Cenvat credit : Where it was not clear whether credit had been availed on goods transferred to Joint Venture company at all and whether depreciated value of capital goods had been taken into account, computation of credit reversal required fresh adjducation
Friday, 8 August 2014
No section 80P relief to a co-operative society towards interest on deposit made with banks
IT : Interest income on deposits made with banks is not attributable to income of co-operative society and outside realim of section 80P
No excise duty on fabricated water tank mounted on chassis of motor vehicle if it was captively cons
Excise & Customs : Fabricated water tank, mounted on chassis would be considered as parts and components captively used for building on chassis of a motor vehicle and covered under Notification No. 9/96-C.E.
CLB permits correction in register of members by Co. as parties affirmed transfer of shares in an af
CL: Where petitioner company had transferred equity shares, but on account of oversight and inadvertence had failed to note/post details of such transfer in register of members and respective transferors and transferees had confirmed transfer of shares on affidavits, company was to be permitted to rectify register of members maintained by it on a suo moto application filed by it to rectify its register of members
Cos. engaged in sales of software can’t be used as comparables for Cos. providing software developme
IT/ILT : Where TPO made addition to assessee's ALP in respect of software development services provided to its AE located abroad, in view of fact that some of comparables selected by TPO were also engaged in sales of software products and thus they were functionally different whereas some other comparables were found inappropriate on account of related party transactions, brand value, high turnover, etc., impugned adjustment was to be set aside and, matter was to be remanded back for disposal af
Consultant doesn't impart any experience to client when he renders consultancy services; not to be t
IT/ILT : The royalty payment received as consideration for information concerning industrial, commercial, scientific experience alludes to the concept of knowhow. There is an element of imparting of knowhow to the other, so that the other person can use or has right to use such knowhow. In case of industrial, commercial and scientific experience, if services are being rendered simply as an advisory or consultancy, then it cannot be termed as "royalty", because the advisor or consultant is not im
MCA notifies 'Slum Area Development' as an eligible CSR activity under Schedule VII of the Companies
COMPANIES ACT, 2013/INDIAN ACTS & RULES : MCA notifies 'Slum Area Development' as an eligible CSR activity under Schedule VII of the Companies Act, 2013
Evasion penalty levied as ST collected from customers was paid by assessee after receipt of letter f
Service Tax : Where assessee was collecting service tax from its customers, but, neither paid service tax nor filed returns and paid service tax with interest only after receipt of letter from department, penalty was leviable even if amounts were paid prior to issuance of show-cause notice
Tribunal couldn’t dismiss appeal for want of pre-deposit when pre-deposit order was challenged befor
Excise & Customs : High Court directed that henceforth Tribunal shall not dismiss any appeal for non-compliance on said ground and give reasonable time of about a couple of weeks to assessee to obtain urgent orders from this Court where Tribunal is informed about appeal pending before High Court at admission stage
License fee paid by ‘ITC Hotels’ for using courtyard of palace for its business was allowable as rev
IT : Licence fee for using courtyard of a palace while running hotel in palace, is allowable revenue expenditure
Supreme Court restored appeal before CESTAT as assessee had agreed to make pre-deposit of entire dem
Excise & Customs : Where Tribunal dismissed assessee's appeal for want of pre-deposit and before Supreme Court, assessee agreed to make additional pre-deposit so as to deposit full demand, Supreme Court restored appeal before CESTAT
HC restored appeal before Tribunal as assessee’s counsel didn’t appear due to hearing in another cas
Excise & Customs : Where appeal was dismissed due to non-appearance of assessee/counsel before Tribunal and same was caused due to counsel being present in High Court for hearing and there was no deliberate delay on part of assessee, Tribunal must restore such appeal
Allowance for exp. or depreciation wasn’t admissible if assessee transferred its business to franchi
IT: Where assessee had transferred its business to franchisee, assessee could no more claim any business expenditure or depreciation on expenses incurred by it
RBI asks Securitization Cos to put up list of only suit filed accounts of wilful defaulters on their
NBFC/SARFAESI : Certain amendments in Regulatory framework for SCs/RCs – Clarifications
RBI eases norms for refinancing of long-term infrastructure and project loans
Banking : Refinancing of Project loans
HC orders special audit of ‘DLF’ as its accounts were incomplete and complex due to multiple sale t
IT : Where accounts did not contain narration of some entries and assessee failed to submit comparative details of expenditure in SEZ and non-SEZ units and affairs of company were not transparent, direction for special audit required
HC denies to grant stay on debt-restructuring-scheme of respondent-co. as it was against bondholders
CL: Where respondent-company came with a CDR scheme for its revival by restructuring its debts, implementation of CDR scheme was not to be stayed on petition filed by trustee of bondholders
Tribunal can grant option to pay reduced penalty if such option isn’t given by adjudication authorit
Excise & Cusotms : Where option to pay reduced penalty at 25 percent of duty was not extended by adjudicating authority, Tribunal may grant said option subject to payment within 30 days from order of Tribunal
Commission paid to director for furnishing personal surety against loan sanctioned to Co. was allowa
IT : Commission paid to directors in consideration of personal surety given to bank for facilitating loan, is allowable as deduction in hands of company
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