Home Highlights December 2014 Year 2014 This

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1. Automatic Reduction/Enhancement upto 10% Duty saved amount and pro rata Reduction / Enhancement in export obligation

2. Unexplained cash deposits in Bank account and undisclosed interest income - The Gift from wife was also explained by the assessee through bank statements. Regarding...

3. Validity of re-assessment notice issued under the erstwhile section147/148 after 1.4.2001 without following the mandate of new section 148A - In absence of any specific...

4. Notional income out of reimbursement - When the principal companies have reimbursed the expenditure, there cannot be any presumption that the assessee must have saved...

5. RCM on Ocean Freight - IGST on ocean freight has to be paid by the importer under reverse charge mechanism, irrespective of the fact that such freight charges are...

6. Refund of service tax paid - entitlement for Cenvat credit of the service tax paid on the ocean freight on the reverse charge mechanism - rejection of refund on the...

7. Business Auxiliary services - income from ocean freight is more than the ocean freight expenses - appellants have already deposited ₹ 10 lakhs during investigation....

8. Unexplained money u/s 69A - cash deposit in the Saving Bank Account - Since the assessee has not disclosed this bank account in the return of income, therefore, deposit...

9. Proceedings initiated u/s 6(3) of the FEMA - The provision has been omitted - saving clause - When the proceedings were initiated against the Petitioners, Section 6(3)...

10. Reopening of assessment u/s 147 - operation of Section 148A - Effect of COVID pandemic and lock down - Extension of provisions of Section 148 which was prevailing prior...

11. Reopening of assessment u/s 147 - time for issuance of notice under Section 148 - Individual identity of Section 148 as prevailing prior to amendment - applicability of...

12. Reopening of assessment u/s 147 - Individual identity of Section 148 as prevailing prior to amendment - applicability of the newly inserted provisions of Section 148A...

13. Power to conduct audit/verification of documents and records under erstwhile service tax law - Jurisdiction, post GST Law - Having regard to the language used in the...

14. Disallowance of deduction u/s 57(iii) - the interest paid on the loans raised against the FDR was having the direct nexus with the interest received from the FDRs and...

15. Depreciation on life saving equipment - @15% OR 40% - list of life saving medical equipments has been given in this Appendix on which deprecation at the rate of 40% is...