IT : Where on coming into force of Gratuity Act, 1972 assessee company became liable for first time in assessment year 1973-74 to provide gratuity to its employees which included current as well as past liability and assessee made provision of said amount on actuarial basis, assessee's claim for entire expenses was to be allowed
Wednesday 2 July 2014
No reassessment to deny interest on unpaid sales tax if all facts related to it were disclosed in as
IT : Where assessee disclosed all material facts in respect of its claim for interest on unpaid sales tax at time of assessment proceedings, Assessing Officer could not initiate reassessment proceedings four years taking a view that claim was wrongly allowed
Credit reversal to be made under Rule 3(5) for removal of capital goods to other factory producing e
Cenvat Credit : If transferee factory is engaged in making exempt goods and is not operating under Cenvat scheme, then, clearance of capital goods to such other factory would not be eligible for benefit of rule 10 and would be liable for payment of credit reversal under rule 3(5)
Tribunal relieved Standard Chartered Bank from pre-depositing penalty subject to payment of half of
CL : Where in respect of appellant's application seeking waiver of pre-deposit of penalty, respondent raised an objection that in absence of plea of hardship said application was to be rejected, without going into merits of case, dispensation of pre-deposit of penalty was to be granted to appellant till disposal of appellate proceedings subject to payment of 50 per cent of penalty amount
NR to be taxed at 10% for long-term capital gains under proviso to sec. 112; following Cairn UK ruli
IT/ILT : Where assessee, a non-resident company registered in UK, purchased shares of an Indian Company listed in BSE from another UK based company, assessee was entitled to benefit of deduction of lower rate of tax at rate of 10 per cent
Reassessment upheld as assessee had accepted his earlier return filed in response to invalid notice
IT : When assessee not only participated in proceedings but accepted his return filed in response to first invalid notice under section 148, as return filed in response to third notice under section 148, assessment orders passed under section 143(3) could not be said to be ab initio void on ground that no valid returns were filed by assessee
Sec. 69B additions couldn’t be made on DVO’s report in absence of any evidence to prove unexplained
IT: In absence of any positive evidence on record, addition cannot be made on account of undisclosed investment in property merely placing reliance upon report to DVO
Beneficial owners may not get physical statements of holding if their a/c balance is nil for more th
SEBI : Dispatch of Physical Statements to BOs Having Zero Balance and nil Transactions
Tribunal can’t impose lesser penalty than that specified in sec. 11AC of Central Excise Act, rules H
Excise & Customs : Where it is found that there was an intention to evade duty on part of assessee, penalty is leviable at quantum specified in section 11AC; there is no discretion to impose a lesser penalty than that fixed under said section
No writ against sec. 263 Show Cause notice if CIT had made revision when order was prejudicial to re
IT: Expression 'resulted into an order prejudicial to interest of revenue', in order of Commissioner was sufficient for invoking power under section 263 and assessee ought not to have approached writ court at stage of show-cause notice
HC disallows interest as its liability accrued in later years when equity was converted into debt wi
IT: Deduction under section 36(1)(iii) on account of payment of interest on loan converted from share capital, was not admissible as where liability to pay interest had not crystallized during relevant previous year
No denial of benefit of Amnesty Scheme of VAT even if settlement liability was lower than value of s
CST & VAT: Where assessee submitted application under section 23B of Kerala General Sales Tax Act, 1963 for availing benefit of Amnesty Scheme and Assessing Authority relying on Circular No. 13/2008 rejected application pointing out that value of assets was more than settlement liability, since section 23B did not contain any such adverse stipulation/circumstance, assessee was entitled to have benefit of Amnesty Scheme
High Court nods to winding up of respondent co. as it failed to rebut overdue debts and existence of
CL: Where respondent-company failed to pay amount as due and payable by it on account of supply of goods and disputes regarding same were neither substantial nor bona fide, winding up petition against respondent was to be admitted
CS, Cost Accountant can do auditing under UP VAT; new form notified to report turnover and taxes alo
IDT VAT/INDIAN ACTS & RULES : Uttar Pradesh Value Added Tax (Fifth Amendment) Rules, 2014 - Amendment in Rules 2, 20, 21, 22, 32M 32A, 37, 42, 45, 50 & 62
Job work of processing raw material is exempt from service-tax if final product is an excisable good
Service Tax : Where assessee was processing raw materials and processed raw materials were used by clients for manufacture of excisable goods cleared on payment of Excise duty, assessee's activity of processing was exempt under Notification No. 8/2005-ST
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