INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Employer not in default for period during which interim order of High Court in operation : Employer in default for period starting from of date of vacation of interim order : Liable to pay interest for that period : Regional Director, ONGC Ltd. v. Association of Scientific and Technical Officers, ONGC Ltd. p. 156
F Contention taken by association of employees that value of accommodation provided by employer not really a concession and not taxable as perquisite : Court will not decide : Regional Director, ONGC Ltd. v. Association of Scientific and Technical Officers, ONGC Ltd. p. 156
F Valuation of closing stock : Excise duty excludible : Asst. CIT v. Torrent Cables Ltd. p. 163
F Reassessment : Notice : No reasons stated for dismissal of writ petition by assessee : Matter remanded : Parvez Nazir Hussein Jafri v. CIT p. 235
F Leasing rights are goods and transfer of such rights would constitute sale : CIT v. Romesh Sharma p. 229
F Duty Drawback benefits not part of net profit : Not eligible for deduction under section 80-IA : CIT v. Orchev Pharma P. Ltd. p. 227
F Marketing of agricultural produce of members of co-operative society : Whether manufacture involved : Matter remanded : Morinda Co-operative Sugar Mills Ltd. v. CIT p. 230
F Statement recorded under section 133A not recorded on oath : No evidentiary value : CIT v. P. Balasubramanian (Mad) p. 116
F Statement of remaining gold not substantiated : Addition in respect of remaining gold not justified : CIT v. P. Balasubramanian (Mad) p. 116
F Provision for warranty cost : Tribunal finding liability unascertained contingent liability justified : Renowned Auto Products Mfrs. Ltd. v. ITO (Mad) p. 127
F No outstanding demand for tax or penalty : Retention not valid : Smt. Bhawna Lodha v. Director General of Income-tax (Raj) p. 134
F Addition on account of cash deposits admitted by assessee during course of search justified : P. Kunhiraman Nair v. CIT (Ker) p. 141
F Sum received on termination of tenancy : No proof of payment of pugree : Entire sum taxable : P. Kunhiraman Nair v. CIT (Ker) p. 141
F Rejection of books of account : Failure to consider purchase of coal in relevant years : Matter remanded : Mahakoshal Pottaries v. CIT (MP) p. 149
F Appeal from order pending appeal before Tribunal : Writ petition after five years contending all grounds of appeal open under order of remand by Tribunal : Assessee not entitled to relief : Bharat Petroleum Corporation Ltd. v. ITAT (Bom) p. 165
F Payments liable to TDS : Appellate authorities extending benefit of amended provision justified : ITO v. Anil Kumar and Co. (Karn) p. 170
F Reimbursement of expenses for air ticket not income : Director of I. T. (International Taxation) v. Krupp Udhe GmbH (Bom) p. 173
F Failure by payer to deduct tax at source : Interest not chargeable under section 234B : Director of I. T. (International Taxation) v. Krupp Udhe GmbH (Bom) p. 173
F Recovery of tax : No coercive action till decision of Commissioner (Appeals) : Sanjay Kumar Sahu v. ITO (MP) p. 177
F Transit accommodation for employee : Expenses allowable : CIT v. Ansal Housing Finance and Leasing Co. Ltd. (Delhi) p. 180
F Motor cars purchased and used outside India for business activities : Entitled to depreciation : CIT v. Ansal Housing Finance and Leasing Co. Ltd. (Delhi) p. 180
F Expenses under heads "provisions for completed expenses and expenses incurred on completed project" allowable : CIT v. Ansal Housing Finance and Leasing Co. Ltd. (Delhi) p. 180
F Construction business : Unsold flats : Tax payable on annual letting value : CIT v. Ansal Housing Finance and Leasing Co. Ltd. (Delhi) p. 180
F Investment deposit account : Deduction of interest justified : CIT v. Ansal Housing Finance and Leasing Co. Ltd. (Delhi) p. 180
F Scaffolding and Shuttering : Entitled to 100 per cent. depreciation : CIT v. Ansal Housing Finance and Leasing Co. Ltd. (Delhi) p. 180
F Housing project : Common areas like balconies even if shared with one other person to be excluded : CIT v. Raghavendra Constructions (Karn) p. 194
F Assessee promoted by State to augment power supply received from State towards share capital : Interest not assessable in hands of assessee : Gujarat Power Corporation Ltd. v. ITO (Guj) p. 201
F Nature of expenditure towards maintenance contribution examined in original assessment and expenditure treated as business expenditure : Reopening of assessment to disallow such expenditure impermissible : Vishwanath Engineers v. Assistant CIT (Guj) p. 211
F Trust applying for registration within nine months of its formation : Denial of registration on ground no activity of charity commenced not justified : Director of I. T. (Exemptions) v. Meenakshi Amma Endowment Trust (Karn) p. 219
F No evidence that borrowed money utilised for purpose of advance to sister concerns : Interest allowable : CIT v. Raghuvir Synthetics Ltd. (Guj) p. 222
F Estimation of more than one and half times sales declared by assessee not justified : CIT v. Mahan Marbles P. Ltd. (Raj) p. 238
F From our Reporter at the Supreme Court :
Business income or income from house property : Vacant residential units whether taxable on annual letting value p. 81
Charitable purpose : Power of Commissioner to cancel registration of trust p. 81
Export : Premium on sale of export quota whether eligible for special deduction p. 81
Housing projects : Qualifying built up area of residential unit for special deduction p. 81
Income : Assessability : Interest on short-term deposits of share capital subscribed by State Government p. 82
Search and seizure : Block assessment p. 82
Appeal to High Court : Monetary limits for litigation by Revenue p. 82
F C. B. D. T. Circulars :
Circular No. 4 of 2013, dated 17th April, 2013-Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961, read with rule 31 of the Income-tax Rules, 1962-regarding p. 84
F Press Notes/Releases :
Clarification on amendment to section 206C of the Income-tax Act dealing with tax collection at source (TCS) on sale of bullion or jewellery in cash p. 83
FAQs on India Advance pricing agreement scheme p. 86
Rationalisation of with-holding tax (WHT) on foreign investments in Indian debt securities p. 95
F Notifications :
Income-tax Act, 1961 : Notification under section 35AC(1) Expln., clause (b) : Eligible projects or schemes p. 96
Income-tax Act, 1961 : Notification under section 92C(2) : Determination of arm's length price p. 83
F Can Form No. 10 be used in proceedings under section 147, Income-tax Act, 1961 ?-Vishal Mishra and Mohit Singh, Advocates p. 29
F Madras High Court analysies search and seizure provisions in the Income-tax Act from A to Z in its recent decision-T. N. Pandey, Retd. Chairman, CBDT p. 1
F Section 260A of the Income-tax Act, 1961 : a judicial analysis-R. B. Shukla, Ex-Chief Commissioner of Income-tax p. 14
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F 50 per cent. of Cenvat credit of duty paid on capital goods available in same year and remaining 50 per cent. can be availed of in any financial year subsequent to financial year in which goods are received as long as such goods are in possession and use of manufacturer of final products in such subsequent years : Commissioner of Central Excise v. Indian Oil Corporation Ltd. . . .369
F Modvat credit could not be denied on ground that declaration did not contain all details required under rule 57T(1) of 1944 Rules in view of amendment to rule 57T by Notification No. 7/1999-CE (N.T.), dated 1-2-1999 : Commissioner of Customs and Central Excise v. Mohit Paper Mills Ltd. . . . 374
F A petition under article 226 of Constitution of India may be dismissed if court is satisfied that issuance of writ will be ineffective, infructuous, unnecessary or futile : Where appeal filed by assessee pending before Appellate Tribunal, merits of order-in-original passed by Commissioner cannot be examined by High Court exercising jurisdiction under article 226 of Constitution of India : Andhra Cylinders P. Ltd. v. Deputy Commissioner of Customs and Central Excise . . . 377
F Where amendment in Rules enhancing rates of overtime fees to staff of Excise Department stationed at distillery, reasonable in operation and not causing undue hardship to distillers but supporting administration for supervision, Rules not ultra vires : Saraya Industries Ltd. v. State of Uttar Pradesh . . . 386
F Where finding of Appellate Tribunal regarding clandestine removal of goods were finding of fact based on material on record which was neither perverse not arbitrary, cannot be interfered with : Commissioner of Customs v. M. N. S. Exports P. Ltd. . . . 394
F Where statute expressly excludes jurisdiction of Appellate Tribunal in matters pertaining to rebate of duty on goods exported to any country or territory outside India, appeal to Appellate Tribunal not maintainable : Commissioner of Central Excise v. Maini Precision Products P. Ltd. . . . 400
F Where interim order of Tribunal dispenses with requirement of pre-deposit by dealers, dealers cannot be penalised for failure by manufacturer to make deposit and appeal to be heard on merits : Victory Impex v. Commissioner of Central Excise . . . 432
F Merchant overtime tax is leviable only if services are rendered by customs officer at place which is not his normal place of work or place beyond customs area : Commissioner of Central Excise v. Sigma Corporation India P. Ltd. . . . 435
F Commissioner (Appeals) has no powers to condone delay in filing appeal beyond statutory prescribed period, however if delay is well explained and if court finds non-consideration of issues would result in gross injustice, High Court can condone delay in filing appeal : Lathia Industrial Supplies Co. P. Ltd. v. Commissioner (Appeal-I) . . . 439
F Challenging order of cancellation of licence and blacklisting for failure to supply required quantity of country liquor in violation of terms and conditions of grant by supplier, not sustainable : Welcome Distillery P. Ltd. v. State of Bihar . . . 442
F Where State Electricity Board not department of Government, goods manufactured by factory belonging to Board not entitled to exemption : Deputy Executive Engineer (Civil), Maharashtra State Electricity Distribution Co. Ltd. v. Commissioner of Central Excise . . 405
F Extended period of limitation cannot be invoked in the absence of suppression with intention to evade payment of duty : Deputy Executive Engineer (Civil), Maharashtra State Electricity Distribution Co. Ltd. v. Commissioner of Central Excise . . . 405
F For inclusion of royalty and licence fees in assessable value payment must be pre-requisite condition for sale of imported goods : India Oil Corporation Ltd. v. Commissioner of Customs . . . 411
F Act :
Finance Act, 2013 . . . 81
F Notifications :
F Customs Act, 1962 :
Notification under section 25(1) :
Exemption under Export Promotion Capital Goods (EPCG) Scheme . . . 109
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
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