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Home e-Newsletters Index Year 2014 October Day 17 - Friday

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TMI Tax Updates - e-Newsletter
October 17, 2014

Case Laws in this Newsletter:

Income Tax Corporate Laws FEMA Service Tax Central Excise CST, VAT & Sales Tax Wealth tax



Highlights / Catch Notes

    Income Tax

  • Rejection of grant of certificate for registration u/s 10(23C)(vi) – Merely because some profit arises from its activity will not mean that the predominant object of the activity is to earn profit and that it is not an educational activity - HC

  • The interest cannot be capitalized which was paid after the slump sale was effected and the factory was in operation, and therefore, expenses were revenue in nature - HC

  • Once the refund of the amount collected towards advance tax and the correspondent interest are paid in compliance with the direction issued by a Court, an assessee cannot claim interest on interest, independent of the order on the basis of which such payments are made - HC

  • Block assessment u/s 158BC – Section 153 (2A) of the Act is attracted to an order for fresh assessment to be passed under Chapter XIV B of the Act in pursuance of the order of the Section 250 of the Act- HC

  • Levy of penalty u/s 271(1)(c) - Claim of depreciation on leased assets - The transactions entered into by the assessee were sham and bogus transactions which were intended to defeat the provisions of law - AT

  • Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

  • Denial of claim of exemption u/s 80P(2)(a)(i) – Letting out of surplus space in the building owned and used by the assessee is not such an activity falling under clause (c) - the assessee is not entitled for deduction u/s. 80P of the Act - AT

  • Prior period expenses – merely because an expense relates to a transaction of an earlier year, it does not become a liability payable in the earlier year unless it can be said that the liability was determined and crystallized in the year in question. - AT

  • Service Tax

  • Excess payment of service tax and its subsequent adjustment - Substantial benefit cannot be denied in such cases merely because some aspects of the procedure had not been followed - AT

  • Activity of safe keeping of gold in its vaults - prima facie the provisions of Rule 6(2)(iv) of Service Tax (Determination of Value) Rules 2006 will apply not only to monetary loan but also to loan given in the form of gold - AT

  • Steamer Agent Service - services were rendered to a shipping line and payment was received from shipping line. That being the case, prima facie, the demand under the head for steamer agent’s service is not maintainable - AT

  • Central Excise

  • 100% EOU - Disallowance of the credit of Education Cess and Secondary & Higher Secondary Cess as per the formula prescribed in Rule 3(7)of CCR - the disputed goods were not produced or manufactured by the appellant's 100% EOU - credit cannot be denied - AT

  • SSI exemption - brand name of others - The container of the product exhibited to us carries symbol and name of market leader M/s. Infra Drugs and Chemicals which is a Division of a marketer of M/s. Oyster Lab Ltd. - benefit denied - AT

  • Denial of refund claim on the ground that said deposit cannot be held to be pre-deposit inasmuch as the same was adjusted against sanctioned refund claim - Revenue cannot take the benefit of its own actions - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2014 (10) TMI 402
  • 2014 (10) TMI 401
  • 2014 (10) TMI 400
  • 2014 (10) TMI 399
  • 2014 (10) TMI 398
  • 2014 (10) TMI 397
  • 2014 (10) TMI 396
  • 2014 (10) TMI 395
  • 2014 (10) TMI 394
  • 2014 (10) TMI 393
  • 2014 (10) TMI 392
  • 2014 (10) TMI 391
  • 2014 (10) TMI 390
  • 2014 (10) TMI 389
  • Corporate Laws

  • 2014 (10) TMI 405
  • FEMA

  • 2014 (10) TMI 404
  • Service Tax

  • 2014 (10) TMI 419
  • 2014 (10) TMI 418
  • 2014 (10) TMI 417
  • 2014 (10) TMI 416
  • 2014 (10) TMI 415
  • 2014 (10) TMI 414
  • 2014 (10) TMI 413
  • 2014 (10) TMI 412
  • Central Excise

  • 2014 (10) TMI 410
  • 2014 (10) TMI 409
  • 2014 (10) TMI 408
  • 2014 (10) TMI 407
  • 2014 (10) TMI 406
  • CST, VAT & Sales Tax

  • 2014 (10) TMI 411
  • Wealth tax

  • 2014 (10) TMI 403
 

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