Home Highlights January 2014 Year 2014 This

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1. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

2. Availability of concessional rate of GST - works contracts - the works contract executed by the applicant for construction of Administrative building for TSIIC falls...

3. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

4. GST Rates - HSN Code - Khari and hard butters fall under heading 1905 and attract 18% GST

5. GST Rates - HSN Code - Filters or Water Purifiers fall under heading 8421 and attract 18% GST.

6. Valuation - inclusion of discount in assessable value - Either the Assessing Officer could have added on the discount to the returned turnover or taxed the estimated...

7. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...

8. Zero Rate Tax - Supply of goods to SEZ - TN-VAT - Section 18 of the TNVAT Act, confers two benefits viz., Zero Rate i.e., sale on which no tax is payable but on which...

9. GST Rates - HSN Code - Structures of iron or steel fall under heading 7308 and structures of aluminium fall under heading 7610 and attract 18% GST. - Solar Panel...

10. Online Module for Filing & Tracking Quality Complaints/Trade Disputes relating to International Trade

11. Rejection of Refund claim - Inverted duty structure - Trading of goods - Purchase @18% of GST and supply @5% to Public Funded Research Institutes - The goods procured...

12. Benefit of SSI Exemption - Use of Brand name of others - German company, has assigned the trade mark 'BILZ' in favour of the assessee under Agreement dated 18.06.1996...

13. The percentage of profit vis-a-vis turnover estimated by the AO works out to approximately 43%, which in our humble opinion, is absurd in the line of this business, not...

14. Disallowance u/s 40 (a) (iib) - payment of Gallonage Fee, Licence fee, Shop rental (Kist) and Surcharge on Sales Tax - the levy of Gallonage Fee with respect to the...

15. Rates of Tax on Goods - Schedule 3 - IGST @ 18% - CGST @ 9% - SGST / UTGST @ 9% - GST