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Home e-Newsletters Index Year 2014 December Day 16 - Tuesday

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TMI Tax Updates - e-Newsletter
December 16, 2014

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise



Highlights / Catch Notes

    Income Tax

  • Depreciation on Goodwill – additional payment to retiring partner - No goodwill stands acquired by the assessee firm upon the impugned payment/s, the question of the extent of the depreciation does not arise for consideration - AT

  • Addition of outstanding sundry creditors - when the amount was not repaid and finally offered by the assessee for the AY 2010-11, the assessee has failed to explain the cash credit to the extent of ₹ 5,00,000 - AT

  • Interest paid on funds borrowed for purchase of shares deductible u/s 36(1)(iii) or not – the expenditure relatable to such an investment is allowable business expenditure u/s 36(1)(iii) - HC

  • Residential Status of assessee - when his stay in India during the relevant period was only 68 days which is much less than the period of 182 days as per statutory provisions of the Act, then the assessee cannot be treated as resident of India - AT

  • Penalty u/s 271(1)(c) – Assessee was well in the knowledge of the fact that for the transactions entered into, delivery of commodities has not taken place - It is a clear case of “speculation transaction” - penalty confirmed - AT

  • TDS - Supply of printed tobacco packing material was a sale and could not be considered as a ‘works contract’ and tax was not required to be deducted u/s 194C - AT

  • Where the return of income filed u/s 153A of the Act is accepted by the Assessing Officer, there will be no concealment of income and, consequently, penalty u/s 271 (1)(c) cannot be imposed - AT

  • Amount written off by the assessee cannot be considered as expenditure incurred wholly and exclusively for the purpose of earning of income, which is included in the computation of income under the head "Income from other sources" - AT

  • Classification of income – from the information available on record it is clear that the assessee is only a passive receiver of rent – the rental income is rightly classified as income from house property - AT

  • Customs

  • Exemption from anti-dumping duty - warehoused goods - import of Phosphoric Acid - Since the wordings of the Notification are clear and unambiguous, exemption denied - AT

  • Revocation of CHA License - Fraudulent exports under claim of export incentives - forfeiture of security deposit - Failure to obtain an authorization from his client - Commissioner has rightly revoked the CHA licence and forfeiture of their security deposit - AT

  • Attachment of residential properties of director of company - Petitioners are the Directors of two Companies - asking housing societies that properties should not be sold, transferred or leased out in any manner without written No Objection Certificate from the Directorate of Revenue Intelligence - communication is not legal - HC

  • Application for extension of time to bring the vessel SEAMEC-III to India - Vessel taken out of India for repairs - Extension of the time for bringing the subject vessel SEAMAC-III back to India granted. - HC

  • Service Tax

  • Mandap Keeper Services - Auditorium rented out for conducting drama performance and other cultural entertainments - services being provided by Statutory/Government bodies - activity is taxable - AT

  • Central Excise

  • Waiver of pre deposit - assessment of physician samples - appellants were distributing the medicaments as free samples to physicians. In this case the free samples are not required to be affixed with MRP and are not affixed with MRP - AT

  • Demand of differential duty - Valuation of footrest cleared as part of scooter - If the assessee has cleared any footrest in excess to the scooter, the same will be in nature of spares - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2014 (12) TMI 551
  • 2014 (12) TMI 526
  • 2014 (12) TMI 525
  • 2014 (12) TMI 524
  • 2014 (12) TMI 523
  • 2014 (12) TMI 522
  • 2014 (12) TMI 521
  • 2014 (12) TMI 520
  • 2014 (12) TMI 519
  • 2014 (12) TMI 518
  • 2014 (12) TMI 517
  • 2014 (12) TMI 516
  • 2014 (12) TMI 515
  • 2014 (12) TMI 514
  • 2014 (12) TMI 513
  • 2014 (12) TMI 512
  • 2014 (12) TMI 511
  • 2014 (12) TMI 510
  • 2014 (12) TMI 509
  • 2014 (12) TMI 508
  • 2014 (12) TMI 507
  • Customs

  • 2014 (12) TMI 532
  • 2014 (12) TMI 531
  • 2014 (12) TMI 530
  • 2014 (12) TMI 529
  • 2014 (12) TMI 528
  • 2014 (12) TMI 527
  • Service Tax

  • 2014 (12) TMI 550
  • 2014 (12) TMI 549
  • 2014 (12) TMI 548
  • 2014 (12) TMI 547
  • 2014 (12) TMI 546
  • 2014 (12) TMI 545
  • 2014 (12) TMI 544
  • 2014 (12) TMI 543
  • 2014 (12) TMI 542
  • 2014 (12) TMI 541
  • Central Excise

  • 2014 (12) TMI 540
  • 2014 (12) TMI 539
  • 2014 (12) TMI 538
  • 2014 (12) TMI 537
  • 2014 (12) TMI 536
  • 2014 (12) TMI 535
  • 2014 (12) TMI 534
  • 2014 (12) TMI 533
 

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