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 2019 October Day 11 - Friday

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

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
October 11, 2019

Case Laws in this Newsletter:

GST Income Tax Customs Insolvency & Bankruptcy Service Tax Central Excise



TMI SMS


Highlights / Catch Notes

    GST

  • Refund of input tax credit (ITC) - Export - since the Petitioner is held to be entitled for refund of ITC and as such no prejudice will be caused to them, if they would first pay GST on the services provided to DFSs by MIAL and take ITC of the entire tax amount, and thereafter claim refund of the same by following the procedure contained in Rule-89.

  • Levy of GST - Place and time of supply - IGST - validity of SCN - sale of duty free goods from the duty free shops (DFS) - The customs duty and IGST is leviable only on removal of warehoused goods from the customs area, which happens when the arriving passengers leave the custom area. Since, the goods sold by DFS to arriving passengers do not leave the customs area, DFS is neither liable to pay customs duty, nor IGST.

  • Income Tax

  • Addition u/s 68/69A - As per the scheme of presumptive taxation provided u/s 44AF the estimated business income from aggregate cash deposits / turnover works by applying 5% thereon. The estimated income from the cash deposits in the bank is thus requires to be restricted to the aforesaid amount.

  • Long term capital - "transfer" within the meaning of Sec. 2 (47) - implementation of JDA - Decision in the case of ITAT [2018 (10) TMI 1345 - ITAT BANGALORE] followed, and the decision of HC [2012 (6) TMI 405 - KARNATAKA HIGH COURT] distinguished.

  • Disallowance of Salary paid to the partner - increase in the salary - Support by the terms of partnership deed - claim of the assessee that in the subsequent years the increased salary had been accepted was not rebutted - Claim allowed.

  • Capital gain computation - Addition u/s 50C - Increase in Circle Rate between the date of agreement and actual date of registration - AO is directed to adopt full value consideration as DLC rate on the date of agreement and if sale consideration shown in the sale deed is more than DLC Rate of the property then no addition u/s 50C.

  • Customs

  • Demand pending appeal - Seizure of vessel - FC Maria Laura - evasion of customs duty - it will not be appropriate to require Fomento to maintain the bank guarantee as a precondition for Customs not initiating coercive proceedings to enforce demand.

  • Valuation of imported goods - inclusion of the “ship demurrage charges” incurred by the appellant in the assessable value - Since the HC has declared proviso to Rule 10(2) of the Valuation Rules to be ultra virus, demand set aside.

  • Valuation of imported goods - Brass Valve & Zinc Valves - the adjudicating authority has not recorded a single sentence of finding on contemporaneous import detail given by the appellant and thus the rejection of value was not supported.

  • Imposition of penalty u/s 112(a) of CA on Customs Broker / CB - various irregularities committed by the main importers - there should be a clear evidence to come to the conclusion that the appellants by their specific act or omission or any act abetted the illegal importation of offending goods.

  • Service Tax

  • GTA Services - The foodstuff is a clear, unambiguous word and there is nothing to indicate that the same would apply to transportation of the raw material etc. which have to be further converted into a final edible product - Benefit of exemption cannot be denied.

  • Business Auxiliary Service - amount collected from the customers under the new scheme called “Passport Bonus Card Scheme” on behalf of the manufacturer - When there is no inflow for the appellants, there may not be any allegation of such activity to come within the ambit of the definition of BAS

  • Central Excise

  • CENVAT Credit - input services - ‘ventilation stopping area and isolation stopping area’ cannot be called as civil structure, accordingly, CENVAT Credit availed by the Appellant on the input/input services cannot be denied.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2019 (10) TMI 360
  • 2019 (10) TMI 359
  • 2019 (10) TMI 358
  • 2019 (10) TMI 357
  • Income Tax

  • 2019 (10) TMI 356
  • 2019 (10) TMI 355
  • 2019 (10) TMI 354
  • 2019 (10) TMI 353
  • 2019 (10) TMI 352
  • 2019 (10) TMI 351
  • 2019 (10) TMI 350
  • 2019 (10) TMI 349
  • 2019 (10) TMI 348
  • 2019 (10) TMI 347
  • 2019 (10) TMI 346
  • 2019 (10) TMI 345
  • 2019 (10) TMI 344
  • 2019 (10) TMI 343
  • 2019 (10) TMI 342
  • 2019 (10) TMI 341
  • 2019 (10) TMI 340
  • 2019 (10) TMI 339
  • 2019 (10) TMI 317
  • 2019 (10) TMI 316
  • Customs

  • 2019 (10) TMI 338
  • 2019 (10) TMI 337
  • 2019 (10) TMI 336
  • 2019 (10) TMI 335
  • 2019 (10) TMI 334
  • 2019 (10) TMI 333
  • Insolvency & Bankruptcy

  • 2019 (10) TMI 332
  • 2019 (10) TMI 331
  • Service Tax

  • 2019 (10) TMI 330
  • 2019 (10) TMI 329
  • 2019 (10) TMI 328
  • 2019 (10) TMI 327
  • 2019 (10) TMI 326
  • 2019 (10) TMI 325
  • 2019 (10) TMI 324
  • 2019 (10) TMI 323
  • Central Excise

  • 2019 (10) TMI 322
  • 2019 (10) TMI 321
  • 2019 (10) TMI 320
  • 2019 (10) TMI 319
  • 2019 (10) TMI 318
 

Quick Updates:Latest Updates