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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2019 March Day 25 - Monday

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TMI Tax Updates - e-Newsletter
March 25, 2019

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • Income Tax:

    Deduction u/s 54G - shifting of unit from urban to rural area - industrial unit was not located in a notified `urban area’ as per Explanation 2 to section 54G(1) - benefit of exemption not available.

  • Income Tax:

    Penalty u/s 271(1)((c) - Exemption of interest income u/s 80P(2) is not allowable due to subsequent decision - prior to this decision, the position was not clear and issue was debatable - no penalty is leviable

  • Income Tax:

    Deemed dividend u/s 2(22))e) - repayment of loan or advance by the Company

  • Income Tax:

    Issuance of Garnishee notices during the pendency of the stay application - AO empowerment to grant stay provided 20% of the disputed demand paid

  • Income Tax:

    Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated as un accounted.

  • Income Tax:

    Proportionate disallowance of the salary - Capitalization of cost incurred during the construction of Medanta Hotel project - business activity of the assessee company had started prior to construction - claim of exemption allowed u/s 37

  • Income Tax:

    Capital gain computation - sale of old books, part of library inherited by as family members on the death Older member - Assessee failed to prove the cost of acquisition - Hence, benefit of acquisition cannot be granted.

  • Customs:

    Rejection of refund claim - relevant rate of duty - effect of reduction in the rate of duty - The Policy is given effect only upon the issue of corresponding notification under the enabling statute, viz., section 25 of Customs Act, 1962. On the relevant date, the duty that was to be levied was 5% and not 3%. - No refund.

  • Customs:

    Principles of natural justice - Reliance on the statements of CHA and financier - By failure to participate in the cross-examination, there is an implicit admission of the relevancy of these statements - No relief can be granted.

  • DGFT:

    The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in the designated ports is extended up to 30.06.2019.

  • Service Tax:

    Valuation -transaction charges collected by the appellant and paid to the NSE cannot be included in the assessable value since said charges cannot be equated to brokerage received by the appellant.

  • Central Excise:

    Classification of brick - fly ash being used in least quantity, essential material for impugned bricks remain is sand and lime. Thus, the impugned bricks qualify for being classified under tariff entry 6810 precisely 68109990 - Benefit of exemption allowed.

  • VAT:

    Validity of notice issued for recovery as land revenue - the impugned communication is totally silent as regards the source of power under which the same has been issued. - The notice is has no legal force is, therefore, non-est and is required to be ignored


Articles


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2019 (3) TMI 1142
  • Income Tax

  • 2019 (3) TMI 1152
  • 2019 (3) TMI 1151
  • 2019 (3) TMI 1141
  • 2019 (3) TMI 1140
  • 2019 (3) TMI 1135
  • 2019 (3) TMI 1134
  • 2019 (3) TMI 1139
  • 2019 (3) TMI 1133
  • 2019 (3) TMI 1132
  • 2019 (3) TMI 1153
  • 2019 (3) TMI 1138
  • 2019 (3) TMI 1137
  • 2019 (3) TMI 1131
  • 2019 (3) TMI 1130
  • 2019 (3) TMI 1129
  • 2019 (3) TMI 1128
  • Customs

  • 2019 (3) TMI 1150
  • 2019 (3) TMI 1149
  • 2019 (3) TMI 1148
  • Service Tax

  • 2019 (3) TMI 1147
  • Central Excise

  • 2019 (3) TMI 1136
  • 2019 (3) TMI 1145
  • 2019 (3) TMI 1144
  • 2019 (3) TMI 1146
  • CST, VAT & Sales Tax

  • 2019 (3) TMI 1143
 

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