➡ IMPORTANTS NEWS
1. Govt. notifies 'Challan No. ITNS 284' for depositing taxes under Black Money Act.
2. RBI grants approvals for 11 payment banks including Reliance, Airtel, Vodafone
➡ INCOME TAX
1. Compounding fee paid to Municipal Corporation is in nature of penalty disallowable.
2. 60 taxmann.com 287 (Chennai - Trib.) ITAT allows sec. 11 tax exemption to Tamil Nadu Cricket Association.
3. High Court has inherent power to review its own judgment, says Supreme Court.
4. 60 taxmann.com 135 (Bombay) No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return.
➡ BANKING AND CORPORATES LAWS
1. 60 taxmann.com 285 (SAT - Mumbai) Where in guise of running real estate business, PACL was running sham Collective Investment Schemes (CIS) which were detrimental to interest of investors, decision of SEBI directing PACL to wind up existing CIS and refund money collected from investors with promised return could not faulted.
➡ CST AND VAT LAWS
1. 60 taxmann.com 123 (Gujarat) Gujarat VAT - Where Assessing Authority cancelled registration certificates of assessee on ground that alleged purchases made by it from two dealers were bogus and not genuine and even assessee had indulged into billing activities only, registration certificates had been rightly cancelled.
➡ SERVICE TAX AND EXCISE LAWS.
1. 60 taxmann.com 122 (SC): Wharfage charges and lease rent recovered by port authorities cannot be regarded as 'service' in relation to 'a vessel or goods' and cannot be said to be a service provided by 'port or person authorised by it'; hence, same is not liable to service tax under port services.
2. Excise :No personal penalty on directors where issue relates to interpretation of law and situation is revenue neutral.
➡ INCOME TAX
1. Compounding fee paid to Municipal Corporation is in nature of penalty disallowable.
2. 60 taxmann.com 287 (Chennai - Trib.) ITAT allows sec. 11 tax exemption to Tamil Nadu Cricket Association.
3. High Court has inherent power to review its own judgment, says Supreme Court.
4. 60 taxmann.com 135 (Bombay) No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return.
➡ BANKING AND CORPORATES LAWS
1. 60 taxmann.com 285 (SAT - Mumbai) Where in guise of running real estate business, PACL was running sham Collective Investment Schemes (CIS) which were detrimental to interest of investors, decision of SEBI directing PACL to wind up existing CIS and refund money collected from investors with promised return could not faulted.
➡ CST AND VAT LAWS
1. 60 taxmann.com 123 (Gujarat) Gujarat VAT - Where Assessing Authority cancelled registration certificates of assessee on ground that alleged purchases made by it from two dealers were bogus and not genuine and even assessee had indulged into billing activities only, registration certificates had been rightly cancelled.
➡ SERVICE TAX AND EXCISE LAWS.
1. 60 taxmann.com 122 (SC): Wharfage charges and lease rent recovered by port authorities cannot be regarded as 'service' in relation to 'a vessel or goods' and cannot be said to be a service provided by 'port or person authorised by it'; hence, same is not liable to service tax under port services.
2. Excise :No personal penalty on directors where issue relates to interpretation of law and situation is revenue neutral.
- CA Kasliwal Ambar
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