Daily Archives: April 25, 2017

TDS on Land Acquisition amount is part of Compensation : SC

By | April 25, 2017

Supreme Court of India Baranagore Jute Factory Plc. Mazdoor Sangh (Bms) Etc Vs  Baranagore Jute Factory Plc  Appeal Number : Civil Appeal No. 4298- 4299 of 2017 Date of Judgement/Order : 21/03/2017 Leave granted. 2. The appellants are the petitioners/ applicants before the learned Single Judge in an application filed by them for taking appropriate… Read More »

Subsidy for Setting Up / Expansion of Industry is tax-free Capital Receipt

By | April 25, 2017

ITAT Delhi LG Electronics India Pvt. Ltd. Vs. ACIT  Appeal Number : ITA No. 2163/Del/2015 Date of Judgement/Order : 19/04/2017 Assessment Year : 2008- 09 It is an admitted position that the assessee treated the amount of subsidy as a capital receipt, but, did not reduce it from the value of fixed assets and eventually… Read More »

Share Trading Income cannot be treated as ‘Capital Gain, it is business income

By | April 25, 2017

ITAT Ahemdabad Income-Tax Officer Vs Manusi Securities Pvt. Ltd.  Appeal Number : ITA Nos. 2338 & 2339/Ahd/2011 Date of Judgement/Order : 10/04/2017  Assessment Year : 2007-08 & 2008-09 We notice that assessee company is engaged in the business of trading in securities. During the year assessee has shown the sale of securities as business receipts… Read More »

Assessee not allowed to appear with Counsel to Record Statement U/s. 108 of Customs Act

By | April 25, 2017

Allahabad High Court Pawan Kumar Pawan Arora Vs Union of India  Appeal Number : Criminal MISC. Writ Petition No. – 4424 of 2017 Date of Judgement/Order : 30/03/2017 Contention of the learned counsel for the petitioner is that the petitioner be allowed to appear before the authority concerned for recording the statement under Section 108… Read More »

Delay of DVAT Refund Claim by use of Revisionary Power is an Abuse of Power

By | April 25, 2017

Delhi High Court Garg Roadlines Vs Commissioner Trade & Taxes Appeal Number : WP (C) 2282/2017 Date of Judgement/Order : 12/04/2017 The power under Section 74A of the DVAT Act is not to be exercised slightly. It is a power coupled with the duty to act responsibly and by the competent authority applying mind to… Read More »

No Penalty for non payment of service Tax if no willful suppression of facts to evade tax

By | April 25, 2017

Chhattisgarh High Court Mahadev Logistics Vs Customs and Central Excise Settlement Commission  Appeal Number : Writ Petition (T) No.113 of 2015 Date of Judgement/Order : 12/04/2017 Court is of the considered opinion that there is no willful suppression of facts to evade tax on the part of the petitioner and it was bona fide on… Read More »

Custodian of Goods cannot deny his liability for export of prohibited Goods

By | April 25, 2017

Madras High Court M/s. Sanco Trans Ltd Vs The Customs, Excise and Service Tax Appellate Tribunal  Appeal Number : C.M.A.No.2853 of 2015 Date of Judgement/Order : 10/04/2017 Facts of the Case The appellant is a Customer Freight Station (CFS) and a custodian of goods for the purpose of import and export in terms of section… Read More »

MVAT: Change in Rate of VAT on Motor Spirit wef 22.04.2017

By | April 25, 2017

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk Mantralaya, Mumbai 400 032, dated the 21st April 2017 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT.1517/C.R.44/Taxation-1.—In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra, hereby amends… Read More »

Grant of Licences/ Authorisations for import of Gold Dore

By | April 25, 2017

F.No. 01/53/162/Misc/AM17/PMO/M-4/IC Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011 Dated 21.04.2017 Trade Notice No. 04 To All RAs of DGFT Members of Trade/EPCs Sub: Consideration of applications for grant of Licences/ Authorisations for import of “Gold Dore” It is brought to the… Read More »