Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2013 November Day 14 - Thursday

TMI e-Newsletters FAQ
You need to Subscribe a package.

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
November 14, 2013

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • Presumption u/s 292C - Seized documents appears to be the dumb documents and would not lead anywhere to prove the case of the Revenue Department - revenue failed to prove corroborative evidence towards receipt of money / income - HC

  • Penalty u/s 271(1)(c) - Previous approval of DCIT - The restrictions placed 271(1)(iii) cannot be interpreted in a manner to curtail the jurisdiction on the ITO, not to initiate proceedings - HC

  • Validity of block assessment u/s 158BB - when the due date for filing of the return of income has expired and the assessee had not filed the return even as stating that it was 'nil' income, then Section 158BD would be of relevance - HC

  • Depreciation on non-existing assets - All the facts go to prove that hire purchase and lease transaction were only paper transactions and there was no genuine purchase of lease of assets. - HC

  • Exemption under Section 10(23C)(vi) - Charitable purpose - Chief Commissioner has been conferred powers to ascertain while judging the genuineness of the activities of the petitioner institution as to whether the petitioner applies its income wholly and exclusively to the objects for which it is constituted/established - HC

  • TDS - provisions of Section 194B does not provide for deduction of tax at source where the winnings are wholly in kind and it simply puts a responsibility to ensure payment of tax, where winnings is wholly in kind - HC

  • Deductibility of expenditure for community development u/s 37(1) - Charity or allowable expenditure – Expenditure towards the religious funds, charitable institutions, social clubs or for charity do not stand to the test of commercial expediency - HC

  • Addition u/s 56 - the assessee-HUF has received a gift of Rs.7 lacs from a relative who is an uncle of the Karta of this HUF - brother or sister of either of the parents of the individual - not chargeable to tax in the hands of the assessee - AT

  • Adventure in trade - investment in land - conversion of land use from commercial to residential cum commercial - intention - assessee is justified in declaring the amount received from assigning its rights over the plot of land by a tripartite agreement is assessable to capital gains tax - AT

  • Customs

  • Duty demand u/s 28(2) - Import of self propelled Tug Smit Jaguar, year Built 2009 with NASSAU Registry - Exemption - vessel has been used for petroleum operations except for a period of 22 days for a salvage purpose other than petroleum operations - stay granted - AT

  • Rectification of order - Incorrect entry made in the Shipping Bill under the EDI System by the assessing authority - provision could be invoked by the Central Government, the Board or any officer of Customs to correct its/his clerical or arithmetic mistakes in any decision or order - AT

  • Classification of ‘Optical Fibre Cable’ - Classification of goods under Customs Tariff Heading (CTH) 900 - prima facie this type of acrylic coating cannot be considered as ‘sheathing’ - AT

  • Corporate Law

  • Appointment of arbitrator - The use of the expression ‘in the first place’ unmistakably shows that non-adjudicatory decision of the Chief Engineer is subject to the right of the aggrieved party to seek remedy - it cannot be treated as an Arbitration Clause - SC

  • Indian Laws

  • Classification of industry - Provident Fund - EPF - a dry brown coconut definitely is not a fruit as it is not so understood in common parlance and which meaning has to also apply for interpretation of the relevant entry in the EPF Act - HC

  • Wealth-tax

  • Whether assessee is not assessable to Wealth Tax - When the wholly owned subsidiary could be considered as a company in which public are substantially interested, the assessee-company ought to be treated as a company in which public are substantially interested. - HC

  • Service Tax

  • Part of the refund claim denied on the ground that the claim pertains to period 16.08.2011 to 15.09.2011 whereas Shipping Bill No.4642020 dated 21.07.2011 submitted by them does not cover period of refund - no reliev to the assessee - HC

  • Period of limitation for filing of appeal before Commissioner of Excise (Appeals) - reduction of period from 3 months to 2 months by Finance Bill, 201 - since order was received prior to 28.5.2012, commissioner directed to consider the appeal - HC

  • Claim of Reimbursement of the service tax from the recipient of services i.e BSNL - BSNL (i.e service recipient) directed to make reimbursement of service tax to the petitioner without further delay. - HC

  • Imposition of penalty on the appellant for belated payment of service tax, which was remitted to the credit of Revenue along with corollary interest even prior to issuance of show cause notice, is unsustainable - AT

  • Benefit of exemption under notification No.12/03-ST - Evidence needed to prove value of goods - applicant failed to make out prima facie case for waiver of predeposit - AT

  • Central Excise

  • Calndestine removal of goods – Bundles of Safety matches seized – the duty demanded on unaccounted clearances reduced – Redemption fine reduced because fine should be related to duty sought to be evaded rather than the value of goods. - AT

  • Stay of Refund - Refund claim under rule 5 of CENVAT Credit Rules, 2004 – unable to utilize the credit on account of closure of their factory - grant of refund stayed - AT

  • Clandestine manufacture and removal of goods - there is no tangible evidence produced by the department to establish that Nova has clandestinely manufactured and cleared POY on which the present demand has been made - the demand set aside being illegal and unjustified - AT

  • VAT

  • Whether Mineral water and water sold in sealed Bottles or Containers or otherwise - plastic jar containing 20 litres water has not been sealed by the assessee and it is simply sold after putting a lid on the jar - no sales tax - HC


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2013 (11) TMI 664
  • 2013 (11) TMI 663
  • 2013 (11) TMI 662
  • 2013 (11) TMI 661
  • 2013 (11) TMI 660
  • 2013 (11) TMI 659
  • 2013 (11) TMI 658
  • 2013 (11) TMI 657
  • 2013 (11) TMI 620
  • 2013 (11) TMI 619
  • 2013 (11) TMI 618
  • 2013 (11) TMI 617
  • 2013 (11) TMI 616
  • Customs

  • 2013 (11) TMI 639
  • 2013 (11) TMI 638
  • 2013 (11) TMI 637
  • 2013 (11) TMI 636
  • 2013 (11) TMI 635
  • 2013 (11) TMI 634
  • 2013 (11) TMI 633
  • Corporate Laws

  • 2013 (11) TMI 632
  • 2013 (11) TMI 631
  • Service Tax

  • 2013 (11) TMI 652
  • 2013 (11) TMI 651
  • 2013 (11) TMI 650
  • 2013 (11) TMI 649
  • 2013 (11) TMI 648
  • 2013 (11) TMI 647
  • 2013 (11) TMI 646
  • 2013 (11) TMI 645
  • 2013 (11) TMI 644
  • 2013 (11) TMI 643
  • 2013 (11) TMI 642
  • 2013 (11) TMI 641
  • Central Excise

  • 2013 (11) TMI 630
  • 2013 (11) TMI 629
  • 2013 (11) TMI 628
  • 2013 (11) TMI 627
  • 2013 (11) TMI 626
  • 2013 (11) TMI 625
  • 2013 (11) TMI 624
  • 2013 (11) TMI 623
  • 2013 (11) TMI 622
  • 2013 (11) TMI 621
  • CST, VAT & Sales Tax

  • 2013 (11) TMI 654
  • 2013 (11) TMI 653
  • Wealth tax

  • 2013 (11) TMI 656
  • Indian Laws

  • 2013 (11) TMI 655
  • 2013 (11) TMI 640
 

Quick Updates:Latest Updates