INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Exemption cannot be denied to the charitable institution on the ground that the institution given to loan to another charitable institution : CIT v. Kanpur Subhash Shiksha Samiti (All) p. 271
F Default in payment of advance tax : Assessee liable to pay interest : Director of Income-tax, International Taxation v. Alcatel Lucent USA Inc (Delhi) p. 276
F Income from fumigation and disinfestation entitled to exemption : Karnataka State Warehousing Corporation v. Deputy CIT (Karn) p. 295
F Amount spent on importing software master copies deductible : Oracle India P. Ltd. v. CIT (Delhi) p. 302
F Interest mandatory for default in paying advance tax : Oracle India P. Ltd. v. CIT (Delhi) p. 302
F Hotel building not a plant and not entitled to investment allowance (03-01-2014) : CIT v. SB Properties and Enterprises Ltd. (Raj) p. 483
F Audit report and balance-sheet of assessee showing outstanding amount as loan received : Imposition of penalty under section 271DD justified (08-01-2014) : Soundarya Textiles v. Asst. CIT (Ker) p. 488
F AO making contradictory references to assessee being subjected to search or not : Assessment orders against assessee invalid (21-01-2014) : CIT v. Ramesh D. Patel (Guj) p. 492
F Addition on basis of agreements for purchase of land not sustainable where no evidence to show that agreements were acted upon and cash payment in excess of amount shown in registered documents (11-02-2014) : CIT v. Fairdeal Textile Park P. Ltd. (Guj) p. 497
F Ground for reopening assessment brought to notice of AO by audit party but AO on application of mind convinced with reason : AO not acting at instance of audit party : Notice of reassessment valid (11-03-2014) : N. K. Industries Ltd. v. ITO (OSD) (Guj) p. 502
F Sale of business before expiry of period of exemption : Transferee entitled to deduction for remaining period (10-03-2014) : CIT v. WEP Peripherals Ltd. (Karn) p. 508
F Transferee put in possession of building, plant and machinery in terms of agreement to sell and running undertaking in its own right : Entitled to depreciation (10-03-2014) : CIT v. WEP Peripherals Ltd. (Karn) p. 508
F Assets transferred to assessee by State Government : Use of such assets by assessee in its activities : Assessee entitled to depreciation (03-01-2014) : CIT v. Jawahar Kala Kendra (Raj) p. 515
F AO not accepting objection by audit party but issuing notice solely on basis thereof : Notice not valid (10-03-2014) : N. K. Roadways P. Ltd. v. ITO (OSD) (Guj) p. 522
F Second notice to bring same sums to tax not permissible (03-03-2014) : Kunal Organics P. Ltd. v. Deputy CIT (Guj) p. 530
F Trust for breeding and improving quality of cattle entitled to exemption (15-01-2014) : Director of I. T. (Exemption) v. Sabarmati Ashram Gaushala Trust (Guj) p. 539
F Lease equalisation charges deductible as business expenditure (31-10-2013) : CIT v. Indian Railway Finance Corporation Ltd. (Delhi) p. 548
F Lease equalisation charges cannot be disallowed while computing income under section 115JB (31-10-2013) : CIT v. Indian Railway Finance Corporation Ltd. (Delhi) p. 548
F Bond issue expenses deductible under section 37 (31-10-2013) : CIT v. Indian Railway Finance Corporation Ltd. (Delhi) p. 548
F Assessee had acquired possession of asset and was using it for purposes of business entitled to depreciation (31-10-2013) : CIT v. Indian Railway Finance Corporation Ltd. (Delhi) p. 548
F Assessment after full enquiry and after calling for explanation of assessee as capital gains : Reassessment to assess income as business income not permissible (11-03-2014) : Spunpipe and Construction Co. v. Assistant CIT (Guj) p. 559
F Amount could not be reduced from undisclosed income where no evidence to support claim to set off part of undisclosed income against miscellaneous receipts recorded in books (12-09-2013) : CIT v. Sri Lakshmi Narasimha Distilleries P. Ltd. (Karn) p. 573
F Assessment order makes no mention of assessee's submissions : Not ground to infer assessee did not file them (21-02-2014) : BBC World News Ltd. v. Asst. DIT (Delhi) p. 577
F Assessment made at loss figure attributing 20 per cent. of global loss to Indian operations : Criteria for computing expenses of Indian operations changed in subsequent years : Not ground for reopening assessment after four years (21-02-2014) : BBC World News Ltd. v. Asst. DIT (Delhi) p. 577
F Gains on transfer of long-term capital asset invested in specified assets : Section 50 does not restrict exemption (02-09-2013) : CIT v. Aditya Medisales Ltd. (Guj) p. 600
F Deductions not allowable on estimated net profit (08-10-2013) : CIT v. Sahu Construction P. Ltd. (All) p. 609
F Second warrant of authorisation issued on 27-8-2003 : Limitation started from the end of that month (24-09-2013) : Deputy CIT v. Rakesh Sarin (Mad) p. 619
F Levy of penalty valid where lease transaction found to be bogus (11-09-2013) : CIT v. BPL Sanyo Finance Ltd. (Karn) p. 630
F Tribunal rejecting application for rectification : No appeal lie to High Court from such order (19-12-2011) : Madhav Marbles and Granites v. ITAT (Raj) p. 647
F Bad debt : Merely writing off such advances or debts as bad debts in books of account and debiting in profit and loss account : Sufficient compliance (19-12-2011) : Madhav Marbles and Granites v. ITAT (Raj) p. 647
F Apparent mistake of law : Tribunal erred in not rectifying mistake apparent from record (19-12-2011) : Madhav Marbles and Granites v. ITAT (Raj) p. 647
F Decision of SC on issue of depreciation much prior to submission of returns by partners : Returns ought to have been filed showing correct income (11-02-2014) : Chief CIT v. George P. Mathews (Ker) p. 660
F Assessment in search cases : No requirement that Department to collect information and evidence for each and every one of six previous years (02-01-2014) : Sunny Jacob Jewellers and Wedding Centre v. Deputy CIT (Ker) p. 664
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Prior to 2006, only adjudicating authority authorised to file an appeal before Commissioner (Appeals) : Authorisation to Assistant Commissioner to file appeal, when order passed by Additional Commissioner, not in terms of section 129D(2) : Commissioner of Customs v. G Exporters (Karn) P. 483
F Where assessee relying upon documents produced before court but not before adjudicating authority, matter remanded : Rashil Anilbhai Mehta v. Assistant CST (Guj) P. 486
F Interlocutory orders of Tribunal on application for dispensation with pre-deposit, appealable to High Court : Patel Engineering Ltd. v. CCE, Customs and Service Tax (AP) P. 489
F Existence of alternative remedy, writ petition dismissed : Patel Engineering Ltd. v. CCE, Customs and Service Tax (AP) P. 489
F Denial of Cenvat credit on ground that machine cannot be used to manufacture dutiable goods without modification without considering certificate issued by manufacturer, matter remanded : Brindawan Beverages P. Ltd. v. CCE (All) P. 493
F Period of limitation not applicable to duty paid under protest and assessee entitled to refund : CCE v. Electro Steel Castings Ltd. (Mad) P. 524
F Where duty paid under protest subsequent to introduction of second proviso to section 11B, limitation of one year not applicable : ITEL Industries Ltd. v. CCE (Ker) P. 533
F Adjustment of additional customs duty liability permissible against credit available in duty entitlement passbook for period prior to 2000 : CCE v. SPIC Heavy Chemicals Division (Mad) P. 538
F Utilisation of credit to be governed by law as it stood at time of utilisation : Cross-utilisation of accumulated credit relating to additional excise duty (textiles and textile articles) for payment of additional excise duty (goods of special importance) not permissible : Raymond Ltd. v. CCE (No. 2) (Trib.-Mum) P. 449
F Where parties understood value of goods and there was mistake in purchase order and raising of invoices, valuation cannot proceed on basis that cost of goods higher : Impressions v. CCE and Service Tax (Trib.-Bang) P. 471
F Demand for recovery of erroneous refund to be made under section 11A within the prescribed limitation period : T. T. G. Industries v. Commissioner of Customs and Central Excise (Trib.-Delhi) P. 475
F Where assessee discharging liability on inputs whose value had reduced to 5 per cent but had not become obsolete in accordance with circular dated 16-7-2002 and fact with in knowledge of Department, dropping of show-cause notice to pay duty equivalent to credit taken on inputs, proper : CCE v. Mahindra and Mahindra Ltd. (Auto Sector) (Trib.-Mum) P. 480
F No time-limit prescribed under Act for issuance of notice for imposition of penalty : Sajjan Kumar Goel v. Commissioner of Customs (Trib.-Mum) P. 497
F Existence of substantial documentary evidence against assessee, denial of cross-examination of investigating officer and co-accused not violative of principles of natural justice : Sajjan Kumar Goel v. Commissioner of Customs (Trib.-Mum) P. 497
F Retraction of statement after long lapse of time an afterthought and such statements can be relied on : Sajjan Kumar Goel v. Commissioner of Customs (Trib.-Mum) P. 497
F Existence of prima facie case, pre-deposit directed : Sajjan Kumar Goel v. Commissioner of Customs (Trib.-Mum) P. 497
F Relevant date from which period of one year for filing refund claim to be reckoned is date of order of Appellate Tribunal and not date of service of order : CCE v. ITEL Industries Ltd. (Trib.-Bang) P. 529
F Rules :
Central Excise (Amendment) Rules, 2014 P. 114
Central Excise (Third Amendment) Rules, 2013 : Rescinded P. 115
Cenvat Credit (Fourth Amendment) Rules, 2014 P. 115
Cenvat Credit (Third Amendment) Rules, 2013 : Rescinded P. 116
Cenvat Credit (Third Amendment) Rules, 2014 P. 113
F Notifications :
Central Excise Act, 1944 : Notification under section 5A(1) : Exemption under Focus Market Scheme : Amendments P. 123
Central Excise Rules, 2002 : Notification under rule 9 : Conditions, safeguards and procedures for registration and exemptions from registration : Amendments P. 116
Cenvat Credit Rules, 2004 : Notification under rule 5B : Procedures, safeguards, conditions and limitations for grant of refund P. 118
Notification under rule 9(8) : Quarterly Return Form for registered dealers : Supersession P. 117
Customs Act, 1962 : Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from March 7, 2014 P. 126
Notification under section 14(2) : Rates of basic customs duty on specified goods : Amendments P. 125
Notification under section 25(1) : Exemption under Focus Market Scheme : Amendments P. 124
Customs Tariff Act, 1975 : Notification under section 8B : Safeguard duty rates on import of sodium nitrite into India P. 128
Finance Act, 1994 : Notification under section 93(1) : Exemption under Focus Market Scheme : Amendments P. 124
| 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 |
On Wednesday, 16 April 2014 5:06 AM, "info@cliofindia.com" <info@cliofindia.com> wrote:
www.cliofindia.com info@cliofindia.com ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Interest on short-term deposits not eligible for deduction u/s. 36(1)(viii) : Tamilnadu Power Finance and Infrastructure Development Corporation Ltd. v. Asst. CIT (Chennai) p. 390
F Company : Book profits : Direct loss in valuation of stock-in-trade cannot be considered as "provision" and no need for adjustment of loss incurred by assessee in its trading activity : Esquire P. Ltd. v. Dy. CIT (Mumbai) p. 411
F International transactions : ALP : Selection of comparables : Where assessee providing low-end services and comparable companies providing high-end services, not comparable : Maersk Global Centres (India) P. Ltd. v. Asst. CIT (Mumbai) [SB] p. 1
F Company : Advance tax : Interest : Where period prior to decision of Supreme Court is settled law, interest cannot be levied u/ss. 234B and 234C : Charbhuja Industries P. Ltd. v. Addl. CIT (Mumbai) p. 89
F Assessment completed without issue of notice u/s. 143(2) invalid : Mohinder Kumar Chhabra v. ITO (Delhi) p. 93
F Assessment in name of deceased person non est and void ab initio : ITO v. Raj Kumar Kukreja (Lucknow) p. 98
F Where tax effect below prescribed limit, appeal not maintainable : ITO v. Raj Kumar Kukreja (Lucknow) p. 98
F PET/CT scan using in detecting and treating cancer, heart disease and neurological diseases is life saving medical equipment entitled to higher rate of depreciation at forty per cent.: Asst. CIT v. Bharat Scans P. Ltd. (Chennai) p. 103
F Non-resident : Accrual of salary outside India and remission of amount to India will not constitute receipt of salary in India to trigger taxability : Arvind Singh Chauhan v. ITO (Agra) p. 105
F Amount in non-resident (external) account exempted from tax : Arvind Singh Chauhan v. ITO (Agra) p. 105
F Where payment for assisting assessee in manufacture of specialised machinery, allowable : Asst. CIT v. Chemfab Welders Ltd. (Chennai) p. 114
F Industrial undertaking : Where technical know-how fee was income of new unit and no portion could be apportioned to old units, assessee entitled to special deduction u/s. 80-IA without any reduction : Asst. CIT v. Chemfab Welders Ltd. (Chennai) p. 114
F Charitable purpose : Charitable trust : Exemption : Registration : Where no doubt of genuineness of activities of trust, withdrawal of registration u/s. 12AA(3) and recognition granted u/s. 80G not proper : Vivekanand General Hospital v. CIT (Bangalore) p. 125
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