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Home e-Newsletters Index Year 2018 December Day 6 - Thursday

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TMI Tax Updates - e-Newsletter
December 6, 2018

Case Laws in this Newsletter:

GST Income Tax Benami Property Customs Corporate Laws Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Revision u/s 263 - capital gain earned by the assessee on sale of the shares has not been offered for the Book Profit tax under section 115JB - since no proper inquiry was conducted by the AO, the order is erroneous so far as it is prejudicial to the interest of the revenue.

  • Income Tax:

    Exemption u/s. 10(22) - The recipient of the income must have the character of an educational institute in India and its character outside India or it being a part of university existing outside India is not relevant for deciding whether its income would be exempt u/s. 10(22) of the Act or not.

  • Income Tax:

    MAT - Minimum Alternate Tax - Both the lower authorities, AO as well as CIT(A), have not considered whether, after examination by Registrar of Companies, whether Registrar of Companies was satisfied that the accounts of the assessee are maintained in accordance with the requirements of the Companies Act - AO directed to decide the issue afresh.

  • Income Tax:

    MAT computation - book profit as determined u/s. 115JB - Consideration of SEZ Income while computing book profit for the purpose of MAT - Merely because assessee has challenged the amendment in the High Court, additions made by AO cannot be deleted.

  • Income Tax:

    TPA on AMP computed by the TPO using BLT - Comparison of the AMP over sales ratio of the assessee with the AMP ratio of Pepsi Co Group on a worldwide basis was nothing but a distorted version of the BLT - Cannot sustain.

  • Income Tax:

    Addition of “cash credit” u/s 68 - It is very unlikely that a person carrying on small chitty and financing business could raise ₹ 2, 00, 000/- as advance for investment in a Company in the year 1992. - Additions confirmed.

  • Income Tax:

    In case of unaccounted turnover, only addition of profit embedded therein can be made - in such circumstances Assessing Officer cannot take resort to Section 69 of the Act.

  • Income Tax:

    When there is a complete stoppage of the business and the assessee is offering income from leasing from the unit as income from house property, there is no question of allowance of expenses or depreciation in this regard.

  • Income Tax:

    Benami transactions - The existence of the “benami” transaction has to be proved by the authorities i.e. the person who alleges the transaction - The transaction where cash is paid to person in lieu of a future promise cannot be a “benami” transaction as there is no lending of name.

  • Income Tax:

    TDS u/s 194C OR 194J - document management charges - the work assigned to the service provider was not a technical or professional work which required special skills but simple, basic and repetitive nature of work and accordingly subject to tax u/s 194C.

  • Income Tax:

    TDS u/s 194C OR 194J - TDS on payment made to installation service provider - the installation services providers were given basic training to make them understand the process of Installation - assessee had correctly deducted tax u/s 194C

  • Customs:

    Seeks to levy definitive anti-dumping duty on the imports of "Uncoated Copier Paper" originating in or exported from Indonesia, Thailand and Singapore

  • SEZ:

    Applicability of Notification No. 43/2015-20 dated 05.11.2018 to SEZ units-reg.

  • State GST:

    Modifications to the procedure for interception of conveyances for inspection of goods in and detention, release movement, and confiscation of such goods and conveyances, as clarified in Circular No. 14T of 2018 dated 23.04.2018.

  • State GST:

    Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Trade Circular Nos.14T of 2018 dated 23.04.2018 and 35T of 2018 dated 3rd December 2018.

  • Service Tax:

    Rejection of Voluntary Compliance Encouragement Scheme (VCES) - The time limit for issuing notice u/s 101 of VCES will be applicable if and only if the assesse is entitled to file the VCES.

  • Service Tax:

    Extended period of limitation - Levy of penalty - Partial RCM - It cannot be said that only because audit party had found non-observance of partial reverse charge mechanism procedure in respect of certain services, without any reference to the categorising of service provider, appellant is to be tested for suppression etc. - Demand set aside.

  • Service Tax:

    A best judgment assessment should be based on material and data on record. It is not a tool in the hands of the Adjudicating Authority to punish the assessee. The estimation should be fair and reasonable, and not a wild guess work.

  • Service Tax:

    Demand in respect of the service provided in Jammu and Kashmir - POPOS Rules - the flights originated and terminated in J&K - Service Tax is not chargeable on the value of services provided in J&K as per Section 64 of the Finance Act, 1994

  • Service Tax:

    Reverse charge mechanism (RCM) - non-payment of service tax - the service tax on all the above services was available as credit to the appellant, thus leading to a Revenue neutral situation in which case again no mala fide can be attributed and demands cannot be sustained.

  • Service Tax:

    Validity and scope of of SCN - Service Rendered to RBI - Cleaning Service - demand raised by invoking extended period of limitation - there is contradiction in the said show cause notice - Demand set aside.

  • Service Tax:

    Bundled service - construction of residential complex service is the service which gives essential character to the package of the service and, therefore, the charges are essentially required to be bundled with the single service namely construction of residential complex service

  • Service Tax:

    Classification of service - Works contract service or Erection Commissioning and Installation service - laying sewer pipe/sewerage system - From no stretch of imagination such an activity can be called as Erection Commissioning and Installation Service.

  • Service Tax:

    Benefit of abatement - benefit of abatement denied on the ground that CENVAT Credit availed - reversal of credit satisfies the requirement of non availment of credit laid down in the Notification No. 1/2006-ST ibid.

  • Central Excise:

    Appeal by PSU - Even when there was no COD clearance granted, the Tribunal had no jurisdiction and authority under the law to dismiss the appeal for want of COD and then to require the parties to apply restoration upon obtaining clearance.

  • Central Excise:

    Extended period of limitation - Liability to discharge duty by the job worker - the issue of liability to discharge duty on the processed goods by the job worker when the raw materials were received under Rule 4(5)(a) of the Cenvat Credit Rules, 2002, marred with conflicting views of this Tribunal resulting into the present reference to Larger Bench - Demand set aside on the ground of limitation.

  • Central Excise:

    Cenvat Credit - Clandestine removal - excess use of inputs - there are no justifiable reasons to deny the credit to the appellant merely on the basis of the input output ratio

  • VAT:

    Jurisdiction - Scope of Inter-state sales - the incidence of Central Sales Tax or even sale of goods, occurs where the goods are appropriated to the contract. In this case, the place where the appropriation took place, is undoubtedly Mumbai.

  • VAT:

    Levy of penalty - illegal transportation of goods - Trite it is that in construing provisions designed to prevent tax evasion, if the legislature uses words of comprehensive import, the Courts cannot proceed on an assumption that the words were used in a restricted sense so as to defeat the avowed object of the legislature.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (12) TMI 295
  • Income Tax

  • 2018 (12) TMI 294
  • 2018 (12) TMI 293
  • 2018 (12) TMI 289
  • 2018 (12) TMI 292
  • 2018 (12) TMI 288
  • 2018 (12) TMI 287
  • 2018 (12) TMI 286
  • 2018 (12) TMI 285
  • 2018 (12) TMI 284
  • 2018 (12) TMI 283
  • 2018 (12) TMI 282
  • 2018 (12) TMI 281
  • 2018 (12) TMI 280
  • 2018 (12) TMI 279
  • 2018 (12) TMI 278
  • 2018 (12) TMI 277
  • 2018 (12) TMI 276
  • 2018 (12) TMI 275
  • 2018 (12) TMI 274
  • 2018 (12) TMI 291
  • 2018 (12) TMI 272
  • 2018 (12) TMI 271
  • 2018 (12) TMI 270
  • 2018 (12) TMI 290
  • Benami Property

  • 2018 (12) TMI 273
  • Customs

  • 2018 (12) TMI 268
  • 2018 (12) TMI 266
  • 2018 (12) TMI 267
  • Corporate Laws

  • 2018 (12) TMI 269
  • Service Tax

  • 2018 (12) TMI 264
  • 2018 (12) TMI 263
  • 2018 (12) TMI 262
  • 2018 (12) TMI 261
  • 2018 (12) TMI 260
  • 2018 (12) TMI 259
  • 2018 (12) TMI 258
  • 2018 (12) TMI 257
  • 2018 (12) TMI 256
  • 2018 (12) TMI 255
  • 2018 (12) TMI 254
  • 2018 (12) TMI 253
  • 2018 (12) TMI 252
  • 2018 (12) TMI 251
  • 2018 (12) TMI 250
  • 2018 (12) TMI 249
  • Central Excise

  • 2018 (12) TMI 247
  • 2018 (12) TMI 246
  • 2018 (12) TMI 245
  • 2018 (12) TMI 244
  • 2018 (12) TMI 243
  • 2018 (12) TMI 242
  • 2018 (12) TMI 241
  • 2018 (12) TMI 240
  • 2018 (12) TMI 239
  • 2018 (12) TMI 238
  • 2018 (12) TMI 237
  • 2018 (12) TMI 248
  • 2018 (12) TMI 236
  • 2018 (12) TMI 235
  • 2018 (12) TMI 234
  • 2018 (12) TMI 233
  • 2018 (12) TMI 232
  • CST, VAT & Sales Tax

  • 2018 (12) TMI 231
  • 2018 (12) TMI 230
  • 2018 (12) TMI 229
  • Indian Laws

  • 2018 (12) TMI 265
 

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