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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2016 June Day 17 - Friday

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TMI Tax Updates - e-Newsletter
June 17, 2016

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

  • Deduction of profit u/s 80IC - allegation of the revenue is that assessee did not have sufficient infrastructure and man power to manufacture the entire products on its own in its exempt unit and got it done as job work from units outside specified areas - in the absence of any discrepancy in the books of account pointed out by the AO deduction cannot be denied - AT

  • Corporate Guarantee or Letter of Comfort given by the assessee to its Associate Enterprise does not involve any cost to the assessee, therefore, it was outside the ambit of international transaction - AT

  • Transfer pricing adjustment - It is not known how the Transfer Pricing Officer came to know that the volume and quality of services received by the assessee was disproportionate to its payment - Without identifying the comparable cases, estimation of the disallowance without any base is not called for. - AT

  • Allowance of loss arising on cancellation of contract due to price fluctuation where no actual delivery of cotton commodity - treating a loss to be speculative in nature u/s. 43(5) - these transactions are only 4% of the total transactions forming part of the regular business - claim of loss allowed - AT

  • Interest expenditure has been expended to earn interest income. Sec. 56 does not postulate any condition about the rate of charging interest. The appellant explained the reasons and circumstances as to how the lesser interest was charged on old loans - Claim of interest expenditure allowed - AT

  • If the Assessing Officer has time in his hands to issue notice u/s 143(2), why is he issuing notice u/s 148, we do not understand, specifically in the background of the legal position that the scope of assessment made on issue of notice under section 148 of the Act has limited as against the wide scope of assessment available to him by issuing notice u/s 143(2) - AT

  • Addition under the head ‘capital gains’- Agricultural land or not - The existence of well, septic tank, compound wall, cattle shed, pump house, a small house etc., would not make any difference to nature of land being agricultural in nature. - AT

  • Where the assessee has failed to produce the relevant information, details and record to support its case and which is also necessary to segregate such part of the payment which may not be falling under the purview of royalty, we do not find any error or illegality in the impugned orders of authorities below in treating the entire consideration received by the assessee as royalty - AT

  • Service Tax

  • Under Sub-section(3) of Section 73 no show cause notice can be issued if service tax along with interest is paid by the assessee. Therefore, there are no circumstances to impose equal amount of penalty under Section 78 of the Finance Act, 1994. - AT

  • Valuation - the airport taxes as also the passenger service fees collected by the airlines on behalf of the airports and paid to them are not includable in the assessable value for the purpose of levy of service tax. - AT

  • Demand of interest - availment of ineligible credit of service tax on reverse charge basis - later on reversed without utilizing the same - the question of demand of interest does not arise. - AT

  • CBEC issues instructions for Speedy disbursal of pending refund claims of exporters of services under rule 5 of the CENVAT Credit Rules, 2004

  • Central Excise

  • Valuation - Disallowancwe of deduction for freight - no valid reason for disallowing the deduction for the freight paid inasmuch as the goods are FOR destination. - AT

  • Interest on retrospective levy of duty as per Finance Act, 2011 is not chargeable for the period prior to date of enactment of Finance Act, 2011 i.e. 8.4.2011 - AT

  • Exemption for manufacturing of body building on the procured chassis - condition on availing credit versus availing credit and reversing the credit @8% - whether the reversal of 8% amounted to full reversal of cenvat credit availed by the assessee or not is still required to be examined. - AT

  • Exemption under the Notification no. 6/2002 denied on the ground that only duplicate copy of the certificate was provided and original copy was not submitted - supply of goods to DMRC - Such raising of technical or procedural objection by the Revenue only reflects upon their anxiety to confirm the demands - demand set aside - AT

  • VAT

  • Waiver of pre-deposit - if on cursory glance it appears that the demand raised has no leg to stand, it would be undesirable to require the assessee to pay full or even substantive part of the demand and the stay application should not be disposed of in a routine manner unmindful of the consequences - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2016 (6) TMI 564
  • 2016 (6) TMI 563
  • 2016 (6) TMI 562
  • 2016 (6) TMI 561
  • 2016 (6) TMI 560
  • 2016 (6) TMI 559
  • 2016 (6) TMI 558
  • 2016 (6) TMI 557
  • 2016 (6) TMI 556
  • 2016 (6) TMI 555
  • 2016 (6) TMI 554
  • 2016 (6) TMI 553
  • 2016 (6) TMI 552
  • 2016 (6) TMI 551
  • 2016 (6) TMI 550
  • 2016 (6) TMI 549
  • 2016 (6) TMI 548
  • 2016 (6) TMI 547
  • 2016 (6) TMI 546
  • Customs

  • 2016 (6) TMI 567
  • Corporate Laws

  • 2016 (6) TMI 565
  • Service Tax

  • 2016 (6) TMI 582
  • 2016 (6) TMI 581
  • 2016 (6) TMI 580
  • 2016 (6) TMI 579
  • 2016 (6) TMI 578
  • Central Excise

  • 2016 (6) TMI 577
  • 2016 (6) TMI 576
  • 2016 (6) TMI 575
  • 2016 (6) TMI 574
  • 2016 (6) TMI 573
  • 2016 (6) TMI 572
  • 2016 (6) TMI 571
  • 2016 (6) TMI 570
  • 2016 (6) TMI 569
  • 2016 (6) TMI 568
  • CST, VAT & Sales Tax

  • 2016 (6) TMI 566
 

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