Service Tax : Exemption available to 'services provided by RBI' cannot be extended to services provided under agency from RBI
Friday 5 June 2015
No additions by invoking sec. 50C when AO failed to examine that property could fetch stamp duty val
IT : Where Assessing Officer had not examined whether assessee could have sold her plot at a price which was stipulated by stamp duty authorities and assessee had given a detailed clarification about low price, addition made on basis of stamp duty valuation was to be deleted
Import of 'parts of plant' doesn't get exemption which is available to 'complete plant'
Excise & Customs : Interpretative rule 2(a) of Tariff will have no application to an exemption notification under section 25; hence, import of parts of a plant cannot be considered as 'plant' itself and cannot be eligible for exemption available to 'plant'
High Court admitted winding up plea as Co. raised contrary defenses to stall process of its winding
CL : Where company raised different lines of defence which ran contrary to each other, defences were cooked up to stall process of winding up and, therefore, winding up petition against company was to be admitted
Tax and interest amount paid on revised income had to be refunded as revised return was declared as
IT : Where revised return filed by assessee was declared invalid, tax and interest amount offered by assessee based on such invalid return had to be refunded by authorities
CBDT suggests speedy prosecution to instill fear among tax evaders
IT/ILT : Central Action Plan for Financial Year 2015-16
High Court denied to dismiss writ on ground of alternate remedy which was already time-barred
Excise & Customs : Where a writ petition filed against adjudication order alleging violation of principles of natural justice, is pending in High Court for more than one year, same cannot be rejected on ground of an appeal remedy, which may be barred by limitation
A Co. developing software can't be compared with a Co. using that software for providing non-develop
IT/ILT: A software product company cannot be compared with a company providing software development services, similarly, a company providing software development services is as different from a company providing non-development software services
ITAT allows valuation loss on stock-in-trade of shares as purchases were genuine and valuation was m
IT : Where assessee claimed deduction of loss incurred on valuation of shares kept as stock-in-trade, in view of fact that transaction of purchase of shares was genuine and loss had been computed on principle of stock valuation of 'cost or market price whichever is less', claim so raised was to be allowed
No extended period of limitation if assessee submits proper declarations by way of regular filing of
Cenvat Credit : Where assessee had made proper declarations before revenue by regularly filing of returns, extended period of limitation was not invocable
No reassessment after 4 years when full and true disclosures were made by assessee during assessment
IT : Where based only on assessment records, Assessing Officer opined that depreciation on 'plant and machinery' and 'land and building' given on lease was not allowable, since there was no failure on part of assessee to fully and truly disclose all material facts, reopening of assessment was not valid
Govt. constitutes Committee for dealing with issues arising from implementation of Companies Act, 20
COMPANIES ACT, 2013 : Constitution of Companies Law Committee for Effective Implementation of Companies Act, 2013
Govt notifies various entities for the purpose of deduction under Sec. 35AC
IT : Section 35AC, read with Explanation (B) Thereto, of the Income-Tax Act, 1961 - Eligible Projects or Schemes, Expenditure on - Notified Eligible Projects or Schemes
Activity which is part of import transaction is liable to customs duty; it can't subject to service
Service Tax : Question of rendering any service in respect of imported goods would arise only after customs transaction is completed; hence, import freight/charges, etc. which are incurred prior to import or which are included in customs value, cannot be charged to service tax under Cargo Handling or any other service
No revision if AO after examining lease agreement had treated letting out of commercial space as bus
IT : Where in case of assessee, a builder and developer, Assessing Officer after examining lease agreement and relevant material on record, identified letting out of floor space in infrastructure facility as business activity of assessee, view taken by him being one of possible views, could not be set aside by passing a revisional order
Government exempts excise duty on Ethanol produced from molasses for supplying to Oil Companies
EXCISE LAWS : Section 5A of the Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Amendment in Notification No.12/2012 - C.e., Dated 17-3-2012
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