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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2017 December Day 13 - Wednesday

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TMI Tax Updates - e-Newsletter
December 13, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Scope of section 80A(5) - Revised return was not permissible and revised return of revised return is not thought of by the legislature. Thus, u/s 139(5) once return is filed after the period of limitation which is prescribed under the Act, the position of the assessee is very clear that he cannot do it. It is only for the department to take the call whether to accept or not. - HC

  • Addition on unexplained paintings - painting are stated to be received by the assessee as gift on various occasions from the artist - since the same have duly been accounted for in the books of accounts of the assessee and forms part of stock-in-trade, the addition thereof is not justified. - AT

  • Gain from relinquishment of booking rights in the project - LTCG OR STCG - holding period of the asset - to be reckoned from the date of MOU or offer letter - ITAT found the transaction as short term in nature and to be taxed accordingly.

  • It is amply clear that the assessee has obtained bogus purchase bills. Mere preparation of documents for purchases cannot controvert overwhelming evidence that the provider of these bills is bogus and non-existent. - AT

  • Disallowance of interest expenditure payable to Micro, Small & Medium Enterprises - Once the payment of interest on delayed payment to MSME is regarded as a penal in nature then the said expenditure is otherwise not allowable under Section 37. - AT

  • Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property - AT

  • Service Tax

  • Services with reference to public offer of Foreign Currency Convertible Bonds (FCCB) and Global Depository Receipts (GDR) - appellants cannot be fastened with any service tax liability for the reason that they have neither engaged the service provider nor the service tax liability arising on such arrangement can be held as inherited or transferred liability of the appellant - AT

  • Liability of service tax - supply of RMC and carrying out auxiliary and incidental activities of boring, pumping and laying of concrete cannot be considered for tax liability under construction service - AT

  • Central Excise

  • Valuation - depot sale - Duty already stands paid on the highest transaction value determinable for all depots as on the date of clearance from factory. This satisfies the mandate of Sec 4(1) (b) read with Rule 7 - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (12) TMI 590
  • 2017 (12) TMI 589
  • 2017 (12) TMI 588
  • 2017 (12) TMI 587
  • 2017 (12) TMI 586
  • 2017 (12) TMI 585
  • 2017 (12) TMI 584
  • 2017 (12) TMI 583
  • 2017 (12) TMI 582
  • 2017 (12) TMI 581
  • 2017 (12) TMI 580
  • 2017 (12) TMI 579
  • 2017 (12) TMI 578
  • 2017 (12) TMI 577
  • 2017 (12) TMI 576
  • 2017 (12) TMI 575
  • 2017 (12) TMI 574
  • 2017 (12) TMI 573
  • 2017 (12) TMI 572
  • 2017 (12) TMI 571
  • 2017 (12) TMI 570
  • 2017 (12) TMI 569
  • 2017 (12) TMI 568
  • 2017 (12) TMI 567
  • 2017 (12) TMI 566
  • 2017 (12) TMI 565
  • 2017 (12) TMI 536
  • Customs

  • 2017 (12) TMI 564
  • 2017 (12) TMI 563
  • Corporate Laws

  • 2017 (12) TMI 561
  • Insolvency & Bankruptcy

  • 2017 (12) TMI 562
  • 2017 (12) TMI 560
  • Service Tax

  • 2017 (12) TMI 555
  • 2017 (12) TMI 554
  • 2017 (12) TMI 553
  • 2017 (12) TMI 552
  • Central Excise

  • 2017 (12) TMI 551
  • 2017 (12) TMI 550
  • 2017 (12) TMI 549
  • 2017 (12) TMI 548
  • 2017 (12) TMI 547
  • 2017 (12) TMI 546
  • 2017 (12) TMI 545
  • 2017 (12) TMI 544
  • 2017 (12) TMI 543
  • 2017 (12) TMI 542
  • 2017 (12) TMI 541
  • 2017 (12) TMI 540
  • 2017 (12) TMI 539
  • 2017 (12) TMI 538
  • CST, VAT & Sales Tax

  • 2017 (12) TMI 537
  • Indian Laws

  • 2017 (12) TMI 559
  • 2017 (12) TMI 558
  • 2017 (12) TMI 557
  • 2017 (12) TMI 556
 

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