Home Highlights August 2014 Year 2014 This

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1. Allowability of a claim of expenditure u/s. 37(1) - deduction of commission expenses - A.O had failed to give any justifiable reason as regards declining of the...

2. In a case involving the imposition of a redemption fine and penalty, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that when goods are allowed...

3. The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

4. Release of goods - insecticides, pesticides and other agrochemicals including technical such as “Cyantraniliprole Technical” - Import through Port which is not a...

5. The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

6. Expenses under the head research and development - deduction of such expenses under the provisions of section 37(1) OR u/s 35 - the genuineness of the expenses cannot be...

7. Confiscation - fine - penalty - Mis-declaring the quantity of cigarettes imported under warehouse bill of entry for re-export purpose - The customs authorities...

8. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

9. Deduction for premium paid on redemption of optionally convertible debentures (OCDs) u/s 37 was disallowed. The Tribunal found no obligation existed for the assessee to...

10. The High Court held that the Revisional Authority did not follow the proper procedure prescribed u/s 263 of the Income Tax Act while invoking its revisionary powers. The...

11. Claim of interest on the refund amount of redemption fine - section 11B of Central Excise Act - It is clear that since the order of confiscation of goods has already...

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

13. Legal issues regarding the recovery of IGST/customs duty, interest, redemption fine, and penalty in connection with imports made under the Advance Authorization scheme....

14. The Appellate Tribunal addressed several issues: 1. Disallowance of Brand Ambassador Expenses - AO disallowed 75% as capital expenditure, but CIT(A) found it to be...

15. Refund claim of the amount of pre- deposit - As per the cenvat credit rules, an assessee can take the cenvat credit of any duty paid on the inputs used in the...