Home Highlights August 2014 Year 2014 This

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1. The Advance Ruling Authority determined that the levy of GST on liquidated damages constitutes a supply of service under the Central Goods and Services Tax Act....

2. Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual...

3. Supply or not - liquidated damages collected for non-performing of an act - In the light of section 7 read with definition of consideration u/s 2(31), liquidity damages...

4. Nature damages for non-performance of the contract - amount of damages by paying the difference between the contract price and the market price - Held as business...

5. Nature of loss - business loss or speculation loss - trading in derivatives i.e. F&O of shares - The contract note clearly revealed that the transactions were supported...

6. Nature of loss from purchase and sale of share - speculation or non speculation loss - ITAT held that deployment of funds in the instant case is more in the business of...

7. Loss in connection with the hedging contract - business loss or speculative loss - For the purpose of hedging the loss due to fluctuation in foreign exchange while...

8. Restriction on deduction of expenditure u/s 37(1) - compensation paid for breach of contract - enalty has been paid by the assessee on account of breach of contract...

9. Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

10. The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

11. Forward contract loss - speculation loss or not - trading of gold and bullion - CIT(A) and ITAT has rightly considered all the materials on record to conclude that the...

12. Fines and liquidated damages payable to Government or a local authority for non-performance of contract entered into with Government or local authority have been...

13. Termination of contract - non-performance of the contract - the termination of the contract was illegal and without following due procedure as required under the...

14. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

15. Forward contract cancellation loss - whether be treated as business loss or speculation loss - the assessee was not a dealer in foreign exchange. - the export contracts...