Home Highlights June 2012 Year 2012 This

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1. Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

2. Scope of arbitral award - The principle of interpretation of contracts adopted by the Division Bench of the High Court that when two constructions are possible, then...

3. Works Contract or not - supplies of goods or services for 'selling up of network' - composite supply/principal supply - two ruling of the AAR - first one was accepted...

4. Revision u/s 263 - The principal of the law emanating that when two views are legally possible and AO adopts one view the Assessment Order cannot be said to be erroneous...

5. When one of senior officer of the department is dropping the demand by adopting a particular interpretation of provision of law, the assessee cannot be held guilty of...

6. Applicability of precedent judgements - Refund of SAD - rejection on the ground of time limitation - Doctrine of precedence only mandates that it is the ratio in the...

7. Revision u/s 263 by CIT - if the AO has adopted one of the two or more courses permissible in law and it has resulted in loss of revenue, or where two views are possible...

8. Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

9. Exemption u/s.11 - salary paid to the trustees - undue benefit - Basis adopted by the Revenue authorities for quantifying the undue benefit given to the aforesaid...

10. Revision u/s 263 by CIT - Total power subsidy and TUF subsidy were wrongly declared by the assessee - When AO adopted one of the courses permissible in law and it has...

11. 'Work' under Section 194C - TDS on work contract - In a case where three separate agreements entered into and one such agreement is agreement for supply of material and...

12. An assessee who is working under the Central Excise, is expected to be knowledge of the basic fact that one product cannot be held to be falling under two different...

13. Validity of assessment order - division of contract into two parts i.e. supply of goods and works contract - the agreement, which was arrived between the parties, did...

14. TDS u/s 194C - payment to works contract - MoU reveals that the work carried out by the developer / contractor was as per the requirements of the assessee - Demand...

15. TDS u/s 194C OR 194J - Payments made towards call centre expenses - the contract between the assessee and these two entities was in the nature of a 'works contract' and...