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Home e-Newsletters Index Year 2012 April Day 13 - Friday

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TMI Tax Updates - e-Newsletter
April 13, 2012

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Service Tax



News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    Income Tax

  • Charitable Trust – Hospital – exemption u/s 10(23C)(via) - Chief CIT has clearly misapplied himself in law by having regard to a clearly ancillary or incidental activity and elevating it to the status of the dominant purpose for which the hospital has been established - HC

  • Assessing Officers and Appellate Authorities, should act as quasi judicial authorities while disposing stay applications and not merely as tax gatherers of the Revenue. - HC

  • TDS on rental -fifteen co-owners - each of the co-owners has a definite share in the building - Section 26 of the Act provides that where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons - HC

  • The admission made by the assessee before the assessing officer corroborated by the title deeds seized in search absolves the department from discharging any burden regarding the additions made - HC

  • Default for the failure on the part of the assessee to quote correct PAN in terms of provisions of section 139A - penalty waived - AT

  • Tribunal apparently fell into an error in not rectifying the said mistake apparent on the face of record, which is nothing more than a mistake of fact and even if it is construed to be a mistake of law, it is apparent mistake of law, which would also fall within the scope of rectifiable mistake under s. 254(2) - HC

  • Exemption under section 10(22) of the Income-tax Act, 1961 - Scope of the word "education" used in Clause 15 of section 2 of the Act of 1961 - HC

  • Hiring of the buses would not be akin to taking of any plant and machinery on lease - assessee would be liable to deduct the tax on such payment under sec. 194C of the Act and not under sec. 194I of the Act - AT

  • Premium paid on redemption of debentures – capital expenditure vs revenue expenditure -actual premium paid upon the redemption of the debentures would have to be classified as revenue expenditure - HC

  • MAT - The mere fact that a Debenture Redemption Reserve is labeled as a reserve will not render it as a reserve. Consequently, Tribunal was correct in holding that the Debenture Redemption Reserve is not a reserve within the meaning of Explanation (b) to Section 115JA - HC

  • TDs on rent - On a reading of the Section 194-I and the scope and effect elaborated by the Board it is clear that Section 194-I was inserted to bring more persons in the tax net and it also helps in the reporting of correct income by way of rent - HC

  • Income from 'lottery' in response to investment in PPF - amount realised would not fall within the provisions of Section 2(24)(ix) and cannot be brought to tax - HC

  • Return of seized assets - When statute recognizes the entitlement of the department to apply the asset seized towards the tax liability determined,which includes penalty, it is puerile to contend that the statute obliges the respondents to return the same on determination of the tax liability and before levying the penalty - HC

  • Exemption u/s 11 - if the assessee treats expenditure on acquisition of assets as application of income for charitable purposes under Section 11(1)(a) and claims depreciation then in order to reflect its true income, the assessee should write back in the accounts the depreciation amount to form part of the income - HC

  • Disallowance due to non deduction of TDS - unless a deduction is claimed in respect of the said amount, under sections 30 to 38, the disallowance under section 40(a)(ia) cannot come into play at all - AT

  • Customs

  • Corrigendum to notification 118/2009 – Customs(N.T.). - Ntf. No. Corrigendum Dated: April 11, 2012

  • Corrigendum of Notification no. 31/2012- Custom (N.T.). - Ntf. No. CORRIGENDUM Dated: April 11, 2012

  • Amends Notification No.12/97-Customs (N.T.) - Inland Container Depots for loading and unloading of goods . - Ntf. No. 32/2012 - Customs (N.T.) Dated: April 11, 2012

  • FEMA

  • Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR . - Cir. No. 105 Dated: April 10, 2012

  • Indian Laws

  • Disciplinary enquiry by ICAI - statutory auditors of Satyam Computers Services Limited - Principles of natural justice - HC

  • Request for New PAN Card or/And Changes or correction in PAN Data.

  • Wealth-tax

  • Wealth-tax - any property in the nature of commercial establishments or complexes is excluded from the definition of assets liable for wealth tax - AT

  • Service Tax

  • Waiver of penalty - since Service tax liability was discharged voluntarily it is a fit case as sufficient cause has been shown by the appellant for invoking Section 80 - AT

  • Refund - Notification No. 41/2007 - refund allowed for the period from 7-7-2009 onwards as the relevant notification does not prescribe any condition that the storage and warehouse should be exclusively used only for the purpose of export goods - AT

  • Cenvat credit on the strength of debit notes - title of the duty paying documents, i.e. 'debit note' instead of 'invoice, bill or challan' does not make a difference more so when the service tax has been charged and paid into the Govt, exchequers account - AT

  • Central Excise

  • Revenue rejected the claim of CENVAT stating that assessee was not supplied copper ingots and cenvat credit has been obtained by the appellant on the basis of fake invoices - allegation merely on the basis of statement.. - AT

  • Manufacture - Packing of assorted medicament into a single carton by taking small quantities of retail packs of various medicines from different cartons and writing the names and quantities of such medicament over the carton were done as per the requirements of the customer. Aforesaid does not amount to manufacture, as well as question of repacking from bulk pack to retail packs also does not arise - AT

  • Once the greenhouse comes into existence, it is attached to the earth/foundation and becomes immovable goods and hence it cannot be said that the appellant has manufactured an excisable goods at the site - AT


Case Laws:

  • Income Tax

  • 2012 (4) TMI 250
  • 2012 (4) TMI 249
  • 2012 (4) TMI 248
  • 2012 (4) TMI 247
  • 2012 (4) TMI 246
  • 2012 (4) TMI 245
  • 2012 (4) TMI 244
  • 2012 (4) TMI 243
  • 2012 (4) TMI 242
  • 2012 (4) TMI 241
  • 2012 (4) TMI 240
  • 2012 (4) TMI 239
  • 2012 (4) TMI 238
  • 2012 (4) TMI 237
  • 2012 (4) TMI 236
  • 2012 (4) TMI 233
  • 2012 (4) TMI 230
  • 2012 (4) TMI 229
  • 2012 (4) TMI 228
  • 2012 (4) TMI 227
  • 2012 (4) TMI 226
  • 2012 (4) TMI 225
  • 2012 (4) TMI 224
  • 2012 (4) TMI 223
  • 2012 (4) TMI 222
  • Customs

  • 2012 (4) TMI 235
  • Corporate Laws

  • 2012 (4) TMI 234
  • 2012 (4) TMI 221
  • Service Tax

  • 2012 (4) TMI 253
  • 2012 (4) TMI 252
  • 2012 (4) TMI 251
  • 2012 (4) TMI 232
  • 2012 (4) TMI 231
 

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