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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2012 July Day 4 - Wednesday

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TMI Tax Updates - e-Newsletter
July 4, 2012

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Service Tax Central Excise



Highlights / Catch Notes

  • Income Tax:

    Non-compete fees - payment received as non-competition fee under a negative covenant is a capital receipt and not taxable under the Act. - HC

  • Income Tax:

    AO noticed that assessee company has paid huge salary to the ladies who are relatives of Directors / CEO - as assessee failed to justify the reasonableness of salary payments made, the additions need to be made - AT

  • Income Tax:

    Exclusion of three items by CIT(A) in computing the deduction u/s. 80P (2)(a)(i) - interest from employees - Income of`jeep charges - Income from No Dues Certificates - AT

  • Income Tax:

    Unexplained cash credit – credit worthiness of donor – Assesseefailed to establish relationship with so-called donor and also failed to establish the occasion for receiving such gift - In favor of Revenue. - AT

  • Income Tax:

    Addition u/s 68 - It cannot be held that suppliers were not genuine only because summons u/s 133(6) were not served. - AT

  • Income Tax:

    Doctrine of merger - Rectification of assessment order u/s 154 despite the fact that CIT(A) has passed an order - issue of deduction under section 80HHD - Decided in favor of revenue - Tri

  • Income Tax:

    Bad debts - mere fact that the assessee had made some inter-corporate deposits and the assessee earned income by way of interest in itself is not a circumstance to conclude that it was carrying on money lending activity as part of its business activity. - Claim of bad debts denied - HC

  • Income Tax:

    Computation of book profit - MAT u/s 115JA - on mere fact that the assessee had shown its prior period expenses in the extra ordinary items separately, did not mean the net profit was arrived at de hors these items. - HC

  • Income Tax:

    Expenditure incurred on maintenance of rigs leased out - Assessee, being the owner of the asset, it was in its own interest, that the assets were maintained properly. Hence, the same is allowed as business expenditure. - AT

  • Income Tax:

    Capital gains - Considering the arguments of the assessee that relinquishment of disputed right cannot taxed since the said rights have no cost of acquisition, it is appropriate to admit the additional ground. - AT

  • Income Tax:

    Franchise fees - payment as a franchise fee by the assessee was not only a business fee for use of support service like running and up-keeping the restaurant. - held as revenue expenditure - AT

  • Income Tax:

    Addition during second round of litigation - held that:- it is a settled law that the assessee cannot be put to a more adverse situation than what he was. - AT

  • Income Tax:

    TDS - Levy of interest u/s 234B of the Act – When a duty is cast on the payer to pay the tax at source, on failure, no interest can be imposed on the payee assessee. - AT

  • DGFT:

    Conditions for export of Carpets, Handicraft items and Silk items. - Notification

  • DGFT:

    Prohibition on import of milk and milk products from China. - Notification

  • DGFT:

    Export Policy of Onions. - Notification

  • Corporate Law:

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

  • Indian Laws:

    FEMA - Master Circulars

  • Service Tax:

    ‘Management Consultancy Service' - If he himself is managing the affairs of the organization, it does not fall under the ‘Management Consultancy Service'. - AT

  • Service Tax:

    ‘Consulting Engineering Services' - it is onus on the department to prove that the appellant has received this amount as “Consulting Engineering Firm” which the department has failed to prove - AT

  • Service Tax:

    Commercial Training or Coaching Service - appellate Society working under Governmental patronage - Entire cost of the courses was met out of the fees collected from students/trainees on a Commercial basis. - prima facie against the assessee - AT

  • Service Tax:

    Input Service Distributor (ISD) - ISD can distribute the credit even to only one unit - AT

  • Service Tax:

    Exemption to Railways from Service Tax After Finance Act 2012 - Notification

  • Service Tax:

    Corrigendum of Notification No. 36/2012-Service Tax. - Notification

  • Service Tax:

    Works contract Service - Turnkey contract - appellant had considered this turnkey contract as a works contract. Thus, appellant has made out a prima facie case that prior to 01.6.2007 service tax liability on works contract does not arise. - AT

  • Service Tax:

    Training and coaching in the field of 1) Business 2) Fashion Technology 3) Advertisement and Graphic Design 4) Media 5) Hospitality and 6) Hospital Administration. - held as Vocational training - AT

  • Service Tax:

    Refund – limitation – refund claim on the ground that building construction which was done by assessee was to a non-profit organization - once it is not payable in law there was no authority for the department to retain such amount - HC

  • Central Excise:

    As physician samples manufactured and cleared to brand owners/ buyers on principal to principal basis for a consideration, further distributed free of cost to physicians/doctors, the same is required to be assessed to duty on the transaction values - AT

  • Central Excise:

    Genuineness of the review order - in the absence of any valid review order produced the applications filed before the Tribunal are not maintainable as appeals against the impugned Order-in-Original. - AT

  • Central Excise:

    Denial of credit - allegation of making the entries in RG 23 A prior to actual receipt of the imported goods - credit should not be denied on the technical and procedural violations - AT

  • Central Excise:

    Cenvat Credit - Demand of an amount equivalent to 10% of the value of the goods cleared by the appellant to SEZ developers - demand is not sustainable - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2012 (7) TMI 48
  • 2012 (7) TMI 47
  • 2012 (7) TMI 46
  • 2012 (7) TMI 45
  • 2012 (7) TMI 44
  • 2012 (7) TMI 43
  • 2012 (7) TMI 42
  • 2012 (7) TMI 41
  • 2012 (7) TMI 40
  • 2012 (7) TMI 39
  • 2012 (7) TMI 38
  • 2012 (7) TMI 37
  • 2012 (7) TMI 36
  • 2012 (7) TMI 35
  • 2012 (7) TMI 34
  • 2012 (7) TMI 21
  • 2012 (7) TMI 20
  • 2012 (7) TMI 19
  • 2012 (7) TMI 18
  • 2012 (7) TMI 17
  • 2012 (7) TMI 16
  • 2012 (7) TMI 15
  • 2012 (7) TMI 14
  • 2012 (7) TMI 13
  • 2012 (7) TMI 12
  • 2012 (7) TMI 11
  • 2012 (7) TMI 10
  • 2012 (7) TMI 9
  • 2012 (7) TMI 8
  • 2012 (7) TMI 7
  • Customs

  • 2012 (7) TMI 6
  • Corporate Laws

  • 2012 (7) TMI 33
  • 2012 (7) TMI 5
  • Service Tax

  • 2012 (7) TMI 52
  • 2012 (7) TMI 51
  • 2012 (7) TMI 50
  • 2012 (7) TMI 49
  • 2012 (7) TMI 30
  • 2012 (7) TMI 28
  • 2012 (7) TMI 27
  • 2012 (7) TMI 26
  • 2012 (7) TMI 25
  • 2012 (7) TMI 24
  • 2012 (7) TMI 23
  • 2012 (7) TMI 22
  • Central Excise

  • 2012 (7) TMI 32
  • 2012 (7) TMI 31
  • 2012 (7) TMI 29
  • 2012 (7) TMI 3
  • 2012 (7) TMI 2
  • 2012 (7) TMI 1
 

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