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Home e-Newsletters Index Year 2018 January Day 17 - Wednesday

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TMI Tax Updates - e-Newsletter
January 17, 2018

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • E-WAY BILL MANDATORY FROM 01.02.2018 - Goods and Services Tax - GST

  • TAX DEDUCTION AT SOURCE UNDER GST - Goods and Services Tax - GST

  • Income Tax

  • Penalty for delay in auditing the books of account required u/s. 44AB - due to disputes between the assessee with its earlier auditor and resignation thereof, the same (audited accounts) was filed before the AO belatedly. - the penalty is liable to be held as invalid and the same is cancelled - AT

  • TDS u/s 194H - sub- brokerge paid in connection with the services rendered in the course of business of buying and selling of units of mutual fund or in relation to transactions pertaining to mutual fund is not covered by provisions of tax at source in view of the explanation (i) to section 194H of the Act. - AT

  • Business expenditure - allow-ability u/s 37(1)- The assessee also failed to prove that they had got any benefit for becoming a guarantor of the said company. Therefore, one-time settlement charges paid to banks is not an allowable expenditure under section 37 of the Income Tax Act - Decided against assessee. - AT

  • Seeking relief u/s 119(2) - condonation of delay in filing return of income - it is impossible to disbelieve the case of the petitioner that the default was due to the circumstances beyond his control. Thus, both the conditions (i) and (ii) of clause (c) of sub­section (2) of section 119 of the said Act were fulfilled in the facts of the case. - HC

  • Garnishee Notice u/s 226(3) addressed to the Special Tahsildar, calling to pay the arrears of tax payable by the company - the demand in the impugned assessment order can remain stayed till the disposal of the appeals by the Commissioner of Income Tax (Appeals) subject to a condition. - HC

  • Liability of directors of private company in liquidation - At no time has the Petitioner been given a chance to meet the Revenue's case that it has taken steps to recover the amount from the defaulting Private Limited Company so as to meet the jurisdictional condition precedent before passing an order u/s 179(1) - matter restored before AO - HC

  • TDS liability on payment made as bakshish - the payment made as bakshish as an individual, did not exceed to threshold limit of ₹ 20,000/under Section 194C(5) - No occasion to deduct the tax at source would arise - HC

  • Eligibility to claim u/s 10B - the assessee owns nothing which could be exported - the assessee has not established that its output is an independent product or article or thing or computer software - deduction u/s 10B is not allowable - AT

  • Customs

  • Illegal import - misdeclaration of goods - enhancement of value - The details contained were vague and there was a clear attempt in mis-declaration of high value electronic items to avoid customs duty - AT

  • Valuation - import of goods - inclusion of expenditure on advertisement and promotion - the appellant has incurred such expanses on the expression obligation of RIL England and as a clear condition of the sale of goods for disputing them in India. - Demand confirmed by invoking extended period of limitation - AT

  • Service Tax

  • Classification of services - Banking and Other Financial Services or otherwise? - Listing out the difference between operating lease and financial lease the impugned order categorically recorded that the lease arrangements on which the respondent –assessee discharged VAT are operating leases and are not liable to service tax - - AT

  • Central Excise

  • Classification of goods - computer stationery and paper rolls - it is not merely the paper or stationery but the printing on it that gives it the worth, hence the subject item reflects more a member of Chapter 49, family compared to chapter 48. - AT

  • CENVAT credit - input services - once the expression setting up has been deleted from the scope of input service, all services used for modernization, renovation or repairs of a factory or office relating to such factory would continue to be admissible even after specific exclusion that have been provided in the amended definition of input services relating to works contract service/ construction services. - AT

  • Method of Valuation - valuation for of charging excise duty should be under Section 4A even though the goods are sold to the institutional buyer - even though the package of the goods is marked for industrial use but since the goods bore the MRP, the valuation should be done under Section 4A and not under Section 4 of the CEA, 1944. - AT

  • The appellant being a job worker, of textile and textile article falling under Chapter 54 & 55 is not required to pay Excise duty in terms of Rule 12B - AT

  • Valuation - removal of goods on transfer of right to use - Notwithstanding the clearances being shown as stock-transfer to Head office, this was only a routing on paper only, however in actuality the impugned servers were delivered in the same condition as they were removed, to the theatre owners. Possibly, appellant had followed such a tedious billing route for accounting reasons - issue of valuation decided against the assessee - AT

  • Job work - N/N. 214/86 dated 25.03.1986 - declaration/ certificate by the principle manufacturer not filed - double benefit of exemption on the same raw material is not permissible especially when the appellant has manufactured the excisable goods which have the industrial market and cleared the same without payment of duty - AT

  • Valuation - includibility - the amount which was categorized as ‘other income’ was recovered as sales tax but not paid to the sales tax department - As per the definition of transaction value in Section 4(3)(d), such amount cannot be excluded from assessable value since it has lost the colour of tax being neither paid nor payable as tax. - AT

  • Classification of goods - Ayurvedic medicinal product - the products which are based on distillates further formulation as per prescribed dosages as per formula in authoritative books as per Indian Drugs & Cosmetic Act, 1940 has been carried out. The ingredients are as per API Standards. - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2018 (1) TMI 757
  • 2018 (1) TMI 756
  • 2018 (1) TMI 755
  • 2018 (1) TMI 752
  • 2018 (1) TMI 751
  • 2018 (1) TMI 750
  • 2018 (1) TMI 749
  • 2018 (1) TMI 748
  • 2018 (1) TMI 746
  • 2018 (1) TMI 741
  • 2018 (1) TMI 739
  • 2018 (1) TMI 737
  • 2018 (1) TMI 734
  • 2018 (1) TMI 733
  • 2018 (1) TMI 732
  • 2018 (1) TMI 731
  • 2018 (1) TMI 730
  • 2018 (1) TMI 729
  • 2018 (1) TMI 728
  • 2018 (1) TMI 727
  • 2018 (1) TMI 726
  • 2018 (1) TMI 725
  • 2018 (1) TMI 714
  • 2018 (1) TMI 713
  • 2018 (1) TMI 711
  • 2018 (1) TMI 710
  • 2018 (1) TMI 709
  • 2018 (1) TMI 700
  • 2018 (1) TMI 699
  • 2018 (1) TMI 697
  • 2018 (1) TMI 688
  • 2018 (1) TMI 685
  • 2018 (1) TMI 683
  • Customs

  • 2018 (1) TMI 747
  • 2018 (1) TMI 724
  • 2018 (1) TMI 723
  • 2018 (1) TMI 722
  • 2018 (1) TMI 695
  • Service Tax

  • 2018 (1) TMI 717
  • 2018 (1) TMI 680
  • 2018 (1) TMI 678
  • Central Excise

  • 2018 (1) TMI 736
  • 2018 (1) TMI 735
  • 2018 (1) TMI 721
  • 2018 (1) TMI 719
  • 2018 (1) TMI 718
  • 2018 (1) TMI 716
  • 2018 (1) TMI 715
  • 2018 (1) TMI 712
  • 2018 (1) TMI 708
  • 2018 (1) TMI 707
  • 2018 (1) TMI 706
  • 2018 (1) TMI 705
  • 2018 (1) TMI 704
  • 2018 (1) TMI 703
  • 2018 (1) TMI 702
  • 2018 (1) TMI 701
  • 2018 (1) TMI 698
  • 2018 (1) TMI 696
  • 2018 (1) TMI 694
  • 2018 (1) TMI 693
  • 2018 (1) TMI 692
  • 2018 (1) TMI 691
  • 2018 (1) TMI 690
  • 2018 (1) TMI 689
  • 2018 (1) TMI 687
  • 2018 (1) TMI 686
  • 2018 (1) TMI 684
  • 2018 (1) TMI 682
  • 2018 (1) TMI 681
  • 2018 (1) TMI 679
  • 2018 (1) TMI 677
  • CST, VAT & Sales Tax

  • 2018 (1) TMI 754
  • 2018 (1) TMI 744
  • 2018 (1) TMI 742
  • Wealth tax

  • 2018 (1) TMI 720
  • Indian Laws

  • 2018 (1) TMI 753
  • 2018 (1) TMI 745
  • 2018 (1) TMI 743
  • 2018 (1) TMI 740
 

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