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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2013 March Day 5 - Tuesday

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TMI Tax Updates - e-Newsletter
March 5, 2013

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax



TMI SMS


Highlights / Catch Notes

    Income Tax

  • Distribution expenses disallowed - assessee is distributor of a mobile service provider - once the AO himself has failed to verify the entries, there is no reason to disallow the distribution expenses. - HC

  • Land acquisition - Agriculture land or not - HUDA is a local authority in terms of Section 3 of the Haryana Urban Development Authority Act, 1977. - the expression ‘Municipality’ in Section 2 (14) of the Act would include a local authority - HC

  • Rejection of Books of Accounts - mere disclosure of a low net profit would not enable the AO to invoke the provisions of section 145(1) - HC

  • Accounting - Even if mere dispatches to the stockists did not amount to sales, the unsold amount not treated as part of the stock - it distort the picture for the purpose of ascertaining the taxable income - HC

  • Valuation of closing stock - inclusion of excise duty element - AO adopted the gross method at the time of purchase, and the net method of valuation at the time of valuation of the stock on hand which is an erroneous approach - HC

  • Customs

  • DEPB Credit - arbitrary conditions - Permission for export - it would be unreasonable and unfair for the respondents, to continue to insist that the Bank guarantee for the amount of Rs. 2 crores - HC

  • Conversion of shipping bill - Advance Licence Scheme to duty drawback scheme - Board has iclarified the legal position that such a conversion is permissible - assessee is entitled to duty drawback - AT

  • Indian Laws

  • Service Tax on Renting of Immovable Property - Demand for the period prior to Retrospective Amendment made by Finance Act, 2010 - Extended period of limitation be not be invoked.

  • Service Tax

  • ST on renting of immovable property with retrospective amendment - Parliament’s right to legislate and create liabilities or rights with retrospective effect can be curtailed only by a restriction placed upon the legislative power, of Parliament by one or the other provision of the Constitution of India - HC

  • Since there was confusion prevalent in interpretation of law during material period and owing to fact that assessee had discharged service tax liability for period from 18-4-2006, extended period of limitation cannot be invoked - AT

  • Central Excise

  • Inadmissible Cenvat Credit and Education Cess - it cannot be concluded that the credit had been taken knowing very well that the same was not admissible, unless there is some evidence in this regard - AT

  • VAT

  • Reassessment orders - the failure to deduct tax by the petitioner in accordance with Section 7(3) of the WC Act cannot amount to “turnover of sale” escaping assessment as TDS is only a mode of collecting the tax payable by the recipient of the money, the deductor of the tax acts as the agent of the Revenue. - HC

  • Imported goods - No local sale - No requirement for detention of goods at check post for non declaration of value on the basis floor rate fixed by the Commissioner of Commercial Taxes - HC


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2013 (3) TMI 54
  • 2013 (3) TMI 53
  • 2013 (3) TMI 52
  • 2013 (3) TMI 51
  • 2013 (3) TMI 50
  • 2013 (3) TMI 49
  • 2013 (3) TMI 48
  • Customs

  • 2013 (3) TMI 47
  • 2013 (3) TMI 46
  • Service Tax

  • 2013 (3) TMI 58
  • 2013 (3) TMI 57
  • 2013 (3) TMI 56
  • 2013 (3) TMI 55
  • Central Excise

  • 2013 (3) TMI 45
  • 2013 (3) TMI 44
  • 2013 (3) TMI 43
  • 2013 (3) TMI 42
  • CST, VAT & Sales Tax

  • 2013 (3) TMI 60
  • 2013 (3) TMI 59
 

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