Cenvat Credit : Where, during relevant time, revenue demanded Service Tax under reverse charge and assessee paid service tax, then, Cenvat credit thereof cannot be denied for reason that later it was decided that service tax itself was not payable
Friday 7 March 2014
Providing table space to bank by auto dealer isn’t a business auxiliary service unless it’s a promot
Service Tax : Merely provision of space (with furniture) as accommodation to banks/financial institutions in premises of an automobile dealer may not amount to Business Auxiliary Services (BAS) and may constitute renting; however, some promotion activity falling under section 65(19) is done, it would amounts to BAS
Case remanded to verify if land was to be classified as agricultural land in view of amendment by Fi
IT : Where CWT(A) had no occasion to examine impact of amendment to section 2(ea) with retrospective effect which was claimed to have kept land in question out of purview of wealth tax, matter was to be remanded
Even a trust formed under State Act is liable to audit if its income exceeds maximum exemption limit
IT: Provisions of section 12A(1)(b) are mandatory and, therefore, even if a trust is incorporated under a State Act, it is bound to get its accounts audited in case its total income without giving effect to provisions of sections 11 and 12 exceeds maximum amount not chargeable to tax
Case remanded to check sec. 68 additions on assessee's failure to prove authenticity of bank transac
Service Tax : Merely provision of space (with furniture) as accommodation to banks/financial institutions in premises of an automobile dealer may not amount to Business Auxiliary Services (BAS) and may constitute renting; however, some promotion activity falling under section 65(19) is done, it would amounts to BAS
HC insists on seeking declaration when similar issues are pending under appeal to avoid contradictor
IT: A declaration as to whether any cross appeal is pending or that any other appeal involving same or similar question, which have bearing on decision of appeal, is pending, has to be obtained from counsel/party, to avoid delay and contradictory decision
HC deletes sec. 68 addition as AO failed to make enquiries even after filing of confirmation from cr
IT - I : Where assessee carried on business on behalf of his minor children and submitted separate books of account in respect of same, in view of fact that section 64(1A) was inserted with effect from 1-4-1993 and, thus, was not applicable to assessee's case, income earned from business in question could not be clubbed with assessee's taxable income
Cross objection filed before Commissioner (Appeals) is maintainable and is to be disposed off by him
Service Tax : Cross-objections filed before Commissioner (Appeals), at direction of Commissioner (Appeals), are maintainable and same must be disposed of by appellate authority as if it were an appeal filed by assessee
Member not holding requisite shareholding can't insist for circulation of resolution for removal of
CL : Company is not bound to circulate any resolution proposed by shareholders who are not eligible to do so on account of their not having requisite qualification as prescribed under section 188(2)(a) or (b)
ITAT sets aside TP adjustment of notional interest as no independent uncontrolled transaction was av
IT/ILT : Where in course of transfer pricing proceedings, Assessing Officer made addition to assessee's ALP on account of notional interest charged on loan granted to AE, in absence of any independent uncontrolled transaction available on record in that regard, impugned addition was not sustainable
ITES can’t be classified into BPO and KPO services; Cos providing ‘high-end’ and ‘low-end’ services
IT/ILT: Classification of ITES into low-end BPO services and high-end KPO services for comparability analysis would not be fair and proper – Held, Yes - Assessee company providing to its AE low-end back office support services like voice or data processing services and the companies providing mainly high-end services by using specialized knowledge and domain expertise cannot be considered as comparable – Held, Yes - The services rendered by assessee to its AEs were mainly comprising of back offi
Special Bench explains BPO and KPO services; classifies into ‘high-end’ and ‘low -end’ services
IT/ILT: Distinction between BPO and KPO services are not always possible - Simple voice and data services are considered as low end services and anything beyond that are high end services – Assessee - company providing low end services and entities providing high end services could not be comparable
Assessee debarred from challenging rectification order on new issued not raised in rectification app
IT : Where after disposal of rectification application, assessee filed an appeal before Tribunal raising some new issues, by applying doctrine of merger, it was to be concluded that original order of Tribunal got merged with its subsequent order and, therefore, assessee was estopped from challenging said order on some new issues when those issues were not taken up in rectification application itself
Insurance of workers on contract basis is eligible for input service credit
Cenvat Credit : Insurance of contract labour is an obligation of factory and is, therefore, eligible for input service credit
No sec. 41(1) addition even if debt remained due for certain years unless there was cessation of lia
IT: Where assessee in return of income for assessment year 2007-08 had shown certain amount by way of his debts and Assessing Officer applying provisions of section 41(1) added back said amount in income of assessee as deemed income, since there was nothing on record to suggest that there was remission or cessation of liability that too during assessment year 2007-08, above amount could not be added back in income of assessee
HC questions brother's blessing; affirms sec. 68 addition as his capacity to make gifts was doubtful
IT: Gift from brother being not substantiated by any evidence, was to be assessed under section 68
Sale of shares to AEs to be valued as per discounted cash flow method to fix its ALP; ITAT remands c
IT/ILT : Where assessee, a foreign company, transferred its shareholding in an Indian company to its two AEs located abroad, arm's length price of shares so transferred was to be determined by following Discounted Cash Flow (DCF) method after considering objections raised by assessee-company
Premium payable on debenture to be allowed by spreading it over its tenure
IT: Where assessee had claimed deduction of profit from export under section 80HHC, such amount is to be reduced for working out book profit under section 115J
HC rejected application for recalling winding up of co. as applicant was aware of it and could have
CL : Where citation of winding up of company was published in newspaper and notices of winding up were served on company, ex-director of company claiming to be single largest shareholder of company could not seek recall of winding up order on ground that he was not aware of winding up proceedings
Issue involving addition on estimation basis was a question of fact; HC dismissed revenue's appeal
IT : Where Assessing Officer rejected books of account and made addition on estimate basis and Tribunal deleted said addition, no substantial question of law was emerging from order of Tribunal as estimation is a question of fact
Depart. couldn't ask for extended period if fact of availing credit was already disclosed in half-ye
Cenvat Credit : Where fact of availment of credit is disclosed in half-yearly returns, department cannot invoke extended period
Collateral investment in non-prescribed venues to obtain a bank loan won't bar trust from claiming e
IT : Where shares of co-operative banks were subscribed only for purposes of obtaining loan for furtherance of objects of trust, section 11/12 exemption could not be denied
SAT upheld penalty as appellant through various brokers executed a synchronized artificial volume in
SEBI: Execution of self trades and synchronized trades in scrip of company would be manipulative and unfair trade practice
Segmental reports were to be accepted for TP purposes even if they were not shown in audited financi
IT/ILT : Even though segmental reports are not shown in audited financial accounts, they have to be accepted for transfer pricing purposes
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