Home Highlights December 2013 Year 2013 This

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1. This trade circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers for motor vehicles. The key points are: ITC is...

2. Valuation - inclusion of advertisement and publicity expenses incurred by the dealers as per the terms and conditions of the dealership agreement mutually agreed between...

3. Authorized service station - authorised dealers of General Motors - also undertook the servicing of vehicles manufactured by the other manufacturers – services provided...

4. The circular clarifies the availability of input tax credit on demo vehicles used by authorized dealers for providing trial runs and demonstrating features to potential...

5. Master Direction – External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised...

6. Mis-declaration of imported goods - Scania 310 Chassis - one complete amphibian bus body mounted on chassis - malafide intention or not - The imported goods herein is...

7. Addition u/s 69C - Unexplained expenses/premium - assessee did not furnish the source of payment of such expenses/premium - The case of assessee throughout the...

8. TDS u/s 194H - commission payment to dealers - commission payment to dealers for distribution of SIM cards and recharge coupons of telecom service providers - whether...

9. Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

10. This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on...

11. Disallowance of commission paid - excessive expense on commission - the average rate of commission paid by the assessee to others in respect of rice was 20, but rate of...

12. Hiring of vehicles to be used for loading & unloading and transportation of products – Merely because the words "loading & unloading" are used in the contract, no one...

13. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

14. Disallowance on account of Vehicle and Telephone expenses - the assessee could not adduce proper evidence in support of Vehicle and Telephone expenses having been...

15. Purchase Scrap/Used vehicles from Unregistered Dealers by Composition dealer - Reverse Charge Mechanism - Composition Dealer purchasing Scrap/Used vehicles from the...