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 December Day 17 - Monday

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

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
December 17, 2018

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    GST

  • Valuation - inclusion of amortized value of the tool received on FOC basis from the customer in assessable value - CBEC circular No. 47/21/2018 - The amortized value of the tool received on FOC basis from the customer is not required to be included in the value of finished goods manufactured and supplied by the applicant to the customer.

  • Supply of service or not - direct transfer of BP business to MSPL and PM business to MPMPL - slump sale - related parties or not - input tax credit - notional consideration (percentage of the business transfer value) - Transaction is liable to GST.

  • Income Tax

  • Expenditure claimed by the assessee company as CSR u/s. 37(1) - the expenditure incurred by assessee on account of ‘CSR’ as envisaged u/s. 135 of the Companies Act, 2013 need to be allowed as deduction.

  • Clubbing of income - Assessment of capital gain of the minors in the hands of the assessee - The word “any such income” as appears in Section 64(1A) includes capital gain arising out of the sale of the property obtained by the minors from their grandparents by way of settlement.

  • Disallowing of gift expenses and Diwali Gift expenses u/s 37 (1) - gift for the person who are not connected with the business of the assessee - CIT (A) was justified in restricting the disallowance to 35% of claim.

  • TDS u/s 194C - Disallowance of commission expenses u/s 40(a)(ia) - assessee has made provisions of commission at the year end but did not deduct TDS - the liability has been credited in books of accounts therefore, the assessee was liable to deduct TDS thereon.

  • Addition u/s 68 - bogus claim of long term capital gains - explained share transaction - A.O. did not mention any fact as to how the claim of assessee was sham or bogus. The assessee thus, satisfied the conditions of Section 10(38) of the I.T. Act.

  • Disallowance of business expenditure on publicity - nexus with business - expenses in question were incurred for earning business income, therefore, it was not capital in nature and would not provide any enduring benefit to the assessee - claim of expenses allowed.

  • Deduction u/s 54F - section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house.

  • TDS u/s 194A on interest awarded by the Motor Accident Claims - Deduction of TDS was illegal and contrary to the law of land - Income tax department directed to refund the TDS to the petitioner/Insurance Company

  • Allowability of “project expenses” - The expenditure incurred to carry out social and economic development - deduction u/s 37 does not matter whether or not the expenditure was in the nature of donation or Section 80G of the Act was not attracted -

  • Validity of assessment - if the corrigendum dated 16th April, 2014 and the order dated 12th March, 2014 of the Assessing Officer is without jurisdiction, the same can be raised at any time and the principle of estoppel will not apply. Mere consent of parties does not bestow jurisdiction, if the order is beyond jurisdiction.

  • Customs

  • Classification of imported goods - Beverage Cooler SC-80 - The fact that the machine has the capacity to dispense with the fixed quantity of the beverage itself shows that the same is a vending machine - Vending machines stand covered by heading 8418 69 30.

  • Recovery of dues - Section 28 of the Customs Act, 1962 - The impugned communication is in the nature of pre-notice consultation. - if the petitioner does not accept the request of the Authority in said notice and if the Authority wishes to seek recovery, the procedure in terms of Section 28 shall be followed.

  • Valuation of imported goods - Aluminum Scrap - rejection of declared value - The Tribunal has rightly mentioned that this declared price could be rejected only with cogent reasons by undertaking the exercise as to on what basis the Assessing Authority could hold that the paid price was not the sole consideration of the transaction value.

  • Corporate Law

  • Scheme of Amalgamation and Arrangement - no benefit is accruing to the thousands of shareholders of APL especially the retail shares holders of the transferee company, (the shareholders of APL as on 31.03.2017 was 38075) therefore, the scheme appears to be unfair, unreasonable and is not in the public interest

  • SEBI

  • Cyber Security Operations Center for the SEBI registered intermediaries

  • Clarification on clubbing of investment limits of Foreign Portfolio Investors ("FPIs")

  • Service Tax

  • CENVAT Credit - credit to be availed after payment of amount under Rule 4(7) of CCR - Rule 6(2A) of the STR specifies that the date of payment in case of service tax shall be the date of presentation of cheque subject to realization of cheque - none of the cheque issued by the appellant were dishonored. - credit allowed.

  • Short payment of service tax - Construction services - Merely because the respondents have received certain payments does not lead to the inevitable conclusion that the said consideration was on account of taxable services having been provided by the assessee.

  • Central Excise

  • Refund clam - payment of duty twice - once from the cenvat account and subsequently by cash through PLA - re-credit taken suo moto instead of claiming refund - claim allowed - no penalty.

  • CENVAT Credit - input services - Real Estate Agency Services - The scope of the definition of “input service” revolves around the manufacturing activity and not the business activity - M/s. CBRE rendered the services of Real Estate Agent simpliciter - credit rightly denied.

  • CENVAT Credit - inputs - fireworks purchased from their other units - In the present case, the goods are not brought to the factory but they have been bought by the manufacturer and the value of such goods have been included in the assessable value of the final product. The situation does not give raise to invoke Rule 16(1) at all.

  • CENVAT Credit - input services - Debit and credit card services - said service was availed when the customers had used cards for making payment - The said activity is definitely related to manufacturing activity - credit allowed.


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (12) TMI 767
  • 2018 (12) TMI 766
  • 2018 (12) TMI 765
  • Income Tax

  • 2018 (12) TMI 764
  • 2018 (12) TMI 763
  • 2018 (12) TMI 762
  • 2018 (12) TMI 761
  • 2018 (12) TMI 760
  • 2018 (12) TMI 759
  • 2018 (12) TMI 758
  • 2018 (12) TMI 757
  • 2018 (12) TMI 756
  • 2018 (12) TMI 755
  • 2018 (12) TMI 754
  • 2018 (12) TMI 753
  • 2018 (12) TMI 752
  • 2018 (12) TMI 751
  • 2018 (12) TMI 750
  • 2018 (12) TMI 749
  • 2018 (12) TMI 748
  • 2018 (12) TMI 747
  • 2018 (12) TMI 746
  • 2018 (12) TMI 745
  • 2018 (12) TMI 744
  • 2018 (12) TMI 743
  • 2018 (12) TMI 742
  • Customs

  • 2018 (12) TMI 738
  • 2018 (12) TMI 737
  • 2018 (12) TMI 736
  • 2018 (12) TMI 735
  • 2018 (12) TMI 734
  • 2018 (12) TMI 733
  • Corporate Laws

  • 2018 (12) TMI 739
  • Insolvency & Bankruptcy

  • 2018 (12) TMI 741
  • 2018 (12) TMI 740
  • Service Tax

  • 2018 (12) TMI 732
  • 2018 (12) TMI 731
  • 2018 (12) TMI 730
  • 2018 (12) TMI 729
  • 2018 (12) TMI 728
  • 2018 (12) TMI 727
  • Central Excise

  • 2018 (12) TMI 726
  • 2018 (12) TMI 725
  • 2018 (12) TMI 724
  • 2018 (12) TMI 723
  • 2018 (12) TMI 722
  • 2018 (12) TMI 721
  • 2018 (12) TMI 720
  • 2018 (12) TMI 719
  • 2018 (12) TMI 718
  • 2018 (12) TMI 717
  • 2018 (12) TMI 716
  • 2018 (12) TMI 715
  • 2018 (12) TMI 714
  • 2018 (12) TMI 713
  • CST, VAT & Sales Tax

  • 2018 (12) TMI 712
 

Quick Updates:Latest Updates