GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Notifications :
Customs Act, 1962 : Notification under section 7(1)(aa) : Appointment of customs ports for specified purposes : Amendments p. 27, 28
Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from September 5, 2014 p. 21
Exchange rate of foreign currency for import/export of goods with effect from September 19, 2014 p. 23
Exchange rate of foreign currency for import/export of goods with effect from October 2, 2014 p. 24
Notification under section 14(2) : Rates of basic duty on specified goods : Amendments p. 26
Notification under section 25(1) : Effective rates of basic duties for specified goods of Chapters 1 to 99 : Amendments p. 21
Customs Tariff Act, 1975 : Notification under section 9A(2) : Anti-dumping duty on import of electrical insulators of glass or ceramics/porcelain, whether assembled or unassembled from China p. 30
Foreign Trade (Development and Regulation) Act, 1992 : Notification under section 5 : Exemption on export of milk powder, wheat, edible oils, pulses and non-basmati rice from Bhutan : Amendments p. 28
Export Policy of onions : Amendments p. 29
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ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))--PRINT AND ONLINE EDITION
Business expenditure --Disallowance--Payments liable to deduction of tax at source--Assessee a third party administrator facilitating payments to insured on behalf of insurance companies--Fees for professional services--Assessee not claiming payment as expenditure incurred for earning income--No question of disallowance for failure to deduct tax at source--Section 40(a)(ia) not attracted--Income-tax Act, 1961, ss. 40(a)(ia), 194J, 201, 201(1A)-- Paramount Health Services (TPA) P. Ltd. v. ITO (Mumbai) . . . 425
Capital or revenue expenditure --Assessee a renowned film personality having his professional and residential premises in same building--Incurring expenses for replacement of old lift to facilitate professional activity--50 per cent of expenditure to be treated as professional expenses and allowed as revenue expenditure--Income-tax Act, 1961, s. 37-- Javed Akhtar v. Asst. CIT (Mumbai) . . . 408
Deduction of tax at source --Failure to deposit tax in time--Amount deposited with bank on time--Bank crediting tax amount under wrong head--No fault of assessee--Interest not chargeable--Income-tax Act, 1961, s. 201(1A)-- DCM Shriram Consolidated Ltd. v. ITO (TDS) (Lucknow) . . . 432
Export --Exemption--Communication expenses--Expenditure reduced from export turnover to be excluded from total turnover also--Communication expenses to be excluded--Income-tax Act, 1961, s. 10A-- Mercer Consulting (India) P. Ltd. v. Deputy CIT (Delhi) . . . 454
----Exemption--Computation--Interest income--Details of interest income not available on record--Order set aside and matter remanded to Assessing Officer for deciding whether items of interest income falling under “Profits and gains of business or professionâ€--Income-tax Act, 1961, s. 10AA-- Mercer Consulting (India) P. Ltd. v. Deputy CIT (Delhi) . . . 454
Fringe benefits tax --Expenses incurred on market support expenditure--Expenditure reimbursed to customers on advertisement and sales promotions in terms of agreement--Nothing to show that market support expenditure incurred for benefit of employees--Not liable to fringe benefit tax--Income-tax Act, 1961, s. 115WB(2)-- Tetra Pak India P. Ltd. v. Addl. CIT (Pune) . . . 416
----Internal transport expenses--Expenditure on movement of employees from head office to factory and back--No personal benefit to employees--Not liable to fringe benefit tax--Income-tax Act, 1961, s. 115WB(2)(F)-- Tetra Pak India P. Ltd. v. Addl. CIT (Pune) . . . 416
International transactions --Arm’s length price--Determination--Transactional net margin method--Assessee providing information technology and information technology enabled services to its associated enterprises--Selection of comparables--Small difference in export turnover for comparable company to be included from comparable--Assessee-company cannot be compared with captive units of comparable companies--Assessee company’s financial year different from comparable company--Matter remanded to Transfer Pricing Officer to include comparable after working out figures relevant to financial year from audited accounts of comparable--Comparable earning majority of income from outsourcing--Cannot be selected as comparable--Functionally different companies to be excluded from comparables--Income-tax Act, 1961, s. 92CA-- Mercer Consulting (India) P. Ltd. v. Deputy CIT (Delhi) . . . 454
----Transfer pricing--Arm’s length price--Working capital adjustment--Requiring verification by Transfer Pricing Officer--Matter remanded--Income-tax Act, 1961-- Mercer Consulting (India) P. Ltd. v. Deputy CIT (Delhi) . . . 454
Non-resident --Taxability in India--Exploration of mineral oils--Special provision for computing profits--Payment for mobilisation outside territorial waters of India--Mobilisation incidental to main activity of carrying out contract in India--Taxable in India--Income-tax Act, 1961, s. 44BB-- WesternGeco International Ltd. v. Asst. DIT (International Taxation) (Delhi) . . . 438
----Taxability in India--Fees for technical services--Exploration of mineral oils--Special provision for computing profits--Activities of conducting seismic survey and acquisition of seismic data fall under definition of “fees for technical servicesâ€--Assessable under section 115A--Provisions of section 44BB(1) will not apply--Income-tax Act, 1961, ss. 9(1), 44BB(1)-- WesternGeco International Ltd. v. Asst. DIT (International Taxation) (Delhi) . . . 438
Reassessment --Notice --Reopening of assessment based solely on estimation of Departmental Valuation Officer--Not permissible--Income-Tax Act, 1961, s. 147-- Mahadev Rice and General Mills v. Asst. CIT (Chandigarh) . . . 435
Revision --Commissioner--Erroneous and prejudicial to Revenue--Share application money--Shares allotted for huge amount of share premium when earnings per share zero--Modus operandi indicating money laundering--Detailed enquiry necessary--Order erroneous and prejudicial to interests of Revenue--Income-tax Act, 1961, s. 263-- Bisakha Sales P. Ltd. v. CIT (Kolkata) . . . 715
S. 263 --Revision--Commissioner--Erroneous and prejudicial to Revenue--Share application money--Shares allotted for huge amount of share premium when earnings per share zero--Modus operandi indicating money laundering--Detailed enquiry necessary--Order erroneous and prejudicial to interests of Revenue-- Bisakha Sales P. Ltd. v. CIT (Kolkata) . . . 
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