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Home e-Newsletters Index Year 2015 November Day 24 - Tuesday

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TMI Tax Updates - e-Newsletter
November 24, 2015

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Capital gains on sale of land - Addition u/s 50C - the difference between the valuation for the stamp duty and the actual consideration received by the assessee is less than 2% - addition sustained by CIT(A) should be deleted. - AT

  • Income from the professional fees - charitable activity - whether the assessee is paying fees to professors and collecting charges from outside parties and net balance is offered as income, which is a commercial activity? - the activity of the assessee is not covered by the provisions of section 2(15) - AT

  • Revision u/s 263 - depreciation set off claim - in order to avail Section 32(2) depreciation claim, it is not necessary that the business carried on in the following previous year should be the same as it was carried on the preceding previous year - AT

  • Exemption u/s 54F - LTCG - The moment a cheque has been issued by a person, in pursuance of a contract of purchase, in our view, it is utilization of funds, as there is a legal commitment by the assessee - deduction allowed - AT

  • Interest u/s 234B and 234C - In the scheme of demerger, it was not possible for the assessee to estimate the income and pay the advance tax as the scheme was approved after the close of the financial year. - No interest - AT

  • Customs

  • Valuation of goods - both engineering & design charges and technical know-how fees are not includible in the assessable value and Rule 9(1)(b)(iv), 9(1)(c) and 9(1)(e) are not applicable - invoice price is to be accepted as the actual transaction value. - AT

  • Duty demand - Fraudulent DEPB Benefit availed by the seller of DEPB - DEPB scrips issued by DGFT is itself genuine, at the time of import and valid till it is set-aside transaction on the basis said document was good and it is good title to holder for valuable consideration and the rights of such third party are required to be protected - Demand set aside - AT

  • Denial of refund claim - Refund of SAD - Issue of Invoices before the date of Bill of Entry - but they had issued the same only after the payment of duty etc. - Refund allowed - AT

  • Service Tax

  • Import of services - Arrangement Fees and Agent's Bank fees - Amount paid to Mandated Lead Arrangers (MLAs) to procure lenders/lender syndicate for the appellant. - services have been received by the appellant-assessee beyond the Indian Territory - The activity is chargeable to service tax - AT

  • Refund of service tax - developer unit in SEZ - claim of refund prior to the exemption notifications no 9/2009-ST issued - refund allowed - AT

  • CENVAT credit - credit on exempted service - non maintenance of separate accounts - failure to exercise the option to avail the provisions of Rule 6(3A) in writing - If we accept that even after 01.03.2008 that would be the situation, we will be rendering the provisions of Sub-rule (3A) of Rule 6 of CCR 2004 totally irrelevant and otiose. This cannot be the intention of the legislature. - AT

  • Demand of service tax - appellant (builder) collected an amount from the flat owners which is titled as towards Management, Maintenance or Repair of the premises - service tax liability as confirmed against the appellant under Management, Maintenance or Repair services is unsustainable. - AT

  • Mandap keeper service - we are in no doubt that the said explanation added on 1.6.2007 was merely in the nature of ex abundante cautela and therefore has retrospective applicability - AT

  • Leviability of service tax - retreading of tyres - Manufacture or management. maintenance and repair service - we uphold the contention of Revenue that the activity of the appellant is taxable under Finance Act, 1994. - AT

  • Cenvat Credit - input services - event management services - Services are not related to their output services being Advertisement agency service - The grounds on which credit has been denied is too flimsy and feeble. - AT

  • Central Excise

  • Valuation - Determination of transactional value - manufacturer of LPG selling the product in bulk - appellant has to discharge the excise duty on the transaction value which is collected from the Oil Marketing Company by issuing commercial invoices during the disputed period. - AT

  • Denial of benefit of export in case of Deemed export - Notification No. 44/2001-CE (NT) dated 26.06.2001 - Proviso to the said notification have wider amplitude, to extend the goods cleared by on Advance Licence holder to another Advance Licence holder for use in the manufacture of export of goods to ICB, by following the procedure laid down therein - Demand set aside - AT

  • Cenvat Credit - Supplementary invoices - one cannot really come to the conclusion that this was a planned operation to extract Cenvat credit. The department could have had a better case if there was any evidence to show that there was no payment by the appellant to the job-worker but it was paper transaction and only credit was transferred. - AT

  • VAT

  • Recovery of outstanding sales tax dues of respondent which is in liquidation from the directors as an arrears of land revenue - Violation of principle of natural justice - recovery cannot sustain - HC


Articles


News


Case Laws:

  • Income Tax

  • 2015 (11) TMI 1074
  • 2015 (11) TMI 1073
  • 2015 (11) TMI 1072
  • 2015 (11) TMI 1071
  • 2015 (11) TMI 1070
  • 2015 (11) TMI 1069
  • 2015 (11) TMI 1068
  • 2015 (11) TMI 1067
  • 2015 (11) TMI 1066
  • 2015 (11) TMI 1065
  • 2015 (11) TMI 1064
  • 2015 (11) TMI 1063
  • 2015 (11) TMI 1062
  • 2015 (11) TMI 1061
  • 2015 (11) TMI 1060
  • 2015 (11) TMI 1059
  • 2015 (11) TMI 1058
  • 2015 (11) TMI 1057
  • 2015 (11) TMI 1056
  • 2015 (11) TMI 1055
  • 2015 (11) TMI 1054
  • 2015 (11) TMI 1053
  • 2015 (11) TMI 1052
  • 2015 (11) TMI 1051
  • Customs

  • 2015 (11) TMI 1027
  • 2015 (11) TMI 1026
  • 2015 (11) TMI 1025
  • 2015 (11) TMI 1024
  • 2015 (11) TMI 1023
  • 2015 (11) TMI 1022
  • 2015 (11) TMI 1021
  • 2015 (11) TMI 1020
  • 2015 (11) TMI 1019
  • 2015 (11) TMI 1018
  • 2015 (11) TMI 1017
  • Service Tax

  • 2015 (11) TMI 1049
  • 2015 (11) TMI 1048
  • 2015 (11) TMI 1047
  • 2015 (11) TMI 1046
  • 2015 (11) TMI 1045
  • 2015 (11) TMI 1044
  • 2015 (11) TMI 1043
  • 2015 (11) TMI 1042
  • 2015 (11) TMI 1041
  • 2015 (11) TMI 1040
  • Central Excise

  • 2015 (11) TMI 1039
  • 2015 (11) TMI 1038
  • 2015 (11) TMI 1037
  • 2015 (11) TMI 1036
  • 2015 (11) TMI 1035
  • 2015 (11) TMI 1034
  • 2015 (11) TMI 1033
  • 2015 (11) TMI 1032
  • 2015 (11) TMI 1031
  • 2015 (11) TMI 1030
  • 2015 (11) TMI 1029
  • 2015 (11) TMI 1028
  • CST, VAT & Sales Tax

  • 2015 (11) TMI 1016
  • 2015 (11) TMI 1015
  • 2015 (11) TMI 1014
  • Wealth tax

  • 2015 (11) TMI 1050
 

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