Sum received must be regarded as cum-tax if service tax isn't charged separately

Service Tax : Where service tax is not charged separately on pretext that services are not taxable, sums so received should be regarded as cum-tax and in event of demand, service tax must be worked out accordingly

Production and broadcasting of radio program is manufacture or production under Sec. 32(1)(iia)

IT : Radio programme produced is "thing" if not an "article" as Dictionary meaning of the word envisages that "thing" could have intangible characteristic.

Producing & broadcasting radio programmes is “manufacture /production of a thing” u/s 32(1)(iia)

IT : Radio programme produced is "thing" if not an "article" as Dictionary meaning of the word envisages that "thing" could have intangible characteristic.

Govt. hikes VAT rate from 4% to 5% in Daman and Diu

VAT /INDIAN ACTS & RULES : Daman and Diu Value Added Tax (Amendment) Regulation, 2015 – Amendment in Regulation 4 and Third Schedule

'Universal Buildwell' isn't dominant player in Gurgaon due to presence of established builders like

Competition Act: Where compared to OP, real estate developer, there were many bigger and established players such as Unitech, Vatika, Ansal, DLF etc. which were operating in relevant market for services of development and sale of commercial space in Gurgaon, OP was not dominant in relevant market and, therefore, no case of contravention of section 4 was made out

ST exemption available on rent-a-cab services provided to SEZ employees even if they are residing ou

Service Tax : Rent-a-cab services provided to a unit located in SEZ for transportation of employees to and from their residences located outside SEZ, are eligible for exemption from service tax

Societies procuring and marketing milk can exercise option of Safe Harbour Rules

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Nineteenth Amendment) Rules, 2015 – Amendment in Rules 10D, 10THA, 10THB, 10THC, 10THD and FORM NO.3CEFB

Profit distributed by broker to clients can't be taxed in his hands due to violation of FCRA

IT: Where assessee-firm acted as sub-broker and distributed NCDEX profits among its clients, merely because assessee had violated provisions of Forward Contract (Regulations) Act, 1952, profit could not be assessed as income of assessee

'Quantitative adjustment' in AMP exp. prohibited under TP provisions

IT/ILT: For the purposes of Chapter X of the Act, the Transfer Pricing Adjustment envisaged is "price adjustment" (substitution of transaction price of international transaction with ALP) and not a "quantitative adjustment" by first determining whether the AMP spend of the Assessee on application of the bright line test (BLT), is excessive, thereby evidencing the existence of an international transaction involving the Associated Enterprises.

Imposition of penalty couldn't be sustained if service-tax demand was set-aside

Service Tax : Penalty is levied only where any service tax has not been paid by reason of fraud, etc.; hence, when assessee's activity is held to be not liable to service tax, question of penalty or imposition of penalty cannot arise

Co-ownership in second house doesn't lead to denial of sec. 54F relief

IT : Where Assessing Officer rejected assessee's claim for deduction under section 54F on ground that assessee owned more than one residential house property at time of sale of long term capital asset, since assessee was a mere co-owner in one of said residential property, impugned order passed by him deserved to be set aside

Unutilized Cenvat credit would not lapse after conversion of DTA unit into EOU unit

Cenvat Credit: Rule 11(3) of CENVAT Credit Rules providing for 'lapsing of credit' applies only if final products are totally exempted; same is inapplicable in case of conversion of DTA unit into EOU because DTA clearances by EOU are not exempt. Therefore, unutilized credit balance lying in hands of DTA unit can be carried over by EOU and used for payment of duty on DTA clearances

Subramanian Panel suggests GST rate structure to fulfil Make in India objective by making One India

VAT : Report On Revenue Neutral Rate And Structure Of Rates For Goods And Service Tax (GST)

RBI issues timelines for bringing down 'Statutory Liquidity Ratio'

BANKING : Maintenance of Statutory Liquidity Ration (SLR)

Sum paid by producer to exhibitors of flop movie could be held as revenue exp. on grounds of commerc

IT: Where on one hand Tribunal held that amount paid by assessee, a production company, to exhibitors of its films, for loss incurred by them, was capital in nature and on other hand held that it was compensation paid to stay afloat in business, since Tribunal was giving two divergent views, matter was to be readjudicated

Friction cloth arising during manufacturing of conveyor belt is non-marketable and non-excisable pro

Excise & Customs : Friction cloth arising at intermediate stage in manufacture of V-belts is non-marketable and non-excisable product; therefore, same is not includible in turnover limit for SSI-exemption purposes

RBI allows banks to bring down SLR holdings held under HTM category to 20.50% by March, 2017

BANKING : Fourth Bi-Monthly Monetary Policy Statement, 2015-16 – SLR Holdings Under Held To Maturity Category

ITAT suggests amendment to sec. 145A to align it with CENVAT Credit Scheme

IT : Section 145A of the Act was brought into statute in 1998 when MODVAT scheme was prevalent which allowed credit/set off on specified inputs used in manufacture of excisable goods apart from capital goods but now with Cenvat Scheme in operation which allows both manufacturers and service providers to take input credits on goods and services apart from capital goods across cross sectors without any one to one correlation and the Apex Court already holding in Eicher Motor that cenvat credit onc

Damage paid for breach of contract in normal course of business is allowable as revenue exp.

IT : As per section 145, Hybrid system of accounting is not allowable

Assessee allowed to submit declaratory forms before Tribunal along with reasons for their non-submis

CST & VAT: Central Sales Tax Act - Where assessee failed to produce Forms 'C' and 'F' before Assessing Authority and it approached Tribunal seeking opportunity to produce declaratory forms before it and Tribunal taking view that reasons assigned by assessee in not having produced forms before Assessing Authority were not acceptable, rejected appeal, assessee was to be permitted to establish reasons assigned in not producing declaratory forms before Assessing Authority

10 million USD penalty levied on Satyam for violating US Securities Exchange Act won't attract TDS

IT/ILT: An amount levied as penalty by an order of US Court can never attract any tax nor would such a payment made by applicant attracts any tax liability