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Archive: 28 February 2022

Posts in 28 February 2022

Importance of Minimum Alternate Tax In Tackling Tax Avoidance

February 28, 2022 2433 Views 0 comment Print

MAT or minimum alternative tax refers to a tax paid to by a company in advance. We should note that companies must pay tax according to the provisions of the income tax act, the profit and loss account is calculated as per companies act,2013. So prior to MAT what happened was; companies having profits used […]

No capital gain if developer was allowed to enter property for mere construction under JDA

February 28, 2022 3450 Views 0 comment Print

Income Tax dispute: Anugraha Shelters challenges capital gain assessment. Joint Development Agreement not treated as possession under sec.53A of Transfer of Property Act.

Antenna for base station classifiable under customs 85177090 as parts

February 28, 2022 2085 Views 0 comment Print

Reliance Jio Infocomm Ltd. Vs Commissioner of Customs (Air Cargo) (CESTAT Chennai) The issue involved the present case is that whether the Antenna for base station imported by the appellant is classifiable as parts of base station under CTH 85177090 as claimed by the appellant or as machine/equipment for the reception, transmission and conversion of […]

No Redemption Fine when Goods allowed to be Re-Exported

February 28, 2022 4068 Views 0 comment Print

Perfect Trading Company Vs Commissioner of Customs (AIR) (CESTAT Chennai) In the present case, the adjudicating authority has also imposed penalty of Rs.2 lakhs. The adjudicating authority after considering the submissions made by the appellant that the goods were intended to be supplied to another customer of another country has allowed the request for re-export. […]

Service tax not payable on software maintenance services for the period 9.7. 2004 to 30.11.2005

February 28, 2022 984 Views 0 comment Print

Mindtree Ltd Vs Commissioner of Service Tax (CESTAT Bangalore) It was not intention of the Government to tax software services as information technology services including ‘Software Maintenance Services’ were excluded from ‘Business Auxiliary Services’; the explanation added in the definition of ‘Goods’ to include computer services if can only be prospective from 1.6.2007 and the […]

CESTAT allows Refund of Service Tax paid on Liquor License fee to Rajasthan Govt

February 28, 2022 993 Views 0 comment Print

Rambagh Palace Hotel Pvt. Ltd. Vs Commissioner, Central Excise (CESTAT Delhi) Present appeal has been filed to assail the Order-in-Appeal No. 215/2021 dated 25th June, 2021. The facts relevant for the impugned appeal are as follows:- That M/s. Rambagh Palace Hotel Pvt. Ltd. i.e. the appellant are engaged in providing different services relating to hotel […]

No section 80P deduction on Interest earned from investments made with Co-op Bank

February 28, 2022 5052 Views 0 comment Print

Interest earned from investments made with Co-operative Bank, not being Co-operative Bank was not deductible either under section 80P(2)(d) or under section 80P(2)(a)(i). Such interest income was to be assessed as income from other sources, however, deduction under section 57 was to be given in respect of expenditure for earning interest income.

No external aid for interpretation called for when language of Entry in question was clear in itself

February 28, 2022 1206 Views 0 comment Print

Authority For Clarification and Advance Ruling Vs Aakavi Spinning Mills (P) Ltd (Supreme Court) As noticed, the Entry in question, as inserted into the Fourth Schedule to the Act, is clear and specific that is, Hank Yarn; it carries neither any ambiguity nor any confusion. Undoubtably, the yarn in the hank form (which is a […]

Re-structuring of organisation or resizing of labour force not gives liberty to an employer to dispense with services of all employees

February 28, 2022 822 Views 0 comment Print

MSL Group India & Anr. Vs Eknath Narayan Shelar (Bombay High Court) Re-structuring of the organisation or resizing of the labour force does not give liberty to an employer to dispense with the services of all the employees and recruit fresh hands in their place – Bombay High Court It is  an admitted position that […]

IBBI suspends registration of Registered Valuer till pendency of criminal proceeding

February 28, 2022 4938 Views 0 comment Print

In the instant matter, the Authority finds that the chargesheet has been filed against Mr. Prabhu. The provisions of IPC under which charges have been framed are severe in nature and pertains to professional conduct of a valuer which are as follows – (a) Section 201- Causing disappearance of evidence of offence, or giving false […]

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