Publish Date : Monday, August 27, 2018
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Friday, August 31, 2018
Notification u/s 35(1)(ii) in the case of M/s CBCI Society for Medical Education, Bangalore
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Liaison Office couldn’t be treated as PE of foreign Co. if it didn’t finalize & transact a business deal on its own
IT : Where LO did not finalize and transact a business deal on its own or in name of HO, LOs could not be regarded as permanent establishment of assessee in India and income directly or indirectly attributable to these branches/offices was not taxable in India
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182112/liaison-office-couldn’t-be-treated-as-pe-of-foreign-co-if-it-didn’t-finalize-transact-a-business-deal-on-its-own.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182112/liaison-office-couldn’t-be-treated-as-pe-of-foreign-co-if-it-didn’t-finalize-transact-a-business-deal-on-its-own.aspx
Insolvency plea was to be admitted as all objections raised by debtor were satisfactorily answered: NCLT
I&B Code: Where application for initiation of corporate insolvency resolution process filed by financial creditor against corporate debtor was complete and there was overwhelming evidence to prove default and all objections raised by corporate debtor were satisfactorily answered, instant application was to be admitted
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from www.taxmann.com Latest Case Laws https://ift.tt/2PjZECv
Genuineness of transaction couldn’t be established merely by filing confirmation letters of Cos. subscribed shares
IT : Where assessee received Rs. 80 lakhs on account of share application money from two companies, however there was nothing to establish genuineness of share subscription transactions as assessee did not know anything about these companies and had no financial documents about their financial activities or their balance sheets, thus, these companies were shell companies and Commissioner(appeals) rightly confirmed action of Assessing Officer in making addition of Rs. 80 lakhs on account of share
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183473/genuineness-of-transaction-couldn’t-be-established-merely-by-filing-confirmation-letters-of-cos-subscribed-shares.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183473/genuineness-of-transaction-couldn’t-be-established-merely-by-filing-confirmation-letters-of-cos-subscribed-shares.aspx
CBDT notifies ‘The Press Trust of India Limited’ as news agency for purpose Sec. 10(22B) exemption
The Central Board of Direct Taxes (CBDT) has notified the ‘The Press Trust of India Limited’ as news agency set up in India solely for collection and distribution of news for the purpose of section 10(22B) for three assessment year (2019-20 to 2021-22)
from taxmann.com News https://www.taxmann.com/topstories/222330000000016493/cbdt-notifies-‘the-press-trust-of-india-limited’-as-news-agency-for-purpose-sec-1022b-exemption.aspx
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CBDT unveils final rule for computation of FMV of inventory converted into capital asset
The Central Board of Direct Taxes has released final Rule 11UAB prescribing the manner of determination of fair market value of the inventory converted into capital asset. The draft rule was released on May 03, 2018 which was placed before the stakeholders for comments/suggestions.
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Price decided by AEs couldn’t be taken as CUP input for ALP determination: ITAT
IT/ILT : It is not open to TPO to go beyond role of determining ALP and intrude in exclusive domain of Assessing Officer to determine income taxable in hands of assessee
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183474/price-decided-by-aes-couldn’t-be-taken-as-cup-input-for-alp-determination-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183474/price-decided-by-aes-couldn’t-be-taken-as-cup-input-for-alp-determination-itat.aspx
Rims and discs classified as outer rim parts of tractor trolley under heading no. 8716
No reassessment to tax excess share premium if necessary info. was available in original assessment
IT: Where reassessment proceedings were initiated against assessee, joint venture formed by GOI on basis of information of ROC that assessee had charged excess share premium on shares issued by it, since assessee explained that amount of premium was fixed by Government and all necessary documents related to share capital were duly made available by assessee during original assessment proceedings, impugned reassessment proceedings were unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2LE859u
Govt Tells RBI to Take a Final Call on Aadhaar Pay Fees
Strike off firms ‘missing’ from registered offices, says panel
'Cochin International Airport' eligible for sec. 80-IA relief as it is maintaining an infrastructure facility: SC
IT: An airport is an infrastructure facility as contemplated in sub-section (2) of section 80-IA entitled to benefit of deduction as provided in sub-section (1), provided it satisfies conditions specified in clauses (a), (b) and (c) of sub-section (4) thereof; SLP dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2C4mk7Y
No disallowance for non-deduction of TDS on exp. for which bills weren’t received during the year
IT: Where assessee reimbursed, lease rent charges paid by 'S' to lessor on behalf of assessee and 'S' had deducted TDS on same, no disallowance could be made for non-deduction of TDS in hands of assessee
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182837/no-disallowance-for-non-deduction-of-tds-on-exp-for-which-bills-weren’t-received-during-the-year.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182837/no-disallowance-for-non-deduction-of-tds-on-exp-for-which-bills-weren’t-received-during-the-year.aspx
No additions towards capital introduced by partner if it was duly reflected in books of account; SLP dismissed
IT: Where Assessing Officer made addition to assessee-firm's income under section 68 in respect capital introduced by one partner of firm, in view of fact that amount received by assessee-firm had been duly reflected in books of account maintained by concerned partner and he had also confirmed such contribution, impugned addition was to be set aside : SLP dismissed
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HC confirmed quashing of sec. 154 order as AO considered entire issue afresh in name of rectifying mistake
CBDT extends time for sending comments on framing rules related to ‘Significant Economic Presence’ t
The Central Board of Direct Taxes (CBDT) has extended the last date for furnishing of comments & suggestions on framing of Income-tax Rules related to ‘Significant Economic Presence’ till September 30, 2018. The stakeholders may sent their suggestions at the email address ustpl3@nic.in
from taxmann.com News https://www.taxmann.com/topstories/222330000000016483/cbdt-extends-time-for-sending-comments-on-framing-rules-related-to-‘significant-economic-presence’-till-30-9-2018.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000016483/cbdt-extends-time-for-sending-comments-on-framing-rules-related-to-‘significant-economic-presence’-till-30-9-2018.aspx
Demonetisation and its impact on Tax collection and Formalisation of the Economy - Arun Jaitley
No additions in absence of proof that assessee made factitious payment to certain entities
IT : Where AO made addition to assessee's income in reassessment proceedings on ground that it had paid excessive contractual payments, in view of fact that Assessing Officer had conducted detailed inquiries at time of completion of original assessment and, moreover, there was nothing on record to show that entities to whom payments were made by assessee were fictitious, impugned addition deserved to be set aside
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Provision of amended sec. 115BBE couldn’t be invoked retrospectively: ITAT
IT-I : Where AO made addition to assessee's income in respect of excess stock by invoking of provisions of sec. 115BBE, in view of fact that amended provisions of sec. 115BBE were applicable with effect from 1-4-2017 and not prior to that, impugned addition was to be set aside
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182451/provision-of-amended-sec-115bbe-couldn’t-be-invoked-retrospectively-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182451/provision-of-amended-sec-115bbe-couldn’t-be-invoked-retrospectively-itat.aspx
Thursday, August 30, 2018
Salary received by NR-employee outside India not taxable just because foreign employer deducted TDS on it
IT : Where assessee was outside India for a period of more than 182 days, he had became a non-resident and, therefore, salary income of assessee received outside India could not be held to be taxable merely because his foreign employer had deducted TDS on such income
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from www.taxmann.com Latest Case Laws https://ift.tt/2ojXQOq
In assessee’s interest of not barring him to file application, SetCom’s order not to be questioned
IT : When Commission is fully satisfied that there is suppression of materials and that there is no valid and true disclosure of income, even while hearing matter at stage of 245D(2C), it has ample power to reject application at that stage itself and assessee is not entitled to question such order, merely because such rejection would bar assessee from approaching Commission as contemplated under section 245K(2)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183449/in-assessee’s-interest-of-not-barring-him-to-file-application-setcom’s-order-not-to-be-questioned.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183449/in-assessee’s-interest-of-not-barring-him-to-file-application-setcom’s-order-not-to-be-questioned.aspx
While computing ALP of international transaction under RPM/CPM abnormal exp. to be considered
HC upholds grossing up of amount for TDS purpose as DTAA doesn’t provide mechanism for income computation
IT/ILT : Where assessee had entered into agreement with UK based university for providing certain technical services for which it had agreed to bear Indian taxes, liability of assessee to deduct TDS under India-UK DTAA from payments made to UK University was to be computed on gross amount of fees for technical services (FTS) paid to University
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183448/hc-upholds-grossing-up-of-amount-for-tds-purpose-as-dtaa-doesn’t-provide-mechanism-for-income-computation.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183448/hc-upholds-grossing-up-of-amount-for-tds-purpose-as-dtaa-doesn’t-provide-mechanism-for-income-computation.aspx
Drive motor cars & trailer cars were to be treated together for classification under CTH 8603
GST/Excise & Customs: Where assessee had imported Electrical Multiple Unit (EMU) consisting of 2 EL S-PR RAILWAY COACH-DMC (Locomotive) (Drive motors cars DMC) and I EL S-PR RAILWAY COACH TC (Locomotive) (Trailer cars TC) for use in Hyderabad Metro, both Drive Motors cars and Trailer cars were to be treated together for purpose of classification
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Rendering investment advisory services couldn't be treated as Real Agent Services
Govt Unlikely to Invoke Sec 7 to Direct RBI on Power Cos
TRowe confident PSU promoters will comply with Sebi regulations
NCLAT admits Cyrus Mistry´s plea against NCLT order
ICICI Bank tells Sebi it was unaware of conflict of interest
HC slams dept. on consistently losing battle in Higher Courts; directs proper drafting of appeals
IT : Where in impugned order, Tribunal had followed its view for Assessment Year 2009-2010 and applied it for Assessment Year under consideration but there were legal errors in order passed by Tribunal for Assessment Year 2009-2010,matters were to be heard in appeal as requested by revenue
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No denial of credit if provision under which tax was deducted mentioned in TDS certificate issued by US Co.
Key takeaways from recommendations submitted by Committee on offences under CA, 2013
The Ministry of Corporate Affairs (MCA) has spent many years trying to find solutions for every conundrum related to the Companies Act and matters related thereto. Committee was constituted to review the existing framework dealing with offences under the Act as Compliance is the indispensable part under the Act. Therefore, committee had to focus on rudimentary principle of the Act.
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CPM wasn’t most appropriate method for ALP if FAR analysis of products sold to AE & domestic market weren’t same
IT/ILT: Where assessee sold herbal pharmaceutical products manufactures by it in Indian market as well as to AEs located abroad, in view of fact that functions performed, assets employed and risks undertaken in both segments were not same, CPM could not be considered as most appropriate method for determining ALP in respect of international transactions entered into with AE
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182440/cpm-wasn’t-most-appropriate-method-for-alp-if-far-analysis-of-products-sold-to-ae-domestic-market-weren’t-same.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182440/cpm-wasn’t-most-appropriate-method-for-alp-if-far-analysis-of-products-sold-to-ae-domestic-market-weren’t-same.aspx
Assessee wasn't entitled to waiver of Sec. 234B interest in case of settlement application
NBFCs, having assets worth Rs. 500 crore or more are considered as financial Institution: MoF
The Govt. has specified that Non-Banking Financial Companies including Non-Banking Financial Companies - Deposit Taking, which are covered under clause (f) of section 45-I of the RBI Act and are registered with RBI, having assets worth Rs. 500 crore or mores as per their last audited balance sheet, as financial Institution.
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RBI permits receipt of remittances to the Chief Minister’s Distress Relief fund – Kerala
In the wake of the floods in the State of Kerala, the RBI has decided to permit receipt of remittances to the Chief Minister’s Distress Relief Fund – Kerala through exchanges houses.
from taxmann.com News https://www.taxmann.com/topstories/222330000000016471/rbi-permits-receipt-of-remittances-to-the-chief-minister’s-distress-relief-fund-–-kerala.aspx
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Reassessment notice sent on address available with bank & not on address furnished in ITR held as invalid: HC
IT: When department had correct address of assessee furnished in return of income, sending notice at incorrect address available with bank and then drawing presumption of service of notice on ground that notice was not received back unserved, cannot be sustained
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from www.taxmann.com Latest Case Laws https://ift.tt/2N16tvf
No additions if creditworthiness of investors to whom shares were allotted were established; SLP dismissed
Non-compete fee allowable as revenue exp. as it didn’t result in any enduring benefit to assessee in business
IT : Where non-compete fee paid by assessee was for purpose of its business and it did not entail any enduring benefit to assessee in its business, payment of such fee was to be allowed as revenue expenditure
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182779/non-compete-fee-allowable-as-revenue-exp-as-it-didn’t-result-in-any-enduring-benefit-to-assessee-in-business.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182779/non-compete-fee-allowable-as-revenue-exp-as-it-didn’t-result-in-any-enduring-benefit-to-assessee-in-business.aspx
Wednesday, August 29, 2018
Key takeaways report of 'Committee to review offences under the Companies Act, 2013
The Ministry of Corporate Affairs (MCA) has spent many years trying to find solutions for every conundrum related to the Companies Act and matters related thereto. Committee was constituted to review the existing framework dealing with offences under the Act as Compliance is the indispensable part under the Act. Therefore, committee had to focus on rudimentary principle of the Act.
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Foreign assignment allowance received by employee working outside India not taxable if he became NR
IT : Where assessee, an employee of Indian company, rendered his services outside India and during relevant year his residential status was non-resident, foreign assignment allowance received by him abroad, was not liable to tax in India under section 5(2)
from www.taxmann.com Latest Case Laws https://ift.tt/2LDAGf4
from www.taxmann.com Latest Case Laws https://ift.tt/2LDAGf4
SetCom application not maintainable if assessee failed to disclose details of property & bank a/c held abroad
IT : Where petitioner had failed to make full and true disclosure of undisclosed income with reference to London property and two foreign bank accounts in bank at Singapore, of which petitioner was a beneficial and de facto owner i.e. he had failed to adduce specific and clear evidence to show that he was not beneficial owner of said accounts and London property was owned by his brother-in-law, ITSC had rightly rejected settlement application filed by petitioner as invalid
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from www.taxmann.com Latest Case Laws https://ift.tt/2ojGrFp
HC orders release of promoter on interim bail when investigations by SFIO are complete
CL : Where pursuant to an order issued by MCA under Section 212(1)(c) an investigation was carried out by SFIO into affairs of BSL and BSPL and petitioner-promoter was arrested on 8-8-2018 and he filed an application for an ad interim order for his release from illegal judicial custody,
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from www.taxmann.com Latest Case Laws https://ift.tt/2wqORP0
NR not liable to tax on offshore supplies if goods were transferred & sale was executed outside India
IT/ILT: Where assessee, an Australians company, entered into an agreement with ONGC terms of which included offshore supply of products/equipment, in view of fact that property in goods were transferred by assessee to ONGC outside India and entire sale was executed outside India, revenue received by assessee therefrom could not be taxed in India
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from www.taxmann.com Latest Case Laws https://ift.tt/2wnI756
Interest income received by developer from advance to contractor for smooth completion of work was capital receipt
IT : Interest income received by assessee-developer from mobilization advances made by it to contractor for purpose of facilitating work of construction, being intrinsically connected with construction work of assessee, would be capital receipt of assessee
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from www.taxmann.com Latest Case Laws https://ift.tt/2wngo4P
Appeal against order of tribunal wouldn’t lie under Companies Act when it was passed under Arbitration Act
CL: If Tribunal passes order in capacity of 'judicial authority' under section 45 of Arbitration and Conciliation Act, 1996, appeal against said order would not lie under section 421 of 2013 Act
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182696/appeal-against-order-of-tribunal-wouldn’t-lie-under-companies-act-when-it-was-passed-under-arbitration-act.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182696/appeal-against-order-of-tribunal-wouldn’t-lie-under-companies-act-when-it-was-passed-under-arbitration-act.aspx
HC upheld additions due to sales suppression detected during survey as there was variation in sales price
IT : Where there was no restriction with respect to price for which liquor had to be sold, and it was found during survey that assessee-bar had sold liquor in excess of price shown in return since price was variable, sale suppression detected during survey could be said to be actual price for which liquor was sold
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MCA releases report of ‘Committee to review offences under the Companies Act, 2013’
The report presents the detailed reasoning along with the recommendations of the Committee on the need to review the existing regulatory mechanism in order to foster a better corporate compliance environment. The main recommendations of the Committee are Restructuring of Corporate Offences to relieve Special Courts from adjudicating routine offences, De-clogging the NCLT and recommendations related to corporate compliance and corporate governance.
from taxmann.com News https://www.taxmann.com/topstories/222330000000016468/mca-releases-report-of-‘committee-to-review-offences-under-the-companies-act-2013’.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000016468/mca-releases-report-of-‘committee-to-review-offences-under-the-companies-act-2013’.aspx
Providing food through rented restaurant of golf course to its members would qualify as restaurant service
GST/Service Tax: Where assessee had taken on rent a restaurant from Noida Golf Course and providing therein food to members of Golf Course, services provided by assessee would fall under category of 'restaurant service' and not under category of 'outdoor caterer service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2PiLqBT
Govt to Vet GST, Income Tax and Transfer Pricing Filings to Find Leakage
Govt to Hold Talks on Seeking RBI Relief for Stressed Power Firms
Walmart deal : CAIT files plea in NCLAT against CCI approval
RBI cancels licence of Tech Mahindra for issuing pre-paid cards
Product 'Ecohume' taxable at rate of 4% under Kerala General Sales Tax Act
No denial of sec. 54 relief merely because new residential house shown as purchase of plot in original filed ITR
IT : Where on basis of sale deed, along with pictures of constructed rooms of property, assessee had already proved that he had purchased a residential house and not a plot, exemption under section 54 could not be denied on ground that in original return assessee had claimed same property as plot purchased
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from www.taxmann.com Latest Case Laws https://ift.tt/2MYyp2B
Deadline to file ITR for Kerala assessee’s extended to September 15, 2018
In view of disruption cause due to severe floods, the Central Board of Direct Taxes (CBDT) has extended due date for filing of ITR from August 31, 2018 to September 15, 2018 for the Kerala income-tax assessee’s who are liable to file ITR within extended due date of August 31, 2018.
from taxmann.com News https://www.taxmann.com/topstories/222330000000016459/deadline-to-file-itr-for-kerala-assessee’s-extended-to-september-15-2018.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000016459/deadline-to-file-itr-for-kerala-assessee’s-extended-to-september-15-2018.aspx
Tax Evasion Petitions in earlier years couldn't be basis of reopening of assessment of later years: SC
IT: Tax evasion petitions received for previous years could not have formed basis for reopening of assessment for relevant year, as Assessing Officer had not referred to orders passed therein at time of recording reasons for reopening assessment for current year; SLP dismissed
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Sec. 80-IB: Filing of mushroom powder in gelatin capsules after following specified process amounts to manufacture
Issues not raised before ITAT couldn't be allowed to be urged in appeal before HC
Tuesday, August 28, 2018
Govt. notifies Fugitive Offenders (Manner and Conditions for receipt of confiscated properties) Rule
Govt. specifies procedure for sending letter of Request to Contracting State under Fugitive Offender
Govt. prescribes procedure for conducting search and seizure under Fugitive Economic Offenders norms
The Government has notified the Fugitive Economic Offenders (Procedure for conducting search and seizure) Rules, 2018. The Rule is effective from 24.08.2018. The Rules prescribes procedure relating to search, procedure relating to seizure, retention of property or records, manner of forwarding an inventory. The rules supersedes the Fugitive Economic Offenders (Forms, Search, Seizure and Manner of Forwarding the Reason and Material to the Special Courts) Rules, 2018.
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Govt. prescribes manner of filing application for declaring an individual as Fugitive Economic Offen
The Government has notified the Declaration of Fugitive Economic Offender (Form and Manner of Filing Application) Rules, 2018. The Rules are effective from 24.08.2018. The Rules prescribes Form and manner of filing application for declaring an individual as Fugitive Economic Offender. The rules supersedes the Fugitive Economic Offenders (Application for Declaration of Fugitive Economic Offender) Rules, 2018.
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Govt. notifies norms for attachment of properties of Fugitive economic offenders
The Government has notified the Fugitive Economic Offenders (Manner of Attachment of Property) Rules, 2018. The Rules are effective from 24.08.2018. The Rules prescribes manner of issuance of attachment order by a Director or any authorised officer to the fugitive economic offender. The rules supersedes the Fugitive Economic Offenders (Issuance of Provisional Attachment Order) Rules, 2018 and the Fugitive Economic Offenders (Issue of attachment Order) Rules, 2018.
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No sec. 80P benefit to Co-operative society if AO made additions towards cash credit u/s 68
Sec. 10AA relief available as trading & consultancy included in definition of service under SEZ rules
IT : Since trading and consultancy activities were included in definition of service as per Rule 76 of SEZ Rules, exemption under section 10AA could not be denied on ground that assessee was not able to show that said activities could be characterised as service as received by section 10AA
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No denial of brought forward loss in absence of any incriminating finding related to exp. claimed as deduction
IT: Where in response to notice under sec. 153A assessee filed returns claiming set-off of brought forward loss which was rejected on ground that various expenses claimed in those returns were not verifiable, in view of fact that no incriminating material was found in course of search relating to those expenses, claim raised by assessee was to be allowed
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Non-disposal of an application within six months would result in deemed grant of trust registration: HC
Commission received from container liners for providing service taxable as business auxiliary service
Product ‘Pharmaceutical Reference Standard’ classifiable as reference materials under custom law
GST/Excise&Customs: Where Tribunal held that product 'Pharmaceutical Reference Standard' imported by assessee would be classifiable under Heading No. 3822 of Customs Tariff Act, appeal filed against impugned judgment was dismissed by Supreme Court
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182349/product-‘pharmaceutical-reference-standard’-classifiable-as-reference-materials-under-custom-law.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182349/product-‘pharmaceutical-reference-standard’-classifiable-as-reference-materials-under-custom-law.aspx
Panel for Internal E-Adjudication System to Take Load Off NCLTs
Cancellation of auction of property as per direction of CBDT couldn't be held as arbitrary
IT: Where CBDT directed revenue to cancel earlier auction of property and hold fresh auction after re-determining a reserve price by taking into account fresh valuation report of DVO, cancellation of earlier impugned auction could not be said to be arbitrary
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MCA notifies IEPF (Recruitment, Salary and other terms and conditions) Recruitment Rules, 2018
The Ministry of Corporate Affairs (MCA) has notified the Investor Education and Protection Fund Authority (Recruitment, Salary and other Terms and Conditions of Services of Deputy General Manager, Private Secretary, Personal Assistant, Stenographer, Senior Secretariat Assistant (SSA) and Junior Secretariat Assistant) Recruitment Rules, 2018 wherein various provisions related to number of post required, method of recruitment, procedures, period of deputation, condition of services and so on have
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Govt. authorizes FEMA’s Directorate of Enforcement to conduct search and seizure under Fugitive Offe
The Govt. has authorized officers not below the rank of Assistant Directors in the Directorate of Enforcement established under section 36 of the Foreign Exchange Management Act, 1999, to exercise the power to search any person and to seize such records or property which may be useful for or relevant to proceedings under the Fugitive Offender Act, 2018.
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Consent terms introduced after commencement of winding up process could be termed as fraudulent preference: HC
CL: Where applicant entered into consent terms with company-in-liquidation after commencement of winding up proceedings i.e. recommendation of winding up by BIFR, consent decree obtained on basis of such terms was fraudulent preference within meaning of section 531
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Sum received from Indian Forex dealers for use of system that matches deal with other dealers held as royalty
IT/ILT: Providing Forex dealers 'deal matching' softwares/system for accessing to data/information available at assessee's server helping them in sale-purchase of foreign exchange amounted to providing 'information concerning technical, commercial or scientific work'; receipt would be royalty
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Impugned order was to be set aside when tribunal failed to notice explanation related to reduction of share capital
Monday, August 27, 2018
Committee proposes to increase pecuniary limits for compounding of offence; enlarges RD jurisdiction
The committee has submitted its final report to the Union Minister for Finance and Corporate Affairs wherein the committee has been proposed to enlarge the jurisdiction of the Regional Director with enhance pecuniary limits for compounding of offence under section 441 of the Companies Act.
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No additions to annual value merely relying on rentals of nearby property without proving suppression
IT: AO could make addition to annual value of property on basis of rental arrangements noted in vicinity of assessee's property without establishing that assessee had suppressed material facts relating to actual rent received by it from sister concerns
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Sec. 68 additions justified as lender co. gave huge amount of loan inspite of earning meagre income
IT : Where AO made addition to assessee's income in respect of loan availed, in view of fact that lender company did not have tangible or intangible fixed assets and, moreover, it had declared a meagre income of few thousand rupees and, thus, it was not in a position to give such a huge loan to assessee, impugned addition was to be confirmed
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No TP adjustments if AMP expenses were incurred for increasing sales volume & not for brand promotion
IT/ILT: Where assessee, a subsidiary of 'Sony Ericsson', engaged in business of importing and selling mobile phones manufactured by AE in domestic market, incurred certain AMP expenses for increasing its sale volume in India and not for brand building of AE, no ALP adjustment could be made in respect of expenses so incurred
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Developing package ready for broadcast not taxable as sound recording agency service
GST/Service Tax: Where assessee operated a sound recording studio and had undertaken activities of conceptualisation, script preparation, identification of voice, actual recording, editing and ultimate development of a package ready for broadcast, merely because sound recording was part of such activity, assessee would not be covered under category of 'sound recording studio or agency'
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Subsidy received from Govt. for upgradation of plant & machinery was capital receipt: HC
Winding up plea admitted when co. was not engaged in business due to management dead lock
CL: Where there was a dead lock situation in management of respondent company and company was not engaged in business and all assets of company were sold to liquidate its liabilities, petition filed to wind up respondent company was to be admitted
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MCA Seeks Details from Crisis-hit Jet and it’s Auditors
Sebi Plans ‘On Tap’ Bond Market
Reassessment proceedings set-aside as AO failed to prove that advance received by assessee was undisclosed income
Labour supply to a Co. for certain jobs was taxable as manpower recruitment or supply agency service
GST/Service Tax: Where assessee, under two contracts, had supplied labour to a company for carrying out certain jobs and nature of contract was provision of manpower including manpower to supervise labour and to ensure that they undertook work of requisite quality, services provided by assessee would fall under category of 'manpower recruitment or supply agency service'
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Failure of subscribers of chit fund to make payment of instalments to be allowed as 'bad debts' : HC
Saturday, August 25, 2018
Amalgamation scheme was to be amended instead of rejecting it due to failure to convene creditor's meeting: NCLT
CL: Where in respect of amalgamation of transferor and transferee companies, meeting of secured creditors of transferee company could not be convened and meanwhile, payment to certain secured creditors had been cleared which resulted in change in scheme of amalgamation, scheme was to be amended instead of rejecting same
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Vacancy allowance available if ‘Saif Ali Khan’ couldn’t let-out flat due to construction defects: ITAT
IT : Where flat was not constructed as per approved plan and there were certain defects in construction, removal of which was necessary and assessee had to incur over Rs.50 lacs for alteration of said flat, letting out of said flat could not be forced upon assessee;
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Excepting 7 cases, CBDT mandates ‘e-proceeding’ in majority of cases during FY 2018-19
The Central Board of Direct Taxes has directed that assessment proceedings during the year 2018-19 shall be conducted electronically through e-proceeding facility in all cases where assessment is required to be framed under section 143(3) during the year 2018-19. It also list down 7 exceptions where e-proceedings shall not be mandatory
from taxmann.com News https://www.taxmann.com/topstories/222330000000016428/excepting-7-cases-cbdt-mandates-‘e-proceeding’-in-majority-of-cases-during-fy-2018-19.aspx
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CBDT lays down criteria on compulsory manual selection of scrutiny cases for FY 2018-19
The Central Board of Direct Taxes (CBDT) has laid down guidelines for manual selection of returns for scrutiny assessment during the Financial Year 2018-19. The guidelines are almost similar to procedure issued last year for selection of scrutiny cases during the Financial Year 2017-18.
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No question of law involved on ITAT's findings that land sold by assessee was agricultural land
Pre-import Rules for Tax Sops Can’t be Relevant in Exports: HC
Patanjali challenges Ruchi Soya CoC’s decision
Tata Sons can’t force Mistry to sell stake : NCLAT
Tribunal must hear concerned parties on objection raised by RD in respect of valuation of shares: NCLAT
CL: Where in exit process of non-promoter shareholders, in respect of being of capital, Regional Director of Ministry of Corporate Affairs had belatedly filed affidavit raising objection about valuation of shares and validity of resolution passed on proposed reduction, it was to be considered in public interest
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Govt. designates special courts under SEBI, SCRA and Depositories Act
Excepting 7 cases, CBDT mandates ‘e-proceeding’ in majority of cases during AY 2018-19
The Central Board of Direct Taxes has directed that assessment proceedings during the year 2018-19 shall be conducted electronically through e-proceeding facility in all cases where assessment is required to be framed under section 143(3) during the year 2018-19. It also list down 7 exceptions where e-proceedings shall not be mandatory
from taxmann.com News https://www.taxmann.com/topstories/222330000000016428/excepting-7-cases-cbdt-mandates-‘e-proceeding’-in-majority-of-cases-during-ay-2018-19.aspx
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Addition was limited to profit elements when undisclosed purchases were discovered during assessment proceeding
Friday, August 24, 2018
SEBI permits stock exchanges to set their trading hours in SLB segment
Vacancy allowance available if flat couldn’t be let-out due to construction defects: ITAT
IT : Where flat was not constructed as per approved plan and there were certain defects in construction, removal of which was necessary and assessee had to incur over Rs.50 lacs for alteration of said flat, letting out of said flat could not be forced upon assessee;
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183327/vacancy-allowance-available-if-flat-couldn’t-be-let-out-due-to-construction-defects-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183327/vacancy-allowance-available-if-flat-couldn’t-be-let-out-due-to-construction-defects-itat.aspx
Amendment to para 10 of the Circular No. 3 of 2018 dated 11.07.2018
Booking of air tickets using software chargeable to ST as business auxiliary service
No Sec. 194C TDS on purchase of packing material if no job work was assigned to suppliers
IT: Where assessee, engaged in business of manufacture of coconut oil, spices, mustard oil and other grocery items, purchased packing materials from suppliers, in view of fact that assessee had not given any job work to suppliers of packing material and right of ownership of packing material was transferred to assessee only when it was purchased from suppliers, there was no obligation to deduct tax at source under sec. 194C
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from www.taxmann.com Latest Case Laws https://ift.tt/2LmLxtu
Notice issued on initiation of penalty proceedings without mentioning grounds was unsustainable
Capital gain arising from sale of property not taxable in hands of HUF if it was sold in individual capacity : HC
IT: Where assessee did not disclose capital gain arising from sale of a property in his return of income on ground that said property belonged to HUF, in view of fact that assessee had executed sale deed of property in his individual capacity and, moreover, sale consideration had not been deposited in bank account of HUF, assessee's plea was to be rejected and amount in question was to be added to his taxable income
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No sec. 69B addition merely relying on statement of director of assessee without corroborating evidence; SLP dismissed
IT : No section 69B addition in hands of assessee where except statement of director of assessee-company, offering additional income there was no other material either in form of cash, bullion, jewellery or document in any other form to justify said additional income: SLP dismissed
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CBDT Told to Clear Ambiguity over STT on Physical Shares
No deduction if assessee failed to prove that service availed from AE was for business purpose: HC
IT : Where assessee claimed as revenue expenditure amount paid to its associate company, for providing various expert advisory and other security related services and knowhow but had failed to explain how agreement entered into between them had facilitated its business, payment made to said company could not be allowed as business expenditure not being expended wholly and exclusively for business purposes
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Tax audit under presumptive taxation scheme not included in specified no. of tax audit assignments:
The Institute of Chartered Accountant of India (ICAI) has informed that audits conducted under Section 44AD, 44ADA and 44AE of the Income-tax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”
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Brand promotion by ‘Shilpa Shetty’ not an international transaction in absence of pre-requisite agreement
IT/ILT : Where pre-requisite of a prior agreement between a non-AE with AE of an assessee was not fulfilled, transaction between assessee and company to which it provided brand ambassadorship services could not have been regarded as an 'International transaction'
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183315/brand-promotion-by-‘shilpa-shetty’-not-an-international-transaction-in-absence-of-pre-requisite-agreement.aspx
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Housing project with commercial use permitted under DC regulations was eligible project u/s 80-IB; SLP dismissed
IT : Local authorities can approve a project as housing project along with commercial user to extent permitted under DC Rules/Regulations framed by respective local authorities and, once approved, it has to be treated as housing project eligible for deduction under section 80-IB(10); SLP dismissed
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No set-off of B/F losses if shareholding changed by more than 51% though Pvt. Co. was acquired by Public Co.
IT : Where assessee was a closely held company at time when change in its shareholding pattern took place, in view of fact that said change in shareholding exceeded 49 per cent, provisions of sec. 79 would apply and, thus, assessee was not eligible to set off of brought forward losses pertaining to earlier years
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Thursday, August 23, 2018
No deemed dividend if assessee wasn't a registered shareholder in lending Co.
IT: Where AO made addition to income of assessee-company under section 2(22)(e) in respect of loan on ground that there was a common shareholder in case of assessee and lender company, since addition if any, could be made in hands of such registered shareholder, same deserved to be deleted in assessee's case
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ITAT remanded matter as AO decided issue on basis of ruling of AAR which was based on old India-Sweden DTAA
IT/ILT : Where Assessing Officer had decided issue of taxability of fees received by assessee from Indian concerns simply on basis of Ruling given by AAR in assessee's own case which was based on DTAA between India and Sweden, since said DTAA was substituted and such new DTAA had not been considered by Assessing Officer, who had simply gone by Ruling rendered by AAR, ends of justice would meet adequately if matter was remitted to file of Assessing Officer
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No TDS on payment towards transportation if goods were supplied by seller through its own transporter
IT : Where supplier transported goods to assessee through their own transport agency and assessee made payment as per bill issued by supplier, since, there was no contract between assessee and transporter, assessee was not liable to deduct TDS under section 194C
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Providing hostel facility to students falls under purview of 'education' under Sec. 2(15): ITAT
SC granted against HC ruling that CIT couldn't cancel Sec. 12AA registration prior to amendment done by FA 2010
IT : Where at time of initiation of proceedings for cancellation of registration of assessee-foundation in year 2008, Commissioner did not have such a power in terms of sub-section (3) of section 12AA, impugned order passed by him cancelling registration was to be set aside; SLP granted
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Sebi says No to Launch of Futures in ‘Sensitive’ Petrol, Diesel
Capital introduced by shareholders who weren't traceable rightly treated as cash credit; SC dismissed SLP
IT: Where assessee-company received certain amount as share capital from various shareholders, in view of fact that summons to shareholders under section 131 could not be served as addresses were not available, and, moreover, those shareholders were first time assessees and were not earning enough income to make deposits in question, addition made by Assessing Officer under section 68 was to be confirmed; SLP dismissed
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Initiation of reassessment on matters not considered while passing assessment order is valid
IT: Where, in assessment order passed, Assessing Officer neither discussed nor there was any opinion with respect to issues related to prior period depreciation claimed during relevant assessment year and prepayment premium of loan to be capitalized, reassessment proceedings initiated in respect of these issues was not mere change of opinion
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Know Your Client (KYC) Requirements for Foreign Portfolio Investors (FPIs)
AO could rectify assessment order even if an appeal was pending against such order : HC
Last date of filing DIR-3 KYC form extended to Sep 15, 2018: MCA
MCA has extended the last date of filing DIR-3 KYC form without late fee till Sep 15, 2018. Rs. 5000 shall be payable on or after the Sep 16, 2018. Earlier, the last date of filing form was Aug 31, 2018. Every Director who have been allotted DIN as on or before March 31 of a financial year have to submit e-form DIR-3KYC with MCA.
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Sum paid in settlement for acquiring possession of business premises was to be treated as capital exp.
Wednesday, August 22, 2018
Freight, telecommunication & insurance exp. excludable from export & total turnover for Sec. 10A pur
In order to rest the controversy in relation to freight, telecommunication charges and insurance expenses, the Central Board of Direct Taxes (CBDT) following Apex Court ruling in case of HCL Technologies [2018] 93 taxmann.com 33 (SC) has clarified that these exp. are to be excluded from both ‘export turnover’ and ‘total turnover’ while working out deduction admissible under section 10A.
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No deduction of finance charges if assessee was engaged in making investments just to earn dividend income: ITAT
IT : Where assessee company made advances to its subsidiary companies out of borrowed funds who further gave said advances to SPVs of assessee who utilised it for carrying on business activity of construction and development of airports, since there was no business activity undertaken by assessee except for making investment and earning dividend, expenditure incurred under head finance charges was not allowable under section 36(1)(iii)
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No sec. 263 revision to tax 'passenger service fee' received by assessee as same was debatable issue
HC allowed change in method of valuation of stock as it was required to determine actual income/loss correctly
IT: Where assessee-bank valued its stock of shares and securities on cost basis in books of account, in view of fact that price of those shares fell sharply during relevant year, in such a case, in order to arrive at real income/loss, correctly, assessee could value closing stock of shares on market price or cost, whichever was lower basis in its return of income
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Private co. was to be wound up when number of its members reduced below two: HC
CL: Where private company had not commenced operations since its inception and had made default in delivering statutory report to Registrar and in holding statutory meetings and upon death of one of directors, number of members was reduced below two, company was to be wound up
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No hearing opportunity to assessee was required while giving approval for assessment in cases of search
Money Held by Indians in Tax Havens Plunges During ’13-17
RBI Asks Rating Firms to Scan Cos’ Bank Details
AO couldn't step into shoes of assessee to decide amount to be paid to avail a particular service
IT: There being no dispute that services was rendered to assessee, Assessing Officer cannot step into shoes of assessee to-re fix amount that should have been paid; section 37(1) does not have any restriction to amount paid so long expenditure is incurred for business
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Specific corpus donation was capital receipt irrespective of fact that trust wasn't registered u/s 12A
IT : Corpus donations received by assessee-trust with specific directions by donors to be applied towards specific purpose for which respective fund was created would be treated as capital receipts; therefore, same could not be brought to tax, despite fact that assessee-trust was not registered under section 12A
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No additions as negative cash balance was due to payment made out of unaccounted income disclosed during search
IT: Where entire unaccounted income found during search was offered as part of overall disclosure and negative balance in books of account was on account of payment made out of said unaccounted income, assessee could not be denied benefit of telescoping of original disclosure
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Every person summoned under Money Laundering Act is bound to appeal before competent authority: HC
PMLA: Where appellant, a Senior Advocate sought exemption under section 160 of Cr. PC for purpose of her non-participation in investigation process by appearing in person on premise that protective discrimination, which was otherwise available to a woman under section 160 of Cr P.C, would have to be extended, since, in discharge of a professional duty, there was no difference between a man and woman, an exemption under section 160 Cr. PC could not be extended to appellant
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Sec. 80-IC relief to be restricted even if substantial expansion was done after 5 year: SC
IT : Where an assessee who sets up a new industry of a kind mentioned in sub-section (2) of section 80-IC and starts availing exemption of 100 per cent tax under sub-section (3) of section 80-IC (which is admissible for five years), after availing deduction for a period of 5 years at rate of 100 per cent of such profits and gains from 'units', assessee would be entitled to deduction for remaining 5 assessment years at rate of 25 per cent (or 30 per cent where assessee is a company), as case may
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CBDT extends scope of filing of departmental appeal with low tax effect
The Central Board of Direct Taxes (CBDT) has modified Para 10 of Circular No. 3 of 2018 issued on 11-07-2018 that provides that adverse judgement relating to issues enumerated in said para should be contested no merits notwithstanding that the tax effect entailed is less than the monetary limits specified. The board has added two more clause to the Para 10.
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Light or Heavy liquid paraffin couldn't be considered as lubricating oils or lubricating preparations: SC
GST/Excise & Customs: Where assessee was trading in 'Light Liquid Peraffin' and 'Heavy Liquid Peraffin' and Tribunal held that said products could not be considered as either lubricating oils or lubricating preparations and Note 4 of Chapter 27 of Central Excise Tariff Act would not be applicable to said goods, appeal filed against impugned order was dismissed
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Tuesday, August 21, 2018
Appeal against attachment of property for recovery of dues was to made before TRO; HC dismissed writ
Provisions of Negotiable Instrument (Amendment) Act, 2018 to be effective from Sept. 01, 2018: MoF
No TDS on commission paid to NR for procuring sales orders from parties outside India
No additions could be made relying on DVO's valuation report in course of block assessment proceedings; SLP dismissed
IT : In course of block assessment proceedings, Assessing Officer had no jurisdiction to reject assessee's books of account and refer matter to DVO to verify cost of construction of building and, thereupon make addition to assessee's income under section 69C on basis of valuation arrived at by DVO: SLP dismissed
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No sec. 153C proceedings if doc. seized during search of another person had no bearing to determine assessee's income
IT: Where pursuant to search carried out in case of 'T' Group, AO initiated proceedings in case of assessee under section 153C on ground that he did not disclose income from sale of land, in view of fact that documents seized in course of search had no bearing on determination of assessee's income and, moreover, while making addition there was no reference whatsoever to said documents, initiation of proceedings under section 153C was bad in law
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Property purchased from Vijay Mallya could not be attached under PMLA on payment of entire consideration
PMLA : Where appellant had purchased a property from Vijay Mallaya of Kingfisher Airlines who was accused under PMLA , property of appellant could not be attached as appellant was not linked to accused and was not involved in money laundering and had become stake holder by making entire payment which were not proceeds of crime
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Exp. on refurnishing, repair & improvement of assets taken on lease was revenue in nature; SLP granted
Legislate an umbrella law for public credit registry: RBI
NCLAT grants stay on liquidation order passed against Jyoti Structures
No ST on training courses provided in fields of aviation, hospitality and travel management: SC
GST/Service Tax: Where assessee was providing training courses in aviation, hospitality and travel management and Tribunal held that assessee was exempted from payment of service tax under Notification No. 24/2004-ST, dated 10-9-2004, SC dismissed appeal filed against judgment of Tribunal
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Supply of labour to various companies classifiable as manpower recruitment or supply agency service
HC adopts LIBOR rate as benchmark for determining ALP of notional interest on delayed recovery of sums from AE
HC adopts LIBOR rate as benchmark for determining ALP of notional interest on delayed recovery of sums from AE
Preferring immunity u/s 270AA can’t restrict an assessee to challenge same issue in earlier years: C
The CBDT has clarified that where an assessee makes an application under section 270AA seeking immunity from penalty proceedings in case of under-reporting of income, Assessing Officer shall not take an adverse view in penalty proceedings under section 271(1)(c) in earlier Assessment Years just because assessee has agreed on the issue in later AY by preferring an immunity under section 270AA
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Wastage and scrap of logs used for manufacturing of plywood not classifiable as cuttings & trimmings of plywood
GST/Excise & Customs: Where assessee, a manufacturer of plywood, had cleared wastage and remnant of logs which had undergone an activity of peeling for purpose of manufacturing plywood, said goods would not be classifiable under Heading No. 4408 40
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Sec. 54B relief was available if new agricultural land was purchased before furnishing of belated return
Monday, August 20, 2018
Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961
No indexation benefit on sale of tenancy rights acquired in inherited property: Bombay HC
IT: Where assessee acquired tenancy rights by inheritance i.e. from his father before 1-4-1981, in view of provisions of section 49(1)(iii), benefit of indexation of cost of acquisition could not be granted while computing capital gain arising from sale of said rights
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from www.taxmann.com Latest Case Laws https://ift.tt/2MZUrip
Under PMLA property purchased from accused could not be attached if entire consideration was paid
PMLA : Where respondents i.e., Vijay Mallaya had been accused for offence u/s 3 and appellant had purchased a property in a project developed by respondents after paying entire consideration and appellant had no family relation with any of respondents, appellant not being involved in offence of money laundering her property could not be attached as same was not involved in money laundering
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from www.taxmann.com Latest Case Laws https://ift.tt/2OLCjt5
No ST on discount received by dealer of Maruti car under category of business auxiliary service
GST/Service Tax: Where assessee, a dealer of Maruti car, received certain amount by way of rebates/discounts/incentives in price of car, assessee was not required to pay service tax on such discounts received under category of 'business auxiliary service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2MCjbQF
Construction of shopping complex for a municipality was to be treated as Works Contract Service
GST/Service Tax: Where assessee had undertaken construction work of widening and deepening of canals, construction of flood protection wall, construction of storm water drain, construction of diversion channel, etc. for Government agencies, since in instant case there was no attendant contract to dredge nor any dredging apparatus or equipment was used by assessee for deepening water bodies, services rendered by assessee would not fall under category of 'dredging service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2MoCrSz
No tax on sale of land if it was declared as an agricultural land in revenue records
IT : Where assessee sold a piece of land on which it was running a nursery, in view of fact that land was declared as agricultural land in revenue records and, moreover, its distance from nearest Municipality was beyond 8 Kms., income arising from sale of said land could not be brought to tax
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Assessee rightly designated as Principal Officer if she had signed co's financials which were filed along with ITR
IT : Where assessee had subscribed her signature in profit and loss account and balance sheet of company for relevant assessment year which were filed alongwith returns, Assessing Officer was justified in naming her as Principal Officer and accordingly she could not be exonerated for offence under section 277
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Fees paid to portfolio manager couldn't be allowed as deduction while computing STCG from sale of shares
No denial of sec. 54 relief just because assessee didn't utilize capital gains for purchase of new house
IT : Where assessee purchased new residential house before sale of another residential house owned by him, in view of fact that all other conditions stipulated under section 54(1) were complied with, his claim for deduction under section 54 was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2MZ4jcd
Saturday, August 18, 2018
SLP admitted against ruling that interest earned on funds deposited prior to commencement to business not taxable
IT: SLP granted against High Court ruling that interest received on funds deposited with banks borrowed for specific purpose of execution of mega projects prior to commencement of commercial operations will be in nature of capital receipt and will be required to be set off against pre-operative expenditure capitalized under head capital work in progress and same cannot be brought to tax under head income from other sources
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from www.taxmann.com Latest Case Laws https://ift.tt/2MURWO9
No denial of deduction to donor if sec. 35 approval if research institution was cancelled with retro-effect
ITdept eyes over Rs. 100 bn from ´ struck off´ firms
ICRA downgrades Syndicate Bank’s Basel-III bonds
Interest-free deposit received from tenants not to be considered to work-out ALV of property: HC
IT : Once interest on interest free security deposits received by assessee from tenant was offered to tax as income from other sources, adding of notional interest on interest free security deposit to determine 'Annual letting value' of property under section 23(1)(b) would amount to double taxation
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Cargo Handling Services aren't covered under activity of shifting minerals within mining area
GST/Service Tax: Where assessee was involved in shifting of minerals from pithead to a specified area located within mines and also removing over burden at mining sites to other location within mining area, said activities would not fall under category of 'cargo handling service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2wa963n
Interest earned in respect of deposits not made for setting-up capital assets couldn't be capitalized
IT: Where assessee raised amounts from Debentures and deposited same with bank and, interest earned by assessee from said deposits, was not inextricably linked with setting up of capital assets, said interest income could not be capitalised
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President gives assent to IBC (second) Amendment Act; recognizes homebuyers as creditor
The President has given his approval to the Insolvency and Bankruptcy Code (Second Amendment Act, 2018 wherein homebuyers have been recognized as financial creditors. Further, the amended code has allowed withdrawal of a resolution application with the approval of 90% members of the Committee of Creditors.
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Creditor could not be heard as he didn’t attend meeting or raise objections to scheme of arrangement
CL : Where public notice had been published in press, inviting objections to Scheme of Arrangement of demerger of respondent companies, however, appellant claiming to be a creditor in terms of an arbitral award being passed in its favour did not attend meetings or raise objections, could not have been subsequently heard
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183143/creditor-could-not-be-heard-as-he-didn’t-attend-meeting-or-raise-objections-to-scheme-of-arrangement.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183143/creditor-could-not-be-heard-as-he-didn’t-attend-meeting-or-raise-objections-to-scheme-of-arrangement.aspx
Friday, August 17, 2018
HC allowed sec. 10(10C) relief to assessee who opted for VRS though claim was raised in ITR filed after 12 yrs
IT : Where assessee, who retired from ICICI Bank under Early Retirement Option Scheme, was entitled to benefit of exemption under section 10(10C), even though he had filed revised return under section 139(5), for relevant year beyond prescribed time period
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Furnishing of GST & GAAR details in Form 3CD deferred till March 31, 2019: CBDT
The Central Board of Direct Taxes (CBDT) has decided that reporting under the newly inserted clause 30C (pertaining to GAAR) & clause 44 (pertaining to GST) in the Form 3CD shall be kept in abeyance till 31st March 2019. The tax auditors, are not required to report these details while furnishing tax audit report.
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Clarification in respect of CBDT Notification No. 33 of 2018 amending Form No. 3CD
Assessee can avail dispute resolution scheme towards penalty levied for contravention of sec. 269SS; SLP dismissed
No LTCG tax on POA holder just because real owner didn’t file ITR: ITAT
IT : Where Assessing Officer made addition to income of assessee towards long term capital gain on sale of properties by virtue of power of attorny executed by NRIs, who were real owners of properties sold, properties did not belong to assessee and, therefore, capital gain arising from those properties could not be taxed in hands of assessee solely on ground that persons being real owners had not filed their income tax return
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from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183139/no-ltcg-tax-on-poa-holder-just-because-real-owner-didn’t-file-itr-itat.aspx
'Indian Olympic Association' won't lose charitable status just because it received sponsorship from a private co.
IT: Where assessee association was primarily engaged in promotion of sports in country, it would not lose its character of charitable purpose merely because some sponsorship was accepted from a private company in respect of Asian games and Youth Olympic games
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from www.taxmann.com Latest Case Laws https://ift.tt/2MwrBJz
Draft amendments to rules for online process for issue of lower/nil deduction certificate notified
In order to rationalise and make the process of issuance of certificate of no deduction of tax or deduction/collection of tax at lower rate electronically, the Central Board of Direct Taxes (CBDT) has notified draft notification for amending the existing Form No.13 and relevant rules.
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No Service Tax on Licence Fee for Liquor Sold in Retail: Delhi HC
Sebi Eases Process of Issuance of Securities on e-book Platform
Sebi Cuts Listing Time for Public Issue of Debt Securities
SetCom application couldn't be treated as invalid just because refund was claimed inadvertently by assessee
IT : Where application before Settlement Commission contained all details and Income tax Department themselves were not aware of fact that refund had been processed and granted when they filed report and it was inadvertently omitted by assessee and assessee having pleaded ignorance and inadvertence for pardon, Settlement Commission could not have treated assessee's case as one of making a false claim of refund and application ought not to have been rejected on such technical ground
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AO couldn't determine cost of construction on estimate basis if assessee duly submitted valuation reports
IT: Where assessee sold land and claimed cost of acquisition on basis of FMV of land as on 1-4-1981, Assessing Officer was justified in adopting cost of acquisition on basis of Gazette Notification of 1999, giving value of properties in vicinity of area, where assessee's property was situated
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AO to pass draft assessment order before passing a final one in pursuance of sec. 144C: Bombay HC
IT/ILT: Where in case of foreign assessee, Assessing Officer passed final assessment order under section 144C(13), read with section 143(3) without passing a draft assessment order under section 144C(1), said order being violative of provisions of section 144C(1), deserved to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2PiFcTs
No abuse of dominance by OP by putting restriction on organizers for conducting marathons: CCI
Competition Act: Where OP, Athletics Federation of India (AFI) in its AGM decided to take action against officials/athletes who encouraged unauthorized marathons without taking its permission but minutes of said meeting were not adopted and approved, minutes of AGM did not contain anything which could be said to be abusive, and, therefore, no case of contravention of any provisions of section 4 was made out against OP
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from www.taxmann.com Latest Case Laws https://ift.tt/2KZrBgg
Thursday, August 16, 2018
SEBI streamlines process of public issue; reduces time taken for listing of security
In order to make the existing process of issuance of debt securities, NCRPS and SDI easier, simpler and cost effective for both issuers and investors under the SEBI ILDS. SEBI ILDM, SEBI NCRPS and SEBI SDI regulations respectively, the market regulator has decided to reduce the time taken for listing after the closure of the issue to 6 working days as against the present requirement of 12 working days.
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SEBI eases process of issuance of securities on e-book platform
Notification No. 39/2018 [F.No.300196/31/2017-ITA-I] / SO 3960(E)
Notification No. 38/2018[F.No.300196/42/2017-ITA-I] / SO 3959(E)
No tax on sale of agriculture land merely because land was to be used for industrial purpose by purchaser
IT: Where assessee was an agriculturist and land owned by him had been shown as agricultural land in revenue records, mere fact that said land had been sold to an industrial unit and had potential to be used for industrial purpose, could not be a determinative factor to treat profit earned by assessee on sale of agriculture land as business income
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from www.taxmann.com Latest Case Laws https://ift.tt/2MuqzOd
In absence of change in circumstances exp. to be allowed if same was allowed in earlier years: HC
IT : Where entire expenditure of assessee for earlier years and subsequent years was set off against professional income and no expenditure was allocated to capital gain, in absence of any change in circumstances, following rule of consistency, Tribunal was justified allowing same in relevant assessment years also
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from www.taxmann.com Latest Case Laws https://ift.tt/2MtzY8t
No concealment penalty just because assessee made wrong claim of deduction: HC
Sec. 68 additions justified if assessee inflated value of furnitures sold along with house to evade stamp duty
IT : Where assessee sold a house property including furniture in house and purchased another residential house, and it was found that cost of furniture sold was of much lesser amount against amount shown by assessee and main purpose of agreement for sale of furniture was to evede stamp duty involved in sale transaction, addition in respect of excess amount shown on sale of furniture under section 68 was justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2vKf2Ra
IRDA issues draft regulation for insurance services by common service centers
In order to supervise and monitor CPSC-SPV that are incorporated to facilitate delivery of government, private and social sector services to citizens of India including insurance related services, The IRDA has issued draft regulation for insurance services by common service centers.
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from taxmann.com News https://ift.tt/2L2fiju
RBI updates FAQs on External Commercial Borrowings and Trade Credits
SC dismissed appeal against order of Tribunal due to revenue neutral situation
GST/Excise & Customs: Where assessee produced in its unit 'C' unprocessed cotton fabrics and cleared same to its unit 'A' on payment of duty and revenue issued on assessee a notice alleging that it had to pay duty at rate of 115 per cent of cost of production on unprocessed cotton fabrics cleared to unit 'A', whereas it had adopted lesser value for payment of duty and accordingly demanded certain duty and Tribunal had set aside demand on ground that entire exercise was a revenue neutral situatio
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from www.taxmann.com Latest Case Laws https://ift.tt/2Pe5vtD
Payment of one-time fees for persons engaged in mining on forest land was to be allowed as revenue exp. : SC
Wafers with a cream layer classifiable as 'Wafers coated with chocolate' under Heading No. 1905 32 11
GST/Excise & Customs: Where assessee was engaged in manufacture of wafers with a cream layer made out of cocoa powder, sugar, flavour, emulsifiers and hydrogenated vegetable fats and sold same as choco-dipped wafer layers and wafer covered with delicious chocolate layer, said product would be classifiable under Heading No. 1905 32 11 and not under Heading No. 1905 32 19
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from www.taxmann.com Latest Case Laws https://ift.tt/2PbsR3b
Sebi Plans Framework for Timely and Detailed Disclosure of Loan Defaults
PWD-OP was not in dominant position for execution of civil construction work in State of Haryana
Competition Act: Where considering market share, size and resources, dependency of contractors on PWD for supplying their services for construction of roads and bridges, entry barriers, it was found that PWD was not in dominant position in execution of works of roads, buildings, bridges and other civil construction works in State of Haryana, there could not be case of abuse of dominance by PWD in terms of section 4
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from www.taxmann.com Latest Case Laws https://ift.tt/2MQaa3y
‘IBBI’ and ‘Madhya Pradesh Real Estate Regulatory Authority’ notified under section 10(46)
The Central Board of Direct Taxes (CBDT) has notified ‘Insolvency and Bankruptcy Board of India’ and ‘Madhya Pradesh Real Estate Regulatory’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961.
from taxmann.com News https://www.taxmann.com/topstories/222330000000016352/‘ibbi’-and-‘madhya-pradesh-real-estate-regulatory-authority’-notified-under-section-1046.aspx
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President nods to National Commission for Backward Classes Act, 1993
Benefit of netting of interest allowable prior to amendment to rule 8D w.e.f. 02-06-2016: ITAT
Tuesday, August 14, 2018
‘Sachin Tendulkar’ entitled to vacancy allowance as he failed to find tenant for vacant flat
IT : Where assessee, a renowned cricketer, could not find tenant for letting out a flat owned by him despite writing various letters to builder of said flat and as a result flat remained vacant throughout relevant year, he was justified in disclosing annual value of flat at nil after claiming vacancy allowance
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183079/‘sachin-tendulkar’-entitled-to-vacancy-allowance-as-he-failed-to-find-tenant-for-vacant-flat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183079/‘sachin-tendulkar’-entitled-to-vacancy-allowance-as-he-failed-to-find-tenant-for-vacant-flat.aspx
Fraudulent preferential allotment would be liable for violations of SAST regulations
SEBI: PCL made a number of misleading corporate announcements of tie ups, due to which price of scrips and daily average of trading increased substantially and promoters of PCL had transferred shares in off-market to related entities who in-turn sold shares in market and made unlawful gains, these entities would be liable for violations of SAST Regulations, 1997 in addition to violation of PFUTP Regulations, 2003
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Erection & installation work for transmission & distribution of electricity exempt from service tax
Car parking charges were liable to service tax under category of residential complex service
Monday, August 13, 2018
Company was directed to rectify its register of member due to fraudulent transfer of shares: SC
CL: Where appellant's shares had been transferred to some another person by fraud and due procedure was not followed while issuing duplicate shares, appellant was not to be relegated to any further proceeding and company was directed to rectify its register of member as prayed by appellant
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from www.taxmann.com Latest Case Laws https://ift.tt/2KNE071
Penalty imposed on promoters for fraudulent and unfair trade practices: SAT
SEBI: Where appellants being promoters of company had made a series of misleading corporate announcements, had transferred shares to connected persons off market, as well as pooled shares from various persons and offloaded those shares subsequent to corporate announcements, they had violated provisions of PFUTP Regulations, 2003 and accordingly penalty of Rs. 72 lakhs imposed on them under section 15HA SEBI Act and regulations 3 and 4 of PFUTP Regulations, 2003 was justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2Mgi7mg
SEBI requires share transfer agents to put in place risk management policy
SEBI vide circular has asked Qualified Registrar to an issue and Share transfer Agents to formulate and implement a comprehensive policy frame work approved by the Board of Directors. The framework shall include Risk management policy, Business continuity plan, manner of keeping records, Wind-down plan, Data Access and Data protection policy and Insurance against risk and Ensuring integrity of operations.
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ST exemption on construction of airport or port in certain cases is not ultra-vires: HC
GST/Service Tax : Sub-section (3) of section 103 of Finance Act, 1994 titled as 'Special provision for exemption in certain cases relating to construction of airport or port' is neither arbitrary nor unconstitutional nor ultra vires to articles 14 and 19(1)(g) of Constitution of India
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from www.taxmann.com Latest Case Laws https://ift.tt/2w62GlT
Merely buying property in name of his wife could not be treated as benami property: Delhi HC
Benami Act : It is legally permissible for a person to purchase an immovable property in name of his spouse from his known sources, and in which position, property purchased will not be a benami property but property will be of de jure owner/plaintiff/husband and not of de facto owner (in whose name title deeds exist), being respondent/defendant/wife in instant case
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Outsourcing of WAN connection set-up to other co. couldn't be classified as business auxiliary service
GST/Service Tax: Where Excise and Taxation Technical Service Authority of Punjab awarded to assessee work of computerization of Sales Tax System and operation of same and assessee sub-contracted a part of this work pertaining to setting up of Wide Area Network (WAN) connection to a company HSCL, activity of setting up of WAN connection outsourced to HSCL would not fall under category of 'Business auxiliary service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2MbR8IK
Investors can hold shares in physical format even after Dec 05 2018: SEBI clarifies
SEBI vide. press release has reiterated that any investor who is desirous of transferring shares after December 05, 2018 can do so only after shares are dematerialized. SEBI however, clarified that amendment doesn’t permit investor from holding shares in physical form, investor can hold shares in physical form even after Dec 05, 2018. SEBI also clarified that dematerialization is not required in case of transmission of shares.
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SC quashes order of HC as provisions of SARFAESI Act aren't applicable on agricultural land
SARFAESI : Where High Court failed to adjudicate on basic issue as to whether land in respect of which security interest was created, was agricultural in nature, judgment of High Court holding that provisions of SARFAESI Act were not attracted as land was agricultural land was to be set aside
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AO couldn't initiate penalty proceedings once earlier proceedings were dropped considering reply of assessee
Appeal against order of tribunal dismissed as it was barred by limitation
Assessment completed without issue of notice couldn't be cured by restoring to section 292BB
IT : Where Assessing Officer had completed assessment of assessee under section 143(3) read with section 147 without issuing any notice under section 143(2), re-assessment order passed was legally unsustainable and same could not be justified by invoking provisions of section 292BB
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Foreign Funds Reluctant to Disclose Ultimate Beneficial Owners
Sebi Plans to Cap Investors’ Equity Exposure in Line with Net Worth
Sale of attached property couldn't be held as void if notice for recovery wasn't served by TRO upon owner
Sec. 10A: Exp. to be excluded from total turnover if same was excluded from export turnover; SLP dismissed
No reassessment to disallow business loss which was duly considered in regular assessment
IT: Where reassessment notices were issued to assessee-bank on ground that deduction in value of its advances on account of change in contractual terms consequent to restructuring of assets was of contingent nature and did not qualify to be allowed as a loss/deductible expenditure and, thus, income chargeable to tax had escaped assessment, since said claim was considered during assessment proceedings and accepted for both years, it was a clear case of change of opinion and, thus, reassessment no
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