[aaykarbhavan] Fw: Pre-Print Highlights of GSTR from CLI, I T R , FDI Policy Attached

CIRCULAR 1 OF 2013 - CONSOLIDATED FDI POLICY (EFFECTIVE FROM 5-4-2013)

CIRCULAR 1 OF 2013 , DATED 5-4-2013

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INCOME TAX REPORTS (ITR) HIGHLIGHTS

ISSUE DATED 8-4-2013 Volume 352 Part 1

SUPREME COURT	HIGH COURTS	ENGLISH CASES	CLB
SAT	DRAT	STATUTES	JOURNAL
NEWS-BRIEFS	AAR	TRIBUNAL

HIGH COURT JUDGMENTS

F Surrender of income without explanation not voluntary disclosure : Penalty justified : CIT v. Mak Data Ltd. (Delhi) p. 1

F Assessee allowing its directors and family members to use its funds for their personal benefits : Interest not allowable : CIT v. Sahu Enterprises P. Ltd. (All) p. 8

F Assessee entitled to deduction under section 80HHC for cut and polished marble blocks : CIT v. Arihant Tiles and Marbles P. Ltd. (Raj) p. 20

F Voluntary disclosure of income : Presumption that stock, cash and amount of sundry debtors continued for a short period : Jainsons v. ITAT (Jharkhand) p. 28

F Transfer of case : Assessee must be given opportunity to be heard : Sahara Hospitality Ltd. v. CIT (Bom) p. 38, Aamby Valley Ltd. v. CIT (Bom) p. 48 and Shikshana Prasaraka Mandali v. CIT (Bom) p. 53

F Reopening of assessment on ground earlier ruling not correct in view of subsequent ruling : Notice not valid : Director of I. T. v. Prudential Assurance Co. Ltd. (Bom) p. 66

F Disallowance of claim and imposition of penalty on basis of subsequent SC decision not justified : CIT v. Celetronix Power India P. Ltd. (Bom) p. 70

F Sum forfeited by assessee to the Council allowable : CIT v. Regalia Apparels P. Ltd. (Bom) p. 71

F Export : Dividend and interest receipts : Ninety per cent. of net receipts, included in profits, and not of gross receipts for arriving at profits : CIT v. Infosys Technologies Ltd. (Karn) p. 74

F Export : Miscellaneous income is part of total turnover for purposes of deduction : CIT v. Infosys Technologies Ltd. (Karn) p. 74

F Compounding of offences : Direction to consider application on the merits : V. G. Panneerdas and Co. P. Ltd. v. Secretary, CBDT (Mad) p. 77

F Rental income from unsold flats assessable as income from house property : Azimganj Estate P. Ltd. v. CIT (Cal) p. 82

F Interest for period between application for allotment and actual allotment entitled to exemption under section 10(15) : CIT v. Bharat Heavy Electricals Ltd. (Delhi) p. 88

F Loss in one unit not to be set off against profits in another unit : CIT v. Bharat Heavy Electricals Ltd. (Delhi) p. 88

F Liability on account of wage revision deductible : CIT v. Bharat Heavy Electricals Ltd. (Delhi) p. 88

F Donations not deductible under section 37 where no details furnished regarding donations : CIT v. Bharat Heavy Electricals Ltd. (Delhi) p. 88

F Interest on non-performing assets : Uncertainty in realisation of income or interest to be proved : CIT v. Sakthi Finance Ltd. (Mad) p. 102

STATUTES AND NOTIFICATIONS

F C. B. D. T. Circulars :
Circular No. 2 of 2013, dated 26th March, 2013-Circular on application of profit split method p. 1

Circular No. 3 of 2013, dated 26th March, 2013-Circular on conditions relevant to identify development centres engaged in contract R & D services with insignificant risk p. 3

F Notifications :
Income-tax Act, 1961 : Notifications under section 10(23C)(vi)/(via) : Institutions approved for purpose of section 10(23C)(vi)/(via) p. 4

Income-tax Act, 1961 : Notification under section 35(1)(ii) : Scientific research association notified by the Central Government for the purpose of section 35(1)(ii) p. 5

Income-tax Act, 1961 : Notification under section 80-I(4)(iii) : Industrial park p. 6

JOURNAL

F Case Analysis-V. Pattabhiraman, Audit Officer (Retd.) p. 1

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----- Forwarded Message -----
From: "info@cliofindia.com" <info@cliofindia.com>
To: newsletter@cli.in
Sent: Saturday, 6 April 2013 6:19 AM
Subject: Pre-Print Highlights of GSTR from CLI

Rs. 1,530/- Paper Bound Edition (Two Volumes)

www.cliofindia.com info@cliofindia.com GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS ISSUE DATED 8.4.2013 Volume 19 Part 5 SUPREME COURT HIGH COURTS ENGLISH CASES CESTAT ORDER STATUTES JOURNAL NEWS-BRIEFS HIGH COURT F Inputs used in manufacture of capital goods used for manufacture of final product alone eligible for Cenvat credit : Bajaj Hindustan Ltd. v. Union of India . . . 373 F Where wrongful availment of credit takes place no discretion with adjudicating authority or Tribunal to reduce quantum of penalty : Bajaj Hindustan Ltd. v. Union of India . . . 373 F Manufacturer of patent and proprietary medicines entitled during relevant period to credit of tax paid on certain services which are input services : Commissioner of Central Excise v. Cadila Healthcare Ltd. . . . 384 F Manufacturer not entitled to take credit of service tax paid on foreign agency service which is not input service : Commissioner of Central Excise v. Cadila Healthcare Ltd. . . 384 F Construction of taxing statutes : Statutes to be read as a whole : Commissioner of Central Excise v. Cadila Healthcare Ltd. . . . 384 F Where levy of tax upheld by Appellate Tribunal based on statement of assessee's employee without going into merits and documents furnished by assessee before it not considered, order set aside : Godavari Khore Cane Transport Company v. Commissioner of Central Excise . . . 427 F While availing of duty exemption the assessee must first utilise whole of Cenvat credit available on the last date of the month for payment of duty on goods cleared during such month and then pay balance amount in cash : Commissioner of Central Excise v. Man Inds. (I) Ltd. . . . 430 F Manufacturer entitled to Cenvat credit only on that quantity of input service used in manufacture of ultimate dutiable product : Oil and Natural Gas Corporation Ltd. v. Commissioner of Central Excise, Service Tax and Customs . . . 434 F Outward transportation up to place of removal falls within expression "input service" : Commissioner of Central Excise v. Haryana Sheet Glass Ltd. . . . 448 F Where litigation regarding refund of duty prolonged by frivolous, untenable and objectionable grounds, plea of existence of alternative remedy not available when illegal orders passed : ACCRA PAC (India) P. Ltd. v. Government of Gujarat Home Department . . . 451 F Judicial discipline : Decision of higher authority binds all parties including Governmental authorities : ACCRA PAC (India) P. Ltd. v. Government of Gujarat Home Department . . . 451 F Where condition of circular related to provision of reading material and textbooks by assessee and not books purchased from another supplier which could be quantified by price paid, cost of study material to be excluded : Commissioner of Central Excise v. Pinnacle . . . 456 F Adjudicating officer to record satisfaction that claim of rebate is in order : SPL Industries Ltd. v. Union of India . . . 458 F Rule 5 of 2006 Rules which provides for inclusion of re-imbursement of expenses incurred by service provider in course of providing taxable service is ultra vires charging provision : Intercontinental Consultants and Technorats P. Ltd. v. Union of India . . . 462 F Legislative powers : Power to make rules not to go beyond charge of tax in charging provision : Intercontinental Consultants and Technorats P. Ltd. v. Union of India . . . 462 F Interpretation of taxing statutes : Double taxation cannot be enforced by implication : Intercontinental Consultants and Technorats P. Ltd. v. Union of India . . . 462 CESTAT ORDERS F Education cess chargeable only on duties of excise levied and collected by Central Government : Bajaj Hindustan Ltd. (No. 2) v. Commissioner of Central Excise . . . 371 F Where burden of tax paid by assessees passed on to sugar factories admitted by assessees, demand of tax valid : Godavari Khore Cane Transport Company P. Ltd v. Commissioner of Central Excise . . . 419 STATUTES AND NOTIFICATIONS F C. B. E. C. Circulars : Circular No. 4/2013-Customs, dated 15th January, 2013-Disposal of firearms imported as baggage under transfer of residence-Regarding . . . 81 Circular No. 5/2013-Customs, dated 31st January, 2013-Single revolving bank guarantee for different transactions for import of silver or gold or platinum-Regarding . . . 82 Circular No. 6/2013-Customs, dated 6th February, 2013-Issue of Customs House Agents License . . . 83 F Rules : Baggage (Amendment) Rules, 2013 . . . 88 Central Excise (Amendment) Rules, 2013 . . . 86 Cenvat Credit (Amendment) Rules, 2013 . . . 87 Determination of Origin of Goods under Agreement on SAFTA between the Government of SAARC Member States comprising People's Republic of Bangladesh, Kingdom of Bhutan, Republic of India, the Republic of Maldives, Kingdom of Nepal, Islamic Republic of Pakistan and Democratic Socialist Republic of Sri Lanka (Amendment) Rules, 2013 . . . 87 F Notifications : F Customs Act, 1962 : Notification under section 25(1) : Exemption to specified goods exported out of India : Amendments 89, 91, 95, 96 F Customs Tariff Act, 1975 : Notification under section 8C(2) : Safeguard duty on hot rolled flat products of stainless steel-304 grade imported from China . . . 85 COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "GSTR" or "ITR (Trib)", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

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