Recent compilation of updates you should know - 14/07/2013

Income Tax - ----------------

>Minimum Alerter Tax (MAT): Constitutionality of Section 115J and 115JA - Provisions of Sections 115JA and 115JAA of the Act are neither arbitrary nor unreasonable. - HC

>Transfer of capital asset:Agricultural land transferred to AOP and changed to industrial land - there is no conveyance by the appellant in favour of AOP, nor there is any agreement between the appellant and the AOP - additions confirmed - HC

>Income from House Property:Inclusion of Notional Interest - interest accrued on deposit cannot be added to the agreed rent, so as to make a fair rent or market rent - HC

>Reassessment u/s 147: In case of notice beyond 4 years, the deeming provision provided in Explanation 3 to Section 153 does not get attracted because an opportunity of hearing had not been given to the assessee - HC

Service Tax - ----------------

>Competency to entertain the appealAppeal 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

Misc:------ 
>Communication of objection - Mere posting of the letter on the website does not constitute communication of the objection or proposal in writing - HC

By CA Viresh Ruia

Subscribe to Studycafe by Email