Home Highlights May 2013 Year 2013 This

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1. Levy of personal penalty of Rs. 10 lacs u/r 26 of CER, on appellant being DGM-Finance of the company - The appellant being worked as DGM Finance ultimately all the...

2. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

3. Depreciation on Set Top Boxes (STB) - @80% OR 15% - STB’s are energy saving devices OR electrical equipment - Set Top Box is a device connected to a TV and which allows...

4. Disallowing the loss u/s 79 - change in shareholding of the assessee company - any loss that is coming from the assessment year 2013-14 is not allowable against the...

5. GST Revenue collections for the month of October 2018 crosses Rupees One Lac Crore

6. Disallowance of making charges - If the making charges rate as determined by the Revenue at Rs.3/- per gram has to be considered, the aforesaid karigar’s net profit...

7. Interest earned on income-tax refund - AO directed to levy the tax on the interest of income-tax refund at 15% on gross basis.

8. Rate of depreciation - 80% or 15% - a wind mill, which obviously cannot supply electricity without power evacuation infrastructure as integral to its very functioning...

9. Refund claims – unjust enrichment – service tax paid under protest – refund allowed - AT

10. Denial of Set off brought forward losses by applying provisions of section 79 - Change in share holding pattern between both the shareholders - the view expressed by the...

11. IF TDS or refund is exceeding ₹ 4 lac or 25K respectively – credit will be allowed after verification

12. Deduction u/s 80 IB - Central Excise Duty refund & interest subsidy - held as Capital receipt - AT

13. Unexplained cash credit u/s 68 - cash deposits during the demonetization period - the sources of such amount may be either of household savings or past income or the...

14. Addition u/s 40A - sum paid in cash in respect of purchase of the two immoveable properties - Sale deed has been executed on 18.8.2013 and the payment has been made on...

15. Stay application - plea of genuine hardship - instead of paying installments of Rs. 80 crores each month, the petitioner shall pay installments of Rs. 15 crores each month. - HC