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Home e-Newsletters Index Year 2019 January Day 19 - Saturday

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TMI Tax Updates - e-Newsletter
January 19, 2019

Case Laws in this Newsletter:

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



TMI SMS


Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    Income Tax

  • Undisclosed investments - Additions based on balance-sheet submitted to the Bank for obtaining loan - there is absolutely no error in law on the AO relying on the same and adding on an undisclosed income on the basis of the unexplained investment in the unaccounted purchases.

  • Disallowance of commission paid - the payments were made by an agent and there was no evidence to suggest that the assessee had made any illegal commission payment to Iraqi government.

  • LTCG - the claim of exemption u/s 54F which was made in the assessment proceedings cannot be given to the assessee as the property has been purchased by the father of the assessee and not the assessee.

  • Charitable activity u/s 2(15) - exemption u/s 10(23C)(iv) - benefit of section 11 - activities of the assessee also include providing of services such as accommodation, food and beverages, etc., for payment of charges - These activities could not be treated in the nature of trade or commerce.

  • TDS u/s 195 - Disallowing assessee’s export commission payments on account of non-deduction of TDS thereby invoking sec. 40(a)(i) - Since there is no tax liability in India on such income, there is not TDS liability u/s 195

  • LTCG - The assessee is not entitled to claim of deduction u/s 54B/ 54F as the assessee has failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income.

  • Penalty u/s 271D - Taking cash loans in violation of Section 269SS - To meet the financial requirements of repayment, for which the lenders were hard pressing, the assessee had to borrow money from unorganized finance sector in cash - No penalty.

  • Status of the assessee - Association of persons OR firm - ITAT affirmed the status of the assessee as AOP - The registration as a firm, inclusive of all the entities carrying on business in common, being not established by the assessee.

  • When the assessee invests money in a property with an intention to hold it or enjoys the property and sells it for profit thereafter, then it is a case of capital appreciation and the profit derived there from is taxable under the head ‘capital gains’

  • Reopening of assessment is not to review the assessment order passed under Section 143(3). Therefore, no reopening is permissible on mere change of opinion.

  • Customs

  • Valuation of imported goods - Cold Rolled Grain Oriented Electrical Steel Sheet - the provisions of Section 17(5) have not been complied with by the department and thus, the declared value cannot be enhanced arbitrarily

  • Valuation - determination of assessable value of export goods - The export goods namely, Iron Ore Fines, be assessed to duty, adopting the criteria of ‘Dry Weight’

  • IBC

  • INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION PROCESS) (AMENDMENT) REGULATIONS, 2019

  • Corporate insolvency resolution process - period of limitation for filing an application - This claim was made initially in the year 2014 but was rejected - Therefore, the present application cannot be stated to be barred by limitation and on the other hand we find there is continuous cause of action.

  • PMLA

  • Offence under PMLA - provisional attachment order - The present case is a classic example as to how the public money has been swindled by these groups and individuals.

  • Service Tax

  • Any activity undertaken between DTA and EOU units cannot be considered as services rendered to any outsider, in fact it would amount to self service.

  • Failure to discharge service tax - amount collected but not paid to the Government - The appellant had continuously failed to discharge the Service Tax even though they had collected the Service Tax amount from their customers - extended period of limitation is applicable and penalty confirmed

  • CENVAT Credit - Merely because the branch offices were not registered, hence, Cenvat credit availed on input services used for providing output services cannot be denied to the appellant when the centralized billing and accounting system was undertaken.

  • Central Excise

  • CENVAT Credit - input - Linear Alkyl Benzene (LAB) - unless and until the Department was able to prove that in the final product the LAB was not used/utilized at all, the Department was not justified in holding that the assessee wrongly availed the Cenvat Credit on LAB.

  • Classification of the goods - Branded Chewing Tobacco - the classification determined by both the sides are on assumptions and presumptions. -the benefit of doubt goes in favor of the appellant - To be classified as BCT under heading 24039910 of CETA

  • The provisions of the statute does not offer room for any ambiguity that restoration of credit in the CENVAT credit account must be compensated with interest even if such restoration is ordered beyond three months from the date of claim for such restoration.

  • Excisability/marketability - Revenue could not establish through evidences that the structures which came into existence at the site of thermal power station, are movable in nature or could be dismantled and hence marketable - Demand set aside.


Case Laws:

  • Income Tax

  • 2019 (1) TMI 891
  • 2019 (1) TMI 890
  • 2019 (1) TMI 889
  • 2019 (1) TMI 888
  • 2019 (1) TMI 887
  • 2019 (1) TMI 886
  • 2019 (1) TMI 885
  • 2019 (1) TMI 884
  • 2019 (1) TMI 883
  • 2019 (1) TMI 882
  • 2019 (1) TMI 881
  • 2019 (1) TMI 880
  • 2019 (1) TMI 879
  • 2019 (1) TMI 878
  • 2019 (1) TMI 877
  • 2019 (1) TMI 876
  • 2019 (1) TMI 875
  • 2019 (1) TMI 874
  • 2019 (1) TMI 868
  • 2019 (1) TMI 867
  • 2019 (1) TMI 866
  • 2019 (1) TMI 865
  • 2019 (1) TMI 864
  • 2019 (1) TMI 863
  • 2019 (1) TMI 862
  • 2019 (1) TMI 861
  • 2019 (1) TMI 860
  • 2019 (1) TMI 859
  • 2019 (1) TMI 858
  • 2019 (1) TMI 857
  • 2019 (1) TMI 856
  • 2019 (1) TMI 855
  • 2019 (1) TMI 854
  • 2019 (1) TMI 853
  • 2019 (1) TMI 852
  • 2019 (1) TMI 851
  • 2019 (1) TMI 850
  • 2019 (1) TMI 849
  • 2019 (1) TMI 848
  • 2019 (1) TMI 847
  • 2019 (1) TMI 846
  • 2019 (1) TMI 845
  • 2019 (1) TMI 844
  • Customs

  • 2019 (1) TMI 838
  • 2019 (1) TMI 837
  • 2019 (1) TMI 836
  • 2019 (1) TMI 835
  • 2019 (1) TMI 834
  • 2019 (1) TMI 833
  • Corporate Laws

  • 2019 (1) TMI 873
  • 2019 (1) TMI 871
  • 2019 (1) TMI 870
  • 2019 (1) TMI 869
  • Insolvency & Bankruptcy

  • 2019 (1) TMI 843
  • 2019 (1) TMI 842
  • 2019 (1) TMI 841
  • 2019 (1) TMI 840
  • 2019 (1) TMI 839
  • PMLA

  • 2019 (1) TMI 832
  • 2019 (1) TMI 831
  • 2019 (1) TMI 830
  • Service Tax

  • 2019 (1) TMI 826
  • 2019 (1) TMI 825
  • 2019 (1) TMI 824
  • 2019 (1) TMI 823
  • Central Excise

  • 2019 (1) TMI 822
  • 2019 (1) TMI 821
  • 2019 (1) TMI 820
  • 2019 (1) TMI 819
  • 2019 (1) TMI 818
  • 2019 (1) TMI 817
  • 2019 (1) TMI 816
  • 2019 (1) TMI 815
  • 2019 (1) TMI 814
  • CST, VAT & Sales Tax

  • 2019 (1) TMI 813
  • 2019 (1) TMI 812
  • 2019 (1) TMI 811
  • Wealth tax

  • 2019 (1) TMI 810
  • Indian Laws

  • 2019 (1) TMI 872
  • 2019 (1) TMI 829
  • 2019 (1) TMI 828
  • 2019 (1) TMI 827
 

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