BANKING/MASTER CIRCULAR : Master Circulars, Dated 1-7-2015
Wednesday 1 July 2015
Machinery used by 'Titan' to manufacture 'Cricuit Boards' for watches was eligible for higher deprec
IT: Where assessee purchased semi-conductor devices such as Integrated Circuits and mounted piezo-electronic crystals which were fixed on board and they were interconnected to produce end products, i.e., ECBs, it could be said that assessee was engaged in semi-conductor industry and was entitled to high rate of depreciation of 40 per cent
Authorities has discretion to provide an option of redemption fine in lieu of confiscation of prohib
Excise & Customs : Option to pay redemption fine in lieu of confiscation is mandatory in case of non-prohibited goods; but, in case of prohibited goods, officer has a discretion to give option, which must be exercised as per rules of reason and justice and after briefly recording reasons why same is exercised in one way or other
Interest attributable to investment made in SPV to execute NHAI's contract couldn't be disallowed un
IT : Expenses and interest attributable to investments made by assessee in Special Purpose Vehicles could not be disallowed under section 14A read with rule 8D, as it could not be termed as expenses incurred for earning exempt income
Directors who were removed in disputed EGM were allowed to be impleaded as a party in oppression ple
CL : Where EOGM whereat applicants were allegedly removed as directors of company was in dispute and they claimed that they continued to hold office of directors of company, they were allowed to be impleaded as respondents in array of parties in petition filed by petitioners under sections 397-398
Assessee's objection could not be deemed to have allowed if they were not decided within prescribed
CST & VAT : Delhi VAT - Assessee filed objections under section 74 before Commissioner, objections could not automatically deemed to have been allowed if they were not decided within prescribed time, i.e., 8 months from date of filing of objections
Late filing of requisite docs doesn't disentitle local authority from claiming sec. 11 relief
IT: Where assessee, a local authority, was duly granted registration under section 12A with effect from 1-4-2003, late filing of required documents would not disentitle assessee from availing benefits of section 11 for assessment year 2005-06
RBI releases master circular on NBFCs
NBFCs/MASTER CIRCULARS : Master Circulars, all dated 1-7-2015 on Non-Banking Supervision
RBI issues master circular for Scheduled Commercial banks on FEMA norms
FEMA/ILT/Master Circular : Master Circulars, all dated 1-7-2015 on Foreign Exchange
Payment of hire charges of trucks won't attract TDS in absence of any contract with truck owners
IT: Where assessee hired trucks from open market and there were no contract between assessee and truck owners, assessee was not liable to deduct tax on freight charges paid to truck owners
Wrong payment of duty on non-dutiable goods vide bill of entry can be challenged before Commissioner
Service Tax/Excise/Customs : Where assessee has wrongly paid duty on non-dutiable vide a bill of entry, he can challenge same in appeal before Commissioner (Appeals) and Commissioner (Appeals) cannot reject appeal on ground that there was no 'order' passed by assessing authority
Assessee eligible for sales tax exemption on rice and bran; he was also eligible for purchase tax on
CST & VAT : Kerala VAT - Where assessee was engaged in manufacture of rice and was eligible for exemption from sales tax on sale of rice and bran, it was not liable to pay purchase tax under section 5A on purchase of paddy from agriculturists/unregistered dealers
Creditor's objection to arrangement scheme of Satyam was quashed as lacunae in liquidator's report w
CL : Where in a scheme of amalgamation, shareholders were not aggrieved about management of company and only raised a preliminary objection that reports of Official Liquidator (OL) were not in accordance with section 394 of Act, 1956, since opinion of OL or RD about management of affairs of company could only be an opinion which could have no value, such objection was to be dismissed
Forex gain arising from transaction with AE would form part of operating revenue for computing opera
IT/ILT: Foreign exchange gain on realization of consideration for rendering software development services should be regarded as part of operating revenue
Admitting an appeal by HC couldn't mean that issue was debatable; penalty couldn't be quashed on thi
IT : Unless there is any indication in order of admission passed by High Court, simply because tax appeal is admitted, would not give rise to presumption that issue is debatable; penalty under section 271(1)(c) could not be deleted on this ground
Payment of electricity transmission charges doesn't attract TDS under sec. 194-I
IT : Where assessee, engaged in power distribution, entered into Bulk Power Transmission Agreement (BPTA) with MSETCL and Power Grid Corporation of India Ltd. (PGCIL) for transmission of electricity and for use of their transmission system from generation point to distribution point across different regions, since transmission charges were not amount paid under any arrangement for use of land, building, plant and machinery etc., said charges did not amount to rent requiring deduction of tax at
Free supply of electricity by recipient of service to manufacture oxygen wasn't liable to service ta
Service Tax : Electricity supplied by customer for operation and maintenance of oxygen generating plant at customer's premises cannot form part of value of such operation and maintenance services, because said electricity is an input used in manufacturing oxygen meant for use of customer and not an input used in providing services
Admitting an appeal by HC couldn't mean that issue was debatable; concealment penalty couldn't be qu
IT : Unless there is any indication in order of admission passed by High Court, simply because tax appeal is admitted, would not give rise to presumption that issue is debatable; penalty under section 271(1)(c) could not be deleted on this ground
Windmill generators eligible for 100% depreciation as they are part of windmill power projects
IT : Wind electric generators were part of wind power projects which could not be operational without wind electric generators, and therefore, electric wind generators were eligible for higher rate of depreciation
No denial of input credit just because a part of expense is reimbursed by holding company
Cenvat Credit : Merely because part of cost of input services is reimbursed by parent company, credit thereof cannot be denied to assessee, as financial arrangement between subsidiary and parent company has no connection or relevance for Cenvat Credit
No sec. 14A disallowance during current year if major investments in securities were made in earlier
IT : Where assessee had sufficient surplus funds to make major part of investment in interest free securities in preceding year and moreover there was negligible increase in investment during relevant year, impugned disallowance made under rule 8D(2)(ii) and (iii) was to be deleted
Tribunal may extend stay of demand beyond 365 days if delay in disposal of appeal isn't attributable
Excise & Customs : Tribunal may extend stay of demand beyond 365 days, if delay in disposal is not attributable to assessee; for said purpose, assessee may make a fresh interim stay application just before/after expiry of 365 days
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