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Home e-Newsletters Index Year 2017 December Day 4 - Monday

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TMI Tax Updates - e-Newsletter
December 4, 2017

Case Laws in this Newsletter:

Income Tax Customs Insolvency & Bankruptcy PMLA Service Tax Central Excise Indian Laws



Highlights / Catch Notes

  • Income Tax:

    Benefit of Section 80-IC - A person, an enterprise or an undertaking, is entitled to take the benefit of Section 80-IC only insofar as it carries on business, which is mentioned in sub-section (2) of Section 80-IC and derives profits and gains therefrom. - HC

  • Income Tax:

    Protective addition - when addition was already made in the hands of the overseas companies on substantive basis treating them as residents in India, there is no justification for the Assessing Officer to make such an addition in the hands of a share holder on protective basis, when no benefit was derived by her from these companies to protect the interest of revenue. - AT

  • Income Tax:

    Computation of book profit u/s 115JB - MAT - The carbon credit is credited to the Profit & Loss account held to be capital receipts and not exigible to tax - AO directed to exclude the sale of carbon credits for the purpose of computation of book profits u/s 115JB - AT

  • Income Tax:

    Assessment of trust as AOP - exclusion of Corpus funds - all the voluntary contributions received by the assessee are taxable within the meaning of section 2(24)(iia) of the I.T.Act if the registration u/s 12A is not available to the assessee. - AT

  • Income Tax:

    Transactions through Credit cards - unexplained purchases - The claim of the assessee that he was returning the goods back to the seller at the 3% discount to generate cash for payment of credit card dues on account of financial crisis, is completely unsustainable. - AT

  • Income Tax:

    Addition of interest - accrual of interest - Inter-corporate deposits - it cannot be said that interest has accrued to the assessee during the year when the Inter-corporate deposits is equivalent to non-performing assets in the case of the assessee. - AT

  • Income Tax:

    The donations received for specific purpose of acquiring the capital assets are tied up grants and cannot be treated as income u/s 2(24)(ii)(a) - AT

  • Income Tax:

    Transfer of case u/s 147 - Deemed service of notice u/s 148 - AO never acquired jurisdiction over the assessee. Therefore, section 292BB does not come to the aid of the Department. Compliances would not bestow jurisdiction on the AO, once such jurisdiction never lay with the Assessing Officer to begin with - AT

  • Income Tax:

    Principle of mutuality - assessee club has been formed under the control of Haryana Urban Development Authority (HUDA) - ITAT allowed the benefit of Principle of mutuality except for the amount of interest earned from the fixed deposits in the banks

  • Income Tax:

    Adding net profit and share premium sum u/s 68 - there can be no straitjacket formula for determining share premium which depends upon current strength and future potential of an enterprise. - failure to discharge of onus by assessee - additions confirmed - AT

  • Customs:

    Classification of Concentrated Mineral Drops (CMD) - CMD imported by the appellant will not merit classification under 21069099. - would merit classification under CTH 30045020 - AT

  • Customs:

    Penalty on CFS - smuggling of prohibited goods - Being the custodian of the goods, the appellant cannot wriggle out of the responsibility by saying that they had outsourced only to licenced Customs Broker and that it was not outsourced to any unknown person. - AT

  • Customs:

    DTA clearance by SEZ - who is liable to pay duty - the goods got cleared from the SEZ unit of Anita exports and was examined in the DTA wherein some discrepancy were found out, if that be so, the importer of the said goods from DTA is required to discharge the duty, if any, is the law as it is not the case of the Revenue that the importers were non-existent - AT

  • Corporate Law:

    Corporate Insolvency Resolution Process - a 'Power of Attorney Holder' is not competent to file an application on behalf of a 'Financial Creditor' or 'Operational Creditor' or 'Corporate Applicant'.” - AT

  • Service Tax:

    BAS - The appellants clearly promoted the business of foreign entity for which they received commission. - These type of activities should be considered as Export of Services not liable to service tax - AT

  • Central Excise:

    Classification of goods - plastic tanks - tank is a specialised attachment and shape and it clearly shows that it is used for spraying the material in the agricultural field - cannot be classified as storage plastic tanks - tanks are classifiable under heading 8424.00 - AT

  • Central Excise:

    Demand of duty of excise - captively manufactured and consumed armoured cable emerges during the course of manufacture of PVC coated armoured cable - the intermediate product emerges during the course of manufacturing of their final product is not marketable - AT


Articles


Case Laws:

  • Income Tax

  • 2017 (12) TMI 127
  • 2017 (12) TMI 126
  • 2017 (12) TMI 125
  • 2017 (12) TMI 124
  • 2017 (12) TMI 123
  • 2017 (12) TMI 122
  • 2017 (12) TMI 121
  • 2017 (12) TMI 120
  • 2017 (12) TMI 119
  • 2017 (12) TMI 118
  • 2017 (12) TMI 117
  • 2017 (12) TMI 135
  • 2017 (12) TMI 134
  • 2017 (12) TMI 133
  • 2017 (12) TMI 116
  • 2017 (12) TMI 132
  • 2017 (12) TMI 131
  • 2017 (12) TMI 115
  • 2017 (12) TMI 130
  • 2017 (12) TMI 114
  • 2017 (12) TMI 113
  • 2017 (12) TMI 112
  • 2017 (12) TMI 111
  • 2017 (12) TMI 129
  • 2017 (12) TMI 110
  • 2017 (12) TMI 109
  • 2017 (12) TMI 128
  • 2017 (12) TMI 108
  • Customs

  • 2017 (12) TMI 105
  • 2017 (12) TMI 104
  • 2017 (12) TMI 106
  • 2017 (12) TMI 107
  • 2017 (12) TMI 103
  • 2017 (12) TMI 102
  • Insolvency & Bankruptcy

  • 2017 (12) TMI 101
  • 2017 (12) TMI 100
  • 2017 (12) TMI 99
  • PMLA

  • 2017 (12) TMI 98
  • 2017 (12) TMI 97
  • Service Tax

  • 2017 (12) TMI 93
  • 2017 (12) TMI 92
  • 2017 (12) TMI 77
  • 2017 (12) TMI 91
  • 2017 (12) TMI 90
  • 2017 (12) TMI 89
  • Central Excise

  • 2017 (12) TMI 87
  • 2017 (12) TMI 86
  • 2017 (12) TMI 88
  • 2017 (12) TMI 85
  • 2017 (12) TMI 84
  • 2017 (12) TMI 83
  • 2017 (12) TMI 82
  • 2017 (12) TMI 81
  • 2017 (12) TMI 80
  • 2017 (12) TMI 79
  • 2017 (12) TMI 78
  • 2017 (12) TMI 76
  • 2017 (12) TMI 75
  • 2017 (12) TMI 74
  • 2017 (12) TMI 73
  • 2017 (12) TMI 72
  • 2017 (12) TMI 71
  • Indian Laws

  • 2017 (12) TMI 96
  • 2017 (12) TMI 95
  • 2017 (12) TMI 94
 

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