Home Highlights June 2014 Year 2014 This

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1. Principles of natural justice - allegation is that SCN issued with a pre- determined and closed mind - it prima-facie appears that the SCN fell into the category of...

2. Income tax slabs - Upto 2 lacs = nil, from 2 lacs to 5 lacs = 10%, from 5 lacs to 10 lacs = 20%, above 10 lacs = 30%

3. Classification of goods - Rate of tax - solvent Extracted spent Earth oil - Considering the basic characteristics of the spent earth oil, it's merely a vegetble oil...

4. GST, the biggest taxation reform, led to increase in tax base, higher collections and ease of trade Rates continuously reduced providing relief of about ₹ 80,000...

5. CENVAT Credit - common input services for taxable as well as exempt goods - The demand of the duty amount calculated @ 5% or 10% of the exempted value cannot be made...

6. ALP of the international transaction of payment of Fees for Management services - 5% mark-up under Cost plus method - Even if, we proceed with the assumption that the...

7. FEMA (Transfer or Issue Of Security By A Person Resident Outside India) - Sixth Amendment – Amendment In Regulations 2, 5, 10, 12 And Schedules 1, 2, 5, 6 & 7 - Notification

8. Exclusion of ice cream from the benefits of Composition Scheme under Section 10 of CGST Act - violation of the spirit of Articles 14 and 19 of the Constitution of India...

9. Rate of GST on Supply of ice cream - whether taxable @5% without ITC - Not eligible in respect of Party orders: sale of bulk ice creams to caterers as takeaway. -...

10. Exempt u/s. 10(5) - Non-deduction of tax (TDS) on LTC/LFC in the cases where employees have travelled abroad - the claim of the assessee for exemption is without legal...

11. Approval u/s 80(G)(5) - for the purpose of deciding as to whether or not to grant approval u/s 80G, a CIT (Exemptions) has to only examine whether or not the conditions...

12. Cenvat Credit - Demand of 5%/10% value of exempted goods - The waste cannot be considered as a bye-product and hence it cannot be said that common inputs on input...

13. Calculation CENVAT credit reversed under Rule 6(3) - revenue claimed that appellant would be liable to pay an amount @ 5% / 10% on the extra amount of 5% / 10% being...

14. Classification of imported goods - GSL ARTEMIA BRINE SHRIMP EGGS - petitioner sought to avail concessional duty (preferential rate of 0% IGST as against 5% IGST) by...

15. Classification of goods - aloe vera juice - whether aloe vera juice is covered by the expression "processed or preserved vegetable"? - Held Yes - HC