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Home e-Newsletters Index Year 2017 February Day 11 - Saturday

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TMI Tax Updates - e-Newsletter
February 11, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Incentive subsidy - It was meant for entrepreneurs and industrialists who had established their units and made certain capital outlay and the assessee was merely required to ensure distribution of subsidies to the industrialists and thus it could not be treated as funds in hand of the assessee as taxable - HC

  • Income Tax:

    Revision u/s 264 - whether benefit of Section 54F could be granted when it was originally not claimed during the assessment proceedings - there is no bar in the grant of the relief despite the assessee apparently having missed the bus and having committed the mistake - HC

  • Income Tax:

    Nature of contribution to another institution - nothing was brought on record to highlight, how the assessee has got the benefit either in this year or in the future or any benefit to the overall benefit to the organisation as a whole. There has to be some benefit directly or indirectly to the organisation - Cannot be allowed as expenditure u/s 37(1) - AT

  • Income Tax:

    Determination of Annual Value u/s. 23(l)(a) - Assessee has rightly assigned “NIL” Annual Lettable Value of the impugned 16 shops which were ready to be let out during the year but remained vacant throughout the year - AT

  • Income Tax:

    Revision u/s 26 - The order was also prejudicial to the interest of Revenue because in the absence of assessee succeeding to establish the nexus between cash deposits and business receipts, entire deposits were to be added - Revision upheld - AT

  • Income Tax:

    TDS u/s 194H - commission or brokerage - cash discount on sale - assessee was not required to deduct tax at source from the amount in question paid to the Hawkers and the question of disallowance under section 40(a)(ia) would not arise - AT

  • Customs:

    Non-fulfillment of export obligation - Diversion of imported polyester staple fibres under DEEC scheme - the import duty has to be paid inevitably by the importer. Confiscation or fine in lieu thereof is an infliction on the offender or circle of offenders - HC

  • Indian Laws:

    Offence under Section 138 NI Act - Cheque bounce - The accused also did not explain as to why the cheque allegedly given to Manoj Kumar was, firstly, given in blank i.e. without name and, secondly, why it was not taken back at the time of repayment of the loan to Manoj Kumar - HC

  • Service Tax:

    Levy of penalty for late filing of return - It is not disputed that appellant had filed returns along with the late fee and also paid the service tax along with interest - penalty under sub Section (2) of Section 77 is unwarranted. - AT

  • Service Tax:

    CENVAT credit - input services - Labor charges for drinking water and cleaning at Lorry Yard - Maintenance of cycle stand - erection of Cycle shed - Insulation works at recreational club - credit eligible on these services - AT

  • Service Tax:

    CENVAT Credit - inputs - angles, channels and beams etc., used to erect the towers and pre-fabricated buildings on which transmission equipments were installed - assessee will not be eligible to avail the cenvat credit - AT

  • Central Excise:

    Levy of penalty for Double availment of Cenvat credit - willfully suppression of fact with an intent to evade duty - onus of taking credit correctly has been put on the appellant and this self assessment memorandum requires them to take the credit correctly and as per law. - Levy of penalty confirmed - AT

  • Central Excise:

    Zinc Sulphate, Ferrous Sulphate and Magnesium Sulphate and Micro Nutrients manufactured by M/s. Chakradhar Chemicals are fertilizer - benefit of exemption allowed - AT

  • Central Excise:

    Refund claim - amount paid during investigation - section 11B of Central Excise Act, 1944 - denial of the claim as barred by limitation owing to payment having been made about nineteen months before applying for refund - Tax administrators must be responsible and responsive - claim reinstated - AT

  • Central Excise:

    Valuation - fabrication and mounting of LPG tanker on the chassis - in terms of the notification, the value of running gear is not includible in the value of motor vehicle for the reason that the running gear is part of chassis - AT

  • VAT:

    Imposition of penalty - Deemed assessment u/s 22(2) of the TNVAT Act, 2006 - whether the impugned notice is premature and is liable to be set aside? - Held Yes - HC


Articles


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (2) TMI 444
  • 2017 (2) TMI 453
  • 2017 (2) TMI 450
  • 2017 (2) TMI 452
  • 2017 (2) TMI 451
  • 2017 (2) TMI 449
  • 2017 (2) TMI 442
  • 2017 (2) TMI 458
  • 2017 (2) TMI 454
  • 2017 (2) TMI 445
  • 2017 (2) TMI 459
  • 2017 (2) TMI 455
  • 2017 (2) TMI 456
  • 2017 (2) TMI 412
  • 2017 (2) TMI 460
  • 2017 (2) TMI 448
  • 2017 (2) TMI 446
  • 2017 (2) TMI 447
  • 2017 (2) TMI 443
  • 2017 (2) TMI 462
  • 2017 (2) TMI 461
  • 2017 (2) TMI 457
  • Customs

  • 2017 (2) TMI 420
  • 2017 (2) TMI 422
  • 2017 (2) TMI 421
  • 2017 (2) TMI 424
  • 2017 (2) TMI 423
  • Corporate Laws

  • 2017 (2) TMI 416
  • Service Tax

  • 2017 (2) TMI 441
  • 2017 (2) TMI 438
  • 2017 (2) TMI 440
  • 2017 (2) TMI 439
  • Central Excise

  • 2017 (2) TMI 437
  • 2017 (2) TMI 427
  • 2017 (2) TMI 426
  • 2017 (2) TMI 425
  • 2017 (2) TMI 436
  • 2017 (2) TMI 430
  • 2017 (2) TMI 429
  • 2017 (2) TMI 435
  • 2017 (2) TMI 432
  • 2017 (2) TMI 433
  • 2017 (2) TMI 434
  • 2017 (2) TMI 431
  • 2017 (2) TMI 428
  • CST, VAT & Sales Tax

  • 2017 (2) TMI 417
  • 2017 (2) TMI 418
  • 2017 (2) TMI 419
  • Indian Laws

  • 2017 (2) TMI 414
  • 2017 (2) TMI 413
  • 2017 (2) TMI 415
 

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