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Home Newsletters Index Year 2018 March Day 7 - Wednesday
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TMI Updates - Newsletter dated: March 7, 2018

Case Laws in this Newsletter:

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



  1. Income Tax : Cancellation/withdrawal of the Certificate issued u/s 197 - non furnishing of copy of the reasons recorded was a flaw in the decision making process. - Thus, making the impugned order unsustainable. - HC

  2. Income Tax : Registration u/s. 12A - As most of the expenditure is held for the benefit of a particular community or a religious group called ‘SAMAJ families’ and so, we are of the opinion that the Trust is not created for charitable or religious purposes for general public. Accordingly, it is not entitled for registration. - Tri

  3. Income Tax : Income from share trading - since long and major source of income is from trading in shares only and if such assessee subsequently opts to show transactions of purchase and sale of shares as capital gains and simultaneously also shows trading in shares then both the things cannot go together unless otherwise demarketed with proper records - Tri

  4. Income Tax : Levy of penalty u/s 271B - delay in submission of the tax audit report - ill health leading to acute physical trouble - assessee has indeed adduced proper reasons and is entitled for immunity in terms of Section 273B - Tri

  5. Customs : Transshipment of ship stores - Merely because as on the date of transfer of ship stores to the newly built vessel SV Shivam, which was not ready for voyage, the transfer of ship stores under Section 86 and later consumed on board as per Sec. 87, becomes incorrect and duty could be recovered on the ship stores, cannot be sustained. - Tri

  6. Customs : CHA - Penalties u/s 112(a) and 114AA of CA, 1962 - for penalty under the Customs Act, 1962, it is apparent that mere filing of Bill of Entry without the knowledge or a role in the importation of cargo is not sufficient. - Tri

  7. GST - States : Clarification about the rate of tax on items of HSN 6802 - Some items would be levied @12% and others @18% - WORKED MONUMENTAL OR BUILDING STONE (EXCEPT SLATE) AND ARTICLES THEREOF

  8. Service Tax : Levy of service tax - receipt of commitment charges - commitment charges are in the nature of interest on unutilized portion of credit facilities - merely by accounting the same as guarantee commission, the amount received cannot be subjected to levy of service tax if the nature of the amount received is not a commission but interest of unused credit. - Tri

  9. Service Tax : Business Auxiliary Service - receipt of franking charges - The depiction of the latter as a client is not consistent with this reality and the categorisation under Section 65(19)(vi) fails the test of rationality. - Tri

  10. Service Tax : Levy of Service tax - commission paid to them by airlines for booking cargo space - commission earned by the assessee while acting on behalf of the exporter and mark-up value was of freight charges are not to be considered as commission - Tri

  11. Service Tax : CENVAT credit - The definition of input services during the period had wide ambit as it included the words activities relating to business. The credit is eligible on the said services if the same are used for providing output services - credit allowed. - Tri

  12. Central Excise : Classification of software - computerized equipment / machinery - software which is supplied separately for loading cannot be considered as part and parcel of the machines / equipments - Tri

  13. Central Excise : Valuation - deduction of notional profit where value of bought out items is included - Since there is no justification to include the make of bought out item, there can be no objection to the notional profit being deducted from the assessable value. - Tri

  14. Central Excise : Re-credit of amount of duty paid in excess through PLA - suo moto credit can be taken if duty is paid twice as excess duty paid is not a duty and same is deposit - Tri



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