Home Highlights October 2014 Year 2014 This

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1. 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

2. Valuation - deduction of sales tax - Difference between the sales tax payable and actual sales tax (equal to NPV) paid does not make the change in valuation - amount of...

3. Valuation - allowability of deductions - The Commissioner (Appeals) has allowed the discounts on the basis of the invoices, credit notes and equalised octroi/ entry...

4. Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

5. Valuation - Sales tax / Service Tax in J&K - inclusion of service tax in the gross turnover for the purpose of levy of Sales Tax / TDS - Relief granted to the petitioners - HC

6. Excise duty & Sales Tax to be excluded from turnover for computing deduction u/s 80HHE - AT

7. ST – repair & maintenance Service – sales tax / VAT paid on material – deduction allowed

8. Valuation of service tax - Commercial Coaching and Training Service - whether the deductions claimed by the Appellant firm towards reimbursement of expenses on account...

9. The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original...

10. Deduction u/s 36(1) (viia) - section 36(1) (viia) clearly provides for deduction of 7.5 % of the total income and a further deduction of 10 % of the aggregate of...

11. Recovery of sales tax dues - encumbered property or not - liability of auction purchasers - this is a clear case in which the Sales Tax Department had a charge on the...

12. Valuation - Once the Sales Tax department has assessed the Sales Tax as paid, the Central Excise department cannot contend that since the State Government has remitted...

13. Constitutionality and legality of Income Computation and Disclosure Standards (ICDS) II and Notification 87/2016, which mandate the use of the First In First Out (FIFO)...

14. No service tax is payable when the entire value of the contract is towards sale of manufactured goods, including incidental activities like erection, commissioning and...

15. Deduction u/s 35AB allowed for acquiring technical know-how for business use, even if manufacturing facility not commenced during the year. Net incomes not derived from...