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Home e-Newsletters Index Year 2016 February Day 16 - Tuesday

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TMI Tax Updates - e-Newsletter
February 16, 2016

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Clarification of the term 'initial assessment year' in section 80IA (5) of the Income-tax Act, 1961 - Circular

  • Commission payment - deduction u/s 37 - assessee has failed to discharge the initial onus to prove that the expenditure incurred under the heads rendering of services by ALT. Mere payment of a sum by accounting paying cheque is not sufficient - AT

  • Reopening of assessment - assessee made purchases/sale which were not entered in the regular books of accounts, resulting into escapement of income - AO was justifiably within his jurisdiction under the parameter of the law to reopen the assessment - AT

  • Debentures, whether fully or partly or optionally convertible, are nothing but debt till the date of conversion and any interest paid on these debentures is allowable as normal business expenditure - AT

  • Disallowance on account of commission paid - justification of payment with services rendered - mere deducting of TDS cannot be discharged onus cast on the assessee for claiming the expenses U/s 37 - AT

  • Depreciation on routers and switches - @15% OR @60% - CPU alone, cannot be considered as synonymous to the expression 'Computer'. - the computer has to necessarily include the input and output devices within its scope, subject to their exclusive user with the computer - AT

  • Entitlement to credit of the entire TDS offered - the claim of the assessee is allowed in as much as it is held that the assessee would be entitled to credit of the entire TDS offered as income by the assessee in his return of income - AT

  • Rental income and service charges derived by the assessee from shopping mall/business centre - whether to be assessed as ‘Income from House Property’ or ‘Business Income’ - assessee is accordingly eligible to claim depreciation on the asset and other business expenditure - AT

  • Customs

  • Revokation of Licenced Customs Broker Licence - CHA cannot be held liable for the acts of employee - impugned orders revoking the CHA licence of the appellant is unsustainable and liable to be set aside - AT

  • DGFT

  • Amendment in export policy of Pulses - Notification

  • Service Tax

  • Refund - tax paid on input services utilized for export services - failure to submit the relevant documents and follow the procedures as prescribed - when it comes to substantial benefit the absence of specific embargo in the rules, the benefit should not be denied to an assessee. - AT

  • Taxability of repairing activity undertaken by the appellant of transformers manufactured by other manufacturers - the tender process through which the appellant got the contract for repairing the transformers is only a "work order" and contract for repair and it is not a "maintenance contract". - Service Tax was not leviable during the relevant period - AT

  • Cenvat Credit - duty paying documents - computer generated invoices were not signed by the service provider - the condition of Rule 9(2)were fulfilled. It is also noticed that on the identical situation, the Commissioner of Central Excise allowed the credit in respect of the other assessee - AT

  • Central Excise

  • Eligibility of CENVAT credit based on tribunal decision - In the absence of the Department challenging the findings of the Tribunal that there is no justification to deny CENVAT Credit, the Revenue has no case and the Department is not at liberty to demand either interest or penalty. - HC

  • VAT

  • Writ petition Challenging the order of default assessment of tax, interest u/s 32 of the DVAT Act and the other an order levying penalty under Section 33 of the DVAT Act) - computer/machine generated notices - it is a non-speaking order and it is impossible to discern what reasons weighed with the VATO while issuing such an order - matter remanded back - HC

  • Repayment schedule of deferred tax scheme after conversion of sales tax scheme to value added tax (VAT) scheme -The repayment schedule is 5 years from the expiry of eligibility period of deferment. The period of 5 years has to be so arranged that it does not go beyond 13 years from the date of deferment. - SC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2016 (2) TMI 434
  • 2016 (2) TMI 433
  • 2016 (2) TMI 431
  • 2016 (2) TMI 430
  • 2016 (2) TMI 429
  • 2016 (2) TMI 428
  • 2016 (2) TMI 427
  • 2016 (2) TMI 426
  • 2016 (2) TMI 425
  • 2016 (2) TMI 424
  • 2016 (2) TMI 423
  • 2016 (2) TMI 422
  • 2016 (2) TMI 421
  • 2016 (2) TMI 420
  • 2016 (2) TMI 419
  • 2016 (2) TMI 418
  • Customs

  • 2016 (2) TMI 440
  • 2016 (2) TMI 439
  • 2016 (2) TMI 438
  • Corporate Laws

  • 2016 (2) TMI 435
  • Service Tax

  • 2016 (2) TMI 446
  • 2016 (2) TMI 445
  • 2016 (2) TMI 444
  • 2016 (2) TMI 443
  • Central Excise

  • 2016 (2) TMI 442
  • 2016 (2) TMI 441
  • CST, VAT & Sales Tax

  • 2016 (2) TMI 437
  • 2016 (2) TMI 436
 

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