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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Though there was no manufacturing and sales activity, but there ...

Income Tax

July 12, 2012

Though there was no manufacturing and sales activity, but there certainly was some “business activity” - the revenue authorities were incorrect in disallowing the claim of expenses and depreciation - AT

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  1. Disallowance of depreciation - No production of manufacture activity – depreciation had to be allowed though assessee had discontinued its business - AT

  2. Business Auxiliary Services - Job Work - when the activity undertaken by the appellant amounts to manufacture, the demand raised alleging that the said activity is a...

  3. Continuity of Business activity – Allowability of Expenses – entire manufacturing business sold to related concern - This means that the business was closed immediately - AT

  4. Business Auxiliary Service - activity of chilling of milk - chilling of milk amounts to manufacture and it is settled law that process amounting to manufacture is not...

  5. Deduction u/s 80IB - Business of manufacturing of LED based products – Major manufacturing activity is done by the Job Worker - Further processing done by the assessee -...

  6. Nature of activity - machining and grinding of castings purchased - The activities undertaken by the Appellant fall within the ambit of manufacturing and thus beyond the...

  7. Business Auxiliary Service - the process of galvanization will stay out of the purview of Business Auxiliary Services, because, by definition, the BAS specifically...

  8. Services of renting of machinery or equipment for production or manufacture, which is an activity relating to conduct of main business are not covered under Business...

  9. Income from sale of property - When all these factual observation are seen cumulatively, the claim of the assessee that the activity of sale of properties should be...

  10. Cenvat credit - entitlement - Whether the Commission Agent Services would be classifiable as Business Auxiliary Service as per Department or Sales Promotion service as...

 

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