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Cabinet gives nod for amendment in MMDR Act

Union Cabinet decides to offer marketing and pricing freedom to Companies operating in ultra deep sea, deep sea & difficult oil fields

Govt to spend Rs 8000 Cr on LPG subsidy for BPL families over 3 years

CASE LAWS

2016-TIOL-09-ARA-ST

UNIVERSAL SERVICES INDIA PVT LTD Vs CST: AUTHORITY FOR ADVANCE RULINGS (Dated: March 4, 2016)

ST - payment processing services are proposed to be provided by the applicant to WWD US on principal to principal basis - Place of provision of service would be location of recipient of service i.e. WWD US under Rule 3 of POPS - applicant would receive payment for said services in convertible foreign exchange - no remuneration / consideration is received by the applicant from Indian Customers - As all the ingredients enlisted under Rule 6 A of STR, 1994 are satisfied, said service will qualify as export of taxable service and, therefore, remain non-taxable under FA, 1994: AAR [para 7, 8, 10, 12]

Application allowed

 

2016-TIOL-462-HC-KAR-IT

CIT Vs NAGARBAIL SALT OWNERS CO-OPERATIVE SOCIETY LTD: KARNATAKA HIGH COURT (Dated: February 26, 2016)

Income tax – Section 2(24).

Whether the respondent society, which is managing its activity on behalf of its members in the most beneficial way by selling the products manufactured by the members and there is no active participation of members in its activities, is carrying a commercial activity for the purpose of earning profit and the profit earned is taxable as income under section 2(24) of the Act.

Revenue's appeal is allowed

2016-TIOL-463-HC-KAR-IT

DIT Vs AL AMEEN CHARITABLE FUND TRUST: KARNATAKA HIGH COURT (Dated: February 22, 2016)

Income tax – Sections 11 & 32.

Whether depreciation is not allowable as deduction in computing the total income of a charitable trust u/s 11, as the amount spent on the capital asset is already allowed as application of income in the year of such acquisition.