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

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TMI Tax Updates - e-Newsletter
August 16, 2016

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

  • Nature of Rental income - The business of the company is to lease its property and to earn rent and therefore, the income so earned should be treated as its business income. - SC

  • Addition on salary received - Other than the statement made by the assessee’s wife u/s 134(2) of the Act which has been denied by the assessee, the revenue has not produced any substantial evidence to prove its case - Additions made by the AO deleted - HC

  • Disallowance u/s 37 - compensating the damage to the environment - The compensation was paid because the assessee had failed to install the pollution control device within the time prescribed - claim of expenditure allowed as incurred fro the purpose of business - HC

  • Non deduction of TDS - period of limitation - The said proviso cannot be interpreted, as is sought to be done by the Department, to enable it to initiate proceedings for declaring an Assessee to be an Assessee in default u/s 201 for a period earlier than four years - HC

  • Penalty u/s 272A(2)(k) - late filing of TDS return - No plausible explanation had been tendered by the assessee for filing the tax deducted at source returns belatedly and, therefore, the benefit under section 273B of the Act could not be given. - HC

  • TDS u/s 194J - revenue sharing agreement - The relation between these stakeholders is one of collaborators as per the agreement made and the revenue shared cannot be said to be payments for technical services rendered - HC

  • MAT - Taxability of book profits of the merged entity - book profits u/s 115JB - Pursuant to the merger, M/s HPLCL does not exist in the eyes of law. - department cannot be unjustly enriched by the taxes paid by M/s HPLCL based on standalone financials - AT

  • TDS u/s 195 - Existence of PE in India - When the entire relationship qua the distribution revenue is that of principal to principal basis and the Taj India is acting independently, then it moves out from the conditions laid down in Article 5(4) - It does not constitute PE in India - AT

  • Penalty order u/s 271(1)(c) deleted for want of a valid show cause notice u/s 274 of the Act. - AT

  • Customs

  • Exemption additional duty, safeguard duty and anti-dumping duty for import of fabrics under Special Advance Authorization Scheme

  • Import of gold - prohibited goods or not - If there is a fraudulent evasion of the restrictions imposed, under the Customs Act, 1962 or any other law for the time being in force, then import of gold, in contravention of the above, is prohibited. - HC

  • Refund of SAD - if the sales tax / VAT payable under the Sales Tax Act is “nil”, the appropriate sales tax paid will also be “nil” and it cannot be said that the importers did not pay appropriate VAT. - AT

  • DGFT

  • C.I.F. value of import of consumer electronic items at any one time by any person through post or otherwise for personal use is enhanced to ₹ 50,000/- from ₹ 2,000/-

  • Service Tax

  • Mandap keeper services - Short-payment of service tax – extended period of limitation - Tribunal has not rendered any findings so far as the appellant had not paid the service tax on the amounts disputed and he was under the bona fide impression that the halls were not fallen under the levy of service tax - demand set aside - HC

  • Imposition of penalty - Section 76 of the Finance Act, 1994 - There are no conditions or ifs and buts in the said Section. Hence, the contention of the appellant that they had not paid the service tax because of a bonafide mistake is not relevant. - AT

  • Refund of service tax - the expression “in relation to transport of export goods” used in the notification is wide enough to cover transport of empty containers from yard to factory for stuffing goods for export purpose - AT

  • Central Excise

  • Cenvat credit - reversal of credit - since, the appellant had no intention to manufacture slag, the same, should not be considered as excisable goods. Since the slag seized to the excisable goods, the question of dutibility or exemption does not arise. - AT

  • Cenvat credit - the department was not aware about the simultaneous availment of depreciation as well as Cenvat Credit of the same amount of duty. Therefore there is a clear suppression of fact on the part of the appellant - demand confirmed invoking extended period of limitation - AT

  • Cenvat Credit - extended period of limitation - The Revenue has failed to establish why the credit availed on cement was not made part of the earlier show-cause notice, when these items were availed during such period also. Therefore, the entire demand is barred by limitation - AT

  • Cenvat credit - When the endorsed Bill of Entry is accompanied by proper invoice and evidence the payment of duty the credit cannot be denied treating it as not a valid document for taking credit. - AT

  • VAT

  • Inter-sate sale or not - in case of non-surrender of transit pass, if a dealer could produce sufficient legally valid and reliable documentary evidence to prove that the goods moved without the transit pass in question had actually crossed the borders of the State, such evidences may be accepted by the Assessing Authority as an evidence of inter-state movement of goods. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2016 (8) TMI 522
  • 2016 (8) TMI 521
  • 2016 (8) TMI 520
  • 2016 (8) TMI 519
  • 2016 (8) TMI 518
  • 2016 (8) TMI 517
  • 2016 (8) TMI 516
  • 2016 (8) TMI 515
  • 2016 (8) TMI 514
  • 2016 (8) TMI 513
  • 2016 (8) TMI 512
  • 2016 (8) TMI 511
  • 2016 (8) TMI 510
  • 2016 (8) TMI 509
  • 2016 (8) TMI 508
  • 2016 (8) TMI 507
  • 2016 (8) TMI 506
  • 2016 (8) TMI 505
  • 2016 (8) TMI 504
  • 2016 (8) TMI 503
  • Customs

  • 2016 (8) TMI 530
  • 2016 (8) TMI 529
  • 2016 (8) TMI 528
  • 2016 (8) TMI 527
  • 2016 (8) TMI 526
  • Service Tax

  • 2016 (8) TMI 549
  • 2016 (8) TMI 548
  • 2016 (8) TMI 547
  • 2016 (8) TMI 546
  • 2016 (8) TMI 545
  • Central Excise

  • 2016 (8) TMI 544
  • 2016 (8) TMI 543
  • 2016 (8) TMI 542
  • 2016 (8) TMI 541
  • 2016 (8) TMI 540
  • 2016 (8) TMI 539
  • 2016 (8) TMI 538
  • 2016 (8) TMI 537
  • 2016 (8) TMI 536
  • 2016 (8) TMI 535
  • 2016 (8) TMI 534
  • 2016 (8) TMI 533
  • 2016 (8) TMI 532
  • 2016 (8) TMI 531
  • CST, VAT & Sales Tax

  • 2016 (8) TMI 525
  • 2016 (8) TMI 524
  • 2016 (8) TMI 523
 

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