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Home e-Newsletters Index Year 2018 October Day 4 - Thursday

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TMI Tax Updates - e-Newsletter
October 4, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Service Tax Central Excise Indian Laws



TMI SMS


Highlights / Catch Notes

  • GST:

    GST – CONCEPT & STATUS (Updated as on 01st October 2018)

  • GST:

    Construction Services - Construction of factory for Madhepura Electric Locomotive Pvt. Ltd. which subsidiary of Indian Railways - The nature of activity undertaking by the applicant is Works Contract - However, the work completed by the applicant company cannot be held to be Resale/supply to railway company - the rate of GST applicable will be at 9%.

  • Income Tax:

    Complaint u/s 276(C)/277 - punishment for making false statement and verification in account - absence of mens-rea - In every prosecution case, the Court shall always presume culpable mental state and it is for the accused to prove the contrary beyond reasonable doubt. No doubt, this presumption is a rebuttable one.

  • Income Tax:

    Offence under Section 276CC - The fact that the assessee had subsequently furnished the return of income for AY 2003-04 on 24.10.2007 can also not take away from the fact that he had incurred the liability to be prosecuted earlier on account of failure to furnish the income-tax return within the stipulated period.

  • Income Tax:

    Claim of depreciation - The assessee has been given only the right to develop, maintain and operate the toll road and further to collect the toll for the specified period. This right as discussed above is an intangible asset falling u/s 32(1)(ii)

  • Income Tax:

    MAT computation - The claim to allow reduction of the brought forward losses of the petitioner company from the net profit in order to compute book profits under section 115JB of the Act in absence of any unabsorbed depreciation in the assessment year under consideration, cannot be accepted

  • Customs:

    Duty Free Import Authorisation Scheme (DFIA) - Application for second extension of validity of the Duty Free Import Authorisation - rejection on the ground that the petitioner was unable to establish a case of genuine hardship - petition dismissed.

  • Customs:

    Valuation of imported goods - Viscose Filament Yarn (VFY) - under-invoicing by misdeclaring the value - rejection of declared value - Demand confirmed - levy of penalty and redemption fine confirmed though reduced.

  • Customs:

    Valuation of imported goods - related party transaction - the relationship has not influenced the transaction value under the Customs Valuation Rules - It is trite that the assessable value can’t be rejected merely on the grounds of NIDB data.

  • Customs:

    Classification of imported goods - Even if the waiver of notice was by consent, the obligation on the part of the assessing officer to render a rationale and comprehensive finding for the alternative classification cannot be alienated

  • Customs:

    Re-export of Confiscated goods - appellant imported the prohibited goods without any BIS certification - redemption fine imposed by the Commissioner for the purpose of re-export is not sustainable in law - However, levy of penalty confirmed.

  • Customs:

    Enhancement of value - The entire case of the Revenue is based upon visual examination of the goods by the Customs officers and there is no expert opinion on record to show that the goods were actually usable as steel sheets/strips. - There is no justification for enhancing the value of the goods or to confiscate the same or to impose penalties upon the appellants.

  • Customs:

    Extended period of limitation - Since all the goods have been procured by obtaining necessary permission from STPI as well as Customs authorities and the Customs was fully aware of the import and therefore it does not lie in the mouth of the Department now to contend that the appellants, hence suppressed the material facts.

  • Corporate Law:

    Company under liquidation - right of the State on leased out property - they continue to remain as lessee. And the object for which the land was leased out being frustrated, on winding up of the company in question; the land leased out to it stands reverted to its owner, the State.

  • Indian Laws:

    Another Milestone in the direction of “Ease of Doing Business”: Incorporation of Limited Liability Partnership (LLP) through a complete online system made a reality

  • Indian Laws:

    Dishonor of Cheque - offence punishable under section 138 of the N.I. Act - Since the N.I. Act is a self contained law the same will not get diluted simply for the reason of appointing liquidator and the death of the Managing Director especially in the existence of one of the Director who is the 3rd respondent herein.

  • Service Tax:

    Levy of Service Tax - payment of royalty towards use of mineral resources - This petitioner appears to be a chance taking petitioner. In advance it is avoiding the liability which is not permissible in the eye of law.

  • Service Tax:

    Commercial Training or Coaching Centre - Liability of Service tax on degree of B.Arch. - case of Revenue is that the degree of B.Arch. is not recognized/approved by AICTE and hence assessee is liable to pay service tax - contention of revenue rejected - demand set aside

  • Service Tax:

    Classification of services - Photography services or not? - Though the appellant was having a photography studio but such activity is of merely collecting and getting the negative processed from photo labs and further handing over the same to the customers. - Demand set aside beyond the normal period of limitation.

  • Service Tax:

    Supply of Taxable Goods Services to SEZ - It is quite evident that these services have been wholly consumed for authorized operations by the SEZ Unit/ Developer. - Benefit of exemption allowed.

  • Service Tax:

    Online Information and Data Retrieval services - Levy of Service Tax - transaction of assignment of the receivables by the respondents to the assignee - cannot be taxed as OIDR service.

  • Central Excise:

    CENVAT credit - fake invoices - two different handwriting are visible in those two bills and it appears that labour charges have been purposefully inserted in the bills to cover the services availed under the Cenvat Credit Rules - Going by the unethical practice adopted by the appellant, it can be said that the same would amount to fraud within the definition of IPC.

  • Central Excise:

    Classification of goods - in the absence of test reports or expert’s opinion, the Revenue’s endeavour to hold that the goods being manufactured by the appellant are not chewing tobacco, but Jarda scented tobacco cannot be appreciated.

  • Central Excise:

    Refund claim - demand recovered during investigation towards reversal of cenvat credit was higher - confirmed demand was much lower than paid on the ground of period of limitation - refund allowed.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (10) TMI 141
  • 2018 (10) TMI 140
  • 2018 (10) TMI 142
  • Income Tax

  • 2018 (10) TMI 132
  • 2018 (10) TMI 139
  • 2018 (10) TMI 138
  • 2018 (10) TMI 137
  • 2018 (10) TMI 131
  • 2018 (10) TMI 130
  • 2018 (10) TMI 129
  • 2018 (10) TMI 128
  • 2018 (10) TMI 127
  • 2018 (10) TMI 126
  • 2018 (10) TMI 125
  • 2018 (10) TMI 136
  • 2018 (10) TMI 124
  • 2018 (10) TMI 123
  • 2018 (10) TMI 135
  • 2018 (10) TMI 134
  • 2018 (10) TMI 122
  • 2018 (10) TMI 133
  • 2018 (10) TMI 121
  • Customs

  • 2018 (10) TMI 117
  • 2018 (10) TMI 113
  • 2018 (10) TMI 112
  • 2018 (10) TMI 116
  • 2018 (10) TMI 111
  • 2018 (10) TMI 110
  • 2018 (10) TMI 115
  • 2018 (10) TMI 109
  • 2018 (10) TMI 108
  • 2018 (10) TMI 114
  • Corporate Laws

  • 2018 (10) TMI 120
  • 2018 (10) TMI 119
  • 2018 (10) TMI 118
  • Service Tax

  • 2018 (10) TMI 98
  • 2018 (10) TMI 97
  • 2018 (10) TMI 96
  • 2018 (10) TMI 95
  • 2018 (10) TMI 94
  • 2018 (10) TMI 93
  • 2018 (10) TMI 92
  • 2018 (10) TMI 91
  • 2018 (10) TMI 90
  • 2018 (10) TMI 99
  • 2018 (10) TMI 89
  • 2018 (10) TMI 88
  • 2018 (10) TMI 87
  • 2018 (10) TMI 86
  • 2018 (10) TMI 85
  • 2018 (10) TMI 84
  • Central Excise

  • 2018 (10) TMI 82
  • 2018 (10) TMI 81
  • 2018 (10) TMI 80
  • 2018 (10) TMI 79
  • 2018 (10) TMI 83
  • 2018 (10) TMI 78
  • 2018 (10) TMI 77
  • 2018 (10) TMI 76
  • Indian Laws

  • 2018 (10) TMI 107
  • 2018 (10) TMI 106
  • 2018 (10) TMI 105
  • 2018 (10) TMI 104
  • 2018 (10) TMI 103
  • 2018 (10) TMI 101
  • 2018 (10) TMI 100
 

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