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Home e-Newsletters Index Year 2017 January Day 16 - Monday

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TMI Tax Updates - e-Newsletter
January 16, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Stock Appreciation right expenses claimed by the appellant is not in a capital expenses, but revenue expenditure and ascertained liability therefore it is allowable expenses - AT

  • Addition u/s.68 - AO has merely stated that the father of the assessee had meagre income - department cannot by merely rejecting unreasonably a good explanation convert good proof into no proof - No additions - AT

  • TDS u/s 195 - Royalty - providing of services to use of equipment and right to use equipment - There mere fact that there were certain technical inputs or that the assessee immensely benefited from these services, even resulting in value addition to the employees of the assessee, is wholly irrelevant. The expression ‘make available’ has a specific meaning - AT

  • Validity of reopening of assessment - AO is under obligation to dispose of the objection raised by the assessee for the reopening of the case u/s 147 by way of speaking order - AO has erroneously usurped jurisdiction which law does not permit him to do - the entire action of AO is ab-initio void and is quashed - AT

  • Levy of penalty u/s 271(1)(c) - since there is only a change of head of income from ‘STCG’ as declared by the assessee to ‘business income’ as held by the AO and no evidence brought on record that the assessee’s claim was not bona fide - No penalty - AT

  • Unexplained creditors - Refusal of the Settlement Commission to make any additions on the basis of the entries in the Cash Flow Statement [CFS] of the alleged advances taken by the assessee - matter restored before the commission - HC

  • Admissibility of expenditures u/s 37 - there is no violation by the assessee in so far as giving any kind of freebies to the medical practitioners - such kind of expenditures by a pharmaceutical companies are purely for business purpose which has to be allowed as business expenditure - AT

  • TDS u/s 195 - purchase of copyrighted software - the software is for assisting the assessee in rendering its services of software development and testing services to its group companies. Thus, these softwares are, in a way, the tools used the assessee - No TDS liability - AT

  • Customs

  • Jurisdiction - power to issue show cause notice (SCN) - DRI officials have been appointed as customs officers by in exercise of the powers conferred u/s 4(1) - the officials empowered to issue SCN - HC

  • Service Tax

  • Natural justice - validity of SCN - The petitioner can not seek blanket relief preventing the competent authority from exercising his statutory power or discharging his duties and functions vested under the statue. - HC

  • Central Excise

  • SSI exemption - export turnover not included in value of clearances - demand is not sustainable because under the SSI Exemption Notification only clearances made for home consumption is covered and not the exported goods - AT

  • VAT

  • CST - situs of the inter-State sale - supply of Brahmos Missiles - There is a fundamental error, in the understanding of the AO, that the petitioners have attempted to establish that the movement of goods from Hyderabad to Nagpur is in accordance with the contract for supply of Combat Missiles to the Armed Forces - No tax to be levied in Maharashtra - HC


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2017 (1) TMI 783
  • 2017 (1) TMI 782
  • 2017 (1) TMI 781
  • 2017 (1) TMI 780
  • 2017 (1) TMI 779
  • 2017 (1) TMI 778
  • 2017 (1) TMI 777
  • 2017 (1) TMI 776
  • 2017 (1) TMI 775
  • 2017 (1) TMI 774
  • 2017 (1) TMI 773
  • 2017 (1) TMI 772
  • 2017 (1) TMI 771
  • 2017 (1) TMI 770
  • 2017 (1) TMI 769
  • 2017 (1) TMI 768
  • 2017 (1) TMI 767
  • 2017 (1) TMI 766
  • 2017 (1) TMI 765
  • 2017 (1) TMI 764
  • Customs

  • 2017 (1) TMI 749
  • 2017 (1) TMI 748
  • 2017 (1) TMI 747
  • Corporate Laws

  • 2017 (1) TMI 743
  • PMLA

  • 2017 (1) TMI 741
  • Service Tax

  • 2017 (1) TMI 763
  • 2017 (1) TMI 762
  • 2017 (1) TMI 761
  • 2017 (1) TMI 760
  • Central Excise

  • 2017 (1) TMI 759
  • 2017 (1) TMI 758
  • 2017 (1) TMI 757
  • 2017 (1) TMI 756
  • 2017 (1) TMI 755
  • 2017 (1) TMI 754
  • 2017 (1) TMI 753
  • 2017 (1) TMI 752
  • 2017 (1) TMI 751
  • 2017 (1) TMI 750
  • CST, VAT & Sales Tax

  • 2017 (1) TMI 746
  • 2017 (1) TMI 745
  • 2017 (1) TMI 744
  • Indian Laws

  • 2017 (1) TMI 742
 

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