"14 July 2018" Archive

CMAs should ensure delivery of Quality Product & Services at a competitive price: President

President of India inaugurates platinum jubilee celebrations of Institute of Cost Accountants of India; says Cost Accountants should ensure that products and services are delivered at a competitive price but without compromising on quality The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the I...

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Posted Under: CA, CS, CMA |

Penalty paid to Stock Exchange allowable as regular business expenditure

ACIT Vs M/s Arihant Capital Markets Ltd. (ITAT Indore)

Assessee made no offence prohibited by law which can be contemplated to be covered under Explanation to section 37 of the Act and, therefore, the payment of penalty made by the assessee to the Stock Exchange is a regular business expenditure and the impugned disallowance has rightly been deleted by the learned Commissioner of Income Tax (...

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Adjudication proceedings on goods detained should be completed expeditiously: HC

Reliance Industries Limited vs. State of Uttar Pradesh (Allahabad High Court)

The adjudication proceedings on the goods detained / seized should be completed expeditiously as the law itself provides for release of goods on fulfilment of prescribed condition....

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Posted Under: CA, CS, CMA |

Architect services eligible for input service credit

Mentor Graphics India Pvt Ltd Vs Commissioner Of Service Tax (CESTAT Hyderabad)

Services being architect services does not fall under exclusion to the definition of input service as per rule 2 (l) of CENVAT Credit Rules 2004, as the said exclusion is in respect of execution of works contract. ...

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Deferred tax can neither be taxed U/s. 41(1) nor U/s. 28(4) of Income Tax

CIT Vs. M/S Mcdowell & Co Ltd Now Known As United Spirits Ltd (Karnataka High Court)

CIT Vs. M/S Mcdowell & Co Ltd Now Known As United Spirits Ltd (Karnataka High Court) In the instant case, as per the scheme he was allowed to retain the sales tax as determined by the competent authority and pay the same 15 years thereafter. The tax collected was deemed to have been paid and, […]...

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Mere Affixation of Brand on Tools by Embossing/Engraving not Amounts to Manufacture

Arihant Udyog Vs Arihant Udyog (CESTAT Mumbai)

Arihant Udyog Vs Arihant Udyog (CESTAT Mumbai) As per the activity the appellant is only carrying out affixation of brand on the tools i.e. spanner by embossing/ engraving. This process alone does not amount to manufacture. As regards other processes which are carried out by the job workers, it prima facie appears that the independent [&h...

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No Service Tax on Surrender Charges on ULIP

Reliance Life Insurance Company Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai)

We are of the view that the ULIP surrender charges are not part of taxable service of management of funds. Rather it is in the nature of penalty or liquidated damages which is not a service and hence cannot be made liable for tax during the period involved . ...

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CBIC expand list of items exempt from custom duty for Handicraft Sector

Notification No. 52/2018-Customs [G.S.R. 648 (E)] 14/07/2018

G.S.R................. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following fur...

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Mere Removal of MRP Stickers not amounts to Manufacture to impose excise duty

CCE & GST Vs M/s Amar Lal Bhawani (CESTAT Delhi)

CCE & GST Vs M/s Amar Lal Bhawani (CESTAT Delhi) Admittedly, the provisions of Section 2(f)(iii) provides deemed manufacture definition only when the goods are labelled or relabelled or MRP is altered, which itself establishes the fact of a fixation of MRP on the goods. In the absence of any allegation of fixation or alteration [&hell...

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SC upheld HC order on deletion of addition for Bogus Purchase

PCIT Vs. Tejua Rohitkumar Kapadia (Supreme High Court)

Supreme Court has in the case of PCIT Vs. Tejua Rohitkumar Kapadia  upheld the Gujarat high Court Order and dismissed the special leave petition filed by Department on the issue of  deletion of Addition for Bogus Purchases.  Text of the High Court Judgment  in TAX APPEAL NO. 691 of 2017 dated: 18 September, 2017 is […]...

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