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Home e-Newsletters Index Year 2015 October Day 15 - Thursday

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TMI Tax Updates - e-Newsletter
October 15, 2015

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Whether the payment received by the applicant from the Indian company for services rendered in China is taxable in India under Article 12(4) of DTAA between India and China? - contrast with China-Pakistan tax Treaty - Held Yes - The rate of tax is 10% on the gross amount under the DTAA. - AAR

  • Acquisition of agricultural land - nature of compensation - it was one transaction of acquisition, under which the land, as well as the trees, etc., had been acquired, and splitting the same into two for the purpose of taxation would be against the law. - HC

  • Expenses incurred for replacing non-Y2K compliant computer with Y2K compliant computer - the expenditure was for replacement of a system within a larger system which is permissible in law - deduction allowed - HC

  • Dual method of accounting for valuation of stock of sugar - The closing stock as well as the opening stock would reflect this dual system of valuation followed by the Assessee and the net tax effect would be revenue neutral - No addition - HC

  • Capital Gains - the family arrangement was held to be not a transfer for the purpose of capital gains tax - the action of AO in bringing to tax the long term capital gain is illegal - AT

  • Receipt of liquidated damages - Surplus in our opinion had all the features of business profit, since assessee’s adventure or foray into real estate development was only a trading or business venture - AT

  • Rectification of mistake - AO has not disposed of the application filed u/s 154 by passing speaking order. - Thus, the rejection of succeeding application is not proper on the ground that these rectification applications were filed after four years from the end of the financial year in which the order was passed. - AT

  • Disallownace of layout formation expenses - even though the expenditure incurred after the execution of the deed by the assessee, there existed a commitment in relation to such sale - claim of expenses allowed - AT

  • Addition under S.69 - unexplained investment - Merely on the ground that confirmation letter was filed by another person, the genuineness of the transaction cannot be doubted, since there can be no doubt with regard to either identity of the creditor and his credit-worthiness, or the genuineness of the transaction - AT

  • TDS u/s 194J - the payment made by the assessee to the non-resident translators would not fall within the scope of "fees for technical, managerial or consultancy service" - No TDS liability - AT

  • Penalty u/s.271B - Failure to get accounts audited - reasonable cause - assessee was under a bona fide belief that the commission income for the year under consideration was less than ₹ 40 lacs; hence under that impression he has not obtained the audited accounts - penalty waived - AT

  • In view of the specific stipulation in the circular that 'for returns filed during the current financial year 2004-05, the selection of cases for scrutiny will have to be completed within three months of the date of filing the returns' - Case was selected for scrutiny late - assessment u/s 143(3) is not valid - AT

  • Customs

  • Penalty for mis-declaration and misclassification of the goods in terms of Section 111(m) of the Customs Act and under Section 112(a) of the Customs Act – Tribunal order deleting the penalty is not correct - HC

  • Classification of LVDT Transducer – in present case LVDT Transducer is an AC Voltage Divider as it convert Linear displacement into Electrical Output – It cannot be potentiometer as it is not measuring resistance or voltage change - AT

  • Corporate Law

  • Jurisdiction of CLB under Section 111A in case of Fraud – Appellants contended that sales consideration for transfer of shares has not been paid in full – Appellants advised to approach the Civil Court for relief succeeding in the same it can then approach the CLB for rectification of the Register - HC

  • Service Tax

  • Consulting engineer services - classification - As the disputed projects are not "engineering", they were not taxable during the relevant period. - AT

  • CENVAT Credit on Input Services in respect of traded goods - Applicability of sub rule (2) of Rule 6 prior to 1.4.2011 – Service rendered is of sale of vehicles and repairs of the same - appellant was under the belief that trading not being a service at all there is no requirement to maintain separate accounts - extended period of limitation cannot be invoked - AT

  • Central Excise

  • Denial of CENVAT Credit - Motor vehicles - The JO trucks are not considered as motor vehicle as per the Section 2 (28) of the Motor Vehicles Act, 1988, since the same are used only in a factory or in any other enclosed premises. - credit allowed - AT

  • Demand u/s 11D - appellant collected duty from the seller to compensate the loss of CENVAT credit not taken by them on their raw materials - demand confirmed - HC

  • Conversion from 100% EOU to DTA - the goods were not clandestinely cleared but were cleared on payment of duty. It is a separate issue that there was a dispute about the rate of duty applicable on such goods - redemption find and penalty deleted - AT

  • Denial of refund claim - Unjust enrichment - the show-cause notice is vague as it does not contain the gist of accusation which the assessee was required to meet or answer. Further, it is bad in law as the same is not issued under the powers - AT

  • Denial of refund claim - Accumulated CENVAT Credit - The failure to debit on the date of filing the refund claim is not such a lapse that it would debar the appellants from the refund. - AT

  • Duty demand - Insurance claim received against damaged gear boxes - gear box still lying in the factory - demand set aside - AT

  • VAT

  • Introducing an award scheme for the general public 'Bill Banvao, Inaam Pao' - Delhi VAT

  • Appeal dismissed for want of prosecution - the dismissal for want of prosecution simplicitor and without any adjudication on merits, is a course impermissible and unknown to the appellate power - HC


Articles


Notifications


News


Case Laws:

  • Income Tax

  • 2015 (10) TMI 954
  • 2015 (10) TMI 953
  • 2015 (10) TMI 952
  • 2015 (10) TMI 951
  • 2015 (10) TMI 950
  • 2015 (10) TMI 949
  • 2015 (10) TMI 948
  • 2015 (10) TMI 947
  • 2015 (10) TMI 946
  • 2015 (10) TMI 945
  • 2015 (10) TMI 944
  • 2015 (10) TMI 943
  • 2015 (10) TMI 942
  • 2015 (10) TMI 941
  • 2015 (10) TMI 940
  • 2015 (10) TMI 939
  • 2015 (10) TMI 938
  • 2015 (10) TMI 937
  • 2015 (10) TMI 936
  • 2015 (10) TMI 935
  • 2015 (10) TMI 934
  • 2015 (10) TMI 933
  • 2015 (10) TMI 932
  • 2015 (10) TMI 931
  • 2015 (10) TMI 930
  • 2015 (10) TMI 929
  • 2015 (10) TMI 928
  • 2015 (10) TMI 927
  • 2015 (10) TMI 926
  • 2015 (10) TMI 925
  • 2015 (10) TMI 924
  • 2015 (10) TMI 923
  • 2015 (10) TMI 922
  • 2015 (10) TMI 921
  • 2015 (10) TMI 920
  • 2015 (10) TMI 919
  • 2015 (10) TMI 918
  • 2015 (10) TMI 917
  • Customs

  • 2015 (10) TMI 959
  • 2015 (10) TMI 958
  • 2015 (10) TMI 957
  • 2015 (10) TMI 956
  • Corporate Laws

  • 2015 (10) TMI 955
  • Service Tax

  • 2015 (10) TMI 982
  • 2015 (10) TMI 981
  • 2015 (10) TMI 980
  • 2015 (10) TMI 979
  • 2015 (10) TMI 978
  • 2015 (10) TMI 977
  • 2015 (10) TMI 976
  • 2015 (10) TMI 975
  • Central Excise

  • 2015 (10) TMI 985
  • 2015 (10) TMI 984
  • 2015 (10) TMI 983
  • 2015 (10) TMI 971
  • 2015 (10) TMI 970
  • 2015 (10) TMI 969
  • 2015 (10) TMI 968
  • 2015 (10) TMI 967
  • 2015 (10) TMI 966
  • 2015 (10) TMI 965
  • 2015 (10) TMI 964
  • 2015 (10) TMI 963
  • 2015 (10) TMI 962
  • 2015 (10) TMI 961
  • 2015 (10) TMI 960
  • 2015 (10) TMI 916
  • 2015 (10) TMI 915
  • 2015 (10) TMI 914
  • 2015 (10) TMI 913
  • 2015 (10) TMI 912
  • 2015 (10) TMI 911
  • 2015 (10) TMI 910
  • 2015 (10) TMI 909
  • 2015 (10) TMI 908
  • 2015 (10) TMI 907
  • 2015 (10) TMI 906
  • 2015 (10) TMI 905
  • 2015 (10) TMI 904
  • 2015 (10) TMI 903
  • 2015 (10) TMI 902
  • 2015 (10) TMI 901
  • 2015 (10) TMI 900
  • 2015 (10) TMI 899
  • 2015 (10) TMI 898
  • 2015 (10) TMI 897
  • 2015 (10) TMI 896
  • 2015 (10) TMI 895
  • 2015 (10) TMI 894
  • 2015 (10) TMI 893
  • 2015 (10) TMI 892
  • 2015 (10) TMI 891
  • 2015 (10) TMI 890
  • 2015 (10) TMI 889
  • 2015 (10) TMI 888
  • 2015 (10) TMI 887
  • 2015 (10) TMI 886
  • 2015 (10) TMI 885
  • 2015 (10) TMI 884
  • 2015 (10) TMI 883
  • 2015 (10) TMI 882
  • 2015 (10) TMI 881
  • 2015 (10) TMI 880
  • 2015 (10) TMI 879
  • 2015 (10) TMI 878
  • 2015 (10) TMI 877
  • 2015 (10) TMI 876
  • 2015 (10) TMI 875
  • 2015 (10) TMI 874
  • 2015 (10) TMI 873
  • 2015 (10) TMI 872
  • 2015 (10) TMI 871
  • 2015 (10) TMI 870
  • 2015 (10) TMI 869
  • 2015 (10) TMI 868
  • 2015 (10) TMI 867
  • 2015 (10) TMI 866
  • 2015 (10) TMI 865
  • 2015 (10) TMI 864
  • CST, VAT & Sales Tax

  • 2015 (10) TMI 974
  • 2015 (10) TMI 973
  • 2015 (10) TMI 972
 

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