"13 March 2017" Archive

Ballasts or boulders or chips are mineral for Sales Tax levy: Orissa HC

State of Orissa Vs M/s. D. K. Construction (Orissa High Court,)

Ballasts or boulders or chips being mineral as per Entry 117 of the taxable list are exigible to tax at the rate of 4% of taxable list. Moreover, the appeal has been purportedly filed before the Tribunal with proper perspective and there is no defect in raising any such plea before it. ...

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Forfeited share application money is Capital Receipt and is Not Taxable

DCIT(OSD) Vs Mahalaxmi Rubtech Ltd. (ITAT Ahmedabad)

It is a fairly settled law that forfeiture of share application money which has been duly received by the appellant in terms of prospect and credited to capital reserve account was a capital receipt....

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NEBULA Watch is Jewellery for levy of VAT in Gujarat

State of Gujarat Vs M/s. Titan Industries Limited (Gujarat High Court)

NEBULA Watch, which is predominantly a jewellery, is made of gold, precious metals and /or precious stones /diamonds and is made of 18 Karat gold. Under the circumstances, the same can be said to be an Article or Jewellery falling within Entry No.13(ii) of Schedule II of the Act....

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Penalty not to be levied if quantum appeal is admitted by High Court

CIT Vs Advaita Estate Development Pvt. Ltd (Bombay High Court)

It upheld the view of the Tribunal that the imposition of penalty was not justified as admission of appeal in quantum proceeding on this issue as substantial question of law was proof enough of the issue being debatable....

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Delhi HC Explains Section 271(1)(c) penalty read with Explanation 5

PR. Commissioner of Income Tax Vs Shri Neeraj Jindal (Delhi High Court)

These four appeals by the revenue, under Section 260-A of the Income Tax Act, ("the Act") are directed against four separate orders of the Income Tax Appellate Tribunal (Delhi Bench) (“ITAT”) for AY 2005-06 and 2006- 07. The following common question of law was framed for decision by this court...

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Avoid improp claim of fuel tax credit & misuse of research credit: IRS

Excessive Claims for Business Credits: Avoid improperly claiming the fuel tax credit, a tax benefit generally not available to most taxpayers. The credit is usually limited to off-highway business use, including use in farming. Taxpayers should also avoid misuse of the research credit....

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ITAT Special Bench on Section 206AA– dissenting view on tax rate

Nagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad)

Recently ITAT-SB at Hyderabad in Nagarjuna’s case held that even if a non resident does not obtain a PAN, the tax deductor need not deduct TDS at higher rate of 20%....

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General Procedure for Amalgamation under Companies Act 2013

Mergers and amalgamations are vital corporate transactions and completely overhaul and transform the structure of the merging entities. A ‘merger’ is a combination of two or more entities into one; the desired effect being not just the accumulation of assets and liabilities of the distinct entities, but organization of such entity int...

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Service Tax Exemptions for Educational Institutions from 1st April 2017

Services provided by an educational institution (as defined) to its students, faculty and staff are exempt under clause (a) of Notification Number ST-25/2012 dated 20/06/2012....

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