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Home e-Newsletters Index Year 2019 January Day 16 - Wednesday

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TMI Tax Updates - e-Newsletter
January 16, 2019

Case Laws in this Newsletter:

GST Income Tax Customs Service Tax Central Excise



Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    GST

  • Detention order - non-compliance of the mandate under the provisions of Section 129(4) of the Act - The Proper Officer realizing the lacuna, has proceeded to pass the rectification order after taking into consideration the objections - Hence, no malafides can be attributed to the same.

  • Income Tax

  • Disallowance u/s 14A(1) - where shares were held as stock-in-trade and therefore it becomes business activity of assessee - these were not investments made by assessee in order to fall within the ambit of Rule 8D (iii) -

  • Nature of payment - Business expenditure or appropriation of funds - claim for deduction being the contribution to Co-operative Education Fund - National Co-operative Union of India - Payment made out of profit of earlier years - Not allowed as deduction u/s 37(1)

  • Assessment u/s 153A - addition u/s 68 - since the surrender was made under pressure which was immediately retracted, and except the aforesaid, no adverse material has been found from the premises of the appellant, as such, such statement cannot be made the basis for the assessment.

  • TDS u/s 195 - payments made to non-residents for professional fees - assessee was having option of choosing more favourable provisions of the DTAAs.

  • Gain arising on the sale of land - to be taxed as ‘business income’ or not - specific verification needs to be conducted to verify whether actual intention of the assessee was to procure the land for investment or to sale it at higher profit - matter remanded back.

  • Nature of income - business income or income from other sources - the assessee has been carrying on the business of money lending in a systematic manner without having the registration with RBI as NBFC. Merely, the fact that the assessee is not registered with RBI AS NBFC, cannot lead to draw an inference that the assessee is not carrying out the business activity.

  • Deduction u/s 80-IB(10) - out of both the projects only 8 flats were sold to persons who were relatives - principle of proportionate disallowance to be applied - AO directed to restrict the disallowance to 1.9% of the claim made by the assessee u/s 80-IB(10) of the Act.

  • Penalty u/s 271(1)(c) - Disallowance u/s 14A - the assessee has not furnished any particulars of income, which are incorrect. The issue remains is merely computation of the disallowance - No penalty.

  • Penalty u/s 271(1)(c) - Once the vendor and vendee have accepted the receipt and the payment of unaccounted money, subsequent retraction has no relevance and it is a valid piece of evidence.

  • Customs

  • Valuation of imported goods - Since Section 14 of the Act mandates that the value of the goods is to be considered on the basis of the price actually paid or payable for the goods, when sold for export to India, the negotiated price offered by the overseas supplier should be considered as the transaction value.

  • Classification of imported goods - RO-6.5L Mineral Enrichment System (Reverse Osmosis water purifier) - the classification of the impugned goods are held to be under CTH 84212120 as household type filters

  • Valuation of imported goods - wooden furniture - noticing excess weight at the time of physical verification of the import by the Customs authorities could not in any manner change the transaction value disclosed in the proforma invoices, which has not been disputed by the Revenue.

  • Classification of imported item - Liquid Crystal Devices (LCGs) cut to special shapes - Merely because they were used as parts in dashboards of motorcycle, the could not be classified under Heading 8714.

  • Central Excise

  • Removal of scrap of old and used moulds under job work challans - Mere lack of sending an intimation is a procedure which is mere directry. Denying the substantial benefit to the appellant on merely a procedural lapse is unjustified on the part of the adjudicating authority below.

  • 100% EOU - CENVAT Credit - removal of inputs to job-worker - Since the raw material/inputs were removed by the appellant for further manufacture of the finished goods, the case of the appellant falls under the purview of sub-rule (5)(a) of Rule 4 of the Rules.


Case Laws:

  • GST

  • 2019 (1) TMI 680
  • 2019 (1) TMI 679
  • 2019 (1) TMI 678
  • 2019 (1) TMI 677
  • Income Tax

  • 2019 (1) TMI 697
  • 2019 (1) TMI 696
  • 2019 (1) TMI 695
  • 2019 (1) TMI 694
  • 2019 (1) TMI 693
  • 2019 (1) TMI 692
  • 2019 (1) TMI 691
  • 2019 (1) TMI 690
  • 2019 (1) TMI 689
  • 2019 (1) TMI 688
  • 2019 (1) TMI 687
  • 2019 (1) TMI 686
  • 2019 (1) TMI 685
  • 2019 (1) TMI 684
  • 2019 (1) TMI 683
  • 2019 (1) TMI 682
  • 2019 (1) TMI 681
  • 2019 (1) TMI 676
  • 2019 (1) TMI 675
  • 2019 (1) TMI 674
  • 2019 (1) TMI 673
  • 2019 (1) TMI 672
  • Customs

  • 2019 (1) TMI 671
  • 2019 (1) TMI 670
  • 2019 (1) TMI 669
  • 2019 (1) TMI 668
  • 2019 (1) TMI 667
  • Service Tax

  • 2019 (1) TMI 666
  • Central Excise

  • 2019 (1) TMI 665
  • 2019 (1) TMI 664
  • 2019 (1) TMI 663
  • 2019 (1) TMI 662
  • 2019 (1) TMI 661
  • 2019 (1) TMI 660
 

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