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Home e-Newsletters Index Year 2018 September Day 11 - Tuesday

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TMI Tax Updates - e-Newsletter
September 11, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy PMLA Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • Income Tax:

    Penalty u/section 272A(1)(c) - non-compliance to provisions of section 131(1) - failure to submit information - The conduct of the assessee in the instant case is not at all bona-fide - levy of penalty confirmed.

  • Income Tax:

    Levy of penalty u/s 271(1)(c) - disallowance of expenditure under the Head “Business Promotion” - It is a case of disallowance of part of the expenses which have been incurred consistently by assessee-company in earlier years as well. Therefore, it is not a fit case for levy of the penalty.

  • Income Tax:

    Since the Adhoc disclosure of a sum was made with a rider that any undisclosed income/transaction/entry found during the course of the block assessment proceedings shall be set off against this disclosure, the appellant is entitled for the legitimate claim.

  • Income Tax:

    LTCG - exemption u/s. 54 - purchase of new residential property - though the agreement to sell is not registered, the vendee can seek decree of specific performance on the basis of unregistered agreement to sell - benefit of exemption allowed.

  • Income Tax:

    Nature of non compete fee received by the assessee - CIT(A) has allowed relief to the assessee - Validity of ITAT order in remanding back the matter to CIT(A) - there was no sufficient material before the Tribunal to remand the case for a fresh consideration at the first instance. - The order of remand set aside.

  • Customs:

    Recovery of Drawback Claim granted earlier - attachment of bank accounts - while permitting the Directorate of Revenue Intelligence to continue investigation, the petitioner should be permitted to operate their bank account by simultaneously protecting the interests of the Revenue.

  • Customs:

    Confiscation - taking Indian Currency outside India - prohibited goods or not? - the currencies, which were seized from the petitioner and confiscated by the order passed by the third respondent are undoubtedly prohibited goods, and the power exercised by the third respondent is valid and proper

  • Corporate Law:

    STT - anomaly with regard to STT payable on future transactions - Once CBDT has clarified the position, all stake holders are now aware as to what is the amount of STT payable on the transactions - In that view of the matter, it will not be difficult for the members of the Association to recover the amount of STT from the parties who were engaged in the derivative transactions.

  • Central Excise:

    Penalty u/r 26 of CER - Rule 26 would apply directly in the case in hand, as appellant is the person who acquired the possession of goods and were concerned with depositing or keeping the fans on which admittedly duty liability was not discharged.

  • Central Excise:

    Classification of manufactured goods - Printed Heat Transfers - whether the ‘Heat Transfers’ manufactured by the appellants merit classification under 49011020 or 49089000 or under 491191000 - the impugned goods are not anywhere similar or closer to the grouping intended under 4911.

  • Central Excise:

    Clandestine removal - The Tribunal proceeded merely on assumptions and presumptions and ignored the basic requirement of clinching material to prove the clandestine removal. In the instant case, there is not even enough material to presume the clandestine removal. Thus, the finding of the Tribunal is perverse.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (9) TMI 477
  • 2018 (9) TMI 447
  • 2018 (9) TMI 446
  • 2018 (9) TMI 445
  • 2018 (9) TMI 444
  • 2018 (9) TMI 443
  • 2018 (9) TMI 479
  • 2018 (9) TMI 442
  • 2018 (9) TMI 441
  • 2018 (9) TMI 440
  • 2018 (9) TMI 439
  • 2018 (9) TMI 438
  • 2018 (9) TMI 437
  • 2018 (9) TMI 436
  • 2018 (9) TMI 435
  • 2018 (9) TMI 434
  • 2018 (9) TMI 478
  • Income Tax

  • 2018 (9) TMI 476
  • 2018 (9) TMI 474
  • 2018 (9) TMI 473
  • 2018 (9) TMI 472
  • 2018 (9) TMI 471
  • 2018 (9) TMI 470
  • 2018 (9) TMI 469
  • 2018 (9) TMI 468
  • 2018 (9) TMI 467
  • 2018 (9) TMI 466
  • 2018 (9) TMI 465
  • 2018 (9) TMI 464
  • 2018 (9) TMI 475
  • Customs

  • 2018 (9) TMI 458
  • 2018 (9) TMI 461
  • 2018 (9) TMI 460
  • 2018 (9) TMI 459
  • Corporate Laws

  • 2018 (9) TMI 463
  • 2018 (9) TMI 462
  • Insolvency & Bankruptcy

  • 2018 (9) TMI 480
  • PMLA

  • 2018 (9) TMI 457
  • 2018 (9) TMI 456
  • Central Excise

  • 2018 (9) TMI 453
  • 2018 (9) TMI 452
  • 2018 (9) TMI 451
  • 2018 (9) TMI 450
  • 2018 (9) TMI 454
  • 2018 (9) TMI 449
  • CST, VAT & Sales Tax

  • 2018 (9) TMI 448
  • Indian Laws

  • 2018 (9) TMI 455
 

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