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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2017 November Day 8 - Wednesday

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TMI Tax Updates - e-Newsletter
November 8, 2017

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • GST:

    Due date for generation of FORM GSTR-2A and FORM GSTR-1A in accordance with the extension of due date for filing FORM GSTR-1 and GSTR-2 respectively – reg. - CGST - Circular

  • GST:

    Procedure regarding procurement of supplies of goods from DTA by Export Oriented Unit (EOU) / Electronic Hardware Technology Park (EHTP) Unit / Software Technology Park (STP) Unit / Bio-Technology Parks (BTP) Unit under deemed export benefits u/s 147 of CGST Act, 2017

  • Income Tax:

    TPA - since there is uncertainty involved in collection of the technical knowhow fees from the PTFSI due to its bad financial condition, the assessee has rightly not recognized the revenue.

  • Income Tax:

    Denial of exemption u/s 11 and 12 - Taxing surplus from Transportation and Games holding that the transportation activity, games activity and picnic are business activities - Being the part of educational activity, exemption cannot be denied.

  • Income Tax:

    Addition u/s.41(1) - waiver of loan as taxable u/s.41(1) - The loan received is a capital receipt and it does not lose its capital nature even when it is renounced or waived by the lender.

  • Income Tax:

    The interest received on enhanced compensation in the appellant’s case is liable to tax under the head income from other sources.

  • Income Tax:

    Disallowance of business loss - treating the income derived by the assessee from Portfolio Management Services (PMS) transaction as short term capital gain - Merely because the assessee has invested a huge sum of ₹ 5 crore it cannot be treated as a business activity of the assessee.

  • Income Tax:

    The investment in the excess stock has to be brought to tax under the head "business income" and not under the head "income from other sources" - HC

  • Income Tax:

    The interest on funds borrowed to purchase land which is part of inventory of the assessee company is an allowable deduction u/s 36(1)(iii) - HC

  • Income Tax:

    Exemption from Capital Gain Tax u/s 54EC - eligible investment in the Infrastructure Bonds of National Highway Authority of India - HC condones the delay of 6 months in making investment

  • Income Tax:

    A.O. is not correct in coming to the conclusion that on money is exchanged between the parties based on a loose sheet found in the premises of a third person - AO directed to delete addition made towards on money.

  • Service Tax:

    Validity of SCN - the SCN was issued after a period of 5 years - The observations of adjudicating authority on Section 11D is not correct as Section 11D does not provide any rigid time limit. However, show cause notice under Section 11D has to be issued within reasonable period.

  • Service Tax:

    Non receipt of Service Tax amount cannot come in way of their ability to pay. The fact that transactions are recorded in Books of Account is not material, as they needed declare the same in the ST-3 return - Demand alongwith penalty confirmed.

  • Central Excise:

    Refund claim - price variation clause - supplementary invoice - if the payment of supplementary invoice was not made by the customers because duty has not chargeable, refund of the same is admissible under Section 11B.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (11) TMI 387
  • 2017 (11) TMI 386
  • 2017 (11) TMI 385
  • 2017 (11) TMI 384
  • 2017 (11) TMI 383
  • 2017 (11) TMI 382
  • 2017 (11) TMI 381
  • 2017 (11) TMI 380
  • 2017 (11) TMI 379
  • 2017 (11) TMI 378
  • 2017 (11) TMI 396
  • 2017 (11) TMI 377
  • 2017 (11) TMI 376
  • 2017 (11) TMI 395
  • 2017 (11) TMI 375
  • 2017 (11) TMI 394
  • 2017 (11) TMI 374
  • 2017 (11) TMI 373
  • 2017 (11) TMI 393
  • 2017 (11) TMI 372
  • 2017 (11) TMI 371
  • 2017 (11) TMI 370
  • 2017 (11) TMI 392
  • 2017 (11) TMI 391
  • 2017 (11) TMI 369
  • 2017 (11) TMI 390
  • 2017 (11) TMI 368
  • 2017 (11) TMI 367
  • 2017 (11) TMI 366
  • 2017 (11) TMI 389
  • 2017 (11) TMI 388
  • 2017 (11) TMI 365
  • 2017 (11) TMI 364
  • 2017 (11) TMI 363
  • Customs

  • 2017 (11) TMI 362
  • 2017 (11) TMI 360
  • 2017 (11) TMI 361
  • 2017 (11) TMI 359
  • 2017 (11) TMI 358
  • 2017 (11) TMI 357
  • Service Tax

  • 2017 (11) TMI 354
  • 2017 (11) TMI 353
  • 2017 (11) TMI 355
  • 2017 (11) TMI 349
  • 2017 (11) TMI 352
  • 2017 (11) TMI 351
  • 2017 (11) TMI 350
  • 2017 (11) TMI 348
  • 2017 (11) TMI 347
  • 2017 (11) TMI 346
  • 2017 (11) TMI 345
  • 2017 (11) TMI 344
  • Central Excise

  • 2017 (11) TMI 343
  • 2017 (11) TMI 341
  • 2017 (11) TMI 340
  • 2017 (11) TMI 342
  • 2017 (11) TMI 339
  • 2017 (11) TMI 338
  • 2017 (11) TMI 337
  • 2017 (11) TMI 336
  • 2017 (11) TMI 335
  • 2017 (11) TMI 334
  • 2017 (11) TMI 333
  • 2017 (11) TMI 332
  • 2017 (11) TMI 331
  • CST, VAT & Sales Tax

  • 2017 (11) TMI 330
  • 2017 (11) TMI 329
  • Indian Laws

  • 2017 (11) TMI 356
 

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