Home Highlights August 2014 Year 2014 This

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1. Valuation - Inclusion of Mandi Fees/ Mandi Shulk into the Sale Price for calculation of VAT - The expression ‘any other duty or tax’, is clearly broad enough to include...

2. In the absence of any evidence to show either that the sales were sham transactions or that the market prices were in fact paid by the purchasers, the mere fact that the...

3. This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp...

4. Assessment of sales shown in accounts at low prices - Benefit of exemption from VAT - sale of footwear - The language of the section is specific insofar as it states...

5. Levy of service tax - market fee - mandi shulk - whether the appellant(s) being an Agricultural Produce Market Committee was/were excluded from tax liability on and...

6. Genuineness of sale price of shares - transfer of same share at different price - a much higher price in the hands of Empee Sugars & Chemicals Ltd., was undoubtedly to...

7. Valuation of imported goods - inclusion of licence fee in the invoice value - It can be seen that Rule 10 (1) (c) uses the words ‘as a condition of sale’. The...

8. Securities Transaction Tax (STT) rates revised - on sale of options in securities increased from 0.0625% to 0.1% of option premium, on sale of futures in securities...

9. Classification of services - Fee from parks - Market fee-daily - Market fee-weekly - Fees for bays in bus stand (bus stand entrance fee collection) - Bus -stand...

10. Capital gain on sale of shares - market price or agreed price - transfer of shares by obtaining interest free loans for a long tenure coupled with call option agreements...

11. The High Court examined the method of valuation of stock and the application of the principle of consistency and regularity. It held that while the principle of...

12. TP adjustment on account of payment of overseas support fee - The assessee has its head office outside India and the decision, on the basis of which the assessee gets...

13. Transfer pricing adjustment on equity broking services (non-DVP segment/CH settlement) rejected due to negligible difference of 0.01% after considering cost adjustment...

14. The 2003 Policy of the Punjab Government granted exemption from payment of Market fee under Clause (i) of 11.4.2, but did not specifically exempt Rural Development fee....

15. Levy of differential Additional Duty of Customs - Valuation for CVD - In this case since the goods are not sold to the consumer there cannot be a retail sale price. The...