Clandestine removal - mere payment of duty before issuance of show cause notice would not preclude the Department from levying redemption fine once the factum of evasion of duty is made out be it mala fide or not - Levy of redemption fine confirmed

Highlight: Reopening of assessment - independent application of mind by AO - Merely because the relevant material was brought to his notice by an AO of another assessee would not perse vitiate his satisfaction that income chargeable to tax has escaped assessment - HC

Highlight: There is nothing in section 264 which places any restriction on the Commissioner's revisional power to give relief to the assessee in a case where the assessee detects mistakes after the assessment is completed because of which he is over-assessed - HC

Highlight: Reopening of assessment - partnership firm having been dissolved - Since the TDS was deducted by the payee in the name of firm, AO has believed that firm is in existence - Notice cannot be quashed at this stage - HC

Highlight: Disallowing bonus/commission paid to the directors of the company - so long as the bonus or commission is paid to the directors for services rendered and as part of their terms of employment it has to be allowed and sec.36(l)(ii) does not apply.

Highlight: Levy of interest u/s 234B, 234D and 222 while passing order u/s 154/260A/143(3) - CIT is not correct in invoking the “doctrine of merger” since the subject matter was not in appeal.

Highlight: Valuation of imported goods - inner part of Mini-valve (zinc) - the sole basis of enhancement of value in this case is LME price of zinc, on which the importer was persuaded to pay the differential duty. No other evidence - redetermination of the value is not sustainable

Highlight: Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate including a senior advocate or firm of advocates - Corrigendum notifications issued

Highlight: Valuation - inclusion of the cost of transport, loading, unloading and handling charges and the cost of insurance to the place of importation - Rule 10 of Customs Valuation (Determination of Price of imported Goods) Rules, 2007 amended.

Highlight: The term "place of importation" defined - Rule 2 of Customs Valuation (Determination of Price of imported Goods) Rules, 2007

TMI Note: Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate including a senior advocate or firm of advocates - Corrigendum notifications issued

Forum: Export Purpose / GSTR-3B Filing

Forum: Composition scheme

News: RBI Reference Rate for US $

Forum: Sale of Old Car

News: 2nd India-Indonesia Biennial Trade Ministers’ Forum Meeting agrees to early meeting of Working Groups on Trade & Investment and Trade Facilitation & Remedies

News: Auction for Sale (Re-issue) of ‘Government of India Floating Rate Bonds 2024’, Auction for Sale (Re-issue) of ‘6.79 per cent Government Stock, 2027’, Auction for Sale (Re-issue) of ‘7.73 per cent Government Stock, 2034’ and Auction for Sale (Re-issue) of ‘7.72 per cent Government Stock, 2055’

Highlight: The pipelines constructed were for providing drinking water facilities to the people of the State through different Gram and Taluka Panchayats. Only a small portion of the water was provided to the industries at commercial rates - levy of tax set aside. - HC

Highlight: Activities carried out by the appellant do not fall within the definition of original works - even though services have been rendered for railways, the benefit of notification No.25/2012 is not available.

Highlight: CENVAT credit - input services - the services of merger has no relation with the manufacture. The said service relates to corporate restructuring and is not specifically covered under any of the heads of input services - credit denied.

Article: EXEMPTION FROM CAPITAL GAINS ON SALE OF AGRICULTURAL LAND

Article: FREQUENTLY ASKED QUESTIONs (FAQs) FOR HOTEL AND RESTAURANT

Article: Impact of GST on Import Export Market

Article: Interest on delayed payment of tax – Section 50 of CGST, 2017

Notification: Amendment in import policy condition of Urea under ITC (HS) code 3102 10 00 of Chapter 31 of ITC (HS), 2012 — Schedule — 1 (Import Policy)

Notification: Customs Valuation (Determination of Value of Imported Goods) Rules 2007

Highlight: Procedure for filing Statement of income from a country or specified territory outside India and Foreign Tax Credit - Notification

News: India and Republic of Korea review progress of CEPA during visit of Commerce and Industry Minister, Shri Suresh Prabhu to Seoul

News: Government to Launch Mudra Promotion camPaigns on Pan India Basis; Union Ministers to Participate in the Events being Organised on this Occasion

Forum: Exempt / Non-GST Supplies

Forum: Partner's Credit Card - GST issue

News: RBI Reference Rate for US $

Highlight: Petition u/s 119(2)(a) seeking waiver of interest u/s 234C - assessee-Company could not have contended that it could not anticipate the accrual of income u/s 115JB - interest liability confirmed - HC

Highlight: Can rejection of books of accounts u/s 145(3) be at the instance of the assessee? - There is nothing in the said provisions when empower the assessee to request the AO to reject his books of accounts.

TMI Note: Reversal of Input Tax Credit - In GST / VAT era, emergence of by-product which is exempt during manufacturing process is not relevant, what is relevant is sale of goods.

Notification: Corrigendum – Notification No. 10/2017-Integrated Tax (Rate), dated the 28thJune, 2017

Notification: Corrigendum – Notification No. 13/2017-Central Tax (Rate), dated the 28thJune, 2017

Notification: Corrigendum – Notification No. 13/2017-Union Territory Tax (Rate), dated the 28thJune, 2017

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities – Review

Circular: Issuance of Rupee Denominated Bonds (RDBs) Overseas

Circular: KVAT Act 2003- Works Contracts-Assessments — reg.

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: Seeks to amend notification no. 2/2017- Union territory Tax (Rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no.1/2017-Union territory Tax (Rate), dated the 28th June, 2017 to give effect to gst council decisions regarding gst rates

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

TMI Note: Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.

TMI Note: ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.

TMI Note: Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.

TMI Note: When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.

TMI Note: What is the scope of Going Concern as per ICDS I.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

Clandestine removal - mere payment of duty before issuance of show cause notice would not preclude the Department, from levying redemption fine, once the factum of evasion of duty is made out, be it mala fide or not - Levy of redemption fine confirmed - HC