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Indian Taxation | International Taxation | Service Tax Laws | Corporate Laws: Sec. 54 relief not available on transfer of tenancy rights

Indian Taxation | International Taxation | Service Tax Laws | Corporate Laws: Sec. 54 relief not available on transfer of tenancy rights | Finance | Scoop.it
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Where assessee was not owner of property but held mere tenancy rights in respect of property, exemption under section 54 was not allowable..

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Interest on belated payments of EMI on home loan doesn't qualify for sec. 24 deductions

Interest on belated payments of EMI on home loan doesn't qualify for sec. 24 deductions | Finance | Scoop.it
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Interest on interest paid due to default in payment of home loan instalments is not deductible under section 24.

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Mango pulp based slice is merely a drink and not a 'food article'; liable to Delhi Sales Tax at 8%

Mango pulp based slice is merely a drink and not a 'food article'; liable to Delhi Sales Tax at 8% | Finance | Scoop.it
samkammy's insight:

Mango pulp based drink 'Slice' is merely a drink/thirst quencher and not a 'food article' as per common parlance test; hence, it is liable to Delhi sales-tax only at 8 percent.

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Granting less than 24 hours to reply to show-cause notice is a flaw in decision making process; assessment quashed

Granting less than 24 hours to reply to show-cause notice is a flaw in decision making process; assessment quashed | Finance | Scoop.it
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Granting less than 24 hours to reply to show-cause notice is a flaw in decision making process; assessment quashed

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E-homes with pre-fitted gadgets akin to other residential units; their developer isn’t dominant player

E-homes with pre-fitted gadgets akin to other residential units; their developer isn’t dominant player | Finance | Scoop.it
samkammy's insight:

E-homes with facilities like wifi, finger print security cannot be said to be different from other residential units

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Mother is natural guardian even during lifetime of father; clubbing provisions not unconstitutional

Mother is natural guardian even during lifetime of father; clubbing provisions not unconstitutional | Finance | Scoop.it
samkammy's insight:

Sub-section (1A) of section 64, including clause (a) of the Explanation to said sub-section is constitutionally valid

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Even info from CBI won't authorize search unless it is based on reasons given under sec. 132(1)

Even info from CBI won't authorize search unless it is based on reasons given under sec. 132(1) | Finance | Scoop.it
samkammy's insight:

Search conducted in pursuance of authorization issued in absence of the eventualities mentioned in clauses (a) to (c) of sub-section (1) of section 132, couldn’t be deemed as valid search.

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A blood bank isn’t analogous to a hospital or medical institution; not entitled to section 11 exemption

A blood bank isn’t analogous to a hospital or medical institution; not entitled to section 11 exemption | Finance | Scoop.it
samkammy's insight:

Assessee engaged in running a blood bank cannot be said to be engaged in providing medical facilities so as to be entitled to exemption under section 11.

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Moisturex cream meant for curing skin is medicament; SC lays down principles to identity medicament products

Moisturex cream meant for curing skin is medicament; SC lays down principles to identity medicament products | Finance | Scoop.it
samkammy's insight:

Moisturex' cream having medicinal ingredients and meant for curing of skin ailments/diseases is a medicament (duty 15%) and not cosmetic (duty 70%).

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100% EOU carries on its business in India, its source of income is in India; technical service used by it is FTS

100% EOU carries on its business in India, its source of income is in India; technical service used by it is FTS | Finance | Scoop.it
samkammy's insight:

Irrespective of the fact whether an India based business is one hundred per cent export oriented unit or not, it is still a business carried on in India, and it cannot, therefore, be covered by the first limb of exception envisaged in section 9(1)(vii)(b).


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HC grants extra time to assessee for repatriation of forex realizing economic crisis in Russia

HC grants extra time to assessee for repatriation of forex realizing economic crisis in Russia | Finance | Scoop.it
samkammy's insight:

Due to disintegration of the USSR and economic crisis in Russia, the buyers were unable to remit payment within time and, therefore, assessee's application seeking extension of time to realize convertible foreign exchange in India was allowed.

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Voluntary disclosures don’t absolve one from concealment penalty; plea as to ‘buy peace’ is irrelevant

Voluntary disclosures don’t absolve one from concealment penalty; plea as to ‘buy peace’ is irrelevant | Finance | Scoop.it
samkammy's insight:

Voluntary disclosure does not lead to assessee being free from mischief of penal proceedings under section 271(1)(c).Read more http://taxmannpublications.blogspot.in

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Advance Ruling binding on both revenue and assessee; CBEC’s circular holding otherwise is invalid

Advance Ruling binding on both revenue and assessee; CBEC’s circular holding otherwise is invalid | Finance | Scoop.it
samkammy's insight:

Advance ruling is binding on Department as well as assessee; CBEC clarification holding contrary view and issued later in point of time, cannot annul advance ruling pronounced in favour of assessee.

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HC rules out applicability of sec. 43B to employees’ contribution to PF; no deduction if paid after due date of PF Act

HC rules out applicability of sec. 43B to employees’ contribution to PF; no deduction if paid after due date of PF Act | Finance | Scoop.it
samkammy's insight:

Due date under section 43B, i.e., due date of filing income-tax return, is not applicable under section 36(1)(va) to employees' contributions to PF/ESI, etc.

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No denial of sec. 54F relief even if construction of new house commences before sale of original asset, rules HC

No denial of sec. 54F relief even if construction of new house commences before sale of original asset, rules HC | Finance | Scoop.it
samkammy's insight:

Section 54F(1) if read carefully states that the assessee, being an individual or Hindu Undivided Family, who had earned capital gains from transfer of any long-term capital asset, not being a residential house, could claim benefit under the said section provided any one of the following three conditions were satisfied.

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Mere CA's certificate doesn't prove absence of unjust enrichment unless it was supported by evidence

Mere CA's certificate doesn't prove absence of unjust enrichment unless it was supported by evidence | Finance | Scoop.it
samkammy's insight:

Costs Analysis Certificate by itself would not be sufficient to claim that incidence of duty had not been passed on to its customers; said certificate must be supported by materials/evidence and, if not all, a few invoices/records.

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An object to organize 'Maharaja Agrasen Jayanti' especially for Agarwal community isn't charitable in nature

An object to organize 'Maharaja Agrasen Jayanti' especially for Agarwal community isn't charitable in nature | Finance | Scoop.it
samkammy's insight:

Shree Maharaja Agrasen Jyanti organized mainly for Agarwal community, objects of assessee were meant for benefit of a particular community and, therefore, it was not eligible for registration.

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Vodafone’s case: HC puts ball in DRP’s court to decide applicability of TP provisions on issue of shares

Vodafone’s case: HC puts ball in DRP’s court to decide applicability of TP provisions on issue of shares | Finance | Scoop.it
samkammy's insight:

Assessee allotted shares to its foreign holding company (AE) at a  premium of Rs. 8,951 per share and received the amount against allotment of shares;

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No depreciations to owner on assets given on lease if loan transaction was disguised as sale and lease back transaction

No depreciations to owner on assets given on lease if loan transaction was disguised as sale and lease back transaction | Finance | Scoop.it
samkammy's insight:

Assessee was not entitled to claim depreciation on asset which was purchased from Gujarat State Electricity Board and same was immediately leased back to it, since the transaction was a sham transaction

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Madras HC accepts a novel sale and lease back transaction; allows lessor to claim depreciation on le

Where there was a tacit agreement in form of offer and acceptance for sale of assets and existence of such assets could not be doubted, said sale and its lease back could not be rejected for purpose of allowing depreciation.
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An association of regional stock exchanges sets up to ensure secured trading and safety of funds gets trust registration

An association of regional stock exchanges sets up to ensure secured trading and safety of funds gets trust registration | Finance | Scoop.it
samkammy's insight:

Where main object of assessee-trust was to protect investors by way of creating a fund, which was a public charitable fund set up to advance an object of general public utility, assessee became entitled to get registration under section 12AA.

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Inevitable TDS obligation even if deduction for impugned exp. is not claimed

Inevitable TDS obligation even if deduction for impugned exp. is not claimed | Finance | Scoop.it
samkammy's insight:

Assessee is liable to deduct tax at source on interest payments, even if it has not claimed same as deduction while computing its total income.

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Sec. 54EC exemptions allowable despite deeming fiction of sec. 50 treating capital gains as short-term ones

Sec. 54EC exemptions allowable despite deeming fiction of sec. 50 treating capital gains as short-term ones | Finance | Scoop.it
samkammy's insight:

Where capital gain arose out of long-term capital asset and was invested in specified assets, exemption under section 54EC could not be denied due to deeming fiction created under section 50.

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Presumption as to valid service of notice holds good if same is not returned back to department

Presumption as to valid service of notice holds good if same is not returned back to department | Finance | Scoop.it
samkammy's insight:

Where revenue dispatched notice under section 143(2), and the fact that notice was not received back raise a presumption of service under Section 27 of the General Clauses Act, 1897.

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SC: Petitioner is stool pigeon of business houses anxious to remove SEBI’s Chairman; writ for his removal dismissed

SC: Petitioner is stool pigeon of business houses anxious to remove SEBI’s Chairman; writ for his removal dismissed | Finance | Scoop.it
samkammy's insight:

Writ seeking removal of Mr. UK Sinha from the post of Chairman of SEBI dismissed. Read more http://taxmannpublications.blogspot.in

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