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Home Newsletters Index Year 2018 February Day 8 - Thursday
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TMI Updates - Newsletter dated: February 8, 2018

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws FEMA PMLA Service Tax Central Excise CST, VAT & Sales Tax



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Highlights

  1. Income Tax : Disallowance of the legal and professional expenses - assessee claimed that said amount has been paid to the Government account as TDS, and therefore it is a business expenditure allowable to the assessee - assessee failed to substantiate its claim - no deduction - Tri

  2. Income Tax : Penalty u/s 271(1)(c) - willful evasion of tax by claiming deprecation on building - This is a bonafide mistake made by the assessee without any intention to evade tax. - no penalty - Tri

  3. Customs : BCD tariff rate on import of Chana (Chickpeas), [Tariff item 0713 20 0] increased from 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975 and accordingly, the effective rate of BCD on Chana (Chickpeas), will also be 40%

  4. Customs : Import duty increased on all types of sugar under tariff head 1701, [Raw sugar, Refined or White sugar, Raw sugar if imported by bulk consumer] from the present 50% to 100% (Tariff rate) with immediate effect and without an end date.

  5. Customs : Extending eSANCHIT application on all EDI locations - Order-Instruction

  6. Insolvency and Bankruptcy : Approval of resolution plan - Amendments in the Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  7. Insolvency and Bankruptcy : Resolution plan. - Amendments in the Regulation 37 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  8. Insolvency and Bankruptcy : Invitation of Resolution Plans - Insertion of New Regulation 36A to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  9. Insolvency and Bankruptcy : Information memorandum. - Amendments in the Regulation 36 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  10. Insolvency and Bankruptcy : Manner of determining Fair value and Liquidation value. - Amended regulation 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  11. Insolvency and Bankruptcy : Who can be appointment as registered valuers - Amended Regulation 27 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  12. Insolvency and Bankruptcy : Definitions - Amendments in the Regulation 2 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  13. RBI : Relief for MSME Borrowers registered under Goods and Services Tax (GST) - Circular

  14. Service Tax : Refund claim - Due to ignorance of law, the appellant had paid service tax on Inward Legal Services rendered by the advocates for the period March 2012 to March 2013 under reverse charge mechanism - refund allowed - Tri

  15. Service Tax : Refund claim - appellant has paid the service tax as an advance as he was under the impression that service tax is payable on the Export of Services rendered by him - period of limitation is not applicable - Tri

  16. Service Tax : BAS - Department took the view that the assessee were paying service tax under Business Auxiliary Service only on the commission amount without considering the incentive amount - mere sale and purchase of cargo space and earning profit in the process is not a taxable activity - demand set aside - Tri

  17. Service Tax : Supply of manpower to job-worker - the assessee has been utilizing his own labour for packing activities. Viewed in this light, we are not able to appreciate how tax can be levied on the assessee for utilizing his own labour - tax liability do not sustain - Tri

  18. Service Tax : BAS - Logistic Support Services - It appeared to the Department that appellants are providing the services on behalf of overseas logistics company appointed by the overseas buyer and hence service tax liability would arise under the heading of Business Auxiliary Services - Revenue failed to prove its case - demand set aside - Tri

  19. Central Excise : Penalty u/r 27 of CER 2002 - Delay in submitting ARE-1 Applications against export of goods - contravention of Rule 19 of CER 2002 - The delay caused is nothing but procedural irregularity - no penalty - Tri

  20. Central Excise : CENVAT credit - air conditioners, which is installed in the Control Panel room of the factory - admittedly the goods have been used in the factory of production - Credit allowed - Tri

  21. VAT and Sales Tax : Valuation - VAT - It must be remembered that taxable turnover is turnover net of deductions. All trade discounts are allowable as permissible deductions - SC


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