Publish Date : Wednesday, September 26, 2018
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Saturday, September 29, 2018
Notification No. 56 /2018 [F.No. 300196/45/2017-ITA-I] / SO 4983(E)
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NCLAT reduced penalty amount for committing default in filing return and financial statement
Pendency of rectification application before ITAT had no impact on time period for filing of appeal before HC
Oldest Crypto Exchange Zebpay Closes due to Banking Curbs, Regulatory Flux
Virtual currency exchange Zebpay shuts down following RBI freeze
RBI cracks whip on Bandhan for violating shareholding norms
Limitation period prescribed u/s 201 to be applied for treating assessee-in-default in case of TCS default
IT: Where no limitation is prescribed under section 206C for passing order by Assessing Officer holding assessee in default for failure to collect tax at source, reasonable period of limitation of four years for passing order under section 201 is to be applied by Assessing Officer for passing order under section 206C also
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Multi system operator services taxable under category of cable service
No separate category of ‘commodity derivative segment’ effective from Oct 01, 2018: SEBI
As per the amendments in Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations there would be no separate category of 'Commodity Derivatives Exchanges' from October 1, 2018. Accordingly, SEBI clarified that all the norms issued for commodity derivatives exchanges till date shall be applicable to commodity derivatives segments of recognised stock exchanges/ recognised clearing corporations to the extent applicable.
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Govt. revises monetary limit of adjudicating officers of ED to hold inquiry under FEMA
The Government has revised monetary limit of the officers of Enforcement Directorate as adjudicating authorities to hold an inquiry for the purpose of adjudication u/s 13 of the Foreign Exchange Management Act, 1999. Now cases involving amount exceeding Rs 25 crores shall be dealt by Director of Enforcement and Principal Special Director of Enforcement similarly, cases involving amount upto Rs. 25 Crores shall be dealt by Additional Director of Enforcement.
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Service of van to bank for transporting cash not taxable as security services
GST/Excise & Customs : Where assessee was engaged in providing security services to bank as well as cash van to bank for transporting cash from one place to another, cash van services provided by assessee to bank not covered under category of 'security services'
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Trust promoting education not required to serve or educate poor person only: ITAT
IT: Profit-making per se cannot be regarded as detrimental as long as a society pursue a charitable purpose; activities of a trust/institution promoting education need not target to serve poor, but it should function in conformity with its objects
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Friday, September 28, 2018
Govt. constitutes high level committee on Corporate Social Responsibility
A high level committee has been constituted under MCA to review the existing framework and guide and formulate the roadmap for a coherent policy on CSR. The Committee is expected to review the existing CSR framework as per Act, Rules and Circulars issued from time to time and recommend guidelines for better enforcement of CSR provisions. It will analyse outcomes of CSR activities/programmes/projects and suggest measures for effective monitoring and evaluation of CSR by companies.
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No abuse of dominance by DLF due to presence of other developers in market of residential flats in Gurgaon
Competition Act: Where there were several developers who had launched their projects at time Informant purchased residential apartment and 90 per cent of residential apartments in relevant market for provision of services for development and sale of residential apartments/flats in Gurgaon were launched by other developers, OP-DLF was not dominant in relevant market and, therefore, no case of abuse of dominance was made out OP
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No sec. 43B disallowance on unpaid service tax if amount on which service tax was payable not received
IT: Where amount on which service tax was payable had not been received by assessee from its clients to whom services were rendered and assessee had claimed unpaid service tax as its liability, same could not be disallowed under section 43B
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Matter remanded back to Commissioner for re-classification of cigarettes
GST/Excise & Customs: Where assessee, a manufacturer of tipper brand cigarettes, had classified said cigarettes under Heading No. 2402 20 10 and Heading No. 2402 20 20 and revenue issued on assessee show cause notice proposing to classify above cigarettes under different Heading and Commissioner relying on a decision of Supreme Court dropped show cause notice, matter was remanded to Commissioner for redecision
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Thursday, September 27, 2018
Notification No. 58/2018 [F.No.300196/45/2018-ITA-I] / SO 4985(E)
Notification No. 57/2018 [F.No.300196/41/2018-ITA-I] / SO 4984(E)
Notification No. 55 /2018 [F.No. 178/15/2018-ITA-I)] / SO 4982(E)
CBDT notifies 'Ex-Servicemen Contributory Health Scheme' for the purpose of Sec. 80D relief
The Central Board of Direct Taxes (CBDT) has notified the 'Ex-Servicemen Contributory Health Scheme' of the Department of Ex-Servicemen Welfare, Ministry of Defence, for the purpose of Sec. 80D deduction. The deduction is available for the assessment year 2019-20 and subsequent assessment years
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Charges retained by credit card companies couldn’t be treated as commission for purpose of Sec. 194H TDS
IT : Payments to banks on account of utilization of credit card facilities would be in nature of bank charge and not in nature of commission within meaning of section 194H
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PILCOM was agent of Sri Lanka Cricket Board on all income arising in India whether directly or indirectly: HC
Customers collection retained by agent on termination of shipping agency to be treated as its commission income
IT : Where foreign shipping lines, of whom assessee was agent, intended to terminate agency and filed suit raising huge claim of outstanding amount collected by assessee agent from customers, but later on principals settled issue for lesser amount, what was left with assessee-agent after payment to Principals after deducting expenses incurred on behalf of Principals,
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Sum paid for use of computer software not royalty in absence of amendment to definition of royalty in DTAA
IT/ILT: In absence of a provision similar to Explanation 4 to section 9(1)(vi) making amendment in definition of royalty in India-Belgium DTAA, payment made for use or right to use of computer software cannot be treated as royalty under India Belgium tax treaty
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Earnest money invested in specified assets before transfer of capital asset eligible for Sec. 54EC relief
Govt may Bring Legal Backing for Private Cos to Use Aadhaar
Congress to move court if changes are brought in as Money Bill
Interest paid under MVAT was allowable exp. if same wasn't penal in nature: ITAT
IT : Since interest paid under section 30(2) of MVAT Act, 2002 was not penal in nature, some was to be allowed under section 37(1); however, interest paid under section 30(4) of MVAT Act, 2002 which was in addition to interest payble under section 30(2) was penal in nature and could not be allowed in view of provision of Explanation 1 to section 37(1)
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'Nuclear Grade Ammonium Di-uranate' classifiable as natural uranium & its compounds under H. No. 2844 10 00
Chelated Zinc & Chelated Iron were classifiable as other fertilizers under Heading No. 3105
GST/Excise & Customs: Where assessee was engaged in manufacture of 'Chelated Zinc as 12 per cent, Chelated Iron as 12 per cent Fe and mixture of Chelated substance', said products would be classifiable under Heading No. 3105 as 'other fertilizers' and not under Heading No. 3808 93 40 as 'plant growth regulators'
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SC upholds constitutional validity of Aadhaar; private entities can’t ask for Aadhaar details
AADHAAR : The Aadhaar project does not tend to create a surveillance State. Such an apprehensions is assuaged with striking down or reading down or clarification of some of provisions
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Govt. increases basic custom duty on 19 items from September 27, 2018
'Ramco Super Fine' classifiable as non-refractory preparation under Heading No. 3214 90 90
Mosquito repellant coils could be classified as insecticides under Heading No. 3808 10 91
AO couldn't initiate penalty proceedings u/s 271AAA without conducting search and seizure on concerned person
Wednesday, September 26, 2018
‘Distributable Surplus’ paid to India Subsidiary of DIAGEO was application of income; not deductible
IT : Distributable surplus paid to Indian subsidiary of UK based company DIAGEO Plc. under agreement whereby assessee (an Indian entity) agreed to manufacture and sell alcoholic products under control and supervision of DIAGEO India, was nothing but an 'application of income' by assessee and same was not an allowable expenditure under section 37(1).
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Legal advisory service fee received by partnership firm couldn't be taxed under article 15 of India-UK DTAA
IT/ILT : Where assessee, a Limited Liability Partnership incorporated under Laws of United Kingdom (UK), provided legal advisory services to its clients worldwide including India, since by rendering those services, assessee did not 'make available' any technical knowledge, know-how or experience to its clients, amount received by it was not taxable in India as fee for technical services
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ITAT justified sec. 40(a)(i) disallowance on premium paid to NR re-insurance company without deducting TDS
IT : Where assessee insurance company paid re-insurance premium to non-resident re-insurance company which did not have its branch in India and payment was made without deducting tax at source, Assessing Officer was justified in making disallowance under section 40(a)(i)
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SC upholds constitutional validity of Aadhaar; private entities can’t ask for Aadhaar details
The Supreme Court upheld the Constitutional validity of Aadhaar. The Court said that sufficient security measures are taken to protect data and it is difficult to launch surveillance on citizens on the basis of Aadhaar. The Court said that no metadata to be stored in current form. The judgement strikes down Section 57 of Aadhaar Act, 2016, which says private body corporates can seek Aadhaar data. Says it's unconstitutional.
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No abuse of dominance by DLF group due to presence of other players in market: CCI
Competition Act: Where there were large number of players in relevant market for services of development and sale of residential apartments/flats in Gurgaon, OP Group i.e., DLF, did not have ability to influence conditions of competition in relevant market and, therefore, it did not have a dominant position in relevant market in terms of section 4
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Amalgamation of LLP with Indian Company was to be allowed as accounting treatment was in conformity with AS
CL: Where both transferor LLP and transferee company were regularly filing its statutory return and all proposed accounting treatment was in conformity with accounting standards prescribed under section 133 and all statutory compliances had been made under section 232, amalgamation of transferor LLP with transferee company was to be allowed
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Paytm Parent Moves NCLT against Reliance Telecom to Recover Dues
RBI Report Twice said IL&FS Fin’s Net-owned Funds were Wiped Out
I-Watch DVR (Digital Video Recording) classifiable as other video-camera recorders under H. No. 8525 80 90
CST/Excise & Customs: Products 'I-Serve Terminals (Customer Service Automation)', 'Cheque Deposit Machine', 'Quick Pay (Bill Payment Terminal)', 'Opti Q (Dynamic Q - Management System)', 'I-Serve (Self Banking Terminal)', 'Pay Point (Automated Bill Payment Terminal)' classifiable under Heading No. 8472 90 90 and products 'I-Watch (Digital ATM Surveillance Solution)' and 'I-watch DVR (Digital Video Recording)' would be classifiable under Heading No. 8525 80 90
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STT as applicable to delivery based equity transactions applied to derivative contracts settled by actual delivery
Finance Act: Where a derivative contracts were settled by physical delivery of shares, transaction would not be any different from transaction in equity share where contract was settled by actual delivery or transfer of shares and rates of STT as applicable to such delivery based equity transactions would also be applicable to such derivative transaction
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Supply & installation of electric works would qualify as works contract service
GST/Service Tax: Where assessee was engaged in supply and installation of electric works, laying/shifting of High Transmission lines, street lightning system, etc., said services would fall under category of 'works contract services' and not under category of 'erection, commissioning or installation'
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Supreme Court upholds constitutional validity of the Aadhaar Act
The Supreme Court upheld the Constitutional validity of Aadhaar. The Court said that sufficient security measures are taken to protect data and it is difficult to launch surveillance on citizens on the basis of Aadhaar. The Court said that no metadata to be stored in current form. The judgement strikes down Section 57 of Aadhaar Act, 2016, which says private body corporates can seek Aadhaar data. Says it's unconstitutional.
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MCA extends date for mandatory registration for unregistered valuers from Sep 30, 2018 to Jan 31, 20
MCA has amended the Companies (Registered Valuers and Valuation) Rules, 2017 wherein Rule 11 which relates to ‘Transitional Arrangement ‘has been amended to extend the last date for obtaining registration certificate for persons who are rendering valuation services without a certificate of registration under the Companies Registered Valuers and Valuation Rules upto January 31, 2019. Earlier the last date was September 30, 2018.
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Construction of residential blocks having less than 12 units not taxable as construction of complex services : SC
GST/Service Tax: Where assessee had constructed residential blocks for Ghaziabad Development Authority, Ministry of Defence and JNNURM and Tribunal held that since none of constructed blocks had got 12 or more units, services provided by assessee would not be taxable under category of 'construction of complex services', Supreme Court dismissed appeal
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TPO couldn't charge notional interest from AEs on outstanding sale amount if assessee applied TNMM as MAM
IT : Where assessee applied TNMM as MAM which takes care about all cost including notional interest on receivables, TPO could not apply CUP to determine notional interest to be charged from associated enterprise on outstanding unrealized sale amount
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Receiving special audit report within period of limitation wasn't necessary: Delhi HC
Tuesday, September 25, 2018
Pre-operative exp. incurred on abandoned project held as revenue in nature as it was managed from common funds
IT : Where assessee company set up a new project which was subsequently abandoned, since new project was managed from common funds, control over all business units was in hands of assessee and there was unity of control, it could not be said that pre-operative expenditure incurred by assessee was on a new line of business, thus, same was to be allowed as revenue expenditure
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Books of a/c rightly rejected as assessee failed to give reasons for huge losses; SC dismissed SLP
IT : SLP dismissed against High Court ruling that where assessee had not given cogent reasons for suffering huge loss while most of assessees in said line of business had declared positive income, assessee's books of account were rightly rejected and income was rightly estimated by applying net profit rate on basis of similarly situated identical cases
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ALV of property to be taken as nil if property couldn’t be let out & remained vacant whole year: ITAT
IT : Though term 'Property is let' used in section 23(1)(c) is solely with intent to avoid misuse of determination of 'annual value' of self occupied properties by assessee by taking recourse to section 23(1)(c), however, same cannot be stretched beyond that and 'annual value' of a property which is let, but thereafter remains vacant for whole year under consideration, though subject to condition that same is not put under self occupation of assessee and is held for purpose of letting out of sam
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Loss arising on forward contract entered into for protecting future price fluctuations of oil wasn't speculative loss
ITAT remanded matter to verify whether trust was owner of building for which repair exp. was incurred
IT: Without verifying claim of assessee trust that it was occupying third and fourth floor of building without paying any rent and trustee was required to repay expenditure incurred by assessee, Assessing Officer could not have disallowed expenditure incurred towards repairs and renovation of building owned by trustee on ground that it was in contravention of provisions of section 13(1)(c) as a benefit had accrued to trustee through such payment
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Restriction on exhibition of dubbed Kannada movies is anti-competitive act: CCI
Competition Act : Where OP-society, body of producers, directors, exhibitors of State of Karnataka, had indulged in practices that led to restriction on exhibition of dubbed Kannada movies/content in State of Karnataka, OP's conduct was anti-competitive in contravention of section 3
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Assessee was entitled to refund only of excess tax levied on assessment in case of annulment of assessment
ITAT quashed reassessment notice issued after 4 years without obtaining sanction by CIT
Oppression plea was to dismissed due to non-payment of subscription money: NCLT
CL: Where petitioner claimed to be subscriber of 25000 equity shares representing 50 per cent of share capital of company but there was no proof of payment of subscription money, oppression and Mismanagement petition filed by him was to be dismissed
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DoT to Conduct ‘Special Audits’ of Telcos’ Books
RBI’s Appointments Division Okayed Rana Kapoor’s Extension for 3 Years
RBI, Sebi Assurances on Liquidity Bring Some Comfort to Bond Street
Sebi to review DHFL, YES Bank stocks over 'irregularities' in trading
Matter related to provisional attachment was to be reheard due to non-compliance of Money Laundering Act
PMLA: Where Adjudicating Authority passed order confirming provisional attachment order in respect of property mortgaged with appellant bank, however, did not issue notice or afford an opportunity of hearing to appellant bank during adjudication proceedings, there being non-compliance of statutory requirement of proviso to section 8(2) of PMLA , matter was to be reheard
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Presiding Officers of debt recovery tribunal would be allowed to serve until age of 65 years: SC
RDB Act: Presiding Officers of Debt Recovery Tribunals (DRTs), who were serving as on date when 2016 amendment of Recovery of Debts and Bankruptcy Act became enforceable, would be entitled to complete term of five years taking advantage of amended provision which allowed them to continue until attaining age of 65 years
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Transportation of coal in mining area couldn't be categorized as mining service
GST/Service Tax: Where assessee under two different agreements with South Eastern Coal Fields (SECL) provided services of loading and transportation of coal in mining area of SECL, activity of transportation of coal would fall under category of 'goods transport agency service' and not under category of 'mining service'
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Restriction on exhibition of dubbed Kannada movies in anti-competitive act: CCI
Competition Act : Where OP-society, body of producers, directors, exhibitors of State of Karnataka, had indulged in practices that led to restriction on exhibition of dubbed Kannada movies/content in State of Karnataka, OP's conduct was anti-competitive in contravention of section 3
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AO was bound to refer matter to Valuation Officer if assessee claimed that stamp duty value of property exceeded FMV
IT: Where assessee claims that value adopted or assessed or assessable by stamp valuation authority exceeds fair market value of property as on date of transfer and assessee raised specific dispute and claim before Assessing Officer that stamp valuation of property sold was not its 'fair market value', it is bounden duty of Assessing Officer to have referred matter to Valuation Officer
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Authority to pass orders for conversion of Bill of Entry for home consumption to Bill of Entry for warehousing
IGST/Excise & Customs: Where Adjudicating Authority had rejected assessee's request for conversion of Bills of Entry for Home Consumption to Bills of Entry for Warehousing, said authority was directed to proceed to consider whether assessee fulfilled its export obligations and pass appropriate orders
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Monday, September 24, 2018
Amendment to sec. 2(14) providing aerial distance for determining agricultural land has no retro-effect
IT: Provisions of item (b) of sub-clause (iii) of section 2(14) of 1961 Act which provides for considering distance aerially, not by road, and which have been substituted by Finance Act, 2013 with effect from 1-4-2014 are applicable only for and from assessment year 2014-15 onwards; and, therefore, would operate prospectively and cannot be given retrospective operation
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CBDT extends due date for tax audit and return filing from Sep. 30, 2018 to Oct. 15, 2018
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income-tax returns as well as report of audit from September 30, 2018 to October 15, 2018. However, taxpayers are liable to pay interest for default in furnishing returns under section 234A
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Sec. 68 additions justified if assessee failed to produce lender-bank for verification; SLP dismissed
IT: SLP dismissed against High Court ruling that where assessee received loan from two companies, in view of fact that on date assessee was given loan there were credit entries of almost similar amounts and balance after these transactions was a small amount and moreover assessee failed to produce these lenders for verification, impugned amount was rightly brought to tax under section 68
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ICSI issues new Secretarial Standard -4 on ‘Report of the Board of Directors’ w.e.f. Oct 1, 2018
ICSI has issued new SS- 4 on report of the Board of the Directors. SS-4 is recommendatory in nature and it shall come into force w.e.f. 01.10.2018. Part -1 of the Board report shall be related to Disclosures such as 1. Company Specific information 2. General Info. 3. Capital and Debt Structure 4. Credit Rating of Securities, 5 CSR. 6. IEPF, 7 Auditors etc. and Part –II of report shall include other requirement such as Approval of report, signing of report, Filing and submission of the report.
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No cessation of liability just because AO believed that likelihood of payment of liability was remote
Sum paid to NR for clearing and forwarding services outside India not taxable in absence of PE in India
IT/ILT: Where assessee, engaged in business of clearing and forwarding agent, made payments to foreign shipping/airline companies through their agents, in view of fact that non-resident companies had not rendered any services in India and, moreover, they did not have any PE in India, payments in question were not liable to tax in India
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AO could pass final assessment order only on basis of draft assessment order mandated by sec. 144C
IT/ILT: Only in a case where final assessment order is passed in conformity with directions of DRP, Assessing Officer can vary draft assessment order in respect of any addition/disallowance as per directions of DRP; however, where Assessing Officer passes final assessment order under sub-section (3) of section 144C, he has no such power to deviate from draft assessment order and can pass final assessment order only on basis of draft assessment order
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Non-implementation of fly-ash bricks notification for construction activities by PWD won't come under ambit of CCI
No penalty just because exp. claimed by assessee wasn't accepted by revenue; SC dismissed SLP
Saturday, September 22, 2018
Business strategies adopted by companies to be considered while selecting comparables for TP study
Winding up plea couldn't be entertained if debt was disputed on substantial ground
Provision of SARFAESI prevail over Arbitration and Conciliation Act
SARFAESI Act: Since provisions of 2002 Act override all other provisions of law which were inconsistent therewith, proceedings initiated by bank under section 14 of 2002 Act, could not be said to be illegal on account of a receiver appointed in proceedings initiated under section 9 of Arbitration and Conciliation Act, 1996
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from www.taxmann.com Latest Case Laws https://ift.tt/2PX6myB
Cartelization amongst manufacturers of zinc carbon dry-cell batteries led to price rise; CCI affirms DG's finding
Competition Act: Where DG found that cartelization-amongst OP-2 and OP-3, manufacturer and suppliers of zinc-carbon dry-cell batteries in India led to an increase in prices of zinc-carbon dry-cell batteries to a very high level causing loss to consumers, created entry barriers in market and foreclosed competition in market, said findings of DG not being disputed or contradicted by either parties, it was to be held that there was contravention of provisions of 3(3), read with section 3(1) by OPs
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from www.taxmann.com Latest Case Laws https://ift.tt/2DowNfg
No concealment penalty if sec. 54 relief was disallowed on ground that property sold wasn't residential
IT: Where assessee's claim of exemption under section 54 was disallowed on ground that property sold by assessee was not residential, however, assessee had neither concealed his income nor furnished inaccurate particulars of income, penalty imposed under section 271(1)(c) was rightly deleted by Tribunal
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from www.taxmann.com Latest Case Laws https://ift.tt/2OEqsgK
Interest on NPAs not taxable on accrual basis, though bank was following mercantile accounting system
Services of providing bed rolls to passengers on behalf of railways would qualify as customer care services
HC directed assessee to pay 1% of tax demand during pendency of appeal against Sec. 68 additions
IT: Where AO made addition to assessee's income under section 68 and granted a conditional stay by paying 50 per cent of amount demanded during pendency of appeal, in view of fact that assessee was an institution in co-operative sector and its members were from general public as also from marginalised sector, in interest of justice, it would be appropriate to direct assessee to pay 1 per cent of addition made during pendency of appeal
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from www.taxmann.com Latest Case Laws https://ift.tt/2DnGASG
Revised KYC norms for Foreign Portfolio Investors: SEBI
The Securities and Exchange Board of India has issued the revised guidelines for know your client (KYC) requirement for foreign portfolio investors wherein provision related to KYC documentations, Exempted documents, data security, timelines for compliance have been discussed.
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Many promoters still in ‘public’ category
SEBI allows NRIs and Overseas Citizens of India to invest in Indian market through FPI route
No sec. 69C additions just because notice sent to creditors received back if purchases were duly recorded
IT: Where AO made addition to assessee's income under sec. 69C in respect of amount payable to creditors towards purchases, in view of fact that said purchases were duly recorded in books of account and sales made against those purchases was not disputed, impugned addition was to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2NvjttT
Contention of borrower for invoking SARFAESI Act to sell agricultural land was not justified: HC
SARFAESI Act: Where until bank brought secured asset for sale, nowhere did borrower/guarantor took a plea that said asset was agricultural land, further, bank fixes reserve price of mortgaged properties taking highest of three valuations, contention of borrower that SARFAESI Act could not be invoked to sell agricultural land or that value of properties brought to sale was fixed too low was not justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2DnMsLP
AO was justified in setting off loss of one unit against income of other units for sec. 80-IC relief: ITAT
IT : Where assessee had two manufacturing units both of which were eligible for deduction under section 80-IC, in view of fact that one of said unit earned profit whereas other unit incurred loss, while computing amount of deduction, revenue authorities were justified in setting of said negative income of one eligible unit against positive income of other eligible unit
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from www.taxmann.com Latest Case Laws https://ift.tt/2DkgqQT
Friday, September 21, 2018
AO couldn't reject books of account just because there was fall in gross profit rate
IT: Where in support of its business transactions carried out during relevant year, assessee produced books of account, stock registers, vouchers etc. and Assessing Officer failed to point out any defect in those documents, in such circumstances, mere fall in gross profit rate could not be a ground for rejection of assessee's books of account
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from www.taxmann.com Latest Case Laws https://ift.tt/2QOnPuk
MCA eases process for incorporation of LLPs; specifies new forms 'RUN-LLP' and FiLLiP
Ministry of Corporate Affairs (MCA) has notified amendment to the Limited Liability Partnership Rules, 2009 wherein process of incorporation of LLPs and reservation of their name have been amended in order to ease of doing business. Under revised norms, a new web based form 'RUN-LLP' has been introduced through which names of a LLP can be reserved without digital signature and Designated Partner Identification Number (DPIN).
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Assessment completed by jurisdictional AO other than who issued security notice couldn't be held as valid: ITAT
IT : Where assessment proceedings under section 143(2) were initiated by Assistant Commissioner, Circle -2(1), Bhubaneswar but taken over in middle of proceedings by Assistant Commissioner, (OSD), Range, 2 Bhubaneswar and completed by him, since there was no any valid transfer of jurisdiction as required under section 127, impugned assessment order so passed was unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2MQosAs
Manpower used for work not taxable as manpower service if control not transferred to recipient
GST/Service Tax: Where assessee was engaged in processing of coffee beans in factory of TATA and manpower used by assessee for said work was at all times under its control and consideration for work contracted was dependent upon extent of work completed or executed and not on basis of number of manpower supplied, services rendered by assessee were not in nature of 'manpower recruitment or supply agency service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2OE4732
ITAT condoned delay in filing appeal as assessee was fighting against his CA who filed false ITR
IT : Where assessee filed appeal before Tribunal with a delay of 387 days by taking a plea that he was facing very turbulent time in family as well as with his earlier C.A., who had mischievously prepared accounts of assessee and also filed return of income in his own signatures without assessee's knowledge and thus was fighting to get his accounts set right, in view of fact that assessee explained cause of delay which was found to be bona fide and not a device to cover an ulterior purpose,
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from www.taxmann.com Latest Case Laws https://ift.tt/2NZlYnX
Serviced of booking space for cargo provided by CHA not taxable as Custom house agent services
GST/Service Tax: Where assessee, a custom house agent, using its relations with customer also booked space for cargo with shipping lines for which it was paid incentive at rate of 2 per cent of basic freight, assessee not liable to pay service tax on amount of incentive received under category of 'custom house agent services'
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from www.taxmann.com Latest Case Laws https://ift.tt/2NtaZDK
Now directors can comply with KYC norms by paying reduced fee of Rs. 500 till Oct 5, 2018: MCA
The Ministry of Corporate Affairs has amended the Companies (Registration Offices and Fees) Rules, 2014 wherein extra time has been provided to DIN holders who failed to file KYC with the MCA. Now directors can comply with KYC norms by paying reduced fee of Rs. 500 instead of Rs. 5000 from Sep 21, 2018 to Oct 05, 2018. From Oct 06, 2018 onwards a fee of Rs. 5000 shall be payable for reactivation of DIN.
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Traders’ Body may Approach CCI Against More Deal
Directors may Get 15 Days to Give KYC Details with Lower Fee
SC Stays Mack Soft Insolvency; ED Probes Money Laundering
Sebi rule means additional bond issuance worth Rs. 500 bn: CRISIL
Numetal to Supreme Court: NCLAT wrongly allowed Arcelor to pay dues
In a first, IL&FS group's Tamil Nadu thermal power unit taken to NCLT
HC justified search & seizure as its authorization was based on definite information & discreet verifications
IT : Where satisfaction note had been considered and scrutinized by all authorities and they offered their own comments and thereafter warrant of authorization was issued, on ground that assessee, a co-operative society, was involved in siphoning off of funds from society to shell companies by way of advancing loans without any equivalent collateral securities, allegation of huge tax evasion by assessee had been substantiated and, thus, authorization was based on definite information and justifi
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from www.taxmann.com Latest Case Laws https://ift.tt/2psQlW0
Resale price maintenance diktat by Timex didn't create adverse effect on competition
Competition Act: Where informant used to sell wrist watches manufactured by OP on e-commerce platform and it had failed to place on record any evidence to establish that Resale Price Maintenance enforced by OP across distribution channel was causing appreciable adverse effect on competition in relevant market, acts of OP could not be said to be anti-competitive
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from www.taxmann.com Latest Case Laws https://ift.tt/2PQl4aD
Director can comply with KYC norms by paying reduced fee of Rs. 500: MCA
The Ministry of Corporate Affairs has amended the Companies (Registration Offices and Fees) Rules, 2014 wherein extra time has been provided to DIN holders who failed to file KYC with the MCA. Now director can comply with KYC norms by paying reduced fee of Rs. 500 instead of Rs. 5000.
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from taxmann.com News https://ift.tt/2OKft5H
No denial of sec. 10(23C) exemption just because non-profit institute was also running profitable hotel
IT : Where assessee society running a non profit educational institution claimed exemption under section 10(23C)(iiiab), merely because assessee was simultaneously running profitable hotel, exemption under section 10(23)(iiiab) could not be denied
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from www.taxmann.com Latest Case Laws https://ift.tt/2DiCzPu
Thursday, September 20, 2018
FAQs on Tax Audit under Section 44AB
Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per these provisions, tax audit shall be conducted by a Practicing Chartered Accountant who ensures that the taxpayers has maintained proper books of account and complied with the provisions of the Income-tax Act. In this article, we have attempted to resolve some Frequently Asked Questions (FAQs) about the tax audit.
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Notification No. 54/2018 [F.No.203/15/2018/ITA-II]
Notification No. 49 /2018 [F.No.300196/32/2017-ITA-I] / SO 4863(E)
Notification No. 48 /2018 [F.No.300196/11/2017-ITA-I] / SO 4862(E)
Notification No. 47/2018 [F.No.300196/35/2017-ITA-I] / SO 4861(E)
Notification No. 45/2018 [F.No.300196/6/2018-ITA-I] / SO 4859(E)
TDS u/s 194C was required if no technical consultancy was rendered while providing assembling services to BEL
IT: Where assessee entered into agreement with BEL, a Government of India Defence undertaking, for providing assembly services of raw material in respect of small component called RFU, since no technical consultancy had been affered by BEL, assessee was justified in deducting tax at source under sec. 194C while making payments to BEL
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from www.taxmann.com Latest Case Laws https://ift.tt/2pqecFO
No service tax on food & beverages served from a canteen maintained in factory premises
GST/Service Tax : Where assessee under an agreement with a factory served food and beverages from a canteen maintained in factory, said services would be covered by Entry No. 19A of Notification No. 25/2012-ST, dated 20-6-2012 and exempted from payment of service tax
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from www.taxmann.com Latest Case Laws https://ift.tt/2MOcIym
Higher AMP exp. couldn't be a reason to be an international transaction unless it was incurred on behalf of AE
IT/ILT : A higher AMP expenses per se cannot be reason enough to infer that there is an international transaction; there has to be something more than mere quantum of expenditure to indicate, even if not established, that said expenditure is incurred on behalf of AE
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from www.taxmann.com Latest Case Laws https://ift.tt/2ppyor2
SEBI proposes KYC requirements for Foreign Portfolio Investors
New process for incorporation of Limited Liability Partnership: MCA
Dept. couldn’t be said to be aggrieved if SetCom rejected assessee’s application
IT : No right file to application before Settlement Commission is conferred in favour of department against rejection of settlement application submitted by assessee
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182719/dept-couldn’t-be-said-to-be-aggrieved-if-setcom-rejected-assessee’s-application.aspx
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No question of law arose when ITAT held that reopening of assessee was purely based on change of opinion: HC
IT: Where Assessing Officer had reopened assessment of assessee on ground that an advance of Rs. 1.05 crores received by assessee had not been credited to profit and loss account but to software development account and income on software development had not been offered an accrual basis and Tribunal held that reopening of assessment was purely based on change of opinion, no question of law involved in appeal
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Govt. increases interest rates for small savings schemes by upto 0.4%
Govt. notifies interest rate for Small Savings Schemes on quarterly basis with the approval of the Union Finance Minister. The rate of interest for third quarter of Financial Year 2018-19 have been announced wherein Govt. has increased interest rate on various small savings schemes by upto 0.4%.
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Pronouncing of instant triple - talaq by Muslim husband upon his wife is now a criminal offence
ITAT remanded matter to ensure that sum deposited by 'Poonam Pandey' in bank was from sale of 'Sagwan Trees'
IT: Where AO made addition to assessee's income in respect of amount deposited in bank, in view of fact that assessee explained that said amount represented sale proceeds of trees received in cash and in support of her claim she produced land records evidencing growth of trees which ultimately stood cut, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh
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from www.taxmann.com Latest Case Laws https://ift.tt/2xpMjlm
Income tax department conducts survey operation at Jet Airways
MCA enforced provision related to CSR of Companies Amendment Act, 2017 w.e.f. Sept. 19, 2018
RBI liberalizes External Commercial Borrowings Policy
The Reserve Bank of India (RBI) has liberalized External Commercial Borrowings policy wherein it has been decided to allow eligible ECB borrowers who are into manufacturing sector to raise ECS up to USD 50 million or its equivalent with minimum average maturity period of 1 year.
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I-T Lens on Jet Accounts Amid Allegations of Irregularities
Assessee couldn't be made liable to pay tax as per rectification order if appeal was pending before CIT(A)
RPM is most appropriate method if products manufactured by AE are sold in India without any value additions
Income from shares to be treated as business income if sales & purchases were done within week
IT: Where assessee sold shares within a period of one week from date of purchase in more than eighty per cent of cases, intention of assessee in indulging in these transactions was to earn profit at earliest possible occasion and, thus, profit from sale and purchase of shares was business income
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from www.taxmann.com Latest Case Laws https://ift.tt/2Dg5WBU
Income derived out of investment made in VCF engaged in real estate business eligible for Sec. 10(23FB) exemption
IT: Where income in respect of which assessee claimed exemption under section 10(23FB) was earned out of investments made in Venture Capital Undertakings which were in real estate business and since real estate sector had been removed from negative list much before assessee came into existence, assessee was entitled to claim exemption
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from www.taxmann.com Latest Case Laws https://ift.tt/2pnV1MR
Wednesday, September 19, 2018
Taxmann.com offers Income-tax Module to CAs at subsidized rate after agreement with ICAI
Taxmann.com, the leading publishers of Tax and Corporate Laws in India, has recently entered into an arrangement with the Direct Tax Committee of ICAI (Institute of Chartered Accountants of India), whereby all members of the prestigious institute would be offered an annual subscription to Taxmann.com - Income Tax Web Module at a special rate of Rs. 5,100plus taxes, instead of its current rate of Rs. 9,900 plus taxes for other users.
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Notification No. 53/2018 [F. No. 300196/41/2017-ITA-I] / SO 4867(E)
Notification No. 52 /2018 [F. No. 300196/4/2018-ITA-I] / SO 4866(E)
Notification No. 51/2018 [F.No.300196/23/2018-ITA-I] / SO 4865(E)
Notification No. 50 /2018 [F.No.300196/7/2016-ITA-I] / SO 4864(E)
Notification No. 46 /2018 [F.No.300196/13/2017-ITA-I] / SO 4860(E)
Notification No. 44 /2018 [F.No.300196/2/2017-ITA-I] / SO 4858(E)
ITAT deleted notional ALV of vacant property as it wasn't possible to let-out property just after its completion
IT : Where assessee constructed a property and same was bought to tax by Assessing Officer under section 23(1)(a) only after one month, on ground that said property remained unsold and vacant at end of financial year, since there was no possibility to let out property just after its completion, impugned addition was to be deleted
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No sec. 69A additions if disputed amount was disclosed by assessee under Income Declaration Scheme, 2016
IT: Where Assessing Officer held share application money received by assessee from one GL as undisclosed cash receipt of assessee, since said amount was disclosed by said GL under Income Declaration Scheme and same was accepted by department, pursuant to which, GL had paid penalty, assessing same amount in hands of assessee would amount to double taxation
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from www.taxmann.com Latest Case Laws https://ift.tt/2OyUq5W
Contribution towards group gratuity fund allowable even if sum was paid for employees of took over company
IT: Entire contributions paid by assessee company to LIC as premium for policy obtained for indemnification of gratuity liability towards employees, even for prior years, when employees were in employment of company taken over by assessee, would be eligible for deduction under section 36(1)(v)
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from www.taxmann.com Latest Case Laws https://ift.tt/2plQo60
ITAT deleted notional ALV for vacant property as it wasn't possible to letout property just after its completion
IT : Where assessee constructed a property and same was bought to tax by Assessing Officer under section 23(1)(a) only after one month, on ground that said property remained unsold and vacant at end of financial year, since there was no possibility to let out property just after its completion, impugned addition was to be deleted
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from www.taxmann.com Latest Case Laws https://ift.tt/2NXpor6
Product emerging, out of dehydration process of crude oil classifiable as petroleum oils under Heading No. 2709
GST/Excise and Customs: Where assessee procured commingled crude oil and after exposing same to dehydration process sold resultant oil to customers, product emerging out of process undertaken by assessee would be classifiable under Heading No. 2709 00 00 and not under Heading No. 2710 19 50
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No SLP against quashing of reassessment proceedings as C/F of unabsorbed dep. had no impact on chargeable income
IT: SLP dismissed against High Court ruling that where Assessing Officer reopened assessment taking a view that assessee wrongly carried forward unabsorbed depreciation pertaining to assessment year 1998-99, in view of fact that disclosure of unabsorbed depreciation had no impact on 'chargeable income' for relevant year which was alleged to have escaped assessment, Tribunal was justified in setting aside reassessment proceedings
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ICICI Bank Has Discussed Consent Plea Possibility: Sebi Chief
Foreign companies get Sebi nod to hedge in commodity derivatives
Madras HC dismissed appeal as factual finding related to sec. 54F exemption couldn't be challenged before HC
IT : Where Assessing Authority had disallowed assessee's claim for deduction under section 54F and both Commissioner (Appeals) and Tribunal held that assessee was entitled to deduction under section 54F, since Tribunal and Commissioner (Appeals) had concurred in their factual finding, appeal filed against order of Tribunal could not be entertained and required to be dismissed
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No abuse of dominance by OP-company due to presence of other players in market: CCI
Booking space in airlines for movement of cargo not taxable as business auxiliary service
GST/Service Tax : Where assessee, an IATA agent, booked space in various airlines for international movement of cargo and earned profit from purchase and sale of cargo space and also received additional incentives and commission from airlines, activity undertaken by assessee would not fall under category of 'business auxiliary service'
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Provisions of sec. 43CA couldn't be invoked if agreement to sell was entered into before its insertion in Act
IT: Provisions of section 43CA would be effective from assessment year 2014-15 and, since, in instant case, agreement to sell was entered into much prior to that date, i.e., in year 2007, impugned addition made by authorities below by applying provisions of section 43CA(4), was to be set aside
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Providing degree & certificate courses by ICFAI was vocational training; exempted from ST
GST/Service Tax : Where assessee provided certificate and degree in courses offered by it, commercial or coaching service provided by assessee was vocational training exempted from tax in terms of Notification No. 24/2004 - ST, dated 10-9-2004
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Amendment to sec. 150 allowing reopening of assessment on basis of Court proceedings has no retro effect
IT : Amendment made to sub-section (1) of section 150 which intends to lift embargo of period of limitation under section 149 to enable authorities to reopen assessments not only on basis of orders passed in proceedings under Act but also on order of a Court in any proceedings under any law has to be applied prospectively
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Tuesday, September 18, 2018
CBDT notifies certain entities for exemption under section 10(46)
The Central Board of Direct Taxes (CBDT) has notified ‘West Bengal State Council of Science & Technology’, ‘Rajasthan State Dental Council’, ‘Uttar Pradesh Electricity Regulatory Commission’, ‘Tamil Nadu Water Supply and Drainage Board’, ‘Jharkhand State Electricity Regulatory Commission’ and ‘West Bengal State Electricity Transmission Company Limited’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961.
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Microsoft India, a contract R&D service provider not comparable with high-end software developers
No GST on toll charges collected by sub-contractor: AAR
GST : No GST was payable on amount of Toll Charges collected by applicant sub-contractor as same was exempted by Sr. No. 23 of Notification No. 12/2017 Central Tax(Rate) dated the 28th June, 2017 and corresponding notification under MPGST Act, 2017
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SLP granted against ruling that commission paid to agents on goods sold by them was allowable
No denial of benefit for unexpired period due to amendment to Sec. 10A: Kerala HC
Article 21 of Constitution had no application if TRO followed established procedure before directing arrest
IT: Where detention order was passed against detenue for recovery of arrears of tax by Tax Recovery Officer after following due procedure established under provisions of Income Tax Rules, order could not be said to be in violation of article 21 of Constitution
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from www.taxmann.com Latest Case Laws https://ift.tt/2xhShFa
Classification issue of 'Minute Maid Nimbu Fresh' under excise law referred to larger bench
GST/Excise & Customs: Where assessee was engaged in manufacture of a drink called 'Minute Maid Nimbu Fresh' and Adjudicating Authority relying on a decision of co-ordinate Bench of Tribunal held that subject drink would fall under Heading No. 2202 10 20, as instant Bench of Tribunal was not in agreement with decision of co-ordinate Bench, matter was referred to Larger Bench
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Services provided to farmers would qualify as agricultural extension services
GST/Service Tax : Where assessee was engaged in providing following services : General farmer training, Empirical training, Training for harvest and Stewardship and stated that it was providing agricultural extension services to its principal, since assessee had provided ample evidence in respect of nature of services provided by it by way photographs, services rendered by it were 'agricultural extension services'
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After Steel, ArcelorMittal Eyes Ruias’ EPC Business
2.1 m Co Directors may Get Another Chance to Adhere c KYC Rules
Loans provided to groups engaged in micro-finance not taxable as banking & other financial services
GST/Service Tax: Where assessee, a registered charitable trust as a Federation of Women in Micro Credit, provided loans to Women's Self Help Groups engaged in micro finance, activities of assessee would not fall within ambit of 'banking and other financial services'
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from www.taxmann.com Latest Case Laws https://ift.tt/2NOByCM
Cost of drawing provided by customer not includible in assessable value of final product
GST/Excise & Customs : Where assessee was engaged in manufacture of parts of engineering goods used in cement, sugar and thermal power plants by using drawing supplied by customers, since said drawing did not contain any technical details and it was for dimension of parts of components, cost of drawing could not be included in assessable value of final product
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Compensation received from 'Coca Cola' for breach of contract was capital receipt; SLP dismissed
IT: Where under master agreement between Coca Cola and Parle group, assessee-subsidiary was to be formed for bottling soft drinks for Coca Cola and as a result of breach of contract by Coca Cola, assessee's fundamental right for starting bottling business was taken away, compensation received by assessee from Coca Cola would be treated as capital receipt; SLP dismissed
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Amending objects to clarify that diagnostic centre was running on no profit basis had no impact trust's registration
IT: Where objects in original trust deed were sufficiently wide and covered range of charitable activities relatable to education, medical aid and help to poor in times of calamities, registration of assessee trust could not be denied for amended objects clarifying running of diagnostic centre on no profit basis
from www.taxmann.com Latest Case Laws https://ift.tt/2NWIZrK
from www.taxmann.com Latest Case Laws https://ift.tt/2NWIZrK
Monday, September 17, 2018
Software expenses to be treated as revenue in nature if it facilitated trading operations of assessee
IT: Expenditure incurred by assessee towards software expenses was to be treated as revenue expenditure as advantage, though endured for an indefinite period, it merely facilitated assessee's trading operations, enabling it to carry on business more efficiently
from www.taxmann.com Latest Case Laws https://ift.tt/2Niu3UZ
from www.taxmann.com Latest Case Laws https://ift.tt/2Niu3UZ
SEBI debars fugitive economic offenders from making public announcement of an open offer for acquiri
The Board has notified SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2018. A new regulation 6B has been inserted in the regulations providing that no person who is a fugitive economic offender shall make a public announcement of an open offer for acquiring shares or enter into any transaction for acquiring shares or voting rights or control of a target company. Amendment have also been made to regulation number 2, 5A, 9, 10, 17, 18 20-22, 24, 29 32 & 33.
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from taxmann.com News https://ift.tt/2pg0ogW
HC reduced pre-despite of tax demand to 7.5% as AO had made additions on dispute issue
IT: Requirement of depositing disputed tax dues to enable assessee to enjoy stay, pending appeals before Commissioner (Appeals), was to be reduced to 7.5 per cent from 15 per cent as additions made by Assessing Officer would be arguable and several oppositions of assessee to such additions, going by material that Assessing Officer had taken into consideration, could not be discarded out of hand
from www.taxmann.com Latest Case Laws https://ift.tt/2MEXXh9
from www.taxmann.com Latest Case Laws https://ift.tt/2MEXXh9
SEBI notifies new norms on buy-back of securities
SEBI has notified Securities Exchange Board of India (Buy-Back of Securities) Regulations, 2018. The norms prescribes maximum limit of buy-back as 25% or less of the aggregate paid up capital and free reserves of the Company. Under new norms, a company can’t buy-back its securities so as to delist its shares from stock exchange. Norms further prescribes for buy-back through tender offer, buy-back from open market, General obligations for company for buy back procedure.
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from taxmann.com News https://ift.tt/2QAQF10
SEBI unveils new norms on issue of capital and disclosure requirements
SEBI notifies SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The notification shall come into force on 60th day from the date of its publication in Official Gazette. The new norms would also apply to an initial public offer by a small and medium enterprise. The norms debars wilful defaulters and fugitive economic offender from making initial public offer.
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from taxmann.com News https://ift.tt/2QCFbdC
No TCS was required on amount collected by Zila Panchayat for issue of licence to collect ‘Tahbazari’
HC upheld additions as assessee failed to prove that sum deposited in bank was from unutilized cash withdrawal
IT: Where assessee claimed that he withdrew certain amount from his bank account for construction of a building and surplus money, when not required, was redeposited, in same bank account, since assessee failed to produce any bills/vouchers relating to construction, and justify substantial cash withdrawals for meeting construction cost and re-deposits when money was not required, additions under section 68 in respect of amount redeposited was justified
from www.taxmann.com Latest Case Laws https://ift.tt/2QvGkDL
from www.taxmann.com Latest Case Laws https://ift.tt/2QvGkDL
Schedule offence under Prevention of Money Laundering was to be filed before Metropolitan Magistrate Court
Prevention of Money Laundering Act: Complaint case under section 55 of Wildlife (Protection) Act, 1972 being a schedule offence under PML Act was to be transferred to court of Special Judge, Patiala House Court under PML Act before whom a separate complaint case under PML Act was pending
from www.taxmann.com Latest Case Laws https://ift.tt/2NmQvg4
from www.taxmann.com Latest Case Laws https://ift.tt/2NmQvg4
Process of mounting two items on plastic board not manufacture as per excise law
GST/Excise & Customs: Where assessee procured from market various items like wooden or polycarbonate board, DP switches, Kit-Kat fuse, Piano switch, Bulb holders, CFL bulbs, MCB, Nuts, Bolts, Screws and GI wire, PVC/GI pipes, etc. and mounted on board two or more items like DP switch and kit-kat fuse and MCB and supplied said items to nodal agencies in various combinations (BPL kit) to provide electricity connection to below poverty line (BPL) households, assessee had not manufactured any dutiab
from www.taxmann.com Latest Case Laws https://ift.tt/2Otpe7X
from www.taxmann.com Latest Case Laws https://ift.tt/2Otpe7X
ITAT remanded matter to decide whether misc. income received by comparables could be treated as operating in nature
CIT(A) was justified in directing TPO to allow working capital adjustment based on OECD formula: ITAT
IT/ILT: In absence of any legal infirmity pointed out in direction of Commissioner (Appeals), Commissioner (Appeals) was justified in allowing assessee's claim of working capital adjustment and directing TPO to grant working capital adjustment based on OECD formula and by taking 10.25 per cent as Prime Lending Rate (PLR)
from www.taxmann.com Latest Case Laws https://ift.tt/2xhftTG
from www.taxmann.com Latest Case Laws https://ift.tt/2xhftTG
No abuse of dominance by OP-company due to presence of other players in market: CCI
Competition Act: Where informant alleged that OP had insisted on sale of wind turbines/equipment only on purchase of after-sale services from them, however, informant had not provided any evidence to substantiate allegations, moreover, informant had option to look for other vendors which did not impose impugned terms and conditions, conduct of OP was not anti-competitive
from www.taxmann.com Latest Case Laws https://ift.tt/2MCnkQR
from www.taxmann.com Latest Case Laws https://ift.tt/2MCnkQR
Capital gains on sale of building along with land to be bifurcated if dep. was claimed on building
ITAT quashed AO’s order as ALP of royalty paid for use of brand couldn’t be determined as NIL
IT/ILT: Where AO determined ALP of royalty paid by assessee to its AE for using its reputation and brandname at nil on ground that assessee was a mere contract manufacturer for AE, in view of fact that import of raw materials and sale of finished goods to AE were negligible in total turnover of assessee, impugned order passed by AO deserved to be set aside
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182934/itat-quashed-ao’s-order-as-alp-of-royalty-paid-for-use-of-brand-couldn’t-be-determined-as-nil.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182934/itat-quashed-ao’s-order-as-alp-of-royalty-paid-for-use-of-brand-couldn’t-be-determined-as-nil.aspx
Taxmen Divided as Builders Claim Cash Deals as ‘Loans’
KYC non-compliance: Govt deactivates ID numbers of 2.1 million directors
Walmart paid Rs. 74.39 billion tax on Flipkart deal : Officials
Saturday, September 15, 2018
Oppression plea couldn’t be maintained when shareholder failed to establish any act of mismanagement in co.
CL: Where appellant-shareholder of company failed to establish any acts of oppression and mismanagement by respondent directors in affairs of company, petition under section 241 was not maintainable and same was to be dismissed
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182932/oppression-plea-couldn’t-be-maintained-when-shareholder-failed-to-establish-any-act-of-mismanagement-in-co.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182932/oppression-plea-couldn’t-be-maintained-when-shareholder-failed-to-establish-any-act-of-mismanagement-in-co.aspx
No additions merely relying upon info. of DIT that assessee received accommodation entries
IT: Where addition was made to income of assessee on basis of information of DIT (Investigation) that assessee was part of list of several beneficiaries of bogus accommodation entries, since there was no specific finding against assessee in investigation wing report, impugned addition was unjustified
from www.taxmann.com Latest Case Laws https://ift.tt/2xkzU1t
from www.taxmann.com Latest Case Laws https://ift.tt/2xkzU1t
ITAT remanded matter back to CIT(A) as he passed ex parte order without considering assessee’s objection
IT : Where Assessing Officer held assessee as assessee in default for failure to deduct tax at source and on appeal filed against impugned order assessee neither appeared before Commissioner (Appeals) nor filed any written submissions and Commissioner (Appeals) vide ex parte order upheld findings of Assessing Officer without considering assessee's objections filed before Assessing Officer, Commissioner (Appeals) was directed to decide appeal afresh in light of objections filed by assessee before
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182838/itat-remanded-matter-back-to-cita-as-he-passed-ex-parte-order-without-considering-assessee’s-objection.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182838/itat-remanded-matter-back-to-cita-as-he-passed-ex-parte-order-without-considering-assessee’s-objection.aspx
Compensation received by ‘Jackie Shroff’ for withdrawing criminal case was capital receipt; not taxable
IT : Amount received by assessee as compensation for withdrawing a criminal case against accused who forged his signature for sale of shares, was to be regarded as capital receipt
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183205/compensation-received-by-‘jackie-shroff’-for-withdrawing-criminal-case-was-capital-receipt-not-taxable.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183205/compensation-received-by-‘jackie-shroff’-for-withdrawing-criminal-case-was-capital-receipt-not-taxable.aspx
Sec. 54 relief was available on newly constructed property including cost of land: Madras HC
IT : Not only cost of construction of new property incurred after sale of old property would be eligible for exemption under section 54(1), but also cost of land on which new property was constructed, even if such land had been purchased three years prior to sale of old property
from www.taxmann.com Latest Case Laws https://ift.tt/2NcfYII
from www.taxmann.com Latest Case Laws https://ift.tt/2NcfYII
Friday, September 14, 2018
DG was justified to investigate into cases of certain parties for alleged anti-competitive practices: CCI
Competition Act : Where complaints were preferred by medical agencies alleging that they were denied supplies of medicines by appellant-Cadila, a pharmaceutical company, on alleged directions of Federation of Gujarat State Chemist and Druggists Association, it was held that procedure adopted by DG, who investigated complaint as a matter, without CCI recording its prima facie opinion against appellant/Cadila could not be termed an illegality,likewise, rejection of recall application (by CCI) did
from www.taxmann.com Latest Case Laws https://ift.tt/2xaSKI4
from www.taxmann.com Latest Case Laws https://ift.tt/2xaSKI4
CBDT notifies protocol amending India-Portuguese DTAA
The Central Board of Direct Taxes (CBDT) has notified the provisions of Protocol entered between the Republic of India and the Portuguese Republic for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes of income which was signed on 24-06-2017.
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from taxmann.com News https://ift.tt/2CTzWDx
Small Vendors Urge CCI to Keep Flipkart’s Preferred Sellers Away on Big Billion Day
Walmart Told to Detail Tax Liability of Ex-Shareholders
Sebi likely to approve commodity trading by foreign entities soon
ArcelorMittal : NCLAT order slipped up on clearance of dues
Now, Shareholders are free to decide managerial remuneration - A big relief to companies
The Ministry of Corporate Affairs has done away with the mandatory approval from the Central Govt. for payment of managerial remuneration to top executives which means they can receive salary in excess of 11 per cent of net profit of a company. Now, the decision for payment of excess salary to top executives will be approved by the shareholders through special resolution.
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from taxmann.com News https://ift.tt/2NK7bxd
MCA enforced certain provisions of Companies Amendment Act, 2017 from Sept. 12, 2018
No penalty if it was for concealment income but levied for furnishing inaccurate details of income
IT : Where satisfaction of Assessing Officer while initiating penalty proceedings under section 271(1)(c) is with regard to alleged concealment of income by assessee, whereas imposition of penalty is for 'concealment/furnishing inaccurate particulars of income', levy of penalty is not sustainable
from www.taxmann.com Latest Case Laws https://ift.tt/2Mu0ieS
from www.taxmann.com Latest Case Laws https://ift.tt/2Mu0ieS
Respondent before ITAT couldn’t seek any relief other than one given by CIT(A)
IT: Respondent in an appeal before Tribunal can invoke rule 27 of Income Tax (Appellate Tribunal) Rules, 1963 only to support order appealed against on any of grounds decided against him and cannot seek any further or more relief than what has been granted to him by Commissioner (Appeals)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183182/respondent-before-itat-couldn’t-seek-any-relief-other-than-one-given-by-cita.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183182/respondent-before-itat-couldn’t-seek-any-relief-other-than-one-given-by-cita.aspx
Thursday, September 13, 2018
Sec. 40(ba) couldn’t be invoked if payment made by AOP to its members was mere reimbursement of exp.
IT: In order to invoke provisions of section 40(ba), payments should constitute 'share income from AOP' in hands of recipient member
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182986/sec-40ba-couldn’t-be-invoked-if-payment-made-by-aop-to-its-members-was-mere-reimbursement-of-exp.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182986/sec-40ba-couldn’t-be-invoked-if-payment-made-by-aop-to-its-members-was-mere-reimbursement-of-exp.aspx
No FTS if no technical knowledge was made available by AE to assessee
IT/ILT : Where assessee made various payments to its US AE on account of MIS Services, Cost Allocation, Corporate Allocation Charges and Legal Expenses without AE making available technical skill, knowledge and know-how to assessee, no TDS obligation arose
from www.taxmann.com Latest Case Laws https://ift.tt/2x9Vp56
from www.taxmann.com Latest Case Laws https://ift.tt/2x9Vp56
Sum received for discontinuing commodity trading was taxable if such business was carried on by another Co.
IT: Where assessee company received compensation for discontinuing commodity trading business, in view of fact that assessee's commodity trading was transferred entirely to its group concern without there being any impairment to business/profit making apparatus of assessee-company, said compensation would be taxable as business income
from www.taxmann.com Latest Case Laws https://ift.tt/2NDe4Aj
from www.taxmann.com Latest Case Laws https://ift.tt/2NDe4Aj
No Cap Gain exemption if allotment of shares not made before end of year in which succession took place
IT: Allotment of shares of company which succeeds to business of partnership firm has to be complied with before end of relevant previous year in which such succession of business takes place. Providing for some period for completing said process of allotment of shares is also reasonable and necessary.
from www.taxmann.com Latest Case Laws https://ift.tt/2MtRXHU
from www.taxmann.com Latest Case Laws https://ift.tt/2MtRXHU
Trademark eligible for dep. if it was used for sales & marketing of product: HC
Lenders Drag Power Companies to NCLT Just Hours Before SC Order
Essar bid: Arcelor slams NCLAT order slams NCLAT order in Supreme Court
Amount collected by stock broker not liable to ST if such amount remitted to stock exchange
GST/Service Tax: Where assessee stock-broker, collected transaction charges, account opening charges, LD charges, SEBI charges, etc. from customers, and remitted same to concerned stock exchange, assessee was not liable for service tax on same under category of 'stock-broker service'
from www.taxmann.com Latest Case Laws https://ift.tt/2OgdxBm
from www.taxmann.com Latest Case Laws https://ift.tt/2OgdxBm
Services provided to railways couldn’t be treated as customer care services under business auxiliary services
GST/Service Tax: Where assessee in terms of an agreement entered into with Western Railway was providing services of washing, dry cleaning and ironing on linen, blankets, etc. of AC coaches and retiring rooms at Jodhpur Railway Station, services provided by assessee would not be covered under 'customer care service' specified under 'business auxiliary service'
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182879/services-provided-to-railways-couldn’t-be-treated-as-customer-care-services-under-business-auxiliary-services.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182879/services-provided-to-railways-couldn’t-be-treated-as-customer-care-services-under-business-auxiliary-services.aspx
TPO couldn’t determine ALP on estimation basis merely because assessee didn’t furnish certain doc. as evidence
IT/ILT: There is no provision under Act empowering TPO to determine arm's length price on estimate basis, that too, by entertaining doubts with regard to business expediency of payment and in process stepping into shoes of Assessing Officer for making disallowance under section 37(1)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182717/tpo-couldn’t-determine-alp-on-estimation-basis-merely-because-assessee-didn’t-furnish-certain-doc-as-evidence.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182717/tpo-couldn’t-determine-alp-on-estimation-basis-merely-because-assessee-didn’t-furnish-certain-doc-as-evidence.aspx
HC allowed Co-op. bank to deposit 1% of tax on addition made u/s 68 for hearing appeal
IT : Where members of assessee co-operative bank was general public and marginalised sections, it was to be afforded opportunity to produce details of deposits before Commissioner (Appeals) and make pre-deposit of 1 per cent of tax on addition made under section 68 for hearing appeal
from www.taxmann.com Latest Case Laws https://ift.tt/2CRTEiT
from www.taxmann.com Latest Case Laws https://ift.tt/2CRTEiT
Wednesday, September 12, 2018
Receipts from allotment of shares in settlement of pre-existing liability couldn’t be treated as unexplained credit
IT : Where assessee allotted shares to a company in settlement of pre-existing liability of assessee to said company, since no cash was involved in transaction of said allotment of shares, conversion of these liabilities into share capital and share premium could not be treated as unexplained cash credits under section 68
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183159/receipts-from-allotment-of-shares-in-settlement-of-pre-existing-liability-couldn’t-be-treated-as-unexplained-credit.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183159/receipts-from-allotment-of-shares-in-settlement-of-pre-existing-liability-couldn’t-be-treated-as-unexplained-credit.aspx
ITAT accepted withdrawal of stay application as it was filed by assessee frivolously
Object of speedy resolution will be defeated when oral evidence is taken in summary proceedings
ALP of an international transaction to be determined without considering any benefit accrued to assessee
DRP has no power to condone assessee’s delay in filing of objection raised on draft assessment order: HC
IT/ILT : DRP has no power and authority and jurisdiction to condone delay in filing objection beyond stipulated period of thirty days from date of receipt of draft assessment order
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182754/drp-has-no-power-to-condone-assessee’s-delay-in-filing-of-objection-raised-on-draft-assessment-order-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182754/drp-has-no-power-to-condone-assessee’s-delay-in-filing-of-objection-raised-on-draft-assessment-order-hc.aspx
SC Stays RBI’s Feb 12 Circular on Bad Loans
RBI submitted a list of high profile fraud cases to PMO: Raghuram Rajan
Prannoy Roy, wife receive Sebi’s show cause notice
ITAT confirmed reassessment as assessee didn’t object to jurisdiction of JCIT issuing notice within limitation period
IT: Where pursuant to survey conducted upon assessee, a notice under section 148 was issued by Joint Commissioner, and assessee raised objection to territorial jurisdiction of Joint Commissioner, since objection was not raised within time provided under section 124(3)(b) from date of issuance of said notice, jurisdiction of Joint Commissioner stood confirmed
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183111/itat-confirmed-reassessment-as-assessee-didn’t-object-to-jurisdiction-of-jcit-issuing-notice-within-limitation-period.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183111/itat-confirmed-reassessment-as-assessee-didn’t-object-to-jurisdiction-of-jcit-issuing-notice-within-limitation-period.aspx
‘Dharti brand hair care herbal oil’ & ‘Massage oil’ to be treated as ayurvedic medicaments for excise purpose
GST/Excise & Customs: Where assessee was engaged in manufacture of 'Dhatri Brand Hair Care Herbal Oil' and 'Dhatri Brand Massage Oil', said products were ayurvedic medicaments falling under Chapter 30
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183209/‘dharti-brand-hair-care-herbal-oil’-‘massage-oil’-to-be-treated-as-ayurvedic-medicaments-for-excise-purpose.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183209/‘dharti-brand-hair-care-herbal-oil’-‘massage-oil’-to-be-treated-as-ayurvedic-medicaments-for-excise-purpose.aspx
Partially processed glass tubes classifiable as CFL under Heading No. 85393110 under excise law
GST/Excise & Customs: Where assessee was engaged in manufacture of CFL lamps and it manufactured partially processed glass tubes at its Noida unit and transferred same to its Haridwar unit for further process to make ready to use CFL, partially processed glass tubes cleared from Noida unit would be classifiable as CFL under Heading No. 8539 31 10 and would not be classifiable as parts of CFL under Heading No. 8539 90 10
from www.taxmann.com Latest Case Laws https://ift.tt/2QlrSOx
from www.taxmann.com Latest Case Laws https://ift.tt/2QlrSOx
Transfer of shares without holding an EGM was an act of oppressive nature
CL: Where appellant holding majority shareholding of company had sold off land of company to an outsider and further, transferred his entire share holding to an outsider without holding an EOGM or AGM, said acts of appellants was oppressive in nature and thus impugned transfer of shares as well as land was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2ObVCMk
from www.taxmann.com Latest Case Laws https://ift.tt/2ObVCMk
Property situated in USA occupied by daughter would be treated as deemed let out property & not self-occupied
IT: Where assessee filed revised return claming his Mumbai property as self-occupied and USA property as deemed to be let out property for purpose of computation of income from house property, since Commissioner (Appeals) had already arrived at conclusion that USA property was not self-occupied as same was occupied by daughter of assessee, he should consider same as deemed to be let out property
from www.taxmann.com Latest Case Laws https://ift.tt/2x8rNF1
from www.taxmann.com Latest Case Laws https://ift.tt/2x8rNF1
Proceeding under SARFAESI and Civil Act were inconsistent; bank couldn’t pursue both remedies
SARFAESI Act: Where on petitioners failure to repay, bank on one hand had invoked SARFAESI Act and proceeded to sell mortgaged property and on other hand it had kept prosecuting civil suit against petitioner, since, proceedings under SARFAESI Act and Civil Court were inconsistent, bank could not pursue both remedies
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182987/proceeding-under-sarfaesi-and-civil-act-were-inconsistent-bank-couldn’t-pursue-both-remedies.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182987/proceeding-under-sarfaesi-and-civil-act-were-inconsistent-bank-couldn’t-pursue-both-remedies.aspx
Tuesday, September 11, 2018
Re-assessment notice sanctioned by authority lower than Additional Commissioner was unsustainable: HC
SLP granted against ruling that AO wasn’t required to enquire into actual activities of trust at time of registration
IT : Registration of a trust does not involve enquiry into actual activities or application of funds, etc. and at that stage, only enquiry required to be conducted is with respect to object of trust alone; SLP granted
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182935/slp-granted-against-ruling-that-ao-wasn’t-required-to-enquire-into-actual-activities-of-trust-at-time-of-registration.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182935/slp-granted-against-ruling-that-ao-wasn’t-required-to-enquire-into-actual-activities-of-trust-at-time-of-registration.aspx
TDS was required on insurance premium paid to NR insurance Co.; ITAT upheld sec. 40(a)(i) disallowance
IT : Where assessee insurance company paid reinsurance premium to non-resident re-insurance company which did not have its branch in India and payment was made without deducting tax at source, Assessing Officer was justified in making disallowance under section 40(a)(i)
from www.taxmann.com Latest Case Laws https://ift.tt/2wXnb5t
from www.taxmann.com Latest Case Laws https://ift.tt/2wXnb5t
Reopening cases of Rahul & Sonia Gandhi valid; they failed to disclose shares allotted in excess of FMV: HC
IT : Where Congress Party advanced money to National Herald to write off accumulated debts and recommence newspaper and non-profit company Young India was incorporated to whom said loan was assigned and subsequently Gandhis were allotted shares of Young India, but in Income-tax returns, assesses had nowhere recorded primary fact in respect of taxing event i.e. acquisition of shares of non-profit company Young India, mere scrutiny assessment would not bar reassessment
from www.taxmann.com Latest Case Laws https://ift.tt/2x0EUJl
from www.taxmann.com Latest Case Laws https://ift.tt/2x0EUJl
Presumption in favour of complainant didn’t arise when he failed to prove fact of dishonouring of cheque
NI Act: Where appellant filed complaint against respondent on ground that cheque issued by respondent to discharge her liability had been dishonoured and in support of her case, appellant placed on record a computer generated copy of memo of return of cheque issued by bank, which did not bear official mark of bank, presumption under section 139 in favour of appellant did not arise
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183103/presumption-in-favour-of-complainant-didn’t-arise-when-he-failed-to-prove-fact-of-dishonouring-of-cheque.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183103/presumption-in-favour-of-complainant-didn’t-arise-when-he-failed-to-prove-fact-of-dishonouring-of-cheque.aspx
Over-optimistic Bankers, Growth Slowdown Led to Bad Loans: Rajan
Relief for 2 Power Projects; Madras HC Stays Insolvency Proceedings
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