Home Highlights April 2014 Year 2014 This

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1. Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

2. Valuation - Sales tax / Service Tax in J&K - inclusion of service tax in the gross turnover for the purpose of levy of Sales Tax / TDS - Relief granted to the petitioners - HC

3. Levy of service tax - real estate agent - collecting transfer/administrative charges - Referring to precedents, the Tribunal affirmed that charges for changes in...

4. Levy of tax on ‘deemed sale price’ – DVAT - subject of tax not goods or goods sold, but transaction of “sale of goods” – Addition of Explanation 2 was to permit levy of...

5. Tax Planning versus Tax Avoidance - Finance Lease / Operating lease - No straight jacket formula can be adopted to say that every case of sale and lease back...

6. Excise duty & Sales Tax to be excluded from turnover for computing deduction u/s 80HHE - AT

7. Penalty u/s 271B - Determination of turnover of the assessee for Tax Audit u/s 44AB - turnover in respect of the speculative transactions shall be positive and negative...

8. Levy of GST - Credit Card loan - tax charged by the bank on each instalment of interest together with the loan amount paid by the appellant. - the appellant’s above...

9. Levy of service tax - banking and other financial services - premium on interest restructuring of loan as interest on loans - It is not possible to accept the contention...

10. Levy of VAT (tax) - Turnover of old machinery and equipment after the closure of business - The central contention is the interpretation of the amended definition of...

11. Addition u/s. 28(iv) - waiver of loan - value of benefit arising from business of the assessee - the assessee has received loan from certain parties for the purpose of...

12. Levy of tax and interest on sales made by the petitioner - sale in the course of import - resale of goods in Daman - first point of sale - Since the goods in question...

13. Levy of service tax on services received from foreign bank - The Tribunal determined that the appellant was not receiving any direct services from the foreign banks that...

14. Income from waiver of loan - income changeable to tax or not? - brought to tax under section 28(iv) of the Act or under section 41(1) - it is clear that in the case...

15. Computation of capital gains - deduction towards repayment to bank loan which was treated as NPA by the bank - the consideration from sale of property to the extent of...