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Income on cessation of liability arises if no consideration passes to creditor for the same

7th December

The department sought to tax the sum of share application money which was adjusted against sums due to the assessee as income from cessation of liability. The holding company had advanced share application money which was lying as a deposit with the subsidiary.

 In the previous year, the assessee (subsidiary) adjusted the sum towa...

Export of service – SMS aggregator service to foreign company within India

30th November

CESTAT Mumbai has allowed refund of unutilised Cenvat credit when SMS aggregator service was provided by the assessee to foreign company (Facebook) for its subscribers in India.

Revenue department’s contention that service was provided in India as the actual service recipient, i.e. the subscribers whose SMSs wer...

Rectification in Returns – Regularisation of technical omissions

4th December

In a case involving denial of rectification of some errors in the returns filed by the assessee, which came to light after an audit, Kerala High Court has held that the mere apprehension, that if the assessee was permitted to pay differential tax, he might claim input tax credit, cannot be a ground to deny the opportunity to rectify ...

Exemption based on location of unit – Some recent developments

5th December

In some of the recent developments in respect of units which were earlier availing exemption under various area-based exemption schemes, CBEC has prescribed procedure for manual filing of refund under new budgetary support scheme under the GST regime, while Supreme Court of India has allowed exemption (refund) of Education Cess also under the erstwhi...

Mandatory e-sealing of containers by exporters

1st November

To facilitate exports and to provide relief to exporters, Central Board of Excise & Customs (CBEC) has dispensed with the requirement of seeking the presence of jurisdictional officer for supervising stuffing of export cargo. This measure is expected to reduce transaction costs of exporters since they do not have to incur MoT charges in respect o...

22nd meeting of GST Council – Certain reliefs

9th October

The GST Council recently held its 22nd meeting to discuss various issues being faced by the industry under the new GST regime. The Council in this regard relaxed or deferred implementation of number of provisions to provide for time for the industry to get accustomed with the new provisions. Other than some minor changes in the rate...

21st GST Council meeting – Major decisions

11th September, 2017

The GST Council met in Hyderabad on 9th September 2017 to discuss and decide on various issues including extension of date for filing GST returns.

Date of filing GST returns extended

GST Council approved extension in date of filing GST returns, considering the difficulties fac...

Cenvat Rule 3(4) proviso is ultra vires Credit Scheme

4th September

Gujarat High Court, in the case of Advance Surfactants India Ltd. v. Union of India, has held the proviso to sub-rule (4) of Rule 3 of Cenvat Credit Rules to be ultra vires to the scheme of Cenvat Credit inasmuch as it restricted the utilisation of credit to the extent such credit was available on the last day of the month...

GST/VAT liability in case of chain of successive supplies

4th September

In a case involving supply of goods by a taxable person in the first State where, before such supply transaction is entered into, the purchaser, who is a taxable person in the second State, expresses an intention to resell the goods immediately, before transporting them from the first State to a taxable person established in a third State, the Court...

Valuation of ATF available in fuel tank of aircraft returning from foreign trip

4th September

CESTAT Delhi has rejected the contention of the Revenue department that valuation of Aviation Turbine Fuel available as remnant fuel in the aircraft returning from foreign trip, has to be done by including 20% as notional freight charges in terms of Rule 10(2) of Customs Valuation Rules.

The assessee, Interglobe Aviation Limited, ...

Forex gain on royalty or interest income received by resident, taxable in India

4th September

The assessee, Ballarpur Industries Ltd, a public limited company derived income from business and from royalty and interest from a joint venture company in Malaysia. The assessee accounted the income by way of royalty and interest from the Malaysian Company on accrual basis. In the relevant assessment year the assessee received the royalty ...

Bottling of LPG Gas in cylinders amounts to production

1st September

In the case of CIT v. Hindustan Petroleum Corporation Ltd. while considering the issue whether bottling of LPG in cylinders amounts to manufacture for the purposes of eligibility to claim deduction under Section 80-HH, Section 80-I and Section 80IA of the Act, the Hon’ble Apex Court noted that aforesaid provisions use the exp...

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