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Home e-Newsletters Index Year 2018 November Day 10 - Saturday

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TMI Tax Updates - e-Newsletter
November 10, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax



Highlights / Catch Notes

  • GST:

    Input tax credit - Goods which are used for installation (Foundation) of plant and machinery - input services which are used for installation (Foundation) of plant and machinery - ITC is not available u/s 17(5) of CGST Act.

  • GST:

    The supply of Eucalyptus / Subabul wood de-barked pulp wood in cut sizes, supplied to various paper mills for manufacture of pulp is liable to GST @5%

  • GST:

    Biofos Mono calcium Phosphate/Di calcium phosphate animal feed supplement”, HSN Code No: 23099090, is classifiable under exempted goods from GST

  • Income Tax:

    Interest accrued on NPA - whether non-performing assets in the hands of the assessee- Cooperative Banks is taxable on accrual basis or not? - interest on NPA's is taxable in the year of receipt.

  • Income Tax:

    LTCG or STCG - period of holding - capital gain on sale of flat at Juhu - acquisition of rights in the property - the clarification given by the CBDT is equally applicable to the booking of the flats with the builders and period of holding will be counted from the booking of the flats.

  • Income Tax:

    TDS u/s 194I OR 194C - failure to deduct tax correctly on hire charges - ‘Assessee in default’ - the assessee has failed to discharge its onus to prove by furnishing documents to show that vehicles were operated by the contractor - Action of revenue sustained.

  • Income Tax:

    Deduction/ Exemption of LTCG u/s 54F - use of ground floor as commercial purpose and other three floor for residential purpose - CIT(A) has rightly apportioned assessee’s deduction to 25% is to 75%; floor-wise.

  • Income Tax:

    Penalty u/s 272A(2)(e) - return was not filed within due date prescribed u/s 139(4A) following the advice given by the Accounts Manger of the trust - The Act does not confer any discretion on the AO not to levy penalty in case reasonable cause is shown to exist - Penalty confirmed.

  • Income Tax:

    There was a genuine transaction of purchase and sale of shares on which assessee has earned Long Term Capital Gain, and therefore, such Long Term Capital Gain cannot be taxed u/s. 68. Since Long Term Capital Gain is exempted u/s. 10(38), therefore, no addition is called for

  • Customs:

    Renewal of CHA License - The Customs Broker Licensing Regulation, 2013, more particularly, Regulation 6, specifically exempts the persons who have already passed the examination conducted under Regulation 9 of the CHALR, 1984 and Regulation 8 of CHALR, 2004 from appearing for any further examination.

  • Customs:

    Failure to remove the goods from the warehouse - Even if we assume the contention of the Petitioner that there was a stay of the assessment order (without accepting the same) yet it would be the obligation of the importer to protect the goods from auction till disposal of the Appeal.

  • Service Tax:

    It is only on the inspection conducted by the Department, non-deposit of service tax collected by the petitioner has come to light. In the circumstances, the petitioner cannot make any allegations against the adjudicating authority that no opportunity of hearing was provided before passing of the order.

  • Service Tax:

    Refund - export of services - appellant’s services do not get covered under ITSS but fall under BAS which were taxable during the relevant period. Since, they have exported these services they are entitled to the benefit of the refund of the input service tax.

  • Central Excise:

    CENVAT credit - input services - Rule 2(l) of CCR 2004 - insurance taken in the name of Joint Managing Director - Insurance premiums of motor vehicles and repair of motor vehicles - credit allowed.

  • Central Excise:

    CENVAT Credit - fake invoices or not - the photocopies of GR cannot be relied upon and the copies of GRs produced by the appellant having endorsement on their favour is to be taken as the admissible evidence, as the Revenue has failed to prove contrary to that - credit allowed.

  • Central Excise:

    Method of Valuation - Transaction value or MRP value - sale of mineral water to PVRs (Cinema halls) who are institutional consumers - there is no question of the applicability of Section 4 - appellant has discharged duty u/s 4A (MRP based) rightly.

  • Central Excise:

    Benefit of exemption - goods supplied under the certificate issued by the competent authority laying down that the same are required for research purposes are required to be extended the benefit of the notification

  • Central Excise:

    As inputs has gone in the process of manufacturing, therefore Cenvat credit availed on inputs which has been destroyed while progress and in finished goods, the appellant is not required to reverse any Cenvat credit.

  • Central Excise:

    CENVAT Credit - input services - renting of supply of tangible goods service used beyond the place of removal - it does not fall under the ambit of input service - credit not allowed


Articles


Case Laws:

  • GST

  • 2018 (11) TMI 449
  • 2018 (11) TMI 448
  • 2018 (11) TMI 447
  • 2018 (11) TMI 446
  • 2018 (11) TMI 445
  • Income Tax

  • 2018 (11) TMI 440
  • 2018 (11) TMI 439
  • 2018 (11) TMI 438
  • 2018 (11) TMI 437
  • 2018 (11) TMI 436
  • 2018 (11) TMI 408
  • 2018 (11) TMI 435
  • 2018 (11) TMI 434
  • 2018 (11) TMI 444
  • 2018 (11) TMI 433
  • 2018 (11) TMI 443
  • 2018 (11) TMI 442
  • 2018 (11) TMI 441
  • 2018 (11) TMI 432
  • 2018 (11) TMI 431
  • 2018 (11) TMI 430
  • 2018 (11) TMI 429
  • 2018 (11) TMI 428
  • 2018 (11) TMI 427
  • Customs

  • 2018 (11) TMI 426
  • 2018 (11) TMI 425
  • 2018 (11) TMI 424
  • Service Tax

  • 2018 (11) TMI 421
  • 2018 (11) TMI 420
  • 2018 (11) TMI 423
  • 2018 (11) TMI 422
  • Central Excise

  • 2018 (11) TMI 416
  • 2018 (11) TMI 419
  • 2018 (11) TMI 415
  • 2018 (11) TMI 418
  • 2018 (11) TMI 417
  • 2018 (11) TMI 414
  • 2018 (11) TMI 413
  • 2018 (11) TMI 412
  • 2018 (11) TMI 411
  • 2018 (11) TMI 410
  • CST, VAT & Sales Tax

  • 2018 (11) TMI 409
 

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