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Home e-Newsletters Index Year 2016 April Day 19 - Tuesday

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TMI Tax Updates - e-Newsletter
April 19, 2016

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws FEMA Service Tax Central Excise CST, VAT & Sales Tax Wealth tax Indian Laws



TMI SMS


Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    Income Tax

  • Deemed Transfer u/s 2(47)(v) - LTCG - transfer of property through Joint Development Agreement (JDA) - if there is no performance or intention to act upon, the transaction will not become taxable - AT

  • Cash deposit into bank - No requirement under the law that assessee has to deposit the entire sale consideration into his bank account immediately. The assessee may retain some amount for his personal or business needs - No Addition u/s 69A - AT

  • Co-operative society carrying on banking business need not to deduct tax at source u/s 194A in respect of the interest paid to members on deposits - AT

  • Allowance of of bad debts - advances given by the assessee had become actually bad - deduction u/s 36(1)(vii) cannot be denied - HC

  • Amount paid towards penalty for breach of commercial contract by the assessee is not penal in nature, but compensatory in nature - deduction u/s 37(1) allowed - HC

  • Fees charged by way of admission fee, monthly subscription, admission and registration fee etc., are utilized only for the promotion of the aims and objects of the Society - Exemption u/s. 11 allowed - AT

  • Provisions for bad and doubtful debt should be restricted to the amount of such provision which are actually created in the books of account in the relevant year - AT

  • Deduction u/s.80P(2)(a)(i) - Assessee is entitled for deduction of interest income derived from investment of surplus funds with banks also.- AT

  • The assessee paid all the interest during the year, which was not payable on 31st March, 2007 no disallowance u/s 40(a)(ia) - AT

  • Default in submitting the auditor’s report mandatorily required to be furnished along with the return of income - deduction u/s 80IB(10) denied - AT

  • Capital gain - Year of chargeability in the case of Development Agreements is the year in which the contract was executed - AT

  • Sale proceeds realized over and above the cost of asset cannot be categorized as business income under commercial principles rather it represents capital receipt - AT

  • Bad debts claimed should be set off against the opening balance available in the “Provision for bad and doubtful debts” account created u/s. 36(1)(viia) and the balance shall be allowable as deduction u/s 36(1)(vii) supported by the Instruction No. 17 of 2008 dated 26.11.2008 issued by CBDT - AT

  • Customs

  • Legality/validity of Circular - classification of Filters referred to as 'Disposable Sterilized Dialyzer' and 'Microbarrier' for filtering blood - The said show cause notice is admittedly based on the impugned circular. If the circular is quashed, the show cause notice automatically goes - HC

  • Revocation of licence and forfeiture of security deposit - Import of chemical - Only on test by a competent laboratory the actual nature of the chemical could be found when the appellant obtained all the documents and filed the bill of entry based on the documents submitted by the importer - Licence cannot be revoked - AT

  • FEMA

  • Both the company and its principal shareholders had an interest in the grant of the licence or revocation of it, by the Reserve Bank of India. - HC

  • Indian Laws

  • In the matters involving commercial dispute, rule of alternative remedy is adhered to and applied steadfast - HC

  • Wealth-tax

  • The lands being agricultural lands have been excluded from the wealth tax - AT

  • Service Tax

  • Business auxiliary service - Pasteurizing of milk, converting some of it into butter milk/curd and then packing these products including milk in plastic pouches clearly amount to manufacture, hence not liable for service tax - AT

  • Central Excise

  • Rule 3(1) of the Cenvat Credit Rule allows credit of duty “paid” by the input manufacturer and not the duty payable by the said manufacturer - AT

  • Mineral oil sludge is not classifiable under Schedule to the Central Excise Tariff Act, 1985 - AT

  • Saddles (used in the railway wagons for carrying HR coils) are excisable goods and accordingly chargeable to duty - AT

  • VAT

  • Period of limitation - as per the principles of doctrine of merger, the limitation period should not operate as a bar to the revisional authority in exercise of the power - HC


Case Laws:

  • Income Tax

  • 2016 (4) TMI 653
  • 2016 (4) TMI 652
  • 2016 (4) TMI 651
  • 2016 (4) TMI 650
  • 2016 (4) TMI 649
  • 2016 (4) TMI 648
  • 2016 (4) TMI 647
  • 2016 (4) TMI 646
  • 2016 (4) TMI 645
  • 2016 (4) TMI 644
  • 2016 (4) TMI 643
  • 2016 (4) TMI 642
  • 2016 (4) TMI 641
  • 2016 (4) TMI 640
  • 2016 (4) TMI 639
  • 2016 (4) TMI 638
  • 2016 (4) TMI 637
  • 2016 (4) TMI 636
  • 2016 (4) TMI 635
  • 2016 (4) TMI 634
  • 2016 (4) TMI 633
  • 2016 (4) TMI 632
  • 2016 (4) TMI 631
  • 2016 (4) TMI 630
  • 2016 (3) TMI 1071
  • Customs

  • 2016 (4) TMI 621
  • 2016 (4) TMI 620
  • Corporate Laws

  • 2016 (4) TMI 616
  • FEMA

  • 2016 (4) TMI 615
  • Service Tax

  • 2016 (4) TMI 628
  • 2016 (4) TMI 627
  • Central Excise

  • 2016 (4) TMI 626
  • 2016 (4) TMI 625
  • 2016 (4) TMI 624
  • 2016 (4) TMI 623
  • 2016 (4) TMI 622
  • CST, VAT & Sales Tax

  • 2016 (4) TMI 619
  • 2016 (4) TMI 618
  • 2016 (4) TMI 617
  • Wealth tax

  • 2016 (4) TMI 629
  • Indian Laws

  • 2016 (4) TMI 614
 

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