COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Meetings of Board and its powers) Second Amendment Rules, 2014 – Amendment in rules 3, 4 and 15
Saturday 16 August 2014
No credit of repairing of hostel, gym and food court as assessee hadn’t provided any services from s
Service Tax : To be 'premises of service provider or an office relating to such premises' both have to be places from where service is provided; hence, modernisation, renovation or repairs : (a) of 'global training centre' from services are provider would be eligible for credit; but (b) of hostel, gym or food Court from where no services are provided is not eligible for credit
Profit from sale of agricultural land can’t be included in book profit for the purpose of MAT
IT: Profit from sale of agricultural land would not be included for purpose of computing book profit under section 115JB
HC orders recovery of duty drawback as assessee had claimed fraudulent drawback by misdeclaring good
Excise & Customs : Fraudulent drawback claimed by assessee by misdeclaring goods and by preparing two sets of documents is liable to be recovered and said recovery cannot be challenged without showing that said findings were perverse/unreasonable
HC following rule of consistency allows depreciation to HSBC on fee paid to SEBI for registration of
IT : Where Tribunal emphasising rule of consistency, allowed assessee's claim for depreciation on fee paid to SEBI for registration of mutual fund, reliance placed by revenue on subsequent judgment of High Court for contending that depreciation was wrongly allowed, could not carry its case any further and, thus, impugned order of Tribunal was to be confirmed
VAT department could attach properties mortgaged with banks even after their sale under SARFAESI Act
CST & VAT : Where assessee had mortgaged his properties with a bank on 28-9-2004 and subsequently bank had sold said properties to appellant on 9-6-2008 under SARFAESI Act and issued sale certificate in his favour on 19-9-2009 and in meantime Assessing Authority completed assessment of assessee for assessment years 2003-04 and 2004-05 on 1-12-2008 and raised tax demand upon him, initiation of proceedings under Kerala General Sales Tax Act, 1963 against above properties for recovery of arrears of
Additions on basis of info extracted form loose paper found in search proceedings of third party set
IT: Where Assessing officer made additions in case of assessee on basis of noting in loose papers found during search proceedings in case of third party against name of assessee as there was no evidence to suggest that payments were made to assessee, additions so made were not justified
Body builders of motor vehicles using chassis received from manufacturers were liable to valuation u
Excise & Customs : An assessee : (a) receiving chassis free of cost TML; (b) manufacturing body-built motor vehicles using said chassis and other materials; and (c) clearing said vehicles to depots/retail sales outlet (RSO) of TML, is a job-worker of TML and value of said vehicles cleared by assessee are to be determined as per Rule 10A of Central Excise Valuation Rules, 2000
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