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CENVAT Credit (Eighth Amendment) Rules, 2014
Union Budget 2014-15: enactment of the Finance (No.2) Bill - reg.
Service Tax : NOTIFICATION NO: 25/2014-CX., (N.T.), (Dated: August 25, 2014)
NOTIFICATION NO: 18 /2014-Service Tax, (Dated: August 25, 2014)

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Finance Ministry Performance of the Economy in the First Quarter of the Financial Year 2014-15 ss Broadly on Expected Lines
1,84,68,000 Accounts Opened in more than 70000 Camps Under Pradhan Mantri Jan-Dhan Yojana ; Banks to hold such Camps on Weekly Basis, from 8 am to 8 pm on all saturdays to Achieve the Target of Covering Unbanked Households well in Time
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others Palm Oil, Crude Palmolein, RBD Palmolein, Others Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
India Signs Loan Agreements with World Bank for IDA Assistance of US 107 Million for Second Mizoram State Roads Project
I-T Panel's Wise Men to Take Up Retro Tax Cases
Clarification Accounting Standards (AS) 10 Capitalization of Cost- regarding.
India’s External Debt: A Status Report 2013-14 Released; India’s External Debt Stock Stood at US$ 440.6 Billion at end-March 2014, Increasing by US$ 31.2 Billion (7.6 per cent) Over the Level at end-March 2013
Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India
Pradhan Mantri Jan-Dhan Yojana Launched by The Prime Minister; About 1.5 Crore Accounts are Expected to be Opened on the Day of the Launch ; Over 77,000 Camps Being Organized for this Purpose
Order under section 119 of the Income tax Act -Constitution of High Level committee
Report on Public Debt Management for the First Quarter of 2014-15 (April-June 2014) Released; Gross and Net Market Borrowings Show an Increase of 6.4 Per Cent and 1.6 Per Cent Over 2013-14 Respectively
RBI Reference Rate for US and Euro
Policy for Private Investment in Rail Infrastructure Through Domestic and Foreign Direct Investment
Refinancing of ECB at lower all-in-cost – Simplification of procedure
Prime Minister to Launch Pradhan Mantri Jan Dhan Yojana Tomorrow To Dedicate Mobile Banking Facility on Basic Mobile Phones to the Nation
CENVAT Credit (Eighth Amendment) Rules, 2014
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Where assessee deputed some of its employees to AE to render services of commercial value, TPO was justified in making addition to assessee's ALP holding that a markup of 5 per cent should have been charged in addition to reimbursement of salary expenses by AE. Income on sale of Certified Emission Reduction/carbon…

Where assessee, engaged in rendering information technology solutions to companies within CGI Group and other global customers, entered into an agreement with CGI Group Inc., a Canada based company, whereby assessee got a right to use intranet facilities belonging to Canadian company for rendering aforesaid…

Exemption to non-resident from tax of income arising to him 'through or from operations which are confined to purchase of goods in for the purpose of export' is not limited to situations where the non-resident actually purchases the goods in India in his own name and then exports them. Exemption is …

Payment for use of 'process' provided by assessee, whereby through assured bandwidth, customer was guaranteed transmission of data and voice, was 'royalty' as per section 9(1)(vi). Where assessee made payments to a US company towards lease line charges but did not deduct TDS on said remittances, disallowance…

Where assessee challenged imposition of penalty under section 271BA, but despite adjournments, it could not rectify defects found in appeal, penalty was to be confirmed

Payment made to non-resident companies for procuring standard and copyrighted software products, for distribution or re-sale purpose on principal to principal basis could not be treated as payment towards royalty. Where assessee company was working on a principal-to-principal basis, bears risk of failure…

Where commission paid to foreign party was not shown separately but added to cost of purchase to avoid TDS liability, there had been less than full and true disclosure of all material facts during assessment proceedings and, therefore, reopening of assessment even after four years from end of relevant…

Where in terms of licence agreement entered into between assessee, a UK based company, and its Indian group concern, certain employees were seconded to Indian company to render services relating to manufacturing of Excavator loader in India, in view of fact that seconded employees furnished services…

Where assessee was engaged in providing agency and marketing support services to its AE, TNMM was most appropriate method for determining ALP of said international transactions entered into with AE

Where TPO made adjustment to assessee's ALP in respect of providing software development services to its AE, in view of fact that some of comparables selected by TPO were improper on account of functional difference, brand value, turnover, related party transactions etc., impugned adjustment was to …

The wording of Section 68 FERA is no different from Section 141 of the Negotiable Instruments Act, 1881 ('NI Act.). The legal requirement of the complaint filed under Section 138 NI Act having to make specific averments as to the role of the directors of a company, where such company is the accused,…

Admittedly this issue came up for consideration before this Tribunal in assessee’s own case for AY 2007-08, wherein the coordinate bench ( inter-alia) held as follows. "We are of the opinion that the transaction taken place is with domestic enterprises and at least one among the AEs are not non-resident.…

The royalty payment received as consideration for information concerning industrial, commercial, scientific experience alludes to the concept of knowhow. There is an element of imparting of knowhow to the other, so that the other person can use or has right to use such knowhow.

The sole basis of ADIT (International Taxation) holding the advertisement as fees for technical services was the vehement reliance on Karnataka High Court judgemnet in the case of CIT vs. Samsung Electronics Co. Ltd. However, the Supreme Court in the case of M/s. GE India Technology Centre (P) Ltd. …

From the order of CIT(A), it is evident that assessee’s plea for claim of exemption under section 10(38) in relation to the long term capital gains on sale of listed companies shares had not been adjudicated upon.

Advertisement expenditure. M/s. Nashar Trading Company is a distributor of the assessee and has been reimbursed 50% of the advertisement of the promotional expenses incurred as per the mutual understanding of the assessee. In our considered view, the revenue has failed to bring on record anything which…

We found that Revenue is aggrieved for the exclusion of the 3 comparables out of total 9 comparables chosen by TPO for arriving at arms' length price. The DRP while excluding these three comparables have clearly given a finding to the effect that related party transactions were more than 25% in respect…

On perusal of the TPO order in the FAR analysis, it is clearly stated that assessee is in the manufacture of not only branded oils but also branded foods under various brand names. Along with that assessee also imports some raw material, re-packages them by making value addition and sells its products…

The finding of the CIT(A) that on the peculiar facts and circumstances of the case TNMM is the most appropriate method deserves to be upheld as the same is in consistency of the finding of the Tribunal in assessee’s own case for the immediately preceding assessment year.

The merits of the various additions shall be appropriately examined only during the course of hearing of the appeal yet in so far as it is necessary to evaluate a prima facie case for the purposes of adjudicating the present petition, the same has been considered by us. Having considered the entirety…

In our view, the decision rendered by the Hon’ble Bombay High in CIT v. Ace Builders Pvt. Ltd., 281 ITR 210, Bombay Court clearly lays down the proposition that the deeming fiction u/s. 50 of the Act is only limited for the purpose of computation of capital gain and cannot be extended to exemption provisions.…

The assessee, a film producer, claimed deduction u/s 80-IB in respect of the profits from his film called ‘Border’. The AO, relying on Textile Machinery Corp 107 ITR 195, denied the claim for deduction on the ground that as the assessee did not own any plant & machinery, he was not an “industrial undertaking”…

We observe that in the Satisfaction Note, there is nothing therein to indicate that the seized documents do not belong to the Jaipuria Group, or that the Jaipuria Group had disclaimed the said documents as belonging to them. Thus, unless and until it is established that the documents do not belong to…

As regards capital gain, we note that when the secured lender takes over the possession of mortgaged assets, the lender who was never the owner of the assets does not become or acquire ownership of the said assets. The only situation in which the secured lenders acquire ownership interest in the assets…

Creation of capital by NRI gifts; natural love and affection; occasion to make such gifts and financial capacity of the donor is must

Section 10A exemption allowable on units set up in different floors of same old premises
Proceedings u/s 263 and 147 are independent, fact that CIT dropped proceedings u/s 263 does not prohibit AO to initiate 147

Dividend is not exempt under Section 10(34) read with Section 115-O because the companies from whom the assessee received the dividend has not paid dividend distribution tax. His claim is that the dividend received by the assessee company is exempt on account of mutuality because those companies which…

Hon’ble Supreme Court in the case of M/s Hindustan Steel Ltd. vs State of Orissa (1972) 83 ITR 26(SC) and decision of Hon’ble High Court of Delhi in Escorts Finance Ltd. (2009) 226 CTR (Del) 105 wherein it was held that where facts are clearly disclosed in the return, penalty cannot be levied merely…

In the present case, the submission of the assessee before the Tribunal, as recorded in paragraph 3 of the impugned order, is that the only reason which was given by the Assessing Officer for initiating reassessment proceedings was that the property was sold by the assessee for Rs.31 lacs but its value…

In view of the subsequent order passed by the Tribunal on 7.6.2013 in M.P.Nos.61 to 68/Mds/2013, the Revenue is not aggrieved by the order impugned in these appeals on this issue. The assessee is also not aggrieved by the subsequent order passed by the Tribunal. The substantial questions of law (1) …

Subscribe Landmark Judgments
Finance (No. 2) Bill, 2014 as Passed by Lok Sabha
Notice of Amendments: Full Text
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
Budget 2014: Analysis of Central Excise Provisions
Budget 2014: Analysis of Customs Provision
Budget 2014: Accepting / repaying loans and deposits through ECS
Budget Article : Concessional tax rate for foreign dividends extended without any sunset clause
Budget Article: Assessments / Penalties / Compliances
Budget Article : Power to survey so as to verify deduction of tax at source
Budget Article : Amendment in Charitable trusts/institutions
Budget Article: Alternate Minimum Tax
Budget Article: Provisions Impacting Individuals
Budget Article : Changes in Transfer Pricing regime
Budget Article : Tax Deducted at Source
Budget Article: Expansion of tax incentive schemes
Budget Article: Amendments in Service Tax
Budget Article: Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (INVIT)
Service Tax : Service Tax: Important Changes Introduced
Budget Article: Amendments in CENVAT Credit Rules
Valuation of fertilizers for the purpose of levy of excise duty – inclusion of subsidy component in the assessable value – Clarification – Regarding.
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