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TMI Updates - Newsletter dated: March 6, 2018


  1. Goods and Services Tax : Joint Venture - taxable services provided by the members of the Joint Venture (JV) to the JV and vice versa and inter se between the members of the JV-reg.

  2. Income Tax : Computation of Capital Gain - AO was of the opinion that since the interest in question on housing loan, had already been claimed as deduction u/s 24(b), the same could not be taken into consideration for computation u/s 48 - AO should not have reduced brokerage and interest on loan from WIP - Tri

  3. Income Tax : Registration u/s 12AA - Rejection of earlier application and further not filing appeal before higher authorities cannot be held to be reason for assessee not to file a fresh application when its is permitted by the law - Tri

  4. Income Tax : Transfer pricing - arm’s length price - Adjustment to the income of the assessee on account of interest on receivables - since the assessee earned significantly higher margin than the comparable companies, which have been accepted by the TPO, therefore, there was no justification to charge interest on outstandings. - Tri

  5. Income Tax : Disallowance of expenses on temporary suspension of the business - mere non conduct of hotel business in the previous year due to the temporary suspension thereof by the assessee cannot be a ground to deny the deduction of the interest expense on the borrowed capital - Tri

  6. Central Excise : Valuation - inclusion of cost of free supply of drawings - as per Rule 6 of Central Excise Valuation Rules, 2000 the value of free of cost drawing used for the manufacture of final product for the customer must be included in the value of automobile parts - Tri

  7. Central Excise : Classification of goods - Printed Plastic Cards - the products coming into existence were held to be printing industry products - products are classifiable under chapter sub heading 4901.90 and the demand made under chapter sub heading 39 is not sustainable - Tri



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Case Laws:

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  1. 2018 (3) TMI 79

    Registration u/s 12AA rejected - there was no cogent or corroborative evidence to prove the genuineness of activities - Held that - The fact remains that the assessee had filed copies of audited balance sheet and income and expenditure account as at 31st March, 2016 and had also filed copies of income tax return which clearly establish that assessee was rendering the services which are charitable in nature. Therefore, this finding of CIT (Exempti....... + More

  2. 2018 (3) TMI 80

    Disallowance of expenditure u/s 40A(3) - Held that - As per the copy of ledger of Boulders & Murram, the daily cash payment is more than ₹ 20,000/- but single payment towards individual suppliers or parties has not been exceeded the specified limit of ₹ 20,000/-. The original vouchers have been produced by the assessee which were verified. - Decided against revenue BR BR TDS u/s 194C - Addition u/s 40a(ia) - tds liability on Earth....... + More

  3. 2018 (3) TMI 81

    Penalty u/s 271(1)(c) - disallowance of prior period expenditure on electricity charges to DVC - defective notice - Held that - The show cause notice issued in the present case u/s 274 of the Act does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income. The show cause notice u/s 274 of the Act does not strike out the inappropriate words. In these circu....... + More

  4. 2018 (3) TMI 82

    Disallowance u/s 14A - Held that - It is a settled law that the disallowance cannot be more than exempt income. The Hon ble High Court decision in case of CIT Vs. Sam Global Securities Ltd. (2013 (9) TMI 876 - DELHI HIGH COURT) held that the disallowance cannot be more than exempt income. The computation of the income was before the Assessing Officer as well as CIT(A) and the same should have been taken into consideration by the Revenue authority....... + More

  5. 2018 (3) TMI 83

    Validity of proceeding u/s 153C - Held that - As per the provisions u/s 153C where AO is satisfied that any money, bullion, jewellery or other valuable article on thing or books of account or documents seized or requisitioned belongs to a person other than the person referred to in Section 153A, then the books of account or documents or assets requisitioned shall be handed over to the Assessing Officer who shall proceed against such other person ....... + More

  6. 2018 (3) TMI 84

    Application for registration u/s 12AA rejected - as per CIT-A objective clauses of the Trust are for the mutual benefit of Corrugated Box manufacturing persons - no advancement of any other objects of general public utility by the assessee as required u/s 2(15) - Held that - Andhra Pradesh Corrugated Box Manufacturers Association from which the assessee has been carved out, has similar objectives and has already been granted registration u/s 12AA....... + More

  7. 2018 (3) TMI 72

    Addition invoking the provisions of section 145(3) - Held that - CIT(A) has considered all genuine pleadings and reconciliation in right perspective and allowed part relief. The other grounds of reconciliation are bald assertion not supported by any independent and positive evidence. These are simply afterthought which have no weightage in the eyes of law. It is undisputed fact that the books of accounts of the assessee were incomplete as on the ....... + More

  8. 2018 (3) TMI 73

    Disallowance of depreciation to assessee trust - Held that - The issue of allowability of depreciation in the case of Charitable Trust has been decided by the Hon ble Gujarat High Court in the case of CIT vs. Sheth Monilal Ranchhuddas Vishram Bhavan Trust 1992 (2) TMI 51 - GUJARAT High Court wherein as observed that the computation under the different categories or heads arises only for the purpose of ascertaining the total income for the purpose....... + More

  9. 2018 (3) TMI 65

    Transfer pricing - Adjustment to the income of the assessee on account of interest on receivables - Not charging interest from A.Es and non-A.Es - Held that - All international transactions were accepted by the TPO to be at arm s length, except, payment of interest on loan. The authorities below have treated the delayed payment beyond 30 days as loans. In fact, no loan have been extended by the assessee. It was the amount due against the A.Es. as....... + More

  10. 2018 (3) TMI 66

    Disallowance of expenses on temporary suspension of the business - Held that - As during the financial year 2006-07 the assessee was unable to cater the needs of the customers, the business was not yet commenced. We also do not agree with the theory of estoppel proposed by the learned CIT(A) that since the assessee did not claim the expenses relatable to AY 2002-03 for the period subsequent to 31.10.2002, by their own conduct they are estopped fr....... + More

  11. 2018 (3) TMI 67

    Computation of total income - whether the order of the AO reducing the amount of brokerage and interest on loan from the WIP is correct or not? - AO was of the opinion that since the interest in question on housing loan, had already been claimed as deduction u/s 24(b), the same could not be taken into consideration for computation u/s 48 - Held that - Both AS 10 and Ind AS 16 define elements of cost in an identical manner and contain several exam....... + More

  12. 2018 (3) TMI 68

    Registration u/s 12AA denied - Only reason recorded by learned CIT (Exemptions) for rejection of claim of the assessee is that vide earlier order its application was already rejected and assessee had not filed appeal against that order - Held that - As we have gone through the order dated 03/08/2015 and noted that the order was passed ex-parte qua assessee. Learned A. R. has stated the reason for non appearance to be non receipt of specific notic....... + More

  13. 2018 (3) TMI 69

    Disallowance of deduction on account of payment of service charges - genuineness of expenditure - Held that - When the purchases have been accepted as genuine, the payment of service charges cannot be disallowed by raising the bogey of business expediency or lack of evidence to show rendering of services. When the assessee has submitted documentary evidences to establish that the payment of service charges were in terms with contractual obligatio....... + More

  14. 2018 (3) TMI 70

    Levying the penalty u/s 271(1)(c) - addition u/s 41(1)(a) - Held that - In case in hand the fact that the addition was made by the AO because the difference of the outstanding liability shown in the original return of income and in the revised return of income. However, the assessee has disclosed the relevant facts which was subjected to the verification of the AO and it was also brought on record that out of the opening balance of the liability ....... + More

  15. 2018 (3) TMI 71

    Penalty u/s 271(1)(c) - defective notice - non forming a charge against assessee - non recording of satisfaction - Held that - In the present case, it is noticed that the AO in the assessment order dated 29.12.2008, simply stated that the penalty proceedings u/s 271(1)(c) of the Act have been initiated separately. He did not mention as to whether the penalty proceedings were initiated for furnishing of inaccurate particulars of income or concealm....... + More

  16. 2018 (3) TMI 64

    Registration u/s 12AA cancelled - appellant is not engaged in activities which are covered within the meaning of charitable purpose appearing in section 2(15) - jurisdiction of DIT(E) for cancellation of registration already granted - Held that - The Circular No.21/2016 issued by CBDT clearly provides that mere receipt on account of business receipt in excess of limit in the proviso would not result in cancellation of registration granted under s....... + More

  17. 2018 (3) TMI 77

    Estimation of income on account of bogus/unverifiable purchases - matter set aside to the file of the AO to decide the same afresh - Tribunal has set aside the assessment to decide the issue of estimation of income to the file of the AO for fresh assessment after the judgment is delivered in the case of Anuj Kumar Varshney and others 2015 (4) TMI 533 - ITAT JAIPUR - Decision in the case of Anuj Kumar Varshney was challenged before the HC and stil....... + More

  18. 2018 (3) TMI 76

    Exemption u/s 11 eligibility - proof of charitable activities - assessee trust while calculating 2% of the Gross Billing has excluded the doctor s fees which has resulted in shortfall in the transfer to Indigent Patient Fund (IPF Account)- Held that - As decided in assessee s own case for AY 2010-11 and AY 2011-12 2017 (2) TMI 1324 - ITAT MUMBAI non-compliance of one of the statutory stipulations should not nullify its efforts made towards achiev....... + More

  19. 2018 (3) TMI 75

    Reopening of assessment - validity of reasons to believe - suppression of receipts - unexplained cash deposits - Held that - On perusal of the reasons demonstrate that the assessing officer did form a reasonable belief that income of the assessee which is subject to tax of the assessee, has escaped assessment, as the entire receipts from Godfrey Philips (I) Ltd., may have been suppressed. Though the wording escaped assessment has not been used, t....... + More

  20. 2018 (3) TMI 78

    Production of the certificates on completion of the project - Corporate Debtor exercise the right of unpaid vendor lien - Held that - Arbitral Tribunal is conscious of the fact that in case the Corporate Debtor departs with the certificates of the completion of the Project, there may be financial implications. The Arbitral Tribunal while passing the order observed that an interim direction is to avoid any controversy on the aspect, whether all th....... + More

  21. 2018 (3) TMI 63

    Valuation - includibility - value of coating - Held that - the appellant had paid duty on metalized polyester film which was cleared for further coating thereon. In that circumstances, as activity of coating does not amount to manufacture and the appellant has already paid duty on metalized polyester film, therefore, the value of coating is not required to be added in the assessable value of the metalized polyester film - appeal allowed - decided....... + More

  22. 2018 (3) TMI 61

    Interest u/s 11AB of CEA 1944 read with rule 14 of CCR 2004 - CENVAT credit availed prematurely - Held that - This contingency is relatable not to the time of availment but to the eligibility for availment. In the scheme that is primarily intended to set off the cascading effects of taxation by permitting the drawal from such a pool of credit for discharge of duty/tax obligation, there can be no other interpretation - there is no justification fo....... + More

  23. 2018 (3) TMI 62

    Recovery of Excise Duty - parts of transformers, cleared under returnable gate passes, but not returned to the factory - Held that - it is prudent to remand the matter to the adjudicating authority to ascertain the fact whether the items cleared under returnable gate passes and not returned to the factory being used for replacement of worn out pats, are either manufactured by the appellant or credit has been availed on the same. BR BR CENVAT cred....... + More

  24. 2018 (3) TMI 59

    Valuation - inclusion of cost of free supply of drawings - Section 4 of the Central Excise Act, 1944 - Held that - In principle, as per Rule 6 of Central Excise Valuation Rules, 2000 the value of free of cost drawing used for the manufacture of final product for the customer must be included in the value of automobile parts - However, it is observed that the Adjudicating Authority has taken 0.90% which is overall R & D expenses of M/s Mahindr....... + More

  25. 2018 (3) TMI 60

    Classification of goods - Printed Plastic Cards - whether classified under Chapter 39 or Chapter 49? - Board Circular No.141/52/95 - CX dt. 14.08.95 - Held that - the impugned goods are printed plastic cards having printed matter as per the requirement of customer. The sample produced before us also to the same effect and further there is no dispute about the identity of the cards. In such case when it is not a plain card, it shall be governed by....... + More

  26. 2018 (3) TMI 58

    Short payment of duty - Whether for calculation of excise duty on the amounts of sales appearing on the credit side of the balance sheet/books of accounts, is to be adjusted with the amount of excise duty shown on the debit side for the calculation of liability of excise duty for the period of assessment under the Central Excise Act read with the Rules and whether duty of ₹ 12,85,084/- is short paid? BR BR Whether the appellant have short p....... + More

  27. 2018 (3) TMI 74

    Principles of Natural Justice - order passed after the death of the assessee / appellant - The case of the first petitioner is that she had no knowledge about Exts.P1 to P3 orders and the decision taken by the appellate authority on the appeals preferred by K.F.Francis against the said orders - KVAT Act - Held that - Rule 76 of the Rules says that since nobody got himself/herself impleaded as additional appellant in the appeals preferred by K.F.F....... + More

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