IT: The use of non-obstante clause in section 80-IA(2A) would show that tax holiday to undertaking providing telecommunication services is in respect of "profits of eligible business" and not restricted to "profits derived from eligible business" as mentioned in section 80-IA(1)
Thursday 31 December 2015
No penalty for disallowance under normal provisions if tax was levied under MAT for cases prior to 1
IT/ILT : Section 115JB, Read with Sections 115JA and 271(1)(c), of the Income-Tax Act, 1961 – Minimum Alternate Tax – Penalty Under Section 271(1)(c) Wherein Additions/Disallowances made under Normal Provisions of the Said Act but Tax Levied under MAT Provisions Under Sections 115JB /115JC, for Cases Prior to Assessment Year 2016-17
AOs to prepare satisfaction note under Sec. 153C as per SC's guidelines in Knitwear's case: CBDT
IT : Section 153c, Read with Section 158BD, of the Income-Tax Act, 1961 – Search and Seizure – Assessment of Income in Case of Other Person – Recording of Satisfaction Note Under Section 158BD/153C of Said Act
CESTAT referred matter to Third Member to classify the services provided by ‘Infosys’
CENVAT : Since there was difference of opinion between two members of Tribunal as to whether services provided by assessee engaged in exporting software consultancy, development of software, maintenance or repair of software and management consultancy in relation to ERP software implementation were taxable under head 'management maintenance or repair' service or 'consulting engineers' service and to what extent same was taxable, matter was to be referred to Third Member
Value of DTA clearances made by EOU is determined as per customs law and not as per local sale price
Excise & Customs: In case clearance by EOU to job-workers in DTA, local sale price in India cannot be regarded as 'customs value' under proviso to section 3(1) of Central Excise Act, 1944; value is to be determined as per customs law
Cab service utilized by BPO Company for transportation of its employees is eligible input service
Cenvat Credit: Cab services utilised by a BPO company for transportation of its employees to and from work place and their homes, are eligible for input service credit
Leading provider of BPO service isn’t comparable with a Co. rendering technical support services of
IT/ILT: Leading provider of business process outsourcing service cannot be compared to company rendering technical support services by its own
CBDT notifies revised Rules for quoting of PAN and reporting of transactions to tax authorities
IT/ILT/INDIAN ACTS & RULES : Income-Tax (Twenty Second Amendment) Rules, 2015 – Substitution of Rules 114B, 114C, 114D, 114E, Form No.60, 61 and 61A
Though no Cenvat reversal is required on exchange of inputs with AE, penalty can levied for not issu
Cenvat Credit : No cenvat reversal can be demanded on exchange of inputs with associate/related companies, as demand is revenue neutral; however, for infraction of procedural rule 3(5) of CENVAT Credit Rules, 2004, penalty is leviable
No denial of exemption to an institute just because it was training already trained persons
IT: Where assessee-society was providing latest information and training to those persons who were already in relevant field of advertising communication, etc. and in such process if certain persons became super-specialists in particular field and institution was charging fee, case would not fall under proviso to section 2(15)
Toilet preparations containing alcohol aren’t liable to excise duty under Central Excise Act
Excise & Customs: Toilet preparations containing alcohol are subject to excise duty under Medicinal and Toilet Preparations (Excise Duties) Act, 1955 and said duty is collected by States; duty cannot be demanded thereon under Central Excise Act
GAIL didn't abuse its dominance by requiring purchaser to pay for fixed quantity of Gas as per sales
Competition Act: Where OP, distributor of natural gas, invoked 'pay for if not taken' liability under gas sales agreement (GSA) with informant, conduct of OP was not abusive as GSA was entered into by parties after thorough negotiation
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