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Home e-Newsletters Index Year 2012 November Day 19 - Monday

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TMI Tax Updates - e-Newsletter
November 19, 2012

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Corrigendum - Notification No. 46/2012, dated 6-11-2012 - Tax-Free, Secured, Redeemable, Non-Convertible Bonds - Regarding - Notification

  • Capital gain for sale of rosewood and silver oak trees - computation of cost of acquisition and indexation - capital gain has to be assessed on the basis of Section 48 - HC

  • Shipping business of non-residents - occasional shipping business or regular shipping business - the case of the assessee falls u/s 172(7) and not u/s 172(4). - HC

  • Depreciation allowance - officers of the department must not take advantage of the ignorance of an assessee as to his rights - officers should freely advise them when approached - AT

  • Section 14A is the deduction of expenses incurred by the assessee in relation to income not at all chargeable to tax and not the income chargeable to tax at lower rate of tax. - AT

  • Head office expenses - Once the amount is found to be exclusive expenditure incurred by the head office towards the Indian branch, the same is required to be allowed in terms of Sec 37(1), without clubbing it with shared head office expenses as per sec. 44C. - AT

  • Unaccounted Money – fact finding authority - Even if two views were possible, it would not be possible for to overturn the findings of fact arrived at by the Tribunal particularly when Tribunal had taken into consideration all relevant evidence. - HC

  • Penalty u/s 271 - suppression of turnover - The suppression of turnover is different from the suppression of income. - taxes with interest paid after survey but before notice u/s 148 - no penalty - HC

  • Charitable purpose - purchase of a BMW car, borrowing of loans from Sindhi Financiers, non-maintenance of regular books of accounts, violations of provisions of Sec.13(1)( c) of the Act in as much as the trustees were paid enormous salary are all by way of passing reference having no relevance to whether or not the Assessee was pursuing education as its main object. - AT

  • Penalty - the requirement of filing form 24Q was new one for the assessee and as being the first year of filing such return, there was reasonable cause for delay in filing of returns - penalty cancelled - AT

  • Reassessment proceedings - jurisdiction - It appears that the Assessing Officer at Delhi were either trying to avoid or had some reasons not to assume jurisdiction over the matter. - HC

  • Auction of immovable property on non payment - right of highest bidder (petitioner) - Departmental authorities are directed to return to the petitioner the amount of 25% of the bid offer deposited by him - HC

  • Customs

  • Classification – Software licence certificates are part and parcel of the hardware imported by the appellants. - classification under CH 4907 as Documents of title conveying the right to use Information Technology Software cannot be accepted - AT

  • Classification - once the fuel and oil contained in the bunkers, that is, engine room tanks, as a natural corollary the same would be classifiable along with the vessel under Heading No.89.08 - HC

  • Drawback benefit – The claims settled in Rupees by ECGC and private insurance companies regulated by IRDA should not be constituted as export realization in foreign exchange - CGOVT

  • Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 - Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold and Silver Notified - Notification

  • DGFT

  • 22 new commodities/items added Indo–Myanmar Border Trade. - Public Notice

  • FTP - Bank Guarantee (B.G.) would require execution by the surety Bank (Guarantor) and LUT by Exporter/Importer.

  • Regarding for Guidance of Bank Guarantee (BG)/ Legal Agreement (LUT). - Public Notice

  • FEMA

  • Know Your Customer - Customer Identification Procedure Features to be verified and documents that may be obtained from customers - FEMA Circular

  • Corporate Law

  • Claim of secured creditors and the workmen to balance due - workmen's charges as well as that of the secured creditors have to be paid in preference to all others, but with inter se pari passu charge on the amounts realized from the sale of the security or otherwise - SC

  • Indian Laws

  • Rates of Duty Drawback w.e.f. 10-10-2012

  • Service Tax

  • As the stay application has not been decided on merits of the case, therefore, the order of dismissal of the appeal is not sustainable in the eyes of law - AT

  • Chargeability to Service Tax - There is a total confusion in the minds of the adjudicating authorities as to the nature of the tax and the measure of the tax. On this ground alone the impugned orders deserve to be set aside. - AT

  • Works contract service - the claim that prior to 01.06.2007, the service itself was not liable to tax can not be upheld. - AT

  • Central Excise

  • Debonding of 100% EOU – whether the depreciation is to be calculated as per the provisions of Notification No. 52/2003-C.E., or as per the provisions of Notification No. 53/97-Cus. - AT

  • Recovery of dues from the auction purchaser unit in terms of Rule 230(2) of the Central Excise Rules, 1944 - petitioner directed to pay the dues - however penalty not to be recovered - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2012 (11) TMI 536
  • 2012 (11) TMI 515
  • 2012 (11) TMI 514
  • 2012 (11) TMI 513
  • 2012 (11) TMI 512
  • 2012 (11) TMI 511
  • 2012 (11) TMI 510
  • 2012 (11) TMI 509
  • 2012 (11) TMI 508
  • 2012 (11) TMI 507
  • 2012 (11) TMI 506
  • 2012 (11) TMI 505
  • 2012 (11) TMI 504
  • 2012 (11) TMI 503
  • 2012 (11) TMI 502
  • 2012 (11) TMI 501
  • 2012 (11) TMI 500
  • 2012 (11) TMI 499
  • 2012 (11) TMI 498
  • 2012 (11) TMI 497
  • 2012 (11) TMI 496
  • 2012 (11) TMI 474
  • 2012 (11) TMI 473
  • 2012 (11) TMI 472
  • 2012 (11) TMI 471
  • 2012 (11) TMI 470
  • 2012 (11) TMI 469
  • 2012 (11) TMI 468
  • 2012 (11) TMI 467
  • 2012 (11) TMI 466
  • 2012 (11) TMI 465
  • 2012 (11) TMI 464
  • 2012 (11) TMI 463
  • 2012 (11) TMI 462
  • 2012 (11) TMI 461
  • 2012 (11) TMI 460
  • 2012 (11) TMI 459
  • 2012 (11) TMI 458
  • 2012 (11) TMI 457
  • 2012 (11) TMI 456
  • 2012 (11) TMI 455
  • 2012 (11) TMI 454
  • Customs

  • 2012 (11) TMI 532
  • 2012 (11) TMI 531
  • 2012 (11) TMI 530
  • 2012 (11) TMI 519
  • 2012 (11) TMI 517
  • 2012 (11) TMI 489
  • 2012 (11) TMI 488
  • 2012 (11) TMI 487
  • Corporate Laws

  • 2012 (11) TMI 529
  • 2012 (11) TMI 486
  • Service Tax

  • 2012 (11) TMI 528
  • 2012 (11) TMI 527
  • 2012 (11) TMI 526
  • 2012 (11) TMI 494
  • 2012 (11) TMI 493
  • 2012 (11) TMI 492
  • 2012 (11) TMI 491
  • 2012 (11) TMI 484
  • Central Excise

  • 2012 (11) TMI 535
  • 2012 (11) TMI 534
  • 2012 (11) TMI 533
  • 2012 (11) TMI 525
  • 2012 (11) TMI 524
  • 2012 (11) TMI 523
  • 2012 (11) TMI 522
  • 2012 (11) TMI 521
  • 2012 (11) TMI 520
  • 2012 (11) TMI 518
  • 2012 (11) TMI 516
  • 2012 (11) TMI 485
  • 2012 (11) TMI 483
  • 2012 (11) TMI 482
  • 2012 (11) TMI 481
  • 2012 (11) TMI 480
  • 2012 (11) TMI 479
  • 2012 (11) TMI 478
  • 2012 (11) TMI 477
  • 2012 (11) TMI 476
  • 2012 (11) TMI 475
  • CST, VAT & Sales Tax

  • 2012 (11) TMI 495
  • Indian Laws

  • 2012 (11) TMI 490
 

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