Jurisprudentiol – Friday's cases

By Vijay Kumar

Legal Corner Icon — the image was hosted by the publisher and was not captured.Service Tax

Telephone installed at residence of executive - No credit of input service tax - CESTAT

SERVICE tax credit is available for the telephone installed only in the business premises. No input service is available on the telephone installed at the residence of the executive of the appellants.

Income Tax

Sec 43A - Can assessee claim loss arising from foreign exchange forward contract entered into to protect purchase of capital assets from effect of fluctuation in foreign currency? - Yes, it is admissible loss: ITAT

THE issues before the Tribunal are - Whether assessee is entitled for claiming loss on account of settlement of the foreign exchange forward contract entered into to safeguard from the effect of fluctuation on foreign currency loan for purchase of plant and machinery or is eligible for depreciation in the nature of expenditure to be added to the cost of the capital asset.

Customs

Rejection of Refund Claim - When Statutory appeal Remedy is available, writ is not maintainable - High Court

IN a case where party was not vigilant and had failed to avail of the statutory remedy he is not justified in invoking the extra ordinary jurisdiction of High Court under Art.226 of the Constitution of India.

See our columns tomorrow for the judgements