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Home e-Newsletters Index Year 2017 June Day 17 - Saturday

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TMI Tax Updates - e-Newsletter
June 17, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    GST

  • Reduced Liability of Tax on complex, building, flat etc. under GST - CBEC clarifies that why the prices should not increase post GST

  • Income Tax

  • Addition on account of cash deposit in the bank account - unexplained sources - Anyhow if the claim of assessee may be considered favourably for receipt of marriage gift and birthday gift, assessee would have spent some expenditure on those celebrations but no evidence in this regard has also been filed. - AT

  • Reopening of assessment - there was a live link with formation of belief that income in the hands of the assessee had duly escaped assessment by way of alleged trading loss of cotton knitted fabrics - Case was correctly reopened - AT

  • Customs

  • Modification of condition of provisional release of seized goods - That the appellant herein had not gone to the High Court along with the other nine exporters, does not make compelling reasons for denial of revised terms of provisional release of export goods to the appellant.

  • Indian Laws

  • Offence under Section 138 Negotiable Instruments Act - When a blank cheque is signed and handed over, it only implies that the person signing it, and handing it over, has given implied authority to the holder of the cheque to fill up the blank portions, it being a matter of legitimate presumption that he would understand the consequences of doing so. - HC

  • Wealth-tax

  • Royal Buggy - art work - scope of exemption from wealth tax - ITAT committed an error in holding that even if the article was one of “work of art”, since it is possible to be put to personal use, it would get ejected from Clause (xii) and would fall only under Clause (viii) of Sub-section (1) of Section 5 - HC

  • Service Tax

  • BAS - classification of services - the services of billing, collection of freight etc. are stand alone services by themselves and would qualify to be Business Auxiliary Service. - AT

  • Rule 6(3)(c) restricting utilization of credit for payment of service tax on output services to 20% of amount is attracted – but such restriction is not applicable on capital goods credit & service tax credit in respect of 17 input services specified in Rule 6(5) - AT

  • Central Excise

  • CENVAT credit - services rendered by the foreign company for due diligence of purchase of mines in Indonesia and Turkey - credit cannot be allowed since it is not an input services having nexus with manufacturing - however demand set aside on the ground of period of limitation - AT

  • CENVAT credit - fire extinguishers used in the factory premises - denial on account of nexus - Since the products are classified under Chapter 84 and the CENVAT credit is allowed on capital goods, there is no reason deny the credit - AT

  • Reversal of CENVAT credit - confirmation u/s 11D of the CEA, 1944, with respect to amounts reimbursed to the appellant, equivalent to the payments made under Rule 6(3) (b) of the CCR, is not justified - AT


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2017 (6) TMI 651
  • 2017 (6) TMI 650
  • 2017 (6) TMI 649
  • 2017 (6) TMI 648
  • 2017 (6) TMI 647
  • 2017 (6) TMI 646
  • 2017 (6) TMI 645
  • 2017 (6) TMI 644
  • 2017 (6) TMI 643
  • 2017 (6) TMI 642
  • 2017 (6) TMI 641
  • 2017 (6) TMI 640
  • 2017 (6) TMI 639
  • Customs

  • 2017 (6) TMI 663
  • 2017 (6) TMI 662
  • 2017 (6) TMI 661
  • 2017 (6) TMI 660
  • 2017 (6) TMI 659
  • Corporate Laws

  • 2017 (6) TMI 656
  • 2017 (6) TMI 654
  • Insolvency & Bankruptcy

  • 2017 (6) TMI 655
  • Service Tax

  • 2017 (6) TMI 686
  • 2017 (6) TMI 685
  • 2017 (6) TMI 684
  • 2017 (6) TMI 683
  • 2017 (6) TMI 667
  • Central Excise

  • 2017 (6) TMI 682
  • 2017 (6) TMI 681
  • 2017 (6) TMI 680
  • 2017 (6) TMI 679
  • 2017 (6) TMI 678
  • 2017 (6) TMI 677
  • 2017 (6) TMI 676
  • 2017 (6) TMI 675
  • 2017 (6) TMI 674
  • 2017 (6) TMI 673
  • 2017 (6) TMI 672
  • 2017 (6) TMI 671
  • 2017 (6) TMI 670
  • 2017 (6) TMI 669
  • 2017 (6) TMI 668
  • 2017 (6) TMI 666
  • 2017 (6) TMI 665
  • 2017 (6) TMI 664
  • CST, VAT & Sales Tax

  • 2017 (6) TMI 658
  • 2017 (6) TMI 657
  • Wealth tax

  • 2017 (6) TMI 687
  • Indian Laws

  • 2017 (6) TMI 653
  • 2017 (6) TMI 652
 

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