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Industry against mandatory deposit clause in tax disputes Continue reading | Definitive anti-dumping duty imposed on imports of Rubber Chemicals, namely, MBT, CBS, TDQ, PVI, TMT and PX-13(6PPD) originating in or exported from the People's Republic of China and PX-13(6PPD) originating in or exported from Korea RP Continue reading | Anti-dumping duty on “Potassium Carbonate”, falling under Chapter 28 of the First Schedule to the Customs originating in, or exported from, the European Union, the People's Republic of China, Korea RP and Taiwan extended till 9 th june 2015 Continue reading | Hindon, Ghaziabad notified for unloading of imported goods and loading of export goods or any class of such goods related to Ministry of Defence , Government of India Continue reading | Exchange Rate for the purpose of import and export with effect from 18-7-2014 Continue reading | Govt reduces Tariff value of Gold and increase the tariff value of silver, palm oil, palmolein Continue reading | Foreign Direct Investment (FDI) in India - Issue/Transfer of Shares or Convertible Debentures - Revised pricing guidelines. Continue reading | Effect of this Public Notice : VKGUY benefit on Skimmed Milk Powder has been withdrawn. Continue reading | SIONs A1143, A1170, A3627 and K134 have been reinstated with the amendment that the import items listed in column 3 have been substituted by items listed in column 4 Continue reading | Seeks to specify class of persons for the purposes of section 23A of the Central Excise Act, 1944. Continue reading |
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Category Archives: Supreme Court
   

Supreme Court

2014-ITS-1217-SC-Sanjeev Lal -Vs- Commissioner of Income-tax, Chandigarh , On. JULY  1, 2014 

Where assessee having executed an agreement to sell in respect of a house property, purchased a new residential property within one year from date of agreement to sell, in view of fact that subsequently sale deed could not be executed within prescribed time for reason that assessee had been prevented from dealing with said residential house by an order of a competent court, a valid ‘transfer’ took place within meaning of section 2(47) by executing agreement to sell and, consequently, relief under section 54 was to be granted to assessee in respect of purchase of new residential property Continue reading

2014-ITS-1157-SC-Commissioner of Income-tax- VII, New Delhi -Vs- Punjab Stainless Steel Industries* , On. MAY  5, 2014 

For purpose of computation of deduction under section 80HHC of manufacturer and exporter of stainless steel utensils, proceeds generated from sale of scrap would not be included in ‘total turnover’ Continue reading

2014-ITS-1037-SC-Rajasthan R.S.S. & Ginning Mills Fed. Ltd. -Vs- Deputy Commissioner of Income-tax, Jaipur* , On. APRIL  29, 2014 

Pursuant to scheme of amalgamation, an amalgamating co-operative society cannot carry forward and set off its accumulated losses against profits of amalgamated co-operative society Continue reading

2014-ITS-790-SC-Rajasthan R.S.S. & Ginning Mills FED. Ltd. -Vs- Deputy Commissioner of Income-tax, Jaipur , On. APRIL  29, 2014 

There is no provision in the Income-tax Act, which would permit the amalgamating co-operative society to carry forward and adjust such losses against the profits of the amalgamated co-operative society – Benefits conferred to one class of legal entities does not mean that the legal entities not referred to in the Act would also get the same benefit Continue reading

2014-ITS-741-SC-Commissioner of Income-tax -III -Vs- Calcutta Knitwears , On. MARCH  12, 2014 

The Assessing Officer could record his satisfaction for issuing notice under section 158BD in the case of person other than searched person even after the completion of assessment of searched person. Continue reading

2014-ITS-164-SC-Commnr. Of Central Excise, Jaipur vs M/S. Super Synotex (India) Ltd. & … on 28 February, 2014

In view of the aforesaid analysis, we are of the considered opinion that the assessees in all the appeals are entitled to get the benefit of the circular dated 12.3.1998 which protects the industrial units availing incentive scheme as there is a conceptual book adjustment of the sales tax paid to the Department. But with effect from 1.7.2000 they shall only be entitled to the benefit of the amount “actually paid” to the Department, i.e., 25%. Needless to emphasise, the set off shall operate only in respect of the amount that has been paid on the raw material and inputs on which the sales tax/ purchase tax has been paid. That being the position the adjudication by the tribunal is not sustainable. Similarly the determination by the original adjudicating authority requiring the assessees to deposit or pay the whole amount and the consequential imposition of penalty also cannot be held to be defensible. Continue reading

2014-ITS-165-SC-Ex. Armymen’S Protection … vs Union Of India And Ors. on 26 February, 2014

The decision on whether the requirements of national security outweigh the duty of fairness in any particular case is for the Government and not for the courts; the Government alone has access to the necessary information, and in any even the judicial process is unsuitable for reaching decisions on national security. But if the decision is successfully challenged, on the ground that it has been reached by a process which is unfair, then the Government is under an obligation to produce evidence that the decision was in fact based on ground of national security Continue reading

2014-ITS-458-SC-Union of India -Vs- Tata Chemicals Ltd. , On. FEBRUARY  26, 2014 

The object behind insertion of section 244A is that an assessee is entitled to payment of interest for money remaining with the Government which would be refunded. There is no reason to restrict the same to an assessee only without extending the similar benefit to a resident/ deductor who has erroneously deducted tax at source /deducted excess TDS and deposited the same before remitting the amount payable to a non-resident/ foreign company. Continue reading

2014-ITS-457-SC-Commissioner of Income-tax, Gujarat -Vs- Gujarat Fluoro Chemicals , On. FEBRUARY  26, 2014 

Where High Court relying upon decision in case of Sandvik Asia Ltd. v. CIT [2006] 150 Taxman 591 (SC), directed revenue to pay interest on amount refunded as provided for under section 244(1A), order so passed was to be set aside and, matter was to be remanded back for disposal afresh keeping in view observations made in case of CIT v. Gujarat Fluoro Chemicals [2014] 42 taxmann.com 1 (SC) Continue reading

2014-ITS-166-SC-International Conveyors Ltd. vs Commnr. Of Central Excise & … on 25 February, 2014

Without disturbing the findings arrived at by the Deputy Collector, Central Excise and Customs, Aurangabad in his order dated 5th April, 1995, the Revenue could not have come to an altogether different conclusion on facts. In our opinion, due efforts were made to find out whether the amount of duty had been passed over to the purchasers, who are either government Companies or Corporations controlled by the Government. It has been clearly stated in the aforestated order dated 5th April, 1995 that even the purchasers had admitted the fact that the amount of duty paid by the appellant had not been passed over to the said purchasers or in other words, the said amount of duty had not been recovered from the said purchasers. Continue reading

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