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Highlights / Annotations / Catch Notes For May of 2014

Home Highlights May May 2014 Year 2014

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May 17, 2014 Case Laws Income Tax

Nature of receipt - capital receipt or revenue receipt - On the sale of excess Carbon Credits the income was received and it is capital receipt and it cannot be business....
May 17, 2014 Case Laws Income Tax

If there was no material difference between Sections 80HHC and 80HHE, there was no reason to legislate Section 80HHE because export of computer software in any event......
May 17, 2014 Case Laws Income Tax

Deduction u/s 10B - ready to print books exported by the appellant in the form of a CD or e-mail are customised electronic data eligible for claiming benefit of deduction - AT
May 17, 2014 Case Laws Income Tax

Penalty u/s 271(1)(c) of the Act – assessee’s claim that no penalty is leviable when unproved income is offered for taxation to purchase peace is not at all sustainable - AT
May 16, 2014 Case Laws Central Excise

CENVAT Credit - when the audit team of the department visited the establishment, all the information had been duly made available by the assessee and hence, there was no....
May 16, 2014 Case Laws Customs

When the import is against the transferred DFIA (Licence) it is not necessary to establish that the material imported was actually used in the export product unless the.....
May 16, 2014 Case Laws Customs

Rate of Anti-dumping duty - Import of rubber chemicals CBS - at the time of import the rate of anti-dumping duty was ‘nil’ - stay granted - AT
May 16, 2014 Case Laws VAT and Sales Tax

The corporate veil under the patronage of BIFR was used as subterfuge to avoid payment of taxes - the corporate veil can be lifted to recover the dues from the persons......
May 16, 2014 Case Laws Income Tax

Mismatching of TDS amount - By denying the benefit of TDS to the assessee because of the fault of the deductor causes not only harassment and inconvenience, but also......
May 16, 2014 Case Laws Income Tax

Deduction under Section-43B - provision for the duty as well as for the interest is allowable u/s 43B only on the basis of actual payment and it is irrelevant that the......
May 16, 2014 Case Laws Income Tax

Applicability of Transfer pricing provisions - Transactions with joint venture - transactions between the assessee and IJMII do not fall under section 92B(2) -......
May 16, 2014 Case Laws Income Tax

Denial of claim of deduction u/s 54F of the Act – Construction completed prior to sale of original asset - matter remanded back for re-verification of facts - AT
May 16, 2014 Case Laws Income Tax

Transfer of Lift Division – Slump sale - The parties were agreed that the assessee was to transfer the undertaking and take bonds/preference shares as consideration - it....
May 16, 2014 Case Laws Income Tax

Disallowance of depreciation - No production of manufacture activity – depreciation had to be allowed though assessee had discontinued its business - AT
May 16, 2014 Case Laws Income Tax

Registration u/s 12AA - For a society running schools, the building construction become integral part of the activity for which purchase of land becomes an essential......
May 15, 2014 Case Laws Service Tax

When the appellant did not avail opportunity to reconcile the figures and guide the authorities below as to which figure shall govern the appellant, there is no......
May 15, 2014 Case Laws Service Tax

Erection, commissioning and installation services - abatement of 67 % - unless the said exemption is claimed and necessary conditions laid down therein are fulfilled by....
May 15, 2014 Case Laws Central Excise

Demand of duty on generation of the floor sweeping as waste - appellants are not required to reverse Cenvat credit attributable to generation of these floor sweepings as....
May 15, 2014 Case Laws Central Excise

Duty demand - Printing of MRP with indelible ink on manufactured footwear - These two certificates indicate that the printing done by the appellant on the footwear was.....
May 15, 2014 Case Laws Customs

Revenue directed to issue an official circular to all the concerned officials that the confiscated goods which are the subject matter of appeal before any Tribunal or......
May 15, 2014 Case Laws Customs

Import of 20kgs of Oats for home use - In view of the subsequent development, viz., the shelf life of the product itself has expired. No useful purpose will be served in....
May 15, 2014 Case Laws VAT and Sales Tax

Exemption of purchase Tax – Genuineness of the transactions - Goods bought prior to cancellation of registration – When the said dealer has not proved the genuineness......
May 15, 2014 Case Laws Income Tax

Penalty for technical breach of law - Wrong mention of section 272A(2)(C) in place of 272A(2)(K) - recourse Sec. 292B of the Act would also not help the case of the......
May 15, 2014 Case Laws Income Tax

Provision for diminution in the value of closing stock – Had it had claimed the net realizable value of closing stock in trading account, the debit of provision for......
May 15, 2014 Case Laws Income Tax

Interest u/s 220(2) - assessee was required to pay interest u/s 220(2) as it had not initially satisfied the demand raised in 2003 - interest on refund is to be charged.....
May 15, 2014 Case Laws Income Tax

Addition made u/s 56(2)(vi) - Fair Value Trust (FVT) – department having already exercised the option to tax the income directly in the hands of the trust, there is no.....
May 15, 2014 Case Laws Income Tax

Valuation of closing stock – Addition of proportionate transport charges – adjustment sought to be made is revenue neutral and at best may result in preponement or......
May 15, 2014 Case Laws Income Tax

Confirmation u/s 80IB - assessee is not entitled for the claim of deduction u/s 80IB in respect of loss of machinery because it was rightly held by the Revenue......
May 15, 2014 Case Laws Income Tax

In a situation when the unaccounted stock had been taxed u/s 69B, on one hand, and on the other hand the sale value of the stock was also taxed – the correct position......
May 15, 2014 Case Laws Income Tax

Disallowance of assets written off – depreciation has been claimed on those assets in the past - AO has not doubted the genuineness of the claim and disallowed it only......
May 14, 2014 Case Laws Service Tax

Demand of service tax - Separate entity or single entity - Service Tax may not be payable for rendering service by one division to another division of the same legal......
May 14, 2014 Case Laws Service Tax

Demand of service tax from Cooperative Society - principle of mutuality - Consultancy service - no demand - HC
May 14, 2014 Case Laws Service Tax

Demand of service tax - Coercive measures taken for recovery - while accepting the explanation and unconditional apology tendered on behalf of the respondents (Revenue),....
May 14, 2014 Case Laws Central Excise

CENVAT Credit - Transfer of unutilized CENVAT Credit from 1 unit to another - assessee has stopped the manufacturing activity at Unit No. 1 - transfer allowed even if no inputs - AT
May 14, 2014 Case Laws Central Excise

CENVAT Credit - shortage of space in their factory - some inputs were temporarily stored in other premises outside the factory - as the goods have been received back in.....
May 14, 2014 Case Laws Central Excise

100% EOU - non payment of Countervailing Duty including SAD on goods cleared to sister DTA units - revenue neutral exercise - stay granted partly. - AT
May 14, 2014 Case Laws Central Excise

Penalty - Notification No. 6/2006-CE - cenvat credit in respect of common inputs - entire facts were with the Revenue - imposition of penalty to the extent of 100% in......
May 14, 2014 Case Laws Customs

Town seizures - whether customs duty is required to be paid by owner of goods - Customs duty cannot be demanded in town seizures in addition to redemption fine from......
May 14, 2014 Case Laws Customs

Refund of differential duty claim – Liability of duty on Transaction value or as per tariff value fixed by the Central Govt. - assessees are entitled to refund provided....
May 14, 2014 Case Laws VAT and Sales Tax

Works contract or contract of sales - as the goods used by the dealer transformed into a different good, after manufacturing, the transaction of a mosaic to the......
May 14, 2014 Case Laws Income Tax

Power of rectification u/s 154 of the Act - Rejection of Securities Transaction Tax - the controlling expression is “any mistake” which has wider connotation and......
May 14, 2014 Case Laws Income Tax

Validity of notice u/s 148 of the Act – AO was required to dispose of the objections of the assessee before finalizing the assessment. - HC
May 14, 2014 Case Laws Income Tax

Addition u/s 41(1) - excess provision written back - provisions were made during the period when NDDB was enjoying the tax exemption. - Section 41 (1) of the Act would not apply - HC
May 14, 2014 Case Laws Income Tax

Withdrawal of the interest - Whether interest allowed u/s 244(1) can subsequently be withdrawn in view of creation/restoration of demand in subsequent appeal - Held yes - HC
May 14, 2014 Case Laws Income Tax

Penalty u/s 271D - Acceptance of loan in Cash by the appellant firm from its agriculturist customer - violation of provisions of section 269SS - penalty confirmed - HC
May 14, 2014 Case Laws Income Tax

Non-speaking order - Restriction of addition – Section 145 not invoked -orders of the ITAT being stereo typed, nonspeaking, unreasoned, arbitrary and whimsical, and we......
May 14, 2014 Case Laws Income Tax

Book profit u/s 115JB of the Act – MAT - changed the method of depreciation from straight line method to written down value method - it is not permissible for the AO to....
May 14, 2014 Case Laws Income Tax

STCG treated as income from undisclosed sources – What is apparent has to be taken as real, unless any material or evidence has been brought on the record to prove the......
May 14, 2014 Case Laws Income Tax

Computation of LTCG – Capital receipts in lieu of inheritance – FMV - the property is inherited the cost of acquisition of the property has to be treated as per the......
May 13, 2014 Case Laws Service Tax

Supply of Tangible Goods Service - operational control - In the absence of operational control in the hands of the service provider, the service cannot be classified......

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H: Sale-purchase loss disallowed unreasonably by tax officer, commercial ...

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