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Home Newsletters Index Year 2018 January Day 24 - Wednesday
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TMI Updates - Newsletter dated: January 24, 2018

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise


  1. Income Tax : Validity of settlement commission order - It is no doubt true that Section 245 was inserted into the provisions of the Income Tax Act for an early resolution of complicated tax disputes, where the assessee gets relief, more particularly from penalty and prosecution. However, to be entitled for such a remedy, the conduct of the assessee is primordial. - HC

  2. Income Tax : Taxability of notional interest - Sahara India was acting as assessee’s agent for collection of subscriptions under the Scheme - No notional interest could be charged in the hands of the assessee due to delayed remittance of collection made by its agent, Sahara India. - Tri

  3. Income Tax : Receipts of the assessee through their “Golden Key Scheme” - system of accounting - mercantile system of accounting should have been followed instead of the cash system of accounting. - Tri

  4. Income Tax : Assessment u/s 153A - addition u/s 68 - s there were no incriminating material found in search for assessment year under appeal - Invocation of section 153A by the A.O. for assessment year under appeal was without any legal basis - Tri

  5. Income Tax : Allowance of deduction u/s 80E - So long as the loan has been taken in the name of the assessee, even if he happens to be co-applicant and co-borrower, and so long as payment of interest is made by the assessee, we don’t see any specific bar in terms of section 80E which can disallow such claim of the assessee - Tri

  6. Income Tax : Assessment u/s 153A - addition u/s 68 - in search assessments, the addition cannot be made without the incriminating material in completed assessments. - Tri

  7. Income Tax : Levy of penalty u/s. 271(1)(c) - It is a mere claim of exemption which is allowed in the normal computation, but not allowable u/s. 115JB and there cannot be any penalty for a wrong claim. - Tri

  8. Income Tax : Existence of PE - the employees have worked for an aggregate period of 156 solar days (on all projects taken together), meaning thereby, the period of working is less than 9 months - there is no PE for it in India - the impugned receipt is not taxable in India - Tri

  9. Income Tax : TPA - ALP determination - assessee has to submit the segmental results based on the absorption of overhead on capacity utilization and idle capacity. This is imperative that assessee allocates manufacturing overhead, administrative overhead and other fixed overheads on the basis of capacity utilization. - Tri

  10. Income Tax : Justification of payment of commission - parties related to directors - the finding of the ITAT that the commission agents of the assessee had rendered services to the assessee so as to justify payment is correct - HC

  11. Income Tax : Deemed dividend u/s 2(22)(e) - payments effected by the Subsidiary Company and received by the Assessee, were as part of the regular business transactions - it could not have been treated as 'loan' or 'advances', so as to make the disputed amounts as “deemed dividend”, as defined under Section 2(22)(e). - HC

  12. Customs : Amendment in notification No. 89/2017-Cus(NT) dated 21.09.2017 relating to AIRs of Duty Drawback. - Notification

  13. Customs : Proceedings against CHA - Export of prohibited goods - forfeiture of security deposit - time limitation - In the instant case, neither the license was suspended nor revoked. So, the time limit is not applicable. - Tri

  14. Customs : Classification of imported goods - resistor blower - assessee has rightly claimed classification under heading 85334090 as “other variable resistors under the main heading electrical resistors” - Tri

  15. Customs : Jurisdiction - Seizure of goods - unflavoured supari - mis-declaration/mis-classification of goods - whether the Officers of the D.R.I., especially, in the rank of the Senior Intelligence Officer can act against the Advance Ruling issued by the Advance Ruling Authority? - Held No - HC

  16. Customs : Valuation - royalty/license fees - includibility - the payment made by the respondent for the right to distribute or resell the imported goods should not be added to the price paid or payable for such goods, if such payments are not a condition of the sale for export - Tri

  17. Central Excise : CENVAT credit - distribution of credit through ISD to different unit - When the respondent has taken ISD registration, we find no reason to deny the credit availed on such ISD invoices, though the services have been consumed in other unit of the respondent - Tri

  18. Central Excise : CENVAT credit - Rule 6(4) of the CCR, 2004 - whether the goods which are so cleared for export are to be considered as exempted goods or dutiable goods? - the appellant will be entitled to the Cenvat Credit on the capital goods used partially for export even thiugh domestic clearances are exempted. - Tri



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