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Home e-Newsletters Index Year 2018 June Day 20 - Wednesday

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TMI Tax Updates - e-Newsletter
June 20, 2018

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • Income Tax:

    Additions u/s 41(1) for cessation of liability - simply because the liability is outstanding for quite some years the liability does not seize to exist - mere entry in the books of accounts of the debtor made unilaterally without any act on the part of the creditor will not enable the debtor to say that the liability has come to an end - thus no cessation of liability in the case of the assessee.

  • Income Tax:

    Disallowance of labour charges - assessee violated the relevant statutory provision relating to PF & ESI Scheme in respect of the said workers - it would be fair and reasonable to disallow the wages of in question to the extent of 25%.

  • Income Tax:

    Disallowance of amount paid on donation and subscription - this claim is not fully verifiable in the absence of the relevant details and supporting documentary evidence - hence it would be fair and reasonable to allow the claim of the assessee on account of donations and subscriptions only to the extent of 50%

  • Income Tax:

    Scrutiny assessment u/s 143(3) - in the absence of issue and service of notice u/s. 143(2) the re-assessment made by the AO u/s. 143 r.w.s. 147 for the AY 2011-12 became null and void.

  • Income Tax:

    Deduction u/s 80P - interest received on deposits with Sub Treasury - investment in treasury/banks and earning interest on the same is part of the banking activity of the assessee’s cooperative bank THUS said income is eligible for deduction u/s 80P(2)(a)(i)

  • Income Tax:

    Disallowance of exemption u/s 54F - assessee failed to deposit unutilized funds in a capital gains account scheme before filing the return of income u/s 139(1) - reopening of assessment - Right given to the assessee u/s 139(4) cannot be lost merely because proceedings were initiated u/s 147 - assessee has filed return u/s 139(1) within the time allowed u/s 139(4) - claim allowed.

  • Customs:

    Liability of Customs Duty - Yellow peas - There is dispute as to the correct date on which the Entry Inwards was granted to the vessel “MV Riva Wind" - there is no malafide intention on the part of the appellant in clearing the consignments without payment of duty.

  • IBC:

    Corporate insolvency process - Those who will watching the proceeding such as (suspended) Board of Directors or its Partners; Operational Creditors or its representatives and Resolution Applicant(s) are not mere spectator but may express their views to the Committee of Creditors for coming to conclusion in one or other way.

  • Service Tax:

    BAS - At best it can be said that they have participated in promotion of the brand name of ‘Coca Cola’, ‘Pepsi’ etc. Such activities cannot be brought under ‘Promotion or Marketing or Sale of Goods Produced or Service Provided by the Client’, appearing under ‘Business Auxiliary Service’

  • Central Excise:

    Classification of goods - Wrap Knit Fabric - Since the strips in the present case are of width less than 5mm, the classification of Warp Knit Fabrics made therefrom will be under CETH 6005 and not under CETH 3926 - goods rightly classified under CETH 6005.

  • Central Excise:

    Manufacture - activity of fabrication of storage tanks of various capacities - activity of converting steel sheets into the form of storage tanks amounts to manufacture - liable for classified under CETH 73090090 of the Central Excise Tariff.


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2018 (6) TMI 898
  • 2018 (6) TMI 897
  • 2018 (6) TMI 896
  • 2018 (6) TMI 895
  • 2018 (6) TMI 894
  • 2018 (6) TMI 893
  • 2018 (6) TMI 892
  • 2018 (6) TMI 891
  • 2018 (6) TMI 890
  • 2018 (6) TMI 889
  • 2018 (6) TMI 887
  • 2018 (6) TMI 886
  • 2018 (6) TMI 885
  • 2018 (6) TMI 884
  • 2018 (6) TMI 883
  • 2018 (6) TMI 882
  • 2018 (6) TMI 881
  • 2018 (6) TMI 880
  • Customs

  • 2018 (6) TMI 857
  • 2018 (6) TMI 848
  • Insolvency & Bankruptcy

  • 2018 (6) TMI 872
  • 2018 (6) TMI 905
  • 2018 (6) TMI 859
  • 2018 (6) TMI 858
  • 2018 (6) TMI 904
  • 2018 (6) TMI 853
  • 2018 (6) TMI 852
  • 2018 (6) TMI 851
  • 2018 (6) TMI 850
  • 2018 (6) TMI 849
  • Service Tax

  • 2018 (6) TMI 899
  • 2018 (6) TMI 879
  • 2018 (6) TMI 878
  • 2018 (6) TMI 856
  • 2018 (6) TMI 854
  • 2018 (6) TMI 847
  • Central Excise

  • 2018 (6) TMI 888
  • 2018 (6) TMI 877
  • 2018 (6) TMI 876
  • 2018 (6) TMI 875
  • 2018 (6) TMI 874
  • 2018 (6) TMI 873
  • 2018 (6) TMI 871
  • 2018 (6) TMI 870
  • 2018 (6) TMI 869
  • 2018 (6) TMI 868
  • 2018 (6) TMI 867
  • 2018 (6) TMI 866
  • 2018 (6) TMI 865
  • 2018 (6) TMI 863
  • 2018 (6) TMI 864
  • 2018 (6) TMI 862
  • 2018 (6) TMI 861
  • 2018 (6) TMI 860
  • 2018 (6) TMI 855
  • CST, VAT & Sales Tax

  • 2018 (6) TMI 902
  • Indian Laws

  • 2018 (6) TMI 901
  • 2018 (6) TMI 900
  • 2018 (6) TMI 903
 

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