Home Highlights August 2014 Year 2014 This

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1. Activity amounting to manufacture or not - fixing of a lens in a spectacle frame - Post manufacture of the spectacle frames and lenses, the goods are sent separately to...

2. Area Based exemption - slump sale agreement - In essence, the slump sale agreement and the MOU are but a method employed to claim the benefit of the exemption...

3. Packing materials of the glass bottles - the appellant was manufacturing / producing “Spun Line Crown Cork” used for sealing the glass bottles. With the use of modern...

4. Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

5. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

6. Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

7. Assessee's claim for exemption u/s 10(35) was rejected by CPC while processing return u/s 143(1)(a), which attained finality as assessee failed to challenge it before...

8. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

9. Payment of Interest for Sales Tax Default - interest paid by the assessee to the sales tax department on arrears of sales tax/purchase tax was an admissible deduction - AT

10. Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

11. Refund of SAD - Goods are liable for sales tax but only under certain conditions the Appellant-assessee can sell the goods without payment of sales tax. An exemption...

12. Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by...

13. The assessee claimed that the deductor had deducted tax but failed to deposit it with the Central Government, leading to a mismatch between tax credits claimed and...

14. The court held that the petitioner-bank's registered security interest with CERSAI, dated 17th March 2017, has priority over the dues claimed by the GST and Sales Tax...

15. Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...