The Enforcement Directorate (ED) has issued summoned to the businessman, liquor tycoon Vijay Mallaya under the newly promulgated Fugitive Economic Offenders ordinance, 2018. This is the first case filed under the new ordinance and it allows to confiscate "all linked assets" of an absconding loan defaulter.
from taxmann.com News https://ift.tt/2Nb3QE8
Saturday, June 30, 2018
Provident fund constituted under Gujarat Co-operative Societies Act, 1961 would be treated as 'RPF'
IT : A provident fund which has been constituted under section 72 of Gujarat Co-operative Societies Act, 1961 and administered under section 71 of said Act would be treated as a fund contemplated in definition of section 2(38) and provisions of sections 36(1)(iv) and 40A(9) would apply to such a fund
from www.taxmann.com Latest Case Laws https://ift.tt/2lHntXU
from www.taxmann.com Latest Case Laws https://ift.tt/2lHntXU
Issue of SCN couldn't be treated as issuance of draft assessment order in terms of sec. 144C: ITAT
Under regulation 11(2) acquirer can procure 5% of voting rights without making an open offer to public
RBI issues action framework on bank auditors
In order to improve audit quality and to instituting a transparent mechanism to examine accountability of Statutory Auditors in a consistent manner, the RBI has decided to put in place a graded enforcement action framework to enable appropriate action in respect of bank’s statutory auditors.
from taxmann.com News https://ift.tt/2KwooZy
from taxmann.com News https://ift.tt/2KwooZy
Issue of SCN couldn't treated as issuance of draft assessment order in terms of sec. 144C: ITAT
Friday, June 29, 2018
Shares received in lieu of transfer of business division to subsidiary couldn't be considered as a slum sale
Mandatory KYC for directors of all companies by August 31, 2018: MCA
Appointment of director without notice to petitioners tantamount to oppression: NCLT
CL: Where in a board meeting, R3 and R4 were illegally inducted in board of directors and subsequently in an EOGM, petitioner-directors of company were removed from all managerial position in a company without giving any notice to them, said meetings were to be held invalid and resolutions passed in said meetings were to be held unenforceable
from www.taxmann.com Latest Case Laws https://ift.tt/2IBjDJ0
from www.taxmann.com Latest Case Laws https://ift.tt/2IBjDJ0
Services provided to passengers on behalf of railways could be treated as business auxiliary service
GST/Service Tax: Where assessee was involved in collection of bed rolls, napkins, blankets, washing/dry cleaning of same and ironing and distribution of same to passengers during their journey in train by deploying its own personnel, services rendered by assessee were classifiable under category of 'Business auxiliary service'
from www.taxmann.com Latest Case Laws https://ift.tt/2N8M7NS
from www.taxmann.com Latest Case Laws https://ift.tt/2N8M7NS
Product ‘Cryo Container’ classifiable as vacuum vessel under Heading No. 9617 in GST regime
GST/Excise & Customs : Cryo containers manufactured and supplied by applicant are vacuum vessels wherein vacuum and super insulation between inner vessel and outer vessel provides long term preservation or storage of semen, biological samples etc. The inner wall functions as inner vessel and outer wall functions as outer shell; Vacuum and Super insulation between inner vessel and outer vessel provides long term storage of liquid Nitrogen and such 'cryo containers' are capable to maintain tempera
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181990/product-‘cryo-container’-classifiable-as-vacuum-vessel-under-heading-no-9617-in-gst-regime.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181990/product-‘cryo-container’-classifiable-as-vacuum-vessel-under-heading-no-9617-in-gst-regime.aspx
Franchise commission earned by 'Dominos' from Indian co. not taxable as business income in absence of its PE
IT/ILT: Where assessee, US company, entered into Master Franchise Agreement (MFA) with Indian company (Jubilant) for franchise of Dominos Pizza Store and provided certain store/consultancy services to Jubilant and, assessee was entitled to charge 3 per cent of sales of store of Jubilant, since profit and loss from business belonged to Jubilant and no activities were carried out by jubilant on behalf of assessee, Jubilant did not constitute a Permanent Establishment of assessee in India
from www.taxmann.com Latest Case Laws https://ift.tt/2tC1Tsa
from www.taxmann.com Latest Case Laws https://ift.tt/2tC1Tsa
Thursday, June 28, 2018
Right to challenge vires of sec. 245HA not affected by withdrawal of petition in another case before SC
IT : Where petition filed in another case before Supreme Court challenging vires of section 245HA was dismissed as withdrawn, since disposal of said proceedings was without expression of opinion on merit, it would not affect assessee's right to challenge vires of sec. 245HA
from www.taxmann.com Latest Case Laws https://ift.tt/2tGX7c8
from www.taxmann.com Latest Case Laws https://ift.tt/2tGX7c8
'Low aromatic Naphtha' classifiable as 'Naphtha' under Heading No. 2710 14 of excise law
SC dismissed SLP as purchases duly supported by vouchers and bank transactions couldn't be termed as bogus
IT: Where purchases made by assessee-trader were duly supported by bills and payments were made by account payee cheque, seller also confirmed transaction and there was no evidence to show that amount was recycled back to assessee, Assessing Officer was not justified in treating said purchases as bogus under section 69C: SLP dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2IweW33
from www.taxmann.com Latest Case Laws https://ift.tt/2IweW33
India Notifies Rules for I-T Computation for Foreign Firms
NRIs Giving up Indian Addresses to Escape Scrutiny by Tax Authorities
´ PoeM´ firms to be taxed at 40%
NCLAT declines to stay ElectroSteel Steels´ delisting
Loss from derivative is a normal business loss and not speculation loss
IT : Where decisions of non-jurisdictional High Courts are in conflict with each other, only objective criteria to be followed is to take a view favourable to assessee. Thus, Calcutta High Court in case of Asian Financial Services Ltd v. CIT, [(2017) 293 CTR 240 (Cal) having held that loss incurred on account of derivatives would be deemed business loss under proviso to section 43(5) and not speculation loss and, accordingly Explanation to section 73 could not be applied and as such, loss would
from www.taxmann.com Latest Case Laws https://ift.tt/2yPn6nN
from www.taxmann.com Latest Case Laws https://ift.tt/2yPn6nN
Relief to NDTV; Bombay HC directs RBI to consider compounding plea filed by NDTV on alleged FEMA violations
'Low aromatic Naphtha' classifiable as 'Nephtha' under Heading No. 2710 14 of excise law
Wednesday, June 27, 2018
Now, EPF members can withdraw 75 % of their total PF after one month from cessation of service
The Central Board has approved the proposal for insertion of paragraph 68HH in EPF scheme, 1952 provisioning advance from the fund to member who ceases to be in employment for a continuous period not less than 1 month. Under this proposal a member can avail 75% of the total fund standing to the member’s credit with interest thereon
from taxmann.com News https://ift.tt/2tAXWEc
from taxmann.com News https://ift.tt/2tAXWEc
Reassessment on basis of disallowance in succeeding years was unjustified if there was no disclosure failure
IT/ILT: Where reopening after four years period was resorted to on basis of disallowance of claim of royalty made in succeeding year, but reasons did not show any failure on part of assessee to disclose fully and truly all material facts, reopening was not valid
from www.taxmann.com Latest Case Laws https://ift.tt/2KplXYE
from www.taxmann.com Latest Case Laws https://ift.tt/2KplXYE
Conducting market survey isn’t FTS if it is incidental to commission agency service: Madras HC
IT: If service of market survey is only incidental to the function of commission agent, it cannot be regarded as fees for technical services. In absence of PE in India, Commission charges shall not be taxable in India
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181951/conducting-market-survey-isn’t-fts-if-it-is-incidental-to-commission-agency-service-madras-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181951/conducting-market-survey-isn’t-fts-if-it-is-incidental-to-commission-agency-service-madras-hc.aspx
Execution of project for State Govt. under composite contract classifiable as works contract service
GST/Service Tax : Where assessee had executed project of Madikheda Hydel project for Government of Madhya Pradesh and stated that said project was executed under composite contract, services provided by assessee would fall under category of 'composite indivisible works contract' and not liable to service tax
from www.taxmann.com Latest Case Laws https://ift.tt/2Ku2W4c
from www.taxmann.com Latest Case Laws https://ift.tt/2Ku2W4c
Move Court Only on Question of Law in Transfer Pricing Cases: HC
You can Now Withdraw 75% of PF One Month After Quitting Job
State-run Banks could be Worst Hit in Case of Severe Stress: RBI
RBI slaps Rs. 60 mn penalty on Tamilnad Mercantile Bank
Proof of address isn’t sufficient; valid TRC is required to claim India-USA treaty benefit: ITAT
IT/ILT: US entity has to furnishing evidences, including tax residency certificate, under section 90(4) in support of its entitlement to benefits of Indo US tax treaty benefits
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181950/proof-of-address-isn’t-sufficient-valid-trc-is-required-to-claim-india-usa-treaty-benefit-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181950/proof-of-address-isn’t-sufficient-valid-trc-is-required-to-claim-india-usa-treaty-benefit-itat.aspx
Tuesday, June 26, 2018
Notification No. 29/2018 [F.No. 370142/19/2017-TPL] SO 3039(E)
Issues of TP adjustments based on comparables can be taken upto ITAT level only: HC
IT : Where Tribunal had given cogent reasons and detailed findings on application of filters and selection of comparables, such findings of Tribunal could not have been perverse in any manner so as to require interference under section 260-A. Had it been a case of substantial question of interpretation of provisions of Double Taxation Avoidance Treaties (DTAA), interpretation of provisions of the Income Tax Act or Overriding Effect of the Treaties over the Domestic Legislations or the questions
from www.taxmann.com Latest Case Laws https://ift.tt/2Kqci0v
from www.taxmann.com Latest Case Laws https://ift.tt/2Kqci0v
CBDT unveils final notification for taxation of foreign Cos held as resident in India as per POEM
The Central Board of Direct Taxes (CBDT) has notified final notification prescribing exception, modification and adaption in respect of taxation of Foreign Companies said to be resident in India as per Place of Effective Management (POEM). The draft notification was issued on 15-06-2017.
from taxmann.com News https://ift.tt/2ItTVGa
from taxmann.com News https://ift.tt/2ItTVGa
Petitioner-director has no right to question on resolutions when he opted to remain absent from meetings
SC upheld Tribunal's order to exclude commission for levying excise on manufacturing CNG
GST/Excise & Customs: Where assessee was engaged in manufacture of Compressed Natural Gas (CNG) and it sold CNG to Oil Marketing Companies (OMCs) for resale to ultimate buyers and allowed certain discount to them from retail sales price, which was termed as commission/trade margin, etc. in agreements, and Tribunal held that assessee was liable to pay duty only on net sales price charged to OMCs, SC dismissed appeal filed against order of Tribunal
from www.taxmann.com Latest Case Laws https://ift.tt/2KnDahT
from www.taxmann.com Latest Case Laws https://ift.tt/2KnDahT
HC upheld additions due to ‘Window-dressed’ financials prepared to obtain bank loan
IT : Assessee having presented his financial position as in balance-sheet and profit and loss account certified by a chartered accountant in Form 3CB in accordance with Rule 6G(1)(b) of the Income-tax Rules, 1962 for obtaining loan from bank could no longer resile from such position later at time of filing annual accounts for purpose of taxation on ground that earlier accounts had been prepared on basis of estimation for presentation thereof to bank. The balance-sheet and profit and loss account
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181926/hc-upheld-additions-due-to-‘window-dressed’-financials-prepared-to-obtain-bank-loan.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181926/hc-upheld-additions-due-to-‘window-dressed’-financials-prepared-to-obtain-bank-loan.aspx
No reassessment just because addition made in respect of Govt. grants to be reflected in book profit u/s. 115JB
IT : Where, during original assessment, Assessing Officer, was of view that assessee had to offer for tax 15 per cent of government grant received by it being a Government incorporated Electricity company instead of 10 per cent as offered by assessee and accordingly made additions by 5 per cent to assessee's income, reopening of assessment after four years on grounds that said upward adjustment would also reflect in computation under section 115JB was unjustified
from www.taxmann.com Latest Case Laws https://ift.tt/2yK5Hwx
from www.taxmann.com Latest Case Laws https://ift.tt/2yK5Hwx
Lower threshold for ´ beneficial owners´
Monday, June 25, 2018
Interest on NPAs not taxable on accrual basis as per guidelines of RBI; SC dismissed SLP
Excise duty was payable on net sales price even if discount was allowed from retail sales price
GST/Excise & Customs: Where assessee was engaged in manufacture of Compressed Natural Gas and sold same to oil marketing companies (OMCs) for resale to ultimate buyers and allowed certain discount to them from retail sale price, which was termed as commission/trade margin, etc. in agreements, assessee was liable to pay duty on net sales price charged to OMCs
from www.taxmann.com Latest Case Laws https://ift.tt/2lB9uTr
from www.taxmann.com Latest Case Laws https://ift.tt/2lB9uTr
Packing & Wear-tear charges to be includible in excisable Value: SC
GST/Excise & Customs: Fundamental change by introduction of concept underlying value-added taxation in provisions of section 3 really find reflection in definition of 'transaction value' as defined by section 4(3)(d) which specifically includes, in addition to price, all value additions made to manufactured article prior to its clearance as permissible additions to be price charged for purpose of levy
from www.taxmann.com Latest Case Laws https://ift.tt/2yDdaOb
from www.taxmann.com Latest Case Laws https://ift.tt/2yDdaOb
Trust engaged in micro financing of poor women not entitled to sec. 11 relief if it charged higher interest rates
Saturday, June 23, 2018
Objection couldn't be raised before CIT(A) if it wasn't raised before AO in reassessment proceedings
IT : Where Assessing Officer reopened assessment of assessee and assessee participated in reassessment proceedings without raising any objection before Assessing Officer to effect that there was no valid issuance or service of reassessment notice upon assessee, such an objection could not be raised before First Appellate Authority
from www.taxmann.com Latest Case Laws https://ift.tt/2yACWCF
from www.taxmann.com Latest Case Laws https://ift.tt/2yACWCF
Revision of price of flat by developer at later stage could not amount to act of oppression: CCI
Competition Act: Where informant, an allottee of a flat in residential housing project developed by OP, filed a complaint that OP had arbitrarily increased price of flat at a subsequent stage, in view of fact that informant had not submitted any cogent material regarding position of dominance of OP in relevant market and, moreover, there was no material on record indicating that price demanded by OP vide its initial demand letter was final price of said flat and same was not subject to further
from www.taxmann.com Latest Case Laws https://ift.tt/2yzXo6r
from www.taxmann.com Latest Case Laws https://ift.tt/2yzXo6r
No sec. 194C TDS liability on contractor if payments to sub-contractors were made directly by co. receiving services
Commission received by an insurance agent was taxable as fee for business auxiliary service
GST/Service Tax: Where assessee acted as an agent of ICICI Prudential Life Insurance Limited and ICICI Housing Finance Limited and for service rendered received commission, said service would fall under category of 'Business auxiliary service'
from www.taxmann.com Latest Case Laws https://ift.tt/2KhdWVE
from www.taxmann.com Latest Case Laws https://ift.tt/2KhdWVE
SAT directs Sebi to pass fresh order in RIL's Network18 buy
Friday, June 22, 2018
No sec. 194C TDS liability on contractor if payments to sub-contractors were made directly by co. receiving services
Enforcement Agencies Looking into Latest Set of Panama Papers: Govt
CBDT Member’s Appointment Raises Queries
NSE to introduce stricter norms for corporate governance
Sebi action in NSE ´ colo´ case soon
Feb 12 circular gives space for NPA resolution, RBI tells Finance ministry
Thursday, June 21, 2018
Fresh leak of Panama Papers confirms name disclosed in previous leak
Two years ago Panama Papers lifted the veil on the shady world of tax havens and offshore companies. This leak had brought about great embarrassment to many famous personalities, politicians, businessmen, leading actors and many celebrities around the world. This time surfacing of fresh leaks of Panama Papers not only reveals the new names but it also confirms the existence of several clients who had earlier denied any link such dealings.
from taxmann.com News https://ift.tt/2MLOki0
from taxmann.com News https://ift.tt/2MLOki0
SEBI proposes to amend takeover and buyback norms in its meeting on June 21, 2018
SEBI proposes to amend takeover and buyback norms in its meeting on June 06, 2018
Deemed dividend provisions couldn't be applied on business transactions between shareholders & Co.
RBI updates master direction for Liberalized Remittance Scheme
MCA issues draft Cross-Border Insolvency norms for corporate debtor
The Ministry of Corporate Affairs (MCA) has taken initiative to introduce norms on Cross-Border Insolvency within the Insolvency & Bankruptcy Code to provide the comprehensive legal framework, considering the fact that corporates transact business in more than one jurisdiction and also have assets across many jurisdiction.
from taxmann.com News https://ift.tt/2yABM9Y
from taxmann.com News https://ift.tt/2yABM9Y
Sale consideration of old newspapers not liable to State Sales Tax: Madras HC
Construction of petrol pumps for IOCL classifiable as works contract service: SC
GST/Service Tax : Where assessee was engaged in construction of petrol pumps for Indian Oil Corporation Ltd. and Tribunal held that said service was classifiable under 'works contract service', SC dismissed appeal filed by revenue leaving question of law open
from www.taxmann.com Latest Case Laws https://ift.tt/2lpaPgk
from www.taxmann.com Latest Case Laws https://ift.tt/2lpaPgk
Shareholders and creditors meeting could be dispensed with when both consented to proposed scheme of amalgamation
CBDT proposes clear-cut timelines under transfer pricing
Wednesday, June 20, 2018
Person has right to be represented by advocate when he is summoned by DG for investigation
Notification No. 28/2018 [F. No. 275/27/2017-IT(B)] / SO 2939(E)
Notification No. 27/2018 [F. No. 275/27/2017-IT(B)] / SO 2938(E)
IRDAI eases process for filing of advertisements in BAP portal
The Insurance Regulatory and Development Authority of India (IRDAI) has eased norms for filing of advertisement in BAP portal. The Insurers can file English or Hindi version of advertisement. Further, it has been specified that the authority could not considered as advertisement if they are issued in other languages or other format.
from taxmann.com News https://ift.tt/2I3R1Ih
from taxmann.com News https://ift.tt/2I3R1Ih
RBI to hike again by year end with August still in play
Probe into 80,000 shell firms hits dead end as govt fails to trace PANs
Appeal couldn't be barred by limitation in absence of evidence that ITAT's order was served on revenue authority
IT : Where there was no evidence on record that order passed by Tribunal was infact served on Director (International Taxation), which was mandatory requirement of section 260A(2)(a), appeal filed by revenue could not be dismissed being barred by limitation
from www.taxmann.com Latest Case Laws https://ift.tt/2yqM0d6
from www.taxmann.com Latest Case Laws https://ift.tt/2yqM0d6
Tuesday, June 19, 2018
Reassessment was unjustified if notice wasn't issued on officially notified address within limitation period
IT : Where reassessment notice under section 148(1) was issued against assessee after expiry of period of limitation at old address of assessee which was already changed by assessee before date of issuance of said reassessment notice in official record by updating PAN data base, it could be said that there was no service of reassessment notice upon assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2t6X61O
from www.taxmann.com Latest Case Laws https://ift.tt/2t6X61O
AO couldn't be said to have exceeded his jurisdiction while taxing excess share premium; HC dismissed SLP
IT : Order passed by Assessing Officer to effect that share premium received by assessee on issue of shares was liable to be assessed as 'income from other sources' under section 56(2)(viib), could not be challenged on ground that Assessing Officer had exceeded his jurisdiction while passing of aforesaid order
from www.taxmann.com Latest Case Laws https://ift.tt/2JVME3K
from www.taxmann.com Latest Case Laws https://ift.tt/2JVME3K
NCLAT upholds tribunal's order for granting wavier of requirement u/s 244 of CA, 2013
ITAT justified rejection of sec. 10(23C) approval as primary object of society was non-educational activity
AS 11 amended to treat repatriation of profits of non-integral foreign operation on its disposal
Any gain or loss arises on the disposal of a non-integral foreign operation by an entity is recognised in profit or loss in accordance with AS 11, The Effects of Changes in Foreign Exchange Rates. The Ministry of Corporate Affairs has amended para 32 of AS 11 according to which remittance from a non-integral foreign operation by way of repatriation of accumulated profits does not form part of disposal unless it constitutes return of the investment.
from taxmann.com News https://ift.tt/2MCA7nm
from taxmann.com News https://ift.tt/2MCA7nm
Settlement Rules may Raise Costs for Firms Borrowing from EPFO
Financial advisors´ body moves Sebi over ban on distributors
Can´t afford petro excise duty cut: Jaitley
Monday, June 18, 2018
Tribunal has no jurisdiction to dismiss appeal on failure to deposit penalty amount by appellant
Competition Act : Where Appellate Tribunal dismissed appellant's appeal on account of its inability to pay ten per cent of penalty demanded for availing benefit of stay, since section 53B clearly implies that appeal has to be decided on merits, in case of failure of appellant to deposit 10 per cent of penalty amount, only stay could have been vacated, however, Tribunal had no jurisdiction to dismiss appeal itself
from www.taxmann.com Latest Case Laws https://ift.tt/2MB9fo0
from www.taxmann.com Latest Case Laws https://ift.tt/2MB9fo0
Delay by professional on taking charge of co. excluded for purpose of counting period for insolvency process
Sale consideration of copyrighted software couldn't be taxed as royalty: Mumbai ITAT
Property owned by minor could not be attached for violation of Money laundering Act by his father
No reassessment after 4 years if all material facts were disclosed by assessee during original assessment
IT: Where AO having completed scrutiny assessment, sought to reopen assessment on ground that assessee had entered into transactions of sale and purchase of agricultural land which were not declared, in view of fact that assessee had disclosed all relevant facts relating to said transactions in course of assessment itself, impugned reassessment proceedings deserved to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2I1NLwO
from www.taxmann.com Latest Case Laws https://ift.tt/2I1NLwO
Foreign Holding Rules for NBFCs Raise Risk of Data Breaches
I-T Wins Permanent Establishment Battle against Master Card
Civil court couldn't entertain any suit in respect of any matter into which DRT is empowered
CL : In terms of section 34, no civil court can exercise jurisdiction to entertain any suit or proceeding in respect of any matter which a DRT or DRAT is empowered by or under Act to determine and no injunction can be granted by any Court or authority in respect of any action taken or to be taken in pursuance of any power conferred by or under Act
from www.taxmann.com Latest Case Laws https://ift.tt/2M2jIrw
from www.taxmann.com Latest Case Laws https://ift.tt/2M2jIrw
No service tax to be levied on amount received as reimbursable expenses from clients
GST/Service Tax: Where assessee was registered with Service Tax Department for providing taxable service under category of event management and it received reimbursable expenses from client on actual basis, such amount not includible in gross value for purpose of payment of service tax
from www.taxmann.com Latest Case Laws https://ift.tt/2LVh5aA
from www.taxmann.com Latest Case Laws https://ift.tt/2LVh5aA
Saturday, June 16, 2018
Govt. not charging fees exclusively from assessee not a ground for non-disallowance u/s 40(a)(iib)
IT: Exclusivity in terms of provision of section 40(a)(iib) is not to be determined with reference to issue as to whether anybody else is also being levied same fee or charge, but it has to be determined having regard to object of provision
from www.taxmann.com Latest Case Laws https://ift.tt/2JRdIkF
from www.taxmann.com Latest Case Laws https://ift.tt/2JRdIkF
DRP has power to consider additional evidence furnished by assessee: ITAT
IT/ILT : Assessee after receiving draft assessment order in which transfer pricing adjustments are proposed, is empowered to file additional evidence before DRP, and DRP has power to consider evidences furnished by assessee, and after considering additional evidence, DRP has to comment upon same and dispose of objections of eligible assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2JWKTq8
from www.taxmann.com Latest Case Laws https://ift.tt/2JWKTq8
SC admitted SLP to decide sec. 68 additions made on basis of statement of accommodation entry provider
IT: SLP granted against impugned order of High Court that section 68 addition was not called for on basis of statement of accommodation entry provider that assessee had received share capital through accommodation entry, recorded at back of assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2JQJaPY
from www.taxmann.com Latest Case Laws https://ift.tt/2JQJaPY
RBI allows banks to spread MTM losses over 4 quarters
The Reserve Bank of India (RBI) has decided to grant banks the option to spread provisioning for their mark to mark (MTM) losses on all investments held in AFS and HFT for the quarter ending June 30, 2018. The provisioning required may be spread equally over up to four quarters, commencing with the quarter ending June 30, 2018.
from taxmann.com News https://ift.tt/2HShLvh
from taxmann.com News https://ift.tt/2HShLvh
Friday, June 15, 2018
Mobilization fees paid to NR to move oil rigs from foreign to India taxable u/s 44BB; SC dismissed review petition
IT/ILT: Where assessee, foreign company, had entered into contracts with (ONGC) for giving on hire their rigs for carrying out oil exploration activities in India, mobilisation fee received by assessee was to be included for computation of deemed profits and gains of business, chargeable to tax under section 44BB; Review petition against said decision dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2JECmJh
from www.taxmann.com Latest Case Laws https://ift.tt/2JECmJh
No question of law involved if lower authorities held that commission paid to directors wasn't excessive: HC
IT: Where Assessing Officer held that commission paid by assessee company to its director was excessive or unreasonable, thus, liable for disallowance under section 40A(2), however, Commissioner (Appeals) and Tribunal concurred in their finding that commission paid by assessee was not excessive or unreasonable keeping in view benefit derived by assessee due to services rendered by its director, since this was a subjective decision having regard to facts of case, there was no substantial question
from www.taxmann.com Latest Case Laws https://ift.tt/2thqm5t
from www.taxmann.com Latest Case Laws https://ift.tt/2thqm5t
Property of third party could not be attached by passing order of provisional attachment under Money Laundering Act
PMLA : In terms of section 5, property of third party cannot be attached by passing order of provisional attachment who is not involved in Scheduled offence without issuing notice to him and recording his statement as valuable rights in properties are involved
from www.taxmann.com Latest Case Laws https://ift.tt/2JTGMLC
from www.taxmann.com Latest Case Laws https://ift.tt/2JTGMLC
Reassessment order couldn't be termed as void even if requisite SC directions not complied with; SC dismissed SLP
IT: SLP dismissed against High Court's order that non-compliance of direction of Supreme Court in GKN Driveshafts (India) Ltd. v. ITO [2002] 125 Taxman 963 that on receipt of objection given by assessee to notice under section 148, Assessing Officer is bound to dispose of objections by passing a speaking order, would not make reassessment order void ab initio
from www.taxmann.com Latest Case Laws https://ift.tt/2LTYbRJ
from www.taxmann.com Latest Case Laws https://ift.tt/2LTYbRJ
Interest income earned by NR on FCCB not taxable in India when borrowed sum was utilised outside India
IT/ILT: Where assessee, a non-resident, earned interest income on FCCBs issued by an Indian company abroad, in view of fact that entire proceeds of FCCBs had been utilised by Indian company in said country for repayment of an acquisition facility, interest income in question was not liable to tax in India as per exception carved out in section 9(1)(v)(b)
from www.taxmann.com Latest Case Laws https://ift.tt/2yaX7Xm
from www.taxmann.com Latest Case Laws https://ift.tt/2yaX7Xm
No excise duty on brought outs goods which weren't part of excisable goods
GST/Excise & Customs: Where during activity of installation of setting up of Sugar Plants appellant was clearing to site its own manufactured goods on payment of duty and also using bought out goods, in view of fact that whole property which came into existence was immovable property, no duty could be demanded on bought out goods which were not part of any excisable goods at time of their clearance
from www.taxmann.com Latest Case Laws https://ift.tt/2LTTNlJ
from www.taxmann.com Latest Case Laws https://ift.tt/2LTTNlJ
Sales return was to be reduced from total income while computing sec. 10A deductions: HC
Sebi plans revised norms for recovery of investor money
Sum paid to Foreign Co. towards supervision & installation of pipes and fittings couldn't be held as FTS
IT/ILT: Where assessee engaged in business of export of special pipes, made payments to foreign party towards supervision of installation of pipes and fittings, since same was in respect of assembly of project, said payments would squarely fall within sweep of exceptions carved out in Explanation 2 to section 9(1)(vii) and thus could not be held as FTS
from www.taxmann.com Latest Case Laws https://ift.tt/2JWuguC
from www.taxmann.com Latest Case Laws https://ift.tt/2JWuguC
Average Advance to be computed by taking outstanding at month end for Sec. 36(1)(viia) deduction
IT: Under section 36(1)(viia) read with rule 6ABA aggregate average advance made by rural branches of scheduled bank would be computed by taking amount of advances made by each rural branch as outstanding at end of last day of each month comprised in previous year which had to be aggregated separately
from www.taxmann.com Latest Case Laws https://ift.tt/2yfVAj2
from www.taxmann.com Latest Case Laws https://ift.tt/2yfVAj2
CG issues 8.40% GOI (National Small Savings Fund) (Non-transferable) Special Securities, 2017 and 20
No need to file return related to change in shareholding of promoters of listed cos. MCA
Earlier every listed Company, under section 93 read with Rule 13, was required to file a Return in e-form No. MGT-10, with Registrar to intimate changes either increase or decrease of two percent or more in the shareholding of Promoters and top 10 shareholders of the Company of the paid-up share capital, within 15 days of such changes. Such requirement has been done away with after amendment of Companies (Management and Administration) Rules, 2014.
from taxmann.com News https://ift.tt/2JPaXQS
from taxmann.com News https://ift.tt/2JPaXQS
Thursday, June 14, 2018
Notification No. 26/2018 [F.No. 370142/3/2018-TPL] / SO 2413(E)
CBDT proposed to seek more info while filing appeal before ITAT
CBDT has issued draft notification proposing amendment to Rule 47 so as to modify the existing Form no. 36 and Form no. 36A. Changes proposed in these Forms are in line with the changes done in the Form no. 35. In this article, we have discussed some key changes proposed in new Forms
from taxmann.com News https://ift.tt/2yc6CFL
from taxmann.com News https://ift.tt/2yc6CFL
MCA amends Companies (Registered Valuers and Valuation) Rules, 2017
The Ministry of Corporate Affairs (MCA) has amended the Companies (Registered Valuers and Valuation) Rules, 2017 wherein it has been specified that Presidents of, Institute of Chartered Accountants of India, the Institute of Companies Secretaries of India and the Institute of Cost Accountants of India can act, as ex-officio member in Registered Valuers and Valuation committee.
from taxmann.com News https://ift.tt/2MtxnbM
from taxmann.com News https://ift.tt/2MtxnbM
MCA notifies Companies (Significant Beneficial Owners) Rules, 2018
In order to get knowledge of the identity of significant beneficial owners, the Ministry of Corporate Affairs has notified the Companies (Significant Beneficial Owners) Rules, 2018 wherein various provisions related to beneficial owner and new forms have been discussed.
from taxmann.com News https://ift.tt/2HOF7BK
from taxmann.com News https://ift.tt/2HOF7BK
MCA enforced certain provisions of Companies (Amendment) Act, 2017 w.e.f. June 13, 2018
‘280' notified as Cost Inflation Index for FY 2018-19
The cost of inflation index (CII) has been notified by the Central Board of Direct Taxes (CBDT) every year. CII is used to compute Long term capital gains wherein the cost of acquisition/improvement is indexed with reference to the applicable CII of the relevant year. CBDT has notified ‘280’ as CII for the Financial Year 2018-19.
from taxmann.com News https://www.taxmann.com/topstories/222330000000015758/‘280-notified-as-cost-inflation-index-for-fy-2018-19.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000015758/‘280-notified-as-cost-inflation-index-for-fy-2018-19.aspx
Sec. 11 exemption was available on interest earned on corpus donation; SC dismissed SLP
IT: SLP filed against High Court's order that where assessee received corpus donation on which it earned interest, in view of specific direction of donors that said interest would also form part of corpus, assessee's claim for exemption under section 11 in respect of interest so earned was to be allowed, was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2l7UHzy
from www.taxmann.com Latest Case Laws https://ift.tt/2l7UHzy
Interest earned from FDs kept as security for business purpose won't entitle one to sec. 80-IC deduction
IT: SLP against High Court's decision that since interest income earned from FD kept as security and as a business perquisite had nothing to do with carrying on business of manufacture and sale of electric meter by assessee, income was not entitled to section 80-IC deduction
from www.taxmann.com Latest Case Laws https://ift.tt/2HN2f3C
from www.taxmann.com Latest Case Laws https://ift.tt/2HN2f3C
PSU Bankers’ Union Challenges RBI’s Feb 12 Bankruptcy Circular
SFIO gives reports on 30 Nirav Modi firms; inspects NuPower Renewables
Appeals in ITAT must mention amount locked up in dispute
CCI rejects complaint against Panchsheel, Tata Capital Housing
It is duty of AO to upgrade counsel with all facts to avoid delays in disposing of cases: HC
IT : It is primary duty of Assessing Officer to upgrade Counsel with regard to all facts involved in matter, more particularly facts which may have transpired after passing of impugned order of Tribunal so as to avoid unnecessary delays in disposing of cases pending before Court
from www.taxmann.com Latest Case Laws https://ift.tt/2MsaaXt
from www.taxmann.com Latest Case Laws https://ift.tt/2MsaaXt
Business support activities proposed by Indian subsidiary won’t create PE of its foreign holding Co.: AAR
IT : Where applicant, a State owned oil company of Kingdom of Saudi Arabia and world's largest crude oil exporter, has set up a subsidiary, Aramco India, as a separate legal entity, to provide procurement related support services under Services Agreement, and extend further support to Saudi Aramco's Crude Oil Sales and Marketing Department, by providing business support/marketing support functions under Proposed Addendum, since no material has been brought on record to show that support team in
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181768/business-support-activities-proposed-by-indian-subsidiary-won’t-create-pe-of-its-foreign-holding-co-aar.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181768/business-support-activities-proposed-by-indian-subsidiary-won’t-create-pe-of-its-foreign-holding-co-aar.aspx
Wednesday, June 13, 2018
MCA amends Limited Liability Partnership Rules, 2009
MasterCard Interface Processor constitutes PE; fees for processing card payments taxable as business income
IT/ILT : Where Applicant MasterCard Asia Pacific is a Singapore based company engaged in processing of electronic payment transactions has an Indian subsidiary which owns and maintains MasterCard Interface Processor placed at Customers' locations in India, a part of fees received/to be received by Applicant from Indian Customers would be classified as royalty; however, since it is effectively connected to PE, it would be taxed under Article 7 and not under Article 12
from www.taxmann.com Latest Case Laws https://ift.tt/2sTNfwn
from www.taxmann.com Latest Case Laws https://ift.tt/2sTNfwn
Non-compete fees received by Foreign Co. not taxable in absence of its PE in India: AAR
IT : Where applicant foreign company received non-compete fees from ADI BPO Services, an Indian Company, as a part of consideration for transfer of shares held in MPS Ltd. an Indian Company, it is income from "Profits and gains of business or profession" as provided under section 28(va) but it shall not be chargeable to tax in India in absence of any Permanent Establishment of Applicant in India, by virtue of Article 7 of Double Taxation Avoidance Agreement ('DTAA') between India and United King
from www.taxmann.com Latest Case Laws https://ift.tt/2t53FBh
from www.taxmann.com Latest Case Laws https://ift.tt/2t53FBh
Non-compete fees received by Foreign Co. not taxable in absence of its PE in India: AAR – HM
IT : Where applicant foreign company received non-compete fees from ADI BPO Services, an Indian Company, as a part of consideration for transfer of shares held in MPS Ltd. an Indian Company, it is income from "Profits and gains of business or profession" as provided under section 28(va) but it shall not be chargeable to tax in India in absence of any Permanent Establishment of Applicant in India, by virtue of Article 7 of Double Taxation Avoidance Agreement ('DTAA') between India and United King
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181767/non-compete-fees-received-by-foreign-co-not-taxable-in-absence-of-its-pe-in-india-aar-–-hm.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181767/non-compete-fees-received-by-foreign-co-not-taxable-in-absence-of-its-pe-in-india-aar-–-hm.aspx
Penalty was to be imposed on petitioner for transferring of demonetized currency: HC
PML Act: Where Specified Bank Notes (Cessation of Liabilities) Act, 2017 only provides for penalty for possession/transferring of demonetized currency after appointed date, since petitioners were in custody for a period of more than one year four months for illegally converting demonetized currency into monetized currency and despite directions of Supreme Court that day-to-day trial should continue, till date arguments on charge had not begun, bail was to be granted to petitioners
from www.taxmann.com Latest Case Laws https://ift.tt/2y7wVx1
from www.taxmann.com Latest Case Laws https://ift.tt/2y7wVx1
Proxy bidding for winning tender tantamount to anti-competitive act under Competition Act
Competition Act: Where in tenders floated by OP-3 for 'design, supply, installation, commissioning, operation and maintenance of municipal organic and inorganic solid waste processing plant(s)', OP bidders submitted cover/proxy bid to aid OP-2 to win tender and thus, had indulged in bid-rigging in contravention to provisions of section 3, penalty was to be imposed on OPs and their office bearers
from www.taxmann.com Latest Case Laws https://ift.tt/2t4om0e
from www.taxmann.com Latest Case Laws https://ift.tt/2t4om0e
NCLT Cancels Directors’ Appointment, Accounts at Palamoor
Dealers of Imported Sports Goods Under Taxman’s Lens
Sebi Panel to Examine Allowing Indian Firms to Directly List Abroad
Govt Disagrees with NCLT Order Concerning Defaulting Promoters
Tuesday, June 12, 2018
Off-loading of dematerialized shares issued in excess of authorized capital was a serious fraud: SAT
Where promoter of company 'SCCL' not only issued shares in excess of its paid up capital but also dematerialized those unauthorized excess shares and subsequently sold them in market to investors through appellant, SEBI debarred promoter of 'SCCL' from accessing securities market for 10 years and also imposed penalty on appellant for alleged violating Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003,
from www.taxmann.com Latest Case Laws https://ift.tt/2JQnbvS
from www.taxmann.com Latest Case Laws https://ift.tt/2JQnbvS
Selling of dematerialised shares issued in excess of authorised capital was a serious fraud on securities market
Where promoter of company 'SCCL' not only issued shares in excess of its paid up capital but also dematerialized those unauthorized excess shares and subsequently sold them in market to investors through appellant, SEBI debarred promoter of 'SCCL' from accessing securities market for 10 years and also imposed penalty on appellant for alleged violating Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003,
from www.taxmann.com Latest Case Laws https://ift.tt/2l2IRGR
from www.taxmann.com Latest Case Laws https://ift.tt/2l2IRGR
HC quashed order of AO directing 50% of tax demand without considering assessee's stay application
No reassessment on basis of info of DDIT (Investigation) that creditworthiness of lender not explained: HC
IT : Reopening of assessment relying only upon information received from DDIT, that assessee had issued debentures to a shell company and creditworthiness of lender and genuineness as well as nature of transaction was not explained, was not justified when Assessing Officer had not independently applied his mind to such information
from www.taxmann.com Latest Case Laws https://ift.tt/2LGyPXk
from www.taxmann.com Latest Case Laws https://ift.tt/2LGyPXk
HC allowed deduction of exp. incurred by assessee on restructuring of several units engaged in different businesses
IndusInd, DBS Bank go to tribunal against Jyoti Structures' resolution plan
Monday, June 11, 2018
Payment to contractor engaged in collection of data which doesn't mandate technical skills requires sec. 194C TDS
IT: Where assessee-company, engaged in business of Information Technology/Information Technology enabled services, entered into an agreement with TCS for creation of Geographical Information Systems, in view of fact that in order to carry out work under said contract assessee outsourced non-technical work such as collection of data to various contractors, said work being in nature of 'works contract', assessee was justified in deducting tax at source under section 194C
from www.taxmann.com Latest Case Laws https://ift.tt/2y0XxQ2
from www.taxmann.com Latest Case Laws https://ift.tt/2y0XxQ2
Laying of underground pipeline network falls under definition of ‘work contract’
GST: Applicant company was engaged in construction of pipeline network – It was given contract by State Municipal Corporation for supply of pipes at location specified Corporation, laying of pipes in desired formation and to test pipes against leakages and, then, commissioning of network of pipeline - Applicant had brought pipes for said project and at time of purchase, it had paid Central Excise and VAT - When Goods and Service Tax was implemented, only work of testing and commissioning of
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181691/laying-of-underground-pipeline-network-falls-under-definition-of-‘work-contract’.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181691/laying-of-underground-pipeline-network-falls-under-definition-of-‘work-contract’.aspx
Power of officers to compound offences under Foreign Contribution (Regulation) Act: MoF
ITAT allowed provision for warranty services created in accordance with inputs received from technical team
IT: Where assessee, engaged in providing marketing, technical support installation and Commissioning services to telecommunication sector, made a provision for warranty services by way of repair and replacement for a pre-defined period, said provision was eligible for deduction under section 37(1)
from www.taxmann.com Latest Case Laws https://ift.tt/2HCUwoR
from www.taxmann.com Latest Case Laws https://ift.tt/2HCUwoR
Govt. issues clarifications on availability of CENVAT Credit on GTA Services under Excise
Govt. received representations seeking clarification on implementation of circulars of the CBEC in view of several judgments of Hon’ble Supreme Court . In order to bring clarity on the issue it has been decided that Circular no. 988/12/2014-CX dated 20.10.2014 shall stand rescinded from the date of issue of this circular.
from taxmann.com News https://ift.tt/2LF3lkc
from taxmann.com News https://ift.tt/2LF3lkc
Subsidy given by State Govt. on account of power consumption by new/expanded units was capital receipt
Deferment of income over 5 years was justified if assessee had granted use of its trademark for period of 5 years
IT: Where pursuant to infrastructure and facility management agreement entered between assessee and third party, assessee had given its trademark 'Vibes' for a period of five years and received consideration, since agreement was valid for a period of five years and assessee had to carry on certain activities throughout period of five years by taking participation into management of business affairs of Vibes clinic among other responsibilities, assessee was justified in deferring income over a pe
from www.taxmann.com Latest Case Laws https://ift.tt/2sVTLBW
from www.taxmann.com Latest Case Laws https://ift.tt/2sVTLBW
Providing helicopter services to State Govt. for transportation were taxable as 'Supply of tangible goods service'
GST/Service Tax: Where appellant was providing helicopters to State Government for transportation of their personnel as and when required and for this purpose it was required to keep helicopters in readiness at particular places, maintain same and also provide qualified and experienced crew for their operation and maintenance, service provided by appellant was covered under 'Supply of Tangible Goods Service' taxable under section 65(105)(zzzzj) of Finance Act, 1994
from www.taxmann.com Latest Case Laws https://ift.tt/2l36KOM
from www.taxmann.com Latest Case Laws https://ift.tt/2l36KOM
Excess share premium not taxable in hands of closely held co. if shares were issued to NR: ITAT
Stay on recovery of demand couldn't be granted merely because appeal was pending before CIT(A): Madras HC
IT: Where assessee miserably failed to substantiate their contention that they were unable to mobilise funds to comply with direction of Assistant Commissioner to deposit 20 per cent of tax demanded nor they had brought out as to how they had made out a prima facie case for grant of an unconditional stay, mere pendency of an appeal before Commissioner (Appeals) was no ground to state that there should be stay on recovery of tax demanded
from www.taxmann.com Latest Case Laws https://ift.tt/2HCPnx4
from www.taxmann.com Latest Case Laws https://ift.tt/2HCPnx4
ITAT ruling that taxability of interest earned from REC depends upon its subsequent use requires no interference
Friday, June 8, 2018
Task force on shell cos. takes action proactive; deregistered more than 2.25 lacs cos.
In a drive carried out under the supervision of the Ministry of Corporate Affairs in the Financial Year 2017-18 the Registrars of Companies (ROCs) identified and removed from the register of companies under Section 248 of the Companies Act, 2013 the names of 2,26,166 companies, which had not filed their Financial Statements or Annual Returns for a continuous period of two or more financial years. As many as 3,09,619 directors were also disqualified under the Companies Act, 2013 for non-filing of
from taxmann.com News https://ift.tt/2JHns4c
from taxmann.com News https://ift.tt/2JHns4c
Sec. 80-IB relief not available if ITR wasn't filed within the due date prescribed u/s 139(1): Calcutta HC
Sec. 68 additions justified if subscribers of share capital had identical addresses which were not traceable
IT : Where AO made addition under section 68 in respect of increase in share capital of assessee-company, in view of fact that addresses of most of purported shareholders were identical and they could not be traced out despite notice issued under section 131, Tribunal was justified in confirming impugned addition
from www.taxmann.com Latest Case Laws https://ift.tt/2l08tUF
from www.taxmann.com Latest Case Laws https://ift.tt/2l08tUF
HC set-aside ITAT order as deletion of sec. 40A(3) disallowance wasn't supported by stuffiest evidence
IT : Where Tribunal deleted disallowance made by Commissioner (Appeals) under section 40A(3) by granting benefit of clause (g) of Rule 6DD to assessee, in view of fact that assessee had not presented sufficient evidence before revenue authorities making it eligible for claim of said benefit, impugned order passed by Tribunal was to be set aside and, matter was to be remanded back for disposal afresh
from www.taxmann.com Latest Case Laws https://ift.tt/2sSaaXS
from www.taxmann.com Latest Case Laws https://ift.tt/2sSaaXS
Addition based upon loose papers seized justified if ‘Priyanka Chopra’ agreed to it during assessment proceedings
IT : Addition of Rs.4.80 lakhs in case of assessee being undisclosed income in respect of rent received being based upon specifically identified loose paper which assessee had duly agreed during course of assessment could not be said to be arbitrary
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181670/addition-based-upon-loose-papers-seized-justified-if-‘priyanka-chopra’-agreed-to-it-during-assessment-proceedings.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181670/addition-based-upon-loose-papers-seized-justified-if-‘priyanka-chopra’-agreed-to-it-during-assessment-proceedings.aspx
TP adjustment to be made when risks taken by independent entity and captive service provider are different: ITAT
ICICI Bank, Kochhar miss Sebi deadline, ask for more time
TP provisions couldn't be applied if a transaction was declared as sham transaction: Delhi ITAT
IT/ILT : If a transaction itself is not genuine, there can be no question of applying transfer pricing provisions to it; in an eventuality of a supposed genuine transaction turning out to be non-genuine, deduction which would have been otherwise allowed in case of a genuine international transaction, are denied
from www.taxmann.com Latest Case Laws https://ift.tt/2JjJryK
from www.taxmann.com Latest Case Laws https://ift.tt/2JjJryK
Deployment of police personnel on payment basis couldn't be covered under 'Security agency services'
Thursday, June 7, 2018
Jaipur Development Authority is covered under Governmental Authority; services will be taxed accordingly: AAR
GST : Jaipur Development Authority is found to be covered under status of Government Authority and, services provided by applicant to Jaipur Development Authority under Contract awarded to them are covered under services mentioned at SI. No.3 (vi) (a) of Notification No. 11/2017 – Central Tax (Rate) dated 28-6-2017 amended with Notification No.24/2017-Central Tax (Rate) dated 21-9-2017 and further amended with notification no. 31/2017-Central Tax (Rate) dated 13-10-2017. Accordingly GST at rate
from www.taxmann.com Latest Case Laws https://ift.tt/2sCW5OW
from www.taxmann.com Latest Case Laws https://ift.tt/2sCW5OW
Used cranes purchased from AE required no TP additions if their value was determined by Customs authorities
IT/ILT : Where assessee, engaged in business of hiring and leasing heavy cranes purchased nine used cranes from its AE in view of fact that assessee got such cranes valued from custom authorities and chartered engineers, TPO was not justified in making addition by adopting written down value of cranes in books of AE as ALP
from www.taxmann.com Latest Case Laws https://ift.tt/2LuAWNJ
from www.taxmann.com Latest Case Laws https://ift.tt/2LuAWNJ
Importer liable to pay IGST on ocean freight even if he had paid IGST on CIF value of imported goods: AAR
GST : Vide notification no. 8/2017-Integrated Tax (Rate) dated 28-6-2017 and, notification no. 10/2017- Integrated Tax (Rate) dated 28-6-2017 an importer is required to pay IGST on ocean freight. Therefore as on date, even if importer has already paid IGST on CIF value imported goods, he is still required to pay IGST on ocean freight. Credit of IGST paid can be taken on basis of invoice/challan issued
from www.taxmann.com Latest Case Laws https://ift.tt/2xWpgBk
from www.taxmann.com Latest Case Laws https://ift.tt/2xWpgBk
Tyres of E-Rickshaw aren’t tyres of powered cycle rickshaw; classified as ‘Inner tubes of rubber’: AAR
CGST : E-rickshaw and powered cycle rickshaw are not one and same but two different items. Tyres used in E-Rickshaw are not tyres of powered cycle rickshaw and, hence, they are required to be classified under Chapter Heading 4013 of GST Tariff, 2017 and attract 28 percent GST as on date
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181643/tyres-of-e-rickshaw-aren’t-tyres-of-powered-cycle-rickshaw-classified-as-‘inner-tubes-of-rubber’-aar.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181643/tyres-of-e-rickshaw-aren’t-tyres-of-powered-cycle-rickshaw-classified-as-‘inner-tubes-of-rubber’-aar.aspx
HC upheld reassessment as EDC received by developers wasn't considered at time of original assessment
IT : Where after expiry of four years from end of relevant year, AO sought to reopen assessment on ground that assessee had received External Development Charges (EDC) from Land Developers/Colonizers/Real Estate builders/Promoters which were not brought to ambit of tax by assessee but were instead shown as a liability in its balance sheet, in view of fact that issue relating to taxability of EDC was not considered by Assessing Officer at time of assessment and, moreover, there was no proper disc
from www.taxmann.com Latest Case Laws https://ift.tt/2HsKqqp
from www.taxmann.com Latest Case Laws https://ift.tt/2HsKqqp
No sec. 54F relief if construction of new property took place prior to date of transfer of capital asset
IT: Transfer of immovable property takes place on execution of sale deed and, therefore, to hold that upon mere execution of agreement to sell, immovable property gets transferred to purchaser, even within extended definition of section 2(47), would be incorrect
from www.taxmann.com Latest Case Laws https://ift.tt/2kRIKxU
from www.taxmann.com Latest Case Laws https://ift.tt/2kRIKxU
Period of holding of asset acquired by partner to be reckoned from date of dissolution of firm: ITAT
IT : In absence of a specific provision to effect that period of holding of an asset acquired by a continuing partner on dissolution of firm occasioned by death of a partner, is to be reckoned from date of acquisition of said asset by firm, which is a separate entity under Income Tax Act, 1961, claim of assessee that period of holding of property under consideration was to be date on which it was acquired by firm i.e., 04.05.1984 and not on date when it was acquired by assessee as a continuing p
from www.taxmann.com Latest Case Laws https://ift.tt/2xNhSsf
from www.taxmann.com Latest Case Laws https://ift.tt/2xNhSsf
BCCI abused its dominant position in market for organization of domestic cricket leagues in India: CCI
Competition Act : Where BCCI had right to sanction/approve cricket events in India ,BCCI was holding a dominant position in relevant market for organization of professional domestic cricket leagues/events in India and it had abused its dominant position by excluding informant from participating in relevant market by not recognizing Indian Cricket League (ICL )and blacklisting Informant from participating in bids for allocation of broadcast rights for IPL
from www.taxmann.com Latest Case Laws https://ift.tt/2kWsfR8
from www.taxmann.com Latest Case Laws https://ift.tt/2kWsfR8
RBI Relaxes Bond-Loss Provisions Again; Move to Protect PSB Margins
After 4 Yrs, RBI Hikes Repo Rate by 25 bps on Price Pressures
Sebi lens on Avista Advisory clients in ICICI loan case
Wednesday, June 6, 2018
Provision for doubtful debt couldn't be added while computing book profit for MAT calculation: ITAT
Provision of increased wages not allowable till arbitration award was made: HC
No sec. 69C additions if sum towards purchase of paintings was paid through proper banking channel
IT : Where addition under section 69C was made on account of bogus purchases in respect of paintings, since existence of transaction between assessee and suppliers/sellers could not be doubted and payments were made to suppliers through banking channels and paintings were in possession of assessee and were duly reflected as a part of closing stock, impugned addition was unjustified
from www.taxmann.com Latest Case Laws https://ift.tt/2kUjLtM
from www.taxmann.com Latest Case Laws https://ift.tt/2kUjLtM
RBI increases repo rate by 25 basis point to 6.25 %
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25 per cent. Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent
from taxmann.com News https://ift.tt/2M1uJtX
from taxmann.com News https://ift.tt/2M1uJtX
CIT(A) couldn't enhance assessment by changing head of income without giving SCN to assessee
ITAT rejected revisional application as all grounds related to order passed by CIT had been properly dealt with
IT : Where assessee filed rectification application on ground that Tribunal had not adjudicated certain grounds which were specifically mentioned, in view of fact that all grounds pertained to order passed under section 263 by Commissioner and those grounds were not only taken into body of order but at same time an elaborate judgment had been passed regarding same, assessee's application deserved to be rejected
from www.taxmann.com Latest Case Laws https://ift.tt/2xNzOTA
from www.taxmann.com Latest Case Laws https://ift.tt/2xNzOTA
ITAT remanded matter as revenue sharing though christened as royalty yet wasn't royalty
IT/ILT : Where assessee had pleaded that payment though nomenclatured as royalty, was not royalty as such, but was only a payment made towards revenue sharing arrangement entered into with its AE, since this aspect was not considered by Assessing Officer, matter deserved to be remanded back to file of TPO for de novo adjudication
from www.taxmann.com Latest Case Laws https://ift.tt/2xMfqBZ
from www.taxmann.com Latest Case Laws https://ift.tt/2xMfqBZ
Sebi set to take action against senior staff over WhatsApp leak
Indian hotel managed and operated by a Luxembourger hotel constitute its fixed place PE in India: AAR
IT : Payments received by applicant from Indian hotel owner for provision of global reservation services (GRS) would be chargeable to tax in India under section 9(1)(i) read with Articles 5 and 7 of India-Luxembourg DTAA as business income and is attributable to applicant's permanent establishment in India
from www.taxmann.com Latest Case Laws https://ift.tt/2kSKuXG
from www.taxmann.com Latest Case Laws https://ift.tt/2kSKuXG
Tuesday, June 5, 2018
SEBI further amends listing obligations and disclosure norms
SEBI has amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Amendment has been made to Regulation 2, 15, 23, 24, 31A, 37, and Schedule III. In Reg. -15, a new sub-regulation has been inserted providing that provisions relating to board of directors shall not be applicable during the period in respect of a listed entity which is undergoing insolvency resolution process. Also, role and responsibility of Board shall be fulfilled by interim resolution professional.
from taxmann.com News https://ift.tt/2xGFzT2
from taxmann.com News https://ift.tt/2xGFzT2
SEBI hikes maximum limit of investment by an angel fund in venture capital undertaking to Rs. 10 Cro
SEBI has amended SEBI (Alternative Investment Funds) Regulation, 2012. Amendment has been made to Regulation 2, 10, 19A, 19D, 19E, and 19F. Under revised norms, mostly the word ‘Companies Act, 2013’ has been substituted in place of ‘Companies Act, 1956’. Under regulation 19D, the limit of corpus for angel fund has been reduced from Rs. 10 Cr. to Rs. 5 Cr. Also, the maximum limit of investment by an angel fund in any venture capital undertaking has been hiked to Rs. 10 Cr. from Rs. 5 Cr.
from taxmann.com News https://ift.tt/2sxWhim
from taxmann.com News https://ift.tt/2sxWhim
TDS credit wasn't available to assessee if corresponding income wasn't offered to tax: Mumbai ITAT
IT: Where Assessing Officer having invoked provisions of section 50C, made certain addition to assessee's income, in view of fact that even after applying provisions of section 50C, difference in capital gain declared by assessee and figure adopted by Assessing Officer did not even exceed 10 per cent of stamp duty valuation, impugned addition deserved to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2JalM3r
from www.taxmann.com Latest Case Laws https://ift.tt/2JalM3r
Cleaning of railway wagons & coaches not covered under category of 'Cleaning services'
Loss of bank guarantee due to failure in completing contract as per terms was allowable deduction: ITAT
IT : Where assessee, engaged in business of constructing bus shelters, entered into an agreement with Delhi Transport Corporation for setting up bus queue shelters under BOT basis, since assessee failed to construct bus shelters within time prescribed in agreement, and as a result it lost bank/performance guarantee, loss so incurred being in normal course of business, deserved to be allowed under section 28(i)
from www.taxmann.com Latest Case Laws https://ift.tt/2Jk3fxE
from www.taxmann.com Latest Case Laws https://ift.tt/2Jk3fxE
HC remanded back issue related to classification of 'Good knight advance fast card' to Tribunal
Exp. incurred to improve quality of existing products was allowable as revenue exp.: Gujarat HC
IT: Where assessee incurred expenditure on product development and claimed deduction for same under section 37(1), in view of fact that expenditure so incurred did not involve development of a new product or even a new technique or technology to manufacture existing product more efficiently rather it was aimed at improving quality of existing products of assessee, assessee's claim for deduction was to be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2kO8pHC
from www.taxmann.com Latest Case Laws https://ift.tt/2kO8pHC
Provisions related to transfer of capital instrument by person resident outside India enforced w.e.f
NCLT verdict on UltraTech Cement proposal likely by July 10
SEBI amends applicability provisions for delisting of shares
The market regulator has notified the SEBI (Delisting of Equity Shares) Regulations, 2009 wherein it has been specified that the provisions related to applicability of delisting of shares shall not apply if made pursuant to resolution plan approved by Insolvency and Bankruptcy Code.
from taxmann.com News https://ift.tt/2JjoakG
from taxmann.com News https://ift.tt/2JjoakG
SEBI eases norms for substantial acquisition of shares under Takeover regulations
The SEBI has amended the SEBI (Substantial Acquisition of shares and Takeovers) Regulation, 2018 wherein it has been specified that the acquisition pursuant to a resolution plan approved under section 31 of the Insolvency and Bankruptcy Code, 2016 shall be exempted from the obligation under the provisions of Takeover Regulations
from taxmann.com News https://ift.tt/2sEGhuf
from taxmann.com News https://ift.tt/2sEGhuf
Monday, June 4, 2018
LO of International Zinc Association not performing specific services for its members not taxable in India: AAR
IT/ILT : Where applicant, Belgian company registered as an 'International Non-Profit Association', with approval of RBI, set up a liaison office in India, for education, on importance of zinc fertilizers as Zinc deficiency is a wide spread problem in agricultural soils harming crop productivity and nutritional quality, and also to promote Zinc as an agent to galvanize steel to increase its strength and durability, since applicant is a not-for-profit organization and works for benefit of its memb
from www.taxmann.com Latest Case Laws https://ift.tt/2xIh4EU
from www.taxmann.com Latest Case Laws https://ift.tt/2xIh4EU
Exp. incurred on acquiring licenses to use software which didn't confer any enduring right was allowable exp.
DRI seizes 32 Kg. Of Gold worth Rs 10.32 Crore in one of the biggest seizures of Smuggled Gold in Re
No loss of doc. related to Nirav Modi/Mehul Choksi case in Scindia House Fire: CBDT
No reassessment based on report of departmental valuer if report of approved valuer was relied upon originally
IT : Where assessment under section 143(3) was completed by taking cost of construction of building on basis of expert approved valuer, reopening of assessment after seven years on basis of report of departmental valuer would amount to change of opinion
from www.taxmann.com Latest Case Laws https://ift.tt/2LhNcky
from www.taxmann.com Latest Case Laws https://ift.tt/2LhNcky
Special equipments given on hire for mining & transportation of excavated minerals eligible for higher dep.
Sebi Lens on FPIs Under NRI ‘Control’
Sebi Notice says Chanda Kochhar Violated the Code of Conduct
RBI to take PNB’s PCA test after Q1 results
Order passed by ITAT relying only on case law cited by AO couldn't be said to be mistake apparent from records
IT : Where assessee sought rectification of Tribunal's order on ground that while applying net rate of 10 per cent on gross receipt, Tribunal failed to take into consideration binding order passed by co-ordinate Bench of Tribunal of effect that net profit rate of 5 per cent was a reasonable rate, in view of fact that Tribunal had passed impugned order on basis of order passed by co-ordinate Bench in another case relied upon by revenue, judicial discretion exercised by Tribunal could not be const
from www.taxmann.com Latest Case Laws https://ift.tt/2LUv7du
from www.taxmann.com Latest Case Laws https://ift.tt/2LUv7du
Saturday, June 2, 2018
SEBI debars Vijay Mallya from securities market for three years
The Securities and Exchange Board of India (SEBI) had passed an interim order dated on January 25, 2017 in the matter of United Spirits Limited (USL) whereby it restrained Mr. Vijay Mallya and six other Top officials from accessing Securities Market and also from holding position of Director or Key Managerial Person of any Listed Company.
from taxmann.com News https://ift.tt/2HeoE9G
from taxmann.com News https://ift.tt/2HeoE9G
Exemption on sale of agricultural land rightly denied as sale deed suggested that it was residential land: ITAT
IT : Where assessee sold a piece of land claiming it to be in nature of agricultural land, in view of fact that no agricultural activity was carried out on said land during relevant year and, moreover, land in question was situated within 8 km. of local municipal limits, Assessing Officer was justified in making addition to assessee's income under head 'Capital gain' by invoking provisions of section 50C
from www.taxmann.com Latest Case Laws https://ift.tt/2xB8Mi7
from www.taxmann.com Latest Case Laws https://ift.tt/2xB8Mi7
Printer being part of computer system eligible for 60% depreciation: Madras HC
Employees of an autonomous research institute couldn’t be equated with employees of CG for purpose of RFA
IT : Where assessee, an autonomous research institute in dairy development was treated as an assessee in default under section 201(1) as it failed to deduct tax at source on perquisite value of rent free residential accommodation provided to its employees, in terms of rule 3 as applicable, where accommodation is provided by any employer other than Central Government or State Government, it was held that employees of society cannot be equated with employees of Central Government and, therefore,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181535/employees-of-an-autonomous-research-institute-couldn’t-be-equated-with-employees-of-cg-for-purpose-of-rfa.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181535/employees-of-an-autonomous-research-institute-couldn’t-be-equated-with-employees-of-cg-for-purpose-of-rfa.aspx
10% penalty to be levied if assessee admits undisclosed income during search: SC
Where assessee in course of search admits undisclosed income and manner in which such income has been derived, than provisions of section 271AAB would
Power Cos Without Wilful Defaulter Tag Can’t be Taken to NCLT, Rules HC
ITAT couldn't enhance assessment and take back benefits granted by AO during appeal: Madras HC
Friday, June 1, 2018
Amendments to the National Housing Bank Act, 1987 comes into force wef. 01.06.2018
HC directed assessee to deposit further 20% of tax demand as application for stay of demand was rejected
IT : Where assessee deposited 20 per cent of tax demand during pendency of appeal and, thereupon Assessing Officer passed an order under section 220(6) whereby application filed by assessee for grant of absolute stay and collection of disputed demand was rejected, in interest of justice, assessee was to be directed to deposit further 20 per cent of original tax demand and if assessee complied with said direction, impugned notice issued under section 226(3) would be revoked
from www.taxmann.com Latest Case Laws https://ift.tt/2J3P7fQ
from www.taxmann.com Latest Case Laws https://ift.tt/2J3P7fQ
Now ‘Bankers to an Issue’ have to preserve books of account, records and other documents for years
SEBI has made amendment to the Regulation 12 of the SEBI (Bankers to an Issue) Regulations, 1994. As per the amended norms now every banker to an issue shall have to preserve books of account, records and the documents for a minimum period of Eight years. Earlier the period was three years.
from taxmann.com News https://www.taxmann.com/topstories/222330000000015626/now-‘bankers-to-an-issue’-have-to-preserve-books-of-account-records-and-other-documents-for-years.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000015626/now-‘bankers-to-an-issue’-have-to-preserve-books-of-account-records-and-other-documents-for-years.aspx
Surrendering income to avoid litigation won’t save sec. 271AAA penalty unless its earning manner is disclosed
IT : Where assessee during search proceedings in reply to specific query raised by Assessing Officer expressed his inability to explain discrepancy in stock in order to substantiate manner in which income in question had been derived rather categorically stated that he had made voluntary surrender of Rs.21 crores in order to buy peace of mind and avoid litigation, assessee having failed to specify manner and substantiate manner in which undisclosed income was derived rather embarked upon mercy p
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181528/surrendering-income-to-avoid-litigation-won’t-save-sec-271aaa-penalty-unless-its-earning-manner-is-disclosed.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181528/surrendering-income-to-avoid-litigation-won’t-save-sec-271aaa-penalty-unless-its-earning-manner-is-disclosed.aspx
Now share transfer agents have to maintain books of account in respect of eight preceding financial
SEBI has notified amendment to the SEBI (Registrars to an issue and Share transfer agents) Regulations, 1993. Amendment has been made to Regulation 14 - To maintain proper books of account, and records, etc. and Regulation 15 - Maintenance of records. Under the revised norms, now share transfer agents need to maintain books of accounts in respect of eight preceding financial years. Earlier the period was three years.
from taxmann.com News https://ift.tt/2HaApho
from taxmann.com News https://ift.tt/2HaApho
Sec. 271AAB penalty was applicable if assessee admitted undisclosed income & specified its earning manner: HC
Now Mutual Funds to provide physical copy of abridged summary of Annual report to unit holders at fr
SEBI has amended the Mutual Funds Regulations. Under the revised norms, Mutual Funds shall have to provide physical copy of the abridged summary of the Annual Report without any cost if any request is made by unit holders through any mode. Amendments have also been made to Regulation 49- Pricing of units, Regulation 52- Limitation on fees and expenses on issue of schemes, Regulation 56- Mailing of Annual Report and Summary, Regulation 59A- Statement to Unit holders.
from taxmann.com News https://ift.tt/2xx7ggK
from taxmann.com News https://ift.tt/2xx7ggK
Drawing & designing charges paid in respect of computer software couldn't be held as capital exp.
IT : Where revenue challenged order passed by Tribunal allowing assessee's claim of sales commission paid to 'M', an agent in Iraq, on ground that his name figured in Volker Commission Report and payment of commission was not authorised by U.N., since question as to whether particular person was or was not an agent and as to whether he was paid commission was a pure question of fact, impugned order passed by Tribunal did not require any interference
from www.taxmann.com Latest Case Laws https://ift.tt/2soh6g9
from www.taxmann.com Latest Case Laws https://ift.tt/2soh6g9
Assessee was bound to claim additional dep. irrespective of fact that entire income was exempt u/s 80-IA
ED files money laundering case against AirAsia officials
Sebi slaps Rs, 1 mn fine on DLG for wrong disclosure of IPO fund
Commission paid to foreign agents on export of goods not taxable in absence of any business connection in India
IT/ILT : Where assessee paid certain amount as commission to export agents, in view of fact that all activities of agents were performed overseas and, moreover, they did not have any office or business operation in India, commission income could not be said to accrue or arise in India in terms of section 9(1)(i)
from www.taxmann.com Latest Case Laws https://ift.tt/2kHe1nc
from www.taxmann.com Latest Case Laws https://ift.tt/2kHe1nc
Subscribe to:
Posts (Atom)