Home Highlights September 2012 Year 2012 This

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1. CENVAT Credit - failure to distribute credit on certain common input services and transition to GST - It is only a procedural lapse and it will not affect the...

2. The Central Government is empowered to formulate and amend the Foreign Trade Policy. The impugned Notification prohibiting export of Non-Basmati White Rice, except in...

3. Valuation of imported goods - Related person - Merely because there were transfer of funds in India amongst three importers will not make them related persons in terms...

4. Dishonor of Cheque - cheques have been endorsed in favour of the plaintiff - The effect of an endorsement of a Negotiable Instrument with the endorsements as illustrated...

5. Levy of GST on Transfer Fee - Assignment of leasehold rights on land - The activity of assignment is in the nature of agreeing to transfer one’s leasehold rights. It...

6. Invocation of constitutional jurisdiction under Article 32 - seeking directions relating to the conservation of the species - Right to a healthy environment and freedom...

7. Deduction u/s 36(1)(viia) of the Act - Provision for bad and doubtful debts - provision for bad and doubtful debts newly created during the year under consideration...

8. Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section...

9. ST on renting of immovable property with retrospective amendment - Parliament’s right to legislate and create liabilities or rights with retrospective effect can be...

10. Right to Information (RTI) relating to assessee relating to income tax - supremacy of RTI or IT Act - as contented any information relating to any assessee relating to...

11. Capital gain Computation - Stamp duty valuation u/s 50C - Once legislature very graciously accepts, by introducing the legal amendments in question, that there were...

12. Excise – sale through related parties, valuation provisions applicable – tribunal order reversed by SC

13. CIRP - Removal of the Leasehold Land from the pull of Assets of the Corporate Debtor - right to terminate the Lease Deed - the Appellant has never initiated any...

14. CIRP - discrimination of Related Party Financial or Operational Creditor - IBC treats related parties as a separate category for specified purposes, excluding from the...

15. Deduction u/s 36 or 37 - provisions for claims and compensation - A developer of a building could claim it as an expenditure in the year in which such expenditure is...