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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 26 - Monday
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TMI Updates - Newsletter dated: February 26, 2018

TMI SMS


Highlights

  1. GST : Directions u/s 168 of the CGST Act regarding non-transition of CENVAT credit u/s 140 of CGST Act or non-utilization thereof in certain cases.

  2. Income Tax : Application u/s 119(2) - condoning the delay in filing the return for the assessment year 2009-2010 - claim of refund - delay condoned subject to rider that return would be treated as filed as on the date of order and subject for the purpose of scrutiny assessment - HC

  3. Income Tax : MAT computation - deduction of lease equalization charges while computing book profit - we cannot find fault with the assessee debiting lease equalization charges in the AYs in issue, in its profit and loss account. It represents a true and fair view of the accounts, which is a statutory requirement u/s 211(2) of the Companies Act. - HC

  4. Income Tax : Reopening of assessment - Addition u/s 68 - independent application of mind - The contention that the AO had merely and mechanically acted on the report of the investigation wing also cannot be accepted. - HC

  5. Income Tax : Deemed dividend u/s 2(22)(e) - assessee claimed the amount received as guarantee fee for advance received from Ginza - the real intent of Ginza in advancing the sums it did to the assessee was to share its profit by way of deemed dividend - Decided in favor of revenue - HC

  6. Income Tax : Income derived from the items, viz., penalty recovered from suppliers/contracts, unclaimed balance outstanding pertaining to SD/EMD of contractor written back in the books of accounts, rebate from power generators, interest income (FD for opening of LC to Power Grid Corporation Ltd., PGCIL) are allowable deduction u/s 80-IA(4)(iv)(c) - HC

  7. Income Tax : Since the first appellate authority has no jurisdiction to decide the validity or otherwise of an order passed u/s 127, transferring the jurisdiction from one Assessing Officer to another, it is, but, natural that he cannot declare any order passed u/s 127 as invalid and consequently set aside the assessment order. - Tri

  8. Income Tax : Even if the assessee's case is not covered by Article 8, the business profits would not be chargeable to Indian tax as it does not carry on business in India through a permanent establishment (an agency PE) as per articles 7 and 5 of the DTAA - Tri

  9. Income Tax : Income accrued in India or not - the effective management of the assessee is neither in Mauritius nor in India - if the effective management of an enterprise is not in one of the contracting state, but is situated in the third state, the benefit of article-8, cannot be extended. - Tri

  10. Income Tax : Addition u/s 68 r.w.s 56(2) - gift received from HUF - the legislative intent is very clear that an HUF is not to be taken as a donor in case of an individual recipient - additions confirmed - Tri

  11. Income Tax : Non–issuance of notice under section 143(2) of the Act by the Assessing Officer invalidates the order passed under section 143(3) r/w 147 of the Act, even if the assessee did not raise the objection against non–issuance of notice under section 143(2) within a period of one month - Tri

  12. Income Tax : Deduction u/s 80IA - where a benefit is allowed to the assessee for first two assessment years, the same cannot be denied in the subsequent block period as once the claim of the assessee was accepted and the clock had started running in favour of the assessee, it had to complete the entire period of ten years. - Tri

  13. Customs : Refund of IGST on Export– Invoice mis-match Cases – Alternative Mechanism with Officer Interface

  14. Customs : Anti-dumping duty on imports of "Toluene Di-Isocyanate (TDI)" originating in or exported from China PR, Japan and Korea RP - not to be levied for the period 5.12.2017 to 22.1.2018

  15. Customs : Benefit of concessional rate of customs duty withdrawn on import of screw (7318 15 00) and SIM socket / Other Mechanical items (Metal) (7326 90 99) for cellular mobile phone

  16. Customs : Freezing of bank accounts - there is no prohibition against investigation of old cases and past transactions, but in the garb of such investigation and scrutiny, the need for freezing and attaching the bank accounts should be made out by referring to and production of necessary materials. - HC

  17. Customs : Prima facie uneven coating can be considered as one of the defects for which purpose the paper cannot be considered as prime paper - the paper imported is defective and scrap only - benefit of concessional rate of duty allowed - Tri

  18. Indian Laws : Whether the Multi-National Accounting Firms (MAFs) are operating in India in violation of law in force in a clandestine manner, and no effective steps are being taken to enforce the said law. - SC directed the govt to constitute a three member Committee of experts to look into the matter.

  19. Central Excise : Valuation - sale of petroleum products through dealers - the appellant had discharged more excise duty on the clearances to and from COCO outlet, wherein the assessable value is more than the assessable value of the petroleum products cleared to dealers, which implies that the commission which has been extended to dealers has been included in the value. - Tri

  20. Central Excise : Classification of goods - It is understood that "Pulihora Paste " is not a ready to eat product but it has to be added with cooked rice, fried in hot edible oil, ground/cashew nuts if desired. Such a functional use of the impugned product is exclusively for rendering "Pulihora" the food preparation with aromatic, flavouring or seasoning properties - to be classified under chapter 9. - Tri

  21. Central Excise : Classification of goods - 'Biryani Masala Paste' would not fall under Chapter 20 it will fall under Chapter 9 - Tri

  22. Central Excise : CENVAT credit - input services - the outdoor catering service used for personal consumption of the employee is clearly excluded therefore the appellant is not entitled for CENVAT credit in respect of outdoor catering services - Tri


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 1540

    In: GST


  2. 2018 (2) TMI 1539

    In: GST


  3. 2018 (2) TMI 1510

    In: Customs


  4. 2018 (2) TMI 1509

    In: Customs


  5. 2018 (2) TMI 1508

    In: Customs


  6. 2018 (2) TMI 1506

    In: Customs


  7. 2018 (2) TMI 1505

    In: Customs


  8. 2018 (2) TMI 1504

    In: Customs


  9. 2018 (2) TMI 1499

    In: Customs


  10. 2018 (2) TMI 1527

    In: Income Tax


  11. 2018 (2) TMI 1526

    In: Income Tax


  12. 2018 (2) TMI 1525

    In: Income Tax


  13. 2018 (2) TMI 1538

    In: Income Tax


  14. 2018 (2) TMI 1537

    In: Income Tax


  15. 2018 (2) TMI 1536

    In: Income Tax


  16. 2018 (2) TMI 1535

    In: Income Tax


  17. 2018 (2) TMI 1534

    In: Income Tax


  18. 2018 (2) TMI 1533

    In: Income Tax


  19. 2018 (2) TMI 1532

    In: Income Tax


  20. 2018 (2) TMI 1524

    In: Income Tax


  21. 2018 (2) TMI 1523

    In: Income Tax


  22. 2018 (2) TMI 1522

    In: Income Tax


  23. 2018 (2) TMI 1521

    In: Income Tax


  24. 2018 (2) TMI 1520

    In: Income Tax


  25. 2018 (2) TMI 1531

    In: Income Tax


  26. 2018 (2) TMI 1519

    In: Income Tax


  27. 2018 (2) TMI 1518

    In: Income Tax


  28. 2018 (2) TMI 1530

    In: Income Tax


  29. 2018 (2) TMI 1529

    In: Income Tax


  30. 2018 (2) TMI 1528

    In: Income Tax


  31. 2018 (2) TMI 1517

    In: Income Tax


  32. 2018 (2) TMI 1516

    In: Income Tax


  33. 2018 (2) TMI 1515

    In: Income Tax


  34. 2018 (2) TMI 1514

    In: Income Tax


  35. 2018 (2) TMI 1513

    In: Income Tax


  36. 2018 (2) TMI 1512

    In: Income Tax


  37. 2018 (2) TMI 1511

    In: Income Tax


  38. 2018 (2) TMI 1503

    In: Corporate Laws


  39. 2018 (2) TMI 1502

    In: Corporate Laws


  40. 2018 (2) TMI 1501

    In: Indian Laws


  41. 2018 (2) TMI 1500

    In: Indian Laws


  42. 2018 (2) TMI 1497

    In: Service Tax


  43. 2018 (2) TMI 1498

    In: Service Tax


  44. 2018 (2) TMI 1496

    In: Central Excise


  45. 2018 (2) TMI 1495

    In: Central Excise


  46. 2018 (2) TMI 1494

    In: Central Excise


  47. 2018 (2) TMI 1493

    In: Central Excise


  48. 2018 (2) TMI 1492

    In: Central Excise


  49. 2018 (2) TMI 1491

    In: Central Excise


  50. 2018 (2) TMI 1490

    In: Central Excise


  51. 2018 (2) TMI 1489

    In: Central Excise


  52. 2018 (2) TMI 1488

    In: Central Excise


  53. 2018 (2) TMI 1487

    In: Central Excise


  54. 2018 (2) TMI 1486

    In: Central Excise


  55. 2018 (2) TMI 1485

    In: Central Excise


  56. 2018 (2) TMI 1484

    In: Central Excise


  57. 2018 (2) TMI 1507

    In: Central Excise


  58. 2018 (2) TMI 1483

    In: VAT and Sales Tax


  59. 2018 (2) TMI 1482

    In: VAT and Sales Tax


  60. 2018 (2) TMI 1481

    In: VAT and Sales Tax


  61. 2018 (2) TMI 1480

    In: VAT and Sales Tax


  62. 2018 (2) TMI 1479

    In: VAT and Sales Tax


  63. 2018 (2) TMI 1478

    In: VAT and Sales Tax


  64. 2018 (2) TMI 1477

    In: VAT and Sales Tax


  65. 2018 (2) TMI 1476

    In: VAT and Sales Tax


 
 
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