Income Tax
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Non-compete fees - capital expenditure or revenue expenditure – warding off competition in business will constitute capital expenditure.... - HC
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When moneys are paid/spent for purchase of stock-in-trade then also the provisions of Section 40A(3) will apply since this amounts to expenditure.... - HC
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TDS on Interest paid/credited by the Housing Board - delayed allotment of flats – though it was termed as interest on delayed payment, it was actually a revenue receipt and therefore the provisions of Section 194A of the Income tax Act would have no application .... - HC
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Deduction under 80IA on internet services and internet telephone - provisions of 80IA(3) are not applicable to the present assessee, it having commenced its business much prior to 1.4.2005.... - HC
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TDS - payment to truck owners without tax deduction - Assessee has obtained Form 15-I and filed during the course of assessment proceedings but only failed to file before the concerned Assessing Officer. - No disallowance.... - AT
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Validity of invoking provisions of Section 50C – investment in bonds in view of provisions of section 54EC - entire amount of sale consideration has been invested in Bonds therefore, provisions of section 50C cannot be invoked.... - AT
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Trust registered u/s 12A, 10(23(C) - application made for registration u/s 80G(5)(vi) – CIT could not deny the registration solely on the basis of one clause, which could not be acted upon in view of the restriction contained in other clauses..... - AT
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Relief u/s 119(2)(b) – return of rental income & TDS thereon filed late in year 2005 for A.Y.1998-99 to 2001-02 – issuance of one consolidated TDS certificate by bank cannot be projected as a reason since separate share of each co-owners is a matter of agreement between the parties..... - HC
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Deduction u/s 80IB - undertaking developing and building housing projects – assessees were entitled to the benefit u/s 80IB(10) even where the title of the lands had not passed on to the assessees.... - HC
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Charitable Society - Clauses of the deed clearly state that the object of the Society is to propagate Non-violence and Tenets of Truth and to encourage universal spiritual uplifment. What is stated about the settlement of dispute is only incidental thereto and cannot be stated to be commercial in nature.... - HC
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The ‘total income’ as mentioned in sub-clause (5B) of Section 80G of the Act does not mean the ‘income’, as it appears in Section 11 of the Act. The expression “total income” and income have been used differently and has distinct application.... - HC
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Undisclosed Income - it is the director of the company who had utilized his undisclosed income for and on behalf of the assessee. - Addition could not be made in the hands of assessee.... - HC
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Eligibility of deduction u/s 10B of the Act- Assessee having business of software development located at Gujarat shifted its unit to Bangalore- entitled to the benefit under Section 10B of the I.T. Act..... - HC
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Capital gains - Application of income - ITAT is justified in holding that the obligation to make the payment to the sisters under the Will was a voluntary act of the appellant in the light of the agreement of Distribution of Assets.... - HC
Customs
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Seeks to impose anti-dumping duty on import of Coumarin, originating in, or exported from, the People’s Republic of China - Ntf. No. 12/2012 –Customs (ADD) Dated: February 8, 2012
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Anti dumping duty - challenging the final findings dated 24.11.2009 issued by the Designated Authority. - it is no more open for the appellants to challenge the final finding by way of appeal and only remedy available at this stage to the appellants is to approach Designated Authority in review proceedings under Rule 23 of Anti-Dumping Rules .... - AT
DGFT
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Amendment in SION, A1790 and A1834. - Cir. No. 98(RE:2010)/2009-2014 Dated: February 10, 2012
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Fixation of a new SION (C–2048) and addition / deletion / amendment in 5 SIONs of Engineering Product Group (Product Code ‘C’) in the Hand book of Procedures V.2 (2009-14) - Cir. No. 97 (RE-2010)/2009-14 Dated: February 9, 2012
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Import policy of arms and ammunition for Specified Sportspersons / Sport Bodies, amendment thereof. - Ntf. No. 95 (RE-2010)/2009-2014 Dated: February 9, 2012
SEZ
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U/s. 4 of the SEZ Act, 2005 - Set up a sector specific Special Economic Zone for information technology and information technology enabled services at Village Sholinganallur; Taluka Tambaram, District Kanchipuram in the State of Tamil Nadu; - Ntf. No. S.O. 200(E), Dated: January 31, 2012
FEMA
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Clarification - Establishment of Project Offices in India by Foreign Entities – General Permission - Cir. No. 76 Dated: February 9, 2012
Service Tax
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Whether loading/Unloading of coal on tippers by pay loaders and manual labor can be taxed under Cargo Handling Services - In the given case there was use of manual labor means thus Services liable to Tax. .... - AT
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Authorization by committee of commissioner - appeal before tribunal - The intent and spirit of the law is that the committee has to thread bare examine the issues/points which has caused prejudice to the interest of Revenue and with proper reason shall come to a conclusion that the order appealed is neither legal or proper for which remedy of appeal by Revenue is to be sought. Unless such process known to law is followed, we shall have no hesitation to dismiss the appeal of Revenue.... - AT
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Ship Management Service versus Manpower Recruitment Agency - Short listing and selection of officer and crew, Issuing engagement/employment contract to officer and crew, Prepare and affect crew change's rule, Providing shore supervisor. These services specifically fall under 'Ship Management Services' which came into force on 01.05.06.... - AT
Central Excise
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Valuation - Assessee manufacturer of M.V Parts - drawing supplied by the customers for product manufactured by the manufacturer, the cost thereof is not includible in the assessable value. ... - AT
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Liability to pay interest u/s 11AB of the Central Excise Act on the differential amount of duty paid by assessee under supplementary invoices - interest levied from the date of clearance of the goods to the date of payment of differential duty.... - AT
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Revenue encashed the bank guarantee while the appeal was pending - Not to order refund of the amount due to encashment of BG even while the appeal of the petitioner is pending, in our considered opinion, amounts to adding insult to injury. .... - HC
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Excise duty on Jute Carpets - Waiver of pre deposit - Decision of Apex court in favor of assessee - order of Tribunal is surprising where tribunal wen on to distinguish the judgment both on question of facts as well as interpretation of Rule 3... - HC
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Cenvat Credit - demand is not payable on inputs or capital goods due to change in ownership when the same are not removed from the factory of production. ..... - AT
VAT
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Sales Tax - non fixing of stage of tax - that there is no notification in the official Gazette by the Chief Commissioner and therefore, the vital pre requisite of Section 15 of the Central Sales Tax, namely, that the tax shall not be levied at more than one stage, has not been satisfied in respect of turnover of the cotton yarn.... - HC
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