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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2019 September Day 4 - Wednesday

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TMI Tax Updates - e-Newsletter
September 4, 2019

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Condonation of delay for filing of the Miscellaneous Application - Miscellaneous Application filed belatedly due to late response from the DRP - when there is no provision of condonation of delay for filing of the Miscellaneous Application, then the same is dismissed.

  • Income Tax:

    Addition regarding cash deposit made in the bank account - it is contended that, assessee had filed return of income u/s.44AD and deposit was made from the civil contract works and under this section the only profit u/s.44AD can be added - The assessee could not establish the deposits in bank account that it has been received from the contractee with cogent materials. - Additions confirmed.

  • Income Tax:

    MAT computation - exclusion of revenue generated from sale of agriculture land from the book profit - In the absence of any specific definition as to what constitutes “revenue” under the Act, the normal meaning attributable (having regard to the rule of ejusdem generis, with respect to the expression “rent” used) would necessarily mean any form of income derived from the asset i.e. land which in turn pre-supposes its existence in the hands of assessee.

  • Income Tax:

    Interest income - system of accounting - The assessee is not permitted to use mixed or hybrid system of accounting under which some items of income / expenditure are accounted for under cash system and the remaining items of income / expenditure are accounted for under mercantile.

  • Income Tax:

    Disallowance of carry forward of losses - Once the amount is duly claimed in the return of income filed electronically as well as also shown in the computation of income, then merely because the same is not appearing in the acknowledgement of return of income generated by the departmental systems cannot be the reason for denial of the claim

  • Income Tax:

    Disallowance 80IB / 80IC - Manufacturing or production activity or not - assessee admittedly drills / explores crude oil for the purpose of refining the same to various by-products - assessee’s crude oil exploration very much amounts to production going by the relevant facts.

  • Income Tax:

    Disallowance 80IB - crude oil production - separate eligible undertaking - treating the oil wells as a composite plant for sec. 32(2A) investment allowance deduction does not apply so far as sec. 80IB deduction claim is concerned.

  • Income Tax:

    Disallowance u/s 40A(3) - Assessee failed to prove that payment was made to different vendors at the spot where the cricket match was conducted for buying food items for its employees - since assessee has incurred expenditure in cash exceeding ₹ 20,000/-, additions confirmed.

  • Customs:

    Exemption in relation to import of gold, silver and platinum imported under specified schemes - Seeks to amend Notification No. 57/2000-Customs, dated the 8th May, 2000

  • Customs:

    Putting of mono-cartons on Bottled in Origin alcoholic beverages in both Public and Private bonded warehouses

  • Customs:

    Classification of imported goods - IT Software license - documents conveying the right to use software do not merit classification under CTH 8523 8020 but merits classification under CTH 4907.

  • Customs:

    100% EOU - re-import for re-processing - a period of three years is provided from the date of exportation for repair and reconditioning and the appellant re-exported the goods within this period - demand of duty cannot sustain.

  • Customs:

    Proceedings against the officer of Customs - caused loss of customs duty and wrongful gain to the accused - the petitioner has been exonerated of the charges on merits. Under the said circumstances, the prosecution of the petitioner on the same set of facts and circumstances cannot be allowed to continue.

  • Customs:

    Refusal to renew license - Redemption of advance authorization - revalidation of advance authorization - DGFT directed to take an informed decision within a period of six months from today. It is expected that the DRI would be able to provide the DGFT concrete material, if any, regarding any contravention, if found

  • Corporate Law:

    Oppression and Mismanagement - Power of CLB to decide the issue of salary - Passing directions regarding the employees of the Company is an interim arrangement regarding management of the affairs of the Company. - The CLB is free to pass orders as long as they are in the interest of proper conduct of the affairs of the Company.

  • Service Tax:

    Condonation of delay of 1146 days in filing the Appeal - the Appellant has not even disclosed as to on what date the letter sent by the Department was received by the Appellant. There is a deliberate attempt on the part of the Appellant to withhold vital information from the Tribunal.

  • Central Excise:

    Adjudication of Show Cause Notices issued by DRI, DGCEI, SIIB, Preventive etc in light of the judgment in the case of M/s Mangali Impex


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2019 (9) TMI 104
  • 2019 (9) TMI 103
  • 2019 (9) TMI 102
  • 2019 (9) TMI 100
  • 2019 (9) TMI 99
  • 2019 (9) TMI 98
  • 2019 (9) TMI 97
  • 2019 (9) TMI 96
  • 2019 (9) TMI 95
  • 2019 (9) TMI 94
  • 2019 (9) TMI 93
  • 2019 (9) TMI 101
  • 2019 (9) TMI 92
  • 2019 (9) TMI 91
  • 2019 (9) TMI 90
  • 2019 (9) TMI 89
  • Customs

  • 2019 (9) TMI 81
  • 2019 (9) TMI 80
  • 2019 (9) TMI 79
  • 2019 (9) TMI 78
  • 2019 (9) TMI 77
  • 2019 (9) TMI 88
  • 2019 (9) TMI 87
  • 2019 (9) TMI 86
  • 2019 (9) TMI 83
  • 2019 (9) TMI 82
  • 2019 (9) TMI 85
  • 2019 (9) TMI 84
  • Corporate Laws

  • 2019 (9) TMI 76
  • Service Tax

  • 2019 (9) TMI 75
  • 2019 (9) TMI 74
  • 2019 (9) TMI 73
  • 2019 (9) TMI 72
  • Central Excise

  • 2019 (9) TMI 67
  • 2019 (9) TMI 66
  • 2019 (9) TMI 71
  • 2019 (9) TMI 70
  • 2019 (9) TMI 69
  • 2019 (9) TMI 65
  • 2019 (9) TMI 68
  • CST, VAT & Sales Tax

  • 2019 (9) TMI 64
  • 2019 (9) TMI 63
  • 2019 (9) TMI 62
 

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