Home Highlights August 2014 Year 2014 This

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1. SCOMET Export permission for ‘Stock & Sale' purposes and for export of spare parts - Public Notice

2. Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes...

3. Stamp duty - Asserting value of immovable property - Comprehensive sale of all the assets and, in a single transaction - the sale deed operated to convey the rights over...

4. Registration under section 12A – If the primary purpose and the predominant object are to promote the welfare of the general public the purpose would be a charitable purpose - AT

5. Input tax credit - land filling pit can be considered as ‘Plant and machinery’ or as ‘civil structure’ - In the second explanation given in Section 17, while providing...

6. Fringe Benefit Tax (“FBT”) - business promotion expenses treated as fringe benefit accorded by the assessee to its employees - the expenses are incurred by field staff...

7. The only purpose of the assessee company to sponsor the foreign trip of the doctors was for the purpose of promotion and sale of the products of the assessee company. It...

8. TDS u/s 194H - allegation of payment of as commission to agents / doctors - the doctors were not bound to prescribe the medicines as suggested by the assessee. As such...

9. If the primary purpose and the predominant object are to promote the welfare of the general public, the purpose would be a charitable purpose; and that when an object is...

10. Transaction of sale taking place or not - sale of Furnace - machinery or not - The contract involving receipt of lease rent for leasing of the flameless furnace does not...

11. Disallowance of excess depreciation of electrical installation - since the assessee is engaged in manufacturing of cotton yarn and the electrical installation for which...

12. Short term capital loss - sale of plant & machinery as scrap - the alleged short term capital loss as claimed by the assessee on sale of machineries cannot be allowed,...

13. Nature of expenditure - reconditioning/repair of plant and machinery - so long as only part of the machinery has been replaced as in the instant case to preserve and...

14. Depreciation on electrical fitting - plant and machinery v/s furniture and fixtures - It is necessary to have electrical fittings for the power supply to the machineries...

15. Depreciation on electric installations - to be classified as Furniture or Plant & Machinery - assessee failed to prove that electrical installations which are claimed to...