Recent compilation of Updates you should know - (15/07/2013) --------------------------------------------------------------------------- Income Tax: --------------- >Interest u/s 36(1)(iii) - Loans borrowed for expansion of business - Net unit established - Interest paid on the loan will have to be treated as revenue in nature - HC >Set Off u/s 37 - date of Commencement of business - a business will commence with the first purchase of stock-in-trade and the date on which the first sale is made is immaterial - HC >Carry forward of losses u/s 73 - Speculative loss - Derivative transaction - Tribunal erred in law in holding that the assessee was entitled to carry forward its losses - HC Service Tax: --------------- > Competency to entertain the appeal - appeal was filed with the Tribunal instead of Commissioner (Appeals) - the appellant was ill-advised - appeal dismissed - pray for transfer rejected - Tri >Assessee is not liable to pay service tax again if he has discharged the service tax liability even though under a wrong accounting code - Tri Central Excise: ----------------- >Cenvat Credit - Forged DEPB Scrips - burden of proof regarding the admissibility of the Cenvat credit shall lie upon the manufacture taking such credit - credit to be recovered - Tri >The same authority who reviewed the order cannot decide the appeal. - Tri >Cenvat Credit - when the capital goods/inputs were in use for manufacturing of final products and lost during the fire accident, credit cannot be denied - Tri Customs: ----------- >Delay in filing of stay application - There is no time limit prescribed for filing of stay application - where the appeal is filed in time, stay application should be entertained - Tri >SCN under notification 36/96 - instead of Asst. Commissioner of Central Excise, Commissioner of Customs, Pune has issued show-cause notice which is beyond his jurisdiction - Tri Via CA Viresh Ruia
Posted on: Mon, 15 Jul 2013 08:10:52 +0000