extended u/s 5 of Limitation Act. - HC


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  1. 2018 (1) TMI 1003

    In: GST


  2. 2018 (1) TMI 983

    In: Income Tax


  3. 2018 (1) TMI 986

    In: Income Tax


  4. 2018 (1) TMI 987

    In: Income Tax


  5. 2018 (1) TMI 989

    In: Income Tax


  6. 2018 (1) TMI 990

    In: Income Tax


  7. 2018 (1) TMI 991

    In: Income Tax


  8. 2018 (1) TMI 992

    In: Income Tax


  9. 2018 (1) TMI 993

    In: Income Tax


  10. 2018 (1) TMI 982

    In: Income Tax


  11. 2018 (1) TMI 980

    In: Income Tax


  12. 2018 (1) TMI 1004

    In: Income Tax


  13. 2018 (1) TMI 974

    In: Income Tax


  14. 2018 (1) TMI 975

    In: Income Tax


  15. 2018 (1) TMI 976

    In: Income Tax


  16. 2018 (1) TMI 977

    In: Income Tax


  17. 2018 (1) TMI 978

    In: Income Tax


  18. 2018 (1) TMI 971

    In: Income Tax


  19. 2018 (1) TMI 972

    In: Income Tax


  20. 2018 (1) TMI 1001

    In: Income Tax


  21. 2018 (1) TMI 1000

    In: Income Tax


  22. 2018 (1) TMI 956

    In: Income Tax


  23. 2018 (1) TMI 973

    In: Customs


  24. 2018 (1) TMI 979

    In: Customs


  25. 2018 (1) TMI 965

    In: Customs


  26. 2018 (1) TMI 959

    In: Customs


  27. 2018 (1) TMI 960

    In: Customs


  28. 2018 (1) TMI 954

    In: Customs


  29. 2018 (1) TMI 969

    In: Corporate Laws


  30. 2018 (1) TMI 981

    In: Service Tax


  31. 2018 (1) TMI 964

    In: Service Tax


  32. 2018 (1) TMI 962

    In: Service Tax


  33. 2018 (1) TMI 996

    In: Service Tax


  34. 2018 (1) TMI 994

    In: Service Tax


  35. 2018 (1) TMI 988

    In: Central Excise


  36. 2018 (1) TMI 984

    In: Central Excise


  37. 2018 (1) TMI 985

    In: Central Excise


  38. 2018 (1) TMI 970

    In: Central Excise


  39. 2018 (1) TMI 999

    In: Central Excise


  40. 2018 (1) TMI 968

    In: Central Excise


  41. 2018 (1) TMI 966

    In: Central Excise


  42. 2018 (1) TMI 967

    In: Central Excise


  43. 2018 (1) TMI 963

    In: Central Excise


  44. 2018 (1) TMI 961

    In: Central Excise


  45. 2018 (1) TMI 958

    In: Central Excise


  46. 2018 (1) TMI 957

    In: Central Excise


  47. 2018 (1) TMI 955

    In: Central Excise


  48. 2018 (1) TMI 997

    In: Central Excise


  49. 2018 (1) TMI 995

    In: Central Excise


  50. 2018 (1) TMI 998

    In: CST, VAT & Sales Tax


  51. 2018 (1) TMI 1002

    In: Indian Laws


 
 
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