Excise & Customs : Delivery charges collected by petroleum company's bottling units from dealers is not, prima facie, includible in value, being cost of transportation and, therefore, not liable to duty
Sunday 3 August 2014
No sec. 80-IB relief on income surrendered in search if it was not linked with business of industria
IT : Where assessee claimed deduction under section 80-IB in respect of income surrendered during search proceedings on ground that it had direct and proximate connection with business of industrial undertaking, since assessee failed to produce any evidence on record in support of its claim, authorities below were justified in rejecting same
‘FICCI’ isn’t liable to ST under Club or Association’s services as services rendered by it are chari
Service Tax : FICCI & ECSEPC, who are engaged in public service, are 'charitable' in nature and, therefore, their services will not fall under Club or Association's Services
Interest on FDRs isn’t includible in operating revenue for computing net operating profit under TNMM
IT/ILT : Interest income on FDRs should not be included in operating revenue for purpose of calculating net operating profit margin under TNMM
As no objection was filed by railway on draft rehab. scheme for revival of sick Co. it consent was
SICA : Where draft Rehabilitation scheme providing certain concessions to sick company, engaged in wagon manufacturing, was circulated to Railways for obtaining consent and inviting suggestions but no objections/suggestions filed thereon, deemed consent of railways was to be taken and accordingly binding on them
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