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 2012 June Day 14 - Thursday

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

Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter
June 14, 2012

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Service Tax Central Excise



Highlights / Catch Notes

    Income Tax

  • Supplementary Memorandum Explaining the Official Amendments Moved in the Finance Bill, 2012 AS REFLECTED IN THE FINANCE ACT, 2012. - Circular

  • Income - accrual - interest on sick advances - NPA - The apprehension or the situation foreseen by the assessee has been vindicated by the subsequent developments i.e. all the companies have gone into liquidation. Addition made on account of accrued interest income is directed to be deleted. - AT

  • Commission to Managing Director holding 39.9% of shareholding - Distribution of dividends is one component. It does not give the meaning that if an assessee failed to distribute the dividend, then payment of any commission would take the colour of dividend - AT

  • Validity of notice u/s 148 – When the particular direction/liberty has been quashed by the Tribunal such a direction no longer survives. no provision in law to take action u/s 147 under the direction of any authority or Court. - AT

  • Capital vs revenue expenditure - by putting the neon signs and glow signs, no asset of permanent nature is created. Simply because self-life of such neon signs is more, may not be of any significance once - HC

  • Applicability of AS-7 to Developer - Since the assessee can be termed as a contractor as also a developer, therefore the Revenue can be recognized in terms of AS-9 and not As-7. - AT

  • Registration u/s 12A - advancement of animal welfare directed towards prevention or suppression of cruelty to animals or prevention or relief of suffering by animals are nothing but charity. - AT

  • Deduction u/s 54B - denial - sale of agricultural land standing in assesee's name - purchases of land in name of son and daughter-in-law - disallowed the exemption u/s 54B - HC

  • Deemed dividend - Whether loans obtained by the assessee from its subsidiaries were in the nature of deemed dividends as per section 2(22)(e) - they cannot be treated as deemed dividend for the purpose of section 2(22)(e) of the Act. - AT

  • TDS under Section 194-I or 194C - 'work' u/s 194C - where two interpretations are possible, the one which is favourable to the assessee should be adopted. - HC

  • If satisfaction is not recorded by the Assessing Officer for transferring the file under Section 158BD, the assessment made under Section 158BC is invalid. appeal filed by the Revenue dismissed. - HC

  • Deduction claimed u/s 54F of the Income Tax Act – long term capital gain – purchase of new property jointly in the names of the assessee and his wife - assessee is entitled to benefit of sec. 54F with reference to the total investment - AT

  • Capital vs revenue expenditure – Following the matching concept, the materiality concept and Accounting Standard AS 26 in the assessee's case before us, the amount of Rs.15 lakhs claimed as expenses towards corporate membership for a period of 15 years has to be apportioned in ten years proportionately from the date of obtaining the membership. - AT

  • Customs

  • Review of Risk Management System (RMS) – regarding. - Circular

  • Amends Notification 12/2012 – Customs - Prescribes effective rate of duty on import of goods. - Notification

  • Classification of Rail Cum Road Vehicle - regarding. - Circular

  • LLP

  • Extension of time in Filing of annual return by Limited Liability Partnerships (LLPs) - Circular

  • Service Tax

  • If RBI were to undertake the activity there would have been no question of levy of service tax. Therefore, we hold that the benefit of exemption available to RBI would be available to the agent i.e. Canara Bank. - AT

  • Refund claim - SEZ unit - copies of invoices and proof of payments submitted. - refund can not be denied on the ground that original copies not submitted - AT

  • Central Excise

  • For invoking the provisions of Section 11D, two conditions have to be fulfilled viz. the person should be liable to pay the duty under Central Excise Act and the duty collected in excess by the said person represent the duty of Central Excise - AT

  • Imported goods are not excisable goods, hence amount collected in the name of excise duty is not payable u/s 11D - AT

  • Cenvat credit - service used by the manufacturer whether directly or indirectly in or in relation to the manufacture of final products constitutes input service - AT

  • Deemed export - supply to mega power project - sub contractor - International Competitive Bidding (ICB) – denial of benefit of Notification no. 6/2006-CE dated 01.03.2006 by invoking the provisions of Exim Policy - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2012 (6) TMI 269
  • 2012 (6) TMI 268
  • 2012 (6) TMI 267
  • 2012 (6) TMI 266
  • 2012 (6) TMI 265
  • 2012 (6) TMI 264
  • 2012 (6) TMI 263
  • 2012 (6) TMI 261
  • 2012 (6) TMI 260
  • 2012 (6) TMI 259
  • 2012 (6) TMI 258
  • 2012 (6) TMI 257
  • 2012 (6) TMI 256
  • 2012 (6) TMI 241
  • 2012 (6) TMI 240
  • 2012 (6) TMI 239
  • 2012 (6) TMI 238
  • 2012 (6) TMI 237
  • 2012 (6) TMI 236
  • 2012 (6) TMI 235
  • 2012 (6) TMI 234
  • 2012 (6) TMI 233
  • 2012 (6) TMI 232
  • 2012 (6) TMI 231
  • 2012 (6) TMI 230
  • 2012 (6) TMI 229
  • 2012 (6) TMI 228
  • Customs

  • 2012 (6) TMI 255
  • 2012 (6) TMI 254
  • 2012 (6) TMI 226
  • 2012 (6) TMI 225
  • Corporate Laws

  • 2012 (6) TMI 253
  • 2012 (6) TMI 252
  • 2012 (6) TMI 224
  • 2012 (6) TMI 223
  • Service Tax

  • 2012 (6) TMI 274
  • 2012 (6) TMI 273
  • 2012 (6) TMI 272
  • 2012 (6) TMI 271
  • 2012 (6) TMI 270
  • 2012 (6) TMI 245
  • 2012 (6) TMI 244
  • 2012 (6) TMI 243
  • 2012 (6) TMI 242
  • Central Excise

  • 2012 (6) TMI 251
  • 2012 (6) TMI 250
  • 2012 (6) TMI 249
  • 2012 (6) TMI 248
  • 2012 (6) TMI 247
  • 2012 (6) TMI 246
  • 2012 (6) TMI 222
  • 2012 (6) TMI 221
  • 2012 (6) TMI 220
  • 2012 (6) TMI 219
  • 2012 (6) TMI 218
 

Quick Updates:Latest Updates