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Home e-Newsletters Index Year 2013 January Day 14 - Monday

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TMI Tax Updates - e-Newsletter
January 14, 2013

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Waiver of interest imposed u/s 234A - delay in filing the returns for the assessment year 2001-02 and 2002-03 - No reason to find any illegality or arbitrariness in the said decision nor can it be stated to be unreasonable. - HC

  • Additions u/s 68 and section 2(22)(e) - addition made is on account of gift which is nothing but loan - addition if any could have been made in the year of loan - AT

  • Revision of orders prejudicial to revenue - There was a failure on the part of the AO to make such enquiry in order to ascertain the nature of the expenses whether capital or revenue, thus the order was erroneous and prejudicial to the interest of the Revenue - AT

  • Exemption under Sections 11 & 12 denied - it will have to be presumed that the amount was paid on the date on which the cheque was given to the respondent assessee and, therefore, it cannot be said that any undue favour was done by the respondent-assessee to M/s Apollo Tyres Ltd - thus there was no violation of the provisions of Sections 13(2)(b) or 13(2)(h) - SC

  • Deduction u/s 54F - there is nothing to bar benefits of exemption u/s 54F in respect of the capital gains relatable to the FVC as per the deemed fiction u/s 50C. - Clause (a) of section 54F(1) specifies that if the cost of the new asset is not less than the net consideration in respect of the original asset, there is no chargeable capital gains u/s 45. - AT

  • Disallowance u/s 14A r.w.r. 8D - When no expenditure is incurred by the assessee in earning the dividend income, no notional expenditure could be deducted from the said income, thus no disallowance u/s 14A was called for - AT

  • Tax Audit u/s 44AB - Turnover - Speculative transaction - there is no physical delivery hence no turnover constituted in the amount of Rs. 1,86,66,488/ - Tax audit not required. - AT

  • Exemption under section 54EC - Unable to concur with assessee's contention that the time limit for investment which was admittedly extended by notification upto 31.12.2006 can be stretched upto 27.01.2007. - AT

  • Unaccounted cash credit with ex-MLA and an Ex-Minister - Even though the assessee informed the department that the donor was available in India in December 2006, the department did not bother to contact him and verify the facts - No addition - HC

  • While computing income for the purposes of block assessment the assessee will be entitled for deduction and adjustment under Chapter IV and VIA of the Act - HC

  • Customs

  • Differential duty arising as a result of finalisation of provisional assessment - order taking a view that the assessment is final and therefore the show-cause notice and further proceedings initiated were unwarranted and therefore was invalid cannot be sustained. - AT

  • Service Tax

  • A government authority doing an activity as per a mandate in an Act of the legislature by itself cannot take away the character of service from the activity. - AT

  • Whether long term lease of 90 years will be covered by the meaning of “renting“ or “leasing“ used in section 65 (105) (91a) - prima facie in favor of assessee - AT

  • Late filing of Service Tax Returns (ST-3) - Thus it is a fit case to invoke the proviso to Rule 7C and waive the late fees relating to the Nil Returns filed during the period April, 2005 to March, 2008 - AT

  • Interest on delayed refunds - service tax - Provisions of Section 83 of Finance Act, 1994 clearly provide that provisions of Section 11BB are made applicable to service tax matters - AT

  • Supply of bunkers to vessels, transportation and charter hire of assets - Supply of Tangible Goods Service (SOTG) - demand of service tax - pre-deposit is required appropriate to Rs.3.5 crores - AT

  • Central Excise

  • Making of ‘Prasad’ and ‘Mishri’ from sugar does not amount to manufacture and hence ‘Prasad’ and ‘Mishri’ can neither be charged to duty of excise by classifying them neither under 1704.90 nor under any sub-heading of 1701. - AT

  • Whether the revenue with the aid of Rule 9 of PMPM Rules, 2008 framed u/s 3A CEA, 1944 can levy and charge excise duty for the period before the commencement of production in the unit - Pan Masala Packing Machines - held no - AT

  • Extended period of limitation - demand - changes in tariff structure of Chapter 52 by introducing a new heading 5202 - non-payment of duty cannot be attributed to fraud, willful misstatement, suppression of facts on contravention of provision of Rules with intent to evade the payment of duty. - AT

  • Commissioner of Central Excise cannot claim to be more loyal than the King! - HC

  • Reversal of charge of collection of an amount of 8% of the value of exempted goods - invoking provisions of Section 11D - The real identity of the amount collected (whether excise duty payable or not) is of no relevance for Section 11D - AT

  • VAT

  • KVAT Act - demand of additional security f Rs.50,00,000/- - orders demanding additional security and registration cancelled set aside - matter remanded for fresh decision - HC


Notifications


Circulars / Instructions / Orders


Case Laws:

  • Income Tax

  • 2013 (1) TMI 266
  • 2013 (1) TMI 265
  • 2013 (1) TMI 264
  • 2013 (1) TMI 263
  • 2013 (1) TMI 262
  • 2013 (1) TMI 260
  • 2013 (1) TMI 259
  • 2013 (1) TMI 258
  • 2013 (1) TMI 257
  • 2013 (1) TMI 256
  • Customs

  • 2013 (1) TMI 255
  • 2013 (1) TMI 254
  • 2013 (1) TMI 253
  • Corporate Laws

  • 2013 (1) TMI 252
  • Service Tax

  • 2013 (1) TMI 272
  • 2013 (1) TMI 271
  • 2013 (1) TMI 270
  • 2013 (1) TMI 269
  • 2013 (1) TMI 268
  • Central Excise

  • 2013 (1) TMI 251
  • 2013 (1) TMI 250
  • 2013 (1) TMI 249
  • 2013 (1) TMI 248
  • 2013 (1) TMI 247
  • 2013 (1) TMI 246
  • CST, VAT & Sales Tax

  • 2013 (1) TMI 273
  • Indian Laws

  • 2013 (1) TMI 267
 

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