IT : Where Tribunal upset order of Appellate Commissioner based on its overall analysis of evidence, same being findings of fact did not indicate any unreasonableness or infirmity calling for interference Commissioner (Appeals) clearly could not have preferred the past orders to ignore the detailed inquiry and the facts found by the Asessing Officer. While no doubt, the Commissioner (Appeals) also drew inferences, and did not rest his order on the fresh material he considered,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185214/itat’s-order-quashing-cita’s-ruling-based-on-overall-analysis-of-evidence-couldnt-be-interfered-with-hc.aspx
Friday, November 30, 2018
Exp. connected with PE couldn't be subject to taxation laws of contracting state
Complied with All Sebi Rules on Disclosures: Sun Pharma
Sebi earmarks Rs. 5 billion to tackle market manipulators
Compounding fee to be computed on basis of tax sought to be evaded and not income sought to be evaded: HC
Discount granted by Tata Sky to distributor couldn't be considered as commission under sec. 194H TDS
IT : Where assessee, engaged in business of providing DTH services, sold set top Box (STB) and recharge coupon vouchers to distributors at a discounted rate, discount so offered could not be considered as commission and, hence, not liable for deduction of tax at source under provisions of section 194H
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from www.taxmann.com Latest Case Laws https://ift.tt/2TXBCQT
HC directed revenue to penalise employers who failed to issue Form No.16 within prescribed time
IT : Where assessee filed instant petition contending that Form No. 16 having not been issued by his employer in time, he was suffering at hands of department it was appropriate to issue direction to Commissioner (TDS) to file a comprehensive affidavit and Department of Revenue was also to be directed to penalise such defaulters and take other strict measures as contemplated by law against them
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RBI eases guidelines for NBFCs on securitization transactions
In order to encourage NBFCs to assign their eligible assets, The Reserve Bank of India (RBI) has decided to relax the Minimum holding Period requirement for originating NBFCs, in respect of loans of original maturity above 5 years, to receipt of repayment of six monthly instalments or 2quarterlu instalment as applicable.
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‘Thalassemia and Sickle Cell Society’ & ‘Centre for Brain Research’ notifies for the purpose of sec.
The Central Board of Direct Taxes (CBDT) has notified ‘Thalassemia and Sickle Cell Society’ & ‘Centre for Brain Research’ under the category of ‘Scientific Research Association’ for the purpose section 35(1)(ii) of the Income-tax Act, 1961
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Assessee could seek exclusion of comparables before TPO/DRP if selected companies had committed some irregularities
IT/ILT : Where assessee having included one company in list of comparables, came to know that said company had committed some irregularities and proceedings were pending before SEBI, assessee could seek exclusion of comparable so selected in transfer pricing proceedings before TPO and DRP
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Interest Equalization rate increases from 3% to 5% from MSME exporters
In order to help the exporter, the Reserve Bank of India (RBI) has decided to increase Interest Equalisation rate from 3 per cent to 5 per cent in respect of exports by the Micro, Small & Medium Enterprises sector manufactures under the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit.
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Net Stable Funding Ratio guidelines will come into effect from April 1, 2020
Obligation to verify & submit ITR on behalf of co. does not lie on Managing Director only: HC
IT: Where there was a failure to furnish return of income within time stipulated under section 139(1) or in response to notice under section 142(1), omission to mention belated filing of return by assessee in complaint filed by revenue would not come in way of criminal prosecution under section 276CC
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Thursday, November 29, 2018
CBDT releases guidance to deal with taxpayer-specific rulings exchanged under BEPS Action 5
No service PE if employee of Singaporean company had visited India for a period of only 2 days
IT/ILT : Where employees of assessee, foreign company had visited India for a period of only 2 days, pre-condition contained under article 5(6)(b) of India-Singapore DTAA was not satisfied and, accordingly, employees of assessee could not be considered as service PE in India and consequently, in absence of a PE in India, management fee received by assessee would not be subject to tax in India
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q5ELzF
Sum paid to ‘foreman’ who procured labours at short notice didn’t require sec. 194C TDS
IT : Payment to shipping labour group leaders (maistries) does not attract TDS provisions and, consequently, no disallowance is called for under section 40(i)(ia)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184474/sum-paid-to-‘foreman’-who-procured-labours-at-short-notice-didn’t-require-sec-194c-tds.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184474/sum-paid-to-‘foreman’-who-procured-labours-at-short-notice-didn’t-require-sec-194c-tds.aspx
Sebi’s Probe Against 5 Brokers in NSEL Scam at ‘Advanced Stage’
RBI likely to infuse another Rs. 1.6 trn via OMOs : BofAMI
Economists expect a 'pause' in RBI's Dec 5 policy review
Amendment to sec. 11 denying dep. to trust is prospective in nature: ITAT
IT: Where nursing school was located within hospital's premises and students of nursing school got training in hospital, assessee's activities of running hospital and nursing school were intricately connected and dependent on each other and thus, was one inseparable activity entitling to exemption under section 11(1)
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SLP dismissed against deletion of sec. 69A addition made on basis of mere confession under MCOCA
IT : Where High Court upheld view taken by Tribunal that in absence of any corroborative evidence, addition could not be made to assessee's income in respect of confessional statement made by one 'R' under Maharashtra Central Organised Crime Act, 1999, that he paid certain undisclosed amount to assessee, SLP filed against decision of High Court was to be dismissed
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Writ not maintainable if alternative remedy of appeal against imposition of tax & penalty is available
SLP dismissed against deletion of sec. 69A addition on basis of mere confession under MCOCA
IT : Where High Court upheld view taken by Tribunal that in absence of any corroborative evidence, addition could not be made to assessee's income in respect of confessional statement made by one 'R' under Maharashtra Central Organised Crime Act, 1999, that he paid certain undisclosed amount to assessee, SLP filed against decision of High Court was to be dismissed
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SLP dismissed against HC's ruling justifying deletion of sec. 69 additions being a finding of fact
IT: Where High Court held that finding recorded by Tribunal deleting addition to assessee's income on account of unexplained investment in-house property being a finding of fact, did not require any interference, SLP filed against said order of High Court was to be granted
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Petitioner's nomination was rightly rejected by ICAI for non-compliance of statutory Rules: HC
Chartered Accountant Act: Where petitioner failed to append her signatures at places earmarked therefor in nomination form, petitioner's nomination was rightly rejected by ICAI for non-compliance of statutory rules 9, 10 and 11 of Chartered Accountants (Election to Council) Rules, 2006 and petitioner could not contest election
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Payment made to NR company to improve fuel efficiency of engine developed by 'TVS' was FTS not royalty
IT/ILT: Where assessee-company developed basic engine and sent same to a non-resident company of Austria to design a new 3-valve cylinder head for improvement of fuel efficiency, performance and meeting Indian emission standard, payment made to Austrian company would not constitute royalty
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from www.taxmann.com Latest Case Laws https://ift.tt/2Qll1Yj
Wednesday, November 28, 2018
Re-insurance premium paid to NR insurance co. without TDS couldn't be allowed
SLP dismissed against HC's ruling deleting ad hoc disallowance of exp. claimed by assessee
Failure to claim deduction in ITR wasn't mistake apparent from record; rectification u/s. 154 couldn't be invoked
IT : Where assessee itself failed to make claim for deduction under section 80-I in its return, same was not a mistake which was apparent from record, thus, there was no scope for invoking provisions of section 154 so as to grant deduction under section 80-I
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RBI to Pump in Additional Liquidity of Rs. 40K cr in Dec
CCI nod to LIC´s majority stake buy in IDBI Bank
Sebi´s bond move likely to keep yields elevated
Sec. 14A disallowance to be restricted to amount of exempt income only; SLP dismissed
Only swap of shares to be allowed when there was restriction on transfer of shares pursuant to demerger scheme
CL: Where three Groups pursuant to demerger had entered into an inter se agreement which prohibited cross-holding shares in other's company, in view of fact that agreement was executed for a specific purpose of freezing shareholdings for a limited time so that swap of shares could take place, restriction was to remain in operation, only till swap took place and not thereafter
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SEBI releases norms for interoperability among clearing corporations
SEBI has issued norms for interoperability among clearing corporations. The norms shall be operationalized by June 01, 2019. Interoperability among clearing corporations refers to the linking of multiple clearing corporations, which effectively allows market participants to consolidate their clearing and settlement functions at a single clearing corporation, irrespective of the stock exchange on which the trade is executed.
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SC dismissed SLP against ruling that no addition by invoking sec. 153C if third party retracted from its statement
IT: SLP dismissed against High Court ruling that where addition was made to assessee's income by invoking provisions of section 153C on basis of document seized in course of search carried out in case of 'L' and later 'L' retracted his statement that said document belonged to assessee and, moreover, there were various internal inconsistencies and contradictions in document in question, impugned addition was to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2FXqNeP
Tuesday, November 27, 2018
Trust exemption rightly withdrawn as it collected capitation fee from students for admission to medical colleges: ITAT
IT : Where assessee, a trust registered under section 12AA, was running various educational institutions, in view of fact that it collected huge amount of capitation fee from students for admission to medical colleges, impugned order passed by Commissioner (Exemption) cancelling registration granted to assessee under section 12AA as well as withdrawing exemption granted to it under sections 10(23C)(vi) and 10(23C)(via) was justified
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CUP method couldn't be used for benchmarking if there was difference in pricing factors due to diff. in market
IT/ILT: Different market and geographical location also affect pricing factors and therefore, if there were differences on account of these factors CUP could not have been held to be most appropriate method for benchmarking arm's length price
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from www.taxmann.com Latest Case Laws https://ift.tt/2FFV55h
'Flexible plastic hollow corrugated board' classifiable as Monofilament under Heading No. 3916
Disallowance u/s 40(a)(ia) not applicable if exp. wasn't claimed as deduction while calculating taxable income
Income tax department cannot claim any priority in payment from liquidated estate under IBC
Donning CA’s hat means being an accountant & be accountable 24x7
No reassessment on basis of change of opinion that assessee had claimed higher amount of exemption u/s 10B
IT: In absence of any failure on assessee's part to disclose fully and truly all material facts necessary for assessment, reassessment proceedings could not be initiated after expiry of four years from end of relevant year, merely on basis of change of opinion of AO that due to disproportionate bifurcation of expenditure between eligible and non-eligible units, higher amount of exemption was claimed under sec. 10B in respect of profits earned by eligible industrial undertaking
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NCLT didn't have power to review its own order; decision of another bench relied on
CL: Where decision of another Bench of NCLT, which had not laid down a law of universal application but had discussed provisions of law, binding precedents and facts of that case to hold petition therein as time barred, merely because instant Bench of NCLT had not discussed said judgment, it could not be said to be something which was error apparent on face of record
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MCA reconstitutes High Level Committee on CSR
In absence of documentary evidence, Appellant couldn't be held guilty of having received forex from German-co.
Cos. Name to be restored in RoC if it was carrying on business operation
SEBI issues operating guidelines for Alternative Investment Funds in International Financial Service
The Market Regulator, SEBI has issued operating guidelines for Alternative Investment Funds in International Financial Services Centres for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18 (1) of the Special Economic Zones Act, 2005.
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Sec. 143(2) notice wasn't required in case no return was filed in response to sec. 148 notice
Monday, November 26, 2018
India-China signs protocol to amend DTAA to implement BEPS minimum standards
The Government of India and the Government of China have amended the Double Taxation Avoidance Agreement (DTAA) by signing a Protocol on 26/11/2018. Protocol updates the existing provisions for exchange of information to the latest international standards. Further, it incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion & Profit shifting (BEPS) Project, in which India had participated on an equal footing.
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Task Force on drafting new Direct Tax law shall submit its report by February 28, 2019
The Ministry of Finance has said the Task Force constituted by the Government of India in November 2017, shall submit its report by February 28, 2019. The Govt. Has appointed Shri Akhilesh Ranjan, Member (Legislation), CBDT as Convenor of the Task Force. Other members of the Task Force remain unchanged.
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SC granted SLP against ruling that trust's registration couldn't be cancelled in absence of any sec. 12AA(3) violation
IT: Where High Court upheld view taken by Tribunal that in absence of any cogent material or evidence to establish any violation of provisions of section 12AA(3), cancellation of registration of assessee-society retrospectively was not justified, SLP filed against High Court's order was to be granted
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No sec. 263 revision if AO had allowed exp. after making reasonable enquiry : ITAT
IT : Where assessee company claimed expenditure towards payments made to cricket players under head 'advertisement and publicity' and Assessing Officer after making enquiry and considering explanation furnished by assessee allowed such expenditure, Commissioner was unjustified in disallowing claim of assessee by invoking section 263 on grounds that Assessing Officer had not made proper enquiries
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from www.taxmann.com Latest Case Laws https://ift.tt/2BxsnQ8
Govt may Raise PCA Issue Again if RBI Panel Doesn’t Relax Rules
Non-basmati Exporters to Get 5% Benefit under Merchandise Exports Scheme
I-T department sells Cairn Energy's shares in Vedanta to recover tax
Assessment order passed without considering material on record was unjustified; SC dismissed SLP
SC dismissed SLP against HC’s ruling that exp. incurred on animal care would fall under sec. 2(15)
IT : Where assessee incurred less than Rs. ten lakh towards animal care such as food, medical etc. and High Court held that said activities would clearly be included under provisions of section 2(15), SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184698/sc-dismissed-slp-against-hc’s-ruling-that-exp-incurred-on-animal-care-would-fall-under-sec-215.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184698/sc-dismissed-slp-against-hc’s-ruling-that-exp-incurred-on-animal-care-would-fall-under-sec-215.aspx
Failure to disclose policy for implementation of CSR initiatives being first offence was to be compounded
CA: Where applicant company and its directors failed to disclose details about policy developed for implementation by company on Corporate Social Responsibility initiatives in reports of Board of Directors, same being first offence was to be compounded
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from www.taxmann.com Latest Case Laws https://ift.tt/2FDUoty
Saturday, November 24, 2018
Non-compete fee paid to directors to restrain them from engaging in same business was allowable deduction
IT : Where assessee engaged in business of manufacture, marketing and distribution of ice cream and dairy based frozen products, made payment of non-compete fee to two of its directors, since advantage of restraining individuals from engaging in competition was in field of facilitating assessee's own business and rendering it more profitable and there was no increase in fixed capital, payment in question was to be allowed as revenue expenditure
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from www.taxmann.com Latest Case Laws https://ift.tt/2Bwahhz
No sec. 153A addition in respect of completed assessment when no incremental material was found during search
IT : Where in course of proceedings under section 153A, AO made certain additions to assesee's income, in respect of deemed dividend, in view of fact that assessment for relevant years had attained finality and no incriminating material was found in course of search, impugned addition was to be deleted
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Transfer of winding up petition to NCLT dismissed as liquidation process was at advanced stage: HC
CL: Where liquidation proceedings were at advanced stage and much time had passed since order appointing OL as provisional liquidator was passed and there were allegations of fraud and misappropriation on part of ex-directors, application for transfer of winding up petition to NCLT was to be dismissed
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Restaurants Seek Clarity on CBDT’s Service Charge Directive
Prosecution under Money Laundering Act can be initiated during pendency of attachment proceedings
PMLA : Prosecution for offence under section 3 can be initiated during pendency of attachment proceedings or before attachment confirmation attains finality or before conviction of accused under Narcotic Drugs and Psychotropic Substances Act, 1985, attains finality
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Apex Court quashes HC’s Order on CA’s misconduct for his Acts not related to Professional Work
IT : High Court in impugned order held that where respondent-chartered accountant sold his shares to complainant but continued to receive dividend on those shares by cheating complainant, respondent was acting as an individual in his dealings with complainant which were purely commercial and while selling shares held by him he was not acting as a chartered accountant and rejected Disciplinary Committee recommendation to remove his name from Rolls for six months
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185148/apex-court-quashes-hc’s-order-on-ca’s-misconduct-for-his-acts-not-related-to-professional-work.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185148/apex-court-quashes-hc’s-order-on-ca’s-misconduct-for-his-acts-not-related-to-professional-work.aspx
Sec. 68 additions confirmed in absence of proof showing creditworthiness of father to give huge cash gift to his son
IT : Where assessee was not able to bring on record any material evidence to prove creditworthiness and capacity of his father to advance huge amount of cash gift from any known source of income, impugned addition made under sec. 68 by authorities below was to be confirmed
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Friday, November 23, 2018
HC condoned delay as appeal was filed belatedly due to resignation of CEO who only had power to file appeals
IT : Where assessee-company filed an appeal before Commissioner (Appeals) after a delay of 231 days due to reason that Director and Chief Executive Officer (DCEO) of assessee who had to take a decision to file an appeal had resigned and subsequently a new DCEO was appointed who after considering issue, took up matter before Board of Directors and then a decision was taken to file appeal, impugned delay was to be condoned
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Bank couldn’t be held responsible for making payment against tampered cheque if it had followed due-diligence
NI Act: Mere fact that collecting bank had made payment to its customer who deposited tampered cheque, as per banking norms and regulations, does not raise an estoppel against paying bank if later on it is found that cheque is forged as bank had not been called upon to be overtly suspicions
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184572/bank-couldn’t-be-held-responsible-for-making-payment-against-tampered-cheque-if-it-had-followed-due-diligence.aspx
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Restaurants Must Pass on Service Charge to Staff, or Pay Tax
Sebi´s new rules for re classification of promoter as public investor
Govt for more central board members in key RBI committees
CBDT: Service charge not given to workers by eateries liable for tax
Assessee couldn't challenge validity of sale of land by filing writ against reassessment notice
IT: In a petition challenging reassessment notice issued on ground that capital gain on sale of land had escaped assessment, Court could not consider validity of said sale transaction; assessee must submit to jurisdiction of Assessing Officer who alone would take final decision in this respect while framing reassessment
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Provisions for claiming ITC under Tamil Nadu VAT Act not violative of COI: SC
GST/CST & VAT : Tamil Nadu VAT - Section 19(11) of Tamil Nadu VAT Act does not violate articles 14 and 19 of Constitution of India and it is not inconsistent to section 3(3) of VAT Act and further time period as provided in section 19(11) is mandatory and period for claiming input tax credit could not have been extended by Assessing Authority
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from www.taxmann.com Latest Case Laws https://ift.tt/2P0UBGF
Thursday, November 22, 2018
Trust to be taxed at maximum marginal rate if it wasn't registered u/s 12A: ITAT
IT : Where assessee-trust was not registered under sec. 12A and its trustees were filing their own returns also showing taxable income, AO rightly concluded that assessee-trust was to be treated as an AOP and its income would be brought to tax at Maximum Marginal rate as per provisions of section 164(1)
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No denial of exemption merely because sec. 54F has no specific mention of depreciable assets
Govt. is planning to present full budget instead of vote-on-account in 2019
The Finance Ministry plans to present a full budget on 1 February, a senior government official said. Budget 2019, which will be the last by the present government ahead of the 2019 Lok Sabha elections in May, going by established practice should be a vote-on-account, with government seeking Parliament approval for expenditure from the Consolidated Fund of India for the interim period.
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SLP dismissed against HC's ruling that benchmarking is to be done on AE transaction only while determining ALP
Cabinet approves MoU between India and Mauritius on Consumer Protection and Legal Metrology
The Union Cabinet has approved the Memorandum of Association (MoU) on Consumer Protection and Legal Metrology. It will help in expanding cooperation in the field of consumer protection, and it will provide an institutional mechanism for exchange of information and derive mutual benefits from development taking in place in both countries.
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Proviso to sec. 2(15) not applicable if nominal fees was charged for providing medical facilities to general public
IT : Where assessee-society was formed with an object to build, maintain and run hospitals, dispensaries and provide and other medical reliefs mere fact that it charged certain nominal fee for providing said services, it could not be concluded that assessee's case fell under proviso to section 2(15) and, thus, exemption of income claimed by assessee was to be allowed
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HC justified sec. 69 additions relying on loose slips representing on-money payment made for purchase of property
RBI updates master direction for primary dealers
Once a party is awarded, section 17 of Limitation Act cannot be invoked, limitation under arbitration Act applies
No denial of exemption merely because assessee failed to make specific reference to sec. 54F
Voluntary payment of charges by pharmaceutical firm to association couldn't be considered as an anti-competitive act
Competition Act: Where informant alleged that OP was demanding PIS charges from pharmaceutical companies, but it failed to substantiate that OP was forcing then to pay PIS charges, on contrary such companies during investigation submitted that there had been no compulsion to pay such charges, no case of contravention of provisions of section 3 was made out against OP
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Wednesday, November 21, 2018
No sec. 68 additions by comparing assessee's personal account with capital a/c of his proprietorship concern
SC dismissed SLP against HC's ruling justifying concealment penalty on dep. claim made on non-existent assets
RBI updates master direction for reporting under FEMA
ITAT couldn't dispose off misc. application without hearing & assigning detailed reasons
IT : Where first miscellaneous application filed by assessee on ground that entire on-money claimed to be received by it did not represent its income and reasonable expenses were to be deducted from same was dismissed and said order was sought to be recalled by assessee by filing second miscellaneous application which was disposed of in chambers without hearing assessee and without assigning reasons, same was unjustified
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No sec. 195 TDS on commission paid to NR to carry out business outside India
IT/ILT : Where non-resident agent appointed by assessee for procuring export orders did not have permanent establishment in India and their activities as commission agents were being carried out outside India, there was no liability on assessee to deduct tax at source on payment made to said agents
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Co. couldn't be rejected as comparable just because its sales reduced substantially in one year
No sec. 41(1) addition in absence of fact that deduction was allowed for bad & doubtful debts; SLP dismissed
IT : SLP dismissed against High Court ruling that where revenue had not established that excess provision for bad and doubtful debts allowable under section 36(1)(viia) written back in profit and loss account was allowed as deduction in previous years, no addition could be made holding that excess provision written back amounted to income within meaning of section 41(1)
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from www.taxmann.com Latest Case Laws https://ift.tt/2Bo9qPL
Father’s Name Not Mandatory for PAN
RBI Extension of Basel III Timeline to Hit State Banks’ Ratings: Moody’s
Sebi Forms Panel to Review Rules for Proxy Advisory Cos
Maersk, DP World face probe for antitrust behaviour at Mumbai port: Sources
Sebi allows promoters of firms that are delisting to make counteroffer
RBI decisions a small victory for govt, say FinMin officials
NCLT allows conversion of public company into private co. as it had complied with provisions of Cos. Act
No abuse of dominance by OP-company due to presence of other players in market: CCI
Competition Act: Where informant Association alleged that OP, trader and distributor of mobile handsets under brand name 'VIVO' had entered into a distributorship agreement with its members and clauses in said agreement were causing appreciable adverse effect on competition, but it failed to provide any evidence to prove its allegation, no contravention of provisions of section 3 was made out against OP1
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from www.taxmann.com Latest Case Laws https://ift.tt/2Klwkdu
Tuesday, November 20, 2018
Prosecution proceedings couldn't be challenged just because that there was no wilful attempt to conceal income
IT: Where assessee challenged validity of prosecution proceedings initiated under section 276C read with section 277, on ground that there was no wilful attempt on his part in concealing income, plea so raised was not tenable because it was only a factual defence which could be proved during course of trial
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from www.taxmann.com Latest Case Laws https://ift.tt/2QbwFom
Income–tax (12th Amendment) Rules, 2018
Court Quashes Abbott’s Plea to Stall CCI Probe into Alleged Cartelisation
Usance charges paid to holding co. for delayed payment for purchase of goods was interest and liable to TDS
IT: Usance interest paid by assessee-company to its holding company for delayed payment for purchase of goods was not part of purchase price of goods but same was 'interest' within meaning of section 2(28A) and assessee was liable to deduct TDS on same under section 195(1)
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Acquisition scheme of '21 century Fox' was to be approved as it would not have any adverse effect on CCI
Father’s name non-mandatory in PAN application form; CBDT issues final notification
The CBDT has issued final notification proposing amendments in Rule 14 of Income-tax Rules, 1962 and PAN application Forms, i.e., 49A & 49AA. Now, the Father’s name shall not be mandatory in PAN application forms where mother is single parent. Further, 31st May of next FY shall be last day to apply for PAN in case of non-individual resident persons entering into a financial transaction of Rs. 2.50 lakhs or more in a financial year.
from taxmann.com News https://www.taxmann.com/topstories/222330000000017074/father’s-name-non-mandatory-in-pan-application-form-cbdt-issues-final-notification.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000017074/father’s-name-non-mandatory-in-pan-application-form-cbdt-issues-final-notification.aspx
Monday, November 19, 2018
Sum received by Sushmita Sen towards damages for being sexually harassed not taxable
IT : Compensation received by assessee, a film actress from Coca Cola India Limited (CCIL) towards damages caused to assessee's reputation, not income liable to tax. Assessee had received a total amount of Rs. 145 lacs in lieu of settlement for breach of terms of celebrity engagement contract. However, only an amount of Rs. 50 lakhs was due to assessee under the Contractual terms, thus, additional amount of Rs. 95 lakhs did not arise out of exercise of profession. The balance amount of Rs.95 lac
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Change of condition for pre-deposit of decretal sum to DRT would be retrospective in operation: HC
No sec. 68 additions if assessee had discharged initial burden cast upon it; SC dismissed SLP
IT : Where High Court confirmed Tribunal's order deleting addition made to assessee's income under sec. 68 on ground that assessee had discharged initial burden cast upon it by providing necessary details, 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/2DvtUHN
SC dismissed SLP of revenue to allow benefit of Cenvat credit on input & input services to assessee
SC granted SLP against HC's ruling that income to be taxed at 12% GP rate as per industry's standard
IT : Where in course of proceedings initiated pursuant to survey, High Court opined that since average gross profit (GP) rate in assessee's industry was 12 per cent, whereever profit of assessee was more than 12 per cent, same would not be refunded to assessee but where it was less than 12 per cent, income would be assessed on basis of 12 per cent GP, SLP filed against aforesaid order of High Court was to be granted
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from www.taxmann.com Latest Case Laws https://ift.tt/2FsoAaE
Madras HC Sets Aside Sanction to Prosecute Chidambaram, Family
Centre May Seek More Role for Nominees in RBI Board Meet
‘RBI can Open Special Liquidity Window, but Through Banks’
CIC Asks RBI to Divulge List of Wilful Defaulters in 45 Days
Current account transactions between two entities can't be termed as deemed dividend
Non-fulfilment of condition of development agreement is purely contractual disputes; outside jurisdiction of CCI
CCI: Allegation of non-performance of conditions of Development Agreement, being purely a consumer/contractual dispute, did not give rise to any competition concern as there was no appreciable adverse effect on competition from same and was thus outside jurisdiction of Commission
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'Harpic' & 'Lizol' classifiable as chemical fertilizers under UP VAT Act: HC
GST/CST & VAT: Uttar Pradesh VAT - Where assessee was engaged in manufacture of 'Harpic and Lizol' and primary function of said products was to act as disinfectant and to kill germs, bacteria and microorganisms and it had additional function of completely removing tough stains from surface on which it was applied, said products would be covered under Entry No. 20 of Part A of Schedule II of Uttar Pradesh VAT Act
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RBI issues guidelines for value free transfer of Government securities
Listed entities need to disclose risk management activities in their annual report
In order to benefit the shareholders and to bring further clarity in disclosures to be made in the annual reports by listed entities, the Market Regulator, SEBI has asked to listed entities to reveal their risk management activities during the year in annual report.
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Saturday, November 17, 2018
No segregation of slump sale consideration according to year of receipt for purpose of capital gain computation
IT: Where assessee sold its business unit as a going concern on slump sale basis and claimed that a part of consideration was received during year and balance sum was kept in Escrow account which was received in subsequent year, thus, only amount received during year was to be considered for capital gain, segregation of consideration in to two parts could not be a reason to say that capital gain arose only with reference to first part, thus, entire sale consideration was to be taxed as capital g
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No segregation of slum sale consideration according to year of receipt for purpose of capital gain computation
IT: Where assessee sold its business unit as a going concern on slump sale basis and claimed that a part of consideration was received during year and balance sum was kept in Escrow account which was received in subsequent year, thus, only amount received during year was to be considered for capital gain, segregation of consideration in to two parts could not be a reason to say that capital gain arose only with reference to first part, thus, entire sale consideration was to be taxed as capital g
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from www.taxmann.com Latest Case Laws https://ift.tt/2QLcVVS
HC quashed reassessment notice as assessee explained cash deposits post-demonetisation with previous withdrawals
IT : Where before issuing reassessment notice Assessing Officer had asked assessee to explain source of cash deposit post-demonetization and assessee disclosed such source being her own bank accounts and their withdrawals matching quite closely to deposits, issuance of notice discarding such disclosure was not justified
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Sec. 153C not to be invoked as third party retracted from statement that doc. belonged to assessee; SLP dismissed
IT: Where Assessing Officer made addition to assessee's income by invoking provisions of section 153C on basis of document seized in course of search carried out in case of 'L', in view of fact that subsequently 'L' retracted his statement that said document belonged to assessee and, therefore, Tribunal as well as High Court set aside said addition, SLP filed against decision of High Court was to be dismissed
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Interest qualify for deduction if money borrowed was advanced to subsidiary co. for business purpose: HC
'Chewing tobacco' containing tobacco & lime classifiable as chewing tobacco under heading no. 2403 99 10
GST/Excise & Customs: Product 'chewing tobacco' containing tobacco and lime being manufactured by assessee would fall under Heading No. 2403 99 10 and Adjudicating Authority was wrong in treating it as 'jarda scented tobacco' falling under Heading No. 2403 99 30
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Ball bearings couldn't be considered for assessment on MRP basis
GST/Excise & Customs: Where assessee had cleared ball bearings to retail sellers on payment of duty on basis of transaction value and not on basis of MRP value given on packing of such clearances, since ball bearings were not included under relevant Notifications issued under section 4A, same could not be considered for assessment on basis of MRP value
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Tax Advisory Body Drags CBDT to Court Over Incentivising Tax ‘Judges’
Interest qualify for deduction even if money borrowed was advanced to subsidiaryco. for business purpose: HC
Validity of reassessment notice couldn't be challenged if assessee had appeared before AO; SLP dismissed
IT : SLP dismissed against High Court ruling that where assessee challenged validity of reassessment proceeding on ground that service of notice by Inspector at factory premises on security guard was not proper service under provisions of section 282(2), since in response to notice issued under section 148, one director of assessee-company had appeared before Assessing Officer, it could be concluded that provisions of section 292B would apply to assessee's case and, thus, assessment proceedings
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SC allows interim bail in serious financial fraud cases
CA : Where SFIO sent respondent No. 1 to jail but High Court passed interim order releasing him on bail with observations which had adverse consequences on Authority with respect to investigations, filing of complaint/police report, etc., High Court's order except release of respondent No. 1 deserved to be stayed
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Friday, November 16, 2018
SEBI amends regulation for delisting of equity shares
The Security Exchange Board of India (SEBI) has amended the SEBI (Delisting of Equity Shares) Regulations, 2009 wherein provisions inserted related to person acting in concern and Acquirer. Furthermore numerous provisions amended related to public announcement, condition and procedure for delisting, Escrow Account and so on.
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No escape from sec. 276CC prosecution just because assessee had no tax payable: Delhi HC
IT: Where prosecution under section 276CC was launched against assessee on account of his failure to furnish return of income in response to notice issued under section 142(1), since offence under section 276CC, prima facie, stood constituted upon failure on part of assessee to furnish return of income for assessment year in question within period prescribed in law, mere fact that he had subsequently furnished return of income for assessment year in question and no amount of tax was due, would n
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Exp. to be allowed if necessary steps have been taken to commence business after incorporation
IT : Where assessee, an asset management company, upon its incorporation had taken various steps for commencing its business such as hiring of people, application to SEBI, organizing for space etc., same amounted to setting up of business, therefore, expenditure incurred by assessee were to be allowed
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CCI slaps penalty at rate of 1% of income on officials of pharma-co. for delay in submitting ITRs
Competition Act: Where individuals who were incharge of pharmaceutical companies filed their ITRs before CCI belatedly, but tendered apology and reasons for delay, penalties were to be imposed at rate of 1 per cent of their respective incomes based on their income tax returns (ITRs) for three years
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Foreign AE could only be accepted as tested party if complete financials were made available before TPO
MCA constitutes committee for finalizing ‘Business Responsibility Reporting’ format for cos.
The Ministry of Corporate Affairs (MCA) has constituted a committee for finalizing the Business Responsibility Reporting (BRR) format for listed and unlisted companies based on the BRR framework of the updated NVGs.
from taxmann.com News https://www.taxmann.com/topstories/222330000000017054/mca-constitutes-committee-for-finalizing-‘business-responsibility-reporting’-format-for-cos.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000017054/mca-constitutes-committee-for-finalizing-‘business-responsibility-reporting’-format-for-cos.aspx
Madras HC quashes proceedings initiated under Black Money Act against Chidambaram family
Black Money Act : Offence under section 50 was not made out if foreign asset in each case was acquired with money that was disclosed in books of account of assessee (and tax paid) and which was remitted through banking channels under schemes approved by RBI
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Thursday, November 15, 2018
Cash purchases rightly disallowed not being mandatory to pay in cash to kerosene dealers
IT: Where assessee, engaged in business of sale of Kerosene, purchased it from notified dealer by making payment in cash on ground that said payment was made as per guidance of District Civil Supply Officer, in view of fact that District Supply Officer's order did not mandate any mode of payment either in cash or by cheque, and, moreover, there were banking channels available even when supplies had been effected, impugned disallowance was rightly made by authorities below under sec. 40A(3)
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Providing space for commonwealth games couldn't be treated as holding of 'Business Exhibition' for ST purpose
GST/Service Tax: Where assessee, a Government Enterprises, was engaged in organising exhibitions and it provided space to another department of Government for purpose of Commonwealth Games against charges, providing of space did not amount to holding of 'business exhibition'
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Cash purchases rightly disallowed as those weren't mandatory to pay in cash to kerosene dealers
IT: Where assessee, engaged in business of sale of Kerosene, purchased it from notified dealer by making payment in cash on ground that said payment was made as per guidance of District Civil Supply Officer, in view of fact that District Supply Officer's order did not mandate any mode of payment either in cash or by cheque, and, moreover, there were banking channels available even when supplies had been effected, impugned disallowance was rightly made by authorities below under sec. 40A(3)
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Intel abused its dominant position in market of processors for servers in India: CCI
Competition Act: Where OP-Intel was in a dominant position in market for "Processors for Servers in India", by refusing to provide access in a non-discriminatory manner to complete set of files/information necessary for Informant to design its own Server-Boards for manufacture of Servers which would be compatible with Micro-Processor manufactured by OP, prima facie, OP had denied marketaccess to Informant in contravention of Section 4(2)
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HC asks CPC to take decision with on ITR of Vodafone India forwarded by AO
IT : Where return filed by assessee had been forwarded to CPC by Assessing Officer but it could not be understood as to why Assessing Officer, in-charge of making and framing assessment, forwarded return to this CPC for computation in such circumstances, CPC should take a decision as regards computation in 4 weeks
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from www.taxmann.com Latest Case Laws https://ift.tt/2DlpOCa
Intel abused its dominant position in market for processors of servers in India: CCI
Competition Act: Where OP-Intel was in a dominant position in market for "Processors for Servers in India", by refusing to provide access in a non-discriminatory manner to complete set of files/information necessary for Informant to design its own Server-Boards for manufacture of Servers which would be compatible with Micro-Processor manufactured by OP, prima facie, OP had denied marketaccess to Informant in contravention of Section 4(2)
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OP abused its dominant position by supplying defective machines: CCI impose penalty
Competition Act: Where OP had a virtual monopoly, i.e., 100 per cent market share in market for dedicated standing/tilting MRI Machines in India, OP abused its dominant position by supplying defective machines which were year old and by refusing to supply See Through Perforated RF Cage and Head coils with machines though agreed in contract
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RBI Could Slash CRR to Improve Banks’ Liquidity
RBI Refuses to Give Info on NPAs, Loan Defaulters to Sebi
Providing space for commonwealth games couldn't be treated as holding of 'Business Exhibition' for the purpose of ST
GST/Service Tax: Where assessee, a Government Enterprises, was engaged in organising exhibitions and it provided space to another department of Government for purpose of Commonwealth Games against charges, providing of space did not amount to holding of 'business exhibition'
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Plea for continuing petition for oppression at behest of intervener who was not member was to be rejected: NCLAT
Lease premium from allotment of industrial plots not taxable if ownership of land vested in State Govt.
IT : Where State Government placed certain industrial land at disposal of assessee for development of infrastructure facilities like roads, water supply, drainage etc., since ownership of said land vested with State Government, amount of rent/lease premium received by assessee from allotment of those industrial plots to various parties, was not liable to tax in assessee's hands
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Wednesday, November 14, 2018
Notification No. 81/2018 [F.No.370149/194/2017-TPL] / SO 5677(E)
Notification No. 80/2018 [F.No.370149/194/2017-TPL] / SO 5676(E)
Notification No. 79/2018 [F.No.370149/194/2017-TPL] / SO 5675(E)
SC dismissed SLP against HC's ruling allowing sec. 10A exemption in respect of development of software
IT: Where High Court held that since assessee after receiving basic engine from non-eligible unit, developed software at its eligible unit and thus exemption claimed by it under section 10A was to be allowed, SLP filed against said order was to be dismissed
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Additions couldn't be deleted merely on ground that it would amount to double addition; matter remanded
IT : Where assessee had given phones etc. to its employees, dealer etc. and, ownership had been transferred to employees, dealers, sales personnel and after-sales-service centres, and mobile phones were not to be returned to assessee, cost of mobile phones was business expenditure
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from www.taxmann.com Latest Case Laws https://ift.tt/2DlmHdp
CCI holds no bid rigging in BHEL’s tender for procurement of computer peripherals
Competition Act : Where BHEL invited tender for supply, installation and maintenance of PCs, Servers, Printers, UPS, network equipment and other Computer Peripherals throughout India for a period of five years on Lease Basis Informant, an ancillary to BHEL Haridwar's unit,alleged bid rigging/collusive bidding by OPs i.e., Hitachi and IL&FS, Informant had failed to provide or suggest any evidence to show that there was any meeting of minds between OPs before/at time of submission of bids and ,
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No disallowance of sales incentive given to dealers merely because it related to earlier AY
IT: Expenditure incurred by assessee on account of sales incentive paid to several dealers for meeting sales target in period of 15 months i.e. from 1-4-2003 to 30-6-2004 could not be disallowed on ground that expenditure was related to earlier assessment year 2004-05
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ITAT's order deleting addition in absence of proof related to unaccounted profit couldn't be rectified: HC
IT : Where Tribunal deleted addition of unaccounted income in hands of assessee-company on ground that there was no material on record to show that any part of unaccounted profit belonged to assessee, such reasoned order could not be rectified
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RBI Seeks to Withdraw Nominees from PSBs if Govt Wants Easing of PCA
Sebi Tightens Disclosure, Review Norms for Credit Rating Agencies
RBI may keep repo rate unchabged in rest of FY19: Report
Power firms versus RBI: SC verdict likely to be delayed
Govt to press hard to align RBI regulations with international norms
Sebi issues stricter disclosure regime for credit rating agencies
NBFC cannot seek actionable claim on rejection of status of creditor: SC
SARFAESI Act: Where appellant, who was not a banking/financial company, etc. claimed before company Court to be substituted as financial creditor but before Apex Court made a volte face claiming to be adjudged as transferee of actionable claim, appeal was to be dismissed
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Govt. appoints/establishes Adjudicating Authority/Appellate Tribunal at New Delhi under Benami Act
Government unveils National Financial Reporting Authority Rules, 2018
The Government lays down NFRA Rules, 2018. The rules shall be applicable on all listed Companies and other specified classes of companies. The Rules prescribes functions and duties of the Authority. It requires specified auditors to file annul return with the authority on or before 30th April year. Now NFRA shall receive recommendations from ICAI on proposals for new accounting and auditing standards.
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Second remand order wasn't justified if all facts for deciding appeal were available before ITAT
MCA amends companies registered valuers and valuation rules 2017
The Ministry of Corporate Affairs (MCA) has amended the Companies (Registered Valuers and Valuation) Rules, 2017 wherein new proviso has been inserted which explicates that the rules shall apply for valuation in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets or net worth of a company or its liabilities under the provision of the Act or these rules
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CBDT notifies jurisdictions for ‘passive non-financial entity’ under FATCA
The Central Board of Direct Taxes (CBDT) has notified 87 jurisdictions for the purpose of definition of ‘passive non- financial entity" under FATCA
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Plea for registering of share couldn't be rejected as it wasn't purchased with an intent to takeover
CL : Where shareholders holding 28.54 per cent shares purchased further shares which would make its shareholding 39.77 per cent, it could not be said that shares were purchased with an intention to takeover control of company; request to register said shares could not be rejected
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Purchase & sale of liquor by co. which was entrusted to do so by SC won't fall under business auxiliary service
GST/Services Tax: Where assessee was entrusted by State Government for purchase and sale of liquor with a view to regulate supply of liquor through conferring exclusive privilege of purchase and sale in wholesale thereof upon assessee and High Court held that activities undertaken by assessee would not fall under category of 'business auxiliary service', Supreme Court dismissed SLP
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No condonation of delay just because founder was in bona fide belief that trust didn’t require any registration
IT: Where assessee-trust filed application for registration under section 12AA with a delay of 18 years contending that founder of trust was an elderly person who was under bona fide impression that trust had been registered under Act, reason so assigned was not sufficient for condonation of delay and, thus, registration could be granted to assessee-trust only with prospective effect
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Tuesday, November 13, 2018
Payment of bank guarantee fee on failure to perform contractual obligation was eligible for deduction u/s. 37(1)
IT: Where pursuant to agreement entered into with DTC for developing, maintaining and operating of Bus-Q-Shelters, assessee furnished bank guarantee as performance security, in view of fact that due to assessee's failure to perform its part of concessionaire agreement, DTC encashed bank guarantee, amount so paid was to be regarded as revenue in nature allowable under sec. 37(1)
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Provision written back to be treated as operating item for computing working capital adjustment
Withdrawing money from attached account by misinforming bank that HC consented to same was contempt of Court
RBI amends Foreign Exchange Management (Deposit) Regulations, 2016
In order to assuage the regulatory requirement, the Reserve Bank of India has amended the Foreign Exchange Management (Deposit) Regulations, 2016 wherein new proviso has been inserted in Regulation 7 which explicates that an authorized dealer may allow FPIs and Foreign Venture Capital Investors to open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with FEMA regulations.
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RBI specifies norms for opening and maintenance of Constituents Subsidiary General Ledger Account
The Reserve Bank of India (RBI) has specified the conditions applicable for maintenance Constituents Subsidiary General Ledger Account. Moreover, the Account holders must ensure that the constituents for whom the gilt accounts are opened satisfy the eligibility conditions for holding Government securities.
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Order passed by DRP must contain discussion on facts & DRP's findings on those facts: HC
Govt vs RBI: Urjit Patel meets PM Narendra Modi amid ongoing tussle
CIT(A) couldn't delete additions on basis of additional evidence without giving hearing opportunity to AO
IT: Where AO made addition to assessee's income under section 68 in respect of share capital on ground that assessee failed to prove identity of investors and genuineness of transactions, in view of fact that Commissioner (Appeals) deleted said addition by relying upon certain additional evidence produced by assessee without seeking any remand report from AO, impugned order deleting addition was to be set aside
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RBI specifies norms for opening and maintenance of a Subsidiary General Ledger account
RBI has prescribed the conditions applicable for opening and maintenance of Subsidiary General Ledger account. The terms provide that an eligible entity can open and maintain only one Subsidiary General Ledger (SGL) account. A SGL account holder cannot open a constituent account with any Constituents’ Subsidiary General Ledger (CSGL) account holder without specific approval from the Bank except in cases where the accounts are required to be opened for regulatory /margin maintenance
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Govt. prescribes Additional Chief Secretary of State or U.T. as competent authority for compounding
The Central Government has prescribed the Additional Chief Secretary or Principal Secretary (Home) of the Concerned State Government or Union territory as the competent authority under FCRA norms for the purpose of compounding of contravention where the assets of the person whose registration has been cancelled under the section 14 are physically located.
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Matter to be referred to DVO if assessee challenged valuation of property u/s 50C by citing certain reasons : ITAT
IT: Where assessee had challenged value of property determined under section 50C by Assessing Officer on ground that while valuing shares of other co-owners, area occupied by tenant was reduced and property was valued on basis of rent capitalization method, whereas in case of assessee, no such reduction was allowed, Assessing Officer should have referred matter to DVO for valuation of property as per section 50C(2)
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Sum received on relinquishment of 'right to sue' is non-taxable capital receipt: ITAT
Monday, November 12, 2018
HC dismissed writ petition filed by Vijay Mallya for extension of time of deposit of settlement claim
DRT Act: Where DRAT's direction to make pre-deposit was not complied with despite petitioner having sufficient economic activities in foreign country and he did neither disclose foreign assets nor appeared before Court in contempt case, his writ petitions against order of pre-deposit or for extension of time were to be dismissed
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ITAT dismissed appeal as assessee failed to provide sufficient reasons for condonation of delay
IT : Where assessee, a scheduled bank, filed appeal with an unreasonable delay and there was no proper explanation offered by it for delay except stating that delay was due to transfer of concerned officer in branch with whom papers were pending for preparation of appeals, it was to be concluded that assessee had failed to give sufficient reasons to condone such delay and, therefore, appeal filed by it was to be dismissed being barred by limitation
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HC justified concealment penalty as assessee failed to justify dep. claim on sale & lease back asset
IT : Where assessee claimed depreciation on assets purchased from a subsidiary company and further leased back to parent company, since sale and lease back transaction was found to be bogus and assessee failed to substantiate with evidence its claim of 100 per cent depreciation on leased assets, imposition of penalty for concealment of income under section 271(1)(c) was justified
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Services of loading & transportation of limestone gitties not taxable as cargo handling services: SC
GST/Services Tax: Where assessee had entered into agreement with a customer for providing services of loading gitties into trucks, transportation, unloading, stacking and then loading gitties into railway wagons and Tribunal held that said services would not fall under category of 'cargo handling services', SC dismissed appeal filed against impugned order
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No sec. 194C TDS on reimbursement of inland haulage charges to C&F agents: ITAT
No additions u/s 153C if undisclosed cash received by assessee was related to prior AY: HC
IT : Where certain addition was made to assessee's income in course of proceedings under section 153C on account of certain undisclosed cash payments, since it was undisputed that payments of such nature, if any, were made in earlier assessment year, impugned addition made in assessment year in question deserved to be deleted
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HC remanded matter to decide nature of income arising on exercise of shares under ESOP
IT: Where in terms of Employee Stock Option Scheme (ESOP), assessee's employer company sold shares outside India and remitted difference between Sale Price and Option price to assessee, question as to whether said amount was in nature of 'perquisite' taxable as salary income or long term capital gain, was to be remanded back to Tribunal for disposal after applying correct legal principles
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RBI Board may Decide to Set up a Committee on Capital Framework
Govt Feels RBI hasn’t Done Enough
HC verdict on stressed power assets aided govt on Sec 7 of RBI Act
HC remanded matter back to AO to consider advance tax deposited by assessee while computing arears of tax
IT: Where assessee's application for refund of excess tax paid in assessment year 2015-16 was rejected on ground that amount of refund had been adjusted against tax arrears of assessment year 2002-03, in view of fact that AO had not taken into consideration amount of advance tax paid by assessee in said year while computing amount of tax arrears, impugned order was to be set aside and, matter was to be remanded back for disposal afresh
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Banking system needs to ensure liquidity in market, says Arun Jaitley
Borrower need not wait until actual possession of assets; plea can be filed at stage of notice for Possession
SARFAESI Act : Borrower/debtor can approach Debts Recovery Tribunal under section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 Act at stage of possession notice referred to in rule 8(1) and 8(2) of Security Interest (Enforcement) Rules, 2002
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Committee of Experts submits its report on Regulating audit firms and the Networks
In order to strengthen the legal regime of auditors and promote development of the audit profession in the country, the Committee of Experts has submitted its report on Regulating audit firms and the Networks. The Committee scrutinized the networking arrangements adopted by the big four audit firms to understand their legal structure and method of operation. The Committee also addressed serious concerns like conflict of interest and transparency.
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Cabinet approves norms for sale of enemy shares
The Union Cabinet has approved the mechanism and procedure for sale of the enemy shares. The procedure has been explicated that ‘In principle’ approval need to be taken for sale of enemy shares under the custody of Ministry of Home affairs as per the sub-section 1 of section 8A of the Enemy Property Act, 1968.
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Cabinet approves amendment to Central Universities Act, 2009
The Cabinet has approved the setting up of a Central Tribal University in Andhra Pradesh. The Central Tribal University will be set up in Relli village of Vizianagaram District as provided under the Thirteenth Schedule to the Andhra Pradesh reorganization Act, 2014
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Tuesday, November 6, 2018
Notification No. A-12023(1)/15/2016-Admn.-III(LA)
RBI updates master direction on remittance facilities
The Reserve Bank of India (RBI) has updated master direction on remittance facilities. These directions has laid down the modalities as to how the foreign exchange business to be conducted by the Authorised Persons with their customers/constituents with a view to implementing the regulations framed.
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Interest on NPA is taxable in year of receipt
IT : An addition on account of interest due on Non-Performing Assets (NPA) was made in hands of assessee, a co-operative bank. Commissioner (Appeals) deleted the addition made by the Assessing Officer holding that interest on NPA's is taxable in year of receipt. The revenue, submitted that section 43D itself recognises taxability of such interest and that when a specific provision in the nature of section 43D has been made, and entities like the assessee are excluded from the purview thereof,
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Borrower doesn’t to have wait until actual possession of assets; plea can be filed at stage of notice for Possession
SARFAESI Act : Borrower/debtor can approach Debts Recovery Tribunal under section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 Act at stage of possession notice referred to in rule 8(1) and 8(2) of Security Interest (Enforcement) Rules, 2002
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ITAT remanded matter to determine TDS liability on payment for AMC after examining relevant doc.
IT: Where assessee did not bring entire vouchers on record in respect of expenditure incurred on Annual Maintenance contract (AMC) for repairs and maintenance of computers installed at its office premises, question as to whether assessee was required to deduct tax at source under section 194C or 194J, was to be remanded back for disposal afresh
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Justice Pradipkumar Premshankar Bhatt appointed as president of ITAT
MCA Secretary says RBI may Have to Open Special Window for HFCs
Excessive Competition can also Put Pressure on Companies: FM
Beyond 15%: LIC flouted Irdai norms while hiking its stake?
MCA proposes amendments in Companies Act, 2013
In order to strengthen the regulatory framework, the Ministry of Corporate Affairs (MCA) has suggested more changes of the purpose of amendments in the Companies Act, 2013. The proposed amendments are related to Memorandum and Article of Association, Deposit, Beneficial owners, Corporate Social Responsibility, NFRA, directors, compromise and arrangement and so on.
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On-call advisory services provided to Indian customers in trouble-shooting couldn't be treated FTS: ITAT
IT/ILT: Where services provided by US based AE to assessee's customers were in nature of on-call advisory services in trouble-shooting and such services were provided remotely and no on-site support services was provided, revenue received by US AE from assessee was not taxable in India
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Monday, November 5, 2018
Refund couldn't be rejected on ground that it was adjusted against tax arears in absence of sec. 156 notice
IT : Where assessee's claim for refund was rejected on ground that amount of refund had been adjusted against tax demand relating to subsequent assessment years, in view of fact that notice of demand under section 156 for subsequent years was never served on assessee, impugned order was to be set aside and a direction was to be issued to grant refund to assessee along with applicable rate of interest
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Co. deriving income from sales of licences isn't comparable with co. providing software developing services
IT/ILT: Where a company besides software development and other IT support services, onsite and offsite, had also rendered services in nature of advisory and consulting, launching job portal, and record did not reveal mode of earning revenues from running such activity, it should not be selected as comparable to software development service provider
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Draft assessment order u/s 144C is required even in case of remand proceedings; SC dismissed SLP
IT/ILT: Once there is a clear order of setting aside of an assessment order with requirement of Assessing Officer/TPO to undertake a fresh exercise of determining arm's length price, failure to pass a draft assessment order, would violate section 144C(1); SLP dismissed
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Sec. 54 relief couldn't be disallowed merely because new house was purchased by taking housing loan
IT: Where assessee had purchased new house property within stipulated period of two years from date of transfer of original asset, deduction under section 54 could not be disallowed on ground assessee had utilized housing loan taken for purchase of home
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CIC Notice to RBI Guv for Not Disclosing List of Defaulters
75 L New Tax Filers Added to I-T Net till Now this Fiscal
Pending VAT Comes to Haunt Cos Claiming Input Tax Credit
RBI's Urjit Patel gets CIC notice for not disclosing wilful defaulters list
RPM method not to be used if assessee was also engaged in other activities apart from importing equipments from AE
IT/ILT: Where assessee having imported cranes and mechanical equipments from AE, supplied same to Indian customers, in view of fact that apart from import of cranes from AE, assessee also performed various other functions such as market research, requirement analysis, quality checks, etc., RPM method could not be used to determine ALP of international transactions entered into with AE
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No reassessment just because wrong date of commencement of production was mentioned in Form 56G
IT : Where in order to determine admissibility of assessee's claim under section 10B, date of commencement of manufacture or production could be ascertained from relevant documents such as certificate of registration by competent authority, mere wrong mentioning of said date in Form No. 56G filed in support of claim of deduction, could not be a ground to reopen assessment
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Person charged with scheduled offence can appeal for remedies before invoking writ jurisdiction: HC
Deemed dividend provisions to be invoked if assessee held substantial interest in both lending & borrowing co.
IT: Where assessee was holding more than 10 per cent of equity shares of lending company and also having substantial interest in borrowing company, amount of loan given by lender company to borrower company was rightly added to assessee's taxable income as deemed dividend
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Saturday, November 3, 2018
Maintenance of roads in colony area not taxable as 'management, maintenance or repair service'
No denial of dep. just because machinery was used only for trial production: Supreme Court
For I-T ‘Judges’, Hikes Linked to Pro-Dept Rulings
HC quashes I-T dept's criminal prosecution against Chidambaram family
Sebi asks Raju, 3 others to pay up over Rs. 8.13 billion
DRP couldn't pass rectification order without disposing rectification application filed by another party
No denial of dep. just because machinery was used only for trail production: Supreme Court
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