Gist of case laws

M/s Mercury Laboratories Ltd. Versus CCE Vadodara - (CESTAT, AHMEDABAD)

Demand of duty - Input used in the manufacture of dutiable as also exempted final product - The duty stand confirmed against the

AMENDMENT IN COMPANIES (ACCOUNTING STANDARDS) RULES, 2006

NOTIFICATION NO. [F. NO. 17/133/2008-CL.V], DATED 11-5-2011

In exercise of the powers conferred by clause (a) of sub-section (1) of section 642 read with sub-section (1) of section 21A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following amendment in the Companies (Accounting Standards) Rules, 2006, herein-after called the said rules namely :—

Accounting Entry For Provision of Tax & its adjustment after completion of Assessment

 

Facts of the case		CASE -1		CASE -2
(A)	Profit as P& L A/C	500000.00		500000.00
(B)	Provision for Income Tax @30%	150000.00		150000.00
©	Advance Tax paid	90000.00		90000.00
(D)	TDS deducted	24000.00		24000.00
(E)	Self Assessment tax paid	36000.00		36000.00
(F)=C+D+E	Total Tax paid in Advance	150000.00		150000.00
(G)	Actual Tax Liability as per Assessment	182000.00		140000.00

DCIT vs. JINDAL PHOTO LTD, I.T.A. No. 4539/Del./2010,   ITAT-DELHI,  (BENCH –‘G’)

There must be nexus between disallowance of expenditure & Tax free income earned

the assessment order does not evince any such satisfaction of the AO regarding the correctness of the claim of the assessee. As such, Rule 8D of the Rules was not appropriately applied by the AO. It has not been done by the AO that any expenditure had been incurred by the assessee for earning its dividend income. Merely, an ad hoc disallowance was made. The onus was on the AO to establish any such expenditure

Taxability of provision of Foods & Breakfast under KVAT,2003

Taxability of provision of Foods & Breakfast  under Karnataka Value Added Tax Act,2003

                                                               

Section-2(29) of the KVAT Act, 2003

The word “Sale” has been defined to mean every transfer of property in goods(other than  by way of a mortgage, hypothecation, charge or pledge) by one person to another in the course of trade or business for cash or for deferred payment