Monthly Archives: December 2015

Compensation for loss of income-generating asset is not revenue in nature

Compensation for loss of income-generating asset is not revenue in nature
CIT Vs. Sharda Sinha (Delhi High Court), Appeal No. ITA 471/2003, Date of Pronouncement-22.12.2015
The Respondent is the successor-in-interest and legal representative of the deceased Assessee. The Assessee was a journalist by profession and was appointed as the Foreign Correspondent in India of a

GST- Proposed Input tax credit methodology

GST- Proposed Input tax credit methodology
Goods & Service tax (GST), the mile stone tax reform since independence of India is on its way to implementation journey and proposed GST bill is under discussion everywhere. This is very crucial stage to understand the various methodologies proposed in the GST bill.
As we all aware that

Pre-delivery inspection charges and after sales service charges not includible in assessable value

Pre-delivery inspection charges and after sales service charges not includible in assessable value
SC overruled the CESTAT Larger Bench decision in Maruti Suzuki case and held that pre-delivery inspection charges and after sales service charges are not to be included in assessable value
Commissioner of Central Excise, Mysore Vs. TVS Motors Company Ltd. [2015 (12)

Refund allowable where Service tax is paid twice due to clerical error

Refund allowable where Service tax is paid twice due to clerical error
Refund is allowable where Service tax is paid twice by the Appellant due to clerical error and the same is proved by supporting documents
Tikaula Sugar Mills Ltd. Vs. CCE, Meerut-I [2015 (12) TMI 884 – CESTAT NEW DELHI] Facts:
Tikaula Sugar Mills

Issue Questionnaire with First Notice in scrutiny cases: CBDT

Issue Questionnaire with First Notice in scrutiny cases: CBDT
Instances have come to the notice of the Board that in cases selected under scrutiny, while issuing the first notice, Assessing Officers do not convey the specific compliance requirements like production of accounts, furnishing of documents, information, evidences, submission of other requisite particulars etc. Since the

Clarification on Scope of scrutiny in cases selected through CASS

Clarification on Scope of scrutiny in cases selected through CASS
Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection (‘CASS’)-reg .-
The Central Board of Direct Taxes (‘CBDT’) , vide Instruction No. 7/2014 dated 26 09.2014 had clarified the extent of enquiry in certain category of cases specified