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Home e-Newsletters Index Year 2012 May Day 3 - Thursday

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TMI Tax Updates - e-Newsletter
May 3, 2012

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Service Tax Central Excise



Highlights / Catch Notes

  • Income Tax:

    Application for waiver of interest u/s 234C - interest waived to the extent of 40%. - HC

  • Income Tax:

    Deduction u/s 36(1)(viia) of the Act - Provision for bad and doubtful debts - provision for bad and doubtful debts newly created during the year under consideration should not be netted against the amount written back or reversed. However, there might be a situation that the provision created for a particular debt needs enhancement and in that situation, only the enhanced amount should be treated as the new provision for the purpose of sec. 36(1)(viia) of the Act. - AT

  • Income Tax:

    Assessment of excess amount kept in suspense account - to be taxed in three years instead of one year - HC

  • Income Tax:

    Criminal courts are appropriate authority or the person in terms of sub-section (2) of Section 132A to issue for requisition books of account. - HC

  • Income Tax:

    The disallowance of expenditure on salary - strength of 72 doctors against 100 students - AT

  • Income Tax:

    Capital or revenue expenditure - Commencement of business - There was no necessity to employ Engineers because the Director was competent to render advisory services for setting up the business. - AT

  • Income Tax:

    Article 8 of DTAA between India and Germany - Reference to DRP - Pooling/slot arrangements - Permanent Establishment (PE) - Feeder services - operation of ships in international traffic - AT

  • Income Tax:

    Exemption u/s 10A - Percentage of new plant and machinery and old machinery - inclusion of plant and machinery received on returnable basis for determination of percentage - HC

  • Income Tax:

    Depreciation @ 40% or 15 % on Tippers, Vibrator and Vibrator Soil Compactor - AO allowed depreciation at the rate of 15% only - Section 32 - HC

  • Income Tax:

    Penalty u/s 271AAA - Search and seizure - Undisclosed income - assessee could not be denied the immunity under section 271AAA(2) only because entire tax, along with interest, was not paid before filing of income tax return - AT

  • Income Tax:

    MAT - Book profit -- the amount which was never routed through the profit & loss account and never debited to the profit & loss account could not be considered for the purpose of determination of book profits under clause (b) of Explanation 1 to sec.115JB - AT

  • Income Tax:

    Addition u/s 68. - VDIS scheme - Retraction of statement - Assessee failed to discharge the onus - HC

  • Customs:

    Assignment and jurisdiction of the officers and above the rank of officers, the functions as the proper officers under Customs Act, 1962

  • Customs:

    Classification of Micro / Mini SD Cards - regarding. - Cir. No. 12 / 2012 - Customs Dated: May 1, 2012

  • Customs:

    Return of Export cartons of shrimps to customer at Canada - shelf life of the shrimp - it had been typed in the carton boxes, as 'Best Before Use' as April, 2011 - Port Health Officer refused to take the samples - HC

  • Customs:

    Re-import of the product returned by dis-satisfied customer - The test report and the details no where indicates that the product is dangerous for human consumption - re-process under the supervision of the concerned official allowed - HC

  • Customs:

    Exemption from additional duty u/s 3(5) when imported into India – Notification no. 21/2012 amended to allow exemption in respect of certain goods without conditions upto 1st June 2012

  • Customs:

    Port Trust authorities were not justified in claiming demurrages and/or port charges for any period beyond 75 days from the date of landing. - HC

  • Customs:

    Merely because the appellant had sought an exemption from RSP based assessment in respect of CVD, it does not amount to any misdeclaration on the part of the importer. - AT

  • DGFT:

    No revalidation will be granted to RCs for cotton and cotton yarn.

  • DGFT:

    Export of Casein and Casein products has been moved from “Prohibited” to “Restricted” category.

  • DGFT:

    Online transmission of DES (Advance Authorization), DFIA and EPCG at ICD CONCOR , Tondiarpet, Chennai, Tamilnadu ( IN TVT 6 ) w.e.f. 08.05.2012 - regarding. - Cir. No. 60 (RE-2010)/2009-14 Dated: April 30, 2012

  • FEMA:

    Exim Bank's Line of Credit of USD 80 million to the Government of the Republic of Burundi. - Cir. No. 114 Dated: May 2, 2012

  • Indian Laws:

    Amendments in Deemed Export Policy under Foreign Trade Policy – What is the intention of Ministry of Commerce and Industry. - Article

  • Indian Laws:

    SERVICE TAX TERMINOLOGY – PART IV - Article

  • Service Tax:

    Whether the payment made by the applicant to Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) for transfer of funds to members Banks is liable to service tax - AT

  • Service Tax:

    Service Tax valuation - reimbursement of expenses - Pure Agent - CHA services - AT

  • Service Tax:

    Customs House Agent' Services - services charges were received by the assessee for liaisoning with the Customs department for collection of duty draw back - held as taxable - AT

  • Service Tax:

    Whether the service provided by the appellant as a visiting network service provider shall be treated as exempt service and Cenvat credit shall be limited to 35% - AT

  • Central Excise:

    Application for recall of ex parte order - tribunal rejected the application - Apex Court ordered the tribunal to fresh adjudicate the matter - SC

  • Central Excise:

    Application of mind by appellant authority - mere quoting of the grounds verbatim and extenso in the order itself cannot be application of mind on the grounds raised by appellant. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2012 (5) TMI 31
  • 2012 (5) TMI 30
  • 2012 (5) TMI 29
  • 2012 (5) TMI 28
  • 2012 (5) TMI 27
  • 2012 (5) TMI 26
  • 2012 (5) TMI 25
  • 2012 (5) TMI 24
  • 2012 (5) TMI 23
  • 2012 (5) TMI 22
  • 2012 (5) TMI 20
  • 2012 (5) TMI 19
  • 2012 (5) TMI 18
  • 2012 (5) TMI 11
  • 2012 (5) TMI 10
  • 2012 (5) TMI 9
  • 2012 (5) TMI 8
  • 2012 (5) TMI 7
  • 2012 (5) TMI 6
  • 2012 (5) TMI 5
  • 2012 (5) TMI 4
  • 2012 (5) TMI 3
  • 2012 (5) TMI 2
  • Customs

  • 2012 (5) TMI 17
  • 2012 (5) TMI 15
  • Corporate Laws

  • 2012 (5) TMI 14
  • 2012 (5) TMI 1
  • Service Tax

  • 2012 (5) TMI 32
  • Central Excise

  • 2012 (5) TMI 13
  • 2012 (5) TMI 12
 

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