Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2016 September Day 17 - Saturday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
September 17, 2016

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    GST

  • Constitutes the Goods and Services Tax Council - Notification

  • Income Tax

  • TDS u/s 195 - Chargeability to tax in India as fees for included services - professors who come for a short period are well accommodated by Northwest India which does not create a Permanent Establishment of the applicant in India. - AAR

  • Rebate u/s 88E - the interest earned by the assessee on the FDRs has intrinsic and inseggregable nexus with the work undertaken and, therefore, the interest earned by the assessee is capital in nature and shall go towards adjustment against the project expenditure and the same cannot be assessed as income from other sources. - AT

  • The basis of assessing the tax and income from house property is the ownership of the property and not the actual realization of income. The ownership by itself attracts the charge. - AT

  • Where assessee is carrying out CGS activities which is nothing but infrastructure facility as defined under section 80IA(4). - Deduction allowed - AT

  • Bogus accommodation entries with regard to short-term/long term capital gain/loss - The assessee failed to produce share certificate numbers, distinctive numbers and how these shares were dealt with. In other words, nothing has been brought on record for justifying the transaction - additions confirmed - AT

  • Addition u/s 68 - when the alleged entry operators have admitted on oath that they ran this racket ; and when name of the assesee is discovered as one of the beneficiaries of the alleged racket ; and when amounts are actually found in the books of assessee to be credited in the name of alleged entry operators ; burden was on the assessee to prove that it was not a beneficiary of the racket. - AT

  • The Assessing Officer cannot insist the assessee to prove the authenticity of circumstances leading to write off the bad debts - AT

  • Net surplus on sale of shares under investment portfolio should be chargeable to capital gains only and assessee is not to be treated as trader in respect of sale and purchase of shares in investment portfolio. - AT

  • The assessee, as such exclusively not claimed the interest expenditure against the salary income, rather, his stand is to be construed that he claimed interest expenditure on the ground that such interest bearing funds were used for making investment in the company. In such situation, he cannot be visited with penalty u/s 271(1)(c) - AT

  • Customs

  • Validity of order of Settlement Commission - One cannot lose sight of the fact that the importers purchased the DEPB license from the petitioner for valuable consideration. Hence it is only fair that the petitioner pays the entire import duty – rejection of application by settlement commission not correct. - HC

  • Release of detained consignments - If the petitioner had raised such a plea before the Tribunal, the Tribunal may probably take a holistic view of the entire matter. For the purpose of seeking an interim relief, an interpretation of the nature made by the petitioner cannot be accepted by the Court. - Writ Petition dismissed - HC

  • Effective date of notification - tariff rate - import of edible oil including palmolein oil - In the present case, admittedly, second condition was not satisfied inasmuch as it was offered for sale only on 06.08.2001, as it was published on 03.08.2001 in late evening hours and 04/05.08.2001 were holidays - the notification will be effective only from 06.08.2001. - HC

  • Service Tax

  • Taxability of receipt of "Supervision Charges" on construction contract - appellant corporation is made up of officers on deputation from the police Department and hence are not professionally qualified engineers or an engineering firm and hence not covered by the definition of consultant engineer service - AT

  • Curriculum development even for scientific course cannot be brought under scientific or technical consultancy. It is beyond comprehension as to preparation of accounts manual proposal for carrier facilitation centre or handicraft product falls within the above category - No service tax liability - AT

  • Refund of Cenvat Credit - 100% EOU - the formula in the notification used the word 'total CENVAT credit taken on input services'. Therefore the inadmissible part of input services cannot be deducted before applying the formula - AT

  • Special Economic Zone (SEZ) - services rendered to SEZ - whether an unconditional exemption granted in a statute can be restricted by a statutory instrument issued in exercise of delegated authority under another statute that is hierarchically not even its equal in the event of a conflict - Held No - AT

  • Central Excise

  • Cenvat Credit - pre-mature credit on input services - credit availed before making payment - Scope of Rule 4(7) of Cenvat Credit Rules, 2004 - credit cannot be denied - AT

  • Classification - woven goods - labels/labels tapes bearing lace like ornamental designs/images - only choice for the classification now in the present proceedings is Chapter Heading 5807 - AT

  • Cenvat credit - reversal of credit availing on transportation of inputs removed as such - demand set aside - AT

  • Intermediate product - captive consumption - production of Sugar Syrup - neither there is any evidence to prove that the goods, in question, are classifiable under 17029090 nor there is any evidence to prove that the goods, in question, in form in which they come into existence in the appellants factories, are marketable - no demand - AT

  • Cenvat credit - input services - Clean Development Mechanism Service in relation to Carbon Credit Management Services is an eligible input service - AT

  • VAT

  • The assessee is entitled to interest for delayed refund of amount deposited to Governent. However, assessee not entitled to interest on interest for delayed refund. - HC

  • The goods being transported in a vehicle running upon fixed rails could not be detained under Section 51 of the Act, at the relevant time. - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2016 (9) TMI 656
  • 2016 (9) TMI 655
  • 2016 (9) TMI 654
  • 2016 (9) TMI 653
  • 2016 (9) TMI 652
  • 2016 (9) TMI 651
  • 2016 (9) TMI 650
  • 2016 (9) TMI 649
  • 2016 (9) TMI 648
  • 2016 (9) TMI 647
  • 2016 (9) TMI 646
  • 2016 (9) TMI 645
  • 2016 (9) TMI 644
  • 2016 (9) TMI 643
  • 2016 (9) TMI 642
  • 2016 (9) TMI 641
  • 2016 (9) TMI 640
  • 2016 (9) TMI 639
  • 2016 (9) TMI 638
  • 2016 (9) TMI 637
  • Customs

  • 2016 (9) TMI 675
  • 2016 (9) TMI 674
  • 2016 (9) TMI 673
  • 2016 (9) TMI 672
  • 2016 (9) TMI 671
  • 2016 (9) TMI 670
  • 2016 (9) TMI 669
  • 2016 (9) TMI 661
  • Service Tax

  • 2016 (9) TMI 692
  • 2016 (9) TMI 691
  • 2016 (9) TMI 690
  • 2016 (9) TMI 689
  • 2016 (9) TMI 688
  • 2016 (9) TMI 687
  • 2016 (9) TMI 686
  • 2016 (9) TMI 685
  • Central Excise

  • 2016 (9) TMI 684
  • 2016 (9) TMI 683
  • 2016 (9) TMI 682
  • 2016 (9) TMI 681
  • 2016 (9) TMI 680
  • 2016 (9) TMI 679
  • 2016 (9) TMI 678
  • 2016 (9) TMI 677
  • 2016 (9) TMI 676
  • CST, VAT & Sales Tax

  • 2016 (9) TMI 667
  • 2016 (9) TMI 666
  • 2016 (9) TMI 665
  • 2016 (9) TMI 664
  • 2016 (9) TMI 663
  • 2016 (9) TMI 662
  • Indian Laws

  • 2016 (9) TMI 668
  • 2016 (9) TMI 660
  • 2016 (9) TMI 659
  • 2016 (9) TMI 658
  • 2016 (9) TMI 657
 

Quick Updates:Latest Updates