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

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TMI Tax Updates - e-Newsletter
October 16, 2015

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Accrual of income - Taxability of enhanced award pronounced by the arbitrator - Merely because by virtue of an interim order, with or without conditions, some payment is made for the purpose of Income tax Act, it would not constitute income and therefore there is no liability to pay tax on the day such interim payment is received. - HC

  • Computation of interest under section 201(1A) - what is the connotation of ‘every month or part thereof’ appearing in Section 201(1A)- “A month as per the British calendar” and “a month reckoned (emphasis supplied by me) as per British calendar” are not the same thing and cannot be used interchangeably. - AT

  • MAT computation - the assessee's lease equalisation charges have to be added to its book profits under section 115JA - AT

  • Exemption u/s 11 - teaching courses conducted by the assessee do not result in conferment of any degree or diploma and remains unrecognised - all kinds of knowledge would not fall within the definition of "education", and therefore, cannot be treated as a charitable institution as provided in section 2(15) - AT

  • Addition on account of suppression of the value of stock - assessee company has been consistently following the accounting practice of valuing the rejected railways sleepers as nil and accounted for on realization basis and the department has accepted this method - No addition - AT

  • Deduction u/s 80IB(11A) - processing of paddy cannot be said to be covered by the activities given in Sec 80IB(11A) - maximum profit would accrue to the assessee from the activity of storage itself. - t the assessee should be granted deduction @ 70% of the total profits of the composite unit i.e; profits from the whole business except the profits of power plant. - AT

  • Customs

  • Classification of Goods – Goods under issue are nutritional powder which is a proprietary food - Correct classification of products imported by Appellant is 19019090 - AT

  • Declaration of goods - Imported goods are waste paper or not – Used craft paper - just because some of the paper contained in the damaged rolls was found to be of serviceable quality, the consignment cannot be treated as of prime quality kraft paper more so, when the Adjudicating Authority has accepted the declared transaction value of the goods - AT

  • Service Tax

  • No service tax will be levied on the service provided by an Indian Bank or other entity acting as an agent to the Money Transfer Service Operators (MTSO) in relation to remittance of foreign currency from outside India to India from 1.7.12 to 13.10.14 - Notification

  • Franchisee Service or not - activity of running a pre-preparatory/preparatory school. – No Service Tax is leviable as agreement does not fall in the category of franchise agreement as defined under Section 65(47) ibid prior to 16.6.2005 - AT

  • Central Excise

  • Process of printing of GI paper - The printing is not merely a value addition but has now been transformed from general wrapping paper to special wrapping paper - Process is in the nature of manufacturing activity - SC

  • Classification of Apple Tree Top, Mango Tree Top, Guava Tree Top and Orange Tree Top - there is no distinction between fruit juice and the fruit juice beverages - products in question manufactured by the appellant are “fruit preparation” within the meaning of Tariff Heading 20.01 - SC

  • Short payment of duty - whether an adjustment is possible against the short payment of duty vis-a-vis excess payment made by the assessee during the relevant period when the assessments were provisional and subsequently finalized - Held Yes - AT

  • CENVAT Credit - manufacture of capital goods in house - fabrication of immovable goods - use of goods falling under sub-heading 7208 and 7216 as inputs/capital goods - assessee is entitled to CENVAT credit availed on the items in question for fabrication of the capital goods in question, further utilised in the factory of production - AT

  • CENVAT Credit - whether the appellant is entitled to take Cenvat credit on repairs and maintenance services provided by the service provider on behalf of the appellant to the buyers during the period of warranty - Held Yes - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2015 (10) TMI 1061
  • 2015 (10) TMI 1060
  • 2015 (10) TMI 1059
  • 2015 (10) TMI 1018
  • 2015 (10) TMI 1017
  • 2015 (10) TMI 1016
  • 2015 (10) TMI 1015
  • 2015 (10) TMI 1014
  • 2015 (10) TMI 1013
  • 2015 (10) TMI 1012
  • 2015 (10) TMI 1011
  • 2015 (10) TMI 1010
  • 2015 (10) TMI 1009
  • 2015 (10) TMI 1008
  • 2015 (10) TMI 1007
  • 2015 (10) TMI 1006
  • 2015 (10) TMI 1005
  • 2015 (10) TMI 1004
  • 2015 (10) TMI 1003
  • 2015 (10) TMI 1002
  • 2015 (10) TMI 1001
  • 2015 (10) TMI 1000
  • 2015 (10) TMI 999
  • 2015 (10) TMI 998
  • 2015 (10) TMI 997
  • 2015 (10) TMI 996
  • 2015 (10) TMI 995
  • 2015 (10) TMI 994
  • 2015 (10) TMI 993
  • 2015 (10) TMI 992
  • 2015 (10) TMI 991
  • 2015 (10) TMI 990
  • 2015 (10) TMI 989
  • 2015 (10) TMI 988
  • 2015 (10) TMI 987
  • 2015 (10) TMI 986
  • Customs

  • 2015 (10) TMI 1023
  • 2015 (10) TMI 1022
  • 2015 (10) TMI 1021
  • 2015 (10) TMI 1020
  • Corporate Laws

  • 2015 (10) TMI 1019
  • Service Tax

  • 2015 (10) TMI 1056
  • 2015 (10) TMI 1055
  • 2015 (10) TMI 1054
  • 2015 (10) TMI 1053
  • 2015 (10) TMI 1052
  • 2015 (10) TMI 1051
  • Central Excise

  • 2015 (10) TMI 1058
  • 2015 (10) TMI 1057
  • 2015 (10) TMI 1047
  • 2015 (10) TMI 1046
  • 2015 (10) TMI 1045
  • 2015 (10) TMI 1044
  • 2015 (10) TMI 1043
  • 2015 (10) TMI 1042
  • 2015 (10) TMI 1041
  • 2015 (10) TMI 1040
  • 2015 (10) TMI 1039
  • 2015 (10) TMI 1038
  • 2015 (10) TMI 1037
  • 2015 (10) TMI 1036
  • 2015 (10) TMI 1035
  • 2015 (10) TMI 1034
  • 2015 (10) TMI 1033
  • 2015 (10) TMI 1032
  • 2015 (10) TMI 1031
  • 2015 (10) TMI 1030
  • 2015 (10) TMI 1029
  • 2015 (10) TMI 1028
  • 2015 (10) TMI 1027
  • 2015 (10) TMI 1026
  • 2015 (10) TMI 1025
  • 2015 (10) TMI 1024
  • CST, VAT & Sales Tax

  • 2015 (10) TMI 1050
  • 2015 (10) TMI 1049
  • 2015 (10) TMI 1048
 

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