Home Highlights August 2014 Year 2014 This

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1. Valuation - Inclusion of Mandi Fees/ Mandi Shulk into the Sale Price for calculation of VAT - The expression ‘any other duty or tax’, is clearly broad enough to include...

2. In the absence of any evidence to show either that the sales were sham transactions or that the market prices were in fact paid by the purchasers, the mere fact that the...

3. Assessment of sales shown in accounts at low prices - Benefit of exemption from VAT - sale of footwear - The language of the section is specific insofar as it states...

4. Levy of service tax - market fee - mandi shulk - whether the appellant(s) being an Agricultural Produce Market Committee was/were excluded from tax liability on and...

5. Genuineness of sale price of shares - transfer of same share at different price - a much higher price in the hands of Empee Sugars & Chemicals Ltd., was undoubtedly to...

6. Valuation of imported goods - inclusion of licence fee in the invoice value - It can be seen that Rule 10 (1) (c) uses the words ‘as a condition of sale’. The...

7. Classification of services - Fee from parks - Market fee-daily - Market fee-weekly - Fees for bays in bus stand (bus stand entrance fee collection) - Bus -stand...

8. Capital gain on sale of shares - market price or agreed price - transfer of shares by obtaining interest free loans for a long tenure coupled with call option agreements...

9. TP adjustment on account of payment of overseas support fee - The assessee has its head office outside India and the decision, on the basis of which the assessee gets...

10. Levy of differential Additional Duty of Customs - Valuation for CVD - In this case since the goods are not sold to the consumer there cannot be a retail sale price. The...

11. Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

12. Valuation of imported goods - Inclusion of lump sum and periodical patent and technology know how fee paid - The Tribunal analyzed the provisions of Rule 10 (1) (c) of...

13. GST Rates - HSN Code - Footwear having a retail sale price not exceeding ₹ 500 per pair [provided that such retail sale price is indelibly marked or embossed on...

14. Estimation of gross profit - the sale price of the product sometimes may be less than the purchase price when the market trend is going down. Therefore, based on the...

15. E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...