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Home e-Newsletters Index Year 2016 October Day 10 - Monday

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TMI Tax Updates - e-Newsletter
October 10, 2016

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Transaction of shares - nature of income - business income or capital gain - magnitude of transactions carried out by the assessee in our view should not be very material in coming to the conclusion that income in question is income from business. - AT

  • Validity of reopening of assessment - Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes - AT

  • Though the notice u/s 142 was not received by the assessee but he has participated in the proceedings. Therefore, the assessee has reasonable cause for noncompliance and as such the penalty u/s. 271(1)(b) cannot be levied - AT

  • Short deduction of TDS - TDS u/s 194C OR 194I - PSF and X-Ray charges - PSF charges paid by the assessee on behalf of its customer, did not attract the provisions of section 194-I. - AT

  • AO has not brought anything on record to substantiate that the expenditure on salary or facilities provided to the relatives of the trustees of the assessee society were excessive having regard to fair market value of the services provided by them. - AO wrongly invoked the provisions of Section 13(3) - Exemption u/s 11 cannot be denied - AT

  • The reassessment proceedings were completed against the assessee to explain the deposits, whereas AIR information was in respect of amount received from HSBC Bank - reassessment proceedings completed against the assessee are bad in law and invalid. - AT

  • Customs

  • Valuation - the case of enhancement of value are merely based on NIDB data, when such documents relating NIDB data were not even supplied to the appellants, thus not following principles of Natural Justice, value cannot be enhanced - AT

  • Imposition of penalties u/s 114(i) - export of glass chimneys after verification and inspection - seal of container found broken - illegal export of Red Sanders - negligence alone is not enough for imposition of penalty - AT

  • Service Tax

  • Intellectual Property Rights - whether the manufacturing/tie up based agreement entered into by the appellant-assessee with bottlers can be considered as agreement for payment of royalty by the bottlers to the appellant-assessee liable to service tax - Held No - AT

  • Refund claim - Unjust enrichment - Service recipient has reversed the cevnat credit subsequently after availing the same - copies of ledger produced - seen to have clearly established that there is no unjust enrichment - refund allowed - AT

  • Suo motu adjustment of excess payment of service tax made in October, 2008 with subsequent service liability - procedural violation - demand of service tax of the said amount is not sustainable - AT

  • Central Excise

  • Evasion of excise duty - mere fact that the personnel of the Excise was officially posted in the factory premises and that there is no allegation of omission ipso facto does not absolve the petitioner from a charge of evasion of duty - HC

  • Demand of differential duty - Valuation - The appellants sells 98% of his finished goods to outsiders/independent buyers, and only 2% of the finished goods manufactured are sold to the holding company - provisions of rule 9 are not invokable - AT


Articles


Notifications


Case Laws:

  • Income Tax

  • 2016 (10) TMI 328
  • 2016 (10) TMI 327
  • 2016 (10) TMI 326
  • 2016 (10) TMI 325
  • 2016 (10) TMI 324
  • 2016 (10) TMI 323
  • 2016 (10) TMI 322
  • 2016 (10) TMI 321
  • 2016 (10) TMI 320
  • 2016 (10) TMI 319
  • 2016 (10) TMI 318
  • 2016 (10) TMI 317
  • 2016 (10) TMI 316
  • 2016 (10) TMI 315
  • 2016 (10) TMI 314
  • 2016 (10) TMI 313
  • 2016 (10) TMI 312
  • 2016 (10) TMI 311
  • 2016 (10) TMI 310
  • Customs

  • 2016 (10) TMI 297
  • 2016 (10) TMI 296
  • 2016 (10) TMI 295
  • 2016 (10) TMI 294
  • 2016 (10) TMI 293
  • 2016 (10) TMI 292
  • 2016 (10) TMI 291
  • Corporate Laws

  • 2016 (10) TMI 285
  • 2016 (10) TMI 284
  • Service Tax

  • 2016 (10) TMI 309
  • 2016 (10) TMI 308
  • 2016 (10) TMI 307
  • Central Excise

  • 2016 (10) TMI 306
  • 2016 (10) TMI 305
  • 2016 (10) TMI 304
  • 2016 (10) TMI 303
  • 2016 (10) TMI 302
  • 2016 (10) TMI 301
  • 2016 (10) TMI 300
  • 2016 (10) TMI 299
  • 2016 (10) TMI 298
  • CST, VAT & Sales Tax

  • 2016 (10) TMI 290
  • 2016 (10) TMI 289
  • 2016 (10) TMI 288
  • 2016 (10) TMI 287
  • 2016 (10) TMI 286
 

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