Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2018 August Day 20 - Monday

TMI e-Newsletters FAQ
Login to see detailed Newsletter

TMI Tax Updates - e-Newsletter
August 20, 2018

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Input tax credit - purchase of motor vehicles i.e. cash carry vans - ITC is not available to CMS Info Systems Limited on purchase of motor vehicles i.e. cash carry vans, which are purchased and used for cash management business and supplied post usage as scrap.

  • GST:

    Classification of an item - Modelling dough - The impugned product being a dough used for amusement of children, the Heading 3407 would be the correct classification.

  • Income Tax:

    Reopening of assessment - error committed by the original assessing officer (AO) - it cannot be said that there was a mere change of opinion in initiating the reassessment proceedings u/s 147 - Assessment proceedings sustained.

  • Income Tax:

    Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land. What was the intention of the purchaser cannot be the determinative factor to treat the profit earned by the assessee on sale of agriculture land as business income.

  • Income Tax:

    Additions u/s 68 - increase in share capital was not through public issue but by way of investment in equity share directly through fully convertible warrants - assessee discharged its initial onus to prove the identity of the investor companies, their creditworthiness and genuineness of the transaction - no additions.

  • Income Tax:

    Charging of interest u/s 220(2) - demand was raised first time - additions made in the rectification order passed u/s 154 - the rectification order itself cannot include the interest under section 220 (2) of the Act, and the tax determined in the rectification order does not relate back to the assessment order - Demand of interest is not valid

  • Income Tax:

    Additions u/s 68 - share premium - The valuation report filed by the assessee support explanation of assessee that shares were issued at premium which were below the fair market value per share. - No addition.

  • Income Tax:

    Deduction u/s 80IA - we do not approve the approach of the assessing officer in rejecting the claim of the assessee at the threshold merely on the basis that no separate books of accounts are maintained

  • Income Tax:

    LTCG on sale of property - Power of attorney (POA) holder of the non-resident assessee - It is clearly evident that those properties are not belonged to the assessee and therefore capital gain arising from those properties cannot be taxed in the hands of the assessee solely on the ground that the person being the real owners have not filed their income-tax returns.

  • Customs:

    Re-export of confiscated goods - Misdeclaration of imported goods - SAMSUNG Brand LED TVs - only for the reason that the models imported by the Appellant were not registered under the BIS, absolute confiscation of goods is not correct - re-export allowed.

  • Customs:

    Violation of import conditions - EPCG license - different address for installation - for which they have already made an application to DGFT and which has yet not been not decided - any action could have only be taken if DGFT rejects the said application.

  • Service Tax:

    Renting out of storage tanks - the respondents cannot be asked to pay service tax under the category of "Storage and Warehousing Service".

  • Central Excise:

    CENVAT Credit - removal of inputs as such in guise of manufacture - payment of duty on removal less then availed on inputs - activity is cutting and silting of CRGO Coils - In the given circumstances the question of suppression of fact or the misrepresentation as is alleged against the appellant is not sustainable.

  • Central Excise:

    Classification of goods - “Dhatri Brand Hair Care Herbal Oil” and “Dhatri Brand Massage Oil” - the products manufactured by the respondents fall under Chapter 30

  • Central Excise:

    CENVAT Credit - input services - The free service sale services of the vehicle provided during warranty period is an input service for the manufacturer - credit allowed

  • Central Excise:

    Penalty - The plea that substantial benefit should not be denied for procedural lapse is clearly not tenable as there is fraudulent availment of Cenvat credit without supply of goods and it is not merely a procedural lapse.

  • VAT:

    Revision of assessment - TNVAT Act - VAT audit - Though the petitioner did not produce documents before the inspecting officials, that will not be a bar for the petitioner to produce documents before the Assessing Officer.

  • VAT:

    Misuse of Form C - unless it makes out that the respondent or purchaser has used Form-C for the purpose of the availing concession of tax in contravention of provisions, it is not permissible to levy penalty.


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (8) TMI 977
  • 2018 (8) TMI 974
  • 2018 (8) TMI 973
  • 2018 (8) TMI 976
  • 2018 (8) TMI 975
  • Income Tax

  • 2018 (8) TMI 979
  • 2018 (8) TMI 993
  • 2018 (8) TMI 972
  • 2018 (8) TMI 971
  • 2018 (8) TMI 970
  • 2018 (8) TMI 969
  • 2018 (8) TMI 982
  • 2018 (8) TMI 981
  • 2018 (8) TMI 980
  • 2018 (8) TMI 989
  • 2018 (8) TMI 968
  • 2018 (8) TMI 986
  • 2018 (8) TMI 985
  • 2018 (8) TMI 984
  • 2018 (8) TMI 990
  • 2018 (8) TMI 992
  • 2018 (8) TMI 983
  • 2018 (8) TMI 988
  • 2018 (8) TMI 987
  • 2018 (8) TMI 991
  • Customs

  • 2018 (8) TMI 966
  • 2018 (8) TMI 965
  • 2018 (8) TMI 964
  • 2018 (8) TMI 967
  • Service Tax

  • 2018 (8) TMI 961
  • 2018 (8) TMI 960
  • 2018 (8) TMI 959
  • 2018 (8) TMI 958
  • 2018 (8) TMI 957
  • 2018 (8) TMI 956
  • 2018 (8) TMI 955
  • 2018 (8) TMI 954
  • Central Excise

  • 2018 (8) TMI 952
  • 2018 (8) TMI 951
  • 2018 (8) TMI 950
  • 2018 (8) TMI 949
  • 2018 (8) TMI 948
  • 2018 (8) TMI 947
  • 2018 (8) TMI 953
  • 2018 (8) TMI 946
  • 2018 (8) TMI 978
  • 2018 (8) TMI 945
  • 2018 (8) TMI 944
  • 2018 (8) TMI 943
  • 2018 (8) TMI 942
  • CST, VAT & Sales Tax

  • 2018 (8) TMI 941
  • 2018 (8) TMI 940
  • 2018 (8) TMI 939
  • 2018 (8) TMI 938
  • 2018 (8) TMI 937
  • 2018 (8) TMI 936
  • Indian Laws

  • 2018 (8) TMI 963
  • 2018 (8) TMI 962
 

Quick Updates:Latest Updates