Updates: Income Tax, GST & Company Law (15th January 2018)

Updates: Income Tax, GST & Company Law (15th January 2018)

Income Tax

1. ‘Cochin International Airport’ eligible for sec. 80-IA relief as it is maintaining an infrastructure facility(An airport is an infrastructure facility as contemplated in sub-section (2) of section 80-IA)- [2018] 89 taxmann.com 142 (Kerala) HIGH COURT OF KERALA, Cochin International Airport Ltd. v. Deputy Commissioner of Income-tax, Circle-1(1) Ernakulam, ANTONY DOMINIC AND DAMA SESHADRI NAIDU, JJ., IT APPEAL NOS. 163,169 AND 176 OF 2012, AUGUST  7, 2017 ]

2. HC granted waiver of sec. 234A interest as there was bona fide dispute to tax income in assessee's hands (Where there was bona fide dispute which directly related to assessability of assessee to tax and due to same assessee did not file its return, assessee was entitled to waiver of interest under section 234A [2018] 89 taxmann.com 42 (Madras), HIGH COURT OF MADRAS, R. Mani v. Chief Commissioner of Income-tax, Tiruchirappalli, T.S. SIVAGNANAM, J., W.P. NO. 21477 OF 2004, DECEMBER  4, 2017 )

3. Prosecutions proceedings in case of tax evaders increased by 184% during FY 2017-18: CBDT (The Income-tax dept. has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders during the financial year 2017-18. It has filed prosecution complaints for various offences in 2225 cases compared to 784 for the corresponding period of preceding year making an increase of 184%).

4. Reassessment justified as assessee received share application money from entities providing bogus  entries (Where DIT informed that assessee-company had received  share application money from several entities which were only engaged in business of providing bogus accommodation entries to beneficiary concerns, reassessment on basis of said information was justified)[ [2018] 89 taxmann.com 45 (Rajasthan)]

5. CBDT comes down heavily on benami properties; attaches properties worth over Rs. 3500 crore (Refer press release on link https://incometaxindia1.blogspot.in/2018/01/income-tax-department-steps-up-actions.html)



Goods & Service Tax (GST)



1.  Construction of hostel for university not covered under definition of ‘Construction of complex services’ (GST/Service Tax: Construction of hostel by assessee for Gautam Budh University could not be considered as a residential unit and hence not covered within definition of 'construction of complex services')[2018] 89 taxmann.com 15 (New Delhi - CESTAT), CESTAT, NEW DELHI BENCH, Commissioner of Service Tax, New Delhi v. Gandharva Infrastructure & Projects Ltd. S. K. MOHANTY, JUDICIAL MEMBER AND V. PADMANABHAN, TECHNICAL MEMBER, FINAL ORDER NOS. 55040-55041 OF 2017  APPEAL NOS. ST/380/2012 & ST/56952/2013 - ST [DB], JULY  11, 2017]

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