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Home e-Newsletters Index Year 2018 December Day 29 - Saturday

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TMI Tax Updates - e-Newsletter
December 29, 2018

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Guidelines for processing of applications for financial assistance under the Central Sector Scheme named ‘Seva Bhoj Yojna’ of the Ministry of Culture.

  • Income Tax:

    Reopening of assessment for second time on the day on which the first reassessment was completed on 31.03.2015 is bad in law. Even if there was escapement of income, the AO ought to have brought to taxation on the basis of notice issued on 03.10.2013 u/s 148.

  • Income Tax:

    Disallowance in respect of Hedging Loss - there is no such detail available to show that the alleged transactions entered on the portal of NCDEX were entered to counter or hedge the probable loss from the contract for actual delivery of goods. - To be treated as speculative loss.

  • Income Tax:

    Addition on account of sale of shares - auditors have given a remark that payment has not been made by the company on the sale of the shares and Demat account has not been provided for verification - to hold that the entire sale of shares should be added would be erroneous.

  • Income Tax:

    Quantification of capital gains arising on transfer of immovable property being land - CIT(A) ought to have weighed the jantri value/circle rate vis-à-vis the sale price agreed by the assessee with Melody Complex while granting relief to assessee.

  • Income Tax:

    Interest earned on income-tax refund - AO directed to levy the tax on the interest of income-tax refund at 15% on gross basis.

  • Income Tax:

    Addition as amount paid to Sundry creditors - a half baked enquiry has resulted in an erroneous order passed by the CIT(A).

  • Income Tax:

    Demand notice issued u/s 156 - Treating the petitioner as the relative of the deceased - Merely because the petitioner is residing in the same property where the deceased assessee was living before her death, cannot be a reason to conclude as if the petitioner is also one of the legal heirs of the deceased.

  • Income Tax:

    Extending the due date for filing returns u/s 139(1) - seeking extension of time in Kerala also since the time limit for filing returns in terms of Section 139(1) for larger periods in the State of Jammu & Kashmir was extended - The applications received by the CBDT shall be considered by the CBDT, taking note of the flood situation.

  • Income Tax:

    Stay of recovery of demand - Addition u/s 68 - Taxing capital gains claimed by the assessee as exempt u/s. 10(37) - assessee has been unable to establish a prime facie case - No stay.

  • Customs:

    Refund of SAD - time limit of one year - the Commissioner(Appeals) has committed an error while giving an expanded interpretation qua limitation to favour assessee - Claim of refund rejected.

  • DGFT:

    Allocation of preferential export of sugar to USA under TRQ for the year 2018-19 - Clarification on definition of raw sugar.

  • DGFT:

    Extension of validity period of Advance Authorisation

  • DGFT:

    Increased validity and utilisation of the norms ratified by Norms Committee (NC) under Para 4.12 of Hand Book of Procedures 2015-2020 of the Advance Authorization obtained under para 4.07, by other applicants of advance authorisations.

  • Service Tax:

    Refund of accumulated CENVAT Credit - export of service - It is a settled position of law that the authorities while adjudicating the refund application under Rule 5 of the rules, should not look into the aspect of consideration of the requirement of Rule 2 (l) of the rules.

  • Service Tax:

    Refund claim - input services - export of services - The appellant is eligible to avail cenvat credits to get refunds on those services namely club and association, rent a cab management, maintenance and visa service.

  • Service Tax:

    Classification of services - re-rubberisation of rollers provided by them to various customers/clients - demand raised under the category of 'Management, Maintenance or Repair' Service - Since the service is to be as 'Business Auxiliary Services' (BAS) demand set aside.

  • Central Excise:

    Valuation - scrap - with effect from 1st July 2000, with the introduction of transaction value concept in Section 4 of the Central Excise Act, 1944, duty has to be determined on the basis of actual transaction value and not on the basis of any “contemporaneous value”

  • Central Excise:

    CENVAT Credit - input services - Engineering Designs and Drawings for civil and structural works - the definition of ‘input service’ is very wide and includes inputs used in or in relation to the manufacturing activity.

  • Central Excise:

    CENVAT Credit - input services - construction services - alteration and extension of railway track - locomotive engine servicing charges - to be treated as used in the factory - credit allowed

  • Central Excise:

    CENVAT Credit - input services - Event Management Service - these services are in the nature of sales promotion service and would eonomine fall within the inclusive part of definition of input service provided in Rule 2(1) of Cenvat Rules - credit allowed.

  • VAT:

    Whether the admitted activities carried on by the petitioner viz., slaughtering, defeathering, cleaning and cutting the poultry would be construed as an act of processing? - Held Yes


Articles


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2018 (12) TMI 1515
  • 2018 (12) TMI 1514
  • 2018 (12) TMI 1513
  • 2018 (12) TMI 1512
  • 2018 (12) TMI 1511
  • 2018 (12) TMI 1510
  • 2018 (12) TMI 1509
  • 2018 (12) TMI 1508
  • 2018 (12) TMI 1507
  • 2018 (12) TMI 1526
  • 2018 (12) TMI 1506
  • 2018 (12) TMI 1505
  • 2018 (12) TMI 1525
  • 2018 (12) TMI 1504
  • 2018 (12) TMI 1524
  • 2018 (12) TMI 1523
  • 2018 (12) TMI 1522
  • 2018 (12) TMI 1503
  • 2018 (12) TMI 1502
  • 2018 (12) TMI 1521
  • 2018 (12) TMI 1520
  • 2018 (12) TMI 1501
  • 2018 (12) TMI 1519
  • 2018 (12) TMI 1500
  • 2018 (12) TMI 1518
  • 2018 (12) TMI 1499
  • 2018 (12) TMI 1498
  • 2018 (12) TMI 1497
  • 2018 (12) TMI 1496
  • 2018 (12) TMI 1495
  • 2018 (12) TMI 1494
  • 2018 (12) TMI 1493
  • 2018 (12) TMI 1492
  • 2018 (12) TMI 1491
  • 2018 (12) TMI 1490
  • 2018 (12) TMI 1489
  • 2018 (12) TMI 1488
  • 2018 (12) TMI 1517
  • 2018 (12) TMI 1516
  • Customs

  • 2018 (12) TMI 1487
  • 2018 (12) TMI 1486
  • Service Tax

  • 2018 (12) TMI 1484
  • 2018 (12) TMI 1483
  • 2018 (12) TMI 1482
  • 2018 (12) TMI 1481
  • 2018 (12) TMI 1480
  • Central Excise

  • 2018 (12) TMI 1479
  • 2018 (12) TMI 1478
  • 2018 (12) TMI 1477
  • 2018 (12) TMI 1476
  • 2018 (12) TMI 1475
  • 2018 (12) TMI 1474
  • 2018 (12) TMI 1473
  • 2018 (12) TMI 1472
  • 2018 (12) TMI 1471
  • 2018 (12) TMI 1470
  • 2018 (12) TMI 1469
  • CST, VAT & Sales Tax

  • 2018 (12) TMI 1468
  • Indian Laws

  • 2018 (12) TMI 1485
 

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