Finance lease vs Operating Lease

As per para 6.3 of Judgement
6.3 In the light of aforesaid terms and conditions of the agreement it is apparent that the assessee entered in to a financing lease arrangement with LPIN for taking certain vehicles for its use. A finance lease is one where the lessee uses the asset for substantially the whole of its useful life and the lease payments are calculated to cover the full cost together with interest charges. It is thus a disguised way of purchasing the asset with the help of a loan. 

Credit Co-op Society is different from Co-operative Bank, hence deduction of 80P to be allowed

a co-operative credit society Is entitled for deduction under section 80P(2)(a)(i)
2012] 24 taxmann.com 127 (Pune - Trib.) 26-6-2012
Jankalyan Nagri Sahakari Pat Sanstha Ltd.

Perpetuating Memory of national war heroes is charitable Activity

The primary object of the Samiti was to set-up suitable memorials to perpetuate the memory of National War heroes, in general all over India including Sh. Prithvi Raj Chauhan, Sh. Hem Chand Vikramaditya & Sh. Sadashiv Bhau and also to set up museum, library and exhibition,display of weaponry and other antique items connected with defence activities. 

The Commissioner of Income Tax placing reliance on the ratio laid down in Kedia Jatiya Sahayak Sabha & Fund v. CIT [1963] 49 ITR 74, 81 (Cal.) and in the case of Mahakoshal Shaheed Smarak Trust v. CIT [1983] 140 ITR 795/12 Taxman 173 (MP) held that the assessee was not eligible for registration under section 12AA of the ActHence registration u/s 12AA should be granted.

Held that above two decisions are applicable to particular community. Hence 12AA registration granted      2012] 24 taxmann.com 126 (Chandigarh - Trib.) Yodha Samarak Samiti v.Commissioner of Income-tax, Panchkula 11-06-2012

Agent maintaining Storage and Offloading efficient operation to receive, storage and deliver goods correctly, is a part of operating team for process of production carried out by other person and, thus, cannot be regarded as providing storage and warehousing services to such other person

[2012] 24 taxmann.com 144 (Chennai - CESTAT)

Aban Loyd Chiles Offshore Ltd.

v.

Commissioner of Service Tax, Chennai*

Instructions dated 31-5-2012 of ETC to conduct surveys

Adding to the misries of dealers in Punab, ETC has issued following direction on 31-05-2012 to its subordinates :

-          Surveys be got conducted

-          Scrutiny and assessment of all the returns

-          Authenticate all the bill books of dealers

-          Especially terrorise the dealers dealing in goods fetching rate of 12.5%

-          Visit the shops on regular basis

-          Note down numbers of running bills

-          Check customers for issue of invoice by dealers

-          All the dealers to be visited  in next two months.

Representation on E-Trip System in Punjab

The spate of recent pronouncements issued by the Excise and Taxation Commissioner has led to chaos and fury amongst the business community of the Punjab. All the constructive suggestions and recommendations are being brushed aside and have taken a seat aback and directions which will mar the already ailing trade and industry are being shot one after another. ETC’s efforts for increasing Vat revenue are targeted at making the dealers’ life more and more miserable instead of doing internal cleaning and wiping off corrupt officer and practices off the scene.

                                    The recent pronouncements of ETC of implementing E-TRIP system w.ef. 10-08-2012 has sent the shock waves amongst trading community. It says information regarding intra state movement of goods (with in Punjab) shall be furnished by persons making sales of Rs. 3 lakhs or above in a single transaction except in case of iron and steel where this threshold shall be Rs. 2 lakhs.

Order of Tribunal can not be revised if Case Law not quoted during Submissions

The counsel of assessee pleaded in service tax case before CESTAT that decision of Punjab & Haryana High Court on case of CCE v. First Flight Courier Ltd. [STA No. 48 of 2010, dated 28-1-2011] that penalty u/s 76 can not be imposed where penalty levied under s.78 even before amendemend in 2008 be considered . Further he argued that same judge passed similar order just 15 days before rendering judgement in assessee's own case.