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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2018 May Day 28 - Monday

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TMI Tax Updates - e-Newsletter
May 28, 2018

Case Laws in this Newsletter:

GST Income Tax Insolvency & Bankruptcy FEMA Service Tax Central Excise Wealth tax



Highlights / Catch Notes

  • Income Tax:

    Settlement of a case - assessment proceedings were pending or not - assessment order was passed but not served - Commission has given no finding. We cannot leave the assessee without remedy merely because the Commission chose not to examine such an issue though raised by the assessee.

  • Income Tax:

    Reassessment - validity of the reasons recorded by the AO - at the stage when the notice for reopening is under challenge, if it is not possible without further detailed inquiry to arrive at a final conclusion, the Court would be well advised in keeping such a question open and permitting further proceedings in connection with the notice of reopening. - HC

  • Income Tax:

    Reassessment - validity of fresh notice - withdrawal of earlier notice - Mere intention, a stated intention or even an intention which is otherwise put in practice cannot be equated with withdrawal of the notice - The law does not recognize two parallel assessments.

  • Income Tax:

    MAT computation - reduction of least of cash loss or depreciation loss as per books of accounts while computing the book profits u/s 115JB - The assessee has rightly deducted unabsorbed depreciation loss as per books of accounts

  • Income Tax:

    Bogus purchases - Disallowance of expenditure regarding sundry creditors - AO was adding amounts on the basis of then un-reconciled differences which is violation of the principles of natural justice.

  • Income Tax:

    TDS u/s 194C - reimbursement of postage expense on actual basis - there is no case for invoking the provisions u/s 194C which only mandates for effecting TDS as per the contract norm - AT

  • Income Tax:

    Reopening of assessment - belief of escapement of income - reopening merely on the information received from the Investigation Wing of the Department, i.e., just on borrowed satisfaction - reassessment cancelled.

  • Income Tax:

    Revision u/s 263 - Period of limitation - if the issue on which the proceedings u/s 263 is initiated is not a subject matter of the assessment order passed u/s 143(3) r/w 147, then the limitation period has to be reckoned from the original assessment order passed u/s 143(3) or if the return of income was processed u/s 143(1), then from the date of intimation u/s 143(1)

  • FEMA:

    Violation of Section 3(a), FEMA - onus to prove - It is settled legal principle that onus of proof, in both civil and criminal law, is on the person who wishes to prove a particular fact - There is no statutory provision in FEMA imposing reverse evidentiary burden upon an accused person, as is the case under PMLA. - AT

  • IBC:

    Insolvency resolution process - exclusion of period of litigation - This is a unique case in which CIRP could not completed with in 270 days. The exceptional circumstances occasioned beyond the control of the resolution applicant in the case in hand upon the reasons already led in prompt us to exclude the period of litigation and thereby we also found the plan came up for approval with in time. - Tri

  • IBC:

    Insolvency Resolution Process - there are serious doubt with regard to the locus standi of Bhushan Employees as the application has been filed only by Mr. Rahul Sengupta who has been the Executive Director of the Corporate Debtor since 2005. The application has not been filed by the Bhushan Employees authorizing anybody. The allegation even otherwise on facts is not sustainable. - Tri

  • Service Tax:

    Valuation - an assessee is liable to pay tax only on the service component - the value of the raw material used in retreading of the tyres need not be included in assessable value - AT

  • Service Tax:

    Where mere space is provided along with furniture for facilitating accommodation of representatives of financial institutions in the premises of an automobile dealer and consideration is received for that singular activity, such consideration may perhaps constitute a rent for the provision of space and associated amenities. Such restricted relationship/transaction may not amount to BAS. - AT


Articles


Notifications


News


Case Laws:

  • GST

  • 2018 (5) TMI 1555
  • 2018 (5) TMI 1554
  • 2018 (5) TMI 1553
  • Income Tax

  • 2018 (5) TMI 1546
  • 2018 (5) TMI 1545
  • 2018 (5) TMI 1544
  • 2018 (5) TMI 1543
  • 2018 (5) TMI 1542
  • 2018 (5) TMI 1541
  • 2018 (5) TMI 1540
  • 2018 (5) TMI 1539
  • 2018 (5) TMI 1538
  • 2018 (5) TMI 1537
  • 2018 (5) TMI 1536
  • 2018 (5) TMI 1535
  • 2018 (5) TMI 1534
  • 2018 (5) TMI 1533
  • 2018 (5) TMI 1552
  • 2018 (5) TMI 1551
  • 2018 (5) TMI 1550
  • 2018 (5) TMI 1549
  • 2018 (5) TMI 1548
  • 2018 (5) TMI 1532
  • 2018 (5) TMI 1547
  • Insolvency & Bankruptcy

  • 2018 (5) TMI 1556
  • 2018 (5) TMI 1558
  • 2018 (5) TMI 1557
  • FEMA

  • 2018 (5) TMI 1531
  • 2018 (5) TMI 1530
  • Service Tax

  • 2018 (5) TMI 1529
  • 2018 (5) TMI 1528
  • 2018 (5) TMI 1527
  • 2018 (5) TMI 1526
  • 2018 (5) TMI 1525
  • 2018 (5) TMI 1524
  • 2018 (5) TMI 1523
  • 2018 (5) TMI 1522
  • 2018 (5) TMI 1521
  • 2018 (5) TMI 1520
  • 2018 (5) TMI 1519
  • 2018 (5) TMI 1518
  • 2018 (5) TMI 1517
  • 2018 (5) TMI 1516
  • 2018 (5) TMI 1515
  • Central Excise

  • 2018 (5) TMI 1514
  • 2018 (5) TMI 1513
  • 2018 (5) TMI 1512
  • 2018 (5) TMI 1511
  • 2018 (5) TMI 1510
  • 2018 (5) TMI 1509
  • 2018 (5) TMI 1508
  • 2018 (5) TMI 1507
  • 2018 (5) TMI 1506
  • 2018 (5) TMI 1505
  • 2018 (5) TMI 1504
  • 2018 (5) TMI 1503
  • 2018 (5) TMI 1502
  • 2018 (5) TMI 1501
  • 2018 (5) TMI 1500
  • 2018 (5) TMI 1499
  • 2018 (5) TMI 1498
  • 2018 (5) TMI 1497
  • 2018 (5) TMI 1496
  • Wealth tax

  • 2018 (5) TMI 1495
 

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