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Updates Of The Day..

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Updates Of the Day

1.Transshipment of goods without charging duty: The fact that the goods cleared under transshipment permit are required for the intended purpose is clear from the facts that the essentiality certificate has been issued. Whether it is issued under Notification No. 17/2001 or 21/2002 is immaterial, benefit of notification cannot be denied – Tribunal. [M/s Frontier Aban Drilling (India) Ltd. vs Commissioner of Customs, Mumbai - 2016 (2) TMI 358 - CESTAT MUMBAI]
2.Import of medical equipment: As per the technical definition "Gastro Intestinal Video Endoscope", it is nothing but Gastroscope using video technology. The present equipment is based on wireless capsule and which covers not only throat but also entire gastro intestinal tract. Benefit of exemption allowed. – Tribunal. [Commissioner of Customs (Airport) Chennai vs Vishal Surgical Equipment Co. (P) Ltd. - 2016 (2) TMI 356 - CESTAT CHENNAI]
3.Admissibility of credit of service tax paid on input service used in the manufacture of exempted as well as dutiable goods, as the credit has been reversed before utilization, the demand of interest is unsustainable. – Tribunal. [M/s. Grasim Bhiwani Textiles Ltd. vs CCE, Rohtak - 2016 (2) TMI 361 - CESTAT NEW DELHI]
4.Disallowance u/s 14A : no separate books of account are maintained for taxable income and exempt income, some expenditure on account of administrative expenses has to be disallowed on reasonable estimate basis – Tribunal.[M/s. Coated Fabrics Pvt. Ltd. vs ACIT,Circle-1 (1) , Pune - 2016 (2) TMI 373 - ITAT PUNE]
5.Procedure, Formats and Standards for ensuring secured transmission of electronic communication including scrutiny assessment u/s 143(3) - Circular - Dated 3-2-2016
6.Deemed dividend under sec. 2(22)(e) : Initially, the assessee has chosen to declare the deemed dividend in his hand, later come with different explanation at different levels , the additional income offered should be telescoped against the deemed addition made under sec. 2(22)(e) - Tribunal.[M. Amareswara Rao, Hyderabad vs DCIT, Central Circle, Vijayawada - 2016 (2) TMI 379 - ITAT VISAKHAPATNAM]
7.Exemption u/s 11& 12 : Merely because an institution, which otherwise is established for a charitable purpose, receives income that would not make it any less a charitable institution, denial of exemption should only be to the extent of income which was violative of section 13(1) (d) and not the total denial of exemption u/s. 11 - Tribunal.[Institute of Haematology vs ADIT (E) , Trust Circle-II, New Delhi - 2016 (2) TMI 380 - ITAT DELHI]

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