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Home e-Newsletters Index Year 2018 November Day 12 - Monday

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TMI Tax Updates - e-Newsletter
November 12, 2018

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Liability of GST - e-procurement Transaction Fee collected on behalf of IT E&C department results - Though the activity constitutes supply but remains exempts as per the notification.

  • GST:

    Zero rated supplies under GST - The outward supplies made by the applicant to a) ocean going merchant ships which are in foreign run, b) Indian Navy ships, c) Indian Coast guard ships, will be treated as ‘exports’

  • GST:

    Migration from VAT to GST - Since the applicant reported that his turnovers from the past (3) years are below ₹ 20 lakhs, he may continue the GSTIN registration or may cancel the registration as per the provisions of Sec. 29 of APGST Act 2017.

  • Income Tax:

    Transfer pricing - adjustment on account of capacity utilization - The adjustment can be rejected only on its merit after consideration of facts and not on the ground that it will lead to downward adjustment.

  • Income Tax:

    Short deduction of TDS - CIT (A) has erred in deleting the demand particularly when assessment proceedings qua the year under assessment are already pending with the Department

  • Income Tax:

    Initiation of re-assessment proceedings u/s. 147 - information is not synonymous to truth. Just because a letter has been received from the another CIT, the AO cannot reopen the completed assessment u/s. 143(3) of the Act.

  • Income Tax:

    Revision u/s 263 - assessee has not accounted for interest income in the books of account on advance to IAL - Since the AO has considered the issue and applied his mind before passing the assessment order, CIT is not empowered to revise the order u/s 263.

  • Income Tax:

    In the absence of search u/s 132, the consequential or incidental assessment proceedings u/s 153C will not entitle the AO to usurp jurisdiction u/s 271AAB for the purposes of imposition of penalty.

  • Income Tax:

    Eligibility of deduction u/s 80IA - Here the project costs and source thereof not being revenue of the appellant, it being not affected by the actual cost and efficiency of work, the assets created and the source not being of the appellant at any stage and it being entitled to a fixed remuneration for its professional services; it clearly is falling in the excluded category.

  • Income Tax:

    Addition of closing stock - a suspicion has been created of being adopted a particular modus operandi by the assessee to inflate purchases and manipulate value of closing stock, but again we do not have any supporting evidence qua this suspicion - Addition restricted to adhoc amount.

  • Income Tax:

    Special allowance or benefit, not being in the nature of a perquisite - Exemption u/s 10(14) - Atleast the assessee should have filed a certificate from the LIC for determining expenses possibly to be incurred by him for the purpose of procuring LIC business and earning incentive bonus.

  • Income Tax:

    Levy of penalty u/s 271(1)(c) - Minor differences in estimation and consequent valuation are but natural and so long as fundamental methodology so adopted by the valuation officer are not disputed, such minor differences in valuation cannot form the basis for levy of penalty

  • Income Tax:

    Validity of reopening of assessment - as the ‘reasons to believe’ are not only vague, but are found to militate against the mandate of law, thus, the same cannot be approved and the notice is liable to be struck down.

  • Customs:

    Classification of imported goods - Blankets - Without challenging the observations of the ld. Commissioner, the appeal filed by the Revenue is not sustainable

  • Service Tax:

    Online Information and Data base Access & Retrieval service - Import of services - The appellant can only access its own data and the data and information on the computer system belongs to the appellant and is neither owned nor provided by Globe Center - the appellant is not liable to pay service tax under reverse charge mechanism.

  • Service Tax:

    The components such as preferred location charges, external development charges etc. are part and parcel and for various elements of the main service which is Residential Complex Service - appellants are eligible for abatement.

  • Central Excise:

    100% EOU - exemption notification will be applicable even when the goods are exported against foreign exchange to DTA - the appellant is entitled to the benefit of Exemption Notification No. 2/95-CE dated 04.01.1995.

  • Central Excise:

    Benefit of exemption - Pipes - There is nothing in the notification to suggest that the storage facility has to be of any particular size. There is also nothing in the notification which suggests that water supply plant should necessarily have some processing facility such as for desalination, purification, etc.

  • Central Excise:

    Cenvat Credit – input services - GTA service – procurement of fly ash and supply of cements - round trip transport - freight charges for both types of transports were availed by the assessee - credit allowed.

  • VAT:

    Sales Tax Practitioner cum Advocate - Disqualification u/s 81(2) of the Tax Act - allegation that appellant has committed misconduct - the petitioner is a legal practitioner and therefore the domain to conduct any investigation or issue a show cause notice would be that of the State Bar Council.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (11) TMI 484
  • 2018 (11) TMI 483
  • 2018 (11) TMI 487
  • 2018 (11) TMI 486
  • 2018 (11) TMI 485
  • Income Tax

  • 2018 (11) TMI 482
  • 2018 (11) TMI 481
  • 2018 (11) TMI 480
  • 2018 (11) TMI 479
  • 2018 (11) TMI 478
  • 2018 (11) TMI 477
  • 2018 (11) TMI 476
  • 2018 (11) TMI 475
  • 2018 (11) TMI 474
  • 2018 (11) TMI 473
  • 2018 (11) TMI 472
  • 2018 (11) TMI 471
  • 2018 (11) TMI 470
  • 2018 (11) TMI 469
  • 2018 (11) TMI 468
  • Customs

  • 2018 (11) TMI 466
  • 2018 (11) TMI 465
  • 2018 (11) TMI 467
  • 2018 (11) TMI 464
  • Service Tax

  • 2018 (11) TMI 463
  • 2018 (11) TMI 453
  • 2018 (11) TMI 462
  • 2018 (11) TMI 461
  • Central Excise

  • 2018 (11) TMI 460
  • 2018 (11) TMI 459
  • 2018 (11) TMI 458
  • 2018 (11) TMI 457
  • 2018 (11) TMI 456
  • 2018 (11) TMI 455
  • 2018 (11) TMI 454
  • 2018 (11) TMI 452
  • 2018 (11) TMI 451
  • CST, VAT & Sales Tax

  • 2018 (11) TMI 450
 

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