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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

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy FEMA Service Tax Central Excise CST, VAT & Sales Tax



  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



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