Home Highlights October 2013 Year 2013 This

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1. Disallowance of Interest – inter-corporate deposit - currency swap arrangement with the Bank to reduce the burden of the interest cost - assessee has not made any...

2. Individuals can Now Carry Indian Currency in ₹ 500 and ₹ 1,000 Denominations to Nepal and Bhutan

3. Levy of penalty - carry forward of excess credit - it was a bona fide mistake of carrying forward excess credit - There is no other allegation or evidence brought on...

4. DRI busted Foreign Currency Smuggling Racket involving Foreign Nationals; Foreign Currencies worth ₹ 6.14 crore seized

5. Penalty U/s 114 - attempt to export of foreign currencies - The expression “attempt” within the meaning of these penal provisions is wide enough - AT

6. Smuggling - Gold - Foreign Currency - Baggage Rules - The statements and circumstantial evidences of the case proved that the appellant had knowingly and intentionally...

7. Carry forward of the loss - loss as claimed by the assessee treating the same as excess application of loss u/s.11 - set off allowed - AT

8. Revision of returns with excess Input Tax Credit bifurcated between Refund and Carry Forward. - Circular

9. Goodwill - Excess payment over and above the cost of tangible assets – only 50% of the amount is eligible for Depreciation as right to carry trade

10. Carry forward of excess tax - Petitioner paid amount in excess of tax liability - Authority denied carrying forward of tax - There appears no rationale on the part of...