ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F International transactions : ALP : Addition of notional interest for delayed payment in collection of receivables from AE not permissible : Evonik Degussa India P. Ltd. v. Asst. CIT (Mumbai) p. 179
F International transactions : Benefit of plus or minus 5 per cent. adjustment not available where only one comparable finally considered : Dy. CIT v. Petro Araldite P. Ltd. (Mumbai) p. 198
F International transactions : Transfer pricing : ALP : Transfer pricing adjustment to be worked out on basis of ALP determined : Dy. CIT v. Petro Araldite P. Ltd. (Mumbai) p. 198
F Depreciation debited to account of charitable institution allowable to arrive at income available for application to charitable purpose : A.P. Olympic Association v. Asst. CIT (Hyd.) p. 314
F Exemption : Foreign exchange gain to be considered part of export turnover not foreign exchange loss : MPS Ltd. v. Asst. CIT (Chennai) p. 324
F Export : AO to work out exemption on basis of ALP profit generated out of order of TPO not permissible : MPS Ltd. v. Asst. CIT (Chennai) p. 324
F Exemption : Capital gains : Set off : Loss on transfer of specified asset on which securities transaction tax paid cannot be set off against gains from transactions on which securities transaction tax not paid assessable under capital gains : Dy. DIT (International taxation) v. Asia Pacific Performance SICAV (Mumbai) p. 333
F International transactions : Where computation of ALP in respect of excessive credit period , outstanding balances cannot be added to total income of assessee : Asst. CIT v. Nimbus Communications Ltd. (Mumbai) p. 349
F Expenditure on conducing market feasibility study for extension of existing business for same products in Mauritius deductible : Dy. CIT v. Sumi Motherson Innovative Engineering Ltd. (Delhi) 367
F Special deduction u/s. 80HHC not to be disallowed for purpose of computing book profits : Dy. CIT v. Sumi Motherson Innovative Engineering Ltd. (Delhi) p. 367
F Vehicles pending for registration ion name of assessee, depreciation allowable : Dy. CIT v. Sumi Motherson Innovative Engineering Ltd. (Delhi) p. 367
F Depreciation on moulds used in plastic business reduced from 40 per cent. to 25 per cent. not proper : Dy. CIT v. Sumi Motherson Innovative Engineering Ltd. (Delhi) p. 367
F Where business income of foreign entity not having PE in India, amounts not established to be taxable in India, not to be disallowed : Dr. Reddy's Laboratories Ltd. v. Addl. CIT (No. 1) (Hyd.) p. 393
F Export : Overhead cost of corporate unit to be allocated on basis of turnover : Dr. Reddy's Laboratories Ltd. v. Addl. CIT (No. 1) (Hyd.) p. 393
F Assessee acquiring 100 per cent. of share capital of company paying further sum over purchase consideration to get existing customer contracts assigned in its favour, capital expenditure : Dr. Reddy's Laboratories Ltd. v. Addl. CIT (No. 1) (Hyd.) p. 393
F International transactions : Where assessee accepting interest rate at 7 per cent. in earlier assessment years, not to be modified : Dr. Reddy's Laboratories Ltd. v. Addl. CIT (No. 2) (Hyd.) p. 434
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Refund : Responsibility of Department to make refund amount within three months from date of order and claim of assessee after one year of order of Appellate Tribunal cannot be rejected merely applying section 27 : Sheel Chand Industries v. UOI (Delhi) P. 1
F Differential approach to similarly placed goods without assigning reasons amounts to discrimination : Kirat International v. UOI (Delhi) P. 6
F Expression "on the date of such removal" referable to rate applicable to such goods and not to be understood to mean that duty should be paid at time of removal : CCE v. CESTAT (Mad) P. 10
F Condonation of delay in filing appeal : Where contention that assessee's employee not authorised signatory to receive copy of order on behalf of its director not considered by Appellate Tribunal, matter remanded : Jai Kishan Khatri v. CCE (All) P. 16
F Where appeal pending in Appellate Tribunal for want of quoram, public sector undertaking permitted to provisionally clear goods by executing bonds : Hindustan Aeronautics Ltd. v. Assistant Commissioner of Customs (Karn) P. 18
F Where authorities failed to consider evidence produced to discharge burden and establish bona fides, matter remanded : Dharampal and Satyapal Sons P. Ltd. v. CIT (Delhi) P. 22
F Assessee entitlement to Cenvat credit of countervailing duty debited through duty entitlement passbook : CCE v. Neel Kanth Rubber Mills (P&H) P. 32
F Where Appellate Tribunal reversed finding of suppression of facts without considering whether short- levy of duty was by reason of fraud, collusion, willful misstatement, suppression of facts or contravention of provisions of Act or Rules with intent to evade payment of duty, matter remanded : CCE, Customs and Service Tax v. Precision Pipes and Profiles Co. Ltd. (All) P. 36
F Where mutuality of interest between principal manufacturer and job worker not established, valuation of goods to be decided under rule 11 : Leamak Healthcare P. Ltd. v. CCE and Service Tax (Trib.-Ahd) P. 42
F Credit of additional duty paid under reassessment or upon detection by Department admissible under rule 9(1)(c) : Essar Oil Ltd. v. CCE (Trib.-Ahd) P. 54
F Where section 7 of 1992 Act and rules 12 and 14 of 1993 Rules violated and quantum of penalty and fine imposed not unreasonable or harsh considering gravity of offence, penalty and fine not set aside : Pradeep Dhond v. Commissioner of Customs (Trib.-Mum) P. 66
F Goods confiscated at transporter's premises and office premises with no attempt to export or goods brought to customs area for export, conditions for confiscation of goods not fulfilled and set aside : Pradeep Dhond v. Commissioner of Customs (Trib.-Mum) P. 66
F Where evidence on record sufficient to prove charge against exporter and statement recorded not retracted, denial of cross-examination of witnesses not improper : Pradeep Dhond v. Commissioner of Customs (Trib.-Mum) P. 66
F Ocean going vessel not always stationary but navigating while carrying out transhipment classifiable under Heading 8901 : CGU Logistics Ltd. v. Commissioner of Customs (Trib.-Mum) P. 74
F Self-propelled second-hand supply vessels with all standard equipment and accessories remaining supply vessels designed for transport of cargo and persons, classifiable under Customs Tariff Heading 8901 : Hal Offshore Ltd. v. Commissioner of Customs (Trib.-Mum) P. 81
F Where all requisite documents submitted at time of importation, issue of notice after six months of original assessment barred by limitation : Hal Offshore Ltd. v. Commissioner of Customs (Trib.-Mum) P. 81
F Removal of warehoused goods : Interest demanded beyond six months of clearance barred by time : Firmenich Aromatics (India) P. Ltd. v. CCE and Service Tax (Trib.-Ahd) P. 94
F Regulations :
Customs Baggage Declaration (Amendment) Regulations, 2014 P. 1
F Notifications :
Customs Act, 1962 : Notification under section 2(34) : Assigning functions as proper officers in relation to various sections of Customs Act : Amendments P. 7
Notification under section 7(1)(b)(c) : Appointment of customs ports for specified purposes : Amendments P. 1
Notification under section 11 : Prohibitions on import and export of goods : Amendments P. 2
Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from February 7, 2014 P. 6
Notification under section 14(2) : Rates of basic customs duty on specified goods : Amendments P. 3, 4
Customs Tariff Act, 1975 : Notification under section 9A(1) and (5) : Anti-dumping duty on import of acrylonitrile butadiene rubber from Korea P. 14
Anti-dumping duty on import of float glass of thickness 2 mm. to 12 mm. from China and Indonesia P. 15
Anti-dumping duty on import of hexamine from Saudi Arabia and Russia P. 16
Anti-dumping duty on import of phosphoric acid-technical grade and food grade from China P. 8
Anti-dumping duty on import of recordable digital versatile disc of all kinds from Malaysia, Thailand and Vietnam P. 11
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