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Home e-Newsletters Index Year 2017 February Day 14 - Tuesday

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TMI Tax Updates - e-Newsletter
February 14, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Bad debits - if the assessee decided to write off the said advances/securities given in ordinary course of business, in its books of accounts, the claim of assessee cannot be discarded simply because substantial evidences were not placed to prove its efforts of their recovery or that the said debts became irrecoverable, by way of stepping into the shoes of business. - AT

  • Income Tax:

    Addition u/s 41 - amount shown as 'advance against export' outstanding since 1997 - Liability for a period of more than 10 years - Section 41(1) cannot be applied so long as the liability is acknowledged - HC

  • Income Tax:

    Validity of proceedings u/s 153C - addition u/s 69C - non satisfaction of the condition precedent viz. the seized document must belong to the assessee is a jurisdictional issue and non satisfaction thereof would make the entire proceedings taken thereunder null and void - HC

  • Income Tax:

    Additions u/s 41(1) - Authorities Below has presumed that the trading liability ceased to exist as the notice u/s 133(6) of the Act issued were not served - liability cannot cease to exist until and unless it is written off in the books of account of assessee - No additions - AT

  • Income Tax:

    TDS liability of individual - for the applicability of the provisions of section 44AB and 194J, the gross receipts from both the sources shall be clubbed - the assessee has defaulted in the TDS deduction on the professional payment to doctors, therefore the deduction for the same shall not be allowed - AT

  • Income Tax:

    As the gross receipts of the assessee are less than ₹ 1 crore, so it is not required to get the approval from the income tax authority for claiming the exemption u/s 10(23C)(iiiad) - there is no condition that a registration u/s 12AA - AT

  • Income Tax:

    Partnership firm - deduction u/s 40(b) - AO observed that partnership firms could not exist with artificial persons alone - there is nothing in that section to conclude that a partnership could not be formed by a karta of an HUF in his individual capacity with other persons. The same, in our opinion, would also apply where an individual who joins partnership in a representative capacity - AT

  • Income Tax:

    Addition on the basis of statements recorded Sales Tax Department (STD) - The information received from the STD was a good starting point for making further investigation. But same had to be taken to the logical end the documents produced by the assessee had to be rebutted - AT

  • Corporate Law:

    Winding-up petition - appellant acquiescing in the order admitting the winding up petition and proceeding to settle the disputes with a number of creditors. This itself establishes that the appellant company is heavily in debt - HC

  • Service Tax:

    Refund claim - unjust enrichment - The amount was collected as service tax on the mistaken belief that the services were taxable. The amount however does not have the colour or character of tax for the purpose of levy by the department - appellant has adduced evidence to show that the amount collected is adjusted - refund allowed - AT

  • Service Tax:

    Interest - penalty - reversal of irregularly availed credit - whether the appellant is liable to pay the interest and penalty for the irregularly availed credit, which was reversed prior to utilisation according to the appellant? - Held No - AT

  • Service Tax:

    Cenvat Credit - Merely because the SIM card or invoice is in the name of the employee it cannot be concluded that the mobile phone is for personal use of the employee when the address shows that of the company - AT

  • Central Excise:

    Cenvat credit - Input service - pre-mining activities - Department took a view that as these were not approved mines and the said activities availed by the appellants were not directly or indirectly related to the manufacturing activity of the appellant - Contention of the revenue rejected - AT

  • Central Excise:

    Demand of duty u/s 11D or recovery of amount u/s 11D - Revenue could not decide as to ₹ 74,20,714/- & ₹ 3,43,26,040/- were the duties of excise short paid or sums which were collected in excess of duties of excise - demand set aside - AT

  • Central Excise:

    Cenvat Credit - there was no time limit during the relevant period for availment of Cenvat Credit after the receipt of inputs into the factory - AT

  • Central Excise:

    Cenvat Credit - duty paying documents - The defect that invoices were issued prior to clearances of goods from port is too flimsy and baseless allegation particularly to be raised at the receivers end - credit allowed - AT

  • Central Excise:

    Refund claim - price variation clause - payment of excess duty - When the department has denied provisional assessment particularly, they cannot deny the refund saying that the appellant has not resorted to provisional assessment - appellant is eligible for refund - AT

  • Central Excise:

    Benefit of refund of the said SAD as per Notification No.102/2007-Cus cannot be denied to them only on the ground that movement of goods is from SEZ and it cannot be construed as import of goods - AT

  • VAT:

    Classification of NEBULA Jewellery Watch - Even the dress having diamond on it predominantly can be in a given case said to be a jewellery. Mainly because the NEBULA Watch carries the mechanism of watch it will not loose the characteristic of jewellery. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (2) TMI 551
  • 2017 (2) TMI 550
  • 2017 (2) TMI 560
  • 2017 (2) TMI 549
  • 2017 (2) TMI 548
  • 2017 (2) TMI 545
  • 2017 (2) TMI 542
  • 2017 (2) TMI 541
  • 2017 (2) TMI 553
  • 2017 (2) TMI 540
  • 2017 (2) TMI 547
  • 2017 (2) TMI 546
  • 2017 (2) TMI 544
  • 2017 (2) TMI 543
  • 2017 (2) TMI 556
  • 2017 (2) TMI 554
  • 2017 (2) TMI 555
  • 2017 (2) TMI 552
  • 2017 (2) TMI 559
  • 2017 (2) TMI 558
  • 2017 (2) TMI 557
  • Customs

  • 2017 (2) TMI 524
  • 2017 (2) TMI 525
  • 2017 (2) TMI 522
  • 2017 (2) TMI 523
  • 2017 (2) TMI 526
  • Corporate Laws

  • 2017 (2) TMI 519
  • FEMA

  • 2017 (2) TMI 518
  • Service Tax

  • 2017 (2) TMI 539
  • 2017 (2) TMI 538
  • 2017 (2) TMI 537
  • Central Excise

  • 2017 (2) TMI 533
  • 2017 (2) TMI 534
  • 2017 (2) TMI 529
  • 2017 (2) TMI 535
  • 2017 (2) TMI 528
  • 2017 (2) TMI 530
  • 2017 (2) TMI 527
  • 2017 (2) TMI 536
  • 2017 (2) TMI 531
  • 2017 (2) TMI 532
  • CST, VAT & Sales Tax

  • 2017 (2) TMI 521
  • 2017 (2) TMI 520
  • Indian Laws

  • 2017 (2) TMI 517
 

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