Excise & Customs : Since : (a) right of appeal granted by statute is a conditional right; (b) condition of mandatory pre-deposit of 'small percentage' (i.e., 7.5 per cent) of duty/penalty confirmed, prior to filing appeal, is 'not so onerous' as to deprive assessee of an effective right of appeal, and (c) same is refunded in event of assessee succeeding in appeal; hence, said condition of pre-deposit is valid
Wednesday 20 May 2015
Cash expense incurred by Actor in excess of Rs. 20,000 on travelling, costumes and makeup was allowa
IT: Where assessee was a film artist and incurred expenditure in cash in excess of Rs. 20,000 on costumes, makeup, wig material, travelling expenses etc., at different places of shooting same was to be allowed
CIT(A) gets flak from ITAT for holding that assessee didn't have PE in India as per DTAA without giv
IT/ILT: Where Commissioner(Appeals) had dealt with DTAA but had not discussed actual work and nature of job done by assessee nor had he given reasons as to how he arrived at conclusion that provisions of article 5 of DTAA of Indo-Netherland were not applicable, matter required readjudication
Duty paid goods’ doesn’t mean duty has to be paid before using the goods in manufacture
Excise & Customs : Goods on which duty is paid by 5th/6th of next month must be regarded as 'duty paid' goods; and therefore, if an exemption is conditional upon use of 'duty paid' motor spirit, said exemption may be availed in respect of final product using 'motor spirit', on which duty is paid by 5th/6th of next month
Vendor abused its dominance by forcing appellant to purchase software kit alongwith electronic ticke
Competition Act : Where OP having dominant position in relevant market of Point of Sale (POS) terminals in India had forced informant to purchase Software Development Kit (SDK) with Electronic Ticketing Machine (ETM), OP abused its dominant position
Sum paid to affiliate as per formula provided by Govt. for wind-farm taken on lease couldn't be held
IT : in absence of any material on record, Assessing Officer could not reject assessee's claim for depreciation on purchase of windmills taking a view that cost of said windmills had been inflated
Interest would be leviable if assessee doesn’t contest demand on merits
Cenvat Credit : If assessee has not contested on merits, liability to pay interest is automatic; however, evasion penalty alleging suppression/fraud cannot be levied, if notice fails to invoke reasons leading to said allegations
Matter remanded as assessee was dealing in securities frequently which rebutted his claim of being i
IT : Matter was to be reconsidered where assessee claimed that he was an investor in securities but facts revealed that he was both trader and investor in securities
SEBI allows AMCs to provide management and advisory services to category-1 FPIs
SEBI/INDIAN ACTS & RULES : SEBI (Mutual Funds) (Amendment) Regulations, 2015 – Amendment in Regulation 24
Govt. announces major initiatives on improving 'Ease of Doing Business in India'
Competition Act : Major Initiatives on Improving 'ease of Doing Business' in India – Simplification and Rationalization of Existing Rules and Introduction of Information Technology to Make Governance More Efficient and Effective
Jharkhand VAT : Inter-State stock transfer was not eligible for benefit of concessional rate of tax
CST & VAT: Jharkhand VAT - To avail benefit of concessional rate of tax under section 13(1)(b) of Bihar Finance Act [as adopted by State of Jharkhand], goods manufactured using goods purchased at concessional rate of tax had to be sold within State of Jharkhand or in course of inter-State trade and commerce
Interest received on RBI securities even after their sale due to non-recording of change of ownershi
IT : Where interest was received by assessee on R.B.I. securities after sale of same, as R.B.I. did not record change of ownership such interest belonged to purchaser and could not be taxed in assessee's hands
No TDS from sum paid to 'All India Tennis Association' for seeking approval to conduct tennis tourna
IT/ILT : While making payments to non-resident sports association, i.e., Association of Tennis Professionals (ATP), assessee was required to deduct tax at source under section 194E
Now manufacturer has to pay 7% of value of exempted goods under Rule 6(3) of CCR, 2004
EL/NNT : Cenvat Credit (Third Amendment) Rules, 2015 – Amendment in Rule 6
Indian Rupee Opens Lower At 63.77 Per Dollar
The Indian rupee opened lower by 10 paise at 63.77 per dollar versus 63.67 Tuesday. The dollar continues to gain on unexpectedly better US April housing data. Euro sells off spurred by hints the European Central Bank could take more action to lower euro zone bond yields and boost inflation.
Himanshu Arora of Religare said, “The rupee is expected to trade higher today amid persistent strength in dollar index on worries that Greece may miss debt repayments next month.”
“Also ECB said it may buy bonds more than its monthly target of (E) 60 billion. This is expected to add to dollar's strength against euro.”
“Fresh statements from FOMC, related to interest rate hike in the US may provide more cues for the rupee going forward. Range for the day is seen between 63.40-64.05/dollar,” he said.
Source:moneycontrol.com
‘Hooka’ partakes the character of ‘utensil as utensil can’t be confined to kitchen items only
CST & VAT : Haryana GST : Since 'hooka' is a receptacle/container used for storing water, through which smoke is passed before it is inhaled, it would necessarily partake nature of a utensil and liable to sales-tax at 3 per cent; word 'utensil' cannot be confined to 'kitchen' items only
CIT gets flak from ITAT for revising order of AO after rejecting books without pointing out any erro
IT: Where Commissioner rejected books of account and applied higher GP rate than that declared by assessee in spite of fact that assessee had filed all relevant documents before assessing authorities which were duly accepted by them, order passed by Commissioner was unjustified
HC upheld disallowance of rent paid to relatives on failure of assessee to justify payment of excess
IT : Where assessee engaged in jewellery business had not brought any explanation for payment of commission to his son, daughter and daughter-in-law, moreover, there was no agreement between said parties, his claim for deduction under section 36(1)(ii) was to be rejected
Interest on NPAs couldn't be taxed on accrual basis in hands of non-scheduled co-op. bank
IT : It cannot be said that interest relatable to NPAs is includible in total income of a non scheduled co-operative bank on accrual basis
Pr. CCITs to re-fix seniority of I-T officers by 31-07-2015 on basis of SC's judgment in case of N.R
IT : Meeting to Review the Progress in Implementation of N.r. Parmar Judgment of Supreme Court [2012] 28 Taxmann.com 249 (SC) /[2013] 212 Taxman 97 (SC) and Decisions Taken Thereon
Service tax exemption to sporting events and other specified events is effective from June 1, 2015
ST LAWS : Section 66B of the Finance Act, 1994 - Charge of Service Tax on and after Finance Act, 2012 - Exemption to Specified Services – Amendment in Notification No.6/2015-St, Dated 1-3-2015
TRU explains service tax provisions applicable from June 1, 2015
ST LAWS/C : Finance Act, 2015 – Clarification on Enforcement of Specified Sections of Said Act
Govt. exempts service tax on services provided under Power System Development Fund Scheme
ST LAWS/N : Section 66B of The Finance Act, 1994 - Charge of Service Tax on and After Finance Act, 2012 - Exemption to Specified Services – Services Provided Under Power System Development Fund Scheme
New composition rates of service tax are effective from June 1, 2015
ST LAWS/N : Service Tax (Amendment) Rules, 2015 - Amendment in Rules 2, 4, 5 & 6 and Insertion of Rule 4C – Amendment in Notification No.5/2015-ST, Dated 1-3-2015
Govt. omits meaning of 'chit' from 'Abatement Notification'
ST LAWS : Section 66B of the Finance Act, 1994 - Charge of Service Tax on or after Finance Act, 2012 - Abatement Notification – Amendment in Notification No. 26/2012-ST, Dated 20-6-2012
14% service tax rate notified; applicable from June 1, 2015
ST LAWS : Finance Act, 2015 – Notified Date for Enforcement of Specified Sections of Said Act
Pre-deposit can’t be a condition for remand if revenue had violated principles of natural justice
Excise & Customs : While remanding matter back, Tribunal may impose conditions as to pre-deposit but only after assigning valid reasons and no such pre-deposit can be ordered, if remand is made to violation of principles of natural justice by department
Assembling of instruments and apparatus for measuring/detecting ionizing radiators held as manufactu
IT : Assembling of instruments and apparatus for measuring and deleting ionizing radiators is a manufacturing activity eligible for deduction under section 10B
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