Home Highlights April 2016 Year 2016 This

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1. Disallowance of purchase made from sister concerns - Making disallowance of purchase just because they are from sister concerns/ related parties, Memorandum of...

2. Refund of excess paid duty - The contention of the revenue that since the duty was based on sale value of their sister concern is absolutely incorrect for the reason...

3. Additions towards written off of creditors - cessation of liability - there is no liability in the Books of Accounts as per the transfer of the projects to its sister...

4. Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

5. Interest expenses u/s 36(1)(iii) - Addition of interest component considering that there is no commercial expediency in lending to sister concerns - AR explained the...

6. Demand of Differential Duty - Inclusion of value of deemed export in the value of DTA clearance of goods - wrongful determination of assessable value of finished goods -...

7. Deemed dividend addition u/s.2(22)(e) - advances given to sister concern without interest - Transactions were purely out of trading transactions between the two concerns...

8. Reimbursement of salary expenses of employees to the sister concern, who were deputed by the sister concern to the assessee does not require deduction of tax at source.

9. Disallowance u/s 36(1)(iii) - interest expenses - The only plea of the assessee is that the assessee had mortgaged its property to avail bank loans for the sister...

10. Liability of Service Tax on deemed export of services rendered to sister concern which is 100% EOU – Appellant contends that services provided to sister concern are...

11. Assessee has sold the chemical unit not as a going concern but itemized sale was made vide agreement and hence, the sale cannot be treated as slump sale - AT

12. Refund claim - deemed exports - assessee claims that the supplies from DTA to SEZ unit is a deemed export and as good as physical exports - refund allowed - AT

13. Deemed income u/s 69B - notional interest as income on loan/advances to sister concern - Since there is no specific provision in the Income Tax Act for bringing to tax...

14. Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

15. Deduction u/s. 80IB(11A) - When the statue in section 80 IB of the Act has not made any distinct between export and domestic sales and the profit arising from both the...