Home Highlights March 2014 Year 2014 This

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1. Disallowance u/s 14A read with Rule 8D - Assessing Officer did not record objective satisfaction for not accepting suo moto disallowance made by assessee. ITAT directed...

2. Valuation - coal excavated from the Mine - The amounts towards Royalty, MMDR, DMF Fund and Reserve Price, payable and paid by KPCL directly to the concerned Governmental...

3. Schedule VII in the Companies Act, 2013 amended - Contribution to incubators funded by various authorities.

4. Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

5. Disallowance of interest difference between the rate paid on borrowed capital and the rate advanced to a wholly owned subsidiary is not warranted. The Supreme Court in S....

6. Input tax credit of VAT paid on the Mining Tippers (and its accessories) which were used in the activity of manufacture or production of iron ore - The Apex Court ruling...

7. Foreign contribution utilized for undesirable purposes - Suspension of certificate - seeking Release/permit the Petitioner to utilize 25% of the total foreign...

8. Supply or not - levy of GST - sub-leasing of land - collection of LAD Fund alongwith rent - amount collected towards Local Area Development Fund (LAD Fund ), which is...

9. Activity under the Joint Venture Agreement (JDA) - the activity undertaken by the appellant with its cost equivalence recorded in the books is nothing but capital...

10. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

11. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

12. Delay in deposit made to the employees Provident fund and ESIC - such sums were not credited by the respective assessee to the employees 'accounts in the relevant fund...

13. The proposed amendments aim to further incentivize operations from International Financial Services Centres (IFSCs) by expanding the scope of specified funds eligible...

14. Refund claim towards excess custom duty paid - same amount paid twice through oversight and bonafide mistake - The petitioner is entitled to get refund along with...

15. Levy of GST on contributions made to District Mineral Foundation (DMF) and the National Mineral Exploration Trust (NMDF) - the said contributions are nothing but...