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:
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 it is disclosed properly in the return.
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).
Notification of Transfer Pricing Rules to incorporate range concept and use of multi-year data to reduce litigation on transfer pricing issues.
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 notification, in which the mining operation are carried on
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. The taxpayer may also be informed so that he may do further correspondence with the concerned officer.
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.
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.
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 the assesse.
Kolkatta High Court held in Navin Kumar Agarwal Vs CIT(A) that for the conclusion of search, date of last panchnama was to be seen provided keys had been handed over to the assessee. If the keys were still with the department it meant that department could resume the search any time if necessary irrespective of the fact that only restraint order was vacated on the latter date.
