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Home e-Newsletters Index Year 2018 November Day 13 - Tuesday

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TMI Tax Updates - e-Newsletter
November 13, 2018

Case Laws in this Newsletter:

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



Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    Income Tax

  • Addition u/s 68 - cash credits - What was found peculiar, which fact remains unexplained, as to why and how should be their transactions, in cash, only in a particular month of the only two years. Such transactions are of huge amount - Additions confirmed.

  • Deduction u/s 54 - LTCG - as the possession of the new residential property was delivered to the assessee within a period of one year prior to the transfer of the property under consideration, thus the purchase of the same could safely be held to have been substantially effected on the said date.

  • Charitable activities - exemption u/s 11 - merely earning the surplus does not result in to the conclusion, that assessee is carrying on its activities, which can be termed as business, trade, or commerce.

  • Purchase of material in the grey market - the addition, which could be made, was to account for profit element embedded in these purchase transactions to factorize for profit earned by assessee against possible purchase of material in the grey market and undue benefit of VAT against such bogus purchases - Additions by the CIT(A) confirmed.

  • Customs

  • Time limitation of filing SCN - More than five years prior to issuance of show cause notice, even the representative samples had also been drawn and the test reports from the laboratory were received, but still the department thought it appropriate to sleep over the matter for five years.

  • Penalty on CHA - There was a serious lapse on part of the CHA in verifying the KYC before taking up the Custom clearance of consignment of rough diamond - levy of penalty confirmed.

  • Valuation of imported goods - hydraulic pump - adjudicating authority has adopted value which coincides with the price declared in the imports effected by the group concern subsequent to the import of the impugned goods - there are no reasons to discard the enhanced value.

  • Service Tax

  • Extended period of limitation - When any service provider fails to comply with the provisions of the Finance Act, which make him liable to pay the service tax, the only conclusion drawn is that the same act is with an intent to evade duty - the Department was entitled to invoke the proviso of Section 73 of the Act

  • Central Excise

  • Principles of Natural Justice - A person may be represented before an adjudicating authority on a particular issue but the adjudicating authority may render a decision on a completely different issue. The mere presence or representation in such an event does not cure the breach.

  • CENVAT Credit - The definition of inputs that the goods brought within the factory used for any purpose would be eligible for Credit. Thus, the definition of inputs has a wide ambit so as to cover all goods which have been brought into the factory - credit allowed.

  • CENVAT credit - levy of penalty - it was only with the insertion of Explanation III in rule 6(3) of CENVAT Credit Rules, 2004 that the ineligibility became unambiguously clear - penalty not warranted.

  • Clandestine removal - penalty - The unquestioned documentary evidence would suffice to establish the clandestine removal and the handling of such goods by M/s Royal Synthetics - Levy of penalty confirmed.

  • CENVAT Credit - input service distribution - before amendment in rule 7, there was nothing in the statute requiring pro rata distribution.


Case Laws:

  • GST

  • 2018 (11) TMI 518
  • 2018 (11) TMI 517
  • Income Tax

  • 2018 (11) TMI 515
  • 2018 (11) TMI 514
  • 2018 (11) TMI 513
  • 2018 (11) TMI 512
  • 2018 (11) TMI 511
  • 2018 (11) TMI 510
  • 2018 (11) TMI 509
  • 2018 (11) TMI 508
  • 2018 (11) TMI 507
  • 2018 (11) TMI 506
  • 2018 (11) TMI 505
  • 2018 (11) TMI 504
  • 2018 (11) TMI 503
  • Customs

  • 2018 (11) TMI 502
  • 2018 (11) TMI 501
  • 2018 (11) TMI 500
  • Service Tax

  • 2018 (11) TMI 496
  • 2018 (11) TMI 495
  • Central Excise

  • 2018 (11) TMI 494
  • 2018 (11) TMI 493
  • 2018 (11) TMI 492
  • 2018 (11) TMI 491
  • 2018 (11) TMI 490
  • 2018 (11) TMI 489
  • 2018 (11) TMI 488
  • CST, VAT & Sales Tax

  • 2018 (11) TMI 516
  • Indian Laws

  • 2018 (11) TMI 499
  • 2018 (11) TMI 498
  • 2018 (11) TMI 497
 

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