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Home Newsletters Index Year 2018 January Day 31 - Wednesday
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TMI Updates - Newsletter dated: January 31, 2018

Case Laws in this Newsletter:

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



  1. Income Tax : Application for registration u/s 12AA - with regard to the condition that the assessee should apply its income only in India, such a condition is existing only u/s 11 and the AO is required to consider the application of income while allowing the exemption u/s 11 - registration cannot be denied - Tri

  2. Income Tax : Co-operative bank is also a banking company; not liable to pay tax on NPA interest on accrual basis in view of RBI norms relating to income recognition and assets classification. - Tri

  3. Income Tax : Credit of TDS - it may not always be possible all the time to co-relate a specific amount of TDS with a specific amount of income earned - The claim of the assessee is allowed in as much as it is held that the assessee would be entitled to credit of the entire TDS offered as income by the assessee in his return of income. - Tri

  4. FEMA : Contravention of section 3 FEMA - A statement made under oath has to be taken as true, unless there is contra evidence to dispel that presumption. Mere retraction of a statement made under oath cannot help the appellant to get relief from the consequences of violations of an act. - Tri

  5. Service Tax : Attachment of immovable property - recovery of service tax was not done - the personal property of a sole proprietor or partners shall not be attached, and personal property means any movable property or immovable property, which is in personal use of the sole proprietor or partner. - HC

  6. Service Tax : Liability of service tax - consideration received due to termination of the arrangement - by terminating the arrangement, the appellants are adversely put to certain business loss. The consideration has been paid for such loss. No identifiable service could be attributed for such payment during the material time - tax liability cannot sustain. - Tri

  7. Service Tax : Manpower recruitment and supply agency service - deputation of employees - the definition is wide and would include any such activity where it is carried out either directly or indirectly supplying recruitment or manpower temporarily or otherwise - such conditions are not satisfied - activity not taxable - Tri

  8. Service Tax : CENVAT credit while availing the benefit of Abatement notification - The N/N. 1/2006-ST does not say that assessee cannot avail any credit at all. The condition is that the abatement would be available only if input service credit is not availed on input services used for providing such services specified in column 2 of the notification - Tri

  9. Service Tax : Reverse Charge Mechanism (RCM) - services of Underwriters received from outside India - ADS offering is not applicable for sale in India, but only to other select jurisdictions like the United States of America, Canada, Japan etc. - the impugned services availed of by the appellant not having been performed partly or wholly in India - Services are not taxable - Tri

  10. Central Excise : CENVAT credit - input service - it is meant to enhance the sale of the manufactured goods of the Respondent through attracting customers by providing financial option to the respective customers and for the said purposes, they had approached the financial companies since they do not have such in-house finance facility - Tri


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