Home Highlights August 2012 Year 2012 This

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1. Computation of net worth - inclusion of Deferred Tax Liability - Direct or Indirect Method of Calculation - Rejection of Petitioner’s bid in respect of a tender - The...

2. Liability of GST on tender bid and other successful bidders - it is submitted that instead of paying the tax by themselves, the respondents were demanding it from the...

3. Corporate Social Responsibility - Determination of net worth - Company fall within the purview of section 135 of Companies Act or not - Exclusion of reserves created...

4. Classification of goods in the e-tender procurement - the mentioning of HSN Code in the tender document itself shall resolve all disputes relating to fairness and...

5. Disallowance of wage arrears u/s 40a(ia) - contingent liability or not - non deduction of TDS - assessee created an adhoc provision for wage arrears - Liability has been...

6. Addition in respect of the Share Capital and Share Premium as unexplained cash credit u/s. 68 - the assessee could able to substantiate its case and satisfy three...

7. Reopening of assessment u/s 147 - Addition u/s 68 - Upon perusal of assessee’s written submissions as placed on record, another pertinent fact to be noted is that all...

8. Slump sale - CIT(A) was not correct in coming to the conclusion that the negative figure of the net worth should be ignored for working out the capital gains in case of...

9. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

10. Computation of Book Profit for the purpose of 115JB - where an obligation was undertaken to meet a liability and only consequential effect was to be determined, it could...

11. Provision for custom duty when litigation is pending - The subject liability is clearly a contingent liability and squarely falls within the definition of the expression...

12. Capital Gains - Slump sale – whether amount of liability reflected in the negative net worth can be added to determine value of sale consideration - Decided in favor of...

13. SSI exemption - determination of value of taxable services upto 10 lakhs - for calculating that for the purpose of determining the aggregate value for exemption under...

14. Classification of supply - Online tendering will be considered as Supply of Services. - Offline tendering in its entirety involving sale of form, payment of tender fees...

15. Payment of duty by 100% EOU - What was required to be done for the purpose of calculating duty payable by a 100% EOU was to calculate the customs duty payable (by...