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Home e-Newsletters Index Year 2012 May Day 14 - Monday

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TMI Tax Updates - e-Newsletter
May 14, 2012

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    Income Tax

  • POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7. - Ntf. No. GSR 323(E) Dated: April 25, 2012

  • POST OFFICE (MONTHLY INCOME ACCOUNT) AMENDMENT RULES, 2012 - AMENDMENT IN RULE 8 . - Ntf. No. GSR 322(E) Dated: April 25, 2012

  • SENIOR CITIZENS SAVINGS SCHEME (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7. - Ntf. No. GSR 321(E) Dated: April 25, 2012

  • POST OFFICE RECURRING DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 9, 10 11 AND 12. - Ntf. No. GSR 320(E) Dated: April 25, 2012

  • NATIONAL SAVINGS CERTIFICATES (IX ISSUE) (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 15 AND 16. - Ntf. No. GSR 319(E) Dated: April 25, 2012

  • NATIONAL SAVINGS CERTIFICATES (VIII ISSUE) (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 15 AND 16. - Ntf. No. GSR 318(E) Dated: April 25, 2012

  • IT - Transfer pricing - adjustments - selection of comparable - no opportunity of being heard was provided to the assessee for rebuttal, therefore the Assessing Officer was not justified in considering those comparables while working out the ALP in assessee's case

  • SC dismissed the SLP against the order of HC - The issue involved was penalty on account of adjustments to book profit by AO u/s 115JB - Minimum Alternate Tax (MAT)

  • Method of accounting - Treatment of advance received from customers as sales - Application of AS-7 to construction contractors and to builder or real estate developers.

  • Transfer pricing - Application of Section 144C - eligible assessee - Appellant contended that as the TPO has not prescribed any adjustment in the Transfer Pricing order. So, the Assessing Officer had no jurisdiction to pass a draft order under sec. 144C(1), therefore, the order is without jurisdiction and liable to be annulled.

  • Power of HC to entertain writ petition where alternative appellate remedy is available

  • Deduction of additional dearness allowance - the fact that no provision was made or no actual payment was made are inconsequential.

  • Business Expenses or Expenditures deductible u/s 23 from rental income - only two types of deductions are possible, namely, 30% of the total annual value and amount of interest paid for acquisition of property.

  • TDS – Revenue can not disallow credit of TDS even if the amount is not chargeable to tax

  • IT - introduction of capital into the firm by the partner - if for any reason department was not satisfied with the financial capability of Minor partner the amounts could have been added to his hands and not at the hands of Firm

  • Customs

  • Whether Tata Teleservices (Maharashtra) Ltd. and Tata Consultancy Services Ltd. are group companies under FTP.

  • A company taking over another company cannot be held liable for the offence committed by the company taken over.

  • DGFT

  • Additional conditions for obtaining cotton RC’s. - Cir. No. 02/2012 Dated: May 10, 2012

  • SION for new product “Tubular Bags (Gauntlet)” under Textiles Product Group. - Cir. No. 111(RE:2011)/2009-2014 Dated: May 10, 2012

  • Corporate Law

  • Filing of Cost Audit Report (Form-I) and Compliance Report (Form-A) in the eXensible Business Reporting Language (XBRL) mode. - Cir. No. 08/2012 Dated: May 10, 2012

  • Indian Laws

  • RBI - Detection and Reporting Mechanism of Counterfeit Notes – Monetary Policy Statement 2012-13

  • Important Caution for Professional like CA/CMA (8 category) - Rate of Tax on old invoice raised upto 31st March 2012 to revised to 12% , hence issue supplementary invoices - Article

  • Delhi Tribunal grants additional depreciation on assets purchased for power generation - Article

  • Finance Bill 2012 as Passed By Lok Sabha as on 08-05-2012.

  • Service Tax

  • Format of appeal before CESTAT - In a case where the assessee is paying excise duty as well as service tax, for administrative convenience, the appeal relating to dispute involving CENVAT credit should be treated as appeal under Central Excise.

  • ST - Revenue neutral exercise - demand can not be raising invoking extended period of limitation.

  • Management, Maintenance or Repair Services - amounts collected under the head 'backup power supply' - No service tax.

  • Central Excise

  • Claim of Interest on Interest for delayed refund - writ petition dismissed - however alternative civil remedy kept open.

  • Whether restriction regarding the requirement of minimum 20 cm. diameter contemplated under sub-clause (3) of Clause 7 in the table of the Notification No. 6/2006-C.E., dated 1-3-2006 as amended by the Notification Nos. 25/2006-C.E. dated 20-3-2006, applies to the pipes specified under sub-clause (2) of Clause 7 of the said table of the said notification also

  • Job work activity - appellant paid serivce tax on such activity - revenue demanded duty of excise considering the same as amounting to manufacture

  • CE - contract manufacturer jobworker - clearance of physician samples -transaction value/CAS 4 value are the correct value

  • VAT

  • Meaning and Scope of the term 'Actually paid' - Constitutional validity of Section 48(5) of the Maharashtra Value Added Tax Act, 2002 (MVAT Act, 2002)

  • Online issue of central declaration forms. - Cir. No. 02 OF 2012-13 Dated: May 7, 2012

  • Clarification regarding preserving of DVAT 43 by the contractors. - Cir. No. 01 OF 2012-13 Dated: May 2, 2012

  • Maharashtra Bank authorized for e-payment. - Ntf. No. F.7(400)/Policy/VAT/2011/47 to 60 Dated: April 30, 2012


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2012 (5) TMI 153
  • 2012 (5) TMI 151
  • 2012 (5) TMI 150
  • 2012 (5) TMI 148
  • 2012 (5) TMI 147
  • 2012 (5) TMI 146
  • 2012 (5) TMI 145
  • 2012 (5) TMI 144
  • 2012 (5) TMI 143
  • 2012 (5) TMI 142
  • 2012 (5) TMI 139
  • 2012 (5) TMI 138
  • 2012 (5) TMI 137
  • 2012 (5) TMI 136
  • 2012 (5) TMI 135
  • 2012 (5) TMI 134
  • 2012 (5) TMI 133
  • 2012 (5) TMI 132
  • 2012 (5) TMI 131
  • 2012 (5) TMI 130
  • Customs

  • 2012 (5) TMI 129
  • Corporate Laws

  • 2012 (5) TMI 128
  • Central Excise

  • 2012 (5) TMI 141
  • CST, VAT & Sales Tax

  • 2012 (5) TMI 152
  • 2012 (5) TMI 140
  • Wealth tax

  • 2012 (5) TMI 149
 

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