IT: Imposition of penalty upon assessee under section 271(1)(c) on basis of ad hoc and estimated disallowance/addition, without bringing any clinching material suggesting concealment of income or furnishing of inaccurate particulars of income, was not justified
Monday 9 November 2015
Issue of time barred demand can't be raised for the first time before Tribunal
Service Tax : Where issue of demand being time-barred was not raised before adjudicating authority and Commissioner (Appeals), same cannot be raised for first time before Tribunal
No VAT on free supply of medicines; HC declares sec. 15(5) of Bihar VAT Act as unconstitutional.
CST & VAT: Bihar VAT - Patna High Court declares section 15(5) of Bihar Vat Act (which provides for levy of tax on basis of MRP) as unconstitutional
Buy-back consideration paid above face value, as per CLB's direction, held as revenue exp.
IT : Where in terms of directions issued by CLB, assessee-company paid certain amount over and above face value of shares to departing group of shareholders, amount so paid was to be allowed as revenue expenditure
CBDT constitutes Committee to deal with taxpayers' grievance from high pitched assessments
IT/ILT : Section 143 of the Income-Tax Act, 1961 – Assessment – General – Constitution of Local Committees to Deal With Taxpayers Grievances from High-Pitched Scrutiny Assessment
Contractor wasn't liable to pay service-tax when sub-contractor fulfilled all compliances
ST: Where assessee-real estate company appointed sub-contractors for construction of residential complex for principal company which intended same for personal use of staff, and sub-contractors fulfilled all service tax compliances, assessee-contractor could not be liable to services tax
Sum received by Irish Co. for providing online access to its e-learning products in India is taxable
IT/ILT : Consideration paid by an Indian distributor to foreign company for use or right to use confidential programme software (especially designed software) itself constitutes royalty in terms of DTAA between India and Ireland
Exp. on development of machines is revenue exp. if such machines becomes obsolete
IT : Where assessee incurred certain expenditure on development of machines and same were not put to use and they were also not sold and it was decided to use parts of machines so developed by way of spare parts in future, aforesaid expenditure was allowable as revenue expenditure
No denial of sec. 10(21) relief to research association due to non-furnishing of form for accumulati
IT: Where Assessing Officer denied exemption under section 10(21) to assessee on ground that during previous year it had accumulated part of its income and had failed to furnish Form 10 as provided under section 11(2) within time, denial of exemption merely on ground that assessee had not filed Form 10 within time was not justified
No service tax on maintenance charges collected from prospective buyers in compliance with state law
Service Tax : Maintenance charges collected by builders from prospective buyers of flats for payment of local taxes and other charges in compliance with their obligation under State laws, are not liable to service tax under 'Management, Maintenance or Repair Services'
No sec. 153C notice on basis of seized papers indicating collection of capital fee without its year-
IT : Where loose papers found and seized from residence of President of assessee, an educational institution, indicating some 'on money' receipt during admission process did not establish co-relation document-wise with assessment years in question, notice issued under section 153C to assessee was invalid
Tribunal gets flak from HC for not levying interest on delayed payment of differential duty
Excise & Customs : Where there was price variation clause in contract and assessee had paid differential duty on price-variation without any interest, Tribunal had to consider validity of demand of interest in light of provisions of rule 8(3) of Central Excise Rules, read with section 11AA of Central Excise Act
IRDAI notifies new norms on Insurance surveyors and Assessors
INSURANCE/INDIAN ACTS & RULES : IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015
Failure to issue notice in time can't be cured by resorting to deeming fiction of sec. 292BB; reasse
IT: Where no notice under section 143(2) was issued within period of limitation, revenue could not take advantage of provisions of section 292BB; order of assessment under section 147 was annulled
Free warranty services provided by vehicle dealers out of their margin isn't liable to service-tax
Service Tax : Free warranty services provided by vehicle-dealers to vehicle-buyers from out of their dealer's margin/handling charges, cannot be regarded as Authorised Service Station Services to vehicle-manufacturer and not liable to service tax
Punjab VAT Rule providing availment of input credit at reduced rate is effective from Apr 1, 2014: H
CST & VAT: Punjab VAT - Provisions of rule 21(8) incorporated in VAT Rules to provide that goods that have already earned input tax credit would avail of input tax credit at reduced rate of taxation applicable on date of sale would come into effect from 1-4-2014
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