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Home Newsletters Index Year 2018 March Day 5 - Monday
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TMI Updates - Newsletter dated: March 5, 2018

Highlights

  1. GST : Clarifications regarding GST in respect of certain services - CGST - Circulars / Ordes

  2. Income Tax : Exclusion of Sales inflation figure from the assessee’s income - Special Auditor’s Report relied upon - Merely because the assessee’s income was audited by the chartered accountants in regular process, there cannot be unqualified acceptance of the audited figures - HC

  3. Income Tax : Allowable busniss expenses - Diversion of income - Though the amount has been received by the assessee, the same is collected on behalf of the joint venture - It is the settled law that the accounting entries are not determinative of the actual nature of the transaction; it is the substance that prevails. - Tri

  4. Income Tax : Addition u/s 69A - there is no doubt with regard to recording of repayment of loan in the books of account and the source of such fund. - What the Assessing Officer has doubted to disallow the repayment is the genuineness of unsecured loans received by the assessee in the earlier assessment years - No additions - Tri

  5. Income Tax : Disallowance on account of expenses incurred through sub-contractors - bogus expenditure - these companies are merely paper companies, having complied with proper paper work, but not possessing necessary expertise to render technical services to the assessee - Even if TDS was deducted, expenditure cannot be allowed. - Tri

  6. Income Tax : Levy of penalty u/s 271(1)(c) - Merely because the assessee-company did not challenge the addition before Ld. CIT(A), is no ground to levy penalty against the assessee-company - Tri

  7. Income Tax : Allowability of Medical expenses for staff / Director - keeping the principal of “commercial expediency” the assessee incurred the expenditure on his hospitalisation and surgery - claim of expenditure allowed - Tri

  8. Income Tax : Disallowance u/s 80IB - There is no bar or prohibition in section 80IB on sale (slumpsale) of eligible undertaking to another assessee and the benefit attached with eligible undertaking cannot be denied to another assessee - mere change of ownership would not affect the claim of deductions. - Tri

  9. Income Tax : Penalty levied u/s 271(1)(c) - AO has levied the penalty without waiting for the outcome of the orders of the appellate authorities - the issue needs to be reexamined by the AO in the light of provisions of section 275(1A) - Tri

  10. Income Tax : Nature of interest expenditure - AO and CIT(A) were right in treating the activity carried out by the assessee as investment activity and accordingly finance charges is not deductable under section 36(1)(iii). - Tri

  11. Income Tax : Levy of penalty - disclosure made u/s 132(4) at the time of search on undisclosed stock - the excess stock does fall under the definition of ‘undisclosed income’ and consequently penalty u/s 271AAB of the Act is leviable for the same - Tri

  12. Income Tax : Levy of penalty - deduction u/s 80IB - Since the revenue had denied deduction thereon in earlier years, it was denied for the year under appeal also - This has nothing to do with the search proceedings so as to fall within the ambit of undisclosed income and consequential levy of penalty u/s 271AAB of the Act.- Tri

  13. Income Tax : Unexplained cash credit u/s 68 - share application money - AO is directed to make further enquiries by issuing necessary summons to the shell companies - The assessing officer should also make reference to the action taken by the Finance Ministry in this regard, as to whether names of these companies appear in the list of such struck off companies. - Tri

  14. Income Tax : Addition u/s 69A - there is no doubt with regard to recording of repayment of loan in the books of account and the source of such fund. What the Assessing Officer has doubted to disallow the repayment is the genuineness of unsecured loans received by the assessee in the earlier assessment years - no additions - Tri

  15. Customs : Exchange Rates Notification No.18/2018-Custom(NT) dated 01.03.2018 - Notification

  16. Customs : Seeks to amend notification No. 50/2017 Customs dated 30.06.2017 - Increase in Rate of Duty on certain items including Chana and Edible Oil - Notification

  17. Customs : Seeks to increase BCD tariff rate on Chickpeas, [Tariff item 0713 20 0] from 40% to 60% by invoking section 8A (1) of the Customs Tariff Act, 1975 - Notification

  18. Customs : Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver - Notification

  19. Customs : Classification of goods - Network Switches - switch was only useable in the local area network - classifiable under CTH 8471.80 or CTH 8517.50 - Onus is on the Department to prove that the classification claimed by the assessee is incorrect - to be classified under CTH 8471.80 - Tri

  20. Companies Law : Compounding of alleged offence for violation of Sections 96 and 99 of the Companies Act, 2013 - these contraventions are not attracting punishment of imprisonment and imprisonment with fine. It is a is statutory violation in technical nature attracting penalty of fine simplicitor - Compounding allowed - Tri

  21. Service Tax : Business Auxiliary Services - export of services or not - Marketing operations done by an assessee in India cannot be said to be at behest of any Indian customers - the services were held to be as having been delivered and/or used outside India and thus being export of services. - Tri

  22. Service Tax : Refund of service tax - input services used for export of goods - the assessee cannot be burdened unduly with the condition to establish that service provider was registered under ‘Port Services’ and were authorized by the port. - Tri

  23. Central Excise : Valuation - tooling/patterns - supplied free of cost to the appellant - the amortized value of such tooling must be added in the assessable value of the automobile parts manufactured and sold by the appellant to their customer - Tri

  24. Central Excise : Classification of goods - Rovan Poshak Tail - Rooh-e-Gulab Sharbat - it is not a cosmetic and toiletry preparation but is an Ayurvedic Medicine for curative and preventive therapy - classified both items under Tariff Item 3004 9011, as medicaments - area based exemption allowed - Tri

  25. Central Excise : Interpretation of Statute - Pan Masala Packing Machines [PMPM] (Capacity Determination and Collection of Duty) Rules, 2008 - when a new RSP is introduced the fourth proviso to Rule 9 of the said rules would apply and that any other interpretation would make the said proviso redundant or otiose, which is not permissible by law. - Tri

  26. VAT and Sales Tax : Demand of Interest on account of the alleged delayed payment - once the petitioner has been permitted to pay the arrears in instalments, the demand with regard to levy of interest is unsustainable - 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 (3) TMI 32

    In: Customs


  2. 2018 (3) TMI 31

    In: Customs


  3. 2018 (3) TMI 30

    In: Customs


  4. 2018 (3) TMI 29

    In: Customs


  5. 2018 (3) TMI 28

    In: Customs


  6. 2018 (3) TMI 27

    In: Customs


  7. 2018 (3) TMI 47

    In: Income Tax


  8. 2018 (3) TMI 48

    In: Income Tax


  9. 2018 (3) TMI 49

    In: Income Tax


  10. 2018 (3) TMI 50

    In: Income Tax


  11. 2018 (3) TMI 39

    In: Income Tax


  12. 2018 (3) TMI 40

    In: Income Tax


  13. 2018 (3) TMI 41

    In: Income Tax


  14. 2018 (3) TMI 42

    In: Income Tax


  15. 2018 (3) TMI 43

    In: Income Tax


  16. 2018 (3) TMI 44

    In: Income Tax


  17. 2018 (3) TMI 45

    In: Income Tax


  18. 2018 (3) TMI 46

    In: Income Tax


  19. 2018 (3) TMI 55

    In: Income Tax


  20. 2018 (3) TMI 54

    In: Income Tax


  21. 2018 (3) TMI 37

    In: Income Tax


  22. 2018 (3) TMI 38

    In: Income Tax


  23. 2018 (3) TMI 36

    In: Income Tax


  24. 2018 (3) TMI 53

    In: Income Tax


  25. 2018 (3) TMI 35

    In: Income Tax


  26. 2018 (3) TMI 34

    In: Income Tax


  27. 2018 (3) TMI 33

    In: Income Tax


  28. 2018 (3) TMI 56

    In: Income Tax


  29. 2018 (3) TMI 52

    In: Income Tax


  30. 2018 (3) TMI 51

    In: Income Tax


  31. 2018 (3) TMI 26

    In: Corporate Laws


  32. 2018 (3) TMI 57

    In: Insolvency & Bankruptcy


  33. 2018 (3) TMI 25

    In: Service Tax


  34. 2018 (3) TMI 24

    In: Service Tax


  35. 2018 (3) TMI 23

    In: Service Tax


  36. 2018 (3) TMI 22

    In: Service Tax


  37. 2018 (3) TMI 21

    In: Service Tax


  38. 2018 (3) TMI 20

    In: Service Tax


  39. 2018 (3) TMI 19

    In: Service Tax


  40. 2018 (3) TMI 18

    In: Central Excise


  41. 2018 (3) TMI 16

    In: Central Excise


  42. 2018 (3) TMI 17

    In: Central Excise


  43. 2018 (3) TMI 15

    In: Central Excise


  44. 2018 (3) TMI 14

    In: Central Excise


  45. 2018 (3) TMI 13

    In: Central Excise


  46. 2018 (3) TMI 11

    In: Central Excise


  47. 2018 (3) TMI 12

    In: Central Excise


  48. 2018 (3) TMI 10

    In: Central Excise


  49. 2018 (3) TMI 9

    In: Central Excise


  50. 2018 (3) TMI 8

    In: Central Excise


  51. 2018 (3) TMI 7

    In: Central Excise


  52. 2018 (3) TMI 6

    In: Central Excise


  53. 2018 (3) TMI 5

    In: Central Excise


  54. 2018 (3) TMI 4

    In: Central Excise


  55. 2018 (3) TMI 1

    In: VAT and Sales Tax


  56. 2018 (3) TMI 2

    In: VAT and Sales Tax


  57. 2018 (3) TMI 3

    In: VAT and Sales Tax


 
 
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