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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2018 June Day 5 - Tuesday

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TMI Tax Updates - e-Newsletter
June 5, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Service Tax Central Excise



TMI SMS


Highlights / Catch Notes

  • GST:

    Nature of supply - divisible contract [Supply of goods & Supply of Services] or an indivisible contract [works contract] - Construction of power lines, erection of transmission towers and transformers - Held as works contract - liable to be taxed @12% of IGST - AAR

  • Income Tax:

    Revision u/s 263 - if the enquiry of such unexplained investment is not done then same would be erroneous order prejudicial to the interest of the Revenue u/s 263 - thus if assessee is failed to explain the source of investment of the deposits with the bank, it shall be considered as an income u/s 69 - HC

  • Income Tax:

    Presumption to service of notice u/s 148 - revenue failed to discharge the onus - also notice which u/s 148 was sent on the address where the assessee was not residing - thus reassessment proceedings without effecting proper service of notice on the Assessee are invalid and liable to be quashed - HC

  • Income Tax:

    Disallowance of purchases - Even if the purchases are not genuine or are bogus the entire addition to the income of the assessee is uncalled for and wrong. The purpose of the statute is only to tax the income of the assessee, which is only a fraction of the total purchases. - AT

  • Income Tax:

    Penalty u/s 271C - non deduction of tds - Since the assessee has filed the certificates of the recipients with proof that the recipients have offered the income to tax in their hands, the assessee shall not be treated as an “assessee in default” u/s 201(1) of the Act - No Penalty - AT

  • Income Tax:

    Charitable purpose - Application of loan repayment allowability - The repayment of loan is not an allowable deduction against profit and gains of the business even under section 30 to 43C of the Act - the assessee is not eligible for application of loan repayment against the income for charitable purposes. - AT

  • Income Tax:

    Charitable purpose - assessee has claimed only exemption u/s 10(21) - Order of CIT(A) allowing exemption u/s 11(1) set aside - matter restored before CIT(A) - AT

  • Income Tax:

    Disallowance of long term capital loss on sale of shares - sham transactions or genuine transactions - - It seems to be a case of tax planning by the assessee, though the transactions having been carried out between the group companies - AO directed to allow the set off such loss against the long term capital gain - AT

  • Income Tax:

    Exemption u/s 10 - whether the assessee is solely existing for educational purpose and the Government has financed - this issue requires detailed verification - can not be done by mere stating adjustments u/s 143(1) - can be done only by way of scrutiny assessment. - AT

  • Income Tax:

    Deduction u/s 80IA - claim of higher depreciation from 30% to 15% on commercial vehicles - this depreciation is related to B.T.Road Project. Hence the disallowance of depreciation of 15% would only go to increase the profits of B.T.Road Project and consequentially the assessee would be entitled for higher claim of deduction u/s 80IA - AT

  • Income Tax:

    Penalty u/s. 271AAA - assessee is not at fault for substantiating the manner for earning the undisclosed income, in the absence of any specific query raised by the Authorised Officer while recording statement u/s. 132(4) - No penalty - AT

  • Income Tax:

    Benefit of exemption u/s 11 -assessee is holder of shares in violation of provisions of section 13(1)(d) - it is only the income from such investment or deposit which has been made in violation of section 11(5) that is liable to be taxed and violation u/s 13(1)(d) does not result in the denial of exemption u/s 11 to the total income of the assessee trust - AT

  • Customs:

    Fraudulent export of low quality goods - Penalty on CHA u/s 114 of CA - appellant held to be equally responsible for the fraudulent export of low quality goods with the sole aim of claiming the undue benefits duty drawback from Customs Department. - AT

  • Service Tax:

    Construction service - The flats sold by the land owner before the completion certificate was obtained will invite the liability of Service Tax upon the land owner. However, the flats sold after the said date of receiving completion certificate, since no more construction services were rendered after the said date, the land owner will not invite any liability to the Service Tax. - AT

  • Central Excise:

    Price escalation - Price Variation clause - duty short levied - Since both the parties were not aware of escalated price or possibility of escalation at the time the goods were removed, the supplementary invoice cannot be a ground to call the said duty paid as the short levied - demand of interest set aside - AT


Notifications


News


Case Laws:

  • GST

  • 2018 (6) TMI 110
  • 2018 (6) TMI 109
  • 2018 (6) TMI 111
  • 2018 (6) TMI 108
  • Income Tax

  • 2018 (6) TMI 97
  • 2018 (6) TMI 96
  • 2018 (6) TMI 95
  • 2018 (6) TMI 94
  • 2018 (6) TMI 93
  • 2018 (6) TMI 92
  • 2018 (6) TMI 91
  • 2018 (6) TMI 105
  • 2018 (6) TMI 90
  • 2018 (6) TMI 104
  • 2018 (6) TMI 89
  • 2018 (6) TMI 103
  • 2018 (6) TMI 88
  • 2018 (6) TMI 107
  • 2018 (6) TMI 74
  • 2018 (6) TMI 102
  • 2018 (6) TMI 106
  • 2018 (6) TMI 101
  • 2018 (6) TMI 73
  • 2018 (6) TMI 87
  • 2018 (6) TMI 100
  • 2018 (6) TMI 86
  • 2018 (6) TMI 99
  • 2018 (6) TMI 98
  • Customs

  • 2018 (6) TMI 84
  • 2018 (6) TMI 83
  • 2018 (6) TMI 82
  • Corporate Laws

  • 2018 (6) TMI 85
  • Service Tax

  • 2018 (6) TMI 81
  • 2018 (6) TMI 80
  • Central Excise

  • 2018 (6) TMI 78
  • 2018 (6) TMI 77
  • 2018 (6) TMI 76
  • 2018 (6) TMI 75
  • 2018 (6) TMI 79
 

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