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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 March Day 1 - Thursday
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TMI Updates - Newsletter dated: March 1, 2018

TMI SMS


Highlights

  1. Income Tax : Provision for doubtful overdue installments under hire purchase finance agreements - the party to be given an opportunity to establish its claim - adjustment by way of disallowing deduction by intimation u/s 143(1)(a) is not proper - HC

  2. Income Tax : Capital gains - Transfer of Property - selection of assessment year - capital gains would be taxable in the year in which such transactions were entered into, even if the transfer of the immovable property was not effective or complete for want of registration under the general law. - Tri

  3. Income Tax : Deemed income u/s 56(2) - consideration for issue of shares that exceeds the face value of such shares - redeemable non-cumulative preference shares (RNCPS) - RNCPS cannot be excluded from the ambit of Section 56(2)(viib) of the Act.

  4. Income Tax : Deemed income u/s 56(2) - consideration for issue of shares that exceeds the face value of such shares - determination of fair market value - tax has to be factored while determining the net rate of return on investments. - Tri

  5. Income Tax : Exemption u/s 11 and 12 - Educational institution - charging fees from the students - as per CIT(A), since sources of income are students, therefore, students cannot be reckoned as ‘property held under the trust’ and activity of imparting education also cannot be reckoned as property. - order of CIT(A) is not legal - exemption allowed - Tri

  6. Income Tax : TDS u/s 194C OR 194J - tds on the services of testing and commissioning received from the BHEL - Section 194J is not a residuary clause. In other words, it is not that if a contract does not fall within the ambit of Section 194C, it must be deemed to fall within the ambit of Section 194J. - Tri

  7. Income Tax : Deemed rental income - the unsold flats which are stock in trade when they were sold they are assessable under the head ‘income from business’ when they are sold and therefore the AO is not correct in bringing to tax notional annual letting value in respect of those unsold flats under the head ‘income from house property’. - Tri

  8. Income Tax : Penalty u/s. 271(1)(c) - AO has charged the assessee for twin defaults - the assessee has concealed the income arose out of transfer of capital asset and failed to disclose the capital gain in its return of income that tantamount of furnishing of inaccurate particulars of income - Penalty proceedings sustained - Tri

  9. Income Tax : Set off of derivative loss against derivative profit - speculative loss or not - the derivative transaction is not supported or backed by deliverable commodity - The nature of activity is carried throughout the year by the assessee is one and only one to trade in derivatives on various exchanges and earned profit or income which includes loss - assessee is eligible for set off of this loss against the profit. - Tri

  10. Service Tax : Business Support Services - testing and analysis of newly developed drugs on human participants - The claims of the appellant are that these are clinical trial operations, exempted from service tax - demand set aside - Tri

  11. Service Tax : Business Auxiliary Services - consideration received as a percentage of commission for the services rendered to ICICI Bank - the appellants are in fact engaged in promotion and marketing activity of the financial products of the client bank - demand confirmed for normal period of limitation - Tri

  12. Service Tax : Levy of service tax - Debit entries made in the books for deployment of Officers - SNC, Canada cannot be categorized as a manpower recruitment or supply agency while involving deputing their own staff to execute their own contract in India - Tri

  13. Service Tax : CENVAT credit - service tax paid on installation and commissioning services provided by various service providers at the site on installation of their DG sets - they are eligible to take cenvat credit of the service tax paid on the input service provided by the sub-contractors - Tri

  14. Central Excise : Restoration of appeal - Condonation of delay - Courts of Law are not set up for mere disposal of cases. Courts of Law are established for adjudication of cases, particularly appeals so as to render justice to parties in accordance with law. - HC

  15. Central Excise : Reversal of cenvat credit - Sale of Carbon Di Oxide (Co2) without payment of duty - unintended byproduct, which emerge during the course of manufacture of the final product, would not call for payment of any particular percentage of the value of the same - Tri

  16. Central Excise : Whether the appellant is required to pay penalty for wrong availment of Cenvat credit which was later reversed by them before being pointed out by the department? - Held No - Tri

  17. Central Excise : CENVAT credit - there is no provision under the CENVAT Credit Rules, 2004 for denial of availment of credit merely on the ground that the assessee has admittedly deployed inputs in excess of the ideal for achieving desired output level - Tri

  18. VAT and Sales Tax : Issuance of C-form - failure to discharge tax liability - in taxing statute, there is no equity. If tax has not paid as declared, within the time provided there for, consequences would follow - assessee, cannot be permitted to avail the facility of on-line generation of Form C declaration. - HC


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 1717

    In: GST


  2. 2018 (2) TMI 1689

    In: Customs


  3. 2018 (2) TMI 1688

    In: Customs


  4. 2018 (2) TMI 1687

    In: Customs


  5. 2018 (2) TMI 1686

    In: Customs


  6. 2018 (2) TMI 1685

    In: Customs


  7. 2018 (2) TMI 1710

    In: Income Tax


  8. 2018 (2) TMI 1709

    In: Income Tax


  9. 2018 (2) TMI 1708

    In: Income Tax


  10. 2018 (2) TMI 1716

    In: Income Tax


  11. 2018 (2) TMI 1707

    In: Income Tax


  12. 2018 (2) TMI 1706

    In: Income Tax


  13. 2018 (2) TMI 1705

    In: Income Tax


  14. 2018 (2) TMI 1704

    In: Income Tax


  15. 2018 (2) TMI 1703

    In: Income Tax


  16. 2018 (2) TMI 1702

    In: Income Tax


  17. 2018 (2) TMI 1701

    In: Income Tax


  18. 2018 (2) TMI 1700

    In: Income Tax


  19. 2018 (2) TMI 1699

    In: Income Tax


  20. 2018 (2) TMI 1715

    In: Income Tax


  21. 2018 (2) TMI 1698

    In: Income Tax


  22. 2018 (2) TMI 1697

    In: Income Tax


  23. 2018 (2) TMI 1714

    In: Income Tax


  24. 2018 (2) TMI 1713

    In: Income Tax


  25. 2018 (2) TMI 1696

    In: Income Tax


  26. 2018 (2) TMI 1692

    In: Income Tax


  27. 2018 (2) TMI 1712

    In: Income Tax


  28. 2018 (2) TMI 1691

    In: Income Tax


  29. 2018 (2) TMI 1711

    In: Income Tax


  30. 2018 (2) TMI 1690

    In: Income Tax


  31. 2018 (2) TMI 1695

    In: Income Tax


  32. 2018 (2) TMI 1694

    In: Income Tax


  33. 2018 (2) TMI 1693

    In: Income Tax


  34. 2018 (2) TMI 1682

    In: FEMA


  35. 2018 (2) TMI 1684

    In: Corporate Laws


  36. 2018 (2) TMI 1683

    In: Corporate Laws


  37. 2018 (2) TMI 1718

    In: Insolvency & Bankruptcy


  38. 2018 (2) TMI 1681

    In: Service Tax


  39. 2018 (2) TMI 1680

    In: Service Tax


  40. 2018 (2) TMI 1679

    In: Service Tax


  41. 2018 (2) TMI 1678

    In: Service Tax


  42. 2018 (2) TMI 1677

    In: Service Tax


  43. 2018 (2) TMI 1676

    In: Service Tax


  44. 2018 (2) TMI 1675

    In: Central Excise


  45. 2018 (2) TMI 1674

    In: Central Excise


  46. 2018 (2) TMI 1673

    In: Central Excise


  47. 2018 (2) TMI 1672

    In: Central Excise


  48. 2018 (2) TMI 1671

    In: Central Excise


  49. 2018 (2) TMI 1670

    In: Central Excise


  50. 2018 (2) TMI 1669

    In: Central Excise


  51. 2018 (2) TMI 1668

    In: Central Excise


  52. 2018 (2) TMI 1667

    In: Central Excise


  53. 2018 (2) TMI 1666

    In: Central Excise


  54. 2018 (2) TMI 1665

    In: Central Excise


  55. 2018 (2) TMI 1664

    In: Central Excise


  56. 2018 (2) TMI 1663

    In: Central Excise


  57. 2018 (2) TMI 1662

    In: Central Excise


  58. 2018 (2) TMI 1661

    In: Central Excise


  59. 2018 (2) TMI 1660

    In: Central Excise


  60. 2018 (2) TMI 1659

    In: Central Excise


  61. 2018 (2) TMI 1658

    In: VAT and Sales Tax


  62. 2018 (2) TMI 1657

    In: VAT and Sales Tax


  63. 2018 (2) TMI 1656

    In: VAT and Sales Tax


  64. 2018 (2) TMI 1655

    In: VAT and Sales Tax


 
 
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