INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
Cash credit --Loans in cash--Concurrent findings by Assessing Officer, Commissioner (Appeals) and Tribunal that loans were not genuine--Amounts assessable under section 68--Income-tax Act, 1961, s. 68-- Blessing Construction v . ITO
(Guj) . . . 213
(Guj) . . . 213
Company --Dividend--Deemed dividend--Loan by private company to shareholder out of accumulated profits--Meaning of “accumulated profitsâ€--Finding that company had liabilities and no accumulated profits--Loan to shareholders could not be deemed to dividend--Income-tax Act, 1961, s. 2(22)(e)-- CIT v . Vikram M. Kothari
(All) . . . 223
(All) . . . 223
Deduction of tax at source --Payment to contractor--Meaning of “works contract†in section 194C--Government company engaged in power supply entering into contracts for transmission of electricity--Contracts for supply, civil work and erection--Contracts divisible--Tax not deductible at source on contract for supply--Income-tax Act, 1961, ss. 194C, 201-- CIT v . Karnataka Power Transmission Corporation Ltd .
(Karn) . . . 229
(Karn) . . . 229
Reassessment --Notice after four years--Condition precedent--Failure to disclose material facts necessary for assessment--Claim for special deduction under section 80-IA allowed in original assessment--Notice after four years to re-compute special deduction--Not valid--Income-tax Act, 1961, ss. 147, 148-- Jivraj Tea Ltd. v . Asst. CIT
(Guj) . . . 219
(Guj) . . . 219
Advance tax --Interest--Notice of demand--Notice issued for a period prior to date of notice--Notice of demand ex facie not valid--Income-tax Act, 1961, ss. 156, 234B-- Vodafone Mobile Service Ltd . v. Union of India (Delhi) . . . 173
----Interest under sections 234A and 234B--Interest mandatory--Income-tax Act, 1961, ss. 234A, 234B-- Gouli Mahadevappa v . ITO (Karn) . . . 90
----Penalty--Untrue estimate of advance tax--Burden of proof--Burden on assessee to prove that estimate not untrue--Finding that estimate untrue--Imposition of penalty--Justified--Income-tax Act, 1961, s. 273(2)(a)-- J. K. Synthetics Ltd . v . CIT
(All) . . . 104
(All) . . . 104
Assessment --Construction of commercial complexes--Suppression of sale price--No evidence of understatement--No addition could be made on suspicions--Income-tax Act, 1961-- CIT v . Discovery Estates Pvt. Ltd. (Delhi) . . . 159
----Draft assessment order--Advance tax--Penalty--Untrue estimate of advance tax--Proceedings for penalty need not be proposed in draft assessment order--Income-tax Act, 1961, ss. 144B, 273(2)-- J. K. Synthetics Ltd . v . CIT (All) . . . 104
----Law applicable--Effect of insertion of section 142A by Finance (No. 2) Act, 2004 with retrospective effect from November 15, 1972--Power to refer to Valuation Officer--Rejection of accounts not a pre-condition--Assessing Officer not accepting valuation of plant in previous assessment year--Notice under section 142A--Valid--Income-tax Act, 1961, s. 142A-- Bharathi Cement Corporation P. Ltd. v . CIT (AP) . . . 74
----Limitation--Writ--Powers of High Court--High Court cannot extend period of limitation for assessment--Income-tax Act, 1961, s. 153--Constitution of India, art. 226-- Satyam Computer Services Ltd . v . Addl. CIT (AP) . . . 17
Bad debt --Condition precedent for deduction--Law applicable--Effect of amendment of section 36(1)(vii) with effect from 1-4-1989--Sufficient if amount is written off in accounts--Not necessary to prove debt was bad--Income-tax Act, 1961, s. 36(1)(vii)-- CIT v . Samara India P. Ltd . (Delhi) . . . 12
Business loss --Capital or revenue loss--Assessee, an ice cream manufacturing concern, advancing money for construction of cold storage at its factory--Irrecoverable advance given in course of business--Not allowable as business loss or trading loss--Income-tax Act, 1961-- Kwality Fun Foods and Restaurants (P.) Ltd . v. Dy. CIT
(Mad) . . . 170
(Mad) . . . 170
Capital gains --Effect of section 50C--Assessee not contesting deemed value of property--Assessee cannot contest deemed value in assessment proceedings--Income-tax Act, 1961, s. 50C-- Gouli Mahadevappa v . ITO (Karn) . . . 90
----Exemption--Reinvestment of sale consideration in residential property--Computation of exemption--Deemed value of property taken into consideration--Entire amount invested in acquiring property including other funds should be taken into account--Income-tax Act, 1961-- Gouli Mahadevappa v . ITO (Karn) . . . 90
Cash credits --Amount shown as loan--No satisfactory explanation regarding loan--Addition of amount to income of assessee--Justified--Income-tax Act, 1961, s. 68-- Dr. D. Siva Sankara Rao (HUF) v . ITO (AP) . . . 117
----Company--Share application money--Burden of proof--Assessee establishing identity of investor and genuineness of transaction--Duty of Assessing Officer to investigate creditworthiness of investor--Finding that assessee proved genuineness of transaction--No addition could be made--Income-tax Act, 1961, s. 68-- CIT v. Peoples General Hospital Ltd . (MP) . . . 65
Depreciation --Owner--Lease of vehicles--Dual ownership by owner and lessee--Evidence that assessee was owner of vehicles--Assessee entitled to depreciation--Income-tax Act, 1961, s. 32-- Prakash Leasing Ltd . v . Dy. CIT (Karn) . . . 179
----Sale and lease back transaction--Assessee purchasing certain assets from State electricity board and leasing them back to it--Genuine transaction--Parties to sale-cum-lease back agreement an existing leasing company and a State-owned electricity board--Depreciation based on agreement not to be rejected--Income-tax Act, 1961, s. 32-- First Leasing Co. of India Ltd . v. Asst. CIT (Mad) . . . 128
Exemption --Long-term capital gains on sale of equity shares through recognised stock exchange--Conditions precedent for exemption--Company’s only asset immovable property--Immovable property acquired shortly before sale of shares--Transfer of shares in company would not amount to sale of immovable property--Sale of shares not a colourable transaction--Assessee entitled to exemption under section 10(38)--Income-tax Act, 1961, s. 10(38)-- Bhoruka Engineering Inds. Ltd . v. Dy. CIT
(Karn) . . . 25
(Karn) . . . 25
Financial corporation --Reserve--Deduction under section 36(1)(viii)--Meaning of “long-term financeâ€--Dividend from non-redeemable preference shares of company--Not profit from long-term finance--Interest on short-term deposits--Service charges on loans given by Government and routed through assessee--Not entitled to deduction under section 36(1)(viii)--Income-tax Act, 1961, s. 36(1)(viii)-- National Co-operative Development Corporation v . Asst. CIT (Delhi) . . . 184
Housing project --Special deduction under section 80-IB(10)--Conditions to be satisfied--Law applicable--Amendment to sub-section (10) not retrospective--Conditions regarding completion of project and limitation on commercial use imposed by amended provision--Not applicable prior to 1-4-2005--Income-tax Act, 1961, s. 80-IB(10)-- Manan Corporation v . Asst. CIT (Guj) . . . 44
Income from house property --Income from business--Rental income--Assessable under income from house property--Income-tax Act, 1961-- CIT v . Discovery Estates Pvt. Ltd. (Delhi) . . . 159
Income-tax --General principles--Tax planning--Not colourable if legal-- Bhoruka Engineering Inds. Ltd . v . Dy. CIT (Karn) . . . 25
Industrial undertaking --Special deduction--Rental income from towers constructed in industrial park--Commissioner (Appeals) holding receipt was business income and eligible for special deduction under section 80-IA--Revenue not challenging finding of Commissioner (Appeals) on section 80-IA deduction before Tribunal--Tribunal cannot pass remand order for further enquiry on issue of character of receipt--Income-tax Act, 1961, s. 80-IA-- R. R. Industries Ltd . v. ITO (OSD) (Mad) . . . 97
Interpretation of taxing statutes --Rule against retrospectivity--Interpretation beneficial to assessee-- Manan Corporation v. Asst. CIT (Guj) . . . 44
Notice --Validity--Effect of section 292B--Mistake in mention of provision--Notice in accordance with law--Notice not invalid--Income-tax Act, 1961, s. 292B-- Bharathi Cement Corporation P. Ltd . v . CIT (AP) . . . 74
Precedent --Effect of decision of Supreme Court in Kumar Jagdish Chandra Sinha v. CIT [1996] 220 ITR 67 (SC)-- Menezes Fernandes Enterprises v . ITO
(Bom) . . . 82
(Bom) . . . 82
----Effect of Supreme Court decision in T.R.F. Ltd . v. CIT [2010] 323 ITR 397 (SC)-- CIT v . Samara India P. Ltd. (Delhi) . . . 12
Recovery of tax --Attachment and sale of property--Provisional attachment--Effect of section 281B--Provisional attachment to be commensurate with claim of Revenue--Income-tax Act, 1961, s. 281B-- KDH Properties P. Ltd . v. Asst. CIT
(Mad) . . . 1
(Mad) . . . 1
----Notice of demand--Stay of demand--Rectification of mistakes--Notice for assessment year 2004-05 issued after four years from end of financial year in which original assessment framed--Barred by limitation--Income-tax Act, 1961, ss. 154, 220(2)-- Vodafone Mobile Service Ltd . v. Union of India (Delhi) . . . 173
Return --Revised return--Effect of section 139(5)--Delay in filing return--Revised return cannot be filed--Income-tax Act, 1961, s. 139(5)-- Menezes Fernandes Enterprises v . ITO (Bom) . . . 82
Total income --Inclusions in total income--Constitutional validity of provisions--Provision for inclusion of income of minor child in total income of parent--Provision is intended to prevent evasion of tax and not discriminatory--Provision is valid--Income-tax Act, 1961, s. 64(1)--Constitution of India, art. 14-- Anju Mehra v . Union of India
(P&H) . . . 149
(P&H) . . . 149
----Inclusions in total income--Constitutional validity of provisions--Section 64(1A)--Inclusion of income of minor in income of parent whose income is greater--Both mother and father are natural guardians under Hindu law--Provision not arbitrary or violative--Hindu Minority and Guardianship Act, 1956, s. 6--Constitution of India, art. 14.--Income-tax Act, 1961, s. 64(1A)-- Anju Mehra v . Union of India
(P&H) . . . 149
(P&H) . . . 149
Art. 14 --Total income--Inclusions in total income--Constitutional validity of provisions--Provision for inclusion of income of minor child in total income of parent--Provision is intended to prevent evasion of tax and not discriminatory--Provision is valid-- Anju Mehra v . Union of India (P&H) . . . 149
----Total income--Inclusions in total income--Constitutional validity of provisions--Section 64(1A)--Inclusion of income of minor in income of parent whose income is greater--Both mother and father are natural guardians under Hindu law--Provision not arbitrary or violative-- Anju Mehra v . Union of India (P&H) . . . 149
Art. 226 --Assessment--Limitation--Writ--Powers of High Court--High Court cannot extend period of limitation for assessment-- Satyam Computer Services Ltd . v . Addl. CIT (AP) . . . 17
S. 6 --Total income--Inclusions in total income--Constitutional validity of provisions---Section 64(1A)--Inclusion of income of minor in income of parent whose income is greater--Both mother and father are natural guardians under Hindu law--Provision not arbitrary or violative-- Anju Mehra v . Union of India (P&H) . . . 149
S. 10(38) --Exemption--Long-term capital gains on sale of equity shares through recognised stock exchange--Conditions precedent for exemption--Company’s only asset immovable property--Immovable property acquired shortly before sale of shares--Transfer of shares in company would not amount to sale of immovable property--Sale of shares not a colourable transaction--Assessee entitled to exemption under section 10(38)-- Bhoruka Engineering Inds. Ltd . v. Dy. CIT (Karn) . . . 25
S. 32 --Depreciation--Owner--Lease of vehicles--Dual ownership by owner and lessee--Evidence that assessee was owner of vehicles--Assessee entitled to depreciation-- Prakash Leasing Ltd . v . Dy. CIT (Karn) . . . 179
----Depreciation--Sale and lease back transaction--Assessee purchasing certain assets from State electricity board and leasing them back to it--Genuine transaction--Parties to sale-cum-lease back agreement an existing leasing company and a State-owned electricity board--Depreciation based on agreement not to be rejected-- First Leasing Co. of India Ltd . v. Asst. CIT (Mad) . . . 128
S. 36(1)(vii) --Bad debt--Condition precedent for deduction--Law applicable--Effect of amendment of section 36(1)(vii) with effect from 1-4-1989--Sufficient if amount is written off in accounts--Not necessary to prove debt was bad-- CIT v . Samara India P. Ltd . (Delhi) . . . 12
S. 36(1)(viii) --Financial corporation--Reserve--Deduction under section 36(1)(viii)--Meaning of “long-term financeâ€--Dividend from non-redeemable preference shares of company--Not profit from long-term finance--Interest on short-term deposits--Service charges on loans given by Government and routed through assessee--Not entitled to deduction under section 36(1)(viii)-- National Co-operative Development Corporation v . Asst. CIT (Delhi) . . . 184
S. 50C --Capital gains--Effect of section 50C--Assessee not contesting deemed value of property--Assessee cannot contest deemed value in assessment proceedings-- Gouli Mahadevappa v . ITO (Karn) . . . 90
S. 64(1) --Total income--Inclusions in total income--Constitutional validity of provisions--Provision for inclusion of income of minor child in total income of parent--Provision is intended to prevent evasion of tax and not discriminatory--Provision is valid-- Anju Mehra v . Union of India (P&H) . . . 149
S. 64(1A) --Total income--Inclusions in total income--Constitutional validity of provisions---Section 64(1A)--Inclusion of income of minor in income of parent whose income is greater--Both mother and father are natural guardians under Hindu law--Provision not arbitrary or violative-- Anju Mehra v . Union of India (P&H) . . . 149
S. 68 --Cash credits--Amount shown as loan--No satisfactory explanation regarding loan--Addition of amount to income of assessee--Justified-- Dr. D. Siva Sankara Rao (HUF) v . ITO (AP) . . . 117
----Cash credit--Company--Share application money--Burden of proof--Assessee establishing identity of investor and genuineness of transaction--Duty of Assessing Officer to investigate creditworthiness of investor--Finding that assessee proved genuineness of transaction--No addition could be made-- CIT v. Peoples General Hospital Ltd . (MP) . . . 65
S. 80-IA --Industrial undertaking--Special deduction--Rental income from towers constructed in industrial park--Commissioner (Appeals) holding receipt was business income and eligible for special deduction under section 80-IA--Revenue not challenging finding of Commissioner (Appeals) on section 80-IA deduction before Tribunal--Tribunal cannot pass remand order for further enquiry on issue of character of receipt-- R. R. Industries Ltd . v. ITO (OSD) (Mad) . . . 97
S. 80-IB(10) --Housing project--Special deduction under section 80-IB(10)--Conditions to be satisfied--Law applicable--Amendment to sub-section (10) not retrospective--Conditions regarding completion of project and limitation on commercial use imposed by amended provision--Not applicable prior to 1-4-2005-- Manan Corporation v . Asst. CIT (Guj) . . . 44
S. 139(5) --Return--Revised return--Effect of section 139(5)--Delay in filing return--Revised return cannot be filed-- Menezes Fernandes Enterprises v . ITO
(Bom) . . . 82
(Bom) . . . 82
S. 142A --Assessment--Law applicable--Effect of insertion of section 142A by Finance (No. 2) Act, 2004 with retrospective effect from November 15, 1972--Power to refer to Valuation Officer--Rejection of accounts not a pre-condition--Assessing Officer not accepting valuation of plant in previous assessment year--Notice under section 142A--Valid-- Bharathi Cement Corporation P. Ltd. v . CIT (AP) . . . 74
S. 144B --Assessment--Draft assessment order--Advance tax--Penalty--Untrue estimate of advance tax--Proceedings for penalty need not be proposed in draft assessment order-- J. K. Synthetics Ltd . v . CIT (All) . . . 104
S. 153 --Assessment--Limitation--Writ--Powers of High Court--High Court cannot extend period of limitation for assessment-- Satyam Computer Services Ltd . v . Addl. CIT (AP) . . . 17
S. 154 --Recovery of tax--Notice of demand--Stay of demand--Rectification of mistakes--Notice for assessment year 2004-05 issued after four years from end of financial year in which original assessment framed--Barred by limitation-- Vodafone Mobile Service Ltd . v. Union of India (Delhi) . . . 173
S. 156 --Advance tax--Interest--Notice of demand--Notice issued for a period prior to date of notice--Notice of demand ex facie not valid-- Vodafone Mobile Service Ltd . v. Union of India (Delhi) . . . 173
S. 220(2) --Recovery of tax--Notice of demand--Stay of demand--Rectification of mistakes--Notice for assessment year 2004-05 issued after four years from end of financial year in which original assessment framed--Barred by limitation-- Vodafone Mobile Service Ltd . v. Union of India (Delhi) . . . 173
S. 234A --Advance tax--Interest under sections 234A and 234B--Interest mandatory-- Gouli Mahadevappa v . ITO (Karn) . . . 90
S. 234B --Advance tax--Interest--Notice of demand--Notice issued for a period prior to date of notice--Notice of demand ex facie not valid-- Vodafone Mobile Service Ltd . v. Union of India (Delhi) . . . 173
----Advance tax--Interest under sections 234A and 234B--Interest mandatory-- Gouli Mahadevappa v . ITO (Karn) . . . 90
S. 273(2) --Assessment--Draft assessment order--Advance tax--Penalty--Untrue estimate of advance tax--Proceedings for penalty need not be proposed in draft assessment order-- J. K. Synthetics Ltd . v . CIT (All) . . . 104
S. 273(2)(a) --Advance tax--Penalty--Untrue estimate of advance tax--Burden of proof--Burden on assessee to prove that estimate not untrue--Finding that estimate untrue--Imposition of penalty--Justified-- J. K. Synthetics Ltd . v . CIT
(All) . . . 104
(All) . . . 104
S. 281B --Recovery of tax--Attachment and sale of property--Provisional attachment--Effect of section 281B--Provisional attachment to be commensurate with claim of Revenue-- KDH Properties P. Ltd . v. Asst. CIT (Mad) . . . 1
S. 292B --Notice--Validity--Effect of section 292B--Mistake in mention of provision--Notice in accordance with law--Notice not invalid-- Bharathi Cement Corporation P. Ltd . v . CIT (AP) . . . 74
INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Amount assessable under section 68 where there was a concurrent finding that loans were not genuine : Blessing Construction v. ITO (Guj) p. 213
F Notice after four years to recompute special deduction under section 80-IA not valid : Jivraj Tea Ltd. v. Asst. CIT (Guj) p. 219
F Loan to shareholders could not be deemed dividend where the Tribunal finding company had liabilities and no accumulated profits : CIT v. Vikram M. Kothari (All) p. 223
F Government company engaged in power supply entering into contracts for transmission of electricity : No TDS on contract for supply : CIT v. Karnataka Power Transmission Corporation Ltd. (Karn) p. 229
F Provisional attachment to be commensurate with claim of Revenue : KDH Properties P. Ltd. v. Asst. CIT (Mad) p. 1
F Bad debt : Not necessary to prove debt was bad but sufficient if amount is written off in accounts : CIT v. Samara India P. Ltd. (Delhi) p. 12
F High Court cannot extend period of limitation for assessment : Satyam Computer Services Ltd. v. Addl. CIT (AP) p. 17
F Company's only asset immovable property : Immovable property acquired shortly before sale of shares : Transfer of shares in company would not amount to sale of immovable property : Bhoruka Engineering Inds. Ltd. v. Deputy CIT (Karn) p. 25
F Conditions regarding completion of project and limitation on commercial use imposed by amended provision : Not applicable prior to 1-4-2005 : Manan Corporation v. Asst. CIT (Guj) p. 44
F Rule against retrospectivity : Manan Corporation v. Asst. CIT (Guj) p. 44
F Share application money : Duty of AO to investigate creditworthiness of investor : CIT v. Peoples General Hospital Ltd. (MP) p. 65
F AO not accepting valuation of plant in previous assessment year : Notice under section 142A valid : Bharathi Cement Corporation P. Ltd. v. CIT (AP) p. 74
F Mistake in mention of provision : Notice not invalid : Bharathi Cement Corporation P. Ltd. v. CIT (AP) p. 74
F Delay in filing return : Revised return cannot be filed : Menezes Fernandes Enterprises v. ITO (Bom) p. 82
F Assessee not contesting deemed value of property, cannot contest deemed value in assessment proceedings : Gouli Mahadevappa v. ITO (Karn) p. 90
F Reinvestment of sale consideration in residential property : Entire amount invested in acquiring property including other funds should be taken into account : Gouli Mahadevappa v. ITO (Karn) p. 90
F Interest under sections 234A and 234B mandatory : Gouli Mahadevappa v. ITO (Karn) p. 90
F Revenue not challenging finding of CIT (A) on section 80-IA deduction before Tribunal : Tribunal cannot pass remand order for further enquiry on issue of character of receipt : R. R. Industries Ltd. v. ITO (OSD) (Mad) p. 97
F Proceedings of penalty need not be proposed in draft assessment order : J. K. Synthetics Ltd. v. CIT (All) p. 104
F Imposition of penalty justified where Tribunal finding estimate of advance tax untrue : J. K. Synthetics Ltd. v. CIT (All) p. 104
F Addition of amount to income of assessee justified where there was no satisfactory explanation : Dr. D. Siva Sankara Rao (HUF) v. ITO (AP) p. 117
F Depreciation based on agreement not to be rejected : First Leasing Co. of India Ltd. v. Asst. CIT (Mad) p. 128
F Provision for inclusion of income of minor child in total income of parent valid : Anju Mehra v. Union of India (P&H) p. 149
F Inclusion of income of minor in income of parent whose income is greater : Provision not arbitrary or violative : Anju Mehra v. Union of India (P&H) p. 149
F Construction business : No addition could be made where no evidence of understatement : CIT v. Discovery Estates P. Ltd. (Delhi) p. 159
F Irrecoverable advance given in course of business not allowable as business loss or trading loss : Kwality Fun Foods and Restaurants P. Ltd. v. Deputy CIT (Mad) p. 170
F Notice for assessment year 2004-05 issued after four years from end of financial year in which original assessment framed : Barred by limitation : Vodafone Mobile Service Ltd. v. Union of India (Delhi) p. 173
F Notice issued for a period prior to date of notice : Notice of demand ex facie not valid : Vodafone Mobile Service Ltd. v. Union of India (Delhi) p. 173
F Dual ownership by owner and lessee : Assessee entitled to depreciation where the finding was that the assessee was the owner of vehicle : Prakash Leasing Ltd. v. Deputy CIT (Karn) p. 179
F Service charges on loans given by Government and routed through assessee not entitled to deduction under section 36(1)(viii) : National Co-operative Development Corporation v. Asst. CIT (Delhi) p. 184
F C. B. D. T. Circulars/Instructions :
Circular/Instruction No. 2 of 2013, dated 5th February, 2013-Disposal of properties acquired under Chapter XX-C of the Income-tax Act, 1961-regarding p. 1
Circular/Instruction No. 5 of 2013, dated 8th July, 2013-Credit of TDS under section 199 of the Income-tax Act, 1961 to an assessee when the tax deducted has been deposited with the Revenue by the deductor-Direction of the hon'ble Delhi High Court in the case "Court on Its Own Motion v. Union of India in W. P. (C) No. 2659 of 2012 and W. P. No. (C) 5443 of 2012-regarding p. 2
Circular/Instruction No. 6 of 2013, dated 10th July, 2013-Past adjustment of refunds against the arrears where procedure under section 245 of the Income-tax Act was not followed-regarding p. 4
Circular/Instruction No. 7 of 2013, dated 15th July, 2013-Payment of interest under section 244A of the Income-tax Act, 1961, when assessee is not at fault-regarding p. 6
Circular/Instruction No. 7/(DV) of 2013, dated 16th July, 2013-Circular on sections 10A, 10AA, 10B and 10BA p. 7
Circular/Instruction No. 8 of 2013, dated 16th July, 2013-Standard operating procedure for appeals/SLPs filed by the assessees in the Supreme Court and related matters : Instruction regarding p. 10
Circular/Instruction No. 9 of 2013, dated 22nd July, 2013-Work allocation of departmental representatives before ITAT p. 16
| 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 |
GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Foreign Trade Policy 2009-14 makes it clear that restricted goods can be imported or exported only in accordance with an authorisation or confirmation or licence or in accordance with procedure prescribed in notification or public notice issued in this regard : Commissioner of Customs v. City Office Equipment . . . 501
F When the question whether assessee's services of providing cargo space already booked by it in airlines/ship for its clients' use for export of goods classifiable under business auxiliary services to be adjudicated upon by Tribunal, full waiver of deposit cannot be granted : Leaap International P. Ltd. v. Commissioner of Service Tax . . 514
F Primary requirements which have to be established by exporter are that claim for rebate relates to goods which are exported and that they were of a duty-paid character : U. M. Cables Ltd. v. Union of India . . . 522
F Invoices issued by assessee without delivering goods with intent to evade duty liable to pay penalty under rules 25(1)(d) and 26(1) of Central Excise Rules, 2002 : Vee Kay Enterprises v. Commissioner of Central Excise . . . 533
F For quantum of penalty on wrongful availment of Cenvat credit, discretion to be exercised taking into account mitigating or aggravating circumstances : Vee Kay Enterprises v. Commissioner of Central Excise . . . 533
F Rule 26(2) of Central Excise Rules, 2002 introduced on March 1, 2007 will not apply to acts committed prior thereto : Vee Kay Enterprises v. Commissioner of Central Excise . . . 533
F Where claim of Modvat credit was based on original copy of invoice instead of duplicate copy and loss of duplicate copy was intimated before taking credit was allowed by Tribunal, which finding cannot be interfered with : Commissioner of Central Excise v. Customs, Excise and Gold (Control) Appellate Tribunal . . . 541
F Failure to produce requisite certificate from United Nations or international organisation that goods were intended for official use by United Nations or for such project duly approved by Government of India, assessee not entitled to exemption : Ashoka Industries v. Commissioner of Central Excise . . . 542
F Where substantial relief of allowing waiver of part of pre-deposit and granting extension of time to deposit balance by Tribunal accepted by assessee, failure to deposit balance and filing writ petition and appeal seeking further extension of time not bona fide : Karnataka Agro Chemicals v. Commissioner of Central Excise . . . 545
F Disclosure of duty liability in returns and payment of duty with interest before issuance of show-cause notice could not invite penalty under rule 25 of 2002 Rules : Commissioner of Customs and Central Excise v. Saru Smelting P. Ltd. . . . 549
F Sludge and sediments found in oil tanker imported for breaking classifiable under Customs Tariff Heading 2710 and marketable liable to duty : Where no manufacture involved, countervailing duty not leviable : Priya Blue Industries Ltd. v. Commissioner of Customs . . . 488
F Where no intention of ship-breakers to carry sludge and sediment, confiscation of vessel not justifiable : Priya Blue Industries Ltd. v. Commissioner of Customs . . . 488
F Where valuation for charging duty disputed, matter remanded for reworking correct duty liability : Priya Blue Industries Ltd. v. Commissioner of Customs . . . 488
F Charge of clandestine manufacture and removal of goods to be proved beyond doubt : Vishwa Traders P. Ltd. v. Commissioner of Central Excise . . . 552
F Refusal to allow cross-examination of persons who gave inculpatory statements, statements and evidence collected to be discarded : Vishwa Traders P. Ltd. v. Commissioner of Central Excise . . 552
F Notifications :
F Central Excise Rules, 2002 :
Notification under rule 9(2) :
Exemption from the operation of rule 9 (Registration) of the Central Excise (No. 2) Rules, 2001 : Amendments . . . 98
Notification under rule 20(1) :
Duty-free sale of goods manufactured in India to International passengers or members of crew at DFSs located at arrival/departure hall of International Airports . . . 97
F Central Excise Act, 1944 :
Notification under section 2(b) :
Appointment of specified officers as Central Excise Officers : Amendment . . . 98
Notification under section 5A(1) :
Exemption under Focus Market Scheme : Amendments . . . 111
F Customs Act, 1962 :
Notification under section 14 :
Exchange rate of foreign currency for import/export of goods with effect from 19th July, 2013 . . . 108
Exchange rate of foreign currency for import/export of goods with effect from 5th July, 2013 . . . 106
Notification under section 14(2) :
Rates of basic customs duty on specified goods : Amendments . . . 109
Notification under section 25(1) :
Duty concessions to Philippines and other ASEAN countries in view of ASEAN-India FTA (AIFTA) : Amendments . . . 111
Effective rates of basic customs duties for specified goods : Amendments . . . 100
Post export EPCG Duty Credit Scrip Scheme : Amendments . . . 99
F Customs Tariff Act, 1975 :
Notification under section 9A(1) and (5) :
Anti-dumping duty on import of peroxosulphate from China and Japan . . . 103
| 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 |
----- Forwarded Message -----
From: CA. VMV SUBBA RAO <vmvsrao@gmail.com>
To: a_solanki@sify.com
Sent: Friday, 9 August 2013 12:17 AM
Subject: CBEC on VCES
From: CA. VMV SUBBA RAO <vmvsrao@gmail.com>
To: a_solanki@sify.com
Sent: Friday, 9 August 2013 12:17 AM
Subject: CBEC on VCES
Dear Members,
The CBEC has issued Circular No. 170/5 /2013 ST dated 08.08.2013 (as attached) clarifying references received by the Board seeking further clarifications as regards the scope and applicability of the VCES Scheme. Some of the issues raised with reference to the Scheme have been clarified by the Board vide circular No. 169/4/2013-ST, dated 13.5.2013. The Union Finance Minister, Mr P. Chidambaram, has also released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme, 2013 in New Delhi today in the presence of Revenue Secretary, Chairperson and other members of Central Board of Excise & Customs and media.
Service Tax Voluntary Compliance Encouragement Scheme (VCES) announced by the Finance Minister in his Budget speech has come into effect on 10 th May, 2013. The objective of the scheme is to encourage disclosure of Tax dues and compliance of Service Tax law by the persons who have not paid service tax dues for the period from Oct, 2007 to Dec, 2012, either on account of ignorance of law or otherwise. On payment of the tax dues relating to the said period there will be complete waiver of interest, penalty and other proceedings/ consequences.
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Best Wishes
CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
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Central Avenue, MSR Nagar,
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Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
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http://pdicai.org/MyPage/203038.aspx
CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx
Member- IT Committee of SIRC of ICAI
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