Home Highlights November 2016 Year 2016 This

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1. Notification exempts specified goods from Social Welfare Surcharge levy, including natural graphite, sands, quartz, strontium sulfate ore, copper, cobalt, tin, tungsten,...

2. Standard deduction and interest paid on housing loan - Once the income is assessable under the head house property, consequent deductions being standard deduction u/s...

3. Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

4. Classification of Alloy consisting of 60.6% of Copper and 13.90% Nickel - ‘Nickel’ silver alloy in question, can not be treated as Nickel alloy but has to be treated as...

5. Notification amends tariff values for edible oils, brass scrap, areca nut, gold, and silver. Revised tariff values: Crude Palm Oil $925/MT, RBD Palm Oil $930/MT,...

6. Accrual of income u/s 2(24) - Scope of Amendment to Section 2(24) by the insertion of sub-cause (xviii) - taxability of incentives given by the Government - the...

7. Finance Act, 2023 + Union Budget 2023-24

8. Income accrued in India - Shipping income earned in India - India Singapore DTAA - income is exempt in the singapore - AO has made an attempt to deny the benefit of...

9. Renting of terrace for installation of mobile antenna - taxable as income from House Property - deduction of 30% u/s 24(a) allowed - AT

10. Valuation of imported goods - purchase of urea by the Appellant from the Government of India on High Sea Sale - neither the amount of ₹ 17/- per MT paid by the...

11. Classification of imported goods - I-MAS POs, which is Nickel Hydroxide compound - The presence of cobalt and graphite does not render the product suitable for any...

12. Valuation of imported goods - Unwrought / Unrefined Zinc - enhancement of value - rejection of transaction value - The importer declared the goods as...

13. Valuation - inclusion of reimbursement of expenses in assessable value - pure agent services - this amount is not includable in the assessable value for charging service tax - AT

14. Valuation - inclusion of subsidy in assessable value - no justification for inclusion in the assessable value, the VAT amounts paid by the assessee using VAT 37B Challans - AT

15. Leasing of property - valuation - nature of charges received towards amenities provided under different agreements - all are part of rent - eligible for statutory...