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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 7 - Wednesday
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TMI Updates - Newsletter dated: February 7, 2018

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax



Highlights

  1. Income Tax : Reopening of assessment - when reopening proceedings were initiated pursuant to the audit report of the CAG, the assessing officer had the conviction to stand by what decision he had taken - notice issued u/s 148 for assessment u/s 147 quashed. - HC

  2. Income Tax : Instructions to subordinate authorities u/s 119(2)(b) in respect of the refund of income tax - discretionary power is given to the Board to issue such instructions and only after that the assessing authority can use such power - HC refused to interfere in the matter.

  3. DGFT : Amendment in Chapter 2 of the Handbook of Procedure (2015-20) - Amendment in procedure for seeking modification in IEC is notified.

  4. DGFT : Advise to exporters to promptly check Shipping Bill transmission status on ICEGATE and DGFT websites

  5. DGFT : Amendment in import policy condition of pepper classified under Chapter 09 of ITC (HS), 2017—Schedule—1(Import Policy)

  6. Companies Law : Exemption to Government Companies u/s 129(6) of Companies Act, 2013 from recognizing Deferred Tax Assets/ Deferred Tax Liability under AS-22/Ind AS-12

  7. Service Tax : Scope of SCN - Business Support Services - change in classification of service suo moto - the impugned order passed by the Commissioner (Appeals) going beyond the SCN is not sustainable in law - Tri

  8. Central Excise : CENVAT/MODVAT credit - shortage of stock - It is a clear case of suppression of facts where the appellant has deliberately adjusted the shortage, as if it was used in the manufacture of final products, at the end of every month and created fresh opening balance at every month, without making reversal of credit on the shortage of inputs - demand confirmed - HC


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