CST & VAT: Delhi VAT - Where for assessment year 2000-01 assessee claimed deduction in respect of sale made to a registered dealer against Form ST-35, disallowance of deduction on plea that said form had been issued to purchasing dealer for previous assessment year 1999-2000 and had been taken by assessee without it being dated and with impermissible endorsement made on top converting into a form issued for assessment year 2000-01, was wrong
Wednesday 5 August 2015
TRO couldn't attach property if it was already transferred by way of mortgage without notice of pend
IT : Where certain properties were mortgaged in lieu of sanctioning of loan to assessee without notice of pendency of assessment proceeding, transfer could not be void and hence, attachment of properties during assessment was not justified
Non-payment of Additional Excise Duty on goods of special importance would attract interest
Cenvat Credit : Since inception, credit of additional excise duty (textile articles) can never be used to pay additional excise duty (goods of special importance)
Forex gain or loss, being an operating item would be adjusted while calculating margin of comparable
IT/ILT : Forex gain or loss from a trading transaction is not only an item of revenue nature, but is, in fact, a part of price of import or value of export transaction, hence an operating item
Dropping proceedings against CHA for alleged violation amounts to 'adjudication'; appealable before
Excise & Customs : Where Commissioner dropped proceedings against Customs House Agent (CHA) relating to cancellation of license owing to alleged violation, such order of Commissioner was not an 'administrative order' but an 'adjudication order'; therefore, department could file appeal against said order before Tribunal
Process of converting 'Cork base paper' to 'Printed Cork Tipping Paper' doesn't amount to manufactur
Excise & Customs : Procurement of base paper, trimming said paper, printing of various designs thereon and slitting to make 'Printed Cork Tipping Paper' does not amount to manufacture
PIL to declare CPT course of ICAI as illegal quashed by Madras High Court
Chartered Accountants Act, 2006: Public Interest Litigation filed by former Head of Southern Region of ICAI praying for issuance of writ of certiorarified mandamus to quash proceedings of ICAI relating to grant of approval for registration of CPT on the ground that it was ultra vires of the Chartered Accountants (Amendment) Act 2006 was quashed by Madras High Court.
Technical defect in notice couldn't invalidate block assessment when return was filed pursuant to sa
IT : Where Assessing Officer initiated proceedings under section 158BD by issuing notice mistakenly under section 158BC and in pursuance of which assessee filed return declaring certain undisclosed income, assessment was to treated as valid assessment
Now promoters need to disclose reasons for encumbrance of shares of target-co. under takeover code
SEBI : Revised Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Standby maintenance charges of telecommunications link cable system aren't 'FTS'
IT/ILT : Fixed annual charge received by assessee, non-resident company, from VSNL, which had bought capacity in assessee's Flag Cable System, for arranging standby maintenance arrangement which was required for a situation whenever some repair work in undersea cable or terrestrial cable was actually to be performed or rendered, would not be chargeable as fees for technical services under section 9(1)(vii)
No assessment after prescribed statutory period if Commissioner failed to record reasons to believe
CST & VAT : Delhi VAT - Where for period 1-4-2009 to 31-3-2010 Commissioner passed default assessment order on 9-7-2014 and assessee contended that said order was time barred, since proviso to section 34(1) had not been invoked by Commissioner and reason to believe had not been recorded in writing, default assessment order was time barred
No denial of trust's registration for want of dissolution clause if deed provides other means of clo
IT : Refusal to grant registration to assessee-trust on ground of absence of dissolution clause in trust deed was unjustified where trust deed specifically provided that in case of closure, property of trust be handed over to other trust having similar objects
Landing and parking charges for Aircrafts are not for ‘use of land’; attract Sec. 194C TDS
IT: Landing and parking charges payable by Airlines in respect of aircrafts are not for the 'use of land' per se but the charges are in respect of number of facilities provided by the Airport Authority of India. Thus, landing and parking charges payable by Airlines would attract TDS under Section 194C and not under Section 194-I.
Banks entitled to claim 60% depreciation on ATMs; no reassessment due to change of opinion
IT : Where bank claimed depreciation on ATMs at rate of 60 per cent as applicable to computer and there was no failure on its part to disclose fully and truly material facts, reassessment could not be initiated to allow depreciation at lesser rate
Non-production of 'C' Form would attract higher rate of tax
CST & VAT : CST - Imposition of tax on inter-State sale of goods at higher rate of 10 per cent on account of non-production of Form 'C' by assessee/seller was justified
Banks entitled to claim 60% depreciation on ATMs; no reassessment by treating
IT : Where bank claimed depreciation on ATMs at rate of 60 per cent as applicable to computer and there was no failure on its part to disclose fully and truly material facts, reassessment could not be initiated to allow depreciation at lesser rate
Even deduction of tax under wrong provision would attract disallowance
IT : Deduction of TDS under wrong provision of law will not save assessee from disallowance u/s 40(a)(ia)
No denial of Sec. 111A concessional tax rate if cap gain not shown in one of the column of ITR
IT : Inadvertent mistake in a columns of ITR 4 is not fatal to assessee's claim for concessional rate of tax under section 111A
No VCES application if same issue of earlier period was pending before Tribunal
Service Tax : Declaration under Service Tax Voluntary Compliance Encouragement Scheme would not be maintainable for subsequent period, if same issue for earlier period is pending before Tribunal
Deduction for bad-debts couldn't be allowed to a rural bank if it had not made provision for rural a
IT : Where assessee, a statutory board, applied for registration under section 12A on 31-3-2008 i.e., in financial year 2007-08, provisions of sections 11 and 12 would be applicable to assessee from assessment year 2008-09 and not from financial year 2008-09
Dishonour of cheque and continual default after issuance of statutory notice would lead to offence u
Negotiable Instruments Act : Where debt or liability of accused stood ascertained, crystallised and established from documents on record, dishonour of cheque in respect of outstanding debt coupled with non-payment of cheque amount despite statutory notice led to commission of offence under section 138
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