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TMI Tax Updates - e-Newsletter
August 19, 2014
Case Laws in this Newsletter:
Articles
By: DR.MARIAPPAN GOVINDARAJAN
Summary: The Company Law Settlement Scheme, 2014 was introduced to assist companies in rectifying filing defaults under the Companies Act, 2013. Effective from August 15 to October 15, 2014, the scheme allowed companies to file overdue documents with reduced penalties and immunity from prosecution. It targeted companies that failed to file annual returns or financial statements, offering a 25% reduction in additional fees. The scheme also provided a pathway for inactive companies to declare dormant status. However, it excluded companies facing strike-off actions, those applying for dormant status, or vanishing companies. Non-compliant companies post-scheme faced penalties under the Companies Act.
Highlights / Catch Notes
Income Tax
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High Court Finds Tribunal Made Material Error by Reconsidering Issue Already Decided in Previous Appeal u/s 254(2).
Case-Laws - HC : Rectification of order - Tribunal has tried to consider the issue on merits which was already considered by the Tribunal earlier while deciding the appeal – the Tribunal has materially erred in exercise of powers u/s 254(2) - HC
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Recovery Halted: No Further Actions Until First Appellate Authority Appeal Resolved; Demand Largely Satisfied.
Case-Laws - HC : Recovery steps initiated - taking into account the fact that appeal is pending before the FAA - a major portion of the demand has now been satisfied, there shall be no further recovery steps initiated till the appeal is disposed of - HC
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Tax Liability Settled with Return Filing u/s 139(5); No Penalty Imposed u/s 140A(3.
Case-Laws - AT : Since the admitted tax liability has been paid at the time of filing the return u/s 139(5) of the Act, the provisions of sub-section (3) of section 140A of the Act cannot be invoked for imposing penalty u/s 140A - AT
Service Tax
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Extended Limitation Period Not Applicable for Business Auxiliary Service Due to Changed Tax Authority Interpretation.
Case-Laws - AT : Extended period of limitation - Business Auxiliary service - merely because the authorities subsequently change their view that does not justify invoking the larger period of limitation - AT
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Court Rules Destination Charges by Foreign Providers Exempt from Service Tax for Clearing and Forwarding Agents.
Case-Laws - HC : Waiver of pre deposit - C&F Agent - The amount received as destination charges which are in respect of clearance of goods at the destination by the foreign service provider is the component that could not have been taken for the purpose of service tax liability - HC
Central Excise
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Resins classified under Heading 3909 are on the negative list per notification 50/2003, not exempt from excise duties.
Case-Laws - AT : Since the products, in question, are the resins specifically covered by sub-heading no.3909, prima facie, goods are correctly classifiable under Heading no.3909 and hence being in the negative list of the notification no.50/2003, would not be eligible for exemption - AT
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General Fabrication Structures and Auto Welded Beams classified as machinery components for central excise regulations in mega projects.
Case-Laws - AT : Mega Power projects - international competitive bidding (ICB) - even if the General Fabrication Structures, Auto welded Beams and Boxes cleared by the appellant are meant to be used as Supporting Structure for some machinery, the same would have to be treated as component parts of that machinery - AT
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