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Home e-Newsletters Index Year 2018 November Day 17 - Saturday

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TMI Tax Updates - e-Newsletter
November 17, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Penalty u/s.271(1)(c) - wrong claim of deduction u/s.80IA(4)(iv)(a) - AO is under obligation to specify the correct limb at the time of initiation as well as at the time of levy of penalty. - No penalty.

  • Nature of income - income from renting a properties in Mall - Income from house property or busniss income - the income from renting a properties in Mall to be taxed as business income and not income from house property as well as business loss also to be allowed.

  • TDS u/s 194C OR 194J - the service that is referred to in the agreement is the broadcasting and telecasting of TV signals. Tribunal was correct in holding that the assessee was required to deduct tax at source in terms of s. 194C - provisions of section 194J not applicable.

  • CIT(A) does not have the power to dispose off the appeal other then on the merits even if the assessee does not want to prosecute the appeal.

  • Disallowance on account of bogus purchases - cogency in the submission of the assessee that the gross profit already shown by the assessee and offered to tax should be reduced from the standard 12.5% being directed to be disallowed on account of bogus purchase.

  • Disallowance of interest expenditure - assessee failed to show when the land was actually purchased by the assessee against the advances to given - assessee has not charged interest on these advances and has paid huge bank interest - additions confirmed.

  • Customs

  • Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg

  • Seeks to extension of existing anti-dumping on "O-Acid" originating in or exported from China PR and imposed vide notification No. 6/2018-Customs (ADD) dated 12th March, 2018 to the imports originating and exported from China PR of "O-Ester"

  • Recovery of certain amount from petitioner without any SCN or any demand - Even if demand is confirmed against the petitioner, for hearing of appeal upto the CESTAT, only 10% of the amount is to be deposited - after retaining the amount of ₹ 6,00,000/-, balance amount deposited by the petitioner be refunded to him

  • Continuation of ADD imposed on the imports of Ductile Iron Pipes (DI Pipes) originating in or exported from China - sunset review investigation - Respondent or concerned Ministry is directed for initiating sunset review.

  • Refund of the export duty - rectification of defects - there is no infirmity in the First Appellate Authority sanctioning the refund while correcting to clerical or arithmetical mistakes in the Shipping Bills.

  • Mis-declaration of imported goods - Advertisement Grade Acrylic Type - there is no finding recorded by the original authority, as to how the similar goods are commercially interchangeable when the goods bear different trademarks - demand set aside.

  • 100% EOU - Valuation - inclusion of loading charges recovered from the buyers in assessable value - Since the transaction value is for delivery at the railway wagon, the duty is to be charged on the said transaction value at this point.

  • Import of frost-free refrigerators, consisting of freezer portion and refrigerator portion having separate external doors - benefit of exemption not available.

  • Jurisdiction - power of Mumbai Bench to deal with the appeal filed against the Order passed by the Commissioner, Nhava Sheva-III Port - searches have been conducted in their offices at Delhi by DRI - Case transferred to West Zonal Bench Mumbai.

  • DGFT

  • Amendments in Para 2.79A and 2.79B of Handbook of Procedures for issue of export authorization for "Stock and Sale" of SCOMET items.

  • Service Tax

  • Jurisdiction of Service Tax - Central Excise Officers of DGCEI have all India jurisdiction and can issue notices and enquire into the matters relating to service tax against any assessee/ person even if the said person or assessee is registered with one or multiple Commissionerates.

  • Cenvat Credit - mobile towers - The towers which are received in CKD condition, are assembled/ erected at the site subsequently giving rise to a structure that remains immovable till its use because of safety, stability and commercial reasons of use. The entitlement of CENVAT credit is to be determined at the time of receipt of goods.

  • Job work - Exemption from service tax - Process amounting to manufacture or not - bending, welding, buffing or hard anodizing - demand of service tax is untenable in law.

  • Central Excise

  • SSI Exemption - inclusion of value of clearances of the exempted goods in their total turnover - demand is barred by period of limitation.

  • Reversal of credit - capital goods cleared as such - there cannot be any doubt that the appellant is required to reverse CENVAT Credit/discharge duty on the capital goods after allowing depreciation on the value @ 2.5% per quarter of its use.

  • VAT

  • Entitlement to Interest on delayed refund - Section 50 of the Karnataka Value Added Tax Act, 2003 - In case the officers fails to pay interest within 15 days then each of them shall be liable to cost of ₹ 50,000.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (11) TMI 712
  • 2018 (11) TMI 711
  • 2018 (11) TMI 710
  • 2018 (11) TMI 709
  • 2018 (11) TMI 708
  • 2018 (11) TMI 707
  • 2018 (11) TMI 706
  • 2018 (11) TMI 705
  • 2018 (11) TMI 704
  • Income Tax

  • 2018 (11) TMI 703
  • 2018 (11) TMI 702
  • 2018 (11) TMI 701
  • 2018 (11) TMI 700
  • 2018 (11) TMI 699
  • 2018 (11) TMI 698
  • 2018 (11) TMI 697
  • 2018 (11) TMI 696
  • 2018 (11) TMI 695
  • 2018 (11) TMI 694
  • 2018 (11) TMI 693
  • 2018 (11) TMI 692
  • 2018 (11) TMI 691
  • Customs

  • 2018 (11) TMI 689
  • 2018 (11) TMI 688
  • 2018 (11) TMI 687
  • 2018 (11) TMI 686
  • 2018 (11) TMI 685
  • 2018 (11) TMI 684
  • 2018 (11) TMI 683
  • 2018 (11) TMI 682
  • 2018 (11) TMI 681
  • Insolvency & Bankruptcy

  • 2018 (11) TMI 690
  • Service Tax

  • 2018 (11) TMI 714
  • 2018 (11) TMI 713
  • 2018 (11) TMI 678
  • 2018 (11) TMI 677
  • 2018 (11) TMI 676
  • 2018 (11) TMI 675
  • Central Excise

  • 2018 (11) TMI 674
  • 2018 (11) TMI 673
  • 2018 (11) TMI 672
  • 2018 (11) TMI 671
  • 2018 (11) TMI 670
  • 2018 (11) TMI 669
  • 2018 (11) TMI 668
  • 2018 (11) TMI 667
  • 2018 (11) TMI 666
  • CST, VAT & Sales Tax

  • 2018 (11) TMI 665
  • 2018 (11) TMI 664
  • Indian Laws

  • 2018 (11) TMI 680
  • 2018 (11) TMI 679
 

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