Home Highlights June 2012 Year 2012 This

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1. Collection of contingency deposit against payment of sales tax - the receipt of the amount for payment of sales tax and keeping it in deposit would amount to a 'revenue...

2. Addition u/s 68 r.w.s 115BBE - As cash receipts represent the sales which the assessee has rightly offered for taxation. We have gone through the trading account and...

3. Nature of non refundable deposit received - the deposited amount still belonged to the members - The amounts deducted from the cane price towards the non-refundable...

4. Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable...

5. Levy of Service Tax - refundable security deposit collected by the Appellant from its customers - the said amounts are not collected towards any provision of service but...

6. Levy of sales tax - transactions relating to telephone sets, modems and caller IDs instruments - non-refundable deposits and refundable deposits - It was held by High...

7. Nature of receipts - non-refundable security deposits - CIT(Appeals) has rightly concluded non-refundable security deposits received by appellant has nexus with O&M...

8. Levy of penalty u/s 9-B (3) of the OST Act - The fact of the matter is that as far as the installed capacity was concerned, with the exemption on payment of sales tax on...

9. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

10. Cash deposits made post demonetization represented unaccounted income of the assessee qua AY 2017-2018 - Having regard to the extensive material which has been examined...

11. Liability of service tax - advance deposit received for Renting of Immovable Property Services - refundable security deposit - Such refundable amount cannot form...

12. Non deposit of amount collected as service tax - it is necessary to lead more evidences by the appellant to substantiate their claim that the amount which was collected...

13. Security deposit collected from its members refundable - whether receipts does not partake the character of income? - Held No - AT

14. Renting of Immovable Property Service - refundable deposit is not in the nature of service and hence do not represent the consideration of service tax - AT

15. Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...