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Home e-Newsletters Index Year 2014 October Day 16 - Thursday

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TMI Tax Updates - e-Newsletter
October 16, 2014

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Whether the expenses incurred on advertisement and publicity incurred wholly for the benefit of the assessee or it benefited the principal who was an associated enterprise - deduction allowed - HC

  • Expenses on prototype development expenses u/s 36(1)(iv) - Revenue or Capital expenses - The test of enduring benefit is not a certain or conclusive test and it cannot be applied blindly and mechanically - HC

  • Provision for liquidity damages disallowed - The liability crystallized with the occurrence of event of delay in the execution of contract - deduction of claim allowed as accrued - AT

  • 100% EOU - None of the Government authority has disputed that the assessee has not started commercial production on that date - the assessee is entitled for exemption u/s 10B in respect of all the three 100% Export Oriented Units - AT

  • On the basis of the material which was available at the time of the assessment, re-opening of the assessment, will not be permissible as the reasons cannot be regarded to be a bona fide one and it will tantamount to be change of opinion - AT

  • Exemption u/s 10A – t only the assessee knows whether it was expansion or a new undertaking and having led the department to accept that it is an expansion it cannot now be allowed to insist that it should now be treated as a fresh undertaking having been set up 7 or 10 years ago as this would be a travesty of justice. - AT

  • Arm's Length Price adjustment on international transaction – selection of comparable - if abnormal loss making companies are excluded abnormal profit making companies are also to be excluded - AT

  • Deduction u/s 80P – it cannot be said that the Assessee society was not carrying on banking business as it was accepting deposits from the persons who have no voting right - assessee is not entitled for deduction u/s. 80P of the Act on any reasoning - AT

  • Customs

  • 100% EOU - there is no allegation that the raw material which is procured without payment of duty is diverted or not used within the 100% EOU as the research and development facility is within the 100% EOU - no demand - AT

  • Corporate Law

  • Priority of Crown debts - whether the lien under Rule 43 is a statutory lien or is a lien arising out of agreement does not make much of a difference as the Stock Exchange, being a secured creditor, would have priority over Government dues - SC

  • Service Tax

  • Delay in filing of returns - Imposition of penalty - April 2008 to March 2011 - in respect of six returns, the maximum penalty that could have been imposed was only ₹ 12,000/- and not more than that amount - prima facie case is in favor of assessee - AT

  • Works contract service - According to the dictionary meaning, ‘in respect’ and ‘in relation to’ are the same. - it has to be considered as a part of the airport and the activity has to be taken as the one in relation to airport - stay granted - AT

  • Sub-contractors are also liable to pay service tax, notwithstanding the fact that the main contractor might have discharged the service tax liability. - prima facie case is against the assessee - AT

  • Central Excise

  • Denial of refund claim - short supply of goods - whatever amount they have received less from the buyer, they are entitled to take refund of the duty component involved in the deducted amount. - AT

  • Levy of duty on quality control samples - preserved samples - control samples retained in factory is not liable to duty if proper account is maintained. - AT

  • Classification of goods - prima facie after amendment to 48 by Chapter Note 14, the ATM Rolls would merit classification under Chapter 48 and prior to amendment the product was classifiable under Chapter Heading 49. - AT

  • Cenvat credit - Receipt of rejected goods - prescribed records - it is not the case of the department that the records maintained are not sufficient but it is their case that the procedure prescribed in the trade notice has not been followed - prima facie case of revenue is wrong - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2014 (10) TMI 388
  • 2014 (10) TMI 365
  • 2014 (10) TMI 364
  • 2014 (10) TMI 363
  • 2014 (10) TMI 362
  • 2014 (10) TMI 361
  • 2014 (10) TMI 360
  • 2014 (10) TMI 359
  • 2014 (10) TMI 358
  • 2014 (10) TMI 357
  • 2014 (10) TMI 356
  • 2014 (10) TMI 355
  • 2014 (10) TMI 354
  • 2014 (10) TMI 353
  • 2014 (10) TMI 352
  • 2014 (10) TMI 351
  • 2014 (10) TMI 350
  • Customs

  • 2014 (10) TMI 371
  • 2014 (10) TMI 370
  • Corporate Laws

  • 2014 (10) TMI 368
  • FEMA

  • 2014 (10) TMI 367
  • Service Tax

  • 2014 (10) TMI 387
  • 2014 (10) TMI 386
  • 2014 (10) TMI 385
  • 2014 (10) TMI 384
  • 2014 (10) TMI 383
  • 2014 (10) TMI 382
  • 2014 (10) TMI 381
  • 2014 (10) TMI 380
  • Central Excise

  • 2014 (10) TMI 378
  • 2014 (10) TMI 377
  • 2014 (10) TMI 376
  • 2014 (10) TMI 375
  • 2014 (10) TMI 374
  • 2014 (10) TMI 373
  • 2014 (10) TMI 372
  • 2014 (10) TMI 369
  • CST, VAT & Sales Tax

  • 2014 (10) TMI 379
  • Indian Laws

  • 2014 (10) TMI 366
 

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