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Home e-Newsletters Index Year 2017 May Day 16 - Tuesday

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TMI Tax Updates - e-Newsletter
May 16, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Taxabilitiy of Undisclosed income found during search - it is but natural that if any concealed income has been found at the time of search and survey, it has to be distributed among all the family members who were carrying on business. - SC

  • Rejecting application seeking exemption u/s 80G(5)(vi) - Carrying out the activities outside India - CIT(E) was correct in denying the approval under section 80(G)(vi) in absence of approval of competent authority under section 11(1)(c) - AT

  • Entitlement to challenge the validity of initiation of proceedings u/s 147 in which challenged the validity of order passed u/s 263 - the assessee is always obliged to prove the receipt of share capital with premium etc. to the satisfaction of the AO, failure of which calls for addition u/s 68 of the Act. - AT

  • Capital gains - LTCG or STCG - though the assessee claimed to have converted the asset in to investment in books of accounts, it continued to claim the maintenance expenses as business expenditure. Even otherwise also from the date of conversion of the asset it was held as capital asset in the hands of the assessee for less than 36 months - To be taxed as STCG - AT

  • Customs

  • Valuation - second hand machine - Cone Machine - Chocolate Depositing Plant and Lentil Plant - The quantum of redemption fine imposed on BBL and the penalties imposed are commensurate with their acts and omissions. - AT

  • Valuation of exported goods - analysis of departmental laboratory, unless challenged, has to be accepted as true and correct. Since the value/price of the iron ore fines is based upon the Fe content of the consignment, the value was, in our opinion, correctly worked out by the lower authorities. - AT

  • Corporate Law

  • The expression 'Financial Debt' in section 5(8) to mean a debt which is disbursed against the consideration of time value of money. However the framer of the Code has not included in the expression 'Operation Debt' as any debt other than the 'Financial Debt'. It is thus confined to aforesaid four categories like goods, services, employment and Government dues. - Tri

  • Service Tax

  • Health and fitness services - There is a very clear distinction between fitness centres or unisex saloons, which provide different types of services to the customers. Their focus is mostly on beauty rather than on maintenance of health. - Revenue appears to have fallen into an error in mixing up both - HC

  • Demand of service tax on transfer charges - transfer of plot is subject to payment of transfer fee - the appellants are liable to be taxed under the category of renting of immovable property, on receipt of this consideration - AT

  • Renting of immovable property - Assessee is liable to pay service tax in respect of such one time amounts received in respect of lease granted for less than 30 years - AT

  • Imposition of penalties u/s 77 (2) and 78 of the FA, 1994 - appellant has not been able to justify non-filing of returns with the department or informing the department as to the tax liability that arose, which was not discharged - penalties confirmed - AT

  • Central Excise

  • Refund of CENVAT credit - clearances made to 100% EOU - deemed exports - denial on the ground that the supplies made to EOU cannot be considered as actual physical exports - rejection of refund is unjustified - AT

  • CENVAT credit - input - bogus registered dealer - No cross examination of the registered dealer was granted to the appellant to reveal the truth - Cenvat Credit cannot be denied to the appellant on the basis of deficient investigation - AT

  • Re-credit of CENVAT credit, reversed earlier - Merely, because the decision is in the form of a letter, it cannot take away the right of appeal from the aggrieved person - the decision of the Assistant commissioner dated 25.01.2013 is an order appealable before the Commissioner (Appeals) - AT

  • Levy of penalty - clandestine removal - Appellant was fully aware of the fact that the transaction would be going to be a paper transaction and not real transaction, itself indicate that culpable mental state of the Appellant - however the quantum of penalty reduced - AT

  • VAT

  • Classification of sunglasses - Fastrack brand sunglasses/ sunglasses cannot be said to be “medical device” merely because they are protectives - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (5) TMI 641
  • 2017 (5) TMI 640
  • 2017 (5) TMI 639
  • 2017 (5) TMI 638
  • 2017 (5) TMI 637
  • 2017 (5) TMI 636
  • 2017 (5) TMI 635
  • 2017 (5) TMI 634
  • 2017 (5) TMI 633
  • 2017 (5) TMI 632
  • 2017 (5) TMI 631
  • 2017 (5) TMI 630
  • Customs

  • 2017 (5) TMI 659
  • 2017 (5) TMI 650
  • 2017 (5) TMI 644
  • Corporate Laws

  • 2017 (5) TMI 662
  • Insolvency & Bankruptcy

  • 2017 (5) TMI 663
  • Service Tax

  • 2017 (5) TMI 673
  • 2017 (5) TMI 672
  • 2017 (5) TMI 665
  • 2017 (5) TMI 661
  • 2017 (5) TMI 660
  • 2017 (5) TMI 654
  • 2017 (5) TMI 653
  • 2017 (5) TMI 652
  • 2017 (5) TMI 651
  • Central Excise

  • 2017 (5) TMI 671
  • 2017 (5) TMI 670
  • 2017 (5) TMI 669
  • 2017 (5) TMI 668
  • 2017 (5) TMI 667
  • 2017 (5) TMI 666
  • 2017 (5) TMI 664
  • 2017 (5) TMI 649
  • 2017 (5) TMI 648
  • 2017 (5) TMI 647
  • 2017 (5) TMI 646
  • 2017 (5) TMI 645
  • 2017 (5) TMI 643
  • 2017 (5) TMI 642
  • CST, VAT & Sales Tax

  • 2017 (5) TMI 658
  • 2017 (5) TMI 657
  • 2017 (5) TMI 656
  • 2017 (5) TMI 655
 

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