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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 20 - Tuesday
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TMI Updates - Newsletter dated: February 20, 2018

Case Laws in this Newsletter:

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



Highlights

  1. Income Tax : Cancellation of Registration certificate u/s 12A - CIT had no jurisdiction to cancel the registration certificate once granted by him under Section 12A till the power was expressly conferred on the CIT by Section 12AA(3) of the Act w.e.f. 01.10.2004 - SC

  2. Income Tax : Reopening of assessment - validity of reasons to believe - on the application of method of valuation as mandated by the Explanation to Section 56(2)(vii) of the Act, prima facie, the Assessing Officer could not have had reason to believe that income chargeable to tax has escaped assessment. - HC

  3. Income Tax : Penalty u/s 271(1)(c) - Even if it is presumed that assessee was not eligible for allowance of depreciation even then the penalty u/s 271(1)(c) cannot be imposed - Tri

  4. Companies Law : Winding up petition - Just because the name of the company is struck off the register under Section 248 of the Companies Act, 2013, that will not come in the way of the Court to pass an order winding up of company. - HC

  5. Service Tax : Refund of unutilized CENVAT credit - Export proceeds / money was routed by the Foreign Service receiver through M/s. Wells Forgo NA, USA through HSBC Bank. Ultimately the amount was received by the appellant in rupees - Refund allowed. - Tri

  6. Service Tax : When the appellant has earned a substantial consideration by dumping debries through trippers and trucks i.e own transportation, then the tax is leviable, may be as unregistered dealer - liability of service tax sustained - Tri

  7. VAT and Sales Tax : Input tax credit - denial on the ground that the said input tax related to purchases effected from seven dealers, whose returns were not traceable - no input tax credit can be disallowed on the premise that the selling dealer is de-registered subsequent to the relevant tax periods. - HC


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