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Highlights / Annotations / Catch Notes For May of 2015

Home Highlights May May 2015 Year 2015

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May 20, 2015 Case Laws Income Tax

Existence of Permanent Establishment (PE) in India or not - India UK DTAA -All the requisite conditions for attracting the mandate of Article 5(2)(k) are satisfied - ......
May 19, 2015 Circulars Service Tax

The increase in Service Tax rate will come into effect from 1st June, 2015. - Except (i) services provided by the Government or local authority to a business entity and.....
May 19, 2015 Notifications Service Tax

Exempts taxable services provided under the Power System Development Fund Scheme of the Ministry of Power - Notification
May 19, 2015 Notifications Service Tax

Amendment in the Mega Exemption Notification relating to (i) Job work (alcoholic liquors for human consumption) and (ii) Services by way of right to admission shall be......
May 19, 2015 Notifications Service Tax

Revised rates of compounded levy of service tax under Rule 7, 7A, 7B and 7C shall be effective from 1.6.2015 - Notification
May 19, 2015 Notifications Service Tax

Increased rate of service tax from 12.36% to 14% shall be effective from 1-6-2015 - Date in respect of (i) services provided by the Government or local authority to a......
May 19, 2015 Notifications Service Tax

Amends Abatement Notification no. 26/2012 ST dated 20-6-2012 - Removes the entry related to Chits in the definition part - Notification
May 19, 2015 Notifications Central Excise

Amends notification no. 12/2014 CE(NT) - Refund of Unutilized Cenvat Credit under Rule 5B of Cenvat Credit to the Service Provider - No refund in respect of supply of......
May 19, 2015 Notifications Central Excise

Amends Rule 6 of the Cenvat Credit Rules, 2004 - Rate of amount of reversal of Credit increased from 6% to 7% - Notification
May 19, 2015 Case Laws Central Excise

Rule 8(3A) is ultra vires of Article 14 on the ground of arbitrariness. - all the proceedings initiated by the Department in respect of the respective assessees,......
May 19, 2015 Case Laws Central Excise

Disallowance of CENVAT Credit - Capital Goods - Welding electrodes - it cannot be said that "Welding Electrodes" satisfy the requirement so as to constitute 'component' - HC
May 19, 2015 Case Laws Central Excise

Clandestine manufacture and removal of goods - The appellant failed to satisfy to the authority below that its entries in the excise records were correct - Genuinity of.....
May 19, 2015 Case Laws Income Tax

Unabsorbed depreciation - whether unabsorbed depreciation should be allowed before the allowance of the unabsorbed investment allowance - This scrambled egg cannot be......
May 19, 2015 Case Laws Income Tax

Once the unabsorbed carried forward depreciation has become a part of the depreciation of the current year, it is not open to the assessee to bifurcate the two again and....
May 19, 2015 Case Laws Income Tax

Prosecution proceedings under section 276B - TDS default - If the offence is compounded before institution of the proceedings there would be no question thereafter of......
May 19, 2015 Case Laws Income Tax

Period of limitation for rectification of mistake u/s 154 - doctrine of merger - where the re-assessment under Section 147 is done, the initial order of assessment under....
May 19, 2015 Case Laws Income Tax

Penalty u/s 271(1)(C) - The assessee is not a proprietary concern, where one can think of disallowances made on personal use. In such a circumstance, penalty is not exigible. - AT
May 19, 2015 Case Laws Income Tax

Disallowance of claim of royalty payment - The royalty amount is paid to provide operational and commercial support. Under these set of facts, we are of the view that......
May 19, 2015 Case Laws Income Tax

Disallowance u/s 40A(2)(b) - excessive remuneration - AO had not brought any material on record to substantiate that as to how and in what manner the remuneration paid......
May 19, 2015 Case Laws Income Tax

Unexplained loans - assessee was required to prove the capacity of the creditors to advance money, but the assessee could not produce the bank statement or other......
May 19, 2015 Case Laws Income Tax

TDS on Payment made for transfer of user rights of software - no liability can be fastened on the assessee to deduct tax at source on the basis of subsequent amendments.....
May 19, 2015 Case Laws Income Tax

Revenue expenditure or capital expenditure - mere increase in the room size due to inclusion of balcony area would not result in creation of any new asset or increased......
May 18, 2015 Case Laws Customs

Denial of exemption - CESTAT has proceeded on the basis that even though the samples were drawn contrary to law, the appellants would be estopped because their......
May 18, 2015 Case Laws VAT and Sales Tax

Penalty for non-filing of stock statement online under DVAT - The commissioner or its delegates do not have power or jurisdiction to impose such fine - only court of......
May 18, 2015 Case Laws Income Tax

Entitlement to deduction under Section 80IB(10) - since this amendment is prospective and has come into effect from 01.04.2005, this condition would not apply to those......
May 18, 2015 Case Laws Income Tax

Computation of capital loss -amounts accruing, during the assessment year, to the assessee from bonds issued to it, by the Central Government, in lieu of the debt......
May 18, 2015 Case Laws Income Tax

Additions u/s 41(1) - unsecured loans - no doubt for the purpose of establishing or furthering a business, yet they were loans and not trading receipts or loss from......
May 18, 2015 Case Laws Income Tax

Preferential Equity Warrants - whether investment and not stock-in-trade and was not for business purpose? - the loss suffered by the assessee is a capital loss as......
May 18, 2015 Case Laws Income Tax

Disallowance of remuneration of the partners u/s 185 - Once he refused to treat the return as a defective one he could not have also held that the return was in......
May 18, 2015 Case Laws Income Tax

Transfer pricing adjustment - TPO has rightly rejected the use of earlier year’s data by the assessee, as the assessee failed to establish how such earlier year’s data......
May 18, 2015 Case Laws Income Tax

Loss on trading - transaction was off market and speculative in nature. Thus the loss so incurred was speculative loss, which is not eligible for set off against the......
May 18, 2015 Case Laws Income Tax

TCS u/s 206C - sale of forest produce, not being timber or tendu leaves - waiver from collection of TCS - matter remanded back for reconsideration - AT
May 16, 2015 Case Laws Central Excise

CENVAT Credit - duty paying documents - Whether the respondent is entitled to claim CENVAT Credit prior to 16/06/2005 on the basis of TR6 Challan, in terms of Rule 9......
May 16, 2015 Case Laws Central Excise

In view of the discrepancies the authenticity and veracity of data retrieved by investigation from the silver pen-drive is not reliable and can not be accepted as a......
May 16, 2015 Case Laws Central Excise

Valuation of goods - Suppression of value - until and unless the Revenue is able to prove that the value is suppressed due to the advances taken, the notional interest.....
May 16, 2015 Case Laws Central Excise

CENVAT Credit - Valuation - body builder who build body on the chassis received from the chassis manufacturers - Job work - Since there is no captive consumption , Rule.....
May 16, 2015 Case Laws Companies Law

Application under section 111A of the Companies Act, 1956 for register the shares - The stand of the respondent with regard to the one lime settlement and not to effect....
May 16, 2015 Case Laws Income Tax

Entitlement to benefit of Section 42 - business for prospecting, etc., for mineral oil. - discrepancy in the agreement - allowances, as stipulated in the Section, were......
May 16, 2015 Case Laws Income Tax

Exemption certificate for non deduction of TDS u/s 197 rejected - there has been no change in the nature of interest earned on the funds provided by the State Government....
May 16, 2015 Case Laws Income Tax

Charitable object - The primary object of insertion of proviso to section 2(15) was to curb the practice of earning income by way of carrying on of trade or commerce and....
May 16, 2015 Case Laws Income Tax

Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT
May 16, 2015 Case Laws Income Tax

Computation of capital gain - Sec. 50C applies only to a capital asset being land or building or both, it cannot be made applicable to lease rights in a land. - AT
May 16, 2015 Case Laws Income Tax

Rent paid by director of the company in her individual capacity - directors serve as agents - any transaction carried out by the directors on behalf of the company is a.....
May 15, 2015 Case Laws Companies Law

Constitution of NCLT and NCLAT in Companies Act, 2013 - government directed to remove defect in Constitution of Selection Committee for selecting the Members of NCLT and NCLAT - SC
May 15, 2015 Case Laws Companies Law

Constitution of NCLT and NCLAT in Companies Act, 2013 - government directed to remove defect in appointment of technical member to the NCLT - SC
May 15, 2015 Case Laws Companies Law

Constitutional validity of provisions relating to the structure and constitution of NCLT and NCLAT in Companies Act, 2013 upheld - SC
May 15, 2015 Case Laws Service Tax

CENVAT Credit - Construction services - nexus with the manufacturing activity - services are services of inclusive part of the "inputs services" as per Rule 2(1) of the.....
May 15, 2015 Case Laws Central Excise

Recovery of excise duty without issuance of show cause notice - useless formality theory - retrospective withdrawal of exemption vide Finance Act, 2013 - recovery......
May 15, 2015 Case Laws Central Excise

Recovery of excise duty without issuance of show cause notice - useless formality theory - area based exemption was Nullified with retrospective effect - In view of......
May 15, 2015 Case Laws Central Excise

Valuation of goods - Inclusion of value of Handle assembly, Ball valve assembly, over flow assembly, Syphon assembly, Outlet flange assembly and Flush pipe assembly -......

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H: Revision: Hospital receipts verified, partial refunds & fees paid subs...

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