Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2015 December Day 17 - Thursday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
December 17, 2015

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Taxability of income - Whether activities carried on by the Applicant, which is a Singapore based company and a non-resident, can be held to have earned any income taxable in India from its activities of execution of “Installation Project” ? - Held No - AAR

  • TDS u/s 195 - The Supreme Court has clearly held that the provisions relating to TDS would apply only to those sums which are chargeable to tax under the Income Tax Act and also has clearly held that in a transaction of this nature, the assessee was entitled to take a plea that there arises no tax liability and therefore, the provisions of Sec. 195 do not get attracted - HC

  • Valuation of property - Adoption of State P.W.D. rates or the Central P.W.D. - Tribunal was right in directing the Assessing Officer to adopt the State P.W.D. rates on the ground that the building is located in interior Tamil Nadu - HC

  • Method of accounting of commission expenses on accrual basis - The payment of commission accrued only on realization of sale value and it is to be allowed when the realization of sale value which is in compliance with the agreement cited supra and disallowance is based on the above agreement brought on record by the authorities and hence, we do not find any infirmity in the orders of the authorities below, which is confirmed. - HC

  • Customs

  • Re-determination of value under Rule 8 of Customs Valuation Rules, 1988 - A copy of the market inquiry report is available on record which we have perused. The said market inquiry report is not signed by anyone including the officer of the Customs and the representative of the respondent. Therefore, the same cannot be accepted as a valid piece of evidence - AT

  • Denial of refund claim - Unjust enrichment - It is a settled position of law that, if the amount for which refund is sought for, has not been booked as an expenditure in the profit and loss account and shown in the asset side of the balance sheet as receivable, it is sufficient evidence that the incidence of duty has not been passed on - AT

  • Valuation - Undervaluation of goods - The appellant having produced the invoice, in support of its declared value, has done his part of the duty. If the Revenue is not happy with the said declared transaction value, it is they who have to produce the evidence. There being none in the present case, we find no reasons to enhance the assessable value. - AT

  • Indian Laws

  • Criminal Complaint under Sections 138 of Negotiable Instruments Act, 1881 - No merit in this petition. This petition amounts to gross abuse and misuse of process of law. The petitioners have succeeded in delaying the complaint before the Metropolitan Magistrate for more than four years. - HC

  • Section 142(2)(a), amended through the Negotiable Instruments (Amendment) Second Ordinance, 2015, vests jurisdiction for initiating proceedings for the offence under Section 138 of the Negotiable Instruments Act, inter alia in the territorial jurisdiction of the Court, where the cheque is delivered for collection - SC

  • Purchase/ sale of any goods or services (including jewellery / bullion) exceeding ₹ 2 lakh per transaction will require quoting of PAN - List of various activities where PAN is mandatory and comparison with old provisions

  • Service Tax

  • Denial of CENVAT Credit - A case for demand of CENVAT credit got converted to a claim for refund and was allowed by the Commissioner (A) - Since the Order-in-Appeal has not considered the subject correctly, the impugned order is set aside - AT

  • Cenvat credit - Cash management including transport of cash to and from the currency chest is thus relatable to providing banking and financial services and the services (security services and rent-a-cab service), hiring security vans are clearly required for such cash management/transfer and therefore, they are clearly within the ambit of “input services” - AT

  • Penalty u/s 76 - Adjudicating authority was correct in not imposing any penalty as there being no invocation of any provisions of imposition of penalties for wrong availment of CENVAT Credit in the show cause notice - AT

  • Job Work versus Manpower supply services - CBEC Clarified the issue with regard to services received by apparel exporters in relation to fabrication of garments - Circular

  • Central Excise

  • Demand of interest on reversal of CENVAT Credit - appellant could not have acted any other way than the way they did. In the circumstances, holding that credit was not admissible and was taken without eligibility and therefore asking them to pay interest was not correct. - HC

  • Validity of tribunal order - The contentions of the revenue were not even recorded and no reason for dismissing the appeal filed by the revenue has been mentioned. - order of the Tribunal is devoid of merit, as it does not assign any reason for allowing the appeal of the assessee - HC

  • Refund claim - amount was deposited willingly and voluntarily during the course of investigation - refund was rejected as Refund application is premature - in absence of determination of any outstanding liability, the amount paid by the respondent cannot be retained by the Revenue - AT

  • As per Rule 3 of the Cenvat Credit Rules 2004 whatever input / capital goods have been received by the respondent in their factory they are entitled to take Cenvat Credit, it is immaterial that whether the impugned goods attract duty or not, when there is no dispute that these goods have suffered duty. - AT

  • VAT

  • Disallowance of exemption on second interstate Sales - requirement under the statutory prescription is that an assessee should file E1 and C declaration forms. This has been done admittedly by the revision petitioner. Therefore, an obligation, which is not cast upon the assessee under the statutory prescription contained in Section 6(2) of the CST Act, 1956 cannot be imposed upon the revision petitioner by the Tribunal - HC


TMI Short Notes


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2015 (12) TMI 843
  • 2015 (12) TMI 842
  • 2015 (12) TMI 841
  • 2015 (12) TMI 840
  • 2015 (12) TMI 839
  • 2015 (12) TMI 838
  • 2015 (12) TMI 837
  • 2015 (12) TMI 836
  • 2015 (12) TMI 835
  • 2015 (12) TMI 834
  • 2015 (12) TMI 833
  • 2015 (12) TMI 832
  • 2015 (12) TMI 831
  • 2015 (12) TMI 830
  • 2015 (12) TMI 829
  • 2015 (12) TMI 828
  • 2015 (12) TMI 827
  • 2015 (12) TMI 826
  • 2015 (12) TMI 825
  • 2015 (12) TMI 824
  • 2015 (12) TMI 823
  • 2015 (12) TMI 822
  • 2015 (12) TMI 821
  • 2015 (12) TMI 820
  • Customs

  • 2015 (12) TMI 795
  • 2015 (12) TMI 794
  • 2015 (12) TMI 793
  • 2015 (12) TMI 792
  • 2015 (12) TMI 791
  • 2015 (12) TMI 790
  • 2015 (12) TMI 789
  • 2015 (12) TMI 788
  • 2015 (12) TMI 787
  • 2015 (12) TMI 786
  • Corporate Laws

  • 2015 (12) TMI 780
  • Service Tax

  • 2015 (12) TMI 819
  • 2015 (12) TMI 818
  • 2015 (12) TMI 817
  • 2015 (12) TMI 816
  • 2015 (12) TMI 815
  • 2015 (12) TMI 814
  • 2015 (12) TMI 813
  • 2015 (12) TMI 812
  • 2015 (12) TMI 811
  • 2015 (12) TMI 810
  • 2015 (12) TMI 809
  • Central Excise

  • 2015 (12) TMI 844
  • 2015 (12) TMI 808
  • 2015 (12) TMI 807
  • 2015 (12) TMI 806
  • 2015 (12) TMI 805
  • 2015 (12) TMI 804
  • 2015 (12) TMI 803
  • 2015 (12) TMI 802
  • 2015 (12) TMI 801
  • 2015 (12) TMI 800
  • 2015 (12) TMI 799
  • 2015 (12) TMI 798
  • 2015 (12) TMI 797
  • 2015 (12) TMI 796
  • CST, VAT & Sales Tax

  • 2015 (12) TMI 785
  • 2015 (12) TMI 784
  • 2015 (12) TMI 783
  • 2015 (12) TMI 782
  • 2015 (12) TMI 781
  • Indian Laws

  • 2015 (12) TMI 779
  • 2015 (12) TMI 778
  • 2015 (12) TMI 777
 

Quick Updates:Latest Updates