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Home e-Newsletters Index Year 2015 April Day 8 - Wednesday

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TMI Tax Updates - e-Newsletter
April 8, 2015

Case Laws in this Newsletter:

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



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TMI Short Notes


Articles


News


Notifications


Circulars / Instructions / Orders


Highlights / Catch Notes

    Income Tax

  • Receipt of an award from B. D. Goenka Foundation for Excellence in Journalism - It being a payment of a personal nature, it should be treated as capital payment, being akin to or like a gift, which does not have any element of quid pro quo. The aforesaid prize money was paid to the assessee on a voluntary basis and was purely gratis - not taxable as income - HC

  • Measurement of distance for the purpose of agricultural land - Insofar as relevance of Section 11 of the General Clauses Act is concerned, it needs to be noted that here the relevant amendment prescribing distance to be counted must be aerial has come into force w.e.f. 1st April, 2014. - HC

  • Measurement of distance for the purpose of agricultural land - The distance between the municipal limits and assessed property/asset is to be measured having regard to the shortest road distance and not as per the crow's flies i.e. a straight line distance as canvassed by the Revenue - HC

  • Reopening of assessment - Since, question of ownership and depreciation thereon was accepted twice by the C.I.T (A), therefore, same cannot be allowed to be reopened in the garb of reassessment. - HC

  • Loan waived by the banks in favour of the respondent assessee in one time settlement - whether the principal amounts of loans retained by the assessee on account of one time settlement, constituted its income as per section 28(iv) though not under Section 41(1) - Held No - HC

  • Addition made under section 40A(3) - cash payment greater than ₹ 20,000/- - Single voucher was prepared to book the amount which does not mean that entire payment was made in a single day. - AT

  • Sale of agricultural land - The photographs depicts that the land was not used for cultivating agriculture crops, as it contains boulders and wild grass appears to be grown on the land - AO to re-verify the facts and documents - AT

  • Customs

  • 100% EOU - Export obligation - from the unit at Bhimli goods were sent to Chennai unit and it is from Chennai unit that the export was effected - benefit of exemption cannot be dened - SC

  • There was a clear understanding between the supplier and the buyer to quote a lesser quantity in the bill of Lading and also to give an impression to the Department that the quantity actually imported was less - goods liable for confiscation - HC

  • Misdeclaration of goods - goods declared as Hot mix plant Batch type - On examination it was found that goods were only components of complete hot mix plant and not a complete hot mix plant - demand with penalty upheld - HC

  • Wealth-tax

  • Valuation of property - wealth tax - there is no material produced before us by the Revenue to show that the written down value does not represent the market value of the vehicles - HC

  • Service Tax

  • Cenvat credit - service tax paid on Access Deficit Charges - input service - assessee in this case is the user of the service provided by BSNL and that service is used for providing output service to the customers of the assessee - credit allowed - HC

  • Travelling expenses component of foreign currency expenditure - In spite of noting that these expenses were on foreign trips of employees, the adjudicating authority states "but still no service tax has been paid by the party" without even mentioning for which taxable service. This is shoddy. - AT

  • Non-application of mind (on the part of the adjudicating authority) is indeed writ bold and large across the impugned order. Such orders adversely and severely impinge upon the public's trust in the public authorities and for that reason a public authority displaying such egregiously irresponsible conduct and that too while performing quasi-judicial functions deserves to the put to costs. - AT

  • Central Excise

  • Excisability of Signages which are erected at various petrol bunks of IOC - both the Authorities have come to the conclusion that the final product is not immovable. - Therefore the circular is of no avail to the appellant. - HC

  • Valuation - whether the Tribunal could pass an order based on the statement made by the learned counsel for the respondent/assessee that the actual amortised cost has been included in the value of the components during the relevant period, which is not supported by any material - Held No - HC

  • SSI exemption - Clubbing of the clearance - Exercise of common managerial control was not sufficient to make out the others as dummy units - there is no evidence of financial flow back with the other units - no clubbing - AT

  • Classification of goods - Other furniture and parts thereof - the goods called as modular system furniture or workstations cannot be classified as a collective item as 'other furniture or parts', under CH 9403 of CETA, 1985. - AT

  • VAT

  • Benefit of the exemption - It is not specified that if a poultry farmer imports or effects inter-State purchase of chicks and chickens, it would be ousted from the purview of the notification and thus, not be entitled to the benefits of the notification - exemption allowed - SC

  • Classification of goods - carbon paper, stamp pad & ink of stamp pad and covert (eraser) - stationary items or not - If the Department intends to classify the goods under a particular heading or sub-heading different from that claimed by the assessee, the Department has to adduce proper evidence and discharge the burden of proof - HC

  • Classification of goods - stationary items or not - marker as well as highlighter can fall within the meaning of a pen and by highlighter as well as marker one can certainly write though the low by writing from a marker or a highlighter may not be to that extent but these are definitely instruments of writings. - HC


Case Laws:

  • Income Tax

  • 2015 (4) TMI 255
  • 2015 (4) TMI 229
  • 2015 (4) TMI 228
  • 2015 (4) TMI 227
  • 2015 (4) TMI 226
  • 2015 (4) TMI 225
  • 2015 (4) TMI 224
  • 2015 (4) TMI 223
  • 2015 (4) TMI 222
  • 2015 (4) TMI 221
  • 2015 (4) TMI 220
  • Customs

  • 2015 (4) TMI 239
  • 2015 (4) TMI 238
  • 2015 (4) TMI 237
  • 2015 (4) TMI 236
  • 2015 (4) TMI 235
  • Corporate Laws

  • 2015 (4) TMI 234
  • 2015 (4) TMI 233
  • FEMA

  • 2015 (4) TMI 232
  • Service Tax

  • 2015 (4) TMI 254
  • 2015 (4) TMI 253
  • 2015 (4) TMI 252
  • Central Excise

  • 2015 (4) TMI 247
  • 2015 (4) TMI 246
  • 2015 (4) TMI 245
  • 2015 (4) TMI 244
  • 2015 (4) TMI 243
  • 2015 (4) TMI 242
  • 2015 (4) TMI 241
  • 2015 (4) TMI 240
  • CST, VAT & Sales Tax

  • 2015 (4) TMI 251
  • 2015 (4) TMI 250
  • 2015 (4) TMI 249
  • 2015 (4) TMI 248
  • Wealth tax

  • 2015 (4) TMI 230
  • Indian Laws

  • 2015 (4) TMI 231
 

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