INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Interest on deposits made in banks, sister concerns and exchange earners foreign currency account out of export income entitled to exemption under section 10B after 1-4-2001 : CIT v. Motorola India Electronics P. Ltd. (Karn) p. 499
F Educational institution : Registration : Order of High Court set aside and liberty granted to apply for registration : Om Prakash Shiksha Prasar Samity v. Chief CIT (20-1-14) p. 329
F Failure to disclose amount received on account of refundable empty bottle deposit either in the profit and loss account or in balance-sheet : Penalty justified : Kuldeep Wines v. CIT (4-3-14) (AP) p. 195
F Refusal to grant benefit under KVSS on ground appeal not filed before competent authority not justified : Radha Vinyl P. Ltd. v. CIT (13-2-14) (AP) p. 199
F Assessment ante-dated and time barred : Conclusion reached by Tribunal based on appreciation of pure question of fact : CIT v. Amarchand Sharma and Udani (18-2-14) (AP) p. 203
F Pharmaceutical company made deposits of excess price charged for drugs over and above price fixed by Government : Allowable : CIT v. Warner Hindustan Ltd. (AP) p. 208
F Creche for children of women employees within factory compound utilised in the process of manufacturing of products entitled to depreciation : CIT v. Warner Hindustan Ltd. (AP) p. 208
F Deduction allowed after considering material : Notice after four years to withdraw special deduction not valid : Lalitha Chem Industries P. Ltd. v. Deputy CIT (Bom) p. 213
F Issue of deduction under section 80-IA raised by AO during assessment proceedings and responded to by assessee : Reopening of assessment on premise that deduction wrongly allowed not permissible : CIT v. Prima Paper and Engineering Industry (Bom) p. 222
F Non-resident agent of artistes in foreign countries engaged by assessee to bring foreign artistes to perform in India : Agent's commission not taxable in India : Director of Income-tax (International Taxation) v. Wizcraft International Entertainment P. Ltd. (21-4-14) (Bom) p. 227
F Failure to bring proceeds of export into India within six months from end of assessment year : Assessee declaring its book profits after reducing amount of deduction under section 10AA during original proceedings : Both issues not subject matter of original assessment proceedings : Reasonable belief that income chargeable to tax has escaped assessment : Eleganza Jewellery Ltd. v. CIT (18-2-2014) (Bom) p. 232
F Incentive offered on case to case basis to stockists/dealers/agents : No disallowance could be made under section 40(a)(ia) : CIT v. Intervet India P. Ltd. (1-4-14) (Bom) p. 238
F Loan cannot capital loss : Crompton Greaves Ltd. v. Deputy CIT (25-3-14) (Bom) p. 244
F Permanent establishment : Principles governing : Director of Income-tax v. e-Funds IT Solution (5-2-14) (Delhi) p. 256
F Assessee not filing returns and not subjected to regular assessment : Challenge to initiation of reassessment proceedings on ground of change of opinion not available : Director of Income-tax v. e-Funds IT Solution (5-2-14) (Delhi) p. 256
F Mutual agreement procedure : Not relevant for deciding whether permanent establishment existed : Director of Income-tax v. e-Funds IT Solution (5-2-14) (Delhi) p. 256
F Indian subsidiary company set up to provide services to overseas group entities : Secondment of employees of overseas entities to assist Indian company during initial year to ensure quality control and build skill set of Indian company's employees : Reimbursement of salaries was payment for technical services : Centrica India Offshore P. Ltd. v. CIT (25-4-14) (Delhi) p. 336
F Resident of Sri Lanka appointed as "resident executive" for Indian branch of U. K. entity for promotion of sales and brand name of employer in Sri Lanka : Payments of remuneration and reimbursement of expenses not taxable in India : Oxford University Press, In re (30-4-14) p. 251
F Sale of shares in Indian company listed on stock exchange and held for more than twelve months : Tax leviable at lower rate of ten per cent. : Pan-Asia iGate Solutions, In re (9-5-14) p. 331
F Superannuation scheme : Contributions to scheme made by employer for all eligible employees in lump sum calculated on actuarial valuation based on several underlying assumptions : Tax not required to be deducted at source on contribution to superannuation fund : The Royal Bank of Scotland, N. V., In re (9-5-14) p. 373
F DTAA : Make available clause in other Agreements cannot be imported : Steria (India) Ltd., In re (2-5-14) p. 381
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F International transactions : Determination of ALP : Matter remanded to TPO to determine ALP after taking into consideration comparables accepted by both parties for that year and any other suitable comparables : Sandstone Capital Advisors P. Ltd. v. Asst. CIT (Mumbai) p. 699
F Depreciation : Where unabsorbed depreciation becomes current depreciation and eligible for carry forward and set-off without limitation, restriction of claim to eight-year period does take away right of assessee to claim balance of unabsorbed depreciation : KMC Speciality Hospitals India Ltd. v. Asst. CIT (Chennai) p. 149
F Charitable purpose : Specific funds constituted to fulfil specific objectives and contributions accumulated under separate fund is capital in nature, to be excluded from computation : Indian Society of Anaesthesiologists v. ITO (Chennai) p. 152
F Assessee collecting data by itself or from clients and exporting it in form of CD or e-mail entitled to exemption u/s. 10B : Kiran Kapoor v. ITO (Delhi) p. 156
F Where truck operator union paying transportation charges to members whose trucks taken on hire, not liable to deduct tax at source, expenditure allowable : ITO v. Truck Operator Union (Chandigarh) p. 181
F Where contract manufacturer to bear all taxes relating to performance of service under agreement and assessee not liable, expenditure not allowable : Asst. CIT v. Tupperware India P. Ltd. (Delhi) p. 186
F Where explanation of assessee regarding cash credits not established to be not bona fide, penalty cannot be imposed : Vikram Bhatia (Lucknow) p. 206
F Sales tax and excise duty to be excluded from total turnover for purpose of computing deduction u/s. 80HHC : SMS Pharmaceuticals Ltd. v. Dy. CIT (Hyd) p. 220
F Deduction u/s. 80-IB cannot be deducted from profits of business eligible for deduction u/s. 80HHC : SMS Pharmaceuticals Ltd. v. Dy. CIT (Hyd) p. 220
F Where interest on FDs placed with bank for obtaining letter of credit assessable as business income, assessee entitled to set off brought forward business loss against such business income : Zaveri and Co. P. Ltd. (Ahd.) p. 250
F Exemption : Export : Revision : Commissioner not justified in characterising activity of assessee as mere financial arbitrage : Zaveri and Co. P. Ltd. (Ahd.) p. 250
F International transactions : ALP : Determination : CUP method : Where price not shown to be less than market price, TPO not entitled to take price as on date of invoice : Ambo Agro Products Ltd. v. Dy. CIT (Kolkata) p. 276
F Where assessee not holding 20 per cent. of beneficial interest in party nor vice versa, disallowance not attracted : Ambo Agro Products Ltd. v. Dy. CIT (Kolkata) p. 276
F Charity v. Business-Pankaj R. Toprani, Advocate p. 16
F Disallowance of cash expenditure beyond certain limit-Rajat Mohan, Chartered Accountant p. 26
F Does deduction on research activity cover consulting business ?-Gopal Nathani, Chartered Accountant p. 13
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Failure to state certain facts cannot stand in way of challenging provisions as ultra vires in writ petition : Alstom India Ltd. v. Union of India (No. 2) (Guj) p. 449
F Question regarding territorial jurisdiction not raised in earlier proceedings nor order challenged and cannot be raised in subsequent proceedings : Alstom India Ltd. v. Union of India (No. 2) (Guj) p. 449
F Paragraph 8.3.6 of Handbook of Procedures ultra vires provisions of 1992 Act : Alstom India Ltd. v. Union of India (No. 2) (Guj) p. 449
F Where manufacturer unaware that inputs received not same as those received by first stage dealer and sold to second stage dealer without movement of inputs, Cenvat credit admissible to manufacturer : S. S. Alloys Product P. Ltd. v.Commissioner of Central Excise and Service Tax p. 523
F No movement of inputs between first and second stage dealers but only passing of Cenvat credit through documents, imposition of penalty justified : S. S. Alloys Product P. Ltd. v.Commissioner of Central Excise and Service Tax p. 523
F C. B. E. C. Circulars :
Circular No. 7/2014-Customs, dated 7th April, 2014-Import of pesticides-Common order dated 5th September, 2013 passed by hon'ble Gujarat High Court in various civil applications-Regarding p. 125
Circular No. 982/06/2014-CX, dated 15th May, 2014-Classification of rice parboiling machinery-Regarding p. 126
F Notifications :
Foreign Trade (Development and Regulation) Act, 1992 : Notification under section 5 : Paragraph 1.2(a) of Foreign Trade Policy : Amendment p. 113
Paragraphs 3.15.3 and 3.15.4 of Foreign Trade Policy : Amendments p. 115
Paragraph 5.5.1 of Foreign Trade Policy : Amendment p. 114
Customs Act, 1962 : Notification under section 7(1)(a) : Appointment of customs ports for specified purposes : Amendments p. 124
Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from April 18, 2014 p. 120
Exchange rate of foreign currency for import/export of goods with effect from May 2, 2014 p. 121
Exchange rate of foreign currency for import/export of goods with effect from May 16, 2014 p. 123
Notification under section 14(2) : Rates of basic customs duty on specified goods : Amendments p. 116, 117, 118
Notification under section 25(1) : Effective rates of basic customs duties for specified goods : Amendments p. 133
Customs Tariff Act, 1975 : Notification under section 9A(1) and (5) : Anti-dumping duty on import of all fully drawn or fully oriented yarn/spin draw yarn/flat yarn of polyester from China, Thailand and Vietnam : Amendment p. 129
Anti-dumping duty on import of cold rolled flat products of stainless steel from specified countries : Amendment p. 132
Anti-dumping duty on import of flax fabric from China and Hong Kong : Amendment p. 128
Anti-dumping duty on import of glass fibre from China : Amendment p. 130
Anti-dumping duty on import of vitamin-E all forms excluding natural forms from China : Amendment p. 127
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On Saturday, 7 June 2014 7:57 AM, Lawyersclubindia Newsletter <newsletter@lawyersclubindia.com> wrote:
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