Ponds specially designed for breeding of prawns to be treated as plant for depreciation purposes Ponds which were specially designed for rearing/breeding of the prawns have to be treated as tools of the business of the assessee and the depreciation was admissible on these at the rates applicable to plant and machinery The assessee-company was doing business of 'Aqua Culture'. It grows prawns in specially designed ponds. Thus, the disputed issue was: Whether such ponds constitutes plant under Section 32? The Supreme Court held that since the ponds were specially designed for rearing/breeding of the prawns, thus, they have to be treated as tools of the business of the assessee. Therefore, such ponds would be treated as plant for the purpose of allowing depreciation thereon. - ACIT V. VICTORY AQUA FARM LTD.[2015] 61 taxmann.com 166 (SC)
Gujarat tops ease of doing business ranking; IPR policy contains commitment to patent's legal rights: US
Gujarat tops ease of doing business ranking; IPR policy contains commitment to patent's legal rights: US
ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Section 14A applicable for period prior to introduction of rule 8D : Deputy CIT v. Select Holiday Resorts Ltd. (Delhi) p. 62
F Assessee entitled to depreciation on assets acquired in previous year even if entire cost of same assets allowed as application of income for charitable purposes : Asst. CIT v. Medical Relief Society of South Canara (Bang) p. 74
F Where no multiple transactions but very low frequency and magnitude of sale or purchase of shares, income to be treated as long-term capital gains : Deputy CIT v. Discover India Tours P. Ltd. (Delhi) p. 401 (14-8-2015)
F Corporate guarantee provided by assessee to subsidiary not involving any cost bearing profits, income or loss, not international transaction, arm's length price cannot be adjusted : Redington (India) Ltd. v. Asst. CIT (Chennai) p. 408 (7-8-2015)
F Payment towards trade mark licence fee, allowable expenditure for purpose of business : Redington (India) Ltd. v. Asst. CIT (Chennai) p. 408
F Where no records to show that investments made out of internal accrual funds in regular business activity, whether interest-free funds available with assessee on date of investment to be examined : Redington (India) Ltd. v. Asst. CIT (Chennai) p. 408
F Taxability in India : Sum paid to non-resident not chargeable to tax in India : Lionbridge Technologies P. Ltd. v. ITO (International Taxation) (TDS) Mumbai p. 413 (5-8-2015)
F Payments of professional charges to non-residents : Assessing Officer to consider afresh in light of Double Taxation Avoidance Agreement on failure to deduct tax at source : Elgi Rubber Company Ltd. v. Deputy CIT (Chennai) p. 423 (5-8-2015)
F Payment for acquiring satellite rights of films, not royalty and provisions of section 194J not applicable : Asst. CIT (TDS) v. S. Panduranga Rao (Hyd) p. 427 (5-8-2015)
F Where financial institutions from whom interest received not members of assessee but third parties, principle of mutuality not applicable : Ootacamund Club v. ITO (Chennai) p. 435 (5-8-2015)
F Where assessee treating shares as investment in balance-sheet, profits on transactions assessable as short-term capital gains : Deputy CIT v. Smt. Rajeshwari Mehta (Ahd) p. 442 (24-7-2015)
F Total interest up to maturity date cannot be treated as income of year on fixed deposits not maturing at end of year : Deputy CIT v. Smt. Rajeshwari Mehta (Ahd) p. 442
F Where plea of assessee that original notice of demand not served but only copy thereof, Commissioner (Appeals) to decide afresh on merits after assessee files certified copy of demand notice : Rajesh Kumar Agarwal v. ITO (Agra) p. 452 (24-7-2015)
F Assessee not entitled to exemption u/s. 11 where no approval obtained from DIT (Exemptions) for carrying on religious activities : Angel Christian Charitable Foundation India v. Deputy DIT (Exemptions)-III (Chennai) p. 454 (31-7-2015)
F Fee received in initial assessment year also to be spread over a period of five years, entire fee not to be assessed in current assessment year : Effluent Channel Projects Ltd. v. Deputy CIT (Ahd) p. 460 (24-7-2015)
F Deduction of tax at source : First proviso to section 201(1) applicable with retrospective effect : Asst. CIT v. Bharti Airtel Ltd. (Hyd) p. 469 (15-7-2015)
F Only net profit rate applicable on unaccounted sales : ITO v. Ankur Garg (Agra) p. 475 (24-7-2015)
F Reimbursement of expenses not part of fees for technical services u/s. 44D : Deputy CIT v. Sheladia Associates Inc. (Ahd) p. 477 (17-7-2015)
F Where no income resulting to assessees' out of share transactions, income cannot be assessed either as capital gains or under business income : Monal Y. Thakkar v. Asst. CIT (Ahd) p. 483 (24-7-2015)
F Payment on account of violation of provisions of SEBI not compensatory in nature : Monal Y. Thakkar v. Asst. CIT (Ahd) p. 483
F Investment other than through fictitious entities to be treated as simple investment : Monal Y. Thakkar v. Asst. CIT (Ahd) p. 483
F Where assessee failed to bring a contrary view regarding non-deduction of tax at source from account writing charges and audit fees, disallowance confirmed : Shivgaya Ramkumar Gupta v. Deputy CIT (Pune) p. 496
F Gains on transfer to be assessed as short-term capital gains : K. R. Muralidhar v. ITO (Chennai) p. 506
F Gains on transfer of property were to be assessed as short-term capital gains : K. R. Muralidhar v. ITO (Chennai) p. 506
F Low household withdrawals : Addition on account of household withdrawals justified : Radhey Shyam Agarwal v. ITO (Jaipur) p. 511
F Where discrepancy in date of commissioning of windmill and points raised by Department required attention of Assessing Officer, matter remanded : Deputy CIT v. Energy Spinners P. Ltd. (Chennai) p. 517
F Order passed after expiry of six months from date of initiation of action for levying penalty, barred by limitation : Asst. CIT v. Smt. Meenu Agarwal (Lucknow) p. 520
F Where payment to State Sports Association not covered under Chapter XVII-B, no disallowance can be made u/s. 40(a)(i) : Asst. CIT v. Smt. Meenu Agarwal (Lucknow) p. 520
F Payment to All India Tennis Association for obtaining sanction for conducting tennis tournament, not covered under any provisions of Chapter XVII-B of 1961 Act : Asst. CIT v. Smt. Meenu Agarwal (Lucknow) p. 520
F Insertion of sub-section (6) to section 11 by Finance (No. 2) Act, 2014 not applicable for assessment year 2010-11 : International Goudiya Vedanta Trust v. Asst. DIT (Exemption) Delhi p. 543 (25-8-2015)
F Section 32 not applicable to charitable institution engaging in public utility services : Tamil Nadu Cricket Association v. Deputy DIT (Exemptions) (Chennai) p. 546 (14-8-2015)
F Trust eligible for exemption u/s. 11 on High Court restoring registration : Tamil Nadu Cricket Association v. Deputy DIT (Exemptions) (Chennai) p. 546
F Where assessee not providing any service to any trade, commerce or industry, eligible for exemption u/s. 11 : Tamil Nadu Cricket Association v. Deputy DIT (Exemptions) (Chennai) p. 546
F Expression "person" in section 13(1)(c)(ii) includes trustee : Deputy DIT (Exemptions)-III v. Mahalakshmi Kunjitha Patham Educational and Charitable Trust (Chennai) p. 567
F Making incorrect claim, does not amount to furnishing inaccurate particulars, penalty cannot be levied : Asst. CIT v. Cellcap Invofin India P. Ltd. (Delhi) p. 571
F Where renewal of exemption granted for earlier years and no new facts in current assessment year, denial of approval not justified : Electronics and Computer Software Export Promotion Council v. DIT (Exemptions) (Delhi) p. 576
F Where capital expenditure treated as application of income, assessee entitled to depreciation of assets, not a case of double deduction : Asst. CIT v. City Hospital Charitable Trust (Bang) p. 583
F Registered trust entitled to exemption of application of funds and depreciation in respect of property held under trust : Guru Nanak Mission Trust v. Deputy DIT (Exemption) (Hyd) p. 591 (5-8-2015)
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Order of Director General of Foreign Trade under Export-Import Policy not binding on Customs authorities in respect of action taken under 1962 Act : Commissioner of Customs v. Pennar Industries Ltd. p. 171
F Kar Vivad Samadhan Scheme : Endorsement on bill of entry calling for payment of additional duty to be treated as notice of demand : Swastika Enterprises v. Commissioner of Customs p. 192
F Kar Vivad Samadhan Scheme : No particular process of determination contemplated in respect of tax arrears "determined as due or payable" under section 87(m)(ii)(a) of Finance (No. 2) Act, 1998 : Swastika Enterprises v. Commissioner of Customs p. 192
F Delay of eigh days in passing of order by Committee of Chief Commissioners can be condoned by Appellate Tribunal : CCE v. KAP Cones p. 225
F Demand of duty and confiscation of goods on violation of provisions of Acts and notifications, order of pre-deposit of duties with interest justified : Pentafour Products Ltd. v. CESTAT (Mad) p. 183
F Change in parameters of re-rolling mill for purposes of determination of annual capacity would become relevant or acceptable only on being certified by Department : Commissioner of Customs and Central Excise v. Sifco Metal Industries (T & AP) p. 201
F Delay of 366 days in filing appeal due to lack of guidance from consultant, condoned : Sajni Lead and Fabricators v. CCE (Guj) p. 205
F Assessee availing of benefit under compounded levy scheme by making declaration in terms of rule 96ZO(4), liable to pay duty in terms of rule 96ZO(3) : Emkay Alloys P. Ltd. v. CCE (Mad) p. 211
F Abatement of liability on closure of factory for continuous period of 15 days not restricted to one calendar month and can spill over to next month : CCE v. Prakash Products (Trib.-Mum) p. 218
F C. B. E. C. Circulars :
Circular No. 21/2015-Customs, dated 19th August, 2015-Authorised economic operator (AEO) programme-Regarding p. 62
Circular No. 185/4/2015-Service Tax, dated 30th June, 2015-Detailed manual scrutiny of service tax returns p. 37
Circular No. 1004/11/2015-CX, dated 21st July, 2015-Instructions regarding detailed scrutiny of Central excise returns-Regarding p. 58
Circular No. 1005/12/2015-CX, dated 21st July, 2015-Judgment of the Supreme Court in the case of SRF Ltd. v. Commissioner of Customs-Clarification relating to Notifications No. 30/2004-Central Excise, dated 9-7-2004, No. 1/2011-Central Excise, dated 1-3-2011 and No. 12/2012-Central Excise, dated 17-3-2012 as amended-Regarding p. 60
F Notifications :
Additional Duties of Excise (Goods of Special Importance) Act, 1957 : Notification under section 3(3) : Exemption to specified goods of First Schedule : Amendments p. 34
Central Excise Act, 1944 : Notification under section 5A(1) : Concessional rate of duty on specified goods : Amendment p. 63
Exemption to specified goods of First Schedule : Amendments p. 34, 35, 36
Customs Act, 1962 : Notification under section 7(1)(a) : Appointment of customs ports for specified purposes : Amendments p. 64
Notification under section 25(1) : Effective rates of basic duties for specified goods : Amendment p. 63
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To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "ITR (Trib)" or "GSTR", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, 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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