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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2018 February Day 14 - Wednesday

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TMI Tax Updates - e-Newsletter
February 14, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy FEMA Service Tax Central Excise CST, VAT & Sales Tax Wealth tax



TMI SMS


Highlights / Catch Notes

  • GST:

    Levy IGST on ocean freight whereas the value of import goods includes Ocean Freight. - Vires of N/N. 8/2017-Integrated Tax [Rate] dated 28th June 2017 and Entry 10 of the N/N. 10/2017 - interim relief granted - HC

  • Income Tax:

    Slump sale - transfer of Planet M. division in consideration of equity shares and 6% redeemable unsecured debentures - the provisions of section 50B are not applicable to this case as it is a case of slump exchange and not a slump sale - AT

  • Income Tax:

    Registration u/s 12A eligibility - charitable activities along with organizing of spiritual lectures, the assessee by no means ceases to be a religious institution - spreading spirituality was not considered to be a religious activity - AT

  • Income Tax:

    Power of CIT to cancel registration u/s 12A - power to cancel the registration was first conferred on the Commissioner w.e.f. 1.6.2010 - merely because the Commissioner had wrongly given effect to such cancellation w.e.f. A.Y. 2009-10, it did not vitiate the entire order. - HC

  • Income Tax:

    Revision petition u/s 264 - amount taxed twice - The question of double taxation was very much appearing before the Assessing Officer during the assessment - AO is directed to modify the order of assessment - HC

  • Income Tax:

    The activity performed by the assessee clearly appears to be inseparably linked to the 'charitable purpose' of providing mid-day meals at village schools - the restriction created by the first proviso to Section 2(15) did not operate against the assessee - HC

  • Income Tax:

    Claim of expenses from Capital Gains - Words “wholly and exclusively” do not connote “necessarily”. - The words “in connection with” are of wide import and if such expenses have an intimate connection with the transfer, they have to be allowed u/s 48. - AAR

  • Income Tax:

    Exemption u/s. 54B - LTCG from sale of agricultural land - One of the conditions for claiming deduction u/s. 54F is that claim should have been made in the return of income. Since no such claim was made by assessee in the return of income u/s. 139(1) or 139(5), therefore, the claim of the assessee cannot be entertained. - AT

  • Customs:

    Penalty u/s 114 (i) of the CA 1962 - shipping bill did not contain the signature of the exporter authorizing the export of the goods /reading books. It is very clear that there has been contravention of law of Customs Act by the appellant - penalty upheld - AT

  • IBC:

    Insolvency resolution process - The petitioner cannot be forced to buy goods from the respondent-corporate debtor and it has every right to claim the outstanding amount which is overdue. - The respondent cannot raise a voice to say that there was no term fixed for payment for the outstanding amount on the ground that the transactions between the parties continued in the normal course of business since 2012 - Tri

  • Service Tax:

    Short payment of service tax - mere non mentioning of legal provision will not vitiate the proceedings when the gist of the provisions is available in the allegation and discussions recorded in the impugned order. - AT

  • Service Tax:

    Business Auxiliary Service - commission paid to foreign based commission agents, who were placing export order with them - the said SCN did not invoke provisions of Section 66A for demand of said service tax - SCN not valid - AT

  • Service Tax:

    The receipt of the Municipal Corporation i.e. appellant that the amount towards so called advertisement was collected as Jahirat Kar (Advertisement Tax) - the advertisement tax being statutory tax levy by the Municipal Corporation should not be liable to service tax. - AT

  • Central Excise:

    Transfer of accumulated CENVAT credit to other unit - if the said credit was available to the appellant prior to their registration, the fact of surrendering of licence should not be adopted and the appellant request to transfer the credit should not be denied on such hyper technical grounds. - AT


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (2) TMI 770
  • 2018 (2) TMI 766
  • Income Tax

  • 2018 (2) TMI 748
  • 2018 (2) TMI 769
  • 2018 (2) TMI 745
  • 2018 (2) TMI 744
  • 2018 (2) TMI 743
  • 2018 (2) TMI 742
  • 2018 (2) TMI 768
  • 2018 (2) TMI 771
  • 2018 (2) TMI 741
  • 2018 (2) TMI 740
  • 2018 (2) TMI 739
  • 2018 (2) TMI 765
  • 2018 (2) TMI 764
  • 2018 (2) TMI 763
  • 2018 (2) TMI 738
  • 2018 (2) TMI 737
  • 2018 (2) TMI 735
  • 2018 (2) TMI 734
  • 2018 (2) TMI 761
  • 2018 (2) TMI 732
  • 2018 (2) TMI 758
  • 2018 (2) TMI 730
  • 2018 (2) TMI 729
  • 2018 (2) TMI 714
  • 2018 (2) TMI 713
  • 2018 (2) TMI 756
  • 2018 (2) TMI 696
  • 2018 (2) TMI 694
  • Customs

  • 2018 (2) TMI 760
  • 2018 (2) TMI 759
  • 2018 (2) TMI 703
  • 2018 (2) TMI 686
  • 2018 (2) TMI 682
  • 2018 (2) TMI 754
  • 2018 (2) TMI 753
  • 2018 (2) TMI 752
  • 2018 (2) TMI 751
  • 2018 (2) TMI 750
  • 2018 (2) TMI 749
  • Insolvency & Bankruptcy

  • 2018 (2) TMI 731
  • 2018 (2) TMI 692
  • 2018 (2) TMI 684
  • FEMA

  • 2018 (2) TMI 762
  • Service Tax

  • 2018 (2) TMI 747
  • 2018 (2) TMI 746
  • 2018 (2) TMI 733
  • 2018 (2) TMI 728
  • 2018 (2) TMI 726
  • 2018 (2) TMI 725
  • 2018 (2) TMI 722
  • 2018 (2) TMI 720
  • 2018 (2) TMI 719
  • 2018 (2) TMI 717
  • 2018 (2) TMI 689
  • 2018 (2) TMI 687
  • 2018 (2) TMI 685
  • 2018 (2) TMI 681
  • 2018 (2) TMI 680
  • Central Excise

  • 2018 (2) TMI 727
  • 2018 (2) TMI 724
  • 2018 (2) TMI 723
  • 2018 (2) TMI 721
  • 2018 (2) TMI 718
  • 2018 (2) TMI 716
  • 2018 (2) TMI 715
  • 2018 (2) TMI 712
  • 2018 (2) TMI 711
  • 2018 (2) TMI 710
  • 2018 (2) TMI 709
  • 2018 (2) TMI 708
  • 2018 (2) TMI 707
  • 2018 (2) TMI 706
  • 2018 (2) TMI 705
  • 2018 (2) TMI 704
  • 2018 (2) TMI 702
  • 2018 (2) TMI 701
  • 2018 (2) TMI 700
  • 2018 (2) TMI 699
  • 2018 (2) TMI 698
  • 2018 (2) TMI 697
  • 2018 (2) TMI 695
  • 2018 (2) TMI 693
  • 2018 (2) TMI 691
  • 2018 (2) TMI 690
  • 2018 (2) TMI 688
  • 2018 (2) TMI 683
  • 2018 (2) TMI 679
  • 2018 (2) TMI 678
  • CST, VAT & Sales Tax

  • 2018 (2) TMI 767
  • 2018 (2) TMI 757
  • 2018 (2) TMI 755
  • Wealth tax

  • 2018 (2) TMI 736
 

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