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Home e-Newsletters Index Year 2018 June Day 26 - Tuesday

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TMI Tax Updates - e-Newsletter
June 26, 2018

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax Wealth tax



Highlights / Catch Notes

  • Income Tax:

    Applicability of Section 44BB - the supplying of vessels for the said purposes is inextricably connected with the prospecting, production of mineral oil - any activity relating to exploration, prospecting, extraction, production of mineral oil would be covered u/s.44BB

  • Income Tax:

    Assessment u/s 158BC / 158BD - No satisfaction note has been recorded on the date of issue of notice under section 158BD - The satisfaction note supplied to the assessee on 27.01.2006 is thus, anti-dated - the proceedings u/s 158BD held to be invalid and quashed.

  • Income Tax:

    Exemption u/s 11 - The interest earned on fixed deposit with banks complying with the provisions of Section 11 (5) is exempt and the proviso to Section 2( 15) has no application

  • Income Tax:

    Unexplained cash deposits in Bank account - The explanation given by assessee cannot be simply rejected when he states that he encashed the traveler cheques and deposited cash in the bank account.

  • Income Tax:

    Penalty u/s 272 A(2)(k) - delay in filing e-TDS return - the change /lack of staff with the assessee-organization does not constitute to be a reasonable cause to file the TDS statements with such an inordinate delay - levy of penalty confirmed.

  • Income Tax:

    Deemed dividend u/s 2(22)(e) - nature of receipt of sum from a company in which assessee is having 25.24% holding - assessee’s case that the same formed part of transactions in mutual or current account - assessee claimed that it was not loan or advance - the contention of the assessee accepted.

  • Income Tax:

    Claim of deduction / loss relating to the 'project expenses' in the computation of taxable total income - AO fell in error in going by the fact that the expenditure was incurred from the capital account forgetting that the test to be applied to ascertain as to whether the expenditure is revenue or capital is not based on where the funds were drawn from. - allowed as revenue expenditure.

  • Income Tax:

    Disallowance 14A read with Rule 8D - The assessing authority also could not have called upon the Assessee himself to undertake the exercise of computing the disallowance under Section 8D of the Rules. Such abdication of duty in not permissible in law.

  • Customs:

    Classification of imported goods - Lead Concentrate - waste and scrap of lead in powder form - the item falls under the classification of Heading ‘Concentrate’ under 26070000

  • Customs:

    100% EOU - diversion of duty free goods - When the recovery of duty itself is questionable, confiscation and imposition of penalty will not survive.

  • Central Excise:

    Classification of goods - printing of the items such as Books, Magazine, Posters, Letter Head, Letter Pad, Envelop, Calender, Flayers Receipt Book, Product Folders, News Letter, Invitation Cards, Officer Stationary, Pad, Scriber Pad, Lebel, Stickers, Non-Corrugated Box, Diary etc. - the product comes under Chapter Heading 49.01 which pertains to printing.


Notifications


News


Case Laws:

  • Income Tax

  • 2018 (6) TMI 1233
  • 2018 (6) TMI 1232
  • 2018 (6) TMI 1231
  • 2018 (6) TMI 1230
  • 2018 (6) TMI 1229
  • 2018 (6) TMI 1228
  • 2018 (6) TMI 1227
  • 2018 (6) TMI 1226
  • 2018 (6) TMI 1225
  • 2018 (6) TMI 1224
  • 2018 (6) TMI 1238
  • 2018 (6) TMI 1223
  • 2018 (6) TMI 1237
  • 2018 (6) TMI 1222
  • 2018 (6) TMI 1236
  • 2018 (6) TMI 1235
  • 2018 (6) TMI 1234
  • Customs

  • 2018 (6) TMI 1221
  • 2018 (6) TMI 1220
  • 2018 (6) TMI 1219
  • 2018 (6) TMI 1218
  • Service Tax

  • 2018 (6) TMI 1202
  • 2018 (6) TMI 1217
  • 2018 (6) TMI 1201
  • 2018 (6) TMI 1200
  • 2018 (6) TMI 1199
  • 2018 (6) TMI 1198
  • 2018 (6) TMI 1216
  • 2018 (6) TMI 1197
  • 2018 (6) TMI 1215
  • Central Excise

  • 2018 (6) TMI 1213
  • 2018 (6) TMI 1214
  • 2018 (6) TMI 1212
  • 2018 (6) TMI 1211
  • 2018 (6) TMI 1210
  • 2018 (6) TMI 1209
  • 2018 (6) TMI 1208
  • 2018 (6) TMI 1207
  • 2018 (6) TMI 1206
  • 2018 (6) TMI 1205
  • CST, VAT & Sales Tax

  • 2018 (6) TMI 1204
  • 2018 (6) TMI 1239
  • Wealth tax

  • 2018 (6) TMI 1203
 

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