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Home e-Newsletters Index Year 2015 January Day 16 - Friday

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TMI Tax Updates - e-Newsletter
January 16, 2015

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax



TMI SMS


Highlights / Catch Notes

    Income Tax

  • No refund will be issued and the processing of a return cannot be undertaken after notice has been issued u/s 143(2) for scrutiny - CBDT

  • Reopening of assessment u/s 147 r.w 148 – till the time available to the assessee for filing return u/s 139(4) has not expired, it cannot be said that any income has escaped assessment - AT

  • Liability to deduct tax at source as required u/s. 194A - Tribunal was not right in holding that appellants-assessees were liable to deduct tax at source as required under under Section 194A of the Act, in spite of the order of the Special Court. - HC

  • Treatment of dividend stripping transactions as sham or bogus - Section 94(7) - until change by registration is effected in the books of the company, the transferor continues to be the holder of the shares. - HC

  • Carry forward unabsorbed depreciation in respect of Bogus and Non-existent assets - unless the earlier orders of assessment are rectified, the unabsorbed depreciation will continue to stand at the figure determined in the respective assessment orders. - HC

  • Grant of depreciation - written value of block of assets as per books of account of the assets taken over from the demerged company v/s written down value as per the provisions of Income Tax Act of the transferred assets of the demerged company - contentions of the assessee rejected - AT

  • Transfer pricing adjustment - Turnover is an important filter which has to be adopted for determination of the ALP. The FAR analysis would not alter the turnover of the company. - turnover being higher than ₹ 200 to be excluded - AT

  • TDS u/s 195(1) - usance charges are not interest u/s 2(28A) except where an undertaking is engaged in the business of ship breaking in view of explanation (2) to Sec. 10(15)(iv)(c) - Revenue appeal allowed - AT

  • Transfer pricing adjustment - the transaction of providing loans to subsidiary whether a direct loan or providing credit for initial expenditure, which is stated to be reimbursable, do call for adjustment. - AT

  • Service Tax

  • Cenvat Credit - input services - services of empty containers sent back to the yard - credit allowed - AT

  • Evasion of service tax - huge amounts shown in exempted service column of ST-3 return - prima facie extended period of limitation is not applicable - AT

  • Central Excise

  • 100% CENVAT Credit availed on capital goods in the same year - removal as such or not - capital goods which were put to use and when cleared from the factory, would be eligible to the balance 50% of CENVAT credit in the same year - AT

  • Excisability of diesel generating sets - D.G. Sets are huge and are installed in a separate building, spread over large area. The same are not portable D.G. sets which can come to market for being bought and sold - demand set aside - AT

  • Imposition of penalty u/s 11AC - Bogus invoices - invoices were allegedly issued without ever supplying any goods - appellants contention that they are not liable to penalty under Rule 25 ibid is untenable - AT

  • Penalty u/s 11AC - Non-payment of duty on the price escalation amount received - S A part of excise duty was paid only when it was pointed out by the DGAE - penalty to be levied - HC

  • VAT

  • Detention of goods - Serial Number and TIN not printed on products - writ petition is disposed of directing the respondent to release the goods upon payment of the tax amount - HC

  • ITC availed by the petitioner could not have been proposed to be reversed or reversed on the grounds stated by the respondent, i.e., the selling dealer has not filed returns or not paid taxes or they were unregistered dealers or their registrations were retrospectively cancelled - HC


Articles


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2015 (1) TMI 572
  • 2015 (1) TMI 571
  • 2015 (1) TMI 570
  • 2015 (1) TMI 569
  • 2015 (1) TMI 568
  • 2015 (1) TMI 567
  • 2015 (1) TMI 566
  • 2015 (1) TMI 565
  • 2015 (1) TMI 564
  • 2015 (1) TMI 563
  • 2015 (1) TMI 562
  • 2015 (1) TMI 561
  • 2015 (1) TMI 560
  • 2015 (1) TMI 559
  • 2015 (1) TMI 558
  • 2015 (1) TMI 557
  • 2015 (1) TMI 556
  • 2015 (1) TMI 555
  • 2015 (1) TMI 554
  • 2015 (1) TMI 553
  • 2015 (1) TMI 552
  • 2015 (1) TMI 551
  • Customs

  • 2015 (1) TMI 577
  • 2015 (1) TMI 576
  • 2015 (1) TMI 575
  • 2015 (1) TMI 574
  • 2015 (1) TMI 573
  • Service Tax

  • 2015 (1) TMI 597
  • 2015 (1) TMI 596
  • 2015 (1) TMI 595
  • 2015 (1) TMI 594
  • 2015 (1) TMI 593
  • Central Excise

  • 2015 (1) TMI 589
  • 2015 (1) TMI 588
  • 2015 (1) TMI 587
  • 2015 (1) TMI 586
  • 2015 (1) TMI 585
  • 2015 (1) TMI 584
  • 2015 (1) TMI 583
  • 2015 (1) TMI 582
  • 2015 (1) TMI 581
  • 2015 (1) TMI 580
  • 2015 (1) TMI 579
  • 2015 (1) TMI 578
  • CST, VAT & Sales Tax

  • 2015 (1) TMI 592
  • 2015 (1) TMI 591
  • 2015 (1) TMI 590
 

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