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Home e-Newsletters Index Year 2018 August Day 18 - Saturday

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TMI Tax Updates - e-Newsletter
August 18, 2018

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Levy of GST - Whether the money paid by the customer to the driver of the cab for the services of the trip is liable to GST and whether the applicant company is liable to pay GST on this amount? - Held Yes

  • GST:

    Levy of GST - Supply or not - The conversion of e-Units into diamonds would constitute a supply of diamonds liable to tax under the Goods and Services Tax Act.

  • GST:

    Levy of GST - diamonds - e-units - The derivative contracts in e-Units and settlement thereof would be treated as transactions in securities in case it involves only e-Units without any involvement of physical diamonds and thereby would remain out of the scope of levy under GST.

  • Income Tax:

    Tax Audit Report u/s 44AB - Form 3CD - the proposed clause 30C and proposed clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2019 - Accordingly reporting of information regarding GAAR and GST deferred.

  • Income Tax:

    Validity of notice issued u/s 148 - service of notice at an address obtained from bank account - when the Department had correct address of the assessee, sending notice at incorrect address and then presumption drawn of service of notice is wholly erroneous

  • Income Tax:

    Levy of penalty u/s 271(1)(c) - appellant wrongly claimed loss by debiting it to P & L Account on account of loss on sale of assets whereas the same was capital loss and not business loss. - Levy of penalty deleted as there is no concealment of income

  • Income Tax:

    It was permissible for the AO to reject the books of account u/s 145 and pass assessment order u/s 144 - Instead, the AO had disallowed the claim of expenditure on "Consumable Stores" only 10%. The assessee is not prejudiced in any manner in not resorting to the best judgment assessment by the AO.

  • Income Tax:

    Assessment in the hands of representative / agent - Chief Financial officer (CFO) of the non-resident assessee - Merely because those shares related to the Indian company, that would not make the Indian company as agent qua deemed capital gain purportedly earned by the foreign company.

  • Income Tax:

    Nature of sale of Hotel premises - the intention of the parties was to sell the hotel business as a going concern and the same is nothing but a slump sale - Liable to the taxed u/s 50B of the I.T.Act

  • Income Tax:

    STCG or LTCG - determination of period of holding of property - The registration of the property which was done subsequently on 11-07-2008 was only a formality. And therefore the period of 36 months of holding of long term capital Assets should be reckoned from 24-04-2008 and not from 11-07-2008 as wrongly adopted by the LD AO

  • Income Tax:

    Assessment u/s 153A - undisclosed income - addition based on statement of the assessee - when there is no difference in rate of tax for both the assessment years, i.e. AYs 2012-13 and 2013-14, there is no reason for the AO to make further addition of ₹ 50 lakhs in the current assessment year when the assessee has already disclosed undisclosed income for AY 2013-14.

  • Income Tax:

    Levy of fee u/s 234E - Late of submission of TDS returns - all the intimations under section 200A of the Act were issued before June 1, 2015 - Levy of fee deleted

  • Income Tax:

    Disallwance of long term capital loss - shares had been sold off market to a group company showing a loss - AO treated the said transactions as a colorable devise - AO is not correct in its observations - Claim of loss allowed.

  • Income Tax:

    Assessee in Default u/s 201(1) - Failure to deduct tax at source (TDS u/s 192) - Exemption u/s 10(10AA) - The revenue’s case is KPTCL is not State Government but a statutory corporation and therefore its employees cannot be regarded as employees of State Government - Assessee cannot be treated as in default for a Bondafide belief.

  • Customs:

    Sealing of petitioner's warehouse - confiscation of consignments - The godown was sealed on 25.10.2017. Eight months have passed, the authorities are directed to complete the investigation forthwith and pass orders. Desealing cannot be permitted till the finality of the proceedings initiated under Section 124 of the Customs Act.

  • Customs:

    Applicability of exemption notifications - The impugned goods are ventilators which are used with Anesthesia Systems. The predominance of the ventilator/Anesthesia System is not the context of the Notification - Benefit of exemption allowed.

  • Customs:

    Refund of the security deposit - It is only an amount paid by the appellant as a security for the dues that may arise in case of adjudication proceedings. Since the appellant has not opted to redeem the goods, the balance amount after adjusting the penalty has to be returned to the appellant.

  • Indian Laws:

    Forfeiture of gratuity - the misconduct of the employee has caused any financial loss to the Bank - Forfeiture of gratuity is not automatic on dismissal from service; it is subject to sub-Sections (5) and (6) of Section 4 of The Payment of Gratuity Act, 1972.

  • Service Tax:

    Levy of service tax - outstanding advances - the activity of the respondent is held to be in the nature of pure agent. As such, no service tax can be demanded on the amount of advance received and /or on the amount spent out of that advance for the purpose of the project.

  • Service Tax:

    There is no hesitation in concluding that the exemption available to RBI in discharge of its functions should be available to the appellant working as the Agents of RBI in terms of the Agreement.

  • Service Tax:

    Commercial Training Centre - It is trite law that exemption notifications have prospective effect unless it is explicitly provided that it is retrospective and the legislature provides for such retrospective operation - the appellant are liable to pay service tax for the period 1.7.2004 to 9.9.2004

  • Service Tax:

    Classification of services - appellants were performing certain tasks in the factory of TATA mainly in processing of coffee beans - The service rendered by the appellants are not in the nature of “Manpower Recruitment of Supply Agency Service‟

  • Central Excise:

    Refund claim - even if it had paid excess excise duty, the return or refund of such excess sum cannot be effected through the route of exemption notification - The refund claimed under the notification may be treated as refund claimed under Section 11B of the Central Excise Act, 1944.

  • Central Excise:

    Refund claim - deemed exports - The specific inclusion of clause (1A) in Rule 5 bid clearly shows the legislative intent to allow refund facility to actual physical exports. As the right to refund for exports other than physical exports did not accrue under law, which in the impugned period is permitted for physical exports only, there is no conflict between Rule 3, 4 and 5 of Cenvat Credit Rules. - Refund not allowed.

  • Central Excise:

    SSI Exemption - clubbing of clearances - dummy units - admittedly the notice does not stands issued to the other four units, whose clearances sought to be clubbed in the clearances of M/s D. P. Garg & Co. - demand set aside.

  • VAT:

    Branch transfers or stock transfers - The stipulations made in the declaration form ‘F’ are nothing but giving particulars of the relevant document in support of branch transfers or stock transfers made by the assessee from one branch to another or from its one unit to another. Such transactions obviously do not attract sales tax liability under the provisions of CST Act, 1956.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (8) TMI 933
  • 2018 (8) TMI 932
  • Income Tax

  • 2018 (8) TMI 927
  • 2018 (8) TMI 926
  • 2018 (8) TMI 925
  • 2018 (8) TMI 919
  • 2018 (8) TMI 918
  • 2018 (8) TMI 917
  • 2018 (8) TMI 916
  • 2018 (8) TMI 931
  • 2018 (8) TMI 930
  • 2018 (8) TMI 929
  • 2018 (8) TMI 928
  • 2018 (8) TMI 924
  • 2018 (8) TMI 923
  • 2018 (8) TMI 922
  • 2018 (8) TMI 921
  • 2018 (8) TMI 915
  • 2018 (8) TMI 914
  • 2018 (8) TMI 913
  • 2018 (8) TMI 912
  • 2018 (8) TMI 911
  • 2018 (8) TMI 910
  • 2018 (8) TMI 920
  • Customs

  • 2018 (8) TMI 908
  • 2018 (8) TMI 907
  • 2018 (8) TMI 909
  • Service Tax

  • 2018 (8) TMI 903
  • 2018 (8) TMI 902
  • 2018 (8) TMI 901
  • 2018 (8) TMI 900
  • 2018 (8) TMI 906
  • 2018 (8) TMI 899
  • 2018 (8) TMI 898
  • 2018 (8) TMI 905
  • 2018 (8) TMI 897
  • 2018 (8) TMI 904
  • Central Excise

  • 2018 (8) TMI 890
  • 2018 (8) TMI 895
  • 2018 (8) TMI 894
  • 2018 (8) TMI 893
  • 2018 (8) TMI 892
  • 2018 (8) TMI 889
  • 2018 (8) TMI 888
  • 2018 (8) TMI 887
  • 2018 (8) TMI 886
  • 2018 (8) TMI 885
  • 2018 (8) TMI 884
  • 2018 (8) TMI 883
  • 2018 (8) TMI 882
  • 2018 (8) TMI 881
  • 2018 (8) TMI 891
  • 2018 (8) TMI 880
  • 2018 (8) TMI 896
  • CST, VAT & Sales Tax

  • 2018 (8) TMI 878
  • 2018 (8) TMI 879
  • 2018 (8) TMI 877
  • 2018 (8) TMI 935
  • Indian Laws

  • 2018 (8) TMI 934
 

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