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Home e-Newsletters Index Year 2015 June Day 17 - Wednesday

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TMI Tax Updates - e-Newsletter
June 17, 2015

Case Laws in this Newsletter:

Income Tax Service Tax Central Excise Indian Laws



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Non deduction of TDS u/s 194C - Payment in pursuance of legal obligation, whether in the nature of contract - Held No - Not liable to TDS - AT

  • Additions u/s41(1) - As the creditors have been paid in the subsequent years, it cannot be said that during the year under consideration, there was a cessation of liability, provisions of Sec. 41(1) do not apply on the facts of the case - AT

  • Penalty levied u/s 221(1) - the reason for non-payment of self assessment tax was that it was not having liquid funds and all its funds were locked in shares and securities - penalty @ 5% of self assessment tax is on higher side - Reduced to 2.5% of self assessment tax - AT

  • Bogus purchases - Additions u/s 69C - assessee has not provided PAN No. of the parties - This cannot be the sole reason for disbelieving the explanation of the assessee, when the payments have been made by cheque duly reflected in the bank statement of the assessee - AT

  • Deemed dividend u/s 2(22)(e) - if the lending of money constitutes substantial part of business of the company, then the loan given by the company to its share holders cannot be considered to be deemed dividend under the provisions of section 2(22)(e) as the same fall under the exception mentioned in section 2(22)(e)(ii). - AT

  • Liability to deduct tds u/s 194H - commission or discount - sale of SIM cards / pre-paid talk time - What has been effected by way of these sale transactions is sale of service embedded or encrypted on SIM cards, and treating same as 'Principal to Principal transaction' - AT

  • Computation of relief u/s 80 IC - Baddi Unit had transferred the goods to other units on cost basis - The separate books maintained have not been rejected - deduction allowed - AT

  • Service Tax

  • Application to move to the settlement Commission - petitioner had paid the tax liability - this is a fit case to find out whether they should be allowed to settle and redress his grievance before the Settlement Commission - HC

  • Appeal before Commissioner (Appeal) in Service Tax - Constitutional validity of proviso to Section 85(3) of the Finance Act, 1994 - limited powers to condone the delay not beyond three months. We are unable to discern any legal flaw - validity upheld - HC

  • Rejection of appeal on ground of late filing - Received by the adjudicating officer in time, not by the appellate authority - the order passed by the second respondent/appellate authority cancelling the very appeal on the ground that it was not received in time cannot be accepted - HC

  • Central Excise

  • CENVAT credit - Penalty u/s 11AC - appellant had paid the duty alongwith interest as per the amount ascertained by CERA audit and requested to drop the show cause notice. - penalty imposed under Section 11AC is set-aside - AT

  • SSI Exemption - Use of third party trademarks - whether marks have to be treated as trade name or brand names belonging to other persons - Held Yes - AT

  • Denial of refund claim - input services - Commission paid to agents - services were utilised for export of goods or not - since there is no nexus with manufacturing, cenvat credit cannot be allowed and No refund - AT

  • Denial of refund claim - refund was grated to another manufacturer who has lodged the protest - assessee did not lodged any protest - Bar of limitation - assessee cannot take the benefit of protest lodged by other manufacturer - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2015 (6) TMI 477
  • 2015 (6) TMI 475
  • 2015 (6) TMI 463
  • 2015 (6) TMI 462
  • 2015 (6) TMI 461
  • 2015 (6) TMI 460
  • 2015 (6) TMI 458
  • 2015 (6) TMI 457
  • 2015 (6) TMI 456
  • 2015 (6) TMI 455
  • 2015 (6) TMI 454
  • 2015 (6) TMI 453
  • 2015 (6) TMI 452
  • 2015 (6) TMI 451
  • 2015 (6) TMI 450
  • 2015 (6) TMI 449
  • 2015 (6) TMI 448
  • 2015 (6) TMI 447
  • 2015 (6) TMI 446
  • 2015 (6) TMI 445
  • 2015 (6) TMI 444
  • Service Tax

  • 2015 (6) TMI 474
  • 2015 (6) TMI 473
  • 2015 (6) TMI 472
  • 2015 (6) TMI 471
  • Central Excise

  • 2015 (6) TMI 470
  • 2015 (6) TMI 469
  • 2015 (6) TMI 468
  • 2015 (6) TMI 467
  • 2015 (6) TMI 466
  • 2015 (6) TMI 465
  • Indian Laws

  • 2015 (6) TMI 476
  • 2015 (6) TMI 464
 

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