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 January Day 16 - Tuesday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
January 16, 2018

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Reopening of assessment - condition precedent necessary under Section 151(1) not complied - recording of satisfaction - issue of notice after 4 years - the impugned notice under Section 148 stands setaside /quashed - HC

  • Where assessee is non-resident company, entire tax to be deducted at source at payments made by the payers to it and there was no question nof payment of advance tax by the assessee, therefore, revenue could not charge any interest u/s 234B. - AT

  • Charging interest u/s. 234B(3) / (4) - The section 234B(4) states that if there is any increase or decrease in the income, correspondingly interest shall be increased or reduced accordingly. In the instant case, since reassessment u/s 147 of the Act was completed and in the reassessment the assessed income being higher, the interest is to be calculated as per section 234B(3) of the Income-tax Act, instead of section 234B(4) of the Income-tax Act. - AT

  • Disallowance of the claim of agricultural income - nature of the agricultural activities carried on by the assessee - The case of the Revenue is that the assessee, though has levelled the land by use of tractors, has not done any further agricultural activity of sowing the seeds etc. - AO directed to re-verify the facts and evidences - AT

  • Deemed speculation loss - Arbitrage /Jobbing as a composite activity is covered under section 43(5)(c) of the Act. Hence, explanation to section 73 of the Act is not applicable as the Assessee is not carrying on the business of purchase and sale of share but business of arbitrage. - AT

  • Deemed dividend u/s. 2(22)(e) - the loan given by the company only in the immediate preceding year, i.e., assessment year 2007-08, should be assessed as deemed dividend in accordance with the provisions of sec. 2(22)(e) in that year. The deemed dividend so assessable in that earlier assessment year is liable to be deducted from the amount of “accumulated profits” for the purpose of computing the deemed dividend during the year under consideration - AT

  • Customs

  • The Antenna used at Base Transceiver Station/NodeB/eNodeB in a wireless telecommunication network, merits classification under CTH 8517 62 90.

  • Know Your Customer (KYC) norms - in ease of import or export through courier by an individual, either Aadhaar card or Passport or PAN card or Voter-ID card shall suffice for KYC verification however recording of address of place of delivery, as mentioned above, would continue.

  • Interest on delayed payment of duty - the petitioner's imports were in February 1994, much prior to the insertion of Section 28AB of the Act - interest payable under the bond is not an interest payable under the Act - demand of interest sustained - HC

  • Service Tax

  • Refund claim - invoice without signature - services provided to SEZ unit - There is no dispute as to the fact that the service provider M/s. Standard Chartered Bank has paid the service tax and the appellant has also discharged the same to the service provider - claim of refund cannot be denied - AT

  • Claim of small service provider exemption - Notification no. 6/2005-ST - the provider of taxable service has the option not to avail the exemption and pay service tax on the taxable services provided by him and such option, once exercised in a financial year, shall not be withdrawn during the remaining part of such financial year - AT

  • Central Excise

  • Classification of goods - Natural Micronised Progesterone - Merely by adding the excipient, the medicine which has character of basic drug does not get altered - Benefit of exemption allowed - AT

  • Use if brand nanme on Gold jewellery - distinction between brand name and house mark - In the case the medallions of gold/silver only the house mark “MMTC Logo” is applied on the articles. The brand name “Sanchi” is not appearing either on the articles or packing - no excise duty @1% - AT

  • VAT

  • Levy of service tax or VAT - workover service contracts - The contract between the petitioners and the ONGC does not involve any transfer of the right to use goods and resultantly there is no deemed sale attracting the levy of value added tax on such transaction. - HC

  • Penalty - issuance of sale invoice instead of tax invoice by seller - assessee was required to disclose the Tin Number and other details to the selling dealer and to purchase such materials only by way of tax invoice - no undue benefit gained by the assessee - no penalty - HC

  • Input Tax Credit - capital goods - M. S. Sheets utilized for construction of silo - UP VAT - the distinction of movable or immovable nature of goods is not contained in the Act, and is otherwise not a relevant consideration - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2018 (1) TMI 675
  • 2018 (1) TMI 674
  • 2018 (1) TMI 673
  • 2018 (1) TMI 672
  • 2018 (1) TMI 671
  • 2018 (1) TMI 670
  • 2018 (1) TMI 669
  • 2018 (1) TMI 668
  • 2018 (1) TMI 667
  • 2018 (1) TMI 666
  • 2018 (1) TMI 665
  • 2018 (1) TMI 663
  • 2018 (1) TMI 662
  • 2018 (1) TMI 661
  • 2018 (1) TMI 660
  • 2018 (1) TMI 659
  • 2018 (1) TMI 658
  • 2018 (1) TMI 657
  • 2018 (1) TMI 656
  • 2018 (1) TMI 655
  • 2018 (1) TMI 654
  • Customs

  • 2018 (1) TMI 653
  • 2018 (1) TMI 644
  • Corporate Laws

  • 2018 (1) TMI 652
  • Service Tax

  • 2018 (1) TMI 650
  • 2018 (1) TMI 649
  • 2018 (1) TMI 648
  • 2018 (1) TMI 647
  • 2018 (1) TMI 646
  • 2018 (1) TMI 645
  • Central Excise

  • 2018 (1) TMI 676
  • 2018 (1) TMI 643
  • 2018 (1) TMI 642
  • 2018 (1) TMI 641
  • 2018 (1) TMI 640
  • 2018 (1) TMI 639
  • 2018 (1) TMI 638
  • 2018 (1) TMI 637
  • 2018 (1) TMI 636
  • 2018 (1) TMI 635
  • 2018 (1) TMI 634
  • 2018 (1) TMI 633
  • 2018 (1) TMI 632
  • 2018 (1) TMI 631
  • 2018 (1) TMI 630
  • 2018 (1) TMI 629
  • 2018 (1) TMI 628
  • 2018 (1) TMI 627
  • 2018 (1) TMI 626
  • 2018 (1) TMI 625
  • 2018 (1) TMI 624
  • 2018 (1) TMI 623
  • 2018 (1) TMI 622
  • 2018 (1) TMI 621
  • 2018 (1) TMI 620
  • 2018 (1) TMI 619
  • 2018 (1) TMI 618
  • 2018 (1) TMI 617
  • 2018 (1) TMI 616
  • 2018 (1) TMI 615
  • CST, VAT & Sales Tax

  • 2018 (1) TMI 614
  • 2018 (1) TMI 613
  • 2018 (1) TMI 612
  • 2018 (1) TMI 611
  • 2018 (1) TMI 610
  • Indian Laws

  • 2018 (1) TMI 651
 

Quick Updates:Latest Updates