Trust can’t carry forward excess application of fund over and above its income

IT: Excess application of funds over and above income of trust can arise only when funds are applied from the corpus of the trust, accumulated funds, loans or goods and services received from the creditors. When funds are applied from borrowed funds or by way of sundry creditors the same can be treated as application of funds in the year in which such loan/sundry creditors are repaid from the income of the trust. However, when amount is applied from the corpus fund or accumulated fund the same c

Orders passed under Service Tax Amnesty Scheme are appealable

Service Tax : 'Designated authorities' under Service Tax Voluntary Compliance Encouragement Scheme amount to 'adjudicating authorities', as they pass order/decision; hence, orders passed by them are appealable as per Finance Act, 1994

Assam Govt. notifies 6% VAT rate without any input credit for liquor dealers

VAT/INDIAN ACTS & RULES : Assam Value Added Tax (Amendment) Ordinance, 2015 – Amendment in Sections 10, 14, First Schedule, Second Schedule and Third Schedule of the Assam Value Added Tax Act, 2003

AO gets flak from High Court for assuming discrepancies in stock when assessee had explained such di

IT : Where Assessing Officer rejected assessee's books of account and brought to tax sum in respect of unaccounted purchases, unaccounted sales and embroidery charges on basis of surmises and assumed discrepancies in closing stock, deletion of addition was justified

Welding electrodes used for repairing of plant and machinery aren't eligible for credit as inputs or

Cenvat Credit : Welding electrodes used for repair and maintenance of plant and machinery are ineligible for credit as inputs as well as capital goods

Govt. reduces minimum land area to establish SEZ in Gujarat for textile sector

SEZ /INDIAN ACTS & RULES: Special Economic Zones (Amendment) Rules, 2015 – Amendment in Annexure II

Allowability of depreciation on acquiring dormant subscribers from Reliance is debatable issue

IT : Where Assessing Officer conducted enquiry and allowed depreciation on purchase of dormant subscribers, since said issue was a debatable issue, Commissioner was unjustified in invoking revision proceedings merely because he did not agree with view taken by Assessing Officer

Refund of Cenvat credit allowable on export of goods even if proceeds weren't realized

Cenvat Credit : In absence of any such condition in rule 5 of CENVAT Credit Rules, 2004 and Notification 5/2006-C.E. (N.T.) issued thereunder, refund of credit cannot be denied on ground that export proceeds have not been realized

CESTAT, Delhi calls for list of pending cases from Advocate involving duty/penalty below 50 lakhs

EXCISE : Section 86 of the Finance Act, 1994 – Appellate Tribunal, Appeals to – Increase in Monetary Limit for Single Member Case Where Issue Does not Involve Classification/valuation or Intepretation of a Notification