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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 1 - Thursday
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TMI Updates - Newsletter dated: February 1, 2018

Highlights

  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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Case Laws:

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  1. 2018 (1) TMI 1313

    In: GST


  2. 2018 (1) TMI 1279

    In: Customs


  3. 2018 (1) TMI 1283

    In: Customs


  4. 2018 (1) TMI 1278

    In: Customs


  5. 2018 (1) TMI 1282

    In: Customs


  6. 2018 (1) TMI 1281

    In: Customs


  7. 2018 (1) TMI 1280

    In: Customs


  8. 2018 (1) TMI 1303

    In: Income Tax


  9. 2018 (1) TMI 1312

    In: Income Tax


  10. 2018 (1) TMI 1311

    In: Income Tax


  11. 2018 (1) TMI 1310

    In: Income Tax


  12. 2018 (1) TMI 1309

    In: Income Tax


  13. 2018 (1) TMI 1308

    In: Income Tax


  14. 2018 (1) TMI 1302

    In: Income Tax


  15. 2018 (1) TMI 1307

    In: Income Tax


  16. 2018 (1) TMI 1306

    In: Income Tax


  17. 2018 (1) TMI 1305

    In: Income Tax


  18. 2018 (1) TMI 1304

    In: Income Tax


  19. 2018 (1) TMI 1301

    In: Income Tax


  20. 2018 (1) TMI 1300

    In: Income Tax


  21. 2018 (1) TMI 1299

    In: Income Tax


  22. 2018 (1) TMI 1297

    In: Income Tax


  23. 2018 (1) TMI 1296

    In: Income Tax


  24. 2018 (1) TMI 1295

    In: Income Tax


  25. 2018 (1) TMI 1294

    In: Income Tax


  26. 2018 (1) TMI 1293

    In: Income Tax


  27. 2018 (1) TMI 1292

    In: Income Tax


  28. 2018 (1) TMI 1291

    In: Income Tax


  29. 2018 (1) TMI 1290

    In: Income Tax


  30. 2018 (1) TMI 1289

    In: Income Tax


  31. 2018 (1) TMI 1288

    In: Income Tax


  32. 2018 (1) TMI 1287

    In: Income Tax


  33. 2018 (1) TMI 1286

    In: Income Tax


  34. 2018 (1) TMI 1285

    In: Income Tax


  35. 2018 (1) TMI 1284

    In: Income Tax


  36. 2018 (1) TMI 1298

    In: Income Tax


  37. 2018 (1) TMI 1277

    In: Indian Laws


  38. 2018 (1) TMI 1276

    In: Service Tax


  39. 2018 (1) TMI 1274

    In: Service Tax


  40. 2018 (1) TMI 1273

    In: Service Tax


  41. 2018 (1) TMI 1272

    In: Service Tax


  42. 2018 (1) TMI 1271

    In: Service Tax


  43. 2018 (1) TMI 1270

    In: Service Tax


  44. 2018 (1) TMI 1275

    In: Service Tax


  45. 2018 (1) TMI 1314

    In: Central Excise


  46. 2018 (1) TMI 1315

    In: Central Excise


  47. 2018 (1) TMI 1269

    In: Central Excise


  48. 2018 (1) TMI 1268

    In: Central Excise


  49. 2018 (1) TMI 1267

    In: Central Excise


  50. 2018 (1) TMI 1261

    In: Central Excise


  51. 2018 (1) TMI 1260

    In: Central Excise


  52. 2018 (1) TMI 1259

    In: Central Excise


  53. 2018 (1) TMI 1258

    In: Central Excise


  54. 2018 (1) TMI 1257

    In: Central Excise


  55. 2018 (1) TMI 1256

    In: Central Excise


  56. 2018 (1) TMI 1255

    In: Central Excise


  57. 2018 (1) TMI 1254

    In: Central Excise


  58. 2018 (1) TMI 1266

    In: Central Excise


  59. 2018 (1) TMI 1265

    In: Central Excise


  60. 2018 (1) TMI 1264

    In: Central Excise


  61. 2018 (1) TMI 1263

    In: Central Excise


  62. 2018 (1) TMI 1262

    In: Central Excise


  63. 2018 (1) TMI 1253

    In: VAT and Sales Tax


  64. 2018 (1) TMI 1252

    In: VAT and Sales Tax


  65. 2018 (1) TMI 1251

    In: VAT and Sales Tax


  66. 2018 (1) TMI 1250

    In: Wealth tax


 
 
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