Home Highlights November 2011 Year 2011 This

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1. Seeking quashing FIR - foreign made liquor and beer - since the bonded warehouse was situated within the territorial jurisdiction of the Customs Department and the...

2. Levy of Service Tax - security agency service or not - Home Guards department - scope of the term ‘person’ - Since State cannot be a person, it cannot be a “security...

3. Disallowance of Business Promotion and Social Welfare Expenses - Maintaining a cordial relations with the Police Department and District Administration is in the...

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

5. Disallowance of loss on sale of Government Securities - permissible business loss or not? - The Tribunal disagreed with the AO's presumption that the securities were not...

6. TDS u/s 194J - non deduction of TDS from payments made to Guest faculties - the remuneration paid to Guest Faculty is drawn from contingency/wages head in the light of...

7. Levy of tax on state police - Security Agency Services - providing security to banks, individuals, security for cricket matches, IPL, World Cup, Mumbai Port Trust,...

8. GST is not leviable on General Insurance policies provided by a State Government to employees of the State government/ Police personnel, employees of Electricity...

9. Violation of the principles of natural justice - Validity of GST assessment order - it is the case of increase in GST from 12% to 18% for works contract executed for the...

10. Banks are required to maintain a Statutory Liquidity Ratio (SLR) by purchasing government securities. RBI guidelines categorize securities as Held-to-Maturity (HTM),...

11. Security services - Police provide security as a part of their statutory obligations - There is no doubt in the entire proceedings that the amount so received was...

12. Section 43B is applicable in the case of sales tax and excise duty but same could not be in case of service tax: CIT (A) held that assessee never allowed deduction on...

13. ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities - Circular

14. Revision in Haircut on Central Government Securities (G-Sec) accepted as Collateral

15. Investment by Foreign Portfolio Investors (FPI) in Government Securities - Medium Term Framework – Review - Circular