MCA amends Cos. (Accounts) Rules; tightens disclosure norms for companies

The Ministry of Corporate Affairs (MCA) has amended the Companies (Accounts) Rules, 2014 wherein the provision related to the matter disclosure in board report has been amended. Now, the companies are required to disclose in their report about the maintenance of cost records, internal complaints committee under sexual harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

from taxmann.com News https://ift.tt/2vlay2t

CIT wasn't required to give hearing opportunity to assessee before giving approval for assessment in search cases

IT : There is no requirement of granting an opportunity of hearing to assessee by Joint Commissioner prior to giving approval as per section 153D to order of assessment or reassessment under section 153A

from www.taxmann.com Latest Case Laws https://ift.tt/2NXgJ4k

SC over-ruled ‘Sun Export’ Case since assessee can’t take benefit of ambiguity in exemption notification

Excise & Customs : Exemption notifications should be interpreted strictly, assessee cannot take benefit of ambiguity in exemption notification

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182707/sc-over-ruled-‘sun-export’-case-since-assessee-can’t-take-benefit-of-ambiguity-in-exemption-notification.aspx

Supply of equipments to be used in construction of dams classifiable as supply of tangible goods

GST/Service Tax: Where assessee entered into contracts for construction of residential complex in Hydro Power Project colony to be used for residence of staff working on dams and construction of peripherals of Hydro Electricity Dams and it was providing services along with material, said contracts were composite contract and would be classifiable under category of 'works contract service'

from www.taxmann.com Latest Case Laws https://ift.tt/2vlbJih

Rebate on franking charges not liable to ST if such charges were reimbursed by clients

GST/Service Tax: Where assessee was engaged in providing mailing services using franking machines of postal department, franking charges paid directly to Post Master General by assessee's clients, or otherwise paid by assessee and subsequently reimbursed by clients, could not be made part of value of taxable service

from www.taxmann.com Latest Case Laws https://ift.tt/2LIocYF

AO was justified in reopening assessment as assessee allegedly received accommodation entries from shell Co.

IT : Where AO initiated reassessment proceedings on basis of information supplied by Investigation Wing that assessee received accommodation entries in form of share capital and share premium from paper/shell companies, validity of said proceedings deserved to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/2AqjDNn

No sec. 69 additions if assessee didn't explain source of investment of prospective bulk purchasers of land

IT: Where investment made by assessee in purchasing land was out of funds received from bulk and retail purchaser as per agreement between them, no addition under section 69 could be made in hands of assessee; SLP dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2mWS7gL

No sec. 69 additions if assessee didn't explain source of investment of prospective bulk purchases of land

IT: Where investment made by assessee in purchasing land was out of funds received from bulk and retail purchaser as per agreement between them, no addition under section 69 could be made in hands of assessee; SLP dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2M3F4F0

NCLT Allows Merger of LLP, Private Co

NCLT Allows Merger of LLP, Private Co

from taxmann.com News https://ift.tt/2LDKVVy

Assessee Has to Prove Tax Exemption: SC

Assessee Has to Prove Tax Exemption: SC

from taxmann.com News https://ift.tt/2NWSVxC

Consider 1st batch of resolution plans in Bhushan Power case: NCLAT to CoC

Consider 1st batch of resolution plans in Bhushan Power case: NCLAT to CoC

from taxmann.com News https://ift.tt/2LF2m83

RBI´s interest rate setting panel begins meeting

RBI´s interest rate setting panel begins meeting

from taxmann.com News https://www.taxmann.com/topstories/222330000000016186/rbi´s-interest-rate-setting-panel-begins-meeting.aspx

RBI hiking rates would be a big mistake: Mobius

RBI hiking rates would be a big mistake: Mobius

from taxmann.com News https://ift.tt/2vlY6j4

NITI Aayog seeks tax sops for real estate

NITI Aayog seeks tax sops for real estate

from taxmann.com News https://ift.tt/2OqlfJT

CCI to probe Star India, Sony for Unfair Practices

CCI to probe Star India, Sony for Unfair Practices

from taxmann.com News https://ift.tt/2vpW0OW

Single regulator for e-commerce sector in the offing

Single regulator for e-commerce sector in the offing

from taxmann.com News https://ift.tt/2LF2eW7

Exp. incurred on abandoned project was revenue exp. if no new asset of enduring nature was created

IT : Where assessee-company entered into an arrangement for implementation of a project which was later on ordered to be closed by Government, since said project was in same line of existing business of assessee and there was no creation of any new asset of enduring nature, entire exp. incurred on said project was to be allowed as revenue expenditure

from www.taxmann.com Latest Case Laws https://ift.tt/2vjkTfi

Violation of FDI policy regulation is covered by penal provision of FEMA, 1999: MoC

The Ministry of Commerce has specified that there is no proposal to set up a special group to keep tabs on any violation of foreign policy by online retail platforms such as amazon, Flipkart and Myntra. However, any violation of Foreign Direct Investment policy regulation is covered by the penal provision of the FEMA, 1999.

from taxmann.com News https://ift.tt/2K9Ujul

MCA constitutes a NCLT bench at Kochi

The Ministry of Corporate Affairs (MCA) has constituted the National Company Law Tribunal, Kochi Bench at Kochi. Accordingly, the earlier notification issued in this regard has been amended

from taxmann.com News https://ift.tt/2NXtJXA

HC upheld levy of penalty as assessee was involved in obtaining & repaying cash loans exceeding Rs. 20,000

IT : Where assessee had obtained and repaid loans in cash exceeding Rs. 20 thousand on regular basis, in view of fact that loans and repayments had not been accounted for in regular books of account and, moreover, no business exigency or urgency had been established to follow a prolonged and persistent system of accepting and repaying loans only in cash, penalty order passed under section 271D was to be confirmed

from www.taxmann.com Latest Case Laws https://ift.tt/2ArB5Rx

Directing assessee to pay 20% tax demand without considering request for grant of interim relief was unjustified

IT : Where assessee filed an application seeking stay of demand during pendency of appeal, Assessing Officer admitted same but as per CBDT Memorandum directed assessee to pay 20 per cent of tax demand without considering as to whether assessee had made out a prima facie case for grant of interim relief, same was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/2OuZYyI

MCA enforced certain provisions of Companies (Amendment) Act, 2017 w.e.f. July 27, 2018

The Ministry of Corporate Affairs (MCA) has enforced certain provisions from the Companies (Amendment) Act, 2017 with effect from July 27, 20118.

from taxmann.com News https://ift.tt/2mYNlPY

NCLT admitted application for rectification for wrongful calculation of share capital

CL : Where appellant company while converting CCDs allotted excess shares to respondent-NRI but opted to unwind excess shares as advised by RBI, appellant's application for rectification under section 59 for wrongful calculation of share capital was to be accepted

from www.taxmann.com Latest Case Laws https://ift.tt/2LCurNj

AO couldn’t make additions due to deposit of money in Swiss Bank if assessee became NR decades ago

IT: Where additions were made to income of assessee, who became a non-resident decades ago, in respect of cash deposits in his bank account outside India, since there was no income accrued or arised to assessee in India since long, impugned additions were unjustified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181892/ao-couldn’t-make-additions-due-to-deposit-of-money-in-swiss-bank-if-assessee-became-nr-decades-ago.aspx

Re-assessment notice to be set-aside if underlying reasons for notice weren't found correct

IT: Where Commissioner issued a notice under section 263 taking a view that when Assessing Officer had found purchases to be bogus, there was no question of limiting addition on basis of GP ratio, in view of fact that Assessing Officer did not hold that relevant purchases were bogus, and, moreover assessment order had been merged with order passed by Commissioner (Appeals), impugned notice was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2LPn6Jy

No FTS if no technical knowledge was made available to enable recipients to use services independently

IT/ILT: Where inspection and testing services rendered by assessee a UK based company to Indian customers but no technical knowledge, etc. were made available so as to enable recipients to use those services independently, payments received could not be termed as 'fee for technical services'

from www.taxmann.com Latest Case Laws https://ift.tt/2v0Q2VA

Fees paid on import of machinery which was linked to sale was taxable as intellectual property service

GST/Cenvat: Where assessee had started functioning from its business premises from 11-4-2006, and had obtained registration under service tax law on 22-8-2006 assessee was eligible to avail cenvat credit of service tax paid in interregnum

from www.taxmann.com Latest Case Laws https://ift.tt/2uZRYNN

RBI Likely to Go for 25bps Interest Rate Hike as Inflation Risks Mount

RBI Likely to Go for 25bps Interest Rate Hike as Inflation Risks Mount

from taxmann.com News https://ift.tt/2AwLLOX

CCI Orders Probe into ‘Misconduct’ by Star TV, Sony

CCI Orders Probe into ‘Misconduct’ by Star TV, Sony

from taxmann.com News https://www.taxmann.com/topstories/222330000000016174/cci-orders-probe-into-‘misconduct’-by-star-tv-sony.aspx

Plant growth regulators like Agromin, Chelamin and Chelafir classifiable as 'Other fertilizers'

GST/Excise & Customs: Where assessee was engaged in manufacture of 'Plant growth regulators', viz., 'Agramin', 'Chelamin' and 'Chelafir', said products would be classifiable under Heading No. 3105 and not under Heading No. 3508

from www.taxmann.com Latest Case Laws https://ift.tt/2vdx1yo

Item was classifiable as printing item even if it was partly printed to enable user to print on balance space

GST/Excise & Customs: Where items manufactured by appellant-printer were partly printed and balance was to be printed/filled by user, said items would be classifiable under Chapter 49 as 'printing items' and not under Chapter 48 as 'stationery items'

from www.taxmann.com Latest Case Laws https://ift.tt/2LBComd

Revised return filed after issuance of scrutiny notice is valid: Mumbai ITAT

IT: There is no bar/restriction in provisions of section 139(5) that assessee cannot file a revised return after issuance of notice under section 143(2), AO could not reject assessee's claim for deduction under section 54 raised in revised return on ground that said return was filed after issuance of notice under section 143(2)

from www.taxmann.com Latest Case Laws https://ift.tt/2LC2SnC

Company court has no jurisdiction to stay proceedings before NCLT while dealing with winding up plea

CL : Company Court while dealing with winding up petitions (saved petitions) shall have no jurisdiction to stay proceedings before NCLT in respect of revival or resolution issue

from www.taxmann.com Latest Case Laws https://ift.tt/2OmQHsc

Interest paid on funds borrowed for installing power plant allowable irrespective of commencement of production

IT : Payment of interest in relation to money borrowed for installing captive power plant for expansion of existing pharmaceuticals business of assessee was allowable as deduction under section 36(1)(iii) irrespective of fact whether such power plant had commenced production or not in year under consideration

from www.taxmann.com Latest Case Laws https://ift.tt/2NQMGeI

NCLAT upholds CCI order levying penalty on Cement Company for cartelization charges

Competition Act : Penalty imposed on cement companies for cartelisation charges was to be upheld as cement companies had reduced production and dispatches of cement across all sectors in a period when demand from construction sector was positive resulting in limit over supplies and production which was violative of section 3(3)(b), resulting in increase in prices by all companies, due to their co-ordinated behaviour was violative of section 3(3)(a) of Competition Act, 2002

from www.taxmann.com Latest Case Laws https://ift.tt/2OpO0Gn

NCLAT uploads CCI order levying penalty on Cement Company for cartelization charges

Competition Act : Penalty imposed on cement companies for cartelisation charges was to be upheld as cement companies had reduced production and dispatches of cement across all sectors in a period when demand from construction sector was positive resulting in limit over supplies and production which was violative of section 3(3)(b), resulting in increase in prices by all companies, due to their co-ordinated behaviour was violative of section 3(3)(a) of Competition Act, 2002

from www.taxmann.com Latest Case Laws https://ift.tt/2K7NJEG

Re-rubberisation of worn-out rubberized rollers was classifiable as business auxiliary service

GST/Service Tax : Where assessee was engaged in rerubberisation of old/worn out rubberised rollers of various industries and rerubberisation comprised removing of old rubber from spindle and replacing it with fresh rubber compound coating, said activity was classifiable under category of 'Business auxiliary service'

from www.taxmann.com Latest Case Laws https://ift.tt/2LLKF60

SC grants SLP for taxability of naturopathy services for various types of ailments

CST/Service Tax : Where assessee provided Naturopathy services for various types of ailments and Adjudicating Authority held that assessee would fall under category of 'health and fitness services' and liable to be taxed and High Court held that assessee would fall within purview of exemption Notification No. 25/2012, dated 20-6-2012, SLP filed against judgment and order of High Court was granted

from www.taxmann.com Latest Case Laws https://ift.tt/2NR9bjH

Govt. amends norms for continuous Listing Requirements

The Govt. has notified the Securities Contracts (Regulation) (Amendment) Rules, 2018 wherein new proviso has been inserted which explicates that where the public shareholding in a listed company falls below 25 %, as a result of implementation of resolution plan approved under section 31 of the Insolvency and Bankruptcy Cod, 2016, such company shall bring the public shareholding to 25 % within a maximum period of 3 years from the date of such fall, in the manner specified by the SEBI.

from taxmann.com News https://ift.tt/2LwJO9Y

Diversification of activities of Standalone Primary Dealers – Foreign Exchange Business: RBI

In order to facilitate Standalone Primary Dealers to provide comprehensive services to their clients, the RBI has decided to permit them to offer foreign exchange products to their FPI clients, as permitted by the bank from time to time.

from taxmann.com News https://www.taxmann.com/topstories/222330000000016163/diversification-of-activities-of-standalone-primary-dealers-–-foreign-exchange-business-rbi.aspx

SEBI issues discussion paper on Delisting of Equity Shares

The Market Regulator, SEBI has come out with SEBI (Delisting of Securities) Guidelines, 2003 whereby the concept of price fixation was changed from fixed price announce by the acquirer to reverse book build price determined by the existing public shareholders.

from taxmann.com News https://ift.tt/2Lu0FKI

Loss from another firm debited in P&L a/c to be added back while computing book profit under MAT

IT : In view of Explanation (ii) to section 115JB, share of loss from two firms of which assessee was a partner, if debited to profit and loss account, had to be added back while computing profit under section 115JB

from www.taxmann.com Latest Case Laws https://ift.tt/2LSkG9U

ITAT restricts exemption to Rs. 25 lakhs as ‘Davis Cup’ held by CLTA was for commercial purpose

IT : Where pre-dominant object of assessee society Chandigarh Lawn Tennis Association was promotion of game of tennis including selection of players, training of players, and conduct of matches both domestic and international, other income of assessee such as from nominal registration fees or nominal coaching fees which was charged so as to attract only genuinely interested trainees / players could not be said to be its business income as it was sans profit motive. Further, holding of matches fo

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182623/itat-restricts-exemption-to-rs-25-lakhs-as-‘davis-cup’-held-by-clta-was-for-commercial-purpose.aspx

Trimmings and end cuts arising in course of glass manufacture are treated as 'Waste & scrap of glasses'

GST/Excise & Customs: Where assessee was engaged in manufacture of Stitch Bonded Fabrics of Glass from glass roving, trimmings and end cuts arising during course of manufacture of said product would be classifiable under Heading No. 7001 00 90

from www.taxmann.com Latest Case Laws https://ift.tt/2LVz8y2

Promoting activities connected with development of cattle and buffaloes covered u/s 2(15); exemption allowable

IT: Assessee-society, established with a view to undertake and promote activities connected with development of cattle and buffaloes being covered by section 2(15), income earned by it from sale of semen was eligible for exemption

from www.taxmann.com Latest Case Laws https://ift.tt/2NQiDUp

No reassessment after 4 years if AO had made detailed inquiry regarding cash purchases of raw cotton from farmers

IT: Where during scrutiny assessment Assessing Officer carried out minute possible detailed inquiry with respect to cash purchases of raw cotton from individual farmers and assessee had produced every person who Assessing Officer required for purpose of ascertaining factum of sale, reopening of assessment after four years for further inquiry was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2OhNQAS

Recording reasons that escaped income was likely to be Rs. 1 lakh or more must before issuing sec. 147 notice

IT: It is mandatory for Assessing Officer to state in his reasons recorded, that escaped assessment amounts to, or is likely to be Rs. 1 lakh or more, to bring it within ambit of section 149(1)(b) for invoking extended period of limitation

from www.taxmann.com Latest Case Laws https://ift.tt/2NOgOHv

Value of software provided with multiplexers shall be included in assessable value

GST/Excise & Customs: Where assessee was engaged in manufacture of telecom optical transmission equipments (multiplexers), value of Tejas Network Element Software (TEJNES software) loaded into/supplied along with multiplexers was required to be added to value of multiplexers for purpose of arriving at assessable value and discharging duty

from www.taxmann.com Latest Case Laws https://ift.tt/2LTGvWL

Employee eligible for sec. 10(10C) exemption even if VRS wasn't in conformity with Rule 2BA

IT : Assessee, a retired employee of bank, having opted for voluntary retirement under Voluntary Retirement Scheme was eligible for exemption under section 10(10C)

from www.taxmann.com Latest Case Laws https://ift.tt/2LWuHTL

PF Subscribers may Get Choice of Investments

PF Subscribers may Get Choice of Investments

from taxmann.com News https://ift.tt/2LTDupk

Sebi may Allow Promoters of Delisted Cos’ to Make a Counter Offer

Sebi may Allow Promoters of Delisted Cos’ to Make a Counter Offer

from taxmann.com News https://www.taxmann.com/topstories/222330000000016157/sebi-may-allow-promoters-of-delisted-cos’-to-make-a-counter-offer.aspx

Vodafone India, Idea Get Final Nod for Merger

Vodafone India, Idea Get Final Nod for Merger

from taxmann.com News https://ift.tt/2uVo2Ct

Customs duty hike on cards, thank GST cut

Customs duty hike on cards, thank GST cut

from taxmann.com News https://ift.tt/2LPDVRs

Nirav Modi, Choksi summoned by court under new law

Nirav Modi, Choksi summoned by court under new law

from taxmann.com News https://ift.tt/2LMzIBu

System/Guest Inn link or Mastero' used by hotels was classifiable as Thermostats under excise law

GST/Excise & Customs: Where assessee was engaged in manufacture of 'Guest Room Control Systems' of different types mainly used by hotels for installing in their guest rooms and these systems were of four types, namely (i) Power Link/Power Innlink, (ii) Energy Link/Energy Innlink, (iii) Conf link/Conf Innlink, and (iv) Guest Link/Guest Innlink or Mastero, out of four systems, system 'Guest Innlink or Mastero' was classifiable under Heading No. 9032 11 and parts thereof would be classifiable under

from www.taxmann.com Latest Case Laws https://ift.tt/2AfWRaE

Levelling of agricultural land was classifiable as site formation & clearance service; not exempted : SC

GST/Service Tax: Where assessee was issued a work order for levelling of agricultural land including filling of gorges/nallah, etc. and High Court held that activities undertaken by assessee were covered under section 65(97a) of Finance Act, 1994 and Supreme Court dismissed SLP filed by assessee, review petition filed by assessee had no merits and required to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2LX1VSA

Parliament amends Prevention of Corruption Act, 1988

The Parliament has notified the Prevention of Corruption (Amendment) Act, 2018 wherein numerous of changes have been done from redefining criminal misconduct to bringing collusive bribe givers.

from taxmann.com News https://ift.tt/2LGhXU8

Technical assistance provided for erection & installation of a mill is classifiable as consulting engineer's service

GST/Service Tax : Where assessee provided technical assistance for purpose of erection and installation of a mill, said service would fall under category of 'consulting engineer service'

from www.taxmann.com Latest Case Laws https://ift.tt/2AdCgUn

Application couldn't be rejected merely because assessee didn't accept certain claims before SetCom

IT : Where there was full and true disclosure of primary facts, mere non-acceptance of certain claims made before Commission would not be sufficient to reject settlement application

from www.taxmann.com Latest Case Laws https://ift.tt/2AaHdgR

Notification No. 34/2018 [F. No. 225/245/2018-ITA.II]

Publish Date : Wednesday, July 25, 2018

from RSS FEED for Income Tax India : Communications https://ift.tt/2LrEQLN

CBDT extends due date for filing of ITR from July 31, 2018 to August 31, 2018

The Central Board of Direct Taxes (CBDT) has extended ‘due-date’ of filing Income-tax Return (ITR) from 31st July, 2018 to 31st August, 2018.

from taxmann.com News https://ift.tt/2A9IFQt

Govt. Co. which isn't working for profit isn't comparable to a Pvt. Export Co.

IT/ILT : Company being a Government enterprise is not comparable with a private business service provider because in case of Government enterprises profit motive is not relevant consideration, and Government companies work for other public sector undertakings and in that sense related party transactions are much more than filter of 25 per cent

from www.taxmann.com Latest Case Laws https://ift.tt/2NNliyh

Plea to amend scheme impermissible as it would amount to tampering with essence of scheme

CL: Where compromise/arrangement scheme between companies was made effective, merely because tax benefits available to transferor in respect of windmill business was not available to transferee, amendment to scheme would be impermissible as it would effectively amount to tampering with essence of Scheme

from www.taxmann.com Latest Case Laws https://ift.tt/2LFTGxE

SAT upholds penalty on parent co. and its directors for failure to make disclosure under PIT regulations

SEBI: Where subsidiary of appellant company having unpublished price sensitive information regarding diminution of value of shares, sold shares of appellant and appellant had violated disclosure requirements under regulation 13(6), penalty was rightly imposed upon appellant and its director

from www.taxmann.com Latest Case Laws https://ift.tt/2LQKOCb

No time limit for legal heirs to intimate death of assessee to dept.; notice in name of deceased is invalid

IT : Notice issued in name of dead person is not enforceable in law

from www.taxmann.com Latest Case Laws https://ift.tt/2LrzCQg

Even if demerged co. didn't maintain separate books of account, resulting co. could carry forward its losses

IT : In order to avail benefit of clause (a) of sub-section (4) of section 72A, maintenance of separate books of account is not mandatory

from www.taxmann.com Latest Case Laws https://ift.tt/2LChF0E

NCLT Clears Way for Liquidation of Jyoti Structures

NCLT Clears Way for Liquidation of Jyoti Structures

from taxmann.com News https://ift.tt/2mJ0CM7

Sebi miffed over dividend distribution practice at MFs

Sebi miffed over dividend distribution practice at MFs

from taxmann.com News https://ift.tt/2A9dpkB

Cement makers´ plea dismissed by NCLAT

Cement makers´ plea dismissed by NCLAT

from taxmann.com News https://www.taxmann.com/topstories/222330000000016139/cement-makers´-plea-dismissed-by-nclat.aspx

ED can now impound property of fugitive economic offenders

ED can now impound property of fugitive economic offenders

from taxmann.com News https://ift.tt/2mIpCDj

SEBI holds meeting with Independent Trustees of Mutual Funds

SEBI holds meeting with Independent Trustees of Mutual Funds

from taxmann.com News https://ift.tt/2AdcrUy

Meeting between Monetary Authority of Singapore (MAS) and Securities and Exchange Board of India (SE

Meeting between Monetary Authority of Singapore (MAS) and Securities and Exchange Board of India (SEBI)

from taxmann.com News https://ift.tt/2OgYjMZ

Interest to be allowed if borrowings were used to set-up a JV connected to existing business

IT : Power subsidy received by assessee company from State Government under Power Intensive Industries Scheme, 2005, for setting up a new industrial unit in backward area was capital receipt and, thus, not liable to tax

from www.taxmann.com Latest Case Laws https://ift.tt/2NMdsVC

Abuse of dominant position by ONGC on termination of agreement with offshore service providers

Competition Act: Where ONGC being major hirer of Offshore Support Vessel (OSV) for oil exploration entered into agreements with various offshore oilfield service providers but later on terminated said agreements with an intention to exert pressure on OSV service providers for reduction in contracted rates, same was prima facie abuse of dominant position

from www.taxmann.com Latest Case Laws https://ift.tt/2OjxlVd

RBI revises norms on short selling of Govt. Securities in secondary market

The RBI has revised directions on short sale of G-Securities in secondary market. The directions are effective from July 26, 2018. As per revised norms, the maximum amount of a security (face value) that can be short sold are: Liquid securities 2% of the total outstanding stock of each security, or, '500 crore', whichever is higher, and other securities 1% of the total outstanding stock of each security, or, '250 crore', whichever is higher.

from taxmann.com News https://ift.tt/2JXhnwq

SEBI issues consultation paper on revisiting public issue process

In order to further streamline the public issue process, SEBI has proposed to use an alternate payment mechanism such as Unified Payments Interface (UPI) while retaining benefits of ASBA in public issues. The UPI system would allow the investor to authorize blocking of funds for making application as is done in ASBA. This move would certainly reduce the post issue timeline for listing from existing T+6 days (T is date of closure of public issue).

from taxmann.com News https://ift.tt/2mHjX0l

Amendment to sec. 80-IB(10) which bars sale of house to related parties is prospective in nature

IT : Amendment brought on 1-4-2010 vide clause (f) to section 80-IB(10) barring sale of more than one flat in a housing project to related persons, is prospective in nature

from www.taxmann.com Latest Case Laws https://ift.tt/2OfdYfE

Co. can file valuation report as an additional evidence to support the valuation of its unlisted shares

IT : Where assessee filed CA report as per Assessing Officer's direction but no opportunity was given by Assessing Officer to assessee to exercise its option given as per Explanation (a)(ii) to section 56(2)(viib), valuation report of Registered valuer filed by assessee as additional evidence before Commissioner was justified

from www.taxmann.com Latest Case Laws https://ift.tt/2LxTIYr

Sec. 40A(2) disallowance couldn't be invoked without proving that exp. were excessive and unreasonable

IT : Where Assessing Officer made disallowance under section 40A(2)(a) without placing on record any material which could prove that payments made by assessee were excessive or unreasonable, having regard to fair market value of services for which same were made or keeping in view legitimate needs of business of assessee or benefit derived by or accruing to assessee therefrom, said disallowance could not be sustained

from www.taxmann.com Latest Case Laws https://ift.tt/2JS5Q1s

HC allowed Sec. 80G relief to trust even when unutilized sum was transferred to PM's relief fund after 31-03-2004

IT: Where assessee-trust, set apart a certain sum for earthquake relief victims before 31-3-2004 but had applied part of fund for school construction and balance was transferred to PM relief fund, on 31-12-2004, assessee trust had fulfilled terms of section 80G(5C)(iv) and, therefore, said sum was not taxable

from www.taxmann.com Latest Case Laws https://ift.tt/2uP7Hzo

Delhi HC directs Income-tax Dept. to allow filing of ITR without furnishing Aadhaar No.

Delhi HC directs Income-tax Dept. to allow filing of ITR without furnishing Aadhaar No.

from www.taxmann.com Latest Case Laws https://ift.tt/2NGAwoA

Interest on deposits made out of share capital isn't taxable; to be reduced from pre-incorporation exp.

IT : Interest income earned by assessee company on bank deposits made out of share capital prior to commencement of business operations was not liable to be taxed as same was eligible for deduction against public issue expenses incurred by company

from www.taxmann.com Latest Case Laws https://ift.tt/2LJ5E6f

Govt says RBI Has Teeth to Keep Private, Public Banks in Check

Govt says RBI Has Teeth to Keep Private, Public Banks in Check

from taxmann.com News https://ift.tt/2LPG2of

Many firms tightening CSR spending

Many firms tightening CSR spending

from taxmann.com News https://ift.tt/2uQnDBi

Sebi proposes terms for shareholder reclassification

Sebi proposes terms for shareholder reclassification

from taxmann.com News https://ift.tt/2NJr97K

Sebi may allow promoters say in delisting prices

Sebi may allow promoters say in delisting prices

from taxmann.com News https://ift.tt/2ObyBcG

IT dept seeks GST, GAAR details in new audit form

IT dept seeks GST, GAAR details in new audit form

from taxmann.com News https://ift.tt/2LKRd1r

Income Tax dept to crack down on TDS defaults

Income Tax dept to crack down on TDS defaults

from taxmann.com News https://ift.tt/2uQhMfg

NDA counters RBI claim on banks

NDA counters RBI claim on banks

from taxmann.com News https://ift.tt/2LPFOgT

Govt seeks RBI´s views on specific PSB mergers

Govt seeks RBI´s views on specific PSB mergers

from taxmann.com News https://www.taxmann.com/topstories/222330000000016126/govt-seeks-rbi´s-views-on-specific-psb-mergers.aspx

New tax appeal rules may cost govt Rs. 100 bn

New tax appeal rules may cost govt Rs. 100 bn

from taxmann.com News https://ift.tt/2uMI1n3

HC justified ITAT’s direction of examining FMV of shares bought back by ‘Fedility’ at abnormally high prices

IT : Where assessee bought back shares from its holding company at Mauritius at an abnormally high price, Tribunal was perfectly justified in directing an enquiry into fair market value of shares of assessee Company which could have an implication of taxability under section 2(22)(e).

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182531/hc-justified-itat’s-direction-of-examining-fmv-of-shares-bought-back-by-‘fedility’-at-abnormally-high-prices.aspx

Disallowance of exp. incurred for earning exempt income in excess of actual exempt income wasn't justified: HC

IT: Where Assessing Authority disallowed expenditure incurred by assessee for earning exempt income in excess of actual exempted income, same was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2uNIu8j

Courses on hotel management, tourism & airlines are covered under vocational training; eligible for ST exemption

GST/Service Tax: Where assessee was involved in providing courses in field of hotel, tourism, airlines, travel agencies and tour operators recognised by Education Institute of American Hotel and Lodging Institute or by International Air Transportation Institute, said courses would fall under vocational training and were eligible for exemption from service tax

from www.taxmann.com Latest Case Laws https://ift.tt/2LISia7

No abuse of dominance by OP-company due to presence of other players in market: CCI

Competition Act: Where top builders like Ace GP, Unitech, Omaxe had maximum number of projects in relevant market of development and sale of residential apartments/flats in Noida and Greater Noida, OP-1 having only 5-6 residential projects there, could not be said to be dominant

from www.taxmann.com Latest Case Laws https://ift.tt/2A8OBcp

Transportation of goods within mining area can't be classified as cargo handling services: SC

GST/Service Tax : Where assessee was awarded a contract by SAIL for crushing, screening and sieving of dolomite in mining area and also transportation of same and Tribunal held that activity of transportation of processed dolomite by assessee within mining area would not be covered under definition of 'cargo handling service', whereas transportation of same to steel plant which was situated outside mining area would be covered under category of 'cargo handling service', appeal filed against judg

from www.taxmann.com Latest Case Laws https://ift.tt/2mI8NbS

SEBI issues consultation paper on re-classification of shareholders

The apex court has issued consultation paper on revision of provisions pertaining to re-classification of shareholders.

from taxmann.com News https://ift.tt/2LnMFlN

RBI reviews guidelines on ‘When Issued’ market in Central Government Securities

The Reserve Bank of India (RBI) had proposed to liberalize the eligible participant base and relax the entity-wise limits for transactions in the “When Issues” market in Central Govt. securities. Accordingly, a comprehensive review of the existing guidelines on When Issued market has been carried out.

from taxmann.com News https://www.taxmann.com/topstories/222330000000016123/rbi-reviews-guidelines-on-‘when-issued’-market-in-central-government-securities.aspx

Mere signing of 'Sauda Chitthi' wouldn't prove that assessee had received consideration from sale of land : SC

IT : Where there was no tangible material available on record to form a reasonable belief that amount of sale consideration had been received by assessee in cash, merely on basis of sauda chitthi signed by assessee for sale of such land, it could not be said that sale consideration was received by assessee; SLP dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2mFYdBS

Measures to recover loan amount from NPAs: MoF

A number of measures have been taken to recover loan amount from NPAs and willful defaulters. As a result, PSBs recovered amount of Rs. 1, 58, 529 crore, during the financial year 2015-16 to 2017-18. The Insolvency and Bankruptcy Code has been enacted and the Banking Regulation Act was amended to initiate insolvency process.

from taxmann.com News https://ift.tt/2NHkOK1

RBI admonishes Cash-on-delivery practice in the e-commerce sector

In order to tackle the black money, The Reserve Bank of India (RBI) has come down heavily on Cash-on-delivery method in the e-commerce industry. The Cash-on-delivery method of payment option provided by online retailers such as Flipkart and Amazon may be a regulatory grey areas as per the Reserve Bank of India's response to a Right to Information (RTI) query.

from taxmann.com News https://ift.tt/2LGVi76

Limitation period starts from original assessment if sec. 263 raises issues not subject to re-assessment proceedings

IT: When a notice under section 263 raises new issues, which are not subject matter of re-assessment proceedings, then two year period contemplated under sub-section (2) of section 263 would begin to run from date of original assessment and not from date of re-assessment

from www.taxmann.com Latest Case Laws https://ift.tt/2Aft0iT

No reassessment just because assessee failed to disclose bank a/c if was duly submitted during assessment

IT : Where AO initiated reassessment proceedings on ground that assessee failed to disclose a bank account during assessment proceedings, in view of fact that during course of assessment proceedings assessee had submitted details of its bank accounts and, said bank account was reflected even in its balance sheet, impugned reassessment proceedings were to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2A3pNCF

Delhi HC quashed ITAT’s order consolidating 13 pending appeals without giving reasons

IT : No reasoning having been given by Tribunal for consolidation of appeals pending for a long time and no notice having been given to assessee before issuing consolidation order, said order being vitiated was to be quashed and set aside

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182492/delhi-hc-quashed-itat’s-order-consolidating-13-pending-appeals-without-giving-reasons.aspx

No sec. 68 additions in respect of sale of property if right to sell property was disputed due to litigation

IT : Where Tribunal found that property in question was under general litigations and assessee did not have absolute right to alienate said property and moreover, even agreement to sell was not executed and, thus it was unlikely that an unknown person would give huge cash to assessee, impugned addition made to assessee's income under sec. 68 in respect of sale of said land, was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2v1xIdR

LS Clears Bill for Quick Prosecution in Cheque-Bounce Cases

LS Clears Bill for Quick Prosecution in Cheque-Bounce Cases

from taxmann.com News https://ift.tt/2mFK73D

RBI discusses management of macro financial risks

RBI discusses management of macro financial risks

from taxmann.com News https://ift.tt/2LJv2Zy

CoC open to new bids for Deccan Chronicle, says NCLT

CoC open to new bids for Deccan Chronicle, says NCLT

from taxmann.com News https://ift.tt/2mGBPIM

Renew Power gets Sebi’s nod for IPO

Renew Power gets Sebi’s nod for IPO

from taxmann.com News https://www.taxmann.com/topstories/222330000000016110/renew-power-gets-sebi’s-nod-for-ipo.aspx

HC quashed demand raised on assessee as assessment was made without passing draft assessment order

IT : Where without first passing draft assessment order, final assessment order was passed under section 144C and demand was raised and penalty imposed, final assessment, demand and penalty would be invalid

from www.taxmann.com Latest Case Laws https://ift.tt/2NF8h9J

Lender could file insolvency plea when disbursement was made against consideration for time value of money: NCLAT

I & B Code: Where disbursement was made by respondent against 'consideration for time value of money' to derive benefit of development of Q-City, respondent came within meaning of 'financial creditor' and was eligible to file an application under section 7, there being a 'debt' and 'default' on part of 'corporate debtor'

from www.taxmann.com Latest Case Laws https://ift.tt/2mECtXj

No penalty on failure disclose sum received as advance in ITR if it was duly disclosed in Balance Sheet: HC

IT : Where assessee, a cine artist, failed to show in return of income, amount received as advance from various cinema producers towards work to be done by her, but, said amount was duly reflected in balance sheet annexed to original return, there was no intention on part of assessee to conceal particulars of income; thus, penalty order passed under sec. 271(1)(c) was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2NGvdFP

Services of survey & preparation of road project report aren't classifiable as 'Consulting engineer services'

GST/Service Tax: Where assessee was engaged in providing services of survey and preparation of project report for road projects and Adjudicating Authority held that services rendered by assessee would fall under category of 'consulting engineer services', since assessee was not a qualified engineer, services rendered by him were not covered under category of 'consulting engineer services'

from www.taxmann.com Latest Case Laws https://ift.tt/2OfGBcy

Increase in share capital without notice to petitioner-shareholders is tantamount to oppression: NCLT

CL: Decisions taken in Board Meetings, EOGMs and AGM to issue shares and increase share capital without any notice or short notice to majority shareholders, would not be binding on appellants and, consequently, all decisions taken for issue of shares and increase in authorised share capital taken in such meetings were to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2uYfeej

SC granted SLP against HC's ruling that foreign tax credit was allowed even in relation to income exempt u/s. 10A

IT/ILT: SLP granted against High Court's ruling that assessee would be entitled to take credit of income-tax paid in a foreign country even in relation to income which was exempt under section 10A

from www.taxmann.com Latest Case Laws https://ift.tt/2mJA0Lj

​Income-tax (8th Amendment) Rules, 2018

Publish Date : Friday, July 20, 2018

from RSS FEED for Income Tax India : Communications https://ift.tt/2LGt0JK

CBDT revised Form no. 3CD; seeks breakup of total exp. relating to entities whether registered or no

The Central Board of Direct Taxes (CBDT) has revised the Form no. 3CD. Various changes have been made in the form such as reporting of gifts chargeable to tax, particulars of payment in amount exceeding limit specified in Section 269ST. Further, the Form asked the break-up of total expenditure of entities registered or not registered under the GST

from taxmann.com News https://ift.tt/2uYnzyy

Weighted deduction allowable for all exp. on R&D facility even if incurred before date of approval

IT: Once research and development facility is approved, entire expenditure incurred on development of research and development facility has to be allowed for weighted deduction under section 35(2AB)

from www.taxmann.com Latest Case Laws https://ift.tt/2uI5kOz

No reassessment to restrict loss on sale of tea grown to 60% of total loss if there was no disclosure failure

IT: Where assessee, tea trader, disclosed that its sales also included tea grown in own plantation and Assessing Officer allowed entire loss claimed by assessee, reassessment on ground that sixty percent of total loss was to be disallowed was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2O5RD4a

In absence of Internal CUP, the TNMM would be most appropriate method: ITAT

IT/ILT : Where there was no internal CUP which can be relied on in order to accept CUP method, TNMM would be MAM to analyse assessee's transactions in order to arrive at ALP

from www.taxmann.com Latest Case Laws https://ift.tt/2LHQz58

Sec. 14A not applicable if dividend income was exempt by applying DTAA provisions: Delhi ITAT

IT/ILT : Where assessee, Indian company, earned exempt dividend income on investment made in Oman, it was chargeable to tax in India under head 'Income from other sources' and would form part of total income; rebate of taxes had to be allowed from total taxes in terms of section 90(2), read with article 25 of Indo-Oman DTAA, and, consequently, provisions of section 14A were not applicable to dividend so received

from www.taxmann.com Latest Case Laws https://ift.tt/2v47p7d

Sebi Warns MFs on Excessive Commissions to Distributors

Sebi Warns MFs on Excessive Commissions to Distributors

from taxmann.com News https://ift.tt/2LugBfk

EPFO enrolment at eight month high in May

EPFO enrolment at eight month high in May

from taxmann.com News https://ift.tt/2uX4I7j

'Sentim sensitive fluoride toothpaste' is classifiable as Medicaments, not as toothpaste

GST/Excise & Customs: Where assessee was engaged in manufacture of a product, namely, 'Sentim Sensitive Fluoride Toothpaste' containing Potassium Nitrate B.P., Sodium Fluoride dentrifice base and Sodium Benzoate, said product was classifiable under Chapter 30 as medicament and not under Heading No. 3306 10 20 as toothpaste

from www.taxmann.com Latest Case Laws https://ift.tt/2NDnkRo

Fabric is classifiable as man-made filament yarn if such item is sold in running length

GST/Excise & Customs: Where assessee was engaged in manufacture of 'fabric' and cleared same in running length and not in cut pieces, said product would not be classifiable under Heading No. 5911 as bolting cloth

from www.taxmann.com Latest Case Laws https://ift.tt/2LdKfGd

Credit of ST paid for transport of goods from place of removal to buyer's premises not allowed: SC

GST/Cenvat: Where assessee was involved in packing and clearing/forwarding of cement and it availed cenvat credit of service tax paid on outward transportation of goods through a transport agency from its premises to customer's premises and Supreme Court held that in view of amendment carried out in rule 2(l) of Cenvat Credit Rules in year 2008 cenvat credit would not be admissible to assessee, review petition filed by assessee was dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2JMiOxP

Incentives offered by cab aggregators to drivers for their services could not amount to anti-competitive

Competition Act: Merely because OP-cab aggregators Ola and Uber entered into an agreements with driver-partners employing such lucrative incentive model that these driver-partners were not available to provide services on any other competing platform e.g. informant radio taxi operator, OP cab-aggregators could not be held to anti-competitive

from www.taxmann.com Latest Case Laws https://ift.tt/2v3Zu9Z

SLP granted for taxability of restaurants running in own premises under outdoor catering services: SC

GST/Service Tax: Where assessee had entered into agreements with two parties for running restaurants/canteens at their premises and High Court held that assessee was an 'outdoor caterer' and was liable for payment of service tax, even though it was paying Value Added Tax on sale of goods, SLP filed against judgment and order of High Court was granted

from www.taxmann.com Latest Case Laws https://ift.tt/2LiXEwM

Reason to initiate reassessment should emanate from material discovered after original assessment: HC

IT: Power conferred under section 147 is not one of review and is of reassessment for reasons recorded; these reasons recorded has to emanate from some material coming to notice of Assessing Officer after original assessment

from www.taxmann.com Latest Case Laws https://ift.tt/2uEK5NY

HC admits petition to decide if full bogus purchase to be disallowed instead of just 25%

IT : Question as to whether Tribunal erred in law and on facts of case in restricting addition to 25 per cent of value of alleged purchases after categorically finding it to be bogus, was to be admitted for consideration

from www.taxmann.com Latest Case Laws https://ift.tt/2mGQZ0N

Formation of an opinion by board is a pre-condition for appointment of adjudicating officer: SEBI

SEBI : Formation of an opinion that there are grounds for adjudging under Chapter VIA of Act is necessary pre-requisite for SEBI to exercise its jurisdiction, absent such opinion, Board would have no jurisdiction to appoint an Adjudicating Officer

from www.taxmann.com Latest Case Laws https://ift.tt/2uE2Dhe

Profit from investment held as capital gains in earlier years can't be treated differently in subsequent year

IT : When assessee makes investment and chooses to rely on same and obtain a higher price out of it than what it originally acquired, enhanced price received is a realization of investment and, hence, same is to be treated as capital gain

from www.taxmann.com Latest Case Laws https://ift.tt/2Le7Zdl

Interest awarded on enhanced compensation paid for compulsory acquisition of agriculture land not taxable

IT : Interest awarded under section 28 of Land Acquisition Act, 1894, on enhanced compensation paid for compulsory acquisition of agricultural land, would be eligible for exemption under section 10(37)

from www.taxmann.com Latest Case Laws https://ift.tt/2mzVZnO

No TDS from fees paid under Security Lending Scheme as payer wasn’t aware of lender's identity

IT: Where under SEBI's Securities Lending Scheme, assessee broker, at time of making payment of borrowing fee to intermediary or prior to it, was unaware of identity and other details of lenders, assessee could not have been fastened with liability of deduction of tax under section 194A

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181328/no-tds-from-fees-paid-under-security-lending-scheme-as-payer-wasn’t-aware-of-lenders-identity.aspx

Sebi Moots Large Debtors Raise 25% via Bonds

Sebi Moots Large Debtors Raise 25% via Bonds

from taxmann.com News https://ift.tt/2LB9HBz

Delhi HC order questions Sebi´s penalty proceedings

Delhi HC order questions Sebi´s penalty proceedings

from taxmann.com News https://www.taxmann.com/topstories/222330000000016093/delhi-hc-order-questions-sebi´s-penalty-proceedings.aspx

CCI approves stake sale in India First to Warburg Pincus

CCI approves stake sale in India First to Warburg Pincus

from taxmann.com News https://ift.tt/2uGBB8M

NCLAT allows CoC to meet and finalise Bhushan Power

NCLAT allows CoC to meet and finalise Bhushan Power

from taxmann.com News https://ift.tt/2A0jf7W

Unverified creditors shall not be deemed to exist; will be taxed under sec. 41(1): ITAT

IT : Where assessee had shown outstanding sundry creditors for several years but failed to produce such creditors and furnish correct address of all creditors, their PAN numbers and confirmations, Assessing Officer was justified in holding that there was cessation of liability and merely because liabilities were shown in books of account by assessee and not written back, such liabilities could not be held to be subsisting liability

from www.taxmann.com Latest Case Laws https://ift.tt/2uDvaTS

Framework for enhanced market borrowings by large corporates: SEBI

The market regulator, SEBI has issued consultation paper for enhanced market borrowings by large corporates

from taxmann.com News https://ift.tt/2LtQEMP

Unexplained gifts once assessed in block assessment, can't be reassessed in regular assessment

IT : Once gifts are assessed in block assessment proceedings, same cannot be subject matter of assessment in regular assessment; whether in block assessment, Assessing Officer has found gift to be genuine or non-genuine can be of no consequence

from www.taxmann.com Latest Case Laws https://ift.tt/2LxoFfn

No sec. 234B interest as deficiency in advance tax attributed to blockage of sale proceeds by BIFR

IT: Where interest under section 234B was levied from assessee on ground that it failed to pay tax on capital gain arising from sale of capital assets within prescribed time, in view of fact that sale proceeds were deposited in a 'no lien' account with bank as per direction of BIFR, and assessee remitted tax immediately after said direction was lifted, impugned order levying interest was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2LtSgpN

ITAT’s observation couldn’t be quashed if it wasn’t causing any prejudice to revenue: HC

IT/ILT : Observation of Tribunal that TP-provisions were inapplicable to assessee being a newly established undertaking in free trade zone claiming deduction under section 10A was a mere obiter which had not caused prejudice to revenue. Such finding was not a finding of fact. Though such an obiter appears to be made by Tribunal in ignorance of Proviso to sub-section (4) of section 92C, but there is no binding character of such findings or observations because as far as computation of income of

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182427/itat’s-observation-couldn’t-be-quashed-if-it-wasn’t-causing-any-prejudice-to-revenue-hc.aspx

‘Goodwill’ is an intangible asset; eligible for depreciation: ITAT Special bench

IT : This issue is no more res integra in view of the judgment of the Summit court in CIT v. Smifs Securities Ltd. [2012] 348 ITR 302 (SC) in which it has been held that "goodwill will fall under the expression 'or any other business or commercial rights of similar nature'" and, hence, qualifies for depreciation u/s 32(1)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182433/‘goodwill’-is-an-intangible-asset-eligible-for-depreciation-itat-special-bench.aspx

Mere supply of food to employees of other co. can’t be treated as canteen services; attracts 18% GST

CGST : Applicant company (Merit Hospitality) registered as outdoor caterers under GST Act entered into a contract for supply of food to employees of company say 'A' Ltd. The contract is signed between Merit Hospitality and 'A' Ltd for supply of food prepared at kitchen of applicant. As per terms of contract Merit Hospitality has to supply food at 'A' Ltd.'s premises. The distribution of food is directly done by staff of 'A' Ltd. The menu and material specifications are mentioned in contract and

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182408/mere-supply-of-food-to-employees-of-other-co-can’t-be-treated-as-canteen-services-attracts-18-gst.aspx

Grant of easement rights to be construed as transfer for purpose of capital gains: ITAT

IT: Grant of licence of easement rights resulted in transfer as envisaged under section 2(47) and, thus, capital gains arising therefrom taxable on accrual basis irrespective of actual receipt of consideration

from www.taxmann.com Latest Case Laws https://ift.tt/2uEDSBm

Reassessment just to verify info. received from VAT dept. related to hawala purchases wasn't justified

IT : Reassessment notice issued under section 148 just to verify information received by Assessing Officer from VAT Department relating to purchase made by assessee from hawala dealers, was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/2L85t8l

Revisional order on a matter settled by first appellate authority to be set-aside: High Court

IT : Where business expenses claimed by assessee were partly disallowed by AO and said order was upheld by Commissioner (Appeals), it being a case of merger of assessment order with order passed by Commissioner (Appeals), question of Commissioner (Administration) exercising revisional jurisdiction under section 263 to once again examine very same issue so as to disallow entire expenses claimed by assessee did not arise

from www.taxmann.com Latest Case Laws https://ift.tt/2JDZoLa

National guidelines on Economic, Social and Environmental responsibilities of business: MCA

The Ministry of Corporate Affairs (MCA) has issued the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business for public comment with a view to provide a clear, broad-based framework for carrying out responsible business and be accountable to all its stakeholders.

from taxmann.com News https://ift.tt/2uObj3H

Money retained by ONGC to ensure successful completion of contract to be taxed in year of actual receipt

IT: Where assessee entered into contract for providing telecommunication services and in terms of contract certain amount was withheld by contractee towards retention money for satisfactory execution of contract by assessee, retention money was to be taxed in assessment year in which it was actually paid to assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2LxQNvu

Excess salary paid to MD in contravention of limit provided under co. Act was taxable as income: ITAT

IT : Excessive salary paid to assessee, Managing Director of a company, in contravention to provision of Companies Act was to be construed as income of assessee provided same was not recovered from assessee by its company and allowed to remain with him

from www.taxmann.com Latest Case Laws https://ift.tt/2LA1SMG

Market Players Blame Sebi for Midcap Carnage

Market Players Blame Sebi for Midcap Carnage

from taxmann.com News https://ift.tt/2zWFb3U

Reserve Bank to Hold Joint Audit of Credit Rating Agencies with Sebi

Reserve Bank to Hold Joint Audit of Credit Rating Agencies with Sebi

from taxmann.com News https://ift.tt/2JCRFxb

CCI Nod Must Before Lenders Finalise Resolution Plan

CCI Nod Must Before Lenders Finalise Resolution Plan

from taxmann.com News https://ift.tt/2LpeGZe

Won’t Prepare High-Risk List: Sebi to Mauritius

Won’t Prepare High-Risk List: Sebi to Mauritius

from taxmann.com News https://www.taxmann.com/topstories/222330000000016082/won’t-prepare-high-risk-list-sebi-to-mauritius.aspx

Sebi asks MCX why trading stopped 5 times in 2 months

Sebi asks MCX why trading stopped 5 times in 2 months

from taxmann.com News https://ift.tt/2uQ4Yoq

SIT on black money suggests Rs. 10 mn cap on cash holdings

SIT on black money suggests Rs. 10 mn cap on cash holdings

from taxmann.com News https://ift.tt/2LnjiiE

NCLT approves JSW Steel AION plan for Monnet Ispat

NCLT approves JSW Steel AION plan for Monnet Ispat

from taxmann.com News https://ift.tt/2JIIsDk

Raasi Refractories´ former promoters settle case with Sebi

Raasi Refractories´ former promoters settle case with Sebi

from taxmann.com News https://www.taxmann.com/topstories/222330000000016076/raasi-refractories´-former-promoters-settle-case-with-sebi.aspx

RBI to release Rs. 100 notes in lavender

RBI to release Rs. 100 notes in lavender

from taxmann.com News https://ift.tt/2LsblbO

Parliamentary panel says Tata trust broke IT laws

Parliamentary panel says Tata trust broke IT laws

from taxmann.com News https://ift.tt/2uQ4M8G

RBI’S in principle nod to LIC-IDBI Bank deal

RBI’S in principle nod to LIC-IDBI Bank deal

from taxmann.com News https://www.taxmann.com/topstories/222330000000016073/rbi’s-in-principle-nod-to-lic-idbi-bank-deal.aspx

Additions couldn't be made in hands of assessee only if he made disclosures on behalf of all family members

IT : Where assessee made disclosure statement under sec. 132(4) for and on behalf of all family members, entire addition in course of assessment could not have been made in hands of assessee only

from www.taxmann.com Latest Case Laws https://ift.tt/2uJOa2q

Training Services and access to standard hotel software aren't FTS under India-Netherland DTAA

IT/ILT: Consideration received by assessee for providing training services to Indian Hotels could not be held as FTS under article 12(5)(a) of India-Netherland tax treaty, as neither training services rendered by assessee to Indian Hotels could be held to be technical services, nor same could have been characterized as 'ancillary and subsidiary' services as per article 12(5)(a)

from www.taxmann.com Latest Case Laws https://ift.tt/2Lnr3Ff

80-IA relief available even if road was transferred to third party for maintenance & operation; SLP dismissed

IT: SLP dismissed against High Court ruling that where assessee-company had developed a road construction project and after completion transferred it for purpose of maintenance and operation to third party and received a payment for same, profit element would be relatable to infrastructure development activity of assessee and would qualify for deduction under section 80-IA

from www.taxmann.com Latest Case Laws https://ift.tt/2LnqI5v

No abuse of dominance by OP-company due to presence of other players in market: CCI

Competition Act: Where OP-wealth management firm procured services of informant to manage financial affairs of its clients and apart from OP there were numerous wealth management firms in relevant market which procured similar services offered by informant, OP could not be said to be dominant in relevant market as a procurer or consumer of such professional services

from www.taxmann.com Latest Case Laws https://ift.tt/2mwJuZS

No sec. 68 additions if assessee duly produced returns of firms showing his profit share

IT : Where AO made addition to assessee's income under sec. 68 on ground that it had received excess share of Profit from firm in which he was a partner, in view of fact that assessee had received amount in question from two separate firms and he had also produced returns of said two firms which showed matching figures, impugned addition was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/2zUKIHV

Govt. announces 7.6% interest rate of deposits made under Special Deposit Scheme

Govt. has announced 7.6% interest rate of deposit made under special deposit scheme for non-government provident, superannuation and gratuity fund.

from taxmann.com News https://ift.tt/2LvW6eF

80-IA relief available even if road was transferred to third party of maintenance & operation; SLP dismissed

IT: SLP dismissed against High Court ruling that where assessee-company had developed a road construction project and after completion transferred it for purpose of maintenance and operation to third party and received a payment for same, profit element would be relatable to infrastructure development activity of assessee and would qualify for deduction under section 80-IA

from www.taxmann.com Latest Case Laws https://ift.tt/2zWp3zg

Termination of charter hire agreement by ONGC to get reduction in hiring rate was anti-competitive

Competition Act: Where ONGC controled more than 80 per cent of relevant market, i.e., market for charter hire of Offshore Supply Vessels (OSVs) in Indian Exclusive Economic Zone (EEZ), termination of charter hire agreement executed by it with members of informant-shipowners' association for providing OSV services to it with an intention to get reduction in hiring rate, was prima facie abusive

from www.taxmann.com Latest Case Laws https://ift.tt/2msPRNQ

Income-tax additions merely on basis of a show-cause notice issued by Excise dept. was unjustified : HC

IT : Where additions on account of suppressed sales were solely based on information received by Assessing Officer from Central Excise department without bringing any independent material on record to justify same, additions were unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2uPJLuT

Notification No. 32/2018 [504/6/2004-FTD-II(Pt.1) / SO 3468(E)

Publish Date : Tuesday, July 17, 2018

from RSS FEED for Income Tax India : Communications https://ift.tt/2uMfflz

EU slaps 5 billion fine on Google for abusing dominance in Android mobile operating system

The European Union regulators have slapped USD 5 billion antitrust fine on Alphabet-owned Google for abusing the dominance of Android mobile operating system, the largest fine imposed on company in EU history.

from taxmann.com News https://ift.tt/2zQmfUd

CIT(A) can't decide on a matter already settled by Sec. 264 revision orders: Gujarat HC

IT : Where additions to income of assessee in respect of unexplained cash deposits in assessee's bank account was deleted by revisional authority, it was thereafter not open for Commissioner (Appeals) to still examine and pass an order on same issue

from www.taxmann.com Latest Case Laws https://ift.tt/2mui07x

SC dismisses SLP against decision of High Court in Veer Gem's case

IT/ILT: SLP dismissed against High Court ruling that where assessee-firm purchased rough diamonds from firm 'B', controlled by close relatives, in view of fact that clauses (i), (j) and (l) of sub-section (2) of section 92A did not apply to assessee's case, both firms could not be regarded as associated enterprises

from www.taxmann.com Latest Case Laws https://ift.tt/2L44fuV

CG notifies provisions of Mutual Agreement entered into between India & Qatar through exchange of le

The Central Government has notified that the provisions of Mutual Agreement entered into between India & Qatar through exchange of letters. It shall be given effect to in the Union of India with effect from 29th April, 2018

from taxmann.com News https://ift.tt/2mtMXst

Adjudicating Authority wasn't bound to disclose his reasons for conducting an enquiry under FEMA

FEMA : Adjudicating Authority is not under any statutory obligation to communicate his reasons for forming an opinion to conduct an enquiry under sub-rule 3 of rule 4 of Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000

from www.taxmann.com Latest Case Laws https://ift.tt/2JFCiDY

SC admits SLP to decide if vacancy allowance is available for flat not let out during the year

IT : SLP granted against High Court ruling that where flats constructed by assessee were held as stock-in-trade and same were not at all let out for any previous years, there would be no question of availing vacancy allowance under section 23(1)(c); and assessee would be liable to pay tax on ALV of said flats under section 23(1)(a)

from www.taxmann.com Latest Case Laws https://ift.tt/2uITt29

Admitting additional income in revised return after survey won't preclude AO from levying penalty

IT: Explanation as to why there was an omission or wrong statement in original return must be due to bona fide inadvertence or bona fide mistake on part of assessee and even if assessee agreed to addition with a condition that penalty could not be imposed, department is not precluded from initiating penalty proceedings

from www.taxmann.com Latest Case Laws https://ift.tt/2NnEMJm

High Court restricts disallowance of bogus cash expenditure to profit element embedded in it

IT : Where assessee inflated purchase expenditure by raising bogus claim of cash purchases exceeding Rs. 20,000, profit element embedded therein should be brought to tax; entire amount was not to be disallowed under section 40A(3)

from www.taxmann.com Latest Case Laws https://ift.tt/2JB8loR

Govt told to Submit Stand on RBI’s Stressed Assets Circular

Govt told to Submit Stand on RBI’s Stressed Assets Circular

from taxmann.com News https://www.taxmann.com/topstories/222330000000016068/govt-told-to-submit-stand-on-rbi’s-stressed-assets-circular.aspx

HC Stays NCLT Order Against Ramky Infra

HC Stays NCLT Order Against Ramky Infra

from taxmann.com News https://ift.tt/2L79rhp

I-T Fails to Get Nod to Freeze Yash Birla’s Foreign Assets

I-T Fails to Get Nod to Freeze Yash Birla’s Foreign Assets

from taxmann.com News https://www.taxmann.com/topstories/222330000000016065/i-t-fails-to-get-nod-to-freeze-yash-birla’s-foreign-assets.aspx

Taxman hits a Wall in Yash Birla Case

Taxman hits a Wall in Yash Birla Case

from taxmann.com News https://ift.tt/2Lub2KB

Bill to check unregulated deposits introduced

Bill to check unregulated deposits introduced

from taxmann.com News https://ift.tt/2Lb1ND2

CBDT tightens high-value deal reporting norms

CBDT tightens high-value deal reporting norms

from taxmann.com News https://ift.tt/2JAkdXP

New unit of existing co. with separate licence and premises held eligible for sec. 80-IB deductions: SC

IT: SLP dismissed against High Court ruling that where industrial unit had separate premises, separate labour force, separate license and electricity connection and value of machines transferred from existing unit to said unit was within permissible limit of 20 per cent, said unit would be entitled to claim deduction under section 80-IB separately

from www.taxmann.com Latest Case Laws https://ift.tt/2JAIpts

AO was eligible to carry out preliminary inquiries before issuing notice of reassessment

IT : There are no fetters on Assessing Officer carrying out preliminary inquiries even before issuance of notice of reopening in order to collect information on basis of which, he may either form a belief that income chargeable to tax had escaped assessment or abandon any further inquiry, upon being satisfied that no such belief could be formed

from www.taxmann.com Latest Case Laws https://ift.tt/2LrvDCe

Discontinuation of supply of cement in normal course of business doesn't amount to anti-competitive Act

Competition Act: Where there were no materials to establish that OP2-Cement Dealers Association urged OP1-Cement manufacturer to stop supplies to informants or other cement dealers, and OP1 stopped supplies to informants in normal course of business same could not be said to be anti-competitive

from www.taxmann.com Latest Case Laws https://ift.tt/2uAiqgV

Oppression plea was to be dismissed as MOU was executed between parties to resolve disputes by arbitration

CL: Where appellant director/shareholder of respondent companies sought dismissal of oppression and mismanagement petitions filed by respondent shareholders on ground that MOU was entered into between them which provided for resolution of disputes by arbitration, since said MOU was not in existence and parties in said petitions and party to MOU were different, application by appellant to dismiss said petitions was rightly dismissed by Tribunal

from www.taxmann.com Latest Case Laws https://ift.tt/2LriLc7

SC considers intentions of owner to classify profit from sale of shares as Cap Gains

IT: SLP dismissed against High Court ruling that where assessee had purchased shares with clear intention of being an investor and held shares by way of investment, gain arising out of transfer of shares should be treated as capital gains and not business income

from www.taxmann.com Latest Case Laws https://ift.tt/2JB7ILO

SC considers intentions of owner to classify profit from sale of shares as Cap Gains: SC

IT: SLP dismissed against High Court ruling that where assessee had purchased shares with clear intention of being an investor and held shares by way of investment, gain arising out of transfer of shares should be treated as capital gains and not business income

from www.taxmann.com Latest Case Laws https://ift.tt/2O3bSzt

Retirement age of President and Members of ITAT will be 65 years & 62 years respectively: SC

IT : Superannuation age of President and Members of ITAT will be 65 years and 62 years respectively

from www.taxmann.com Latest Case Laws https://ift.tt/2JyIM7x

Penalty justifiable if assessee failed to show reasonable cause for getting loan in contravention of Sec. 269SS

IT : Where assessee failed to show that there was a reasonable cause for getting loans in violation of provisions of section 269SS as it could not show any urgent business necessity for accepting loans in cash and also failed to demonstrate that it was not having sufficient funds in its possession, Commissioner(Appeals) rightly upheld levy of penalty under section 271D

from www.taxmann.com Latest Case Laws https://ift.tt/2O0gmXQ

Reimbursement of salary of seconded employees by ‘Morgan Stanley’ couldn’t be taxed as FTS: ITAT

IT/ILT : Payment received by assessee a Singapore based company from its associated enterprise in India viz. Morgan Stanley Advantage Services Private Limited (MSAS) towards reimbursement of salary for seconded employees, not FTS under Act as well as India-Singapore DTAA

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182370/reimbursement-of-salary-of-seconded-employees-by-‘morgan-stanley’-couldn’t-be-taxed-as-fts-itat.aspx

CIT couldn't delete disallowance of interest on loan if AO finding that loan was bogus wasn't disturbed

IT : Where in earlier years pursuant to search proceedings, certain additions were made to assessee income under section 68 which were set aside by Tribunal, in view of fact that for assessment year in question Assessing Officer had come to an independent finding regarding bogus loan transaction and Tribunal had not disturbed said finding, in such a situation deletion of disallowance of interest on said loan was not correct

from www.taxmann.com Latest Case Laws https://ift.tt/2NZAN7d

No disallowance of loss if it was allowed after considering assessee’s explanation during original assessment

No disallowance of loss if it was allowed after considering assessee’s explanation during original assessment

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182365/no-disallowance-of-loss-if-it-was-allowed-after-considering-assessee’s-explanation-during-original-assessment.aspx

Penalty to be imposed upon OPs if they are engaged in bid-rigging: CCI

Competition Act : Where in respect of tender floated by State Municipal Corporation there were coordination between OP bidders to increase probability of OP2 winning said tender, same amounted to bid rigging/collusive bidding in contravention of provisions of section 3, penalty was to be imposed upon OPs

from www.taxmann.com Latest Case Laws https://ift.tt/2uHiZVC

I-T Seizes Rs.163 cr Cash and 101-kg Bullion From TN Co

I-T Seizes Rs.163 cr Cash and 101-kg Bullion From TN Co

from taxmann.com News https://ift.tt/2LvT0r2

PNB Gets Conditional Nod from RBI to Pay Interest

PNB Gets Conditional Nod from RBI to Pay Interest

from taxmann.com News https://ift.tt/2L11Jpf

Sebi Planning Measures to Ease Delisting Process for Firms

Sebi Planning Measures to Ease Delisting Process for Firms

from taxmann.com News https://ift.tt/2LsgzkO

Reserve bank to buy Rs. 100 billion of bonds in OMO

Reserve bank to buy Rs. 100 billion of bonds in OMO

from taxmann.com News https://ift.tt/2L56MVK

Withdraw pending appeals exceeding threshold : CBDT

Withdraw pending appeals exceeding threshold : CBDT

from taxmann.com News https://ift.tt/2JCdWLk

Tribunal stays voting by Bhushan Power lenders

Tribunal stays voting by Bhushan Power lenders

from taxmann.com News https://ift.tt/2L2gk3D

Matter explained properly by assessee would bar AO to open case on another facet of same matter

IT : Where, during scrutiny assessment, Assessing Officer raised several queries asking assessee to justify its claim of deduction under section 10B and after considering assessee's detailed reply allowed deduction, he could not reopen assessment to examine another facet of said claim

from www.taxmann.com Latest Case Laws https://ift.tt/2uLnmPc

Agricultural operations, if vertical space is used in growing mushrooms instead of horizontal use on soil

IT : Merely because instead of horizontal use on soil, vertical space is used, does the growth of mushrooms stand apart from agricultural operations

from www.taxmann.com Latest Case Laws https://ift.tt/2LdvpyP

Labelling and packing of 'biri' in wrappers with help of machine couldn't be treated as manufacture: SC

GST: Excise & Customs: SLP dismissed against High Court ruling that Labelling and packing of handmade biri in printed plastic wrappers with aid of power operated machine to bring into existence retail pack would not come within purview of 'manufacture'

from www.taxmann.com Latest Case Laws https://ift.tt/2uvbIsn

Govt. grant received by a co. owned by the Govt. is capital receipt even if it is used for operational exp.

IT : Where Government gave grant-in-aid to a company wholly-owned by Government, facing acute cash crunch, to keep company floating, even though large part of funds were applied by company for salary and provident funds, grant received was capital receipt

from www.taxmann.com Latest Case Laws https://ift.tt/2uvGmlq

Assessment order dispatched by AO tantamounts to passing of order; SetCom application not maintainable

IT: For purpose of maintainability of a settlement application, a case would be pending only as long as order of assessment is not passed and date of dispatch of service of order on assessee would not be material for such purposes

from www.taxmann.com Latest Case Laws https://ift.tt/2uwhryl

Income-tax (7th Amendment) Rules, 2018

Publish Date : Friday, July 13, 2018

from RSS FEED for Income Tax India : Communications https://ift.tt/2LrtbJ0

CBDT amends Forms for advance ruling; seeks unique number for identification of non-resident

The Central Board of Direct Taxes (CBDT) has released final notification amending Rule 44E of the Income-tax Rules, 1961 and Form 34C, 34D, 34DA as per Base Erosion and Profit Shifting (BEPS) Action 5. The new Forms 34C & 34D seek unique number used for identification of non-resident.

from taxmann.com News https://ift.tt/2usuUXU

Termination of a few account by Google to safeguard its user’s privacy isn’t abuse of its dominant position

Competition Act : Where advertisers like Informants providing RTS services remotely through call centres based in India had availed Google's Adwords services from India and had voluntarily agreed to Google's terms and conditions, including a number of policies governing their conduct, such as AdWords Policies, terms and policies were simple, coherent and easy to understand and Informants had nowhere been able to show that they had been discriminated against others, thus, elements of section 4(2)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182350/termination-of-a-few-account-by-google-to-safeguard-its-user’s-privacy-isn’t-abuse-of-its-dominant-position.aspx

Submission of evidence during seizure isn't necessary; can be done in assessment proceeding as well: HC

IT: Where in course of block assessment, assessee brought on record various documents to establish that jewellery seized from him actually belonged to his employer, impugned addition made in respect thereof merely on ground that assessee in course of statement made under section 132, had admitted that said jewellery belonged to him, could not be sustained

from www.taxmann.com Latest Case Laws https://ift.tt/2NTE6g2

HC quashes reassessment done without considering assessee's explanation about cash deposit

IT : Where Assessing Officer issued notice seeking to reopen assessment on ground that there was a big mismatch between returned income and cash transactions in assessee's bank accounts which remained unexplained, in view of fact that assessee had received amount in cash for sale of his Mango crop which was deposited in bank account, impugned reassessment proceedings deserved to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2mlrfXg

Demand to be set-aside if nil TCS certificate submitted first-time before appellate authorities: HC

IT: Where in case of assessee, a dealer in scrap, AO levied interest and tax in terms of section 206C(7) on account of non-collection of tax at source, in view of fact that assessee had submitted certificates provided by buyers under sub-section (1A) of section 206C before appellate authorities, impugned order passed by AO was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2L0CQKq

Mistry didn´t follow protocol, says NCLT

Mistry didn´t follow protocol, says NCLT

from taxmann.com News https://www.taxmann.com/topstories/222330000000016045/mistry-didn´t-follow-protocol-says-nclt.aspx

RBI cites investor protection to justify crypto currency ban

RBI cites investor protection to justify crypto currency ban

from taxmann.com News https://ift.tt/2L0f9Sv

Exp. on market survey before commencement of business is disallowable: Kerala

IT : Where assessee's claim for deduction of various expenses in relation to granite business was allowed, in view of fact that no such business was actually commenced in relevant year and expenditure was incurred only on market survey conducted abroad, AO was justified in passing rectification order under section 154 whereby expenditure claimed as deduction was disallowed

from www.taxmann.com Latest Case Laws https://ift.tt/2NoHUVF

SEBI seeks public comments on amending norms for fiduciaries

SEBI has come out with a consultation paper on proposed amendment in various regulations governing entities who undertake third party fiduciary duties/ assignments/ engagements under the securities laws, in respect of any issuer, pooled investment vehicle, restructuring, intermediaries, market infrastructure entities or investors in the securities

from taxmann.com News https://ift.tt/2NlWhK7

HC affirms rejection of settlement application for not disclosing correct info about income and its source

IT : Where Settlement Commission rejected assessee's application for settlement on ground that he shifted his stand number of times either on quantum of undisclosed income or its source, order so passed did not require any interference

from www.taxmann.com Latest Case Laws https://ift.tt/2mlPaG9

Notice issued against predecessor co. which has lost its existence after merger isn't valid: HC

IT : Where AO issued notice under sec. 148 to assessee on ground that it had received certain accommodation entries from a bogus company, in view of fact that by time of issuance of notice, assessee had already merged with another company and thereby lost its legal existence, notice issued in name of assessee became invalid and, therefore, impugned reassessment proceedings deserved to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/2mkUpWu

Your Queries on Companies Act, 2013 – Series III

Followings are the queries with answers related to the provisions of the Companies Act, 2013 in order to remove ambiguity and provide clarity among various stake holders

from taxmann.com News https://www.taxmann.com/topstories/222330000000016039/your-queries-on-companies-act-2013-–-series-iii.aspx

Registration deemed to be granted if CIT failed to dispose off sec. 12AA application within 6 months: ITAT

IT : Where Commissioner failed to dispose of assessee's application for registration under section 12AA within prescribed period of six months without any justifiable reason, registration would be deemed to have been granted from date of inception of assessee-University

from www.taxmann.com Latest Case Laws https://ift.tt/2molIPH

Situational advantage must be considered while determining value of immovable properties as on 01-04-1981: HC

IT : While adopting valuation of immovable properties, situational advantages and disadvantages are important factors and, thus, where assessee's land was situated on National Highway, its fair market value as on 1-4-1981 could not be determined on basis of sale price of land situated in a nearby village

from www.taxmann.com Latest Case Laws https://ift.tt/2JrJDac

Inland Haulage Charge is income from shipping operations; exempt as per Article 9 of India-France DTAA

IT/ILT: IHC being part of income derived from operation of ship in international traffic is exempt under article 9 of India-France DTAA; hence, not taxable in India

from www.taxmann.com Latest Case Laws https://ift.tt/2LeV0ag

Reassessment on basis of info. from investigation wing that assessee received accommodation entries was justified

IT : Where AO, on basis of information supplied by Investigation Wing of department, initiated reassessment proceedings on ground that a company provided accommodation entries to assessee in form of share capital and premium, there being a prima facie case to believe that income chargeable to tax had escaped assessment, validity of reassessment proceedings was to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/2Li9bbw

NCLT gets 12th bench in Cuttack; to exercise jurisdiction over State of Odisha and Chhattisgarh

The Ministry of Corporate Affairs has notified setting-up of the 12thbench of NCLT at Cuttack. This bench shall exercise jurisdiction over State of Odisha and Chhattisgarh. Currently, Odisha and Chhattisgarh come under jurisdiction of NCLT bench of Kolkata and Mumbai respectively. This notification shall come into effect from July 15, 2018.

from taxmann.com News https://ift.tt/2uDNXh9

MCA constitutes a 10-Member Committee to review the offences under Companies Act, 2013

The Government has constituted a Committee to review the offences under Companies Act, 2013. The Committee may invite subject matter experts relating to corporate law, SEBI, RBI, C&AG or any other subject matter. Among other terms of reference the Committee would also examine, the nature of all ‘acts’ categorized as compoundable offences and the existing mechanism of levy of penalty under Companies Act,2013.

from taxmann.com News https://ift.tt/2zDHlFn

AO was justified in initiating reassessment proceedings if excess claim was raised u/s. 80-IB

IT : Where in case of assessee engaged in construction related activities, assessment was completed under section 143(3), in view of fact that AO subsequently noted that assessee did not deduct interest on partner's capital and remuneration to working partners while computing amount of net profit which resulted in allowing excess deduction under section 80-IB(10), he was justified in initiating reassessment proceedings

from www.taxmann.com Latest Case Laws https://ift.tt/2zJyTV4

No denial of sec. 35AD deduction just because there was delay in awarding star certificate to hotel

IT: Once assessee, engaged in hotel business, was granted certification for categorization of its hotel as three star hotel, entire capital expenditure incurred by assessee in respect of its hotel was to be allowed for deduction under section 35AD

from www.taxmann.com Latest Case Laws https://ift.tt/2JqYH7W

NCLT dismisses Cyrus Mistry’s petition against removal of Tata Sons

The NCLT observed that the board and majority of its members lost confidence in Mistry after he sent out certain crucial information about the company to the Income Tax department, leaked details to the media and came out openly in public against the company's shareholders and its board

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182289/nclt-dismisses-cyrus-mistry’s-petition-against-removal-of-tata-sons.aspx

Use PAN to ensure compliance by single portfolio investor during primary market issuance; SEBI to RT

SEBI has directed registrar and share transfer agents to use PAN to ensure compliance by single portfolio investor at time of finalization of basis of allotment during primary market issuance. Further SEBI called for obtaining validation from depositories for the FPIs who have particularly invested in primary market issuance to ensure there is no breach of invest limits.

from taxmann.com News https://ift.tt/2LfOugr

CBDT asks for suggestive thresholds to establish Significant Economic Presence of foreign cos. in In

The CBDT has asked for the suggestions from the stakeholders and general public on the threshold limit which will establish the Significant Economic Presence (SEP) of foreign entities in India. The suggestions have been sought on three threshold limits – for transaction in physical goods, for transaction in digital goods, for soliciting no. of users through digital means. The concept of SEP has been introduced by the Finance Act, 2018 which is effective from Assessment Year 2019-20.

from taxmann.com News https://ift.tt/2L4IF8G

Sale of land was taxable as capital gains though dep. was claimed on staff quarters built on it

IT: Where land on a part of which staff quarters were situated was sold and though on such staff quarters depreciation was claimed, no depreciation being claimed on land in earlier years, profit on sale of land would give rise to LTCG

from www.taxmann.com Latest Case Laws https://ift.tt/2KPMejT

Support and service fees not taxable as FTS as it didn't satisfy make available clause

IT/ILT: Where assessee foreign company had entered into two agreements with Indian company (SSIPL), namely, License Agreement (LA) and Service Agreement (SA) and it received a certain sums towards licence fees and search fees, since license fees and search fees were governed by separate and distinct agreements entered into by assessee and SSIPL and they would constitute different sources of its income, search fee and license fee were distinct from each other and search fee received under SA was

from www.taxmann.com Latest Case Laws https://ift.tt/2Lf257R

Cold storage services in respect of agricultural produce exempt from GST: AAR

GST : Fennel (Saunf), Coriander (Dhaniya), Cumin Seeds (Jeera), Carom Seeds (Ajwain), Fenugreek Seeds (Kasoori Methi), Mustard Seeds (Sarson), Brown Mustard Seeds (Rai), Nigella Seeds (Kalonji), Poppy Seeds (Posara Dana) fall under definition of agricultural produce in terms of notification no. 11/2017 dated 28.06.20017; and so supply of cold storage service in relation to these is exempt from levy of GST

from www.taxmann.com Latest Case Laws https://ift.tt/2LgQ6X8

NCLAT Denies Relief to Five Directors of Nirav Modi Co

NCLAT Denies Relief to Five Directors of Nirav Modi Co

from taxmann.com News https://ift.tt/2Jg8uxH

NCLT Approves Plan to Demerge 773 Acre from TCL into HPIL

NCLT Approves Plan to Demerge 773 Acre from TCL into HPIL

from taxmann.com News https://ift.tt/2L9tyei

HDFC takes Singh Brothers’ Holding Co to NCLT Over Dues

HDFC takes Singh Brothers’ Holding Co to NCLT Over Dues

from taxmann.com News https://www.taxmann.com/topstories/222330000000016031/hdfc-takes-singh-brothers’-holding-co-to-nclt-over-dues.aspx

CCI Defends Google’s Right to Suspend Ad Firms

CCI Defends Google’s Right to Suspend Ad Firms

from taxmann.com News https://www.taxmann.com/topstories/222330000000016030/cci-defends-google’s-right-to-suspend-ad-firms.aspx

Cos Fear RBI Rule Likely to Rake Up Past Violations

Cos Fear RBI Rule Likely to Rake Up Past Violations

from taxmann.com News https://ift.tt/2Lda1X6

After I-T Letter, Walmart Assures Tax Compliance in Flipkart Deal

After I-T Letter, Walmart Assures Tax Compliance in Flipkart Deal

from taxmann.com News https://ift.tt/2L6MjPq

Sebi bars brokers from accepting cash

Sebi bars brokers from accepting cash

from taxmann.com News https://ift.tt/2Lf6eZl

IT issues record refunds in Q1

IT issues record refunds in Q1

from taxmann.com News https://ift.tt/2L8kLJr

NCLAT rejects Liberty plea to stay Bhushan Power resolution

NCLAT rejects Liberty plea to stay Bhushan Power resolution

from taxmann.com News https://ift.tt/2JiEqBB

Tata Sons free to become private firm, rules NCLT

Tata Sons free to become private firm, rules NCLT

from taxmann.com News https://ift.tt/2L6o2ZD

Forex gain not taxable if income from house property was declared as 'income from house property': HC

IT : Where assessee constructed a residential house and rental income earned therefrom was offered to tax as income from house property and not as business income, provisions of section 43A would not apply to apparent gain made by assessee as a consequence of foreign exchange fluctuation in respect of lift imported from abroad

from www.taxmann.com Latest Case Laws https://ift.tt/2LeBsQ8

No sec. 40(A)(2) disallowance if genuineness of transaction was established for making cash payment to land owners

IT : No disallowance under section 40A(3) where identity of sellers from whom various plots of land had been purchased in cash and source of cash payments as withdrawals from assessee's bank account had been established and genuineness of transaction had also been established as evidenced by registered sale deeds and lastly, test of business expediency had also been met

from www.taxmann.com Latest Case Laws https://ift.tt/2utq0ZP

SEBI bars stock brokers from accepting cash from their clients

SEBI has directed Stock brokers not to accept cash from their clients either directly or indirectly or by way of cash deposit to the bank account of stock broker.

from taxmann.com News https://ift.tt/2Jj7J71

Govt. reduces minimum initial deposit requirement for ‘Sukanya Samriddhi Account’ from Rs. 1000 to R

The Govt. has reduced the minimum initial deposit requirement for ‘Sukanya Samriddhi Account’ from the existing limit of Rs. 1000 to Rs. 250. Now the account can be opened with initial deposit of Rs. 250 and thereafter with minimum of Rs. 250 deposit in an financial year in one Account.

from taxmann.com News https://www.taxmann.com/topstories/222330000000016020/govt-reduces-minimum-initial-deposit-requirement-for-‘sukanya-samriddhi-account’-from-rs-1000-to-rs-250.aspx

Now issuing banks to incorporate name of purchaser on face of demand draft, pay order, banker's cheq

In order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, it has been decided that name of the purchaser be incorporated on the face of the demand draft, pay order, banker’s cheque, etc. by the issuing bank. These instructions will be effective for such instruments issued on or after September 15, 2018.

from taxmann.com News https://ift.tt/2NJ5BZA

No reassessment without evidence that unsecured loan given to assessee was converted into share capital

IT : Where Assessing Officer reopened assessment on ground that unsecured loans given to assessee company were subsequently converted into share capital with premium and, thus, provisions of section 68 were attracted, in view of fact that advances were squared up on same date and nothing remained outstanding at end of day, much less at end of financial year, impugned reassessment proceedings deserved to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/2uuyrnQ

AO couldn't issue second reassessment notice without withdrawing first one: Gujarat HC

IT : A notice of reopening which is once issued would remain in operation unless it is specifically withdrawn, quashed or gets time barred

from www.taxmann.com Latest Case Laws https://ift.tt/2L9d3Po

Revision of monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court-measures for reducing litigation-Reg.

Publish Date : Wednesday, July 11, 2018

from RSS FEED for Income Tax India : Communications https://ift.tt/2uejwi3

Sec. 80-IA relief available towards road development agreement entered into with GSRDC: HC

IT: Where assessee entered into an agreement for road development project with Gujarat State Road Development Corporation ('GSRDC'), in view of fact that GSRDC was a Government agency as defined under section 2(e) of Gujarat Infrastructure Development Act, 1999 and, moreover, it was totally controlled by State Government, claim for deduction under sec. 80-IA could not be rejected on ground that assessee failed to fulfil conditions of clause (b) of sec. 80-IA (4)

from www.taxmann.com Latest Case Laws https://ift.tt/2utrOSA

Law Ministry seeks applications for appointment of Judicial & Accountant Members in ITAT

The Ministry of Law and Justice issues a circular to invite the applications for appointment to the posts of Judicial and Accountant Members of ITAT. For Judicial members, 21 posts are available and for Accountant Members 16 posts are available.

from taxmann.com News https://ift.tt/2La0z6Q

CBDT raises threshold limit for filing of appeal before ITAT, High Courts and Supreme Court

With a motive to reduce the litigation on Income-tax matters the CBDT has sharply increased the threshold limit for filing of appeal before judicial authorities. The revised limit for filing of appeal before ITAT, High Courts and Supreme Courts shall be Rs. 20 lakhs, Rs. 50 lakhs and Rs. 1 Crore respectively.

from taxmann.com News https://ift.tt/2NOaBMK

Dept. wasn’t aware of death of assessee couldn't a reasonable ground for condonation of delay in filing appeal

IT: Where revenue filed application for condonation of delay in filing appeal on ground that it was only when notice issued to assessee from Court could not be served, death of assessee was brought to notice of Commissioner, in view of fact that for executing Tribunal's order, TRO had written a letter wherein demand was raised from assessee's wife showing assessee as deceased, it could be concluded that department was aware of death of assessee long before and, thus, instant application was to b

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181526/dept-wasn’t-aware-of-death-of-assessee-couldnt-a-reasonable-ground-for-condonation-of-delay-in-filing-appeal.aspx

I-T Dept Focuses on Reducing Litigation

I-T Dept Focuses on Reducing Litigation

from taxmann.com News https://ift.tt/2L6Yg4j

Sebi Paper to Discuss How Cos can Tap Bonds to Meet a Fourth of Fund Needs

Sebi Paper to Discuss How Cos can Tap Bonds to Meet a Fourth of Fund Needs

from taxmann.com News https://ift.tt/2NIVzHO

Religare Arm Moves NCLT to Get Rs. 1900 cr

Religare Arm Moves NCLT to Get Rs. 1900 cr

from taxmann.com News https://ift.tt/2L6YbO3

Lenders may be Allowed to Change NCLT Bench

Lenders may be Allowed to Change NCLT Bench

from taxmann.com News https://ift.tt/2NLj3fC

Sebi not averse to the merger of exchanges, says Chairman Ajay Tyagi

Sebi not averse to the merger of exchanges, says Chairman Ajay Tyagi

from taxmann.com News https://ift.tt/2L70EIp

Speed up, Essar lenders tell NCLAT

Speed up, Essar lenders tell NCLAT

from taxmann.com News https://ift.tt/2NHDwC9

Finmin proposes relaxing RBI directive on data storage for payment

Finmin proposes relaxing RBI directive on data storage for payment

from taxmann.com News https://ift.tt/2LepnKI

Winding up petition was to be dismissed due to pre-existence of disputes between parties

CL: Where petitioner company entered into consultancy agreement with respondent company for providing professional services for advising respondent-company regarding contracts of NTPC and in response to notice under section 434, respondent-company raised a bonafide dispute that petitioner company had failed to perform its duties in terms of said agreement, instant application for winding up of respondent company was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2mcKbHT

SEBI modifies stress testing methodology for commodity derivatives

In order to strengthening the risk management system, the Market Regulator, SEBI has modified the standardized stress testing methodology for credit risk for commodity derivatives

from taxmann.com News https://ift.tt/2N9YR66

Assessee could file application for restoration if ITAT dismissed appeal without deciding it on merits

IT : Where Tribunal dismissed assessee's appeal for non-prosecution instead of deciding it on merits, Tribunal exceeded its jurisdiction and in such circumstances, having regard to provisions of rule 24 of Appellate Tribunal Rules, it was open to assessee to approach Tribunal with a suitable application for restoration of appeal

from www.taxmann.com Latest Case Laws https://ift.tt/2mcEaeo

CBIC has increased monetary limits for filing of appeals by dept. before CESTAT, HC and SC

CBIC has increased the monetary limits for filing of appeals by the dept. before CESTAT, High court and Supreme Court to Rs. 20 lakhs, Rs. 50 lakhs and Rs. 1 crore respectively. This limit is applicable to Central excise and service tax and also to pending cases.

from taxmann.com News https://ift.tt/2LcY5EV

Deferred release of 'PADMAN' due to lack of screens owing to release of 'Padmavat' not anti-competitive Act

Competition Act: Where producers of movie 'Padman' deferred release date of their movie owing to non-availability of maximum numbers of screens due to release of movie 'Padmavat' on same date, such decision was a result of market outcome rather than anti-competitive practice and, thus, it could not be said that producers of both movies colluded to share market by scheduling deferent dates for release of their movies

from www.taxmann.com Latest Case Laws https://ift.tt/2zwMIWS

Notification No. 30/2018 [F.No. 503/05/1996-FTD-I] / SO 3266(E)

Publish Date : Thursday, July 5, 2018

from RSS FEED for Income Tax India : Communications https://ift.tt/2JdoQqJ

ITAT condoned delay in filing objection against disallowance proposed in draft assessment order

IT/ILT: Where draft assessment order was framed wherein disallowance was proposed and assessee filed objection against said order, delay of one day in filing such objection was to be condoned in view of High Court judgment

from www.taxmann.com Latest Case Laws https://ift.tt/2KOasuV

Appeal against order of CLB dismissed when similar appeal had already been disposed off: HC

CL: Where other appeals had also been filed against impugned order of CLB and same had been disposed of by High Court and even directions were given by Supreme Court in that regard, appeal of appellant against impugned order of CLB had become redundant and was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2urfaDU