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Home e-Newsletters Index Year 2017 December Day 8 - Friday

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TMI Tax Updates - e-Newsletter
December 8, 2017

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    GST - detention of goods - the goods (whatsoever their correct description be) had originated from outside the State and were being transported outside the State, using the State of U.P. as a transit State, and the goods appear to have been seized near the exit point in State of U.P. the proper officer should have, at most made an endorsement to that effect and allowed the goods to pass through the State of U.P. - HC

  • GST:

    UP GST - detention of goods - petitioner was not given any opportunity to show cause or give reply to the allegation on which goods have been seized - goods detained on account of absence of Transit Declaration Form (TDF) - matter to be reexamined and fresh order to be passed - HC

  • Income Tax:

    Deduction u/s. 10A - export sales - non-receipt in convertible foreign exchange - Even for the sake of discussion, the plea of the assessee of converting the outstanding sale proceeds into overseas direct investment to be treated as compliance of provision of section 10A(3) then also it cannot be accepted as there is no proper approval of Reserve Bank of India for capitalization of outstanding export sale proceeds. - AT

  • Income Tax:

    The assessee was not a resident in India in terms of section 6 and was therefore, neither required to file any return of income in India not any income can be brought to tax in India. Therefore, the deposits made in the foreign bank account cannot be held to be included as taxable income in India. - AT

  • Income Tax:

    Penalty proceedings u/s 271(1)(b) - non-compliance of statutory notices - it was difficult to comply to the various notices on short dates - compliances had been made through replies filed through dak or registered post though belatedly - All these facts and circumstances under any prudence do constitute reasonable cause u/s 273B - No penalty - AT

  • Income Tax:

    Additions u/s 69 - Unexplained investments - undervaluation - AO could not tax the said amounts merely based upon the DVO's report in the absence of any corroborative material to point out under-valuation of the property in question - AT

  • Income Tax:

    Exempted capital receipt u/s 12 - when the development fee received by the assessee is not voluntary but it is a compulsory charge on the students then the same cannot be classified as capital in nature for specific purpose or part of the corpus fund of the assessee trust. - AT

  • Income Tax:

    Addition u/s 68 - the creditworthiness of the investors could never be established once it was found that there was no person existing who may have entered into such a transaction - HC

  • Income Tax:

    Deemed dividend addition u/s 2(22)(e) - Mere issuance of a cheque that was subsequently cancelled and returned without ever being ever presented for encashment and without any money having been paid against the same to the assessee it could never constitute payment of any sum. - HC

  • Income Tax:

    Reopening of assessment - Tribunal has sustained the addition not only on the ground of surrender made by the assessee but also after disbelieving the genuineness of the transaction of purchase and sale of shares - additions confirmed - HC

  • Income Tax:

    Benefit of deduction u/s 80IB - the assessee having not retained the character of ‘small scale industrial undertaking’, is not eligible to the incentive meant for that category. Permitting incentive in such case will be against the object of law. - SC

  • Corporate Law:

    Compulsory amalgamation of allegedly loss making wholly owned subsidiary (NSEL) with its profit making holding company (FTIL) in public interest - Whether the impugned order was made in violation of the principles of natural justice and fair play? - Held No - HC

  • Central Excise:

    SSI Exemption - dummy units - clubbing of clearances - N/N. 8/2001 - validity of SCN issued to each unit - If the revenue is of the view that both the units are not independent and are same, in that case the SCN should have been issued only to the actual alleged manufacturer and the duty demand should have been made against it. - AT

  • VAT:

    Validity of reassessment proceeding - Section 29 of the U.P. VAT Act, 2007 - interpretation of statute 'reason to believe' - escapement from tax - deemed sale of construction material - In any case being reassessment proceedings, the burden was on the revenue to disclose material to establish otherwise. - HC


Notifications


News


Case Laws:

  • GST

  • 2017 (12) TMI 342
  • 2017 (12) TMI 341
  • Income Tax

  • 2017 (12) TMI 372
  • 2017 (12) TMI 362
  • 2017 (12) TMI 370
  • 2017 (12) TMI 369
  • 2017 (12) TMI 361
  • 2017 (12) TMI 371
  • 2017 (12) TMI 368
  • 2017 (12) TMI 367
  • 2017 (12) TMI 366
  • 2017 (12) TMI 365
  • 2017 (12) TMI 364
  • 2017 (12) TMI 360
  • 2017 (12) TMI 359
  • 2017 (12) TMI 358
  • 2017 (12) TMI 357
  • 2017 (12) TMI 363
  • 2017 (12) TMI 356
  • 2017 (12) TMI 355
  • 2017 (12) TMI 354
  • 2017 (12) TMI 353
  • 2017 (12) TMI 352
  • 2017 (12) TMI 351
  • 2017 (12) TMI 373
  • 2017 (12) TMI 350
  • 2017 (12) TMI 349
  • 2017 (12) TMI 348
  • 2017 (12) TMI 347
  • 2017 (12) TMI 346
  • 2017 (12) TMI 345
  • 2017 (12) TMI 344
  • 2017 (12) TMI 343
  • Customs

  • 2017 (12) TMI 340
  • 2017 (12) TMI 339
  • Corporate Laws

  • 2017 (12) TMI 338
  • Insolvency & Bankruptcy

  • 2017 (12) TMI 337
  • 2017 (12) TMI 336
  • Service Tax

  • 2017 (12) TMI 334
  • Central Excise

  • 2017 (12) TMI 331
  • 2017 (12) TMI 330
  • 2017 (12) TMI 333
  • 2017 (12) TMI 329
  • 2017 (12) TMI 328
  • 2017 (12) TMI 327
  • 2017 (12) TMI 326
  • 2017 (12) TMI 332
  • 2017 (12) TMI 325
  • 2017 (12) TMI 324
  • 2017 (12) TMI 323
  • 2017 (12) TMI 322
  • 2017 (12) TMI 321
  • 2017 (12) TMI 320
  • 2017 (12) TMI 319
  • 2017 (12) TMI 318
  • 2017 (12) TMI 316
  • 2017 (12) TMI 315
  • 2017 (12) TMI 314
  • 2017 (12) TMI 313
  • 2017 (12) TMI 317
  • CST, VAT & Sales Tax

  • 2017 (12) TMI 312
  • Indian Laws

  • 2017 (12) TMI 335
 

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