Home Highlights May 2013 Year 2013 This

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1. Legal issues regarding the recovery of IGST/customs duty, interest, redemption fine, and penalty in connection with imports made under the Advance Authorization scheme....

2. Denial of a refund of the interest recovered by the revenue - demand of interest is not sustainable. Consequently, the interest recovered from the appellant is to be...

3. Attachment of property of the wife of director - recovery of tax dues - When it is not permissible for the respondent to proceed against the Director of the company for...

4. The High Court held that the penalty imposed on a company cannot be recovered from its former director u/s the Companies Act. The director cannot be held personally...

5. Revision u/s 263 by CIT - The phrase prejudicial to the interest of revenue has to be read in conjunction with an erroneous order passed by the A.O. Every loss of...

6. Mis-declaration of quantity and value of goods in SEZ unit - penalty u/ss 112(a) and 114A of Customs Act 1962. Option for reduced 25% penalty u/s 114A to be extended if...

7. Levy of penalty on the Director of Company - The adjudication order also is fallacious because the entire order proceeds on the basis that show cause notice has been...

8. The Supreme Court held that the liability of directors of a private company arises only when the company is wound up after the commencement of the relevant Act. Since no...

9. Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

10. Recovery of arrears of tax from the ex-directors - Since the 2nd respondent-Company is not wound-up, no recourse can be made to recover the dues from the Director, who...

11. The case pertains to the levy of service tax under the reverse charge mechanism (RCM) on rental payments made by a company to its directors for renting immovable...

12. Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...

13. Refund claim - amount paid on reversal of credit alongwith interest and penalty - no intimation of appellant accepting their liability - if at all the Revenue is of the...

14. Delay in deposit of TDS led to a complaint against the company and its directors for an offense u/ss 276B and 278B. However, the TDS was deposited with interest u/s...

15. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...