The Petitioner contended that an assessing officer can call for records in respect of any period during which the Department seeks to intensively scrutinize receipts, etc., i.e. under a Special Audit under Section 72A of the Finance Act. It was further argued by the Petitioner that the Finance Act does not contain any substantive power to call for records for scrutiny as is permissible under Rule 5A(2) of the Service Tax Rules or for the purpose of scrutiny by any authority outside of those created under the Finance Act, such as the Comptroller and Auditor General’s office.
We are sharing with you an important judgment of the Hon’ble High Court of Gujarat in the case of Commissioner of Service Tax Vs. Arvind Mills Ltd. [(2014) 45 taxmann.com 376 (Gujarat)] on the following issue: Issue: Whether the deputation of employees to subsidiary companies for limited period on cost-sharing basis covered under Manpower Recruitment […]
The Union Budget, 2014 presented by the Finance Minister today is promising on building consumer’s confidence, investor’s confidence & overall confidence and taken several steps to improve fiscal situation and boost growth of Indian economy to 7-8% in coming years. The Roadmap made for fiscal consolidation in the next 3 years is inspiring on reduced […]
The Central Board of Excise & Customs (the CBEC) has issued Instruction F. No. 201/01/2014-CX.6 dated June 26, 2014 (the Instruction) for all the Commissioners to follow judicial discipline in the matters relating to refund.
We are sharing with you an important judgement of the Hon’ble High Court of Allahabad, in the case of Shree Balaji Aromatics (P.) Ltd. Vs. Union of India [(2014) 46 taxmann.com 5 (Allahabad)] on following issue:
In the Interim Union Budget 2014 on 17th February, 2014, the Government had reduced the Excise duty on: Small cars, motorcycles, scooters, three wheelers and commercial vehicles from 12% to 8%; Mid-segment cars from 24% to 20%; Large cars from 27% to 24%; and SUVs from 30% to 24%. Further, to stimulate growth in the […]
The Government had constituted Tax Administration Reform Commission headed by Dr. Parthasarathi Shome, in August 2013, to suggests core reforms to the tax administration set-up in the Country. The TARC has now submitted a report dated May 30, 2014 called the “First Report of the Tax Administration Reform Commission”. The said report makes several critical and far-reaching suggestions which are intended to radically change the working of the Income-tax and other Revenue departments.
Where assessee had not collected and deposited Service tax but on being pointed out, deposited the same along with Interest, can it be treated as expenditure deductible under Section 37 of the Income Tax Act, 1961?
Whether the Business Auxiliary Services provided to Foreign Principals for marketing their products in India qualify as an export of services under the erstwhile Export of Service Rules, 2005?
We are sharing with you an important judgment of the Hon’ble Mumbai CESTAT in the case of Hindustan Petroleum Corporation Limited Vs. Commissioner of Central Excise, Mumbai-II [2014-TIOL-658-CESTAT-MUM] on the following issue: Issue-: Whether the test of unjust enrichment satisfied where the claimant has treated refund amount as ‘expenditure’ and not as ‘claims receivable’?
