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Home e-Newsletters Index Year 2015 March Day 16 - Monday

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TMI Tax Updates - e-Newsletter
March 16, 2015

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Application for grant of approval under section 10 (23C) (via) rejected - concessional treatment as given by the petitioner for the above assessment years being meagre 3.56 %, 6.45% and 4.45% respectively, definitely does not speak of the existence of the petitioner for philanthropic purposes - HC

  • Entitlement to the deduction under Section 80IB - surrendered amount - appellant was not entitled to the deduction under Section 80IB on the surrendered amount though utilized for the business of the appellant - HC

  • Penalty under Section 271(1)(c) - ingenuineness of the gift -penalty confirmed after considering all relevant facts and recording satisfaction in terms of Section 271(1)(c) of the Act, do not call for interference - HC

  • Disallowance of gratuity and compensation, payment made to common support staff and expenses in respect of processing unit which was permanently closed down - closure of processing unit which has not resulted into closure of the textile business of the assessee as a whole - expenses allowed - AT

  • Charitable activity u/s 2(15) - Exemption u/s 80G - assessee involved in technical support, training, research and reserves material related to participatory development - the activity of the assessee society is certainly not for making profit and it is certainly not in the nature of any trade, business or commerce, so as to be headed by the first proviso to sec. 2(15) - AT

  • Receipt on transfer of Goodwill - assessee Company (EOPL) transferred its entire business to GNRS - assessee had offered the said capital receipt under the head ‘Capital Gains’, and under no circumstances the said amount can be brought to tax under section 28(va) - AT

  • Receipt on transfer of Goodwill - assessee had offered the said capital receipt under the head ‘Capital Gains’, and under no circumstances the said amount can be brought to tax under section 28(va) of the I.T. Act, 1961 - AT

  • Disallowance u/s 14A - The AO has not shown any relation between the exempt income and expenditure incurred. Therefore, Ld. CIT(A) has rightly held that the AO has not followed the directions of the ITAT and the Hon. High Court of Court of Delhi - AT

  • Estimation of gross profit rate - When the books of account of the assessee are upheld mere low yield or low GP cannot be ground for addition on account of trading results. - AT

  • Customs

  • Valuation of goods - Related person - transaction value is influenced being related person - the adjudicating authority has rightly loaded the value 10% on the transaction value - AT

  • Indian Laws

  • Arbitration clause - territorial criterion / principle - Scope of Arbitration Act, 1996 - Maintainability of appeal against the Foreign Awards - e courts in India will not have jurisdiction as there is implied exclusion. - SC

  • Central Excise

  • Denial of interest on delayed refund of pre-deposit made - Dispute settled in 1997 but refund sanctioned in 2002 - claim of interest allowed - AT

  • VAT

  • Constitutional validity of Section 29(7) of the Punjab Value Added Tax Act, 2005 - power to amend amend assessment - The dealer is provided with an opportunity of hearing at the time when the designated officer after getting approval from the Commissioner proceeds to amend the assessment order. Under the circumstances, the provision in question cannot be termed to be unreasonable - HC

  • Benefit of input tax rebate - whether Xerox machines, office stationary, air conditioners, building equipments, security system for building qualify for the benefit of input tax rebate. -Benefit allowed - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2015 (3) TMI 484
  • 2015 (3) TMI 459
  • 2015 (3) TMI 458
  • 2015 (3) TMI 457
  • 2015 (3) TMI 456
  • 2015 (3) TMI 455
  • 2015 (3) TMI 454
  • 2015 (3) TMI 453
  • 2015 (3) TMI 452
  • 2015 (3) TMI 451
  • 2015 (3) TMI 450
  • 2015 (3) TMI 449
  • 2015 (3) TMI 448
  • 2015 (3) TMI 447
  • 2015 (3) TMI 446
  • 2015 (3) TMI 445
  • 2015 (3) TMI 444
  • 2015 (3) TMI 443
  • 2015 (3) TMI 442
  • 2015 (3) TMI 441
  • 2015 (3) TMI 440
  • Customs

  • 2015 (3) TMI 469
  • 2015 (3) TMI 468
  • 2015 (3) TMI 467
  • 2015 (3) TMI 466
  • 2015 (3) TMI 465
  • Corporate Laws

  • 2015 (3) TMI 464
  • 2015 (3) TMI 463
  • 2015 (3) TMI 462
  • 2015 (3) TMI 461
  • Service Tax

  • 2015 (3) TMI 483
  • 2015 (3) TMI 482
  • 2015 (3) TMI 481
  • 2015 (3) TMI 480
  • Central Excise

  • 2015 (3) TMI 474
  • 2015 (3) TMI 473
  • 2015 (3) TMI 472
  • 2015 (3) TMI 471
  • 2015 (3) TMI 470
  • CST, VAT & Sales Tax

  • 2015 (3) TMI 479
  • 2015 (3) TMI 478
  • 2015 (3) TMI 477
  • 2015 (3) TMI 476
  • 2015 (3) TMI 475
  • Indian Laws

  • 2015 (3) TMI 460
 

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