Home Highlights October 2012 Year 2012 This

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1. Disallowance of Deduction u/s 80-IC - manufacturing activity - conversion of Jumbo Rolls of photographic films into small flats and rolls in desired sizes - deduction...

2. CENVAT Credit - input - film rolls - Kodak branded film rolls supplied free of cost with Camera - when the film roll is being clubbed with the camera and both packed in...

3. Enhancement of declared value - “mixed plain plastic film rolls” of cuts/odd sizes - The Custom Valuation Rules will operate only when there is a dispute or a doubt on...

4. Constitutional validity - works contract - levy of sales tax for processing and supply of photographs, photo prints and photo negatives - levy with retrospective effect...

5. TP Adjustment - Working capital adjustment - there is no need for making any negative working capital adjustment, when assessee does not carry on with any working...

6. Classification of supply - Activity of Printing content supplied by the customers on photographic paper - Activity is in the nature of supply of service - classifiable...

7. Classification of service - The radiographic testing services rendered by the appellants does not fall under the category of photographic services during the relevant period - AT

8. Extended period of limitation – whether the cost of materials used in providing photographic services is required to be added in assessable value or nor - benefit of...

9. TP Adjustment - Grant of negative working capital adjustment - Since the assessee does not have any working capital risk, the question of negative working capital does...

10. Rate of depreciation on ‘film software library' - the asset which consists of ‘Copyrighted Films and Programmes’ is an ‘Intangible Asset’ eligible for depreciation at...