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Sale of building constructed on leasehold land - GST implicationI-T - If assessee is not charging VAT paid on purchase of goods & services to its P&L account i.e., not claiming it as expenditure, there is no requirement to treat refund of such VAT as income: ITATBengal Governor restricts entry of State FM and local police into Raj BhawanI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATCops flatten camps of protesting students at Columbia UnivI-T - No additions are permitted on account of bogus purchases, if evidence submitted on purchase going into export and further details provided of sellers remaining uncontroverted: ITATTurkey stops all trades with Israel over GazaI-T- Provisions of Section 56(2)(vii)(a) cannot be invoked, where a necessary condition of the money received without consideration by assessee, has not been fulfilled: ITATGirl students advised by Pak college to keep away from political eventsI-T- As per settled position in law, cooperative housing society can claim deduction u/s 80P, if interest is earned on deposit of own funds in nationalised banks: ITATApple reports lower revenue despite good start of the yearI-T- Since difference in valuation is minor, considering specific exclusion provision benefit is granted to assessee : ITATHome-grown tech of thermal camera transferred to IndustryI-T - Presumption u/s 292C would apply only to person proceeded u/s 153A and not for assessee u/s 153C: ITATECI asks parties to cease registering voters for beneficiary-oriented schemes under guise of surveysST - Since Department itself admits that service carried out by appellant is that of 'Mining Services' w.e.f. 01.06.2007, thus demand for earlier period has been made only to fasten excess Service Tax demand on appellant which cannot sustain: CESTATICG rescues fisherman with head injury onboard IFB St. Francis off the Gujarat coastCX - When physical stock verification carried out by Officers was not fool proof and there were anomalies, benefit of doubt should be extended to assessee, duty demand confirmed on alleged clandestine removal is not sustainable: CESTAT

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Union Budget 2015-2016 - 'Phool Aur Kaante' Budget


Fear Factor

What will happen to the accumulated credit of ED Cess and SHE Cess. It amounts to 3% of the direct and indirect tax revenue. Basic duty or tax can be used for payment of Cess. But Cess cannot be used for payment basic duty or tax. In otherwords the accumulated ED and SHE cess will be forfeited from the eligibility of the assessee. The Government by making the abolition of Cess make an immediate blocking of Rs. 3000 crores.

r vaidyanathan
consultant - indirect taxation

Ramadoss Vaidyanathan 03/03/2015

 
CESS-what will happen

Let us hope that F.M. when he says thatt hike of .5% will subsume the cess will actually allow the accumulated cess to be taken credit of against the duty by some special dispensation while abolishing these cesses

somesharora somesharora 03/03/2015

 

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