Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

SC rules in favour of Income Tax Commissioner
January, 07th 2008
The income tax department has won its appeals against tea exporting companies when the Supreme Court resolved the prevailing conflict of views among the High Courts on the question as to at what stage Section 80HHC, deduction in income tax, should be allowed i.e. before the 60 : 40 apportionment under the 1962 IT Rule 8(1) or from 40 per cent profits on sales taxable as business income.
 
Rejecting the view of the Gauhati High Court and approving of the Calcutta High Court view, the Supreme Court ruled in the Commissioner of Income Tax vs Willamson Financial Services that the deduction under Section 80HHC should be allowed after the apportionment of the income, as argued by the tax authorities
 
Liability of service tax on recipient: SC
 
The Supreme Court has upheld the view of the Kerala High Court that it was the liability of the service recipient to pay service tax and interest upon it and not the foreign firm which provided consultancy.
 
In this case, the state electricity Board had entered into a consultancy agreement with SNC Lavlin Inc, Canada. The Board did not pay the service tax on behalf of the foreign company, denying any obligation to do so. The High Court ruled that the burden was on the recipient-Board.
 
Modi Tele Fibres Ltd appeal dismissed
 
The SC has dismissed the appeal of Modi Tele Fibres Ltd against the energy charges demanded by the UP State Electricity Board for supplying power to the residential colonies of the company.
 
Following heavy losses, the company had closed down and it had asked the board to discontinue supply of power to the residential colonies through the company's connection. It had asked the Board to make separate connections to the colony as the company was unable to pay the charges. The Board did not do so.
 
The company moved the Allahabad high court without success. The Supreme Court dismissed its appeal pointing out that it had not taken any step to provide separate supply to the colonies nor deposit the required amount. The agreement between the two parties also did not permit disconnection before the expiry of two years.
 
Sc upholds Gujarat HC order
 
The Supreme Court has upheld the order of the Customs, Excise & Services Tax Appellate Tribunal directing Indu Nissan Oxo Chemicals Ltd to deposit Rs 2 crore as a condition for entertaining its appeal.
 
The Commissioner of Customs had imposed Rs 10 crore as penalty. The Gujarat High Court upheld the Tribunals order. In the Supreme Court, the company pleaded that it was financially sick and the condition would cause undue hardship on it. The court rejected the argument.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions