Home Highlights June 2013 Year 2013 This

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1. Levy of service tax on construction for Hospital - merely because the hospitals were constructed for the charitable organisations do not make the hospitals per se...

2. Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

3. Income from House property - Vacancy can only follow a state of actual letting, envisaged u/ss. 23(1)(b)/(c). Reduction due to vacancy u/s. 23(1)(c) would accordingly...

4. Refund of Service Tax paid on construction activity - commercial construction or not - there is no doubt that building constructed by the Contractor is medical college...

5. Deduction/ Exemption of LTCG u/s 54F - use of ground floor as commercial purpose and other three floor for residential purpose - CIT(A) has rightly apportioned...

6. External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs) - Circular

7. Works Contract Service - Construction activity - The hostel which was constructed was a girls hostel and hospital which was need of the Jaipur was constructed. - It was...

8. Deduction u/s 54F - Denial of deduction as building was constructed for commercial purposes - It is clear that even before the building was let out on lease, the...

9. Computation of income from house property - deduction of interest on subsequent loan which was borrowed to repay earlier loan - The proviso only carves out an exception...

10. Input Tax Credit (ITC) - availability of inputs to the Assesses when the Godowns constructed by him is entirely meant for renting it out for Commercial purposes to...

11. Service tax liability on laying of wooden and synthetic flooring for both Commercial as well as non-commercial Constructions - activity does not appear to be sustained in law - AT

12. Oppression and mismanagement - It is admitted fact that the major portion of the equity shares (2/3rd) are held by the 1st and 3rd petitioners and the 2nd Respondent...

13. Commercial or industrial construction service - if the predominant user of the “sports stadium” is not commercial, then the same cannot be subjected to levy of service...

14. Exemption from GST - Letting out of residential property for commercial use - Establishing the branch/office of the Lessee - The property in question has been...

15. Commercial or industrial construction service - construction of colleges, Government hospitals or open university - they are non-commercial or non-industrial in...