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Home e-Newsletters Index Year 2017 March Day 14 - Tuesday

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TMI Tax Updates - e-Newsletter
March 14, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Entitlement for deduction U/s 80IB - amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB - these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80IA/80IB - AT

  • Income Tax:

    Correction of error in the return & intimation u/s 143(1) - Assessee has probably chosen a wrong path for seeking correction of the alleged error committed by the assessee itself. The AO (ACIT-CPC Bangalore) cannot be blamed for merely accepting an erroneous return filed by an assessee - AT

  • Income Tax:

    Expenditure incurred for re- possession of the club - capital or revenue in nature - when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure - AT

  • Income Tax:

    Transfer Pricing (T.P) adjustments - notional interest on receivables from Associated Enterprises (A.E) - the credit period extend by the assessee to its AE is very longer period, sometime it is more than one year the contention of assessee that there can be no separate transfer pricing adjustments towards notional interest on outstanding receivables rejected - AT

  • Income Tax:

    TPA - ALP determination - AO/TPO directed to adopt CUP method for the medical transcription services and TNMM for the software development services - AT

  • Income Tax:

    Enterprise Resource Planning (ERP) software installed by the assessee denied on the ground of it representing capital expenditure, inadmissible u/s. 37(1) - AT

  • Income Tax:

    Revision u/s 263 - levy of penalty u/s .271(1)(c) - CIT is not competent to direct the AO to redo the assessment with a view to initiate and levy penalty in respect of erroneous claim of deduction u/s 10B. - AT

  • Customs:

    Prohibited item - import of Drone - in order to import a drone, prior clearance of the Director General of Civil Aviation and import license from DGFT is required. - HC

  • Customs:

    Misdeclaration of imported goods - Levy of penalty - even if a concerned person has not submitted Bill of Entry, if he is found to be an abettor in illegal import, penalty u/s 112 (a) of the Act is imposable. - HC

  • Customs:

    The imported goods were not ‘marble’ but ‘other calcareous stones’ which the Geological Survey of India reported to be a variety of limestone without metamorphic recrystalisation and such goods being restricted could be imported only against licence - AT

  • Customs:

    Benefit of N/N. 21/20102- Cus - denial on the ground that the goods which were imported are “Used Rails” in the guise of “Heavy Material Scrap” - the findings of the Tribunal in the impugned order treating, the goods as Heavy Material Scrap and not Rails are clearly erroneous - SC

  • Customs:

    Levy of ADD - vitrified/Porcelain tiles - these Producers have a much wider relationship network than what was declared by them. This puts the whole claim and basis of New Shipper Review under jeopardy - AT

  • Service Tax:

    When the appellants sold the cars and recovered the amount including the dealers’ margin the intention was to sale the car not to provide free after sales service, Free sale service is only to promote sale – No service tax can be levied - AT

  • Service Tax:

    Refund claim - Notification No.41/2007-ST - In case the refund claim is in excess of ₹ 5 lakh, the declaration should also be certified by the Chartered Accountant who audits the annual accounts of the exporter for the purposes of Companies Act, 1956 - AT

  • Service Tax:

    CENVAT credit - Job-work - though the job work activity was exempt under N/N. 8/2005-ST dated 01.03.2005, Job workder paid the service tax - principal have availed credit on the strength of such job bills - credit allowed - AT

  • Service Tax:

    Rebate claim - export of services - the claim of rebate of Service Tax under Export of Service Rules, 2005 and refund of CENVAT Credit u/r 5 of the CCR are mutually exclusive schemes - both rebate as well as refund of input service credit cannot be availed in respect of same set of inputs invoices - AT

  • Service Tax:

    CENVAT credit - appellants are engaged in providing services of commissioning and installation and they have availed credit only to those services which are used in the said activity - credit allowed - AT

  • Central Excise:

    Returned goods - Rule 16 - the period of six months was not provided under Rule whereas it is provided by way of trade notice which is procedural one. Under any circumstances duty paid goods cannot be levied duty twice only because it is not cleared within six months from the factory of the appellant - AT

  • Central Excise:

    Manufacture - appellants have assembled the kit of bought out items - Chapter 85/87 - the activity of packing of various parts into small retail packing and sale thereof to various customers does not fall under the purview of manufacture. - AT

  • Central Excise:

    Even for recovery of interest, no SCN is required As the statutory provisions mandate for payment of interest. The interest is piggyback of the duty demand, it goes hand in hand. Therefore, for the purpose of demand of interest no separate proceedings are required - AT

  • Central Excise:

    Shortage of inputs as well as finished good - without any evidence of removal of inputs and/or finished goods, merely on the basis of the difference between the excise records and financial records demand cannot be made - AT

  • Central Excise:

    CENVAT credit - input service used for disposal of the press mud, a by-product, which was generated during the course of manufacture of sugar - credit allowed - AT

  • Central Excise:

    CENVAT credit - whether the appellants are eligible to avail credit at their factory, when the entire input services have been received and utilized for their business activity at their head office which was not registered as ISD? - Credit allowed - AT

  • Central Excise:

    CENVAT credit - outdoor catering services - appellant is recovering 50% of the element of the basic value from the worker only and not the service tax - if the service tax /Cenvat amount is not recovered from the employee the credit is admissible in respect of outdoor catering services - credit allowed - AT

  • Central Excise:

    CENVAT credit - inputs - Non maintenance of records by the dealer, cannot be the ground for denial of cenvat credit - AT

  • VAT:

    DVAT refund - Apex Court stays the order of Delhi High Court in which the authorities were directed to process the refund claim under DVAT without seeking original paper declarations in CST Forms C, E1, E2, F, H, I etc.

  • VAT:

    Recovery of tax dues under MVAT - priority of banks over statutory dues - the priority of the Secured Creditor who stand outside the winding up is confined to workmens portion as defined in Section 529 (iii) (c) - The petitioner bank has a priority claim over the statutory dues - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (3) TMI 480
  • 2017 (3) TMI 477
  • 2017 (3) TMI 474
  • 2017 (3) TMI 476
  • 2017 (3) TMI 481
  • 2017 (3) TMI 483
  • 2017 (3) TMI 479
  • 2017 (3) TMI 482
  • 2017 (3) TMI 478
  • 2017 (3) TMI 475
  • Customs

  • 2017 (3) TMI 497
  • 2017 (3) TMI 496
  • 2017 (3) TMI 491
  • 2017 (3) TMI 488
  • 2017 (3) TMI 490
  • 2017 (3) TMI 495
  • 2017 (3) TMI 489
  • 2017 (3) TMI 494
  • 2017 (3) TMI 493
  • 2017 (3) TMI 492
  • Service Tax

  • 2017 (3) TMI 520
  • 2017 (3) TMI 519
  • 2017 (3) TMI 518
  • 2017 (3) TMI 517
  • 2017 (3) TMI 516
  • 2017 (3) TMI 515
  • 2017 (3) TMI 514
  • Central Excise

  • 2017 (3) TMI 513
  • 2017 (3) TMI 512
  • 2017 (3) TMI 511
  • 2017 (3) TMI 510
  • 2017 (3) TMI 509
  • 2017 (3) TMI 508
  • 2017 (3) TMI 507
  • 2017 (3) TMI 506
  • 2017 (3) TMI 505
  • 2017 (3) TMI 504
  • 2017 (3) TMI 503
  • 2017 (3) TMI 502
  • 2017 (3) TMI 501
  • 2017 (3) TMI 500
  • 2017 (3) TMI 499
  • 2017 (3) TMI 498
  • CST, VAT & Sales Tax

  • 2017 (3) TMI 487
  • 2017 (3) TMI 486
  • 2017 (3) TMI 485
  • Indian Laws

  • 2017 (3) TMI 484
 

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