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TMI Updates - Newsletter dated: February 1, 2018

Case Laws in this Newsletter:

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


  1. GST : Detention of goods u/s 129 of the CGST and SGST Acts - mere infraction of the procedural Rules like Rules 55 and 138 of the State GST Rules cannot result in detention of goods, though they may result in imposition of penalty. - HC

  2. Income Tax : Disallowing claim u/s 54F - if the assessee has constructed a new on the plot of land which is owned by the mother of the assessee then, the investment made by the assessee in construction of new house is eligible for deduction u/s 54F - Tri

  3. Income Tax : Penalty u/s 271A - violation of provisions of section 44AA - non-maintenance of books of accounts - Though the total income of the assessee was assessed by the AO as per the transaction recorded in the bank account however, the bank account of the assessee cannot be accepted or regarded as books of accounts - levy of penalty is justified - Tri

  4. Income Tax : Addition made on account of sundry creditors - AO of the assessee had accepted the statement of account of that supplier as sacrosanct and proceeded to make addition in the hands of the assessee by disbelieving the reconciliation statement and explanation given by the assessee - additions deleted - Tri

  5. Income Tax : Non recognition of assessee as an “assessee” under the Income Tax Act - bogus entity or not - Since in the earlier assessment years and subsequent assessment year the assessee’s return of income has been accepted and even “refunds” have been allowed, treating the assessee an NBFC company as bogus need to be supported by material/evidence which the AO has not spelt out. - Tri

  6. Income Tax : Interest u/s.234B - The concerned interest shall be on the consolidated amount of income i.e. both determined in re-assessment order and income determined in consequent to revisional order passed u/s. 263, when the reassessment order was subject to revision u/s.263 - Tri

  7. Customs : Sub: Closure of submission of Bills of Entry at the ICES 1.5 on account of Union Budget, 2018-19 – reg. - Trade Notice

  8. Customs : Classification of imported goods - EMUs are treated together and are to be classified under CTH 86.03 - TCs as well as DMCs which are integrally forming part to make a functional EMU are to be treated together for the purpose of classification assessment. - Tri

  9. Central Excise : Valuation - a devise should suffer Central Excise duty along with essential operating software which is part and parcel of the same - However, the software which is supplied separately for loading in the computer of the client linked to the devise for retrieval and monitoring of data cannot be considered as part and parcel of he said access control device. - Tri

  10. Central Excise : Clandestine removal - the allegation that the appellant has procured raw materials, manufactured wires and cables and cleared the same clandestinely without payment of duty stands established - demand of duty with penalty confirmed - Tri

  11. VAT and Sales Tax : Benefit of exemption from payment of tax - Possessing of land for establishment of new unit although constitutes the mandatory or substantive part of exemption notification but mode of acquisition of land is wholly directory, and its non-compliance would not affect the essence or substance of the notification in question, granting exemption - HC



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