CST & VAT: Where assessee filed appeal before Appellate Assistant Commissioner under section 47 of Puducherry Value Added Tax Act, 2007 challenging assessment order after expiry of period of limitation and Appellate Assistant Commissioner had returned appeal on ground of delay and thereafter assessee filed writ petition challenging assessment order, writ petition could not be entertained long after expiry of statutory period of limitation prescribed under section 47 to file an appeal
Wednesday, 21 May 2014
Registration allowed to a trust offering medical transport services to patients at free of cost
IT : Where assessee, a non-profit making company entered into agreement with State Government in terms of which assessee had to provide Emergency Medical Transport Services to patients free of cost, it was to be concluded that assessee was incorporated for charitable purpose of providing medical relief and, thus, its application seeking registration under section 12AA was to be allowed
AO could not approximate speculative income of entire block considering trading during few days
IT : Where there was no substantial evidence to hold that assessee had carried on badla trade, estimation of speculative income for entire block period only on basis of limited evidence of 22 days of such trading was not justified
Collections from ‘port users’ subjected to ST can’t be charged to tax again when a part of these has
Service Tax : Where assessee was allowed to retain a part of collections from 'port users', which was already subjected to service tax, said retention could not, prima facie, be again charged to service tax under Business Auxiliary Services or Port Services or other Port Services
Allotment of shares couldn’t be deemed as oppressive as it merely changed 1% of petitioner’s shareho
CL: Where allotment of shares, changed petitioner's shareholding by 1 per cent only, act of allotment could not be held as oppressive
ITAT allowed FAR adjustment as extra cost was incurred to provide similar services to related and un
IT/ILT: Where assessee had to incur additional cost in relation to services rendered by it to unrelated parties as compared to similar services rendered to related parties, assessee should have been allowed relief on account of functions performed, risk assumed and asset employed in services rendered by it to related and unrelated parties
No I-T exemption on let out portion of palace as it won’t be deemed to be in occupation of Ruler und
IT : As long as the Ruler continues to occupy the palace, whether by actually utilizing it or by keeping it vacant, it shall be for the purpose of section 10(19A) deemed to be in his occupation. He, however, would disentitle himself to the exemption from tax on the annual value of that part of the palace which is let out to a tenant
CBDT seeks to raise standard of revisionary orders under sec. 264; releases directions for the purpo
IT : Section 264 of The Income-Tax Act, 1961 - Revision of Other Orders - Administrative Supervision of Orders Passed Under Section 264
Entitlement to sec. 54F relief remains intact even if a residential house is used commercially
IT : Where building has been constructed for residential use with all amenities like kitchen, bathroom etc., which are necessary for residential accommodation, in such a case, even if it is used as a school or for any other commercial purpose, it cannot lose its character as a residential building so as to claim deduction under section 54F
HC nods to block assessment based on seized material as it was made by ITAT after considering whole
IT : Where assessments were made based on materials seized during search and seizure and Tribunal had reconsidered entire issue after remand and confirmed view expressed by Assessing Officer, High Court should not reappreciate facts to render a different finding
Rupee Remains Weak At 58.78 Per Dollar As Dealers Await New Direction
The Indian rupee remained weak against the dollar in thin trade as dealers awaited fresh directions in the local equity market after a strong rise in the Indian currency in the last two weeks.
At 1:20pm, the local currency trading at 58.78, down 0.24% from its previous close of 58.64 after opening at 58.71 a dollar in the morning.
The rupee has gained 3.17% in the last 15 trading sessions rising from 60.22 on 5 May to 58.78 on Wednesday. Since January, the Indian currency has strengthened 5.1% and is the second-biggest gainer in Asia so far after the Indonesian rupiah.
The bounce back in the rupee has been fuelled by dollar inflows from foreign institutional investors in both the local debt as well as equity markets first because of the country’s improving macro-economic prospects and later on hopes of a business-friendly and stable government.
The Bhartiya Janata Party (BJP) managed to get a majority on its own in the country’s lower house, leading to expectations that decision making will quicken and businesses will flourish.
“The fuel that so far has pushed the rupee higher is over, now the market is looking for fresh cues,” said a dealer with a state-owned bank adding that what the new government manages to do in its first budget announcement likely next month will form the basis of a further move.
A weak local stock market also pressured the rupee on Wednesday. The 30-share BSE Sensex fell 0.51% to 24,253.10 points while the National Stock Exchange’s (NSE’s) broader 50-share Nifty index lost 0.47% to 7,241.65 points.
The dollar index, which measures the US currency’s strength against major global currencies, was trading at 79.916, against its previous close of 80.041.
The yield on the 10-year government bond trading at 8.786%, from its previous close of 8.856%. The inter bank call money rate was trading at 7.9%.
Source:- livemint.com
CBDT seeks to raise standard of revisionary orders under sec. 264; releases guidelines for the purpo
IT : Section 264 of The Income-Tax Act, 1961 - Revision of Other Orders - Administrative Supervision of Orders Passed Under Section 264
Concessional rate under CST Act not available for inter-State sale of 'animal feed' not being a decl
CST & VAT: Where assessee made inter-State sale of animal feed and claimed that lower rate of tax as provided under section 6(2) of Central Sales Tax Act at 2 per cent would be applicable since animal feed was not a declared goods, rate of tax as provided in section 8(2)(b) at 10 per cent would be applicable
During pendency of petition against oppression, CLB directed audit so that co. could avail of credit
CL: Where application had been filed under section 403 for issue of interim direction to statutory auditor of company to audit accounts of company so that company may continue with credit facility available from respondent-bank, in interest of justice and for smooth running of respondent-company it was to be directed that a statutory audit be carried out by auditors, with cooperation of Board of Directors consisting of directors as per statutory records available with Registrar of Companies
AO couldn’t bypass Valuation Officer when stamp valuation of asset was claimed to be more than its m
IT : Where an assessee has claimed before Assessing Officer that value of land and building assessed by stamp valuation authority exceeded fair market value of property, then in terms of section 50C(2)(a), Assessing Officer ought to have referred matter to valuation officer instead of straightway deeming value adopted by stamp valuation authority as full value of consideration
Access deficit charges paid by telecom cos. to BSNL for connecting them to remote customers are elig
Cenvat Credit : Access Deficit Charges (ADC) paid by a telecom operator to BSNL for connecting their customers to other persons who were located in areas serviced by landlines of BSNL are eligible for credit as input service
Assessee conducting MAT exams falls under category of ‘other educational institution’ under sec. 10(
IT : Assessee, conducting admission test for college admission cannot be denied character of 'other educational institution'
No TP adjustment if less income was declared from transactions with AE which was otherwise exempt un
IT/ILT : Where assessee had not reported any excess exempt income from its international transactions with AE, and thereby no taxable base in India was eroded, any adjustment with exempt income of assessee should not be made as per provisions contained in Chapter X
Personal penalty couldn’t be levied on assessee on basis of statement of a person involved in illega
Excise & Customs : Where there was no evidence of involvement of assessee in illegal import by other parties, personal penalty could not be levied on assessee merely on basis of one-line statement of proprietor of importer
Acquisition of server business of IBM would be a new vertical for Lenovo; won’t affect competition i
Competition Law: Where proposed combination relating to acquisition of x86 server business of IBM by Lenovo was not likely to have appreciable adverse effect on competition in India, same was to be approved
Sec. 54F relief available if investment was made in assessee’s name as cap gains of wife were clubbe
IT : Where profit arising on sale of agricultural land held in name of wife of assessee had been assessed in hands of assessee, deduction claimed under section 54F could not be denied on ground that new residential property was purchased in name of assessee
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