Home Highlights December 2012 Year 2012 This

You may also like:

1. The Commissioner of Income Tax (CIT) invoked Section 263 to revise the Assessing Officer's (AO) order, disallowing the amount paid on termination of an agreement,...

2. Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

3. The assessee, an NRI and resident of USA, transferred a capital asset and derived capital gain. The asset comprised rights and interests acquired through an assignment...

4. Claim of expenditure against payment of compensation - Short notice payment for termination of Toll Manufacturing Agreement - compensation was a business contractual...

5. Premium paid on redemption of debentures – capital expenditure vs revenue expenditure -actual premium paid upon the redemption of the debentures would have to be...

6. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

7. 100% EOU - Levy of GST - recovery of Notice Pay from the employees who are leaving the company without completing the notice period - Service of notice for termination...

8. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

9. The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

10. Reversal of the cenvat credit on capital goods when the final product manufactured by use of such capital goods became exempted subsequently - the capital goods were not...

11. Levy of GST - notice pay recoveries made from the employees on account of not serving the full notice period - It may be concluded that, recovery of notice pay from dues...

12. Termination fee - demand of service tax under the category of “permitting commercial use or exploitation of any event service” - The tripartite agreement which has been...

13. Short Term Capital Loss (on which STT was paid) set off against the Short Term Capital Gain (on which STT is not paid) - Section 70(2) of the Act does not make any...

14. Nature of capital gain - long term vs short term - recognition of consideration given by earlier agreement of development rights in land in the later registered document...

15. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...