DAILY NEWSLETTER - July 1, 2013 Central Excise : Refund of unutilsed cenvat credit - Rule 5 of CCR - Notification no. 5/2006 - amendment appears to have done away with 1:1 correlation between input and final product for refund - HC Customs : Power to attach bank accounts - Section 110 of the Customs Act, 1962 - Revenue directed to raise the attachment of bank account forthwith. - HC Income Tax : Addition towards LTCG on sale of house property co-owned cannot be entirely taxed in the hands of assessee - Tri Claim of expenditure - deduction u/s 37(1) - It is not open to the Department to prescribe what expenditure an assessee should incur and in what circumstances he should incur that expenditure. - Tri Depreciation - as it is perhaps this that has been construed as a trial run, is only a part of its commissioning, as vendors are usually required to demonstrate the working of the machine as a part of its commissioning - matter remanded back - Tri Revision u/s 263 - Section 145A is a non-obstante provision, which, therefore, is to be necessarily followed for the purpose of returning the income - revision upheld - Tri Revision u/s 263 - It is not the shortness of the order which makes it tenable or not, rather there are contents of the order about clear findings of the AO on the record which will make the order tenable - Tri Depreciation - Printers and routers - the routers and switches are to be included in back of computers for the purposes of demanding the rate of depreciation. - Tri Deduction u/s. 80IB(10) r.w.s. 80IB(1) - Profit derived from sale of unutilized FSI - he concept of element of unutilized FSI sold is imaginary and base on surmises and conjunctures - Tri Service Tax : Commercial and industrial construction services - construction of a dam which was an integral component of a hydro Electric project - Prima facie, the petitioner is immune to the liability of service tax - Tri Commercial or Industrial Construction Services - abatement of 67% - prima facie case is in favor of assessee - stay granted. - Tri Penalty - Non deposit of amount of service tax collected from the client - benefit of payment of penalty of 25% extend to the appellant. - Tri
Posted on: Wed, 03 Jul 2013 08:57:46 +0000
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