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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2017 April Day 26 - Wednesday

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TMI Tax Updates - e-Newsletter
April 26, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Benefit of provisions of Section 72A - whether waiver of interest by financial institutions would not be treated as income of the appellant-assessee under Section 41(1)? - Tribunal committed an error in treating the waiver of interest as not income of the assessee - SC

  • Income Tax:

    Restriction on multiplicity of claims of deductions - whether Section 80(5) inserted by Finance Act, 2009 and the fourth proviso to S.10B (1)inserted by the Finance Act, 2006 arbitrary, discriminatory, unreasonable, and violative of Article 14 of the Constitution of India? - Held NO - HC

  • Income Tax:

    Deduction u/s 80IB on account of disallowance of R&D expenses - A.O. Has made this disallowance holding that the profits of the appellant were overstated on account of no expenses being debited for R&D facilities - No additional facts have been brought on record to support the notional disallowance on account of R&D expenditure - No additions - HC

  • Income Tax:

    Disallowance of scientific Research and Development expenses - weighted deduction - Once the Revenue authorities accepted that the expenditure was incurred towards R&D and it was disallowed u/s.35(2AB) of the Act on the reason of non-approval by the DSIR, then it should be considered u/s.35(1)(iv) - AT

  • Income Tax:

    AO having failed to record his satisfaction while initiating proceedings for imposition of penalty u/s 271(1)(c) as to which limb of the provisions of section 271(1)(c) is attracted, the order imposing penalty is invalid - AT

  • Income Tax:

    TDS u/s 195 - Disallowance u/s. 40(a)(i) - FTS - it cannot be said that the rendering of services by the non residents to the assessee made available to the assessee , such services , for its future use or utilization on a reasonably permanent basis - since the amount is not taxable, TDS is required to be deducted - AT

  • Customs:

    Import against advance license - If discharge of export obligation can be established by the importer from the other documents, as has been done in the present case, the non-submission of EODC certificate can not be held to be violation of condition of notification - AT

  • Customs:

    High seas sales - Valuation - the import on high sea sale basis has no relevance for the purpose of value - appellant has been able to establish the contemporaneous imports the value of which is almost near to the values declared by the appellant, the enhancement is unsustainable. - AT

  • VAT:

    Union is not exempted from the levy of indirect tax under Article 285 of the Constitution - General Manager, Western Railway can safely be termed as a dealer - HC


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2017 (4) TMI 1036
  • 2017 (4) TMI 1035
  • 2017 (4) TMI 1034
  • 2017 (4) TMI 1033
  • 2017 (4) TMI 1032
  • 2017 (4) TMI 1031
  • 2017 (4) TMI 1030
  • 2017 (4) TMI 1037
  • 2017 (4) TMI 1029
  • 2017 (4) TMI 1028
  • 2017 (4) TMI 1027
  • Customs

  • 2017 (4) TMI 1044
  • 2017 (4) TMI 1043
  • 2017 (4) TMI 1042
  • 2017 (4) TMI 1046
  • 2017 (4) TMI 1045
  • Service Tax

  • 2017 (4) TMI 1051
  • 2017 (4) TMI 1050
  • 2017 (4) TMI 1049
  • 2017 (4) TMI 1048
  • 2017 (4) TMI 1052
  • 2017 (4) TMI 1047
  • CST, VAT & Sales Tax

  • 2017 (4) TMI 1041
  • 2017 (4) TMI 1040
  • Indian Laws

  • 2017 (4) TMI 1039
  • 2017 (4) TMI 1038
 

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