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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 22 - Thursday
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TMI Updates - Newsletter dated: February 22, 2018

TMI SMS


Highlights

  1. Income Tax : Additions for Advance against depreciation (AAD) - there is a timing difference and that it represents the adjustment in future and that it is therefore not even carried through the profit and loss account - not taxable - no addition can be made - HC

  2. Income Tax : Extension of time to pay the third installment on the undisclosed income under the Income Declaration Scheme Rules, 2016 - Assertion that the petitioner merely forgot to pay the third installment is unbelievable and a lame excuse - If such excuses were to be accepted, then extension of time would have to be granted as a routine in other cases as well. - HC

  3. Income Tax : Exemption u/s 10(23C)(iv) denied - proof of charitable activities - The CCIT has come to a wrong conclusion that the Society was making systematic profit. The schools are required to invest in the infrastructure including expansion of building etc - HC

  4. Customs : The goods imported are “Ethyl Vinyl Acetate”, but during the relevant time, the notification granted the concession only to Ethylene Vinyl Acetate. It is not disputed that these two goods are different - Benefit of concessional rate of duty cannot be granted - Tri

  5. DGFT : Amendment in the Foreign Trade (Exemption from application of Rules in certain cases) Amendment Order, 2017 - Notification

  6. Insolvency and Bankruptcy : Corporate Insolvency Resolution Process - Corporate Debtor - the principal debtor cannot be regarded in default in accordance with law and therefore, no liability of guarantor/surety would arise at this stage. - Tri

  7. Insolvency and Bankruptcy : Corporate insolvency process - eligible debt - Corporate person - Applicant-respondent cannot successfully claim that having accepted deposits he has become financial service provider. Code has not excluded NBFC as a class but has preferred to go by the test of financial service provider. - Tri

  8. Service Tax : Valuation - works Contract - inclusion of FOC material - exemption u/s 93 can only be granted in respect of those activities which the Parliament is competent to levy service tax - The value of the goods/materials cannot be added for the purpose of aforesaid notification - SC

  9. Service Tax : Liability of service tax - discount - sub-agent of IATA agents - the nature of transaction between the registered IATA Agents and the subsequent sub-agent, is that of sale and purchase, and accordingly, held that service tax is not required to be paid by the said sub-agent on the discount received - demand set aside. - Tri

  10. Service Tax : Refund of service tax paid on various services used in the export of goods - For the period prior to such amendment by N/N. 33/2008, the condition under Notification is very clear to the effect that the refund under the Notification cannot be paid if said goods have been exported under claim of drawback of service tax paid - Tri

  11. Service Tax : Execution of land acquisition work - any amount received by the assessee from Sahara India would be treated as service and liable to service tax - cost of the land can never be treated as value of the services - Tri

  12. Central Excise : Interpretation of statute - suo moto re-credit - this was not the case of the assessee suomotu availing recredit but a case of mere correction of incorrectly made entries on the very same day - issue is completely factual - HC

  13. Central Excise : CENVAT credit - capital goods - Under sub-rule (4) of Rule 6 of Cenvat Credit Rules, 2004, capital goods cenvat credit is inadmissible only in respect of those capital goods which are exclusively used in the manufacture of exempted goods. - Tri

  14. Central Excise : Transferring of entire CENVAT credit- closure of one unit - Rule 10 of the CENVAT Credit Rules - no prior permission is needed - as long as the importer has been accounted to the satisfaction of the department, the credit is transferable - credit cannot be denied. - Tri


Articles


Notifications


Circulars / Instructions / Orders


News - Feeds


Case Laws:

More information of case laws are visible to the Subscriber of a package i.e:-
Party Name, Court Name, Date of Decision, Full Text of Headnote, Decision etc.


  1. 2018 (2) TMI 1335

    In: Customs


  2. 2018 (2) TMI 1334

    In: Customs


  3. 2018 (2) TMI 1333

    In: Customs


  4. 2018 (2) TMI 1352

    In: Income Tax


  5. 2018 (2) TMI 1344

    In: Income Tax


  6. 2018 (2) TMI 1345

    In: Income Tax


  7. 2018 (2) TMI 1346

    In: Income Tax


  8. 2018 (2) TMI 1343

    In: Income Tax


  9. 2018 (2) TMI 1340

    In: Income Tax


  10. 2018 (2) TMI 1341

    In: Income Tax


  11. 2018 (2) TMI 1342

    In: Income Tax


  12. 2018 (2) TMI 1351

    In: Income Tax


  13. 2018 (2) TMI 1339

    In: Income Tax


  14. 2018 (2) TMI 1350

    In: Income Tax


  15. 2018 (2) TMI 1349

    In: Income Tax


  16. 2018 (2) TMI 1338

    In: Income Tax


  17. 2018 (2) TMI 1348

    In: Income Tax


  18. 2018 (2) TMI 1337

    In: Income Tax


  19. 2018 (2) TMI 1336

    In: Income Tax


  20. 2018 (2) TMI 1347

    In: Income Tax


  21. 2018 (2) TMI 1331

    In: Corporate Laws


  22. 2018 (2) TMI 1332

    In: Corporate Laws


  23. 2018 (2) TMI 1330

    In: Corporate Laws


  24. 2018 (2) TMI 1329

    In: Corporate Laws


  25. 2018 (2) TMI 1328

    In: Corporate Laws


  26. 2018 (2) TMI 1355

    In: Insolvency & Bankruptcy


  27. 2018 (2) TMI 1354

    In: Insolvency & Bankruptcy


  28. 2018 (2) TMI 1353

    In: Insolvency & Bankruptcy


  29. 2018 (2) TMI 1327

    In: PMLA


  30. 2018 (2) TMI 1326

    In: Indian Laws


  31. 2018 (2) TMI 1325

    In: Service Tax


  32. 2018 (2) TMI 1324

    In: Service Tax


  33. 2018 (2) TMI 1323

    In: Service Tax


  34. 2018 (2) TMI 1322

    In: Service Tax


  35. 2018 (2) TMI 1321

    In: Service Tax


  36. 2018 (2) TMI 1320

    In: Service Tax


  37. 2018 (2) TMI 1319

    In: Service Tax


  38. 2018 (2) TMI 1318

    In: Service Tax


  39. 2018 (2) TMI 1314

    In: Central Excise


  40. 2018 (2) TMI 1313

    In: Central Excise


  41. 2018 (2) TMI 1315

    In: Central Excise


  42. 2018 (2) TMI 1316

    In: Central Excise


  43. 2018 (2) TMI 1312

    In: Central Excise


  44. 2018 (2) TMI 1310

    In: Central Excise


  45. 2018 (2) TMI 1311

    In: Central Excise


  46. 2018 (2) TMI 1308

    In: Central Excise


  47. 2018 (2) TMI 1309

    In: Central Excise


  48. 2018 (2) TMI 1307

    In: Central Excise


  49. 2018 (2) TMI 1306

    In: Central Excise


  50. 2018 (2) TMI 1317

    In: Central Excise


  51. 2018 (2) TMI 1304

    In: Central Excise


  52. 2018 (2) TMI 1305

    In: Central Excise


  53. 2018 (2) TMI 1303

    In: Central Excise


  54. 2018 (2) TMI 1302

    In: Central Excise


  55. 2018 (2) TMI 1301

    In: Central Excise


  56. 2018 (2) TMI 1300

    In: Central Excise


  57. 2018 (2) TMI 1299

    In: Central Excise


  58. 2018 (2) TMI 1298

    In: VAT and Sales Tax


  59. 2018 (2) TMI 1297

    In: VAT and Sales Tax


 
 
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