IT: Where assessee claimed that consideration received from transfer of property under development agreement was only security deposit which was to be returned on completion of project and it did not offer it for tax, since there was no provision in agreement enabling buyer to refund any part of sale consideration and further buyer treated amount paid to assessee as stock-in-trade, addition on account of amount of sale consideration received by assessee was justified
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Wednesday, October 31, 2018
No disallowance of interest exp. if loan was advanced to subsidiary from interest free funds
Committee of experts mulls for establishment of NFRA to align Indian audit landscape with global pos
The Committee of Experts has submitted its report on Regulating audit firms and Networks to the Government. The Committee has found establishment of NFRA as a necessary reform which would align the Indian audit landscape with the Global position. The Committee also recommended measures to further strengthen the operation of NFRA to address contemporary challenges in relation to auditors, audit firms and networks operating in India.
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Higher dep. on life saving equipments allowable even if they weren’t listed in new Appendix-I to IT rules
IT: Where assessee, running a hospital, claimed higher rate of depreciation on certain equipments, in view of fact that said equipments were in nature of life saving equipments, assessee's claim was to be allowed even though equipments in question were not specifically listed in list of Life Saving Medical Equipments under new Appendix-I of Income-tax Rules, 1962
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184061/higher-dep-on-life-saving-equipments-allowable-even-if-they-weren’t-listed-in-new-appendix-i-to-it-rules.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184061/higher-dep-on-life-saving-equipments-allowable-even-if-they-weren’t-listed-in-new-appendix-i-to-it-rules.aspx
Court have power to direct payment of interest by way of restitution when there was no contractual provision
Competition Act : Where CCI imposed penalty on appellants under section 43A and thereafter, issued a demand notice which was stayed by Supreme Court on condition of deposit of entire penalty amount with Registry of Tribunal and Supreme Court had not passed any order with regard to interest payable by appellants, demand notice, so far as it was related to interest, was not to be interfered with
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q6AkAx
Co. engaged in manufacturing of pace maker is comparable to co. engaged in manufacturing of laboratory equipments
RBI Governor Allays Fears of Liquidity Crisis for NBFCs
IL&FS Fallout: Sebi Plans Major Overhaul in Role of Rating Agencies
RBI Didn’t Do Enough to Stop Reckless Lending: Jaitley
Winding up petition being at initial stage was to be transferred to NCLT: HC
Companies Act : Where order appointing OL was originally passed which had been put in abeyance on account of settlement between petitioner and respondent, and clearly proceedings for winding up of respondent company were at an initial stage, it would be in interest of creditors that proceedings were transferred to NCLT
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from www.taxmann.com Latest Case Laws https://ift.tt/2PyxZBt
PF balance accumulated post-retirement of employee not eligible for tax exemption: ITAT
IT: Exemption under section 10(12) is limited to accumulated balance due and payable to an employee up to date of retirement/end of employment; if employee does not withdraw accumulated balance just after retirement, accumulated interest post-retirement of assessee is not eligible for exemption under section 10(12)
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from www.taxmann.com Latest Case Laws https://ift.tt/2qlRQFI
Tuesday, October 30, 2018
Due date for filing Financial Statements & Annual Return with RoC extended to Dec. 31, 2018
Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03.2018 on account of various factors , it has been decided to relax the additional fees payable by companies on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 upto 31.12.2018' wherever additional fee is applicable.
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Sec. 54F deduction available to HUF even if new house was purchased in name of member
IT: Where consideration that arose in hands of HUF on sale of capital asset had been invested for purchase of new residential house in name of some of its members instead of assessee (HUF), deduction under section 54F in hands of HUF would still be permissible
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from www.taxmann.com Latest Case Laws https://ift.tt/2DbtZky
Distance between particular land and municipality isn't criterion to define agricultural land
IRDA Proposes Policy Revival, Other Changes to Benefit Buyers
RBI Halts Small Bank Promoters’ Reverse Merger Plans
AO couldn't invoke rule 8D without considering claim of assessee; SC dismissed SLP
IT: Where High Court opined that in respect of dividend income earned by assessee, AO without commenting upon correctness of assessee's working of expenditure to be disallowed, could not compute disallowance under section 14A by applying provisions of Rule 8D(2)(iii), SLP filed against said order of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Jp4M6C
No addition without linking seized material with illegal payment made to politicians; SLP dismissed
IT : SLP dismissed against High Court ruling that where revenue failed to establish any linkage between material seized from assessee's premises and those from premises of UPDA in respect of illegal payments made to various officials and politicians, no addition could be made to assessee's income in respect of payments so made
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from www.taxmann.com Latest Case Laws https://ift.tt/2Rtv0I3
Monday, October 29, 2018
CBDT releases draft amendment to rules for filing of Form 10G, 56 & 56G via online mode only
The Central Board of Direct Taxes (CBDT) has released draft notification amending Rules 2C, 2CA and 11AA of the Income-tax Rules, 1962. These rules pertain to filing of Form 56 & 56G for grant of approval u/s 10(23C)(v)/(iv)/(vi)(via) and filing of Form 10G for grant of Sec. 80G approval. Manual filing of these forms have been done away so as to ensure its faster processing and reduce interface between the Dept. and applicant.
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from taxmann.com News https://ift.tt/2EQ5DP6
New Forms for making an application under section 197 and/or section 206C of the Income-tax Act, 1961
Sum not paid to assessee due to non-fulfilment of certain condition not to be added in total consideration
IT: Where as per terms of agreement for transfer of port terminal by assessee to its subsidiary as a going concern, certain part of sale consideration was to be paid to assessee only when assessee would get waiver of Minimal Guarantee Throughput (MGT) from Port Trust and assessee failed to do so, such part of consideration would not be included in total sale consideration received by assessee
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from www.taxmann.com Latest Case Laws https://ift.tt/2AwVXEZ
Consultancy services received from CPWD for construction of civil structures not taxable as support services
GST/Service Tax : Where assessee, a National Institute of Technology, was engaged in imparting education and technical know-how/consultancy, services received by it from CPWD for construction of various civil structures would not fall within ambit of 'support services'
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from www.taxmann.com Latest Case Laws https://ift.tt/2zdyAOI
Trust can carry forward excess exp. of earlier year to be adjusted against income of subsequent year: ITAT
Top Airbus Executive on ED Radar in Rs. 8kcr Indian Airlines Deal
MCA appoints RoC at Dehradun and Vijaywada for discharging function under Cos. Act
The Ministry of Corporate Affairs (MCA) has appointed the Registrar of Companies cum Official Liquidator at Dehradun and Vijaywada for the purpose of registration of companies and discharging the functions under the Companies Act, 2013 in the state of Uttarakhand and Andhra Pradesh.
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Electoral Bond Scheme 2018 Sale of Electoral Bonds at Authorised Branches of State Bank of India (SB
Final notification to amend to rules of online issue of lower/nil deduction certificate unveiled
The Central Board of Direct Taxes (CBDT) has unveiled the final notification amending Form no. 13 & rules related to issue of certificate of no deduction of tax or deduction/collection of tax at lower rate electronically. Earlier, there was no centralized process to apply online for getting such certificate except for few states like, Karnataka & Goa which allow filing of Form 13 electronically.
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from taxmann.com News https://ift.tt/2yChOcv
Friday, October 26, 2018
Deeming fiction of sec. 50C won't apply while claiming relief under sec. 54F: ITAT
IT : Where assessee had sold a property which was used for commercial purposes and on which depreciation was also claimed and said property was held for a period of more than thirty six months and further assessee had purchased a residential flat from consideration received, assessee was eligible for deduction under section 54F on capital gains arising from sale of property
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from www.taxmann.com Latest Case Laws https://ift.tt/2PjjWjd
RBI Pushes Back Suggestions on Easing Prompt Corrective Action
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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NAV method couldn't be applied in case of preference shares to compute excess share premium chargeable to tax
IT: Equity shares and preference shares stand on different footing and, thus, net asset value method could not be used in case of preference shares to compute excess share premium charged on those shares so as to make addition under section 68 to assessee's income
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from www.taxmann.com Latest Case Laws https://ift.tt/2D4OgrY
Thursday, October 25, 2018
Liquidated damages paid for delay in delivery of machinery not allowable if liability hadn't crystalise during year
IT: Where assessee claimed deduction of liquidated damages paid for delay in delivery of machinery, in view of fact that there had been only discussions and negotiations for arriving at amount of liquidated damages but liability did not crystalise in relevant year, claim so raised was to be rejected
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from www.taxmann.com Latest Case Laws https://ift.tt/2AsKFSh
Bad debts of acquired co. don’t form part of operating cost for computing operating profit
IT/ILT : Where relevant bad debts related to sales made in earlier years by company acquired by assessee, same could not be added as part of operating cost for computing operating profit of assessee
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184224/bad-debts-of-acquired-co-don’t-form-part-of-operating-cost-for-computing-operating-profit.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184224/bad-debts-of-acquired-co-don’t-form-part-of-operating-cost-for-computing-operating-profit.aspx
CCI says drug prices high in India due to unreasonable trade margins
High Drug Prices Due to Unreasonable Margins of Cos: CCI
Govt to set up adjudicating authority for speedy disposal of benami cases
Revenue couldn’t raise objections to CBDT circular as it was binding on revenue: HC
IT: Mere raising objection in terms of CBDT Circular is not enough, CBDT Circulars continue to bind revenue and if they contain any conditions, whether such conditions are attracted or not would have to be proved and established by revenue
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183817/revenue-couldn’t-raise-objections-to-cbdt-circular-as-it-was-binding-on-revenue-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000183817/revenue-couldn’t-raise-objections-to-cbdt-circular-as-it-was-binding-on-revenue-hc.aspx
Conversion of public into private co. allowable in absence of any objection raised by RoC
CL: Where petitioner company, passed a special resolution for conversion of its status from public limited company to private limited company, in view of fact that petitioner did not have any creditors and, moreover, Registrar of companies and any other member of public had not raised any objection to proposed conversion, application seeking approval of said conversion was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2AqARYO
Consultation paper on review of regulatory framework for Debenture Trustees
The Market Regulator, SEBI has issued consultation paper on review of regulatory framework for Debenture Trustees (DTs). The objective of the consultation paper is to seek comments from the public on the proposals that are intended to strengthen the regulatory framework for DTs.
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from taxmann.com News https://ift.tt/2PhinSV
MCA enforced provision related to constitution of NRFA w.e.f Oct. 24, 2018
Wednesday, October 24, 2018
Income–tax (Dispute Resolution Panel) (First Amendment) Rules, 2018
Income–tax (10th Amendment) Rules, 2018
Notification No. 71/2018 [F.No. 300196/44/2018-ITA-I] SO 5368(E)
Notification No. 70/2018 [F. No. 300196/64/2018-ITA-I] SO 5367(E)
Notification No. 69 /2018 [F.No. 300196/38/2018-ITA-I] / SO 5366(E)
Notification No. 68 /2018 [F.No. 300196/01/2016-ITA-I] / SO 5365(E)
Govt. approves appointment of Adjudicating Authority & establishment of Appellate Tribunal under Ben
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the appointment of Adjudicating Authority along with the three additional benches and establishment of Appellate Tribunal under the Prohibition of Benami Property Transactions Act, 1988
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from taxmann.com News https://ift.tt/2yXn4XL
AO's order rejecting ITR without providing opportunity to rectify defect u/s 139(9) liable to be set-aside: HC
IT: Where AO rejected assessee's revised return at threshold on ground that same was not accompanied with tax audit report, in view of fact that assessee had not been given an opportunity to rectify said defect as contemplated under section 139(9), impugned order deserved to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2JdyivX
ITAT couldn't proceed further without confirming fact that assessee had avoided hearing intentionally
CAG Questions RBI Accountability in Banks’ NPA Crisis
ED Files Charge Sheet Under PMLA Against Sterling Biotech
Direct tax collection falls in six states; UP, Rajasthan worst performers
What was RBI doing, asks CAG Rajiv Mehrishi on NPA crisis in banks
Fino Payments Bank can now open new a/cs as RBI lifts ban
Assessee couldn't be directed to pay part of demand during pendency of stay application: Bombay HC
IT : Where assessee was directed to pay 20 per cent of tax demand during pendency of appeal, in view of fact that right of appeal vested in assessee by virtue of Statute would be rendered illusory and nugatory if said demand was enforced and executed during pendency of appeal, impugned direction deserved to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2JhDxec
from www.taxmann.com Latest Case Laws https://ift.tt/2JhDxec
'Coated Fusible Interlining fabrics of cotton' classifiable under Chapter 5207
New Common Form 36 notifies for filing ITAT appeal against order passed following DRP’s direction an
The Central Board of Direct Taxes (CBDT) has notified the new common Form no. 36 for filing appeal against the Assessment Order passed in pursuance of the directions of Dispute Resolution Panel and other matters.
from taxmann.com News https://www.taxmann.com/topstories/222330000000016894/new-common-form-36-notifies-for-filing-itat-appeal-against-order-passed-following-drp’s-direction-and-other-matters.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000016894/new-common-form-36-notifies-for-filing-itat-appeal-against-order-passed-following-drp’s-direction-and-other-matters.aspx
AO couldn't restrict sec. 69C additions on basis of GP ratio if assessee failed to produce materials purchased
IT: Where on basis of information received from Sales Tax authorities, Assessing Officer found that assessee was beneficiary of bogus purchase bills and assessee could not produce any material purchased by it nor it could ensure presence of supplier, Assessing Officer was unjustified in limiting addition under section 69C on basis of GP ratio
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from www.taxmann.com Latest Case Laws https://ift.tt/2OMptza
No extra time allowed for repayment of deposit as extension of time already given to co.
CL: Once in view of bad financial position of company, CLB had given relief of huge extension of time as well as reduced interest rate while sanctioning scheme of repayment of deposit, no further extension of time could be allowed to company
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from www.taxmann.com Latest Case Laws https://ift.tt/2O2q9LJ
Tuesday, October 23, 2018
Sub-leasing income from commercial properties by assessee developing Bio-Tech Park was business income
IT: Where assessee, engaged in business of development of Bio-Tech Park, construction, leasing and sale of commercial properties, earned income from sub-lease of property and assessee's business for development of Bio-Tech Park had already commenced, sub-lease income in question was assessable as business income
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from www.taxmann.com Latest Case Laws https://ift.tt/2PRji9y
Lease rent taxable in hands of Govt. Co. if it was acting as owner of land received from State Govt.
IT: Where assessee Government company, engaged in business of industrial development, received land from State Government for development and further transferred said developed land to prospective industrialist on long term lease for consideration of payment of advance rent in form of land premium, such land premium being part and parcel of business receipt was taxable as revenue receipt
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from www.taxmann.com Latest Case Laws https://ift.tt/2NZoerk
Services of managing & maintaining gardens liable to ST as 'Management, maintenance & repair service'
Outsourcing of matrimonial services through franchise agreement classifiable as franchise service
GST/Services Tax: Where assessee was providing matrimonial services through online information on website and it had outsourced matrimony activity to other associate centers and had entered into franchise agreement with them and in agreement assessee was referred as a franchisor and associate member was referred to as franchisee, said activity was classifiable under head 'franchise service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2PTu67j
Crorepati Taxpayers’ Club Swells 68% in Three Years
SC Ruling on Quantum Securities Plea Could Impact Recent Orders by SAT
Salaried, non-salaried corporate taxpayers’ income rises in 3 years
Net direct tax collection grows 15.7% to Rs 4.89 trillion, says CBDT
Fall in GP ratio couldn't be a sole ground for rejection of books of account to frame best judgment assessment
MCA notifies norms for preparation and furnishing of Annual Report under Investor Education Protecti
MCA notifies IEPF (Forms of Annual Statement of Accounts) Rules, 2018
The Ministry of Corporate Affairs (MCA) has notified Investor Education Protection Fund Authority (Form of Annual Statement of Accounts) Rules, 2018 wherein provision related to forms of financial statement, incurring of expenditure by authority, Annual Statement of Account and Maintenance of Accounts have been discussed.
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SEBI tightens disclosure norms for Mutual Funds
No denial of sec. 12A registration merely on ground that trust was seeking exemption u/s 10(23C)(iiiad)
IT: Where assessee educational trust was engaged in running, managing and developing school to provide educational facilities along with scholarships to poor and disabled children, registration under section 12A could not be denied on ground that assessee having been claiming exemption under section 10(23C)(iiiad) should have sought approval under section 10(23C)(vi) and not under section 12A
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from www.taxmann.com Latest Case Laws https://ift.tt/2JaXZ0d
Oppression plea was to be dismissed when no supportive material was available to make out cause of action: NCLAT
CL: Where shareholder of company filed oppression and mismanagement petition alleging non-compliance of certain provisions of Act in conducting Annual General Meeting of company, however, no supportive material was available to make out cause of action, moreover, he himself was not witness to happenings in said meeting, said petition was to be dismissed
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Monday, October 22, 2018
CBDT releases Direct Tax Statistics Constant growth in direct tax-GDP ratio over last three years
Operating a resort with ayurvedic treatment centers not taxable as 'Health club & fitness centre'
GST/Service Tax : Where assessee run a resort and operated therein ayurvedic treatment centre with full time qualified ayurvedic doctors and qualified staff and all treatments given were as per standard mentioned in ayurvedic medical texts, assessee was not liable to service tax under category of 'health club and fitness centre'
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from www.taxmann.com Latest Case Laws https://ift.tt/2PbhHhU
No writ to raise question that order passed by DRP pursuant to directions issued by ITAT was barred by limitation
'Herbal sheekakai or reetha powder' classifiable as 'Preparations for use on hair' under heading no. 3305.90
GST/Excise & Customs: Where assessee was engaged in manufacture of 'Herbal Sheekakai Powder' and 'Herbal Reetha Powder' with brand name 'Meera', said products would be classifiable under Heading No. 3305.90 and not under Heading No. 3003.39
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from www.taxmann.com Latest Case Laws https://ift.tt/2S3Cfr0
No denial of sec. 80G renewal without change in circumstances if it was being renewed every year; SC dismissed SLP
IT: SLP dismissed against High Court ruling that where assessee was granted and renewed certificate of exemption under section 80G every year since its registration as charitable organisation, Commissioner was not justified in denying renewal application during relevant assessment year without there being any new circumstances
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from www.taxmann.com Latest Case Laws https://ift.tt/2yU9uo4
RBI issues master direction on relief measures by banks in areas affected by natural calamities
Tribunal rejected issue of duplicate shares to shareholder as there was nothing on record as to when he lost shares
CL: Where shareholder of a company filed petition seeking direction to company to issue duplicate shares to him as his original shares were misplaced, in view of fact that there was nothing on record as to when he lost his shares and, moreover, there was a dispute relating to ownership of shares in question, Tribunal had rightly refused to exercise its power
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from www.taxmann.com Latest Case Laws https://ift.tt/2S5GgLw
Saturday, October 20, 2018
SetCom Chairman couldn't direct a particular course of action to be taken during pendency of application
IT: Where during pendency of assessee's application before Settlement Commission, Chairman of Commission desired to peruse final order in another case wherein similar issues were involved and thereupon he also expressed his willingness to discuss pending cases with Members of Settlement Commission, it amounted to undue and uncalled interference in pending judicial proceedings
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from www.taxmann.com Latest Case Laws https://ift.tt/2PKbGWo
Writ not maintainable if appeal could be filed against order of ITAT
IT: Where Tribunal dismissed time barred miscellaneous petition against its order upholding applicability of Explanation 2 to section 2(22) holding that loans and advances made to directors of company were taxable as 'deemed dividend', assessee, if dissatisfied, could have preferred an appeal under section 260A before High Court; writ jurisdiction against dismissal order was not maintainable
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from www.taxmann.com Latest Case Laws https://ift.tt/2ExCQ1B
Catering services provided to members in club premises to be treated as outdoor catering service: SC
Sebi bid to check ‘front entities’
Revenue can't file appeal before HC if tax effect is less than Rs. 50 lakhs: HC
RBI releases Dissent Note; opposes idea of forming an independent body to regulate payments
RBI issues basic Cyber Security Framework for primary co-operative banks
SetCom proceedings required in-depth scrutiny if no decisive opinion was formed to reject application
IT: If Settlement Commission is unable to form a decisive opinion to give a definitive finding for rejection of settlement application after initial and preliminary hearing, proceeding to second stage, in which more in-depth scrutiny and verification takes place, is only option
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from www.taxmann.com Latest Case Laws https://ift.tt/2PRhixS
CCI couldn't hold OP liable for contravention of provision of Act merely on basis of opinion of DG
Competition Act: Where CCI by an impugned order imposed penalty on manufacturer of motor vehicle for contravening provisions of section 3, but, since impugned order was not based on any specific evidence and had been passed merely on basis of opinion of DG, same was to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2CUHhBJ
HC dismissed writ petition as there was unreasonable delay in claiming refund of cash seized by dept.
IT : Where as per assessment order dated 12-2-2009 passed after search, seized cash was to be refunded to assessee but despite such order cash was not refunded, writ petition filed by assessee on 4-7-2018 for refund of cash seized was liable to be dismissed on ground of delay and laches
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from www.taxmann.com Latest Case Laws https://ift.tt/2yQxk3V
Wednesday, October 17, 2018
Notification No. 67/2018 [F.No.149/144/2015-TPL(Pt.IV)] / SO 5323(E)
Notional gain credited to P&L a/c on account of securitization of lease rental receivables was taxable: HC
GST Act doesn't prohibit continuation of investigation under Service Tax Laws: HC
IGST : Although Chapter V of Finance Act of 1994 stood omitted under section 173 of CGST Act, 2007, savings clause provided under section 174(2)(e) will enable continuation of investigation, enquiry, verification etc., that were made/to be made under Chapter V of Finance Act of 1994
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Excess share premium not taxable in hands of closely held co. if its shareholders are relatives: ITAT
IT : Provisions of section 56(2)(viib) cannot be invoked in case of assessee-company because by virtue of cash being brought into assessee-company by 'S' for allotment of equity shares with unrealistic premium, benefit had only passed on to her daughter 'V' and there is no scope in Act to tax when cash or asset is transferred by a mother to her daughter
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RBI Says Interoperability Available only for Full KYC Wallets
CCI imposes penalties upon Sugar Mills and their Associations for collusive bidding for supply of ethanol
Competition Act: Where bidders who participated in respect of depots located in UP/Gujarat/Andhra Pradesh in response to joint tender floated by Oil Marketing Companies for supply of ethanol had colluded in submitting bids by quoting collusive price and sharing quantities using platform of Indian Sugar Mill Association i.e., ISMA, and acted on signals provided by Ethanol Manufactures Association i.e., EMAI, there was contravention of provisions of section 3 by bidders, ISMA and EMAI and penalty
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Central Govt. notifies more than 60 Session Courts as Designated Special Courts for Benami Act
Tuesday, October 16, 2018
SEBI prescribes uniform procedure for obtaining samples of goods at exchanges accredited warehouse
In order to bring uniformity in the procedure adopted by the exchanges in obtaining samples for the purpose of assaying all the exchanges/clearing corporations are directed to ensure that atleast four samples are taken at the exchange accredited warehouses of which one sample is used for analysis, one is kept with WSP for comparison purpose, one is given to the depositor while one is kept for records/lab reference purpose.
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AO couldn't recover tax more than prescribed minimum which was required to be deposited: HC
IT: Where prior to taking matter in appeal by assessee, bank account was attached for tax recovery in excess of prescribed minimum limit which was required to be deposited by petitioner, same was to be treated as high handed collection by revenue
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Acquisition of Star Health by Safecrop gets CCI approval
Sec. 54 relief allowable if new house was purchased within one year prior to date of agreement to sell: ITAT
Monday, October 15, 2018
No disallowance of repair & maintenance exp. if co. furnished PAN of all vendors as supportive doc.
IT : Where assessee company had furnished names and PAN numbers of all vendors to whom it had paid repair and maintenance charges for their services, Tribunal was justified in allowing expenditure on account of such repair and maintainence charges
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Product 'Smyle Thanda Tel' classifiable as Ayurvedic medicine under Heading No. 30.04
GST/Excise & Customs: Where assessee was engaged in manufacture of 'Smyle Thanda Tel' and it was mentioned on packing of product that it gives relief from headache, fatigue and stress, said product would be classifiable under Heading No. 30.04 as ayurvedic medicine
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‘Urban Improvement Trust’ is not a local authority; not entitled to Sec. 10(20) exemption: SC
IT : Urban Improvement Trust constituted under Rajasthan Urban Improvement Act, 1959 is not a local authority within meaning of Explanation to section 10(20), hence not entitled to tax exemption under said provision
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184479/‘urban-improvement-trust’-is-not-a-local-authority-not-entitled-to-sec-1020-exemption-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184479/‘urban-improvement-trust’-is-not-a-local-authority-not-entitled-to-sec-1020-exemption-sc.aspx
RBI updates master direction on ECBs, Trade Credit, borrowing and lending in Foreign Currency
MCA re-constitutes High Level Committee on CSR
NCLT Rejects Govt Plea for Moratorium on Proceedings Against ILandFS, 348 Arms
Global Companies Rush to Meet RBI’s Deadline
Chanda Kochhar seeks more time to appear before Sebi for a personal hearing
MCA amends Sch. III; introduces financials format for NBFCs complying with Ind AS
After specifying format of financial statements of companies complying with Ind AS, the MInistry of Corporate Affairs, recently, has sepcified the format of financial statements of NBFCs which are required to comply with Ind AS. NBFCs covered in first phase are reuired to comply with Ind AS w.e.f. April 1, 2018.
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No section 68 additions if identity of applicants was clearly revealed; SLP dismissed
IT: Where in course of appellate proceedings, High Court set aside addition made by AO under section 68 in respect of share application money by holding that identity of share applicants was clearly revealed but Assessing Officer did not conduct any further enquiry except resting his conclusions on surmises, SLP filed against said order was to be dismissed.
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Friday, October 12, 2018
Notification No. SO 5194(E)
Depository participants to report FPI registration on monthly basis
Now, maintenance of Security Deposit by issuer with stock exchanges is not required: SEBI
The market regulator, SEBI has amended various regulations wherein it has been decided to done away with mandatory requirement of Maintenance of Security Deposit of 1% of the amount of securities offered to public/shareholders by issuer companies with the designated stock exchanges
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Sum received for Line production services for shooting of ‘Fear Factor’ in SA not FTS or Royalty
IT : Where Endemol India, commissioned to produce television series, viz., 'Fear Factor', based on US version/format of same for broadcast in India for shooting Episodes in South Africa, had vide agreement hired assessee (Endemol South Africa engaged in business of developing and producing entertainment serials for audio-visual platform) for carrying out Line Production Services in South Africa on work-for-hire basis, since various coordination/facilitation services rendered by assessee, viz.,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184458/sum-received-for-line-production-services-for-shooting-of-‘fear-factor’-in-sa-not-fts-or-royalty.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184458/sum-received-for-line-production-services-for-shooting-of-‘fear-factor’-in-sa-not-fts-or-royalty.aspx
Initiating officer notifies as ‘person preferring an appeal’ under Benami Act
Section 48 of the prohibition of Benami property Transaction act, 1988 has been substituted to include initiating officer in the term person preferring an appeal. Further It has been inserted that authorised representative in relation to the initiating officer means person authorised by central government.
from taxmann.com News https://www.taxmann.com/topstories/222330000000016817/initiating-officer-notifies-as-‘person-preferring-an-appeal’-under-benami-act.aspx
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Income Tax Officials Search Raghav Bahl’s Home and Offices
I-T Officers Told to Pay Up for Adjusting Refund Against Dues
I-T dept raids Quint founder Raghav Bahl's house over alleged tax evasion
Number of tax payers to double in govt’s 5-yr term, hopes FM
NCLAT holds company liable for suspicious transfer of shares by ex-transfer agent
CL: Where appellant-shareholder had not transferred his shares to anyone but same were transferred to third party because of suspicious transactions conducted by ex-transfer agent of respondent company, respondent company was liable for suspicious transaction done by its transfer agent and was directed to restore name of appellant in register of members
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Provisions made for medical benefit of employees post retirement were allowable under section 37(1)
IT : Where AO rejected assessee's claim of security charges paid for security of its tea gardens on ground that payees were non-existent and no confirmation was filed for payment of security charges however, Tribunal disallowed only a small portion of said charges and allowed remaining claim no substantial question of law arose from Tribunal's order
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Thursday, October 11, 2018
Govt. issues Sovereign Gold Bond Scheme 2018-19
Notification No. 66/2018 [F.No.300196/32/2018-ITA-I]/SO 5180(E)
Notification No. 65/2018 [F. No.300196/31/2018-ITA-I] SO 5179(E)
Notification No. 64/2018 [F.No.300196/56/2018-ITA-I]/SO 5178(E)
Notification No. 63/2018 [F. No. 300196/36/2018-ITA-I] / SO 5177(E)
Notification No.62 /2018 [F.No. 300196/39/2017-ITA-I] / SO 5176(E)
Notification No. 61/2018[F.No.300196/58/2018-ITA-I]/SO 5175(E)
Mere reopening of the assessment won’t provide a cause of action for filing of writ petitions: HC
IT : When a notice is issued under section 148 to assessee, proper course of action for assessee is to file return and if he so desires, to seek reasons for issuing notice and on receipt thereof to file objections to issuance of notice.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184448/mere-reopening-of-the-assessment-won’t-provide-a-cause-of-action-for-filing-of-writ-petitions-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184448/mere-reopening-of-the-assessment-won’t-provide-a-cause-of-action-for-filing-of-writ-petitions-hc.aspx
Madras HC declines to interfere in reassessment notice issued against ‘Dayanidhi Maran’
IT : Notice was issued to assessee-writ petitioner based on reasons recorded by Assessing Officer under section 147 and writ petitioner requested for reasons to be furnished. Which were furnished accordingly. Assessee filed writ against initiation of reassessment. Considering fact that there were some materials on record and informations with Department of Income Tax, reopening of assessment of assessee; writ petition sections 147 to 153 was in accordance with law and there was no infirmity
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184449/madras-hc-declines-to-interfere-in-reassessment-notice-issued-against-‘dayanidhi-maran’.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184449/madras-hc-declines-to-interfere-in-reassessment-notice-issued-against-‘dayanidhi-maran’.aspx
HC justified reopening of assessment as SUN TV received excess share premium not disclosed in ITR
IT: Completed assessments were sought to be reopened after a lapse of six years on ground that there were some materials on record and informations with Department that assessee had received money from company SAEHL in name of share subscription along with share premium of Rs.203.98 crores; that assessee had allotted shares to Kalanithi Maran and his wife only at Rs.10 per share without any premium;
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ITAT stays tax demand levied on ‘Uber’ for non-deduction of TDS on payment made to drivers
IT : Assessee UBER India was providing marketing and support services to a foreign company, Uber B.V., a Netherland Company and it was collecting payments on behalf of said company and making disbursements to Driver-Partners as per directions of Uber B.V.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184366/itat-stays-tax-demand-levied-on-‘uber’-for-non-deduction-of-tds-on-payment-made-to-drivers.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184366/itat-stays-tax-demand-levied-on-‘uber’-for-non-deduction-of-tds-on-payment-made-to-drivers.aspx
Credit couldn't be allowed if assessee failed to establish actual movement of Goods: HC
GST/Cenvat: Where assessee claimed cenvat credit of duty paid on inputs received under various invoices and Adjudicating Authority denied cenvat credit for inputs covered under 12 invoices on plea that goods were not physically received by assessee and Tribunal upheld it, since assessee was not able to establish actual movement of goods, order of Tribunal was justified
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A financially unreliable company due to fraud by directors couldn't be chosen for comparability analysis
Falling Rupee Adds to FPIs’ Woes
Govt. cuts excise duty on Aviation Turbine Fuel to 11%
Govt. notifies increased rate of interest for various small saving schemes
The rate of interest for third quarter of Financial Year 2018-19 have been recently announced wherein Govt. has increased interest rate on various small savings schemes by upto 0.4%. Now, relevant rules of such small saving schemes have been amended by such increased interest rate.
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CBDT notifies certain entities for exemption under section 10(46)
The Central Board of Direct Taxes (CBDT) has notified ‘Hyderabad Metropolitan Water Supply and Sewerage Board’, Karnataka State Unorganized Workers Social Security Board’, Uttaranchal Board of technical education’, Real Estate Regulatory Authority Punjab’, ‘Madhya Pradesh Electricity Regulatory Commission’ and ‘Kerala State Electricity Regulatory Commission’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961.
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'Hybrid Amplifier' couldn't be treated as accessory of cable TV
SEBI has started process of remitting refunds to investors of PACL
SEBI in compliance of order of Supreme Court in the matter of Subrata Bhattacharya V. Securities and Exchange Board of India and other connected matter constituted a committee for disposing the properties of PACL Ltd. The Committee, thereupon, its mandate has started the process of receipt of claim applications, at the first instance, from investors having claims of not more than Rs. 2500. The Committee has also started remitting refunds to investors after verification of the claim applications.
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Exp. towards corporate brand identity exercise & logo design wasn’t capital in nature: ITAT
IT : Where assessee-real estate developer engaged the services of one Ogilvy for the purpose of corporate brand identity exercise, logo design and collateral design, this would be in the nature of general expenses not attributable to any project and payment to the extent it relates to the aforesaid expenses cannot be capitalised and had to be allowed as revenue expenditure
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184435/exp-towards-corporate-brand-identity-exercise-logo-design-wasn’t-capital-in-nature-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184435/exp-towards-corporate-brand-identity-exercise-logo-design-wasn’t-capital-in-nature-itat.aspx
Wednesday, October 10, 2018
MCA relaxes last date of filing annual return and financial statement upto Dec 31, 2018 in Kerala
Due to heavy rains and floods in the State of Kerala, MCA decided to relax the additional fees payable to companies having registered office in the State of Kerala on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e-form MGT-7 upto 31.12.2018 where ever additional fee is applicable.
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Return filed in response to sec. 148 notice fulfilled requirement of filing of return as mandated by sec. 12A
Now CCI on request of parties to combination may allow withdrawal and refiling notice for the propos
The Competition Commission of India has notified amendment to the CCI (Procedure in regard to the transaction of business relating to combinations) Regulation, 2011. A new regulation 16A has been inserted whereby the Commission on request of the parties to the combination allow withdrawal and refiling of the notice given under regulation 5 or regulation 8 of the said regulation. Amendment has also been made to the Regulation 5, 9, 14, 16, 25 & 27.
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Written statement filed after 120 days of service of summons, being time barred, was to be dismissed
Excise Duty Cut on Fuel is Credit Negative for India: Moody’s
Sebi panel may recommend single regime for FPI, NRI fund outflows
RBI to inject Rs. 120 billion into system on October 11
SEBI allows eligible foreign entities to hedge exposure in commodity derivative market
SEBI has decided to permit foreign entities having actual exposure to Indian commodity markets to participate in the commodity derivative segment of recognized stock exchange for hedging their exposure. Such entities shall be known as ‘Eligible Foreign Entities’ (EFEs). The minimum net-worth requirement for such EFE shall be USD 500,000.
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No benefit of reduced rate of TDS as projection of losses by assessee was questionable : HC
IT: Where Assessing Officer on tentative re-working of assessee's accounts formed a prima facie opinion and suggested collection of tax at reduced rate of 1 per cent, but since projection of losses by assessee were found questionable, assessee's application for reduced rate of TDS could not be granted
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Tuesday, October 9, 2018
No additions on ground that shares were issued at excess premium if creditworthiness of investors established
No sec. 35AB deduction if shares were allotted to parent company as consideration for acquiring know-how
IT : Where assessee acquired know-how from MBAG but, in consideration, allotted shares to its parent company DBAG, since assessee had neither paid nor allotted shares to supplier of know-how MBAG, deduction under section 35AB could not be allowed
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Transfer of shares was to be set aside as shareholder was coerced to sign share transfer form
Deadline extended for filing ITR, audit report till Oct 31
TPAs are liable to deduct TDS u/s 194J on medical services alone while making payment to hospitals
IT : Third Party Administrator (TPA), who was responsible for making payment to hospitals for rendering medical services to policy holders under various medical insurance policies issued by several insurers, was liable to deduct tax at source under section 194J from payments made to hospitals
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RBI releases operational guidelines for Sovereign Gold Bonds Scheme
CBDT further extends due date for tax audit and return filing till Oct. 31, 2018
Monday, October 8, 2018
SEBI notifies regulations for Stock exchanges, Clearing Corporation and Depositories Participants
The Market Regulator has notified Security Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 and SEBI (Depositories and Participants) Regulations, 2018 wherein various provisions related to recognition, Net worth Ownership, Monitoring and Listing of Stock Exchanges and Clearing Corporation.
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Govt. notifies SEBI (Appointment of Administrator & Procedure for Refunding to Investors) Regulation
The Govt. of India has notified the SEBI (Appointment of Administrator & Procedure for Refunding to Investors) Regulations, 2018 wherein provisions related to appointment of Administrator, eligibility norms for appointment as an Administrator, terms of appointment, functions of the Administrator and so on.
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Survey fees paid to NR for assessing only damages in transit of goods to Foreign Country not taxable as FTS
No deduction of provision for warranty if its estimated cost wasn't on basis of past experience
IT : Where assessee claimed deduction of provision towards liability for warranty for goods supplied, since there was no material on record to show that estimate of cost was based on past experience, it could be concluded that liability did not crystalise at end of relevant year and, thus, assessee's claim was to be rejected
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CCI nods to proposed combination with modification as it won't have an appreciable adverse effect on competition
Saturday, October 6, 2018
Notification No. 2/2018 [F.No.V.27013/3/2018-SO(NAT.COM)] SO 5160(E)
Notification No. 59/2018 [F. No. 225/355/2018-ITA-II] SO 5157(E)
No sec. 263 revision for further disallowance if part of exp. was disallowed after proper verification
DG to re-investigate into the matter as the report of DG suffered from inconsistencies
Competition Act: Where investigation report of DG suffers from some inconsistencies in terms of provisions contained in Regulation 20(6) of Competition Commission of India (General) Regulations, 2009, DG was directed to reinvestigate matter
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HC directs CBDT to further extend tax audit due date & waive off Sec. 234A interest
Petitioner-students couldn’t challenge CA final result published on Institute’s website: HC
CL : Where petitioner-students challenged CA Final exam result on ground that they had passed as per result circulated through Whatsapp messages and uploaded on Facebook but had failed as per result declared and published on Institute's website, result of ICAI being published only once on website with no alternative and earlier in point of time, same could not be challenged by petitioners who were found unsuccessful. A mistake and error could not confer a legal right.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184336/petitioner-students-couldn’t-challenge-ca-final-result-published-on-institute’s-website-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184336/petitioner-students-couldn’t-challenge-ca-final-result-published-on-institute’s-website-hc.aspx
Sec. 153C notice not valid in absence of recording satisfaction, though AO of searched & third party was same
IT: Where in appeal before Tribunal, assessee has raised additional jurisdictional issue/legal issue with respect to issuance of notice under section 153C alleging non-compliance of statutory provisions and procedures prescribed under section 153C, same was to be admitted
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Aircraft provided on charter hire basis with pilot treated as supply of tangible goods service
GST/Service Tax: Where assessee provided Aircraft to customers along with licenced/trained Pilot and necessary Engineering Crew to operate Aircraft on chartered hire basis, said service would fall under category of 'supply of tangible goods service' and not under category of 'aircraft operator service'
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'Salmonella Antigens Set' classifiable under Heading No. 3002 as goods meant for Diagnostics use
Parties couldn't contend that they had vested right to continue in the forum in which dispute arose: HC
CL: Ouster of jurisdiction of High Court in relation to company matters needs no express repealing and same can be repealed by implication; change of forum is not a choice of parties, but is choice of legislature and parties can not contend that they have a vested right to continue in forum in which lis was initiated
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Friday, October 5, 2018
Notification No. 60/2018 [F.No. 370142/9/2017-TPL] SO 5054(E)
Charges paid to internet service provider to access internet on dedicated lease line not liable for sec. 194-I
IT: Where lease line charges were paid by assessee-company to internet service provider for faster internet access on dedicated lease line, said payment had been made for use of telecommunication services/connectivity for transmission of voice/data facility and not for use of any asset involved in provision of such facility/service covered in section 194-I, and, thus, assessee was not liable to deduct TDS under section 194-I on said payment
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ITAT upheld concealment penalty as non-deduction of TDS wasn't a bona fide belief for non-taxability of income
IT: Concealment penalty was to be imposed when assessee had claimed to have omitted interest received from rural development bank FDs, being under bona fide belief of its non-taxability, but said income was found to be taxable in hands of assessee as said bank was not a development bank
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RBI proposes voluntary retention route for investment by Foreign Portfolio Investors
RBI has proposed an easier investment route for foreign institutional investors (FIIs) wanting to invest long term funds in the debt market. FIIs voluntarily committing to retain a minimum required percentage of their investments for a period of time in India can apply for a new Voluntary Retention Route’ (VRR)’. Under the proposed Route, FIIs will have more operational flexibility in terms of instrument choices as well as exemptions from regulatory provisions.
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MCA relaxes last date of filing annual return and financial statement up Dec 31, 2018 in Kerala
Due to heavy rains and floods in the State of Kerala, MCA decided to relax the additional fees payable to companies having registered office in the State of Kerala on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e-form MGT-7 upto 31.12.2018 where ever additional fee is applicable.
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RBI keeps repo rate unchanged at 6. 5%
RBI in its fourth Bi-monthly Monetary Policy Statement, 2018-19 has kept the repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5%. Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
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Sec. 263 notice issued in name of non-existent entity which had been merged with another co. not valid
IT : Where subsequent to merger of a company namely 'KKPL' with assessee, Commissioner issued a notice under section 263 in name of 'KKPL', since said company ceased to exist as a result of order of merger passed by High Court, subsequent issuance of notice and consequential revisional order were in respect of a non-existent entity which were clearly void ab initio
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Charges paid to internet service provider to access interest on dedicated lease line not liable for sec. 194-I
IT: Where lease line charges were paid by assessee-company to internet service provider for faster internet access on dedicated lease line, said payment had been made for use of telecommunication services/connectivity for transmission of voice/data facility and not for use of any asset involved in provision of such facility/service covered in section 194-I, and, thus, assessee was not liable to deduct TDS under section 194-I on said payment
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Trust's registration couldn't be denied just because its object included some non-educational clauses
IT : Where assessee educational trust filed affidavit to effect that trust was created with main object of educating public by establishing schools, technical colleges and other educational institutes and it was not doing any activities other than educational services, registration under section 10(23C)(vi) could not be denied merely because aims and object of assessee-trust included some clauses which were not for purposes of education
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Claim disallowed u/s 36(1)(viii) couldn't be allowed u/s 36(1)(viia) in absence of provision made for bad debts
Presence of private real estate developers in relevant market rules out dominance of UP Housing Development Board
Competition Act: Where an allottee of a residential flat developed by OP alleged arbitrarily increase in cost of flat by OP causing appreciable adverse effect on competition, since agreement entered into between allottee and OP did not qualify as an agreement under section 3(3) as two of them were not engaged in identical or similar trade of goods or provision of services, no contravention of provisions of section 3 was made out against OP
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Interest received u/s. 28 of Land Acquisition Act forms part of compensation; not liable to tax
Professional services provided by German & Swiss Nationals from their respected countries not taxable in India
NCLT allows petition to direct investigation by Govt. as business of co. was conducted to deceive creditors
CL: Where there were allegations of manipulation of accounts by company which raised inference of misappropriation and diversion of funds with intent to defraud creditors, petition to direct Central Government to take steps to investigate into affairs of company was to be allowed
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Thursday, October 4, 2018
Excise duty on petrol and diesel is reduced by Rs. 1.50
Sec. 50C not applicable if assessee invested entire sale consideration in new house property u/s. 54F
Delhi HC upheld reassessment as Samsung failed to disclose royalty income
IT : Where pursuant to issuance of re-assessment notice, assessee itself accepted that original return filed by it was incorrect for reason that assessee had failed to disclose income earned by way of royalty and fee for technical service and, accordingly, declared additional income, impugned reassessment was justified
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Co-operative bank not being a company registered under Companies Act not eligible for sec. 35DD deduction
RBI Moves to Stabilise Rupee, Allows Oil Cos to Raise Up to Dollar 10 b Overseas
As rupee breaches 73 level, RBI allows OMCs to raise dollar from abroad
NCLT allows Govt. to takeover IL&FS and suspends entire board of directors
CL : Where Union of India filed petition alleging that Managerial persons of respondent company i.e. IL&FS were responsible for negligence and incompetence and to unearth irregularity and for investigation, provisions of section 212(1)(c ) were invoked for investigation into affairs of company,
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Machineries used for mining purpose by self as well as giving them on hire were eligible for higher dep.
Petition to declare conversion of debentures into equity dismissed as it wasn't in derogation of AOA
CL: Where investment agreement which was incorporated in Articles of Association, gave a right of election to compulsory convertible debentures (CCDs) holders to ask for conversion of CCDs into equity shares and such election had been made by CCDs holder, conversion of CCDs into equity shares could not be said to be in derogation of Articles of Association and thus, petition to declare said conversion as illegal was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2No9wtH
MCA constitutes NFRA w.e.f Oct. 01, 2018
Room renting service not covered under definition of 'mandap keeper service'
GST/Service Tax : Where assessee had let out hotel rooms which were integrally used in connection with functions organized by organizers in adjacent gardens and payment for entire premises was made by organizers under a composite contract, service of renting of rooms not covered under definition of 'mandap keeper service'
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from www.taxmann.com Latest Case Laws https://ift.tt/2O4TdqO
Mortgaged properties were not proceeds of crime; provisional attachment order was to be set aside
PMLA : Where properties in question had been mortgaged with appellant bank much prior to date of alleged offence which showed that no 'proceeds of crime' were involved in acquiring of those properties and, hence, same could not be attached
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from www.taxmann.com Latest Case Laws https://ift.tt/2P4DhBc
Now, Oil Marketing Companies can raise ECB for working capital purpose: RBI
The Reserve Bank of India has decided to liberalize External Commercial Borrowings policy and permit public sector Oil Marketing Companies to raise ECB for working capital purpose with minimum average maturity period of 3 or 5 years from all recognized lender under automatic route.
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CBDT unveils final notification to provide Sec. 112A relief to off-market acquisitions
ITAT rejected valuation of property done by approved valuer without considering infrastructure facilities
IT: Where factors such as location of property, potential development in near future, availability and accessibility to infrastructure facility such as road, airport, educational institutions, etc. were not properly considered either by Approved Valuer or by Departmental Valuation Officer, while valuing property sold by assessee under section 50C, such valuations made by them were to be rejected
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from www.taxmann.com Latest Case Laws https://ift.tt/2xYBdUV
Wednesday, October 3, 2018
No need to prove occasion for receiving gifts from relative; ITAT deleted sec. 68 additions
IT : Where pursuant to search and seizure operation under section 132, seized material relating to assessee was received by Assessing Officer of assessee under section 153C in financial year 2011-12, assessment order passed against assessee under said section on 22-3-2013 was well within period of limitation
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from www.taxmann.com Latest Case Laws https://ift.tt/2OBpRj2
HC slams revenue for raising questions which were already dealt with by division bench
IT: Division Bench of High Court in case of same assessee in earlier year held that Third Party Administrators (TPA), engaged in business of providing health insurance claim services, is required to deduct tax at source under section 194J in respect of payments made by it to hospitals. Further, it held that from plain reading of section 40(a)(ia) it is evident that failure to deduct tax at source in absence of same having been claimed as expenditure while determining income,
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from www.taxmann.com Latest Case Laws https://ift.tt/2xTETqY
Parallel pricing simpliciter wouldn’t lead to conclusion that there was concerted practice under CCI
CCI : Where there was no sufficient evidence to hold that there was any agreement between appellant suppliers of Liquified Petroleum Gas Cylinders to Indian Oil Corporation for bid rigging and appellants had been able to discharge onus that parallel behaviour was not result of any concerted practice, orders of lower Authorities holding appellants guilty were to be set aside
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184294/parallel-pricing-simpliciter-wouldn’t-lead-to-conclusion-that-there-was-concerted-practice-under-cci.aspx
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AO couldn't investigate into whether unit was newly set up or reconstructed in later years for sec. 80-IC deduction
IT : Where assessee claimed deduction under section 80-IC, investigation for ascertaining if unit was newly set up or reconstructed is to be carried out in initial year; no revision is required if deduction is allowed in subsequent year(s) without such examination
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MCA constitutes High Level Committee on CSR
'Mondelez India' didn't abuse dominance in directing stockiest to store chocolates in cool and hygienic place
Competition Act : Where OP, manufacturer of Cadbury chocolates, had sixty five (65) per cent market share in chocolate market in India and had been able to keep its market share more or less constant for last 5 years, OP was in a dominant position in relevant market for chocolate in India but there was no contravention of section 4 by OP in directing its stockist to store sensitive perishable goods in cool place
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from www.taxmann.com Latest Case Laws https://ift.tt/2RlPzXi
Sec. 89 relief is available in respect of arrears of perquisites: ITAT
No sec. 68 additions if genuineness of unsecured loans & creditworthiness of parties were proved
IT: Where assessee had furnished several documentary evidences to prove genuineness of unsecured loans and share capital investment and creditworthiness of parties, no additions under section 68 was to be made in respect of such loan and share capital relying upon order of SEBI that some of shareholders of assessee were part of several entities who were linked to money laundering
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from www.taxmann.com Latest Case Laws https://ift.tt/2ID7l4E
Merely publication of deceptive adverts could not raise any competition issue: CCI
Competition Act : Where informant was aggrieved by alleged publication of false and misleading advertisements by OP which would impact number of students who could join informant's institute but he had not impleaded any second party with whom OP could be said to have arrived at consensus ad idem in order to enter into an anti-competitive agreement, not anti-competitive
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from www.taxmann.com Latest Case Laws https://ift.tt/2DTxXj8
Revised format for submission of shareholding pattern in Insurance Company: IRDAI
SC dismissed SLP as surplus amount in foreign export and insurance export a/c was eligible for sec. 10AA relief
IT : Where High Court concluded that surplus amount in freight export account and in insurance export account was derived from export activities eligible for deduction under section 10AA, SLP filed against order of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2NiVRUk
Indian Co. couldn't be treated as agent if its shares held by foreign co. were sold to another foreign Co.
IT : Where certain shares of assessee, an Indian company, were held by a foreign company which were subsequently transferred to another non-resident company, in view of fact that transfer took place outside India and assessee had no role in such transfer, it could not be treated as agent of foreign company under sec. 163(1) (c) qua deemed capital gain purportedly earned by foreign company
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from www.taxmann.com Latest Case Laws https://ift.tt/2xYV8D7
Monday, October 1, 2018
Exp. incurred on education of partner's in Foreign Country was allowable if it was linked with business of firm
IT : Expenditure by firm on partner's foreign education was to be allowed when post graduate course underwent was directly related to profession carried on by firm and after completion of course, expertise of partner helped assessee in securing several important contracts
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from www.taxmann.com Latest Case Laws https://ift.tt/2Is7s2G
No penalty on late filing of TDS return if tax was deducted and deposited in time: Delhi ITAT
MCA constitutes Committee to review Competition Act
SC dismissed SLP against HC's ruling that donation made to various institutions could be claimed as deduction
IT: Where High Court took a view that donation made by assessee to various institutions to support their educational and social activities, could be claimed as deduction in form of publicity expenses, SLP filed against said decision of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Otnu1G
RBI Audit of ILandFS Group Makes Independent Directors Jittery
SBI Halves Daily ATM Cash Withdrawal Limit to Rs. 20,000
Mor’s 2nd Tenure on RBI Board Cut Short
ILandFS Lenders Seek Resolution Plan Before Mulling More Loans
Disclosure norms for independent directors may get stricter
SLP admitted against ruling that securities kept on 'HTM' could be valued on cost or market price
IT: Where High Court concluded that securities kept by assessee on basis of 'Held to Maturity' (HTM), could be valued by using method of cost or market price whichever is less, SLP filed against said decision of High Court was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2NdopPo
No TDS liability on license fees paid to IRCTC for providing catering services; SLP dismissed
IT: Where assessee paid licence fee to IRCTC for granting contract of catering service without deducting tax at source and High Court took a view that it being a case of payment of licence fee by contractee to contractor, section 194C would not apply, SLP filed against said order was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2RjMQhk
Oppression plea was to be rejected when respondent failed to prove allegations related to increase of share capital
CL: Where appellants had substantial shareholding in respondent company and they alleged that signatures of appellant1 obtained on blank papers in respect of some business dealings were misused, however, they failed to prove documents adverse to their claims to be false or forged, even calling for forensic evidence to testify genuineness of signature of appellant1 was not restored to, Tribunal was justified in dismissing oppression and mismanagement petition of appellants
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from www.taxmann.com Latest Case Laws https://ift.tt/2y2peEY
'Printed heat transfers' classifiable as 'Transfers (Decalcomanias)' under Heading No. 4908 90 00
AO was justified in restricting provision for warranty as 'Apple' wasn't evaluating it at year end
IT : Where assessee-company created provision for warranty but there was no reversal after expiry of relevant period based on actual utilisation, Revenue Authorities were justified in restricting amount of allowable provision at 2.14 per cent of sale as adopted in earlier years
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from www.taxmann.com Latest Case Laws https://ift.tt/2NT31E8
Presence of several procurers in soil testing services market rules out dominance of OP: CCI
Competition Act: Where entities providing soil testing services for agricultural purposes had an option to provide such services to other entities and sectors, OP procuring such services could not be said to be dominant in relevant market for provision of soil testing services in territory of India
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