"24 October 2012" Archive - Page 2

Taxability of Compensation for cancellation of right issue of fully convertible debentures & allotment of shares

Commissioner of Income-tax, Kolkata Vs Vasudhara Holdings Ltd. (Supreme Court of India)

Compensation - Where compensation was given to assessee for cancellation of right issue of fully convertible debentures as well as allotment of shares made in favour of assessee, nature of compensation therefor was to be decided by considering relevant background ...

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Income once assessed in a particular year cannot be assessed in any other year

Lingtec Constructors LP Vs Income-tax Officer, (International Taxation) 1(2), Mumbai (ITAT Mumbai)

If anything is assessed in the year under consideration that cannot be again assessed in any other year and this will be applicable in either condition. If any amount is not assessed in the year under consideration then that part of income will be assessable in relevant year and if something is assessed in the year under consideration tha...

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Mere breach of contract would not entitle one to claim damages

Tower Vision India (P.) Ltd. Vs Procall (P.) Ltd. (Delhi High Court)

Consequences for breach of the contract are provided in Chapter VI of the Contract Act which contains three sections, namely, Section 73 to Section 75. As per Section 73 of the Contract Act, the party who suffers by the breach of contract is entitled to receive from the defaulting party, compensation for any loss or damage caused to him b...

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Mere change in shareholding pattern not amounts to transfer of factory

Auora Foam (P.) Ltd. Vs Commissioner of Central Excise, Chandigarh (CESTAT Delhi)

From a perusal of Rule 8 of the Cenvat Credit Rules, 2002 , it will be seen that the same is applicable in three circumstances - (1) when the manufacturer of the final products shifts his factory to another site, (2) the factory is transferred from the existing owner to the another person on account of change of ownership, and (3) the fac...

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Demand based on verification of worksheet submitted by assessee is valid

Malayalam Communications Ltd. Vs Commissioner of Central Excise and Customs (CESTAT Bangalore)

The demand has been issued based on figures taken from income tax returns where undisputedly the incomes were shown on accrual basis and not on the basis of realization of amounts. The learned advocate pointed out certain amounts were not received by the appellant company from their clients due to disputes. He also submitted that service ...

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Service Tax Not Applicable on Visa Service provided by Visa facilitators

VFS Global Services (P.) Ltd. Vs Commissioner of Service tax (CESTAT Mumbai)

Visa facilitators, merely facilitate the procurement of visa and directly assist individuals who intend to travel abroad, to complete the immigration formalities. Visa facilitators collect certain statutory charges like visa fee, certification fee, attestation fee, emigration fee, etc. from the visa applicant, which are remitted to the re...

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Place of removal in cases where duty is not payable on transaction value shall be place where duty is paid

Lafarge India (P.) Ltd. Vs Commissioner of Central Excise, Raipur (CESTAT Delhi)

In this case of specific rate of duty, prima facie, the ' place of removal' would be the ' place of removal' for the purpose of Rule 4 of Central Excise Rules, i.e. the places on removal from where the duty is liable to be paid, which in this case, is the factory gate of Sonadih factory, as the duty on clinker becomes payable at the time ...

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Media Law of India – An Overview

Communication is the procedure, which we use to exchange information by various methods and media is the medium or instrument of storing or communicating information. ‘Media’ the popular term inter-alia used as ‘Press’ denotes the print & electronic information carriers –the News Papers & Magazines, Radio, Television and current...

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IFRS in Indian context

International Financial Reporting Standards (IFRS) are principle based standards as against the rule based standards currently in force; that establishes recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001...

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Posted Under: Income Tax | ,

Disallowed under garb of HO expenses if it doesn’t include executive or general admin expenses

John Wyeth & Brother Ltd Vs Assistant Commissioner of Income-tax, Circle 2(3) (ITAT Mumbai)

Assessee has filed the details of apportionment of the expenses based on the percentage of gross sales of the Indian branch to total gross sales by the U.K. company. The assessee has also filed financial statements to show that the U.K. company has shown executive or general administration expenditure as indicated in clauses (a), (b), (c)...

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