Service Tax : 2-year course in Post Graduate Diploma in Management is a professional management course and not vocational course; therefore, same is not exempt from service tax under Notification No. 24/2004-S.T.
Monday 8 September 2014
Central Excise dues shall have precedence over dues of State Investment and Financial Corporation: H
Excise & Customs : Section 11E prevails over any right of investment/financial corporation to recover dues of borrower/mortgagee under State Financial Corporation Act and also prevail over mortgage created prior to enactment of section 11E; hence, central excise dues have precedence over dues of investment/financial corporation
Value of derivative transactions in commodities at MCX won’t be included in turnover for tax audit p
IT : Value of sale transactions of commodity through MCX without delivery cannot be considered as turnover for purpose of section 44AB and, therefore, failure on part of assessee to get its accounts audited in such a case, would not lead to levy of penalty under section 271B
Show cause notice issued in compliance with principles of natural justice couldn't be said to be arb
Service Tax : Where show cause notice has been issued in compliance with principles of natural justice, it cannot be said to be arbitrary or illegal and therefore, writ petition filed thereagainst was disposed of with a direction to assessee to submit their explanation thereto
Investment in share capital of overseas subsidiaries not to be deemed as an international transactio
IT/ILT : Following order passed in case of Vijai Electricals Ltd. v. Addl. CIT [2013] 60 SOT 77 (URO)/36 taxman.com 386 (Hyd.), it was to be concluded that amount representing investment in share capital of subsidiaries outside India was not in nature of transaction referred to section 92B and, thus, transfer pricing provisions were not applicable to such a transaction
Civil Court can entertain petition challenging appointment of directors as it isn’t barred under Com
BL: Appointments of directors to board of banking company being not made according to sub-section (3) or (4) of section 10A of Banking Regulation Act, protection of sub-section (6) would not be available; such appointments being not final could be challenged
Appeal dismissed for want of COD clearance can be restored after discontinuation of COD system
Excise & Customs : Where appeal had been dismissed for want of clearance from CoD (Committee on Disputes), said appeals could be restored after said system of CoD was recalled/discontinued by subsequent judgment of Supreme Court
Pre-deposit must be determined after considering available Cevnat credit when SSI exemption is denie
Service Tax : If small service provider exemption is denied, assessee would become entitled to Cenvat credit; therefore, pre-deposit in such cases must be determined after deducting Cenvat Credit available
Circuitous transfer of funds to shareholder’s firm wasn’t deemed dividend if Co. got back its fund o
IT : Circuitous transfer of funds to shareholder’s firm wasn’t deemed dividend if Co. got back its fund on same day
AO to initiate fresh examination under Karnataka Sales Tax Act after considering cases cited by asse
CST & VAT : Where Assessing Officer passed assessment order on assessee without considering case law relied upon by it, matter was remitted back to Assessing Officer to pass assessment order afresh
AO is duty bound to refer matter to DVO if assessee objects to stamp duty valuation
IT: Where assessee had clearly objected before Assessing Officer against adoption of stamp duty valuation, it was duty of Assessing Officer to refer valuation of property to Valuation Cell of Income-tax Department
ALP of corporate guarantee couldn’t be compared with yield on domestic bonds without analysing AE’s
IT/ILT : Where TPO made addition to assessee's ALP taking a view that assessee had not charged any fee for corporate guarantee for taking loans in USA given on behalf of its AE, since TPO could not arrive at credit rating of AE without there being any analysis on creditworthiness of AE and, moreover, addition made by TPO on basis of difference between domestic bond yield and that of loan availed in USA could not be accepted as domestic yield so as to compare it with loans in US and rates charged
Exp. on repair and renovation of rented premises used for the purpose of business is revenue in natu
IT : Where assessee incurred expenditure on repairs and renovation of rented premises but neither any capital asset had been created nor enduring benefit had been derived and it was incurred merely for carrying on its business efficiently, it had to be treated as revenue in nature
CLB allowed right issue to existing shareholders in equal proportion as Co. needed funds for expansi
CL : Where company required funds for its expansion and managing its affairs and proposed right issue to all shareholder in same proportion without prejudice to any shareholder, such issue was to be allowed
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