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Home e-Newsletters Index Year 2014 May Day 17 - Saturday

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TMI Tax Updates - e-Newsletter
May 17, 2014

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Mismatching of TDS amount - By denying the benefit of TDS to the assessee because of the fault of the deductor causes not only harassment and inconvenience, but also makes the assessee feel cheated - HC

  • Deduction under Section-43B - provision for the duty as well as for the interest is allowable u/s 43B only on the basis of actual payment and it is irrelevant that the assessee has followed the mercantile system of accounting - HC

  • Applicability of Transfer pricing provisions - Transactions with joint venture - transactions between the assessee and IJMII do not fall under section 92B(2) - Provisions of transfer pricing not applicable - AT

  • Denial of claim of deduction u/s 54F of the Act – Construction completed prior to sale of original asset - matter remanded back for re-verification of facts - AT

  • Transfer of Lift Division – Slump sale - The parties were agreed that the assessee was to transfer the undertaking and take bonds/preference shares as consideration - it was a case of exchange and not a sale - HC

  • Disallowance of depreciation - No production of manufacture activity – depreciation had to be allowed though assessee had discontinued its business - AT

  • Registration u/s 12AA - For a society running schools, the building construction become integral part of the activity for which purchase of land becomes an essential feature - Thus, the adverse inference on nexus is misconceived - AT

  • Customs

  • When the import is against the transferred DFIA (Licence) it is not necessary to establish that the material imported was actually used in the export product unless the resultant product figures in the sensitive list and the theory of broad nexus being settled by Apex Court - AT

  • Rate of Anti-dumping duty - Import of rubber chemicals CBS - at the time of import the rate of anti-dumping duty was ‘nil’ - stay granted - AT

  • Central Excise

  • CENVAT Credit - when the audit team of the department visited the establishment, all the information had been duly made available by the assessee and hence, there was no intent to evade duty - HC

  • VAT

  • The corporate veil under the patronage of BIFR was used as subterfuge to avoid payment of taxes - the corporate veil can be lifted to recover the dues from the persons responsible for such illegal acts - HC


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2014 (5) TMI 522
  • 2014 (5) TMI 521
  • 2014 (5) TMI 520
  • 2014 (5) TMI 519
  • 2014 (5) TMI 518
  • 2014 (5) TMI 517
  • 2014 (5) TMI 516
  • 2014 (5) TMI 515
  • 2014 (5) TMI 514
  • 2014 (5) TMI 513
  • 2014 (5) TMI 512
  • 2014 (5) TMI 511
  • 2014 (5) TMI 510
  • 2014 (5) TMI 509
  • 2014 (5) TMI 508
  • 2014 (5) TMI 507
  • 2014 (5) TMI 506
  • Customs

  • 2014 (5) TMI 526
  • 2014 (5) TMI 525
  • 2014 (5) TMI 524
  • 2014 (5) TMI 523
  • Service Tax

  • 2014 (5) TMI 541
  • 2014 (5) TMI 540
  • 2014 (5) TMI 539
  • 2014 (5) TMI 538
  • 2014 (5) TMI 537
  • 2014 (5) TMI 536
  • Central Excise

  • 2014 (5) TMI 531
  • 2014 (5) TMI 530
  • 2014 (5) TMI 529
  • 2014 (5) TMI 528
  • 2014 (5) TMI 527
  • CST, VAT & Sales Tax

  • 2014 (5) TMI 535
  • 2014 (5) TMI 534
  • 2014 (5) TMI 533
  • 2014 (5) TMI 532
 

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