Home Highlights December 2013 Year 2013 This

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1. In case of supply by artists through galleries, there is no consideration flowing from the gallery to the artist when the art works are sent to the gallery for...

2. Scrutiny by the High Court in an appeal u/s 260A for Determination of the arm’s length price made by the Tribunal - When the determination of the arm’s length price is...

3. Whether after the Commissioner had determined the annual capacity of production the Commissioner could review his order when he was informed that fake certificates were...

4. Redemption fine – The redemption fine imposed by the Tribunal cannot be taken as truly binding precedents and the same may be taken at the most only as guidelines - If a...

5. Compounding of offences - default in holding Annual General Meeting the company (AGM) - NCLAT has mainatined the order of NCLT where the said fine was reduced to the...

6. TP Adjustment - main grievance is the non-granting of the adjustment with regard to underutilized capacity - The settled law is that adjustment on account of capacity...

7. Addition towards the ‘Annual Lettable Value‘(“ALV”) of a property owned - property jointly owned by the assessee - as the rent of ₹ 60,000/- ( ½ share) received by...

8. Scope of income from house property u/s 23(1)(a) - The notional interest on security deposits cannot be taken into consideration for determining and computing the...

9. Confiscation of goods already exported - redemption fine in lieu of confiscation imposed - export of iron ore fines - Fe content of the iron ore fines - In a case where...

10. Liability of redemption fine when goods are confiscated - redemption fine, is an option in lieu of confiscation and hence, both cannot run simultaneously, which means...

11. Annual letting value of the property by taking into consideration the notional interest on interest free deposit - notional rent on the amount of security deposit...

12. Refund - The refund claims were declined only on one ground, without challenging the determination of annual capacity of production, the processor could not have...

13. CE, Production based duty, Rule 5 of 1997 Rules will be attracted for determination of the annual capacity of production, orders of HC & CESTAT reversed, SC

14. TP Adjustment - valuation of Arms Length Price (ALP) - No Arm's Length Price is required to be determined for a transaction with specified persons in section 40A(2)(b)...

15. Valuation of imported goods - inter-se relation having any influence on the transaction value of imports, or not - If the price declared was at arm’s length, then...