Prize money paid to service provider for good performance isn’t liable to service tax

Posted on July 20th, 2016 by Snehal Kamdar

Prize money paid to service provider for good performance isn’t liable to service tax Facts: a. Assessee was a registered service provider under the category of ‘site formation and clearance and excavation services’. It was discharging its service tax liability on basis of bills raised and amount paid by the service recipient. b. One service […]

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Transaction charges paid to Stock Exchange don’t attract sec. 194J TDS

Posted on June 13th, 2016 by Snehal Kamdar

Facts: a) The assessee debited certain amount on account of transaction charges paid to the Stock Exchange. The Assessing Officer disallowed such charges on the ground that the assessee had not deducted tax at source while making the payment of transaction charges. b) The Commissioner (Appeals) held that the transaction charges were paid to the […]

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No service-tax on sale of under-construction flats if contract price includes value of land: HC

Posted on June 8th, 2016 by Snehal Kamdar

a. Assessee purchased flat in a residential complex. The builder, in addition to the consideration for the flats, also recovered service tax from the assessee. b. Assessee challenged levy of service tax on ground that composite contract (inclusive of value of land) could not be charged to service tax. It was argued that the agreement […]

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No denial of indexation benefit at assessment stage just because long-term capital gain wasn’t declared in ITR

Posted on June 7th, 2016 by Snehal Kamdar

Facts: a) The assessee invested certain amount in mutual fund units of HSBC and earned long-term capital gain on its redemption. He had not declared the said long-term capital gain in the return of income. b) During the course of assessment proceedings, it offered to pay tax on the long-term capital gain (LTCG). The Assessing […]

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Interest on compensation paid to accident victim is tax free

Posted on June 7th, 2016 by Snehal Kamdar

Facts: a) The assessee was travelling in a car, which met a serious accident, leaving her permanently disabled. She claimed a compensation for this tragic loss of her physical abilities. She did eventually get it after the long struggle of 21 years. b) But this long struggle was not enough, the destiny had more in […]

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Magicbricks’ isn’t a dominant player in market of real estate brokers in India: CCI

Posted on May 30th, 2016 by Snehal Kamdar

Facts: a) The Confederation of Real Estate Brokers’ Association of India (‘Informant’), was a confederation of thirty five real estate brokers association, having combined membership of approximately 20,000 real estate brokers. The informant filed case against Magicbricks.com, 99acres.com, Housing.com,Commonfloor.com and Nobroker.in (‘OP’s) alleging that advertising ‘No Brokerage Policy’ (NBP) on their websites, mobile applications, newspapers, […]

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Forex loss incurred on loan is deductible if its underlying objective is to save interest cost as reported by taxmann

Posted on May 22nd, 2016 by Snehal Kamdar

Forex loss incurred on loan is deductible if its underlying objective is to save interest cost Facts a) Assessee had, initially availed of various term loans in Indian rupee from banks for acquisition of assets and for expansion of project etc. It had converted these loans into foreign currency loans to take benefit of lower […]

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Case law as reported by taxmann on sec 11of incometax act

Posted on May 22nd, 2016 by Snehal Kamdar

No denial of exemption u/s 11 to an educational trust if it lets out its auditorium for educational activities Facts a) Assessee-trust, established for educational purposes, had let out its auditorium to a management institute on a nominal rent. b) Assessing Officer (AO) found that the first proviso to section 2(15) was attracted in view […]

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