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Home e-Newsletters Index Year 2018 October Day 16 - Tuesday

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TMI Tax Updates - e-Newsletter
October 16, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise Wealth tax



TMI SMS


Highlights / Catch Notes

    GST

  • Levy of GST or VAT - Work Contracts executed up to 30.06.2017 - since the raising of invoices and payment for the supplies would be under the GST regime and the transaction were not accounted under the VAT - interim relief granted.

  • Classification of supply - setting up a project in the school - Recipient of the service OKCL is a body corporate which cannot be regarded as Government - The supply undertaken by the applicant is in the nature of composite supply. It includes supply of goods and services which are not naturally bundled - Liable to GST even though funded by the Govt.

  • Income Tax

  • Disallowance u/s 14A - The expenses inter alia included items such audit fees, ROC expenses etc. which were required to be incurred to maintain corporate identity of the appellant. Such expenses were required to be incurred irrespective whether tax free or taxable income was earned - mechanical application of Rule 8D(2)(iii) in the present case leads to absurd results.

  • LTCG - inherited property - the holding period of previous owner was includible in the assessee’s holding period. This being the case, we have no hesitation in holding that the nature of impugned gains was Long Term in nature and therefore, the indexation benefit as well as benefit of Section 54EC was available to the assessee.

  • Addition of peak credit u/s 69C on the premise that material was purchased in cash from the open market whereas the accommodation purchase bills were procured from the alleged hawala dealers - additions confirmed.

  • MAT - Book adjustments u/s 115JB - computation under clause (f) of explanation 1 to section 115 JB (2) of the Act is to be made without resorting to computation as contemplated u/s 14A of the Act r/w Rule 8D of the Rules.

  • Addition u/s 68 - assessee failed to prove that income is agriculture income as claimed - the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68

  • Assessment u/s 153A r.w.s. 254 - period of limitation u/s 153(2A) - period of limitation prescribed for completion of remand (nine months) constituted a special provision, which applies to every class of remand regardless whether they originate from assessments/re- assessments/revisions or search and seizure assessments.

  • Nature of expenditure - there was failure on the part of respondent-assessee to perform its part of the agreement including operation and maintenance of bus shelters and pay concessionaire fee of ₹ 4.09 crores per month. Any expenditure or payment of the said nature would necessarily be revenue in character.

  • Refund claim - deduction of tax known as security transaction tax by BSE - the stand of the Income Tax Department and from the pleadings in the writ petition itself is that it is the BSE who will have to seek refund and the petitioners cannot seek refund from the Income Tax Department is correct.

  • Customs

  • Penalty u/s 112(a) and 114AA of CA - import of High end cars / Sports Utility Vehicles - appellant admitted that the value of the imported goods had been mis-declared and paid the duty during investigation - the truth and the averments made therein cannot be altered at the appellate stage - penalty u/s 112(a) of the Act upheld.

  • Benefit of exemption - The duty liability has to be determined on the date and time of entry of goods for importation into the country - Subsequent issuance of notification giving new exemption after the date of import (date of Bill of Entry) cannot be allowed.

  • Conversion of Shipping Bills - The circular of 2004, and the subsequent circular of 2010, clarifies that there is no requirement of conversion of shipping bills through the amendment process envisaged under section 149 of Customs Act, 1962 for allowing drawback.

  • Corporate Law

  • Scheme of demerger - the petitioner has not come with clean hands in the present application, since what could not be achieved directly by participating in the voting to be held in the impugned proposed meeting, the petitioner has sought to get by way of an order of the Court.

  • IBC

  • Insolvency process - Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code - The right to sue accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application can be rejected unless condoned in deserving cases.

  • Central Excise

  • Waste/By-products - the removal of unwanted materials resulting in products like soap stock (gum), waxes and fatty acid with odour cannot be called as a process of manufacture of these gums, waxes and fatty acid with odour - Benefit of exemption allowed.

  • Clandestine removal - Merely on the ground that appellant has issued certain invoices on which no duty has been paid and sales figure from the bank cannot be the reason to allege clandestine removal of goods in the absence of the other related evidences, such as, electricity consumption, procurement of raw material, how the goods have been cleared etc.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (10) TMI 779
  • 2018 (10) TMI 778
  • Income Tax

  • 2018 (10) TMI 810
  • 2018 (10) TMI 809
  • 2018 (10) TMI 808
  • 2018 (10) TMI 807
  • 2018 (10) TMI 806
  • 2018 (10) TMI 805
  • 2018 (10) TMI 804
  • 2018 (10) TMI 803
  • 2018 (10) TMI 802
  • 2018 (10) TMI 801
  • 2018 (10) TMI 800
  • 2018 (10) TMI 799
  • 2018 (10) TMI 798
  • 2018 (10) TMI 797
  • 2018 (10) TMI 796
  • 2018 (10) TMI 795
  • 2018 (10) TMI 794
  • 2018 (10) TMI 793
  • 2018 (10) TMI 792
  • 2018 (10) TMI 791
  • 2018 (10) TMI 790
  • 2018 (10) TMI 789
  • 2018 (10) TMI 788
  • 2018 (10) TMI 787
  • 2018 (10) TMI 786
  • 2018 (10) TMI 785
  • 2018 (10) TMI 784
  • 2018 (10) TMI 783
  • 2018 (10) TMI 782
  • 2018 (10) TMI 781
  • Customs

  • 2018 (10) TMI 771
  • 2018 (10) TMI 770
  • 2018 (10) TMI 769
  • 2018 (10) TMI 768
  • 2018 (10) TMI 767
  • 2018 (10) TMI 766
  • Corporate Laws

  • 2018 (10) TMI 774
  • 2018 (10) TMI 773
  • 2018 (10) TMI 772
  • Insolvency & Bankruptcy

  • 2018 (10) TMI 777
  • 2018 (10) TMI 776
  • 2018 (10) TMI 775
  • Service Tax

  • 2018 (10) TMI 765
  • 2018 (10) TMI 764
  • 2018 (10) TMI 763
  • 2018 (10) TMI 762
  • 2018 (10) TMI 761
  • 2018 (10) TMI 760
  • 2018 (10) TMI 759
  • Central Excise

  • 2018 (10) TMI 758
  • 2018 (10) TMI 757
  • 2018 (10) TMI 756
  • 2018 (10) TMI 755
  • 2018 (10) TMI 754
  • 2018 (10) TMI 753
  • 2018 (10) TMI 752
  • 2018 (10) TMI 751
  • Wealth tax

  • 2018 (10) TMI 750
  • 2018 (10) TMI 749
 

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