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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2017 March Day 6 - Monday

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TMI Tax Updates - e-Newsletter
March 6, 2017

Case Laws in this Newsletter:

Income Tax Customs Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax



Highlights / Catch Notes

  • GST:

    Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill

  • Income Tax:

    Tds U/S 195 - Grant of license - The amount paid by the appellant to NPL is not in the nature of royalty within the meaning of the DTAA between India - Admittedly NPL did not have a PE in India - there was no obligation on the part of the appellant to deduct tax at source u/s.195 - AT

  • Income Tax:

    Deduction of expenditure incurred in earning income u/s 56 - assessee is a Thrift and Credit Society - the source is inextricable to the nature of the expenditure - deduction allowed - HC

  • Income Tax:

    Eligibility of exemption u/s 54G - deposit of unutilized capital gain that was deposited in a specified account as laid down in Sec.54G(2) on 30.3.2010 by the Assessee - if deposit of unutilized capital gain is made within the time limit made in Sec.139(4) of the Act, the deduction cannot be denied to an Assessee. - AT

  • Income Tax:

    Prior period expenditure - Contribution to superannuation fund - the contribution cannot be considered as prior period expenses in view of the specific provision of section 36(1)(iv) r.w.s. 43B and deduction on the basis of payment is permissible in law - AT

  • Income Tax:

    Claim of deduction due to loss of Cash in the fire in July 2010 - The entry relating to the loss of cash having been made in the books of account of the assessee only on 31.03.2010 is not a very vital circumstance. Thus the claim of the assessee for loss on account of cash destroyed by fire ought to have been allowed as deduction - AT

  • Income Tax:

    Rental income - there is no justification of allowing expenses against the house property income other than that provided as deduction under the scheme of computation of house property income. - AT

  • Income Tax:

    Levy of fees u/s 234E for default in TDS return - AO is not empowered to charge fees under section 234E of the Act by way of intimation issued u/s 200A in respect of defaults before 01.06.2015 and consequently allow the ground of appeal raised by the assessee - AT

  • Income Tax:

    Revision u/s 263 - The absence of the word “erroneous order” is not very fatal as reading of the entire order of the CIT would go to show that he was of the view that order of the AO was erroneous because the AO failed to make proper enquiries which were warranted in the facts and circumstances of the case - AT

  • Income Tax:

    Computation of capital gain - three amounts are in the nature of cost of improvement and do not fall in the realm of repair and maintenance - the computation of capital gain should be done treating these three amounts as 'Cost of improvement’ - AT

  • Income Tax:

    Penalty u/s 271(1)(c) - non disclosure of income earned by way of Director Sitting Fee - merely because the assessee is not maintaining books of accounts, he cannot get rid of offering the income earned by him during the year - Levy of penalty confirmed - AT

  • Customs:

    Revocation of CHA licence - right to prefer an appeal to the Tribunal under Sec. 129A of the Customs Act, 1962 against an order passed under Regulation 21 or 23 is available only to the CHA - Revenue's appeals dismissed as not maintainable - AT

  • Customs:

    Incorrect import manifest - There is no doubt that goods have been unloaded, whether inadvertently or otherwise, but there is no allegation that these were not inventorised in the records of the duly appointed custodian. In the absence of any such evidence, invoking of section 111(g) for confiscation is not in accordance with law - AT

  • Service Tax:

    Extended Period of Limitation - commercial or industrial construction service / works contract service - the matter is resolved only by the decision of Hon'ble Supreme Court by order dated 20/08/2015 - Demand set aside - AT

  • Service Tax:

    Scope of SCN - SCN proposed demand of Service tax under the category of 'cargo handling services', however, first appellate authority without prior notice to the appellant, changed the category of taxable services and confirmed part of the demand under the new categories - demand set aside - AT

  • Service Tax:

    Classification of taxable services - When 99% of the commission is towards underwriting services, remaining 1% commission will not determine the essential nature of commission service - said services of underwriting cannot be taxed under Banking and Financial Services - AT

  • Service Tax:

    Commercial training or coaching service - deduction in respect of study materials - Procurement of Various goods and materials and their cost being reflected in the balance-sheet is not a sufficient documentary proof to fulfil the condition of the Notification - benefit of N/N. 12/2003-ST not allowed - AT

  • Service Tax:

    Valuation of taxable services - deduction of cost of material as 80% based on contract - Notification 12/2003-ST dated 20.06.2003 - Benefit of exemption allowed - AT

  • Central Excise:

    CENVAT credit - Aluminium Sheets, Flush Partition, Flush Door, Ceiling etc - since the goods in question does not qualify either as input or capital goods the cenvat credit is not admissible - AT

  • Central Excise:

    CENVAT credit - photo copy of courier Bill of Entry - bill of entry in case of courier is filed consolidated in respect of various importers, if that is so then it is not possible to every importer in a particular of bill of entry to possess the original bill of entry - credit allowed - AT

  • Central Excise:

    CENVAT credit - shortage of input - merely for smaller quantity found short by the internal auditor and reported in 3CD report, credit cannot be denied - AT

  • VAT:

    Input Tax credit - denial on the ground that the transactions were reflected in retail invoices and not tax invoices and, therefore, did not qualify for credit - the strict interpretation of Section 50(2) in the facts of this case was unwarranted - credit allowed - HC

  • VAT:

    When the constitutional validity of a subordinate legislation is challenged which infringes the rights of the citizen of trade in the sale of liquor, it is not possible for us to accept the contention that the petitioner cannot be said to have any locus standi to prefer the main writ petition - HC


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2017 (3) TMI 145
  • 2017 (3) TMI 144
  • 2017 (3) TMI 143
  • 2017 (3) TMI 142
  • 2017 (3) TMI 141
  • 2017 (3) TMI 140
  • 2017 (3) TMI 139
  • 2017 (3) TMI 138
  • 2017 (3) TMI 137
  • 2017 (3) TMI 136
  • 2017 (3) TMI 149
  • 2017 (3) TMI 148
  • 2017 (3) TMI 135
  • 2017 (3) TMI 134
  • 2017 (3) TMI 133
  • 2017 (3) TMI 132
  • 2017 (3) TMI 131
  • 2017 (3) TMI 150
  • 2017 (3) TMI 147
  • 2017 (3) TMI 146
  • Customs

  • 2017 (3) TMI 160
  • 2017 (3) TMI 162
  • 2017 (3) TMI 158
  • 2017 (3) TMI 161
  • 2017 (3) TMI 163
  • 2017 (3) TMI 159
  • 2017 (3) TMI 157
  • Insolvency & Bankruptcy

  • 2017 (3) TMI 151
  • Service Tax

  • 2017 (3) TMI 182
  • 2017 (3) TMI 179
  • 2017 (3) TMI 178
  • 2017 (3) TMI 177
  • 2017 (3) TMI 176
  • 2017 (3) TMI 181
  • 2017 (3) TMI 180
  • Central Excise

  • 2017 (3) TMI 168
  • 2017 (3) TMI 175
  • 2017 (3) TMI 174
  • 2017 (3) TMI 173
  • 2017 (3) TMI 172
  • 2017 (3) TMI 171
  • 2017 (3) TMI 170
  • 2017 (3) TMI 164
  • 2017 (3) TMI 165
  • 2017 (3) TMI 166
  • 2017 (3) TMI 169
  • 2017 (3) TMI 167
  • CST, VAT & Sales Tax

  • 2017 (3) TMI 155
  • 2017 (3) TMI 153
  • 2017 (3) TMI 152
  • 2017 (3) TMI 154
  • 2017 (3) TMI 156
 

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