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Home e-Newsletters Index Year 2017 April Day 14 - Friday

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TMI Tax Updates - e-Newsletter
April 14, 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

  • Addition of sum paid to secure the possession of the flat - unexplained investment - since the broker had denied the receipt of payment and the Society had also denied the same, the AO could not have held that the assessee had paid a sum to Shri Chokhani for securing the possession of the flat though no paper evidencing the payment except a letter of the broker was seized - HC

  • Deduction u/s.80IC in respect to third party manufacturing done by the assessee - assessee is engaged in the manufacturing and selling of the products on its own account and is also manufacturing the products as per specification of third party by using its raw material, packing material etc. and is selling finished products to the third parties after charging VAT - Deduction allowed - AT

  • Unexplained purchase u/s 69C - addition of the peak of financial transaction - the entries were bereft of reality and are prepared only to escape any negative observations of the auditors and authorities - it will properly be taxed if the peak amount is taken as income of the assessee - AT

  • Once the assessee has claimed the standard deduction in relation to the leased property which includes furniture and fixtures, the assessee is not entitled to further depreciation on such leased asset. - AT

  • Addition u/s 14A - Once holding of investment was considered incidental to the business of banking to the assessee, Section 14A of the Act could not have been applied. - AT

  • Customs

  • Suppression and mis-declaration of value of goods - extended period of limitation - Leaving column of invoice value blank, failure to mention invoice number and declaration is also suppression. - AT

  • Refund claim without challenging the assessed bill of entry - whether the appellants are eligible to refund of cess paid against 48 assessed shipping bills during the period April 2005 to February 2006 for export of tobacco and tobacco products? - Held No - AT

  • Service Tax

  • Service Tax on Construction Services / Works Contract wherein the cost of Land is involved - Retrospective amendment - Service Tax

  • Failure to pay tax - financial difficulty - repeated failure - keeping in mind that financial difficulties of appellant have escalated to a point that they have had applied to BIFR for financial rehabilitation, there is a case for granting partial reduction of the penalty amount - AT

  • Since the appellant is an exporter of manganese ore, on which no duty and tax is payable, there was scope for entertaining the bona fide belief that no service tax is payable on the GTA service as a recipient of such service - No penalty - AT

  • CENVAT credit was rightly denied on Construction of cabin chair, etc., bill for miscellaneous work in MD quarters, bill for miscellaneous work in apartment and use of telephone - AT

  • Deploying highly skilled and trained personnel for taking care of periodical servicing or even putting those people throughout the year on such job in respect of servicing and maintenance of complex hydraulic and mechanical equipments will not make these services ‘Consulting Engineer’s service’, when they are actually in the category of ‘maintenance services’ - AT

  • Central Excise

  • CENVAT credit - calcined lime is generated unavoidably during the course of manufacture of lime - Rule 6(3) is not applicable in case of calcined lime which is by product in the present case - AT

  • Samples of medicine for testing - duty liability discharged by the appellant itself does not arise as there is no clearance of the finished goods from the factory premises - AT

  • Since the appellant had categorically informed the department regarding supply of goods under EPCG licence and filed the re-warehousing certificate, the allegation of suppression, fraud, etc. cannot be leveled against the appellant justifying the issuance of show cause notice by invoking the extended period of limitation - AT

  • VAT

  • A dealer entrusted with the task of carrying out drilling operations in the west-coast on the Arabian Sea, when subjected to service tax liability by the concerned authorities, cannot be said to have wrongfully deprived the State of its revenue under the A.P. VAT Act, 2005 - HC

  • Deemed sale - VAT - the equipment and technical personnel provided by the petitioner to the main contractor are on charter hire, where the complete control was retained by the petitioner. All responsibilities were placed only upon the petitioner by the main contractor himself - transfer of the right to use not taking place - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (4) TMI 573
  • 2017 (4) TMI 572
  • 2017 (4) TMI 571
  • 2017 (4) TMI 570
  • 2017 (4) TMI 569
  • 2017 (4) TMI 568
  • 2017 (4) TMI 567
  • 2017 (4) TMI 566
  • 2017 (4) TMI 565
  • Customs

  • 2017 (4) TMI 601
  • 2017 (4) TMI 583
  • 2017 (4) TMI 582
  • 2017 (4) TMI 581
  • 2017 (4) TMI 580
  • 2017 (4) TMI 579
  • Corporate Laws

  • 2017 (4) TMI 575
  • Insolvency & Bankruptcy

  • 2017 (4) TMI 576
  • Service Tax

  • 2017 (4) TMI 593
  • 2017 (4) TMI 592
  • 2017 (4) TMI 591
  • 2017 (4) TMI 590
  • 2017 (4) TMI 589
  • 2017 (4) TMI 588
  • 2017 (4) TMI 587
  • 2017 (4) TMI 586
  • 2017 (4) TMI 585
  • 2017 (4) TMI 584
  • Central Excise

  • 2017 (4) TMI 600
  • 2017 (4) TMI 599
  • 2017 (4) TMI 598
  • 2017 (4) TMI 597
  • 2017 (4) TMI 596
  • 2017 (4) TMI 595
  • 2017 (4) TMI 594
  • CST, VAT & Sales Tax

  • 2017 (4) TMI 578
  • 2017 (4) TMI 577
  • Indian Laws

  • 2017 (4) TMI 574
 

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