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Home e-Newsletters Index Year 2017 April Day 10 - Monday

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TMI Tax Updates - e-Newsletter
April 10, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    The Finance Act, 2002 itself indicates that during the relevant assessment year compensation received by the Assessee under non-competition agreement was a capital receipt, not taxable under the 1961 Act. It became taxable only with effect from 1.4.2003. It is well settled that a liability cannot be created retrospectively - HC

  • Income Tax:

    TPA - reject the 53 comparable entities - scope of adjudication in remand proceedings - The operative part of the ITAT’s direction to carry out the exercise afresh since it did not have the figures relating to the comparables has to be therefore, seen in the context of what was actually done. Therefore, the Revenue’s argument that the TPO/AO could doubt the appropriateness of the comparables used by the assessee is insubstantial and unmerited. - HC

  • Income Tax:

    Nature of Land - assessee has erred in disclosing the land earmarked for promoting software park in the financial system of stock-in-trade - it is genuine mistake of the assessee in recording the financial statements cannot be seriously viewed in interpreting the provisions of the Income-tax Act. - HC

  • Income Tax:

    Addition u/s 40A(2)(a) - payment to the shareholders-directors - compensation to the tenants for vacating the premises - Since the amount was paid as a commercial consideration and nothing was brought on record by the AO to the effect that amount so paid was higher than the fair market value, no additions - AT

  • Income Tax:

    Expenses incurred for CSR by providing ambulance services, paramedical services and medical supplies to villagers in the vicinity of its container terminal cannot be allowed as business expenses - AT

  • Income Tax:

    We are inclined to adopt GP ratio of 12.5% on alleged bogus purchases in the instant case which in our considered view is fair, reasonable and rational keeping in view factual matrix of the case - AT

  • Income Tax:

    When the provision of section 80lA had been substantially amended and where the enterprise was only a developer of the Infrastructure facility, deduction could not be denied u/s 80-lA on the ground that the concept of BOT/BOOT was the main requirement for getting benefit of deduction u/s 80-lA - AT

  • Income Tax:

    An isolated transactions or activity cannot be a part of business and to consider the question of business there must regular activity of purchasing and selling. In the present case there is no iota of evidence on the record to show that the assessee was regular in the business of purchase and sale of land or plots - AT

  • Income Tax:

    In the event of assessee being allowed only partial tax credit in respect of taxes withheld abroad, the assessee cannot be allowed any deduction, in respect of the balance of the taxes so withheld abroad, u/s 37(1) - AT

  • Income Tax:

    Clam of deduction u/s 54F - assessee made the investment within the due date prescribed under section 139(4) and it was held that section 54 or section 54F for that reason uses the word "section 139", which meant not only section 139(1) but also section 139(4). Therefore, a larger time-limit was available to the assessee. - AT

  • Customs:

    Export of rice - the proportion of non-Basmati Rice found in the samples exceeded 20%. The goods were exported against test bond and therefore the liability of confiscation and penalty u/s 114 (i) arises. - AT

  • Customs:

    Classification of butter flavouring - classified under CTH 3302 10 90 or CTH 2106 90 60? - the ingredients i.e. butter fat is not a plant origin. Therefore, in our considered view the lower authorities have correctly classified the product under Chapter 21 - AT

  • Service Tax:

    Adjustment of excess amount of Service Tax paid in earlier months in the succeeding months - whether the adjustment made by the appellant on the excess payments made by them under the provisions of Rule 6 of the Service Tax Rules for payments of service tax, a liability that arose subsequently? - Adjustment allowed - AT

  • Central Excise:

    SSI exemption - Valuation - the appellant has put mark of M/s Director Transport, UT, Chandigarh and M/s Chief General Manager, DTC, New Delhi i.e. CTU/DTC, therefore, its brand name of another person which is not includable in the clearance for computing total clearance. - AT

  • Central Excise:

    CENVAT credit - inputs written off - even for the period prior to insertion of sub-rule (5B) of Rule 3 of the CCR, 2004, this Tribunal in the appellant's own case decided the issue against them and according to the said decision, the appellant is required to reverse the credit on the written off quantity. - AT

  • Central Excise:

    Removal of capital goods after use - once the appellant have admittedly paid the duty, payment of interest is inevitable and the same is piggyback of the principal amount of duty - However, the duty was not otherwise chargeable on the removal of capital goods, the penalty u/s 11AC is not imposable - AT

  • Central Excise:

    Valuation - sales promotion which is part and parcel of sale price of distributors cannot be added in the sales price of the appellant, particularly when there is no extra consideration flowing on account of sales promotion to the appellant - AT

  • VAT:

    The legislature is entitled to prescribe the conditions subject to which the taxable person shall be entitled to ITC. When a party fulfills the conditions, as may be prescribed, his entitlement to ITC is crystallized and vested in him. - HC


Articles


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (4) TMI 408
  • 2017 (4) TMI 407
  • 2017 (4) TMI 406
  • 2017 (4) TMI 405
  • 2017 (4) TMI 404
  • 2017 (4) TMI 403
  • 2017 (4) TMI 402
  • 2017 (4) TMI 401
  • 2017 (4) TMI 400
  • 2017 (4) TMI 399
  • 2017 (4) TMI 398
  • 2017 (4) TMI 397
  • 2017 (4) TMI 396
  • 2017 (4) TMI 395
  • 2017 (4) TMI 394
  • 2017 (4) TMI 414
  • 2017 (4) TMI 413
  • 2017 (4) TMI 412
  • 2017 (4) TMI 411
  • 2017 (4) TMI 410
  • 2017 (4) TMI 393
  • 2017 (4) TMI 392
  • 2017 (4) TMI 391
  • 2017 (4) TMI 409
  • 2017 (4) TMI 390
  • Customs

  • 2017 (4) TMI 372
  • 2017 (4) TMI 371
  • 2017 (4) TMI 370
  • 2017 (4) TMI 369
  • 2017 (4) TMI 366
  • 2017 (4) TMI 367
  • 2017 (4) TMI 368
  • Service Tax

  • 2017 (4) TMI 389
  • 2017 (4) TMI 388
  • 2017 (4) TMI 387
  • 2017 (4) TMI 386
  • 2017 (4) TMI 385
  • Central Excise

  • 2017 (4) TMI 384
  • 2017 (4) TMI 383
  • 2017 (4) TMI 382
  • 2017 (4) TMI 381
  • 2017 (4) TMI 380
  • 2017 (4) TMI 379
  • 2017 (4) TMI 378
  • 2017 (4) TMI 377
  • 2017 (4) TMI 376
  • 2017 (4) TMI 375
  • 2017 (4) TMI 374
  • 2017 (4) TMI 373
  • CST, VAT & Sales Tax

  • 2017 (4) TMI 365
  • 2017 (4) TMI 364
  • Indian Laws

  • 2017 (4) TMI 363
 

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