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

TMI SMS


Highlights

  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


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 128

    In: Customs


  2. 2018 (3) TMI 127

    In: Customs


  3. 2018 (3) TMI 126

    In: Customs


  4. 2018 (3) TMI 125

    In: Customs


  5. 2018 (3) TMI 124

    In: Customs


  6. 2018 (3) TMI 129

    In: Customs


  7. 2018 (3) TMI 123

    In: Customs


  8. 2018 (3) TMI 122

    In: Customs


  9. 2018 (3) TMI 121

    In: Customs


  10. 2018 (3) TMI 120

    In: Customs


  11. 2018 (3) TMI 137

    In: Income Tax


  12. 2018 (3) TMI 138

    In: Income Tax


  13. 2018 (3) TMI 139

    In: Income Tax


  14. 2018 (3) TMI 140

    In: Income Tax


  15. 2018 (3) TMI 141

    In: Income Tax


  16. 2018 (3) TMI 142

    In: Income Tax


  17. 2018 (3) TMI 143

    In: Income Tax


  18. 2018 (3) TMI 144

    In: Income Tax


  19. 2018 (3) TMI 145

    In: Income Tax


  20. 2018 (3) TMI 146

    In: Income Tax


  21. 2018 (3) TMI 147

    In: Income Tax


  22. 2018 (3) TMI 148

    In: Income Tax


  23. 2018 (3) TMI 154

    In: Income Tax


  24. 2018 (3) TMI 155

    In: Income Tax


  25. 2018 (3) TMI 153

    In: Income Tax


  26. 2018 (3) TMI 151

    In: Income Tax


  27. 2018 (3) TMI 152

    In: Income Tax


  28. 2018 (3) TMI 150

    In: Income Tax


  29. 2018 (3) TMI 149

    In: Income Tax


  30. 2018 (3) TMI 136

    In: Income Tax


  31. 2018 (3) TMI 135

    In: Income Tax


  32. 2018 (3) TMI 134

    In: Income Tax


  33. 2018 (3) TMI 85

    In: Income Tax


  34. 2018 (3) TMI 133

    In: Income Tax


  35. 2018 (3) TMI 132

    In: Income Tax


  36. 2018 (3) TMI 131

    In: Income Tax


  37. 2018 (3) TMI 156

    In: Income Tax


  38. 2018 (3) TMI 130

    In: Income Tax


  39. 2018 (3) TMI 119

    In: FEMA


  40. 2018 (3) TMI 117

    In: Indian Laws


  41. 2018 (3) TMI 118

    In: Indian Laws


  42. 2018 (3) TMI 116

    In: Service Tax


  43. 2018 (3) TMI 115

    In: Service Tax


  44. 2018 (3) TMI 114

    In: Service Tax


  45. 2018 (3) TMI 113

    In: Service Tax


  46. 2018 (3) TMI 112

    In: Service Tax


  47. 2018 (3) TMI 111

    In: Service Tax


  48. 2018 (3) TMI 110

    In: Service Tax


  49. 2018 (3) TMI 109

    In: Service Tax


  50. 2018 (3) TMI 108

    In: Service Tax


  51. 2018 (3) TMI 107

    In: Service Tax


  52. 2018 (3) TMI 106

    In: Service Tax


  53. 2018 (3) TMI 105

    In: Service Tax


  54. 2018 (3) TMI 103

    In: Central Excise


  55. 2018 (3) TMI 104

    In: Central Excise


  56. 2018 (3) TMI 102

    In: Central Excise


  57. 2018 (3) TMI 100

    In: Central Excise


  58. 2018 (3) TMI 101

    In: Central Excise


  59. 2018 (3) TMI 99

    In: Central Excise


  60. 2018 (3) TMI 98

    In: Central Excise


  61. 2018 (3) TMI 97

    In: Central Excise


  62. 2018 (3) TMI 96

    In: Central Excise


  63. 2018 (3) TMI 95

    In: Central Excise


  64. 2018 (3) TMI 94

    In: Central Excise


  65. 2018 (3) TMI 93

    In: Central Excise


  66. 2018 (3) TMI 92

    In: Central Excise


  67. 2018 (3) TMI 91

    In: Central Excise


  68. 2018 (3) TMI 90

    In: VAT and Sales Tax


  69. 2018 (3) TMI 89

    In: VAT and Sales Tax


  70. 2018 (3) TMI 88

    In: VAT and Sales Tax


  71. 2018 (3) TMI 87

    In: VAT and Sales Tax


  72. 2018 (3) TMI 86

    In: Wealth tax


 
 
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