"October, 2015" Archive - Page 20

Cenvat Credit Disclosure In Service Tax Return- Practical Aspects: Part 2

Once eligible credit has been availed, it becomes part of a pool out of which credit can be utilised to pay output liability. There is no correlation required between availment and utilisation of credit. The disclosure requirement of utilisation/reversal of credit is as below:...

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Posted Under: Service Tax |

Cenvat Credit Disclosure In Service Tax Return- Practical Aspects: Part 1

Tax credit in any value added taxation is the second most important aspect after the levy as it goes to reduce the basic cost. If credits are not available fully, it adds to the cost of the product or service resulting in cascading effect of taxes. It becomes imperative for assessee to ascertain the credit availability and to ensure that ...

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Posted Under: Service Tax |

Tower & blades used in Wind Operated Electricity Generators eligible for excise duty exemption

Circular No. 1008/15/2015-Central Excise (20/10/2015)

Circular No. 1008/15/2015-CX A large number of references have been received from the trade as well as the field formations to clarify whether exemption Notification No. 12/2012-Central Excise, dated 17.03.2012 covers part/components of Wind Operated Electricity Generators (WOEG). ...

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Transfer Pricing Rules to incorporate “range concept” and “use of multi-year data”

Notification of Transfer Pricing Rules to incorporate range concept and use of multi-year data to reduce litigation on transfer pricing issues....

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Posted Under: Service Tax |

Mines and Minerals (Contribution to District Mineral Foundation) Rules,2015

G.S.R. 792(E) (20/10/2015)

Central Government hereby makes the following rules in r/o of coal and lignite and sand for stowing specifying the amount to be paid by holder of a mining lease or a prospecting licence-cum-mining lease, in addition to the royalty, to the District Mineral Foundation of the district established by the concerned State Government by notifica...

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Redressal of grievances received from Taxpayers by email at Aayakar Sampark Kendra

F. NO. DGIT(S)/DIT(S)-V/ASK/2015-16/11972 (20/10/2015)

In order to provide quick resolution of taxpayer's grievance, wherever action is required to be taken by the officers in field formation, the Aayakar Sampark Kendra should forward the email to concerned CIT (Admn.& CO) for onward transmission to respective Jurisdictional Pr. CCIT/CCIT/Pr. CIT/CIT/Assessing Officer for necessary action. T...

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Penalty U/s. 271(1)(c) cannot be imposed for mere non-application of Rule 8D by assessee

ACIT Vs Ms Shyam Basic Infrastructure Pvt. Ltd. (ITAT Delhi)

ITAT held in ACIT Vs Ms Shyam Basic that if the assessee had made a wrong claim in the return of income but had furnished full particulars in its return of income then it would not amount to concealment if income and penalty u/s 271(1)(c) could not be levied....

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Deduction cannot be allowed merely on consistency or on the basis of mere Footnote in Audited Balance Sheet

Indo Count Industries Ltd. Vs DCIT (ITAT Delhi)

ITAT New Delhi held in Indo Count Industries Ltd Vs DCIT( ITAT New Delhi) that it all depends upon the facts of the case that whether the assesse was eligible to claim exemption u/s 10B for all the units as a single entity or every unit was independently eligible to claim exemption u/s 10B as a separate unit. ...

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Service Tax not to be included while calculating the gross receipts for sec 44BB

M/s Sundowner Offshore International (Bermuda) Ltd. Vs ADIT (International Taxation) (ITAT Delhi)

ITAT Delhi held in M/s Sundowner offshore International (Bermuda) Ltd Vs ADIT (International Taxation, Dehradun) that for calculating the gross receipts for sec 44BB, reimbursement of service tax not to be included in gross receipts and 10% of the total gross receipts without considering the service tax would be taken as taxable income of...

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Mere Frequency of transactions in shares did not determine nature of transaction

CIT (Kolkata) Vs Merlin Holding Private Limited (Calcutta High Court)

ITAT held in CIT( Kolkatta) Vs Merlin Holding Private Limited that it was the question of the fact to decide between the share income as an investment income or as a business income. Mere Frequency of the transactions in the shares did not determine the transaction to be business transaction or investment transaction....

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