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Home e-Newsletters Index Year 2018 November Day 29 - Thursday

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TMI Tax Updates - e-Newsletter
November 29, 2018

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Levy of GST - premimum for leasing out of the plot allotted to the petitioner for the purposes of hospital, nursing home, diagnostic centeres etc. - Demand raised despite the fact that advance rulings was in favor of assessee - notices issues.

  • Income Tax:

    Allowance of interest expenditure u/s 37 - interest paid to the depositors - there was no business in finance carried on by the Firms and the partners had merely taken advances from the firm, the application of which was not the concern of the firm - Interest expenditure not allowed.

  • Income Tax:

    When there is no significant or noticeable decline in the G.P. in comparison to the earlier year whereas there is a significant increase of six times in the turnover. The said insignificant decline in the G.P. cannot be a reason for an addition.

  • Income Tax:

    Eligible for deduction u/s 80P - AO directed to allow pro rata expenses in respect of interest earned from deposit held with nationalized bank to the assessee for computing the deduction u/s. 80P

  • Income Tax:

    Disallowance of provision for wages - allowable deduction u/s 36 - the assessee is eligible for claim of PACS Manager Fund payment as expenditure.

  • Income Tax:

    Levy of penalty u/s.271D - assessee has not been able to substantiate its claim for receiving amounts in cash - A deposit need not be interest bearing. So also a loan - levy of penalty confirmed.

  • Customs:

    Name of the petitioner agency placed in its electronic system under "Alert" - the department seeks recovery of amount coercively by blocking the petitioner's future clearances. Obviously, there cannot be recovery coercively made even before the demand is confirmed.

  • Customs:

    DFIA Scheme - mentioning the technical characteristics, quality and specifications of the perfumes/essential oils/ aromatic chemicals used by it in its shipping bills. - The consequence of the assessee’s interpretation would render it impossible to correlate the duty-free imports made under the DFIA, with the inputs used in the exported products.

  • Corporate Law:

    Territorial jurisdiction - Merely, because the dispute is about those shares which are issued by Indian Company would not lead to the conclusion that cause of action has arisen in India - court in Dubai would be more convenient forum to decide the dispute between the parties.

  • State GST:

    Guidelines for Deductions and Deposits of TDS by the DDO under Meghalaya Goods and Services Tax (MGST) Act, 2017.

  • IBC:

    Initiation of Corporate Insolvency Resolution Process - booking of three flats - buy-back agreement cum guarantee deed - Adjudicating Authority is only to ascertain the existence of a default and not the exact amount due.

  • IBC:

    Initiation of Corporate Insolvency Resolution Process - sale of flats with assured return plan - developer failed to refund the assured - Financial Debt - Though considerable long period has since lapsed even the principal amount disbursed has not been repaid by the respondent corporate debtor - Application admitted.

  • Service Tax:

    Classification of services - the appellant has to represent the Timken (USA) to their various customers - The services availed by the appellant are more akin to franchise services rather than intellectual property right service

  • Service Tax:

    Valuation - inclusion of transaction charges collected by the appellant from their clients for providing stock broking services - since this liability have been passed on by him on their clients, the same need to be included in the taxable value as per the provision of Section 67 of the Finance Act, 1994

  • Service Tax:

    Valuation - inclusion of terminal charges shown as the miscellaneous income - demanding a service tax on the notional value taken by the appellant only for the purpose of accounting of the cost of the different units working under the appellants, will be not in the interest of the service tax law.

  • Service Tax:

    Valuation - The electricity charges reimbursed to the service provider by the service recipient not includible in gross value of renting of immovable property service.

  • Service Tax:

    Voluntary Compliance Entitlement Scheme - correction sought in the erroneous declaration made in VCES-1 form to reduce the tax liability - it would be a purely procedural aspect - benefit of VCES allowed.

  • Service Tax:

    Refund of service tax paid on brokerage charges collected from the Foreign Institutional Investors - Unjust enrichment - since the services rendered by the Respondent to the Foreign Institutional Investors were in the nature of export of services, refund allowed.

  • Central Excise:

    Levy of Tea Cess - export of tea under bond under Rule 19 - whether the appellants on export of tea are required to discharge Tea Cess which is otherwise leviable under Section 25 of the Tea Act, 1953? - Held no

  • Central Excise:

    CENVAT Credit - Input services - The activities undertaken by such Commission Agent/broker would definitely fall under the ‘services of sale’ - credit allowed.

  • Central Excise:

    CENVAT Credit - denial on the ground that the duty involved is not indicated in the relevant invoices, also on the ground that the name of the appellant itself does not figure in the invoice - credit not allowed.

  • Central Excise:

    Classification of goods - Naptha - whether Naphtha can be classified as a ‘motor spirit’? - Held No

  • Central Excise:

    Irregular availment of CENVAT Credit - 100% CENVAT credit on capital goods availed in the first year instead of 50% - they had sufficient balance in their CENVAT credit account and therefore, they have not utilized the said CENVAT credit and it was merely a book entry - Demand of Interest and penalty not sustainable.

  • VAT:

    Mining Services - C-Forms - concession for the HSD - whether “quarrying” can act as “mining”? - benefits under Section 8 of the CST Act - whether the fuel it uses for its machinery and vehicles qualifies for that benefit? - Revenue directed to allow download of the necessary C-forms

  • VAT:

    Rejection of the claim of inter-state purchases on commission basis - issuance of Form-H - Though it is true that a claim of the export sale cannot co-exist with the claim of interstate purchase of wheat on commission basis, both claims arising in the hands of the same assessee, however, it is to be seen whether the nature of transaction performed by the parties would get altered or determined solely upon issuance of Form- H

  • VAT:

    Exemption form sales tax - sales effected from the Customs Bonded Warehouses - sales in the course of import or not - The documents having evidenced the sale before the import was completed and the transfer of title to the goods; there cannot be any tax levied on the transaction as one carried out in the State.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (11) TMI 1412
  • Income Tax

  • 2018 (11) TMI 1433
  • 2018 (11) TMI 1432
  • 2018 (11) TMI 1431
  • 2018 (11) TMI 1430
  • 2018 (11) TMI 1429
  • 2018 (11) TMI 1418
  • 2018 (11) TMI 1417
  • 2018 (11) TMI 1428
  • 2018 (11) TMI 1427
  • 2018 (11) TMI 1416
  • 2018 (11) TMI 1426
  • 2018 (11) TMI 1415
  • 2018 (11) TMI 1435
  • 2018 (11) TMI 1353
  • 2018 (11) TMI 1425
  • 2018 (11) TMI 1424
  • 2018 (11) TMI 1423
  • 2018 (11) TMI 1422
  • 2018 (11) TMI 1421
  • 2018 (11) TMI 1434
  • 2018 (11) TMI 1420
  • 2018 (11) TMI 1414
  • 2018 (11) TMI 1419
  • 2018 (11) TMI 1413
  • Customs

  • 2018 (11) TMI 1404
  • 2018 (11) TMI 1401
  • 2018 (11) TMI 1403
  • 2018 (11) TMI 1402
  • 2018 (11) TMI 1400
  • 2018 (11) TMI 1399
  • Corporate Laws

  • 2018 (11) TMI 1408
  • 2018 (11) TMI 1407
  • 2018 (11) TMI 1406
  • 2018 (11) TMI 1405
  • Insolvency & Bankruptcy

  • 2018 (11) TMI 1411
  • 2018 (11) TMI 1410
  • 2018 (11) TMI 1409
  • PMLA

  • 2018 (11) TMI 1398
  • Service Tax

  • 2018 (11) TMI 1392
  • 2018 (11) TMI 1391
  • 2018 (11) TMI 1390
  • 2018 (11) TMI 1389
  • 2018 (11) TMI 1388
  • 2018 (11) TMI 1387
  • 2018 (11) TMI 1396
  • 2018 (11) TMI 1395
  • 2018 (11) TMI 1386
  • 2018 (11) TMI 1385
  • 2018 (11) TMI 1394
  • 2018 (11) TMI 1393
  • 2018 (11) TMI 1384
  • 2018 (11) TMI 1383
  • 2018 (11) TMI 1382
  • Central Excise

  • 2018 (11) TMI 1381
  • 2018 (11) TMI 1380
  • 2018 (11) TMI 1379
  • 2018 (11) TMI 1378
  • 2018 (11) TMI 1377
  • 2018 (11) TMI 1376
  • 2018 (11) TMI 1375
  • 2018 (11) TMI 1374
  • 2018 (11) TMI 1373
  • 2018 (11) TMI 1372
  • 2018 (11) TMI 1371
  • 2018 (11) TMI 1370
  • 2018 (11) TMI 1369
  • 2018 (11) TMI 1368
  • 2018 (11) TMI 1367
  • 2018 (11) TMI 1366
  • 2018 (11) TMI 1365
  • 2018 (11) TMI 1364
  • 2018 (11) TMI 1363
  • 2018 (11) TMI 1362
  • 2018 (11) TMI 1361
  • CST, VAT & Sales Tax

  • 2018 (11) TMI 1360
  • 2018 (11) TMI 1359
  • 2018 (11) TMI 1358
  • 2018 (11) TMI 1357
  • 2018 (11) TMI 1356
  • 2018 (11) TMI 1355
  • 2018 (11) TMI 1354
  • Indian Laws

  • 2018 (11) TMI 1397
 

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