Home Highlights February 2013 Year 2013 This

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1. Profits in lieu of salary - chargeable to tax u/s 17(3) or section 28(va) - appellant was not an employee - compensation attributable to a negative/restrictive covenant...

2. Input Tax Credit (ITC) - Genuineness - Onus to prove - Mere production of the invoices or the payment made by cheques is not enough and cannot be said to be discharging...

3. MAT computation u/s 115JB - Disallowing exclusion of Excise Duty Exemption as capital receipt availed during the year under consideration in computing book profit as per...

4. Benefit of Notification No. 67/95-C.E. - capital goods - The burden to prove that the impugned items fall under the scope of exemption notification is squarely on the assessee - AT

5. Exemption from tax under Section 115-O - Tax on distributed profit / Dividend Tax - Once it is held that the amount distributed or paid by Petitioner by way of dividend...

6. MAT computation u/s 115JB - Adjustments to book profit - excise duty exemptions as capital receipt - the alleged sum of excise duty exemption is a capital receipt not...

7. Insertion of new section 44ADA - Special provision for computing profits and gains of profession on presumptive basis. - a sum equal to fifty per cent. of the total...

8. Even upon detection of on money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves - HC

9. Nature of receipt - sales tax remission benefit derived by the assessee - All the judgments cited before us also lay down the same ratio. Even otherwise subsidy is...

10. Revision u/s 264 - It is settled law that an assessee is liable to pay income tax only on the income that is chargeable under the Act. Merely because an assessee has...

11. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

12. Import of foods of Malaysian origin - Benefit of Exemption under Preferential Trade Agreement - failure to prove the condition of qualifying value content of the goods...

13. Profiteering - restaurant service - reduction in rate of GST - every recipient/ customer is entitled to the benefit of the tax rate reduction by way of reduced prices...

14. Smuggling - Betel Nuts - foreign origin goods - town seizure - notified item or not - onus to prove - The CESTAT recognized that betel nuts were not notified items under...

15. Confiscation - Smuggling of Betel Nuts - discharge of burden to prove u/s 123 of Customs Act - The betel nut is not notified under Section 123 of the Customs Act, 1962...