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Home e-Newsletters Index Year 2015 May Day 16 - Saturday

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TMI Tax Updates - e-Newsletter
May 16, 2015

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Scope of section 132 - search and seizure - whether conditions precedent for issuing warrant of authorization under Section 132 does exist in the present case? - Validity of notice upheld - order of HC quashed - SC

  • Income from house property - Annual Value - Estimated the “ALV” - it is evident that if the property is let out for the part period, the ALV is to be computed for the part period and not for the whole year. - AT

  • Deduction under Section 80IC - Disallowance to claim of deduction u/s 80IC of the Act on the income from sale of business assets and income from interest on short term fixed deposits with the banks confirmed - AT

  • Addition u/s 68 - assessee is a loss making company and assessee has not been able to establish as to why an ordinary person of even having little prudence will invest in such a company - assessee cannot be allowed relief simply holding that assessee had discharged its onus by filing certain documents and the A.O. had failed to take further action - AT

  • Non deduction of tds on datalink charges - technical services u/s 194J - activity does not involve technical services as there was only interconnection of the networks to the equipments of other service providers - AT

  • Penalty - Repayment of loan by any other mode except by way of account payee cheque/draft in violation of section 269SS/ 269T - transfer of amount by way of Journal entries - reasonable cause shown - No penalty u/s 271D & 271E - AT

  • Non-refundable portion of Advance Fee received for coaching - Income/ Revenue Recognition - only that part of the receipt is taxable in this year which accrued to the assessee as income - AT

  • Long term capital gain on sale of long term capital assets - there is no conversion of capital assets to stock-in-trade either by the assessee or the joint family. In this view of the matter, we hold that the provision of section 45(2) of the Act are not applicable - AT

  • Dissolution of Firm - once the dissolution of the firm is held to be not proved, the necessary corollary is that the property continues to be that of the Assessee firm. Admittedly the property was always considered as the property of the Assessee firm, though it stood in the name of partners - AT

  • Validity of assessment for want of notice u/s 143(2) - failure on the part of the Assessing Officer to serve the notice within the stipulated period of 12 months which renders the assessment void ab initio. - AT

  • Customs

  • Classification of goods - import of Populated Printed Circuit Boards (PPCBs) - classification under Chapter Heading 8517.90 upheld - SC

  • Corporate Law

  • Constitution of NCLT and NCLAT in Companies Act, 2013 - government directed to remove defect in Constitution of Selection Committee for selecting the Members of NCLT and NCLAT - SC

  • Constitution of NCLT and NCLAT in Companies Act, 2013 - government directed to remove defect in appointment of technical member to the NCLT - SC

  • Constitutional validity of provisions relating to the structure and constitution of NCLT and NCLAT in Companies Act, 2013 upheld - SC

  • Application for Winding up of the Company - merely because the Respondent Company is a running concern and has employees working, cannot be a reason to reject a winding up petition when the other ingredients of Section 433 and 434 are present - HC

  • Service Tax

  • CENVAT Credit - Construction services - nexus with the manufacturing activity - services are services of inclusive part of the "inputs services" as per Rule 2(1) of the Cenvat Credit Rules, 2004 - credit allowed - AT

  • Central Excise

  • Recovery of excise duty without issuance of show cause notice - useless formality theory - retrospective withdrawal of exemption vide Finance Act, 2013 - recovery proceedings sustained - SC

  • Recovery of excise duty without issuance of show cause notice - useless formality theory - area based exemption was Nullified with retrospective effect - In view of Section 154(4) of Finance Bill, 2003 the period of six months provided under Section 11-A would not apply - SC

  • Valuation of goods - Inclusion of value of Handle assembly, Ball valve assembly, over flow assembly, Syphon assembly, Outlet flange assembly and Flush pipe assembly - Tribunal has rightly declined to add the value of the aforesaid components which are not the part of flushing cistern manufactured by the assessee - SC

  • Demand of duty - assessee had in fact distributed the goods free of cost to the economically weaker sections of the society. In these circumstance, the respondent could not be fasten with any liability to pay the excise duty. - SC

  • Denial of refund claim u/s 11B - Valuation - revision in price at lower rate - reduction of penalty of upto 5% on account of delay in delivery - refund allowed - SC

  • Denial of refund claim - refund of accumulated credit - credit cannot be denied on the ground that in respect of two units are located in the same premises, there is necessity to take input distributor registration and distribute the credit - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2015 (5) TMI 483
  • 2015 (5) TMI 482
  • 2015 (5) TMI 481
  • 2015 (5) TMI 480
  • 2015 (5) TMI 479
  • 2015 (5) TMI 478
  • 2015 (5) TMI 477
  • 2015 (5) TMI 476
  • 2015 (5) TMI 475
  • 2015 (5) TMI 474
  • 2015 (5) TMI 473
  • 2015 (5) TMI 472
  • 2015 (5) TMI 471
  • 2015 (5) TMI 470
  • 2015 (5) TMI 469
  • 2015 (5) TMI 468
  • 2015 (5) TMI 467
  • 2015 (5) TMI 466
  • 2015 (5) TMI 465
  • 2015 (5) TMI 464
  • Customs

  • 2015 (5) TMI 488
  • 2015 (5) TMI 487
  • 2015 (5) TMI 486
  • Corporate Laws

  • 2015 (5) TMI 501
  • 2015 (5) TMI 485
  • 2015 (5) TMI 484
  • Service Tax

  • 2015 (5) TMI 499
  • 2015 (5) TMI 498
  • Central Excise

  • 2015 (5) TMI 500
  • 2015 (5) TMI 494
  • 2015 (5) TMI 493
  • 2015 (5) TMI 492
  • 2015 (5) TMI 491
  • 2015 (5) TMI 490
  • 2015 (5) TMI 489
  • CST, VAT & Sales Tax

  • 2015 (5) TMI 497
  • 2015 (5) TMI 496
  • 2015 (5) TMI 495
 

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