Home Highlights February 2014 Year 2014 This

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1. Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

2. Interest on Refund u/s 11BB - claim of interest on interest - Department cannot avoid the liability of accounting for interest on the delayed payment of interest to the...

3. Interest on refund - Rate of interest - The rate of interest is statutorily prescribed under section 27 (A) read with Notification issued there under according to which...

4. Sales promotion expenses - expenditure with respect to the gold chains being distributed - expenditure allowed - AT

5. Adjustment / Appropriation of sale proceeds from sale of stored goods in auction sale - Priority of claim - Any claim other than customs duty, which comes under...

6. Refund claim of market value of gold - Here is the case where the departmental action of confiscation of seized goods came to be set aside by the CESTAT but by the time...

7. Levy of differential Additional Duty of Customs - Valuation for CVD - In this case since the goods are not sold to the consumer there cannot be a retail sale price. The...

8. Smuggling - Gold Bars - reason to believe that the Gold Bars are of Foreign Origin - Absolute Confiscation - The Magistrate ought to have ordered custody of the smuggled...

9. Interest on refund excess sale proceeds - The Petitioner has been deprived of a refund of its monies legitimately due to him - Interest allowed at the rate of 9% - HC

10. Transaction Value – In case the transaction value is rejected, then the department has to proceed sequentially through Rules 5 to 9 and determine the value in the course...

11. Payment of interest u/s 244A to the deductor on the refund of tax made u/s 240 - Since we have awarded simple interest at 6%, we are not granting any cost in this case....

12. Valuation - undervaluation - “Polo” and “Vento” models of their car - related party transaction - interconnected undertakings - Mutuality of Interest - It is found that...

13. Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three...

14. Interest on delayed refund at notified rate of interest (6%) to the appellant - enhanced rate of interest - The Commissioner (Appeals) has relied on the decision of...

15. Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver - The amendment Notification No. 29/2024-Customs (N.T.) updates the tariff values for...