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Home Newsletters Index Year 2018 February Day 10 - Saturday
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TMI Updates - Newsletter dated: February 10, 2018

Case Laws in this Newsletter:

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



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Highlights

  1. Income Tax : Accrual of income - Taxability in India of the salary of its employees sent abroad for rendering services to a foreign company - As the assignees are not liable to be taxed in India in respect of their income during the financial year 2011-12, the Applicant is not obliged to withhold taxes on the salary paid to them in India for such period. - AAR

  2. Income Tax : Taxability in India of the salary of its employee, sent abroad for rendering services to a foreign company - Accrual of income - assessment of income for period of deputation - once the income is taxable in the USA as per DTAA, it is not taxable in India - No withholding tax (TDS) liability - AAR

  3. Income Tax : Revision u/s 264 in favor of assessee - period of limitation - the petitioner cannot be shut out from placing facts before the Commissioner and Section 264 empowers the Commissioner to cause enquiry and verify the facts. Secondly, if there has been a genuine mistake committed by the assessee, Statute does not bar the assessee from rectifying his mistake - HC

  4. Income Tax : Disallowance of the expenses of damage - CIT-A restricted addition to 10% - the cost incurred for the damage of goods is directly connected with the business activities of the assessee and accordingly eligible for deduction u/s 37(1) - Tri

  5. Income Tax : Non-deduction of TDS u/s 194H r.w.s. 40(a)(ia) - nature of discount - Some services should be provided by the person or any other services in the course of buying and selling of goods - since there was no relationship between the assessee and its customers as of principal and agents, the amount of discount cannot be termed as commission - No TDS liability - Tri

  6. Income Tax : Business expenditure - the service tax paid by the assessee is otherwise eligible for deduction. Hence the input tax credit relatable to exempted services is also eligible for deduction, since it cannot be availed as credit by the assessee. - Tri

  7. Income Tax : Penalty u/s 271C - assessee had failed to deduct TDS on interest paid on FDRs and to deposit the same - the assessee is found to have had reasonable cause for not deducting the tax at source. The penalty levied is, accordingly, deleted. - Tri

  8. Income Tax : Deduction as Municipal Taxes and other charges u/s 24 against rental income earned - The expenditure as claimed by the assessee was not covered by the statutory provisions and hence not allowable - Tri

  9. Companies Law : Condonation of delay of 9 days - applicability of Section 5 of the Limitation Act - application to the peremptory language of Section 421(3) of the companies act, 2013 - period of limitation - appeal against the order of NCLT - delay cannot be condoned - SC

  10. Insolvency and Bankruptcy : Approval of resolution plan. - Amendments in the Regulation no. 38 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  11. Insolvency and Bankruptcy : Resolution plan. - Amendments in the Regulation no. 36 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  12. Insolvency and Bankruptcy : Invitation of Resolution Plans. - New Regulation 35A added to the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  13. Insolvency and Bankruptcy : Information memorandum - Amendments in the Regulation no. 35 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  14. Insolvency and Bankruptcy : Fair value and Liquidation value. - Amendments in the Regulation no. 34 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  15. Insolvency and Bankruptcy : Appointment of registered valuers. - Amendments in the Regulation no. 26 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  16. Insolvency and Bankruptcy : Definitions - Amendments in the Regulation no. 2 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

  17. Service Tax : Small Scale exemption upto ₹ 10 lacs for providing Business Auxiliary Services - the said services were rendered to the Financial Institutions and therefore, the question of use of brand of the Financial Institutions by the Service Provider did not arise - Tri

  18. Central Excise : Valuation - paper board - related party transaction - the sole attempt made by the de novo adjudicating authority was only to compare 2% of the transactions during the period which has also been done in a very flawed manner - No demand could be made - Tri

  19. Central Excise : CENVAT credit - Education Cess and Secondary Higher Education Cess paid under Section 94 of the Finance Act 2004 and Section 139 of the Finance Act, 2007, on the aggregate duty of customs levied under Sec.12 the Customs Act, 1962 can never be held to be admissible to credit which continued to be levied before and after 17.3.2012. - Tri


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