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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 2 - Friday
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TMI Updates - Newsletter dated: February 2, 2018

TMI SMS


Highlights

  1. Income Tax : Benami Transactions - a person, who has no authority to initiate proceedings under the Benami Act or issue orders of attachment under the Benami Act, does so, the very foundation on which he has done such act collapses and the proceedings have to be held to be wholly without jurisdiction. - HC

  2. Income Tax : Capital gain - The Builder's agreement with respect to share in land and transfer of land under the impression that land itself has been converted into 'stock in trade' is nothing but a colourable transaction and it amounts to fraud. - HC

  3. Income Tax : Penalty u/s 271AAA - sufficient compliance - the language employed in the second exception under Explanation 5 to section 271(1) is, “pays the tax together with interest, if any, in respect of such income” and clause (iii) of sub-section (2) of section 271AAA employs the language “pays the tax, together with interest, if any, in respect of the undisclosed income”. Thus, the language employed in both the sections is similar - No penalty - HC

  4. Income Tax : Allowable busniss expenditure - Merely because there was some difficulty faced by the assessee in commencing the use of the premises it does not follow that the expenses claimed were not for the purpose of the assessee's business. If the expected fruits are not reaped from a business proposition, it will not be a basis to challenge the business expediency. - HC

  5. Income Tax : Grant of approval u/s 10(23C)(vi) - trust runs a college that helps in enhancing the future of students by providing the education and making available the diploma courses in Polytechnic and Engineering which are duly approved by AICTE - approval granted - Tri

  6. Income Tax : Disallowance of marketing & sales promotion expenses u/s 37(1)- Freebies to Doctors - The pharmaceutical company like the assessee is outside the scope of the circulars by the Medical Council of India or the CBDT. - Tri

  7. Income Tax : Registration u/s 10(23C)(vi) eligibility - proof of charitable activities - buses were being utilized for the purpose of carrying students from their homes to school and vise versa and there is no material available with the department to hold that the buses were being utilized for commercial purposes other than for carrying the students. - Tri

  8. Income Tax : Penalty u/s. 271(1)(C) - defective notice - neither the assessee nor anyone else could make out as to whether the notice u/s. 274 r. w. S. 271 of the Act was issued for concealing the particulars of income or for furnishing inaccurate particulars of such income disabling it to meet with the case of the AO - No penalty - Tri

  9. Income Tax : Registration u/s 12A refused - charitable activities - it is militates against the legal principal that the social enterprises cannot be a direct recipient of money from a corporate as it is a profit making company and it is also clear that the composition of the trust is restrictive in nature and to that extent not amenable to the public charity. - Tri

  10. Customs : Refund of SAD - payment of interest on late refund of SAD - Interest would be payable in terms of Section 27A of the Customs Act on refund of SAD - HC

  11. Companies Law : Validity of order passed by NCLT - The Court is at loss to understand as to how the findings recorded in the arbitration proceedings pending between the respondents inter se could be made binding to the petitioners who are the strangers to the arbitration agreement and the proceedings. - HC

  12. Indian Laws : Budget 2018-19, budget speech, news, updates with Notifications and Finance Bill 2018 - Clause by Clause


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  1. 2018 (2) TMI 39

    In: GST


  2. 2018 (2) TMI 32

    In: Customs


  3. 2018 (2) TMI 31

    In: Customs


  4. 2018 (2) TMI 36

    In: Customs


  5. 2018 (2) TMI 35

    In: Customs


  6. 2018 (2) TMI 34

    In: Customs


  7. 2018 (2) TMI 33

    In: Customs


  8. 2018 (2) TMI 30

    In: Customs


  9. 2018 (2) TMI 29

    In: Customs


  10. 2018 (2) TMI 28

    In: Customs


  11. 2018 (2) TMI 53

    In: Income Tax


  12. 2018 (2) TMI 54

    In: Income Tax


  13. 2018 (2) TMI 52

    In: Income Tax


  14. 2018 (2) TMI 61

    In: Income Tax


  15. 2018 (2) TMI 59

    In: Income Tax


  16. 2018 (2) TMI 60

    In: Income Tax


  17. 2018 (2) TMI 58

    In: Income Tax


  18. 2018 (2) TMI 57

    In: Income Tax


  19. 2018 (2) TMI 56

    In: Income Tax


  20. 2018 (2) TMI 55

    In: Income Tax


  21. 2018 (2) TMI 62

    In: Income Tax


  22. 2018 (2) TMI 51

    In: Income Tax


  23. 2018 (2) TMI 50

    In: Income Tax


  24. 2018 (2) TMI 48

    In: Income Tax


  25. 2018 (2) TMI 49

    In: Income Tax


  26. 2018 (2) TMI 47

    In: Income Tax


  27. 2018 (2) TMI 46

    In: Income Tax


  28. 2018 (2) TMI 45

    In: Income Tax


  29. 2018 (2) TMI 44

    In: Income Tax


  30. 2018 (2) TMI 43

    In: Income Tax


  31. 2018 (2) TMI 42

    In: Income Tax


  32. 2018 (2) TMI 41

    In: Income Tax


  33. 2018 (2) TMI 40

    In: Income Tax


  34. 2018 (2) TMI 27

    In: Corporate Laws


  35. 2018 (2) TMI 26

    In: Corporate Laws


  36. 2018 (2) TMI 38

    In: Insolvency & Bankruptcy


  37. 2018 (2) TMI 37

    In: Insolvency & Bankruptcy


  38. 2018 (2) TMI 25

    In: Indian Laws


  39. 2018 (2) TMI 24

    In: Service Tax


  40. 2018 (2) TMI 23

    In: Service Tax


  41. 2018 (2) TMI 22

    In: Service Tax


  42. 2018 (2) TMI 21

    In: Service Tax


  43. 2018 (2) TMI 20

    In: Service Tax


  44. 2018 (2) TMI 19

    In: Service Tax


  45. 2018 (2) TMI 18

    In: Service Tax


  46. 2018 (2) TMI 17

    In: Service Tax


  47. 2018 (2) TMI 14

    In: Central Excise


  48. 2018 (2) TMI 10

    In: Central Excise


  49. 2018 (2) TMI 11

    In: Central Excise


  50. 2018 (2) TMI 13

    In: Central Excise


  51. 2018 (2) TMI 7

    In: Central Excise


  52. 2018 (2) TMI 8

    In: Central Excise


  53. 2018 (2) TMI 9

    In: Central Excise


  54. 2018 (2) TMI 16

    In: Central Excise


  55. 2018 (2) TMI 12

    In: Central Excise


  56. 2018 (2) TMI 15

    In: Central Excise


  57. 2018 (2) TMI 6

    In: Central Excise


  58. 2018 (2) TMI 4

    In: Central Excise


  59. 2018 (2) TMI 5

    In: Central Excise


  60. 2018 (2) TMI 3

    In: Central Excise


  61. 2018 (2) TMI 2

    In: Central Excise


  62. 2018 (2) TMI 1

    In: Central Excise


 
 
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