Fwd: TaxGuru : “Understanding applicability of VAT or CST on inter-state works contracts” plus 7 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Sep 19, 2011 at 10:12 AM
Subject: TaxGuru : "Understanding applicability of VAT or CST on inter-state works contracts" plus 7 more
To: palashbiswaskl@gmail.com

TaxGuru : "Understanding applicability of VAT or CST on inter-state works contracts" plus 7 more

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• Understanding applicability of VAT or CST on inter-state works contracts
• If directors admitted that installed capacity has not enhanced, then same cannot be contradicted by a report of the CA to claim additional depreciation
• For Computing deduction u/s. 10A up-linking charges out of telecommunication expenses to be deducted from both export turnover and the total turnover
• For claiming deduction U/s. 80IA(4), twin conditions that is investment in eligible project and execution of the project by itself, are required to be satisfied
• Retraction of statement made during the survey after six months merely an afterthought – ITAT Mumbai
• The word 'may' used in the sub-sec. (2) to sec. 50C do not give discretion to the A.O. to refer or not to refer the matter to the DVO
• Non-compete Fees Paid pursuance to non-compete agreement not allowable as revenue expensiture – ITAT Delhi
• Tribunal can issue direction beyond the scope of the appeal for correction of error – Delhi HC

Understanding applicability of VAT or CST on inter-state works contracts Posted: 18 Sep 2011 09:01 PM PDT Inter-state sale or purchase of goods made in pursuance of a per-existing works contract and executed in such works contract, shall be deemed as sale or purchase in the course of inter-state trade and there cannot be any local deemed sales in such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If directors admitted that installed capacity has not enhanced, then same cannot be contradicted by a report of the CA to claim additional depreciation Posted: 18 Sep 2011 08:55 PM PDT Anjani Synthetics Ltd v Dy CIT (ITAT Ahemdabad) The assessee's Counsel did not dispute the Directors' Report which states that the installed capacity of current and previous year is not ascertainable. It would, therefore, show that the management... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For Computing deduction u/s. 10A up-linking charges out of telecommunication expenses to be deducted from both export turnover and the total turnover Posted: 18 Sep 2011 08:43 PM PDT DCIT vs M/s Intel Technology India Ltd, (ITAT Bangalore)- Assessing Officer has by referring to clause (iv) of Explanation 2 to section 10A of the Act, reduced telecommunication expenses/leaselines charges from the export turnover but did not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For claiming deduction U/s. 80IA(4), twin conditions that is investment in eligible project and execution of the project by itself, are required to be satisfied Posted: 18 Sep 2011 07:55 PM PDT The Indian Hume Pipe Co Ltd Vs DCIT (ITAT Mumbai)- Composite water supply which includes manufacturing, supplying, laying, joining of pipeline and includes construction of pump house, delivery, commissioning of turbine pump sets, installation of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Retraction of statement made during the survey after six months merely an afterthought – ITAT Mumbai Posted: 18 Sep 2011 07:23 PM PDT Synthetic ColourChem Industries Vs DCIT (ITAT Mumbai) The survey was conducted on 18.2.2005 when the loose papers being the pages 26, 27, 28, 29, 30 were found which had been duly signed by the partner of the assessee firm based on entries and based... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The word 'may' used in the sub-sec. (2) to sec. 50C do not give discretion to the A.O. to refer or not to refer the matter to the DVO Posted: 18 Sep 2011 07:12 PM PDT Mrs Asha Bharat Shah Vs ITO (ITAT Mumbai)  The Ld. Counsel submitted that the DVO has determined the fair market value of the property as on 1.4.1981 at 29.62 lakhs as against the value declared by the assessee at 43.10 lakhs. It is argued that no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-compete Fees Paid pursuance to non-compete agreement not allowable as revenue expensiture – ITAT Delhi Posted: 18 Sep 2011 06:49 PM PDT Saraf Chemicals Ltd. Vs. DCIT (ITAT Mumbai) - If the expenditure is made for the initial outlay or for the expansion of the business or a substantial replacement of the equipment, then it would fall under the capital expenditure. It was not an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tribunal can issue direction beyond the scope of the appeal for correction of error – Delhi HC Posted: 17 Sep 2011 09:57 PM PDT Insilco Limited Vs CIT (Delhi High Court) - HonourabTribunal has rightly given the aforesaid directions, which are nothing but pointing out what the AO was required to do under the law. This issue was very much before the Tribunal and the Tribunal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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