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Home e-Newsletters Index Year 2014 December Day 17 - Wednesday

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TMI Tax Updates - e-Newsletter
December 17, 2014

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise



TMI SMS


Highlights / Catch Notes

    Income Tax

  • TPA - Whether recasting of framework agreement in 2007 tantamount assignment of option rights held by the assessee under framework agreements of 2006 - Decided against the assessee - Decision in the matter of Vodafone India Holdings BV Vs. UOI [2012 (1) TMI 52 - SUPREME COURT OF INDIA] distinguished in view of subsequent amendment to Section 2(47) - AT

  • Rejection of books of accounts - where the net profit rate discloses an arbitrary and perverse consideration, it would be a question of fact - if consideration leading to a net profit rate is perverse and or arbitrary, the finding so rendered shall be illegal and shall not be a question of fact - HC

  • Imposition of penalty u/s 271(1)(c) – department was justified in imposing the penalty u/s 271(1)(c) of the Act, as the explanation offered by the assessee is no explanation at all in the eye of law - HC

  • TPA - to avoid the tax liability in India, the call centre business was though apparently transferred to HWP (India) but the real transaction of sale and purchase is between the assessee and HTIL/HWL Group. Therefore, the transaction being between the assessee and its non resident AEs would constitute the international transaction in terms of section 92B(1) - AT

  • Waiver of interest u/s 36(vii) – he waiver of interest at the instance of the State Government, has to be allowed as business expenditure u/s 37(1) - no addition - AT

  • Deduction u/s 80IB(10) – Whether the CIT(A) erred in holding that 1BHK flats where-ever converted into duplex had built up areas of more than 1000 sq ft and such flats exceeded the limits u/s 80IB(10) - Held Yes - AT

  • Undisclosed deposits - in the absence of any other source of income, the CIT(A) was justified in holding that the entire amount of deposit in the bank account could not be treated as unexplained - AT

  • Exercise of jurisdiction by CIT u/s 263 – Assessment made u/s 153A - when assessment itself is not sustainable, no exercise of jurisdiction u/s 263 of the Act on such assessment is sustainable - AT

  • The provision for dividend made in the accounts or the recommendation of the Board of Directors regarding the proposed dividend cannot be considered as declaration of dividend. - Assessment u/s 153A is not valid - AT

  • Allowability of set off of speculation losses against business income – the income or loss derived by the assessee company is from speculation business which was accepted by the AO in the earlier years - set off cannot be denied - AT

  • Customs

  • CVD Exemption - import of goods used for manufacture of Rotor Blades - The classification of goods precedes over the determination of rate of duty or any exemption applicable to the said product. - AT

  • Service Tax

  • HC uphold the Constitutional validity of levy of service tax on Advocates and legal services - Scope within the negative list and earlier under section 65(105) (zzzzm)

  • Refund claim - contention of the applicant is that the applicant paid the service tax under the wrong belief the applicant had provided Clearing and Forwarding Agent service - contention is not correct - AT

  • Central Excise

  • Constitutional validity of Rule 8(3A) of the Central Excise Rules 2002 - Condition contained in sub-rule (3A) of rule 8 for payment of duty without utilizing the cenvat credit till an assessee pays the outstanding amount including interest is declared unconstitutional. - HC

  • Denial of CENVAT Credit - Assessee took credit on the basis of reconstituted bill of entry - appellants is rightly entitled for the credit. - AT


Notifications


News


Case Laws:

  • Income Tax

  • 2014 (12) TMI 1156
  • 2014 (12) TMI 571
  • 2014 (12) TMI 570
  • 2014 (12) TMI 569
  • 2014 (12) TMI 568
  • 2014 (12) TMI 567
  • 2014 (12) TMI 566
  • 2014 (12) TMI 565
  • 2014 (12) TMI 564
  • 2014 (12) TMI 563
  • 2014 (12) TMI 562
  • 2014 (12) TMI 561
  • 2014 (12) TMI 560
  • 2014 (12) TMI 559
  • 2014 (12) TMI 558
  • 2014 (12) TMI 557
  • 2014 (12) TMI 556
  • 2014 (12) TMI 555
  • 2014 (12) TMI 554
  • 2014 (12) TMI 553
  • 2014 (12) TMI 552
  • Customs

  • 2014 (12) TMI 577
  • 2014 (12) TMI 576
  • 2014 (12) TMI 575
  • 2014 (12) TMI 574
  • 2014 (12) TMI 573
  • 2014 (12) TMI 572
  • Service Tax

  • 2014 (12) TMI 595
  • 2014 (12) TMI 594
  • 2014 (12) TMI 593
  • 2014 (12) TMI 592
  • 2014 (12) TMI 591
  • 2014 (12) TMI 590
  • 2014 (12) TMI 589
  • 2014 (12) TMI 588
  • 2014 (12) TMI 587
  • 2014 (12) TMI 586
  • Central Excise

  • 2014 (12) TMI 585
  • 2014 (12) TMI 584
  • 2014 (12) TMI 583
  • 2014 (12) TMI 582
  • 2014 (12) TMI 581
  • 2014 (12) TMI 580
  • 2014 (12) TMI 579
  • 2014 (12) TMI 578
 

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