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SC UPDATES - Depreciation was allowable on the cost of the membership card under Section 32(1)(ii) of the 1961 Act. | SC UPDATES - If the dichotomy between “eligibility” of profit and “deductibility” of profit is not kept in mind then Section 115JB will cease to be a self-contained code | SC UPDATES - TDS u/s 195(1) arises only if the payment is chargeable to tax in the hands of non-resident recipient | SERVICE TAX NOTIFICATION NO -48 - CBEC redefines amount of service tax or CENVAT credit specified in a notice for the purpose of adjudication under Section 83A | CBEC DRAFT CIRCULAR - Scheme of Post Clearance Audit (PCA) in Customs (To elicit response / Comments only) F.No.450/1/2010-Dir. (Cus) | HIGH COURT UPDATES - Chargeability and enforceability are distinct legal conceptions. A mere difficulty in compliance or in enforcement is not a ground to avoid observance.In the present case, the transaction in question had a significant nexus with India. | BREAKING NEWS - MAT companies are not subject to the limitations of s. 80HHC (1B) -SC | CLEAN ENERGY CESS CIRCULAR - Levy of Clean Energy Cess The reduced accounting code to be quoted for depositing Clean Energy Cess is 00380086 (U.E.D) | Clean Energy Cess Notification - Clean Energy Cess (Amendment) Rules, 2010- Monthly return prescribed | 2010-ITS-3322-CESTAT - As per settled law in the issue, for holding the other imports as contemporaneous imports, the quantity in both the imports should match and should be on the same commercial level. | 2010-ITS-3316-CESTAT - Date of filing claim is the date when the claim is filed initially and the subsequent date of filing in the proper form and with the asked for documents cannot be considered as the actual date of filing of refund claim. | 2010-ITS-3315-CESTAT - Reversal of credit before utilization will not call for any interest or penalty | DGFT POLICY CIRCULAR NO -01 - Reintroduction of the system of export release orders w.e.f. 1.1.2009 for export under OGL/Advance Authorisation on ton-to-ton basis | CUSTOM NOTIFICATION NO -91 - Amendment in duty rates for electricity cleared to DTA from SEZ | CENTRAL EXCISE NOTIFICATION NO -28NT - Non-reversal allowed only for the CENVAT credit taken upto the 8 th of July, 2004. on wires drawn from wire rods notwithstanding that the process of drawing of wires from wire rods was held as not amounting to manufacture by the Supreme Court |

 

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It is settled law that a substantive benefit cannot be denied on a procedural or technical ground where the beneficiary has satisfied the sine qua non for the benefit-

Initial depreciation on building under section 32(1)(iv) at rate of 40 per cent would not be available to professionals; it would be available to person carrying on a business -SC . by Tarun Majumder

Apex court held that the R K Jain's editorial cannot be regarded as intended to demean CESTAT

Cost of secondary packing in hessian cloth cannot be included in the value of the goods in terms of Section 4(4)(d)(i) of the Act for the purpose of assessment of excise duty- SC

It is trite to say that to constitute income the recipient must have control over it.

To avail Cenvat credit, an Assessee has to satisfy the Authorities that the capital goods in the form of spares and accessories had been utilized in process of manufacture -SC

To avail cenvat credit on capital goods assessee has to prove that they are utilized in the process of manufacture of final products

A mere provision for bad debt is not entitled to deduction u/s 36(1)(vii)

Once a machine is fixed, embedded or assimilated in a permanent structure, the movable character of the machine becomes extinct -SC

"The term "manufacture" implies a change, but, every change is not a manufacture

Appellant cannot be permitted to dissect the Settlement Commission's order

Issue of s. 143 (2) notice is mandatory for block assessment proceedings

The right to subscribe for shares/debentures comes into existence when the Company decides to come out with the Rights Offer-SC

"interest on investments" is not taxable as interest under section 2(7) of the said 1974 Act.

Decision on debatable point of law cannot be treated as "mistake apparent from the record" - SC

Tribunal being the last authority on fact, it is not proper to play down its findings -SC

Previous sanction was not necessary to prosecute a Public Servant under Section 12 of the Prevention of Corruption Act, 1988 - SC

Profits derived by way of such incentives do not fall within the expression "profits derived from industrial undertaking" in Section 80-IB- SC

Willful concealment is not an essential ingredient for attracting civil liability as is the case in the matter of prosecution under Section 276 (c)

Fuel used for manufacture of exempted goods not eligible for credit

The doctrine of unjust enrichment is a just and salutary doctrine.

Accounting practices may not be the best guide in determining the nature of expenditure- SC

Interest on differential duty following retrospective revision of the prices is payable no matter what - SC

Depreciation is neither a loss, nor expenditure, nor a trading liability

Deemed value contemplated u/s. 14(1) would prevail when price declared does not reflect price at which such or like goods are ordinarily sold

Provision for warranty eligible deduction depending upon nature of goods manufactured - SC

Lawyers not liable under consumer Act- SC

Foreign Exchange fluctuation losses are allowable deduction -SC

TDS applies on foreign salary where there was a nexus between the said salary and the rendering of services in India- SC

Foreign exchange earned by transfer of feature film rights for exploitation outside India, in the form of lease, is entitled to the benefit of Section 80HHC deduction- SC


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