FEMA & BANKING : Provisions of limitation Act 1963 are applicable to proceedings/application filed under section 19 before DRT; DRT has power to condone delay in respect of proceedings under section 19
from www.taxmann.com Latest Case Laws http://bit.ly/2QdPzqw
Monday, December 31, 2018
ITAT remanded matter to examine whether payment made for acquiring software licence was royalty
IT/ILT: Where assessee, engaged in business of software development paid annual maintenance charges to various Non-Resident companies which was regarded as fee for technical services taxable in India, in view of fact that revenue authorities did not go into question whether non-resident companies made available any technical knowledge to assessee through AMCs, impugned order was to be set aside and, matter was to be remanded back for disposal afresh
from www.taxmann.com Latest Case Laws http://bit.ly/2GWEAmm
from www.taxmann.com Latest Case Laws http://bit.ly/2GWEAmm
Revisional order justified as reference to TPO was mandatory in scrutiny cases selected on TP risk parameters
Reassessment justified as assessee didn't file relevant details related to huge advance made to one party
IT: Where reassessment proceedings were initiated against assessee on ground that assessee had advanced several crores of rupees to a party but source of such amount was not explained, since assessee had not filed balance sheet or statement of affairs related to such advance, impugned reassessment proceedings were justified
from www.taxmann.com Latest Case Laws http://bit.ly/2QbAZ36
from www.taxmann.com Latest Case Laws http://bit.ly/2QbAZ36
RBI says haste in easing norms for banks harmful to economy
US-India industry body calls FDI guidelines for e-tailers 'regressive'
RBI plans to set up portal to supervise cybersecurity measures of PSPs
Sebi clarifies on use of segregated portfolio by mutual fund industry
Amazon Studying FDI Rules, Says it’s Committed to India
Small Online Sellers Doubt Impact of Revised Ecommerce FDI Policy
Gain on sale of share taxable as STCG if assessee maintained separate portfolio for 'trading'
IT: Where AO took a view that profit arising from sale of shares was taxable as business income, in view of fact that investment in shares were made out of assessee's own funds and, moreover, assessee had maintained two protfolios, one for 'investment' and other for 'trading', mere fact that assessee held those shares for a short period, would not convert capital gain into business income and, thus, amount in question was to be taxed as short term capital gain
from www.taxmann.com Latest Case Laws http://bit.ly/2s0nPvV
from www.taxmann.com Latest Case Laws http://bit.ly/2s0nPvV
SEBI permits creation of segregated portfolio of debt and money market instruments by mutual fund sc
Saturday, December 29, 2018
Attachment order under Money Laundering Act was null & void as property wasn't acquired out of proceeds of crime
Friday, December 28, 2018
RBI says it Prefers to Keep Liquidity in ‘Slight Deficit’
New e-commerce FDI norms to bring 'level playing field': Domestic retailers
New draft policy on e-commerce to fix loopholes, set general rules of biz
Govt. releases operational guidelines for 7.75% Savings Bonds, 2018
No Sec. 12A registration as trust intended to distribute properties acquired from Grants amongst private members
IT: Where Commissioner (Exemptions) had a valid and reasonable apprehension that in case of dissolution, properties of trust created and constituted out of 100 per cent grants given by Government, may be distributed amongst private individual members of trust, application of trust for registration under section 12A had been rightly rejected
from www.taxmann.com Latest Case Laws http://bit.ly/2GJ1Ioc
from www.taxmann.com Latest Case Laws http://bit.ly/2GJ1Ioc
Thursday, December 27, 2018
No cancellation of trust's registration merely because it didn't carry out any charitable activity during the year
CBDT notifies India-Hong Kong DTAA
The Central Board of Direct Taxes (CBDT) has notified all the provisions of the agreement entered into between India and Hong Kong for he avoidance of the double taxation and the prevention of fiscal evasion with respect to taxes on Income. The agreement was signed on 19-03-2018.
from taxmann.com News http://bit.ly/2QQiFBE
from taxmann.com News http://bit.ly/2QQiFBE
Identifying customers for retail products of banks classifiable as business auxiliary service
GST/Excise/ST/VAT : Where assessee had entered into a contract with a Bank for identifying eligible consumers for retail products of Bank and was also required to provide certain services related to issuance of credit across as described in contract, services provided by assessee would fall under category of 'business auxiliary service'
from www.taxmann.com Latest Case Laws http://bit.ly/2ETpb4l
from www.taxmann.com Latest Case Laws http://bit.ly/2ETpb4l
Reassessment proceedings couldn’t be initiated merely on basis of audit objections; SLP dismissed
IT: Where High Court set aside reassessment proceedings on ground that said proceedings were based on mere audit objection that there was undervaluation of closing stock, SLP filed against said order was be dismissed
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185248/reassessment-proceedings-couldn’t-be-initiated-merely-on-basis-of-audit-objections-slp-dismissed.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185248/reassessment-proceedings-couldn’t-be-initiated-merely-on-basis-of-audit-objections-slp-dismissed.aspx
No disallowance for non-deduction of tax on provisions made for royalty payment to Russian Co.
IT/ILT: Where assessee sold network security product to AEs and in some cases realization of bills was beyond 90 days, in view of fact that assessee had allowed credit period beyond 90 days in case of Non-Associated Enterprises as well, transactions with non-AE constituted valid Internal CUP and ALP adjustment in respect of interest on account of realisation of bills beyond 90 days from AEs was not justified
from www.taxmann.com Latest Case Laws http://bit.ly/2RgCnpM
from www.taxmann.com Latest Case Laws http://bit.ly/2RgCnpM
Bimal Jalan-led committee to decide on RBI reserves transfer
No sec. 68 additions towards high share premium if relevant details of shareholders filed before AO
IT : Where assessee company had received share premium and filed sufficient evidences such as share allotment details, annual return, details including name, address and PAN of shareholder who had subscribed to its shares and same was not negated by Assessing Officer, merely because Assessing officer felt that share premium received by assessee was high, genuineness of transaction could not be doubted for purpose of section 68
from www.taxmann.com Latest Case Laws http://bit.ly/2Q5bT5J
from www.taxmann.com Latest Case Laws http://bit.ly/2Q5bT5J
ITAT slams AO for not allowing bad debts claim in case co-operative bank didn't have any rural branches
Service of removal of ash deposited in pond of power plant not taxable as cleaning service
No denial of exemption just because educational institution collected part of fees in Foreign exchange abroad
IT: Where assessee educational institution existed solely for purpose of education and its receipts were applied only for educational purpose and Assessing Officer also did not make any charge against same, assessee could not be denied exemption under section 10(22) merely on ground that it was receiving fees from foreigner students in foreign exchange abroad by way of an arrangement with an educational organisation abroad
from www.taxmann.com Latest Case Laws http://bit.ly/2Ahb0lo
from www.taxmann.com Latest Case Laws http://bit.ly/2Ahb0lo
HC was right in not interfering with sec. 148 notice as assessee didn't challenge its validity before ITAT: SC
IT: Where High Court took a view that since assessee did not challenge validity of reassessment proceedings before Tribunal and, thus, in absence of any concluded facts being available on record, it was not appropriate to interfere with impugned notice issued under section 148, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2SmFqKl
from www.taxmann.com Latest Case Laws http://bit.ly/2SmFqKl
'Naptha' couldn't be as classified as 'Motor spirit' : CESTAT
GST/EXCISE/ST/VAT: Where assessee was engaged in manufacture of various petroleum products and during manufacture of LPG, certain bottom end products were produced which assessee had classified as 'Naptha' under Heading No. 2710 14 (prior to 1-3-2005) and under Heading No. 2710 11 19 (after 1-3-2005), said product would be classifiable under Heading No. 2710 14 (prior to 1-3-2005) and under Heading No. 2710 11 19 (after 1-3-2005)
from www.taxmann.com Latest Case Laws http://bit.ly/2Aj27YO
from www.taxmann.com Latest Case Laws http://bit.ly/2Aj27YO
CBDT releases Explanatory Notes to provisions of the Finance Act, 2018
Mediators were to be appointed from panel as parties failed to have consensus for settlement: NCLT
CL: Where during pendency of section 241 petition, parties consented to refer dispute for mediation, but they failed to reach consensus in relation to mediator to whom matter could be referred for mediation, mediators were to be appointed from Mediation and Conciliation Panel as displayed in website of MCA
from www.taxmann.com Latest Case Laws http://bit.ly/2EO0Ahn
from www.taxmann.com Latest Case Laws http://bit.ly/2EO0Ahn
Wednesday, December 26, 2018
Extending the due date for furnishing of report under section 286 (4) of the Income-tax Act, 1961
Explanatory Notes to the Provisions of the Finance Act, 2018
Order of arrest after lapse of period specified in order under Cos. Act, 2013 was illegal: HC
CL : Where Competent Authority vide its order dated 20-6-2018 directed SFIO to conduct an investigation under section 212 into affairs of subject entities, i.e., 120 companies in public interest and period specified by Competent Authority in said order lapsed on 19-9-2018, but SFIO was unable to complete its investigation into affairs of subject entities, within period of three months stipulated therein, order of arrest of applicants by SFIO on 10-12-2018 when period specified in said order date
from www.taxmann.com Latest Case Laws http://bit.ly/2V9lZGq
from www.taxmann.com Latest Case Laws http://bit.ly/2V9lZGq
HC quashed locker search warrant as Add. DIT failed to prove that such locker contained undisclosed income
IT : Where during search conducted upon premises of assessee's cousin, key belonging to assessee's locker was found and search warrant was issued in respect of said locker, since Additional Director had not disclosed any material or information on basis of which he had entertained belief that said locker contained valuable jewellery or other articles representing undisclosed income, impugned search warrant was unjustified
from www.taxmann.com Latest Case Laws http://bit.ly/2Q06Zac
from www.taxmann.com Latest Case Laws http://bit.ly/2Q06Zac
Identifying customers for retail products of banks not classifiable as business auxiliary service
GST/Excise/ST/VAT : Where assessee had entered into a contract with a Bank for identifying eligible consumers for retail products of Bank and was also required to provide certain services related to issuance of credit across as described in contract, services provided by assessee would fall under category of 'business auxiliary service'
from www.taxmann.com Latest Case Laws http://bit.ly/2BImFtu
from www.taxmann.com Latest Case Laws http://bit.ly/2BImFtu
HC directs CBDT to consider Sec. 119 application filed by assessees in Kerala
Refusal to register transfer of share was justified as it was transferred to an outsider with an intent to harm co.
Construction of non-commercial buildings would not be taxable as works contract services: SC
GST/IDT : Where assessee received two works contracts for construction of a hostel for girls students and a hospital for public and High Court held that construction activities undertaken by assessee were purely social activities and were excluded from tax liability under 'works contract service', SC granted SLP
from www.taxmann.com Latest Case Laws http://bit.ly/2LzHj3H
from www.taxmann.com Latest Case Laws http://bit.ly/2LzHj3H
Cos Get Tax Demands on ‘High’ Premia in FDI, M&A & Share Allotment Deals
Big Jump in Number of Cases Settled by Sebi in Past 3 Years
GIFT Investors Seek PAN Exemption to Invest in AIF Funds
DRT and DRAT are empowered to determine matters in respect of debt recovery; Jurisdiction of Civil Court is barred
FEMA & BANKING: In view of restriction set out in section 34 of SARFAESI, a Civil Court is barred from entertaining any suit and proceeding in respect of matters which Debts Recovery Tribunal (DRT) and Debts Recovery Appellate Tribunal (DRAT) are empowered to determine under Act
from www.taxmann.com Latest Case Laws http://bit.ly/2EMElaH
from www.taxmann.com Latest Case Laws http://bit.ly/2EMElaH
Determination of income in respect of godown receipts on estimated basis was a plausible view; SLP dismissed
IT: Where High Court upheld Tribunal's order that while determining assessee's income in respect of godown receipts on estimate basis, AO had adopted a plausible view and, thus, revisional order passed by Commissioner on said issue was not sustainable, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2EPZGke
from www.taxmann.com Latest Case Laws http://bit.ly/2EPZGke
Rule 6A for export of taxable service is ultra vires to charging section of FA, 1994; SC granted SLP
EXCISE/ST/VAT: Where Indian tour operators were engaged in business of arranging tours to foreign tourists visiting India and High Court held that rule 6A(1), read with rule 6A(2), of Services Tax Rules, 1994 is ultra vires Finance Act, 1994 and in particular section 94(2)(f) and is, therefore, invalid, Supreme Court granted SLP
from www.taxmann.com Latest Case Laws http://bit.ly/2rTCkSv
from www.taxmann.com Latest Case Laws http://bit.ly/2rTCkSv
Parties had right of notice and hearing only after consideration of report of DG: CCI
Monday, December 24, 2018
CBDT allows manual filing of Form for non-deduction or lower deduction of TDS
In order to remove genuine hardship being faced by certain applicants in filing of online application in Form no. 13 for non-deduction or lower deduction of TDS, The Central Board of Direct Taxes (CBDT) has allowed non-resident Indians and resident applicants to file manual application in Form no. 13 before the TDS office or ASK Centers.
from taxmann.com News http://bit.ly/2EKNRLA
from taxmann.com News http://bit.ly/2EKNRLA
Receipt over and above registered sales consideration won’t be taxed under the head ‘Capital Gains’: ITAT
IT : Nature of receipt of income over and above registered sale consideration in hands of seller of property will not fall under head 'Capital Gains' but 'income from other sources'
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185331/receipt-over-and-above-registered-sales-consideration-won’t-be-taxed-under-the-head-‘capital-gains’-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185331/receipt-over-and-above-registered-sales-consideration-won’t-be-taxed-under-the-head-‘capital-gains’-itat.aspx
ITAT disallowed hedging loss as assessee failed to bring any record of contract entered into to guard price fluctuation
IT : Where there was no specific details brought in by assessee which could show that assessee had entered into a contract for hedging of forward trading of its goods to guard against loss through price fluctuation which might arise from contracts for delivery of goods, hedging loss arising from alleged contracts did not fall under proviso (a) of section 43(5); therefore, alleged hedging loss claimed by assessee was to be disallowed
from www.taxmann.com Latest Case Laws http://bit.ly/2Ta1Sq2
from www.taxmann.com Latest Case Laws http://bit.ly/2Ta1Sq2
Service of intra-connectivity through WAN not taxable as 'Online information & database access service'
GST/Excise/ST/VAT : Where assessee, namely, Philips Electronics entered into agreements with its overseas group entity in Netherlands to avail infrastructure services which were in nature of providing intra connectivity between Philips locations worldwide through Wide Area Network of internet protocol, said services would not fall under category of 'on-line information and database access or retrieval'
from www.taxmann.com Latest Case Laws http://bit.ly/2EHHPv1
from www.taxmann.com Latest Case Laws http://bit.ly/2EHHPv1
No reassessment to disallow employee’s PF contribution deposited within due date of ITR filing
IT : Where Assessing Officer initiated reassessment proceedings against assessee for purpose of disallowing its claim of deduction in respect of deposit of employee's contribution to provident fund as same was made after a delay, since assessee, during original assessment, had already shown in its tax audit report that employee's provident fund was deposited within due date for filing return under section 139(1), assessee was entitled to deduction in respect of same and; therefore impugned reass
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185239/no-reassessment-to-disallow-employee’s-pf-contribution-deposited-within-due-date-of-itr-filing.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185239/no-reassessment-to-disallow-employee’s-pf-contribution-deposited-within-due-date-of-itr-filing.aspx
Concerns Arise as Taxman Invokes GAAR to Question Domestic Deals
No ´ angel tax´ likely for start ups accredited by DIPP
‘OPPO’ didn’t abuse its dominant position due to presence of other players in market: CCI
Competition Act: Where OP 'OPPO' had entered into a sub-distributorship agreement with Informant and informant alleged that on claiming of outstanding dues, OP had sought to terminate said agreement on ground of violation of different clauses of agreement and according to it said clauses were anti-competitive in view of fact that impugned clauses neither created any barriers to entry in market, nor drive existing competitors out of market, clauses of said agreement could not be said to be anti-c
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184989/‘oppo’-didn’t-abuse-its-dominant-position-due-to-presence-of-other-players-in-market-cci.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184989/‘oppo’-didn’t-abuse-its-dominant-position-due-to-presence-of-other-players-in-market-cci.aspx
Services provided to railways on work contract basis not taxable as ‘management, maintenance or repair services’
GST/Excise/ST/VAT : Where assessee rendered services to Railways on works contract basis as well as provided materials related to those services, said services would not fall under category of 'management, maintenance or repair services' nor could they be charged under 'works contract services' in view of specific exclusion given to services rendered to Railways
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185332/services-provided-to-railways-on-work-contract-basis-not-taxable-as-‘management-maintenance-or-repair-services’.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185332/services-provided-to-railways-on-work-contract-basis-not-taxable-as-‘management-maintenance-or-repair-services’.aspx
Saturday, December 22, 2018
No sec. 68 additions if assessee proved genuineness of transaction of sale of shares resulting in LTCG
IT : Where Tribunal, without considering material placed on record by assessee, upheld additions under section 68 made to income of assessee in respect of bogus creditors and further such additions resulted in huge gross profit ratio which could not arise in type of business of assessee, impugned additions were unjustified and matter was to be reconsidered afresh by Tribunal
from www.taxmann.com Latest Case Laws http://bit.ly/2QM4duB
from www.taxmann.com Latest Case Laws http://bit.ly/2QM4duB
No assessment could be made in hands of a merged entity; SC dismissed SLP
IT: Where High Court upheld order passed by Tribunal holding that in case of assessee's merger with another company, subsequent assessment order passed in name of assessee company was a nullity, SLP filed against said decision was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2QM1TDT
from www.taxmann.com Latest Case Laws http://bit.ly/2QM1TDT
No denial of exemption just because payer-co. didn't pay DDT on distribution of dividends
SLP dismissed against HC’s ruling upholding rejection of rectification application on sec. 68 additions
IT: Where High Court upheld Tribunal's order rejecting assessee's application for rectification of order on ground that while making addition under section 68, assessee was not given an opportunity to cross examine person who allegedly gave accommodation entries, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185271/slp-dismissed-against-hc’s-ruling-upholding-rejection-of-rectification-application-on-sec-68-additions.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185271/slp-dismissed-against-hc’s-ruling-upholding-rejection-of-rectification-application-on-sec-68-additions.aspx
Allotment of shares was to be declared null and void when co. failed to produce docs regarding issue of shares
CL: Where amount lent by shareholder to company to repay loan had been converted into equity and company failed to produce any evidence regarding issue of notice offering shares to any shareholder and acceptance of impugned shares by shareholder, said allotment was to be held null and void
from www.taxmann.com Latest Case Laws http://bit.ly/2V3QihK
from www.taxmann.com Latest Case Laws http://bit.ly/2V3QihK
MNC Units, Indian Firms Get Tax Notices for Receiving FDI
Sebi´s move on expense ratio puts paid to Avendus IDFCMF deal
Govt moves to re-open IL and FS group's balance sheets for suspected corruption
Gain arising from sale of shares by Spanish Co. not taxable in India by virtue of Article 14(6) of India-Spain DTAA
IT/ILT: In case of assessee, a Spain based company, engaged in real estate development activities in India, capital gain arising from sale of shares of various companies was not taxable in India by virtue of article 14(6) of India-Spain DTAA
from www.taxmann.com Latest Case Laws http://bit.ly/2PWmlMP
from www.taxmann.com Latest Case Laws http://bit.ly/2PWmlMP
Technical know-how obtained for product manufacturer-foreign co. taxable as franchise service
GST/IDT: Where assessee had entered into an agreement with one 'T', a foreign company located in USA, to avail proprietary technical information, know-how, etc. for manufacture of products and for service of products and it was also required to represent 'T' to his customers in such a way that it would be known only by identity of 'T', services availed by assessee from 'T' would be classifiable under 'franchise service'
from www.taxmann.com Latest Case Laws http://bit.ly/2UZLfPD
from www.taxmann.com Latest Case Laws http://bit.ly/2UZLfPD
MCA delegates its powers and functions related to Alteration of Articles to Regional Directors
Rejecting candidature as Presiding Officer Tribunal is not a subject matter of appeal before court
FEMA & BANKING: Where candidature of appellant recommended by Selection Committee for appointment as Presiding Officers of DRT was placed before Appointing Authority (ACC) for final decision and based on IB report, ACC declined same, final decision taken by ACC on basis of assessment of materials before it was not a subject matter of appeal before writ court
from www.taxmann.com Latest Case Laws http://bit.ly/2AcmqqF
from www.taxmann.com Latest Case Laws http://bit.ly/2AcmqqF
RBI notifies regulations for lending and borrowing under FEMA
Conversion of CCPSs into equity shares couldn't be considered as transfer within meaning of sec. 2(47): ITAT
Re-packing & re-labelling of spare parts tantamounts to manufacture: Mumbai CESTAT
GST/EXCISE/ST/VAT : Where assessee procured spare parts falling under Heading Nos. 3208, 8536 and 8539 of Central Excise Tariff Act, i.e., covered under Third Schedule of Central Excise Act from vendors and after repacking them into unit containers and re-labelling of unit containers cleared unit containers to dealers, activity of repacking/re-labelling amounted to manufacture
from www.taxmann.com Latest Case Laws http://bit.ly/2BxZWQV
from www.taxmann.com Latest Case Laws http://bit.ly/2BxZWQV
Dispute related to credit score by CIBIL didn't raise any competition concern: CCI
Friday, December 21, 2018
Loan of HDFC Ltd. purchased by HDFC Bank couldn't be held as ‘Specified Domestic Transaction’
IT : Petitioner purchased loans of HDFC Ltd. of more than Rs. 5,000 Crores, and authorities held that said transaction entered into by Petitioner is “Specified Domestic Transactions” (“SDTs”) as per section 92BA(i) and Arms Length Price of said transactions is required to be determined.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185660/loan-of-hdfc-ltd-purchased-by-hdfc-bank-couldnt-be-held-as-‘specified-domestic-transaction’.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000185660/loan-of-hdfc-ltd-purchased-by-hdfc-bank-couldnt-be-held-as-‘specified-domestic-transaction’.aspx
Sum received by Canadian Co. for grant of licence to use technology for internal purpose only wasn't royalty
IT/ILT: Where payment was made for CMG's membership by ONGC for non-exclusive and non-transferable licence to use technology only for internal business purpose, since there was neither sale nor licence of copyright in any kind of software or technology, such payment could not be held to be reckoned as royalty
from www.taxmann.com Latest Case Laws http://bit.ly/2GLSOGD
from www.taxmann.com Latest Case Laws http://bit.ly/2GLSOGD
Irda Asks Indiabulls to Bring in Rs. 1,200-cr Investments for Life Insurance Licence
Angels Needn’t Fear to Tread, Experts to Frame Tax Norms
Religare files complaint against Singh brothers, Sunil Godhwani with MCA
Sebi planning sandbox framework for innovations in capital markets
SC grants SLP against order of HC for classification of bakery shortening under residual entry
GST/IDT : Where assessee was engaged in manufacture of 'bakery shortening' and High Court held that said product would fall under Heading No. 1517, i.e., under Residual Entry of S.R.O. No. 82/2006 of Kerala VAT Act, Supreme Court granted SLP
from www.taxmann.com Latest Case Laws http://bit.ly/2PPE5JS
from www.taxmann.com Latest Case Laws http://bit.ly/2PPE5JS
HC acquits all accused officers of SBI in Harshad Mehta case
CL/SEBI : Where case was registered against accused persons who were mainly officers of SBI, Main Branch Mumbai and SBI Caps for conspiring together for benefit of accused-Harshad Mehta, prosecution having failed to prove its case against all accused beyond reasonable doubt all accused were to be acquitted
from www.taxmann.com Latest Case Laws http://bit.ly/2Ey4REF
from www.taxmann.com Latest Case Laws http://bit.ly/2Ey4REF
CIT was to renew sec. 10(23C) approval from year in which earlier approval has expired
IT: Where assessee temple was granted approval under section 10(23C)(v) in year 1989 and same was renewed from time to time till assessment year 2014-15 and, thereafter, Commissioner (Exemptions) granted fresh approval from assessment year 2016-17, since apprvoal was granted from 1989 and assessee was seeking only renewal of earlier approval, Commissioner (Exemptions) was unjustified in restricting approval from assessment year 2016-17 and approval ought to be renewed from assessment year 2015-1
from www.taxmann.com Latest Case Laws http://bit.ly/2EG6e4Y
from www.taxmann.com Latest Case Laws http://bit.ly/2EG6e4Y
OP didn't abuse dominant position by denying access to its telecom sites on basis of unresolved issue b/w parties
Competition Act: Where BSNL alleged that OP being licensed infrastructure provider of Dept of Telecommunication was denying it access to its telecom sites (passive infrastructure), in view of fact that sites for which access was pending, there were certain unresolved issues between parties which were germane for provision of services as sought by BSNL, no case within provisions of section 4 had been made out against OP
from www.taxmann.com Latest Case Laws http://bit.ly/2LvNFRx
from www.taxmann.com Latest Case Laws http://bit.ly/2LvNFRx
Thursday, December 20, 2018
MCA notifies Companies (Incorporation) Fourth Amendment Rules, 2018
Amendment of the Income-tax Rules, 1962 to provide the time limit for furnishing of report by constituent entity of an international group, resident in India, under sub-section (4) of section 286 of the Income-tax Act, 1961
Construction activities carried out by Nirmithi Kendra won't qualify for sec. 11 exemption
IT : Where State Government accredited Nirmithi Kendra, formed with objectives of generating and propagating innovative housing ideas, carried out construction activities in lieu of supervisory charges and said activity became its principal activity, exemption could not be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2QLl5kX
from www.taxmann.com Latest Case Laws https://ift.tt/2QLl5kX
SLP granted against ruling that sec. 68 additions not justified if AO failed to do necessary enquiries
IT: Where High Court upheld Tribunal's order deleting addition under section 68 in respect of amount received by assessee from various depositors on ground that necessary enquiries relating to identity and creditworthiness of said depositors had not been done by AO, SLP filed against decision of High Court was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/2EzOWpd
from www.taxmann.com Latest Case Laws https://ift.tt/2EzOWpd
New IT notices to Start-ups; DIPP takes matter up with Dept. of Revenue to avoid harassment
As per the recent media reports, the Income-tax dept. is issuing new notices to Start-ups asking them copies of tax returns, bank statements, correspondence and ledger details of their investors. DIPP has taken up this matter of issue of notices with Department of Revenue so that there is no harassment of angel Investors or Start-ups.
from taxmann.com News https://ift.tt/2PO1iMs
from taxmann.com News https://ift.tt/2PO1iMs
Govt. introduces Companies (Amendment) Bill, 2018 in Lok Sabha
In order to assuage regulatory framework and ease of doing business, the companies (Amendment) Bill, 2018 has been introduced in Lok Sabha which seeks to amend the Companies Act, 2013. The Bill shall replace the Companies (Amendment) Ordinance, 2018 which was promulgated by the legislature on November 02, 2018. Moreover, the bill provides to amend various section related to charges, incorporation, penalty provisions and different financial years.
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10% penalty leviable even on suo motu disclosure of undisclosed income & specifying its manner of earning
IT : Where assessee, in course of search, made a statement under section 132(4) in which he admitted an undisclosed income and specified manner in which such income was earned and had also paid tax along with interest, assessee would be liable to pay penalty at rate of 10 per cent in terms of clause (a) of section 271AAB(1) but not under clause (c) at 30 per cent of section 271AAB
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Assessee wasn't entitled to interest on interest which was awarded as compensation on delay of grant of refund: HC
IT: Where assessee's claim for refund of excess tax collected was withheld and refunded by department after a huge delay merely on ground of pendency of appeal filed by revenue, since there was no stay granted by Appellate Authorities, assessee would be entitled to compensation by way of interest for such delay but assessee would not be entitled to interest on interest which was awarded as compensation
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Centre to seek interim payout from Reserve Bank: Subhash Chandra Garg
Will Startups be Rid of Angel Tax Demons? CBDT to Clarify
Notices only to startups not recognised by DIPP: IT dept
Product 'Zymegold' containing nitrogen & chlorine classifiable as fertilizers under heading no. 3105
Service of room renting to hotel guest not taxable as mandap keeper service: SC
Payment realization suit filed in HC was taken off as there was forum selection clause in agreement between parties
CL: Where plaintiff supplied goods to defendant and demanded payment through invoices in which there was a clause stating 'subject to Raipur/Nagpur jurisdiction only', but on non-realisation of dues, plaintiff instituted suit in Calcutta High Court, in view of fact that there was no material to show that parties had agreed to modify forum selection clause, suit filed by plaintiff was to be taken off from file of Calcutta Court
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No additions towards deposits found in foreign bank a/c just relying on note received from French Govt.
IT: Where additions were made to income of assessee, who was a non-resident since 25 years, since, no material was brought on record to show that funds were diverted by assessee from India to source deposits found in foreign bank account, impugned additions were unjustified
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Notice could be issued for production of documents even if proceedings under ST weren't pending: HC
GST/IDT: Where petitioner had not opted for centralized registration for service tax and had 88 service tax registrations in different Commissionerates and consequently submitted separate service tax returns and Directorate General of Central Excise (Intelligence) informed petitioner that Additional Director General, Lucknow had been authorised to investigate case of service tax evasion by all branches of petitioner, Central Board of Excise & Customs had powers to authorize centralised or pan In
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Wednesday, December 19, 2018
No sec. 68 additions if it resulted in huge GP ratio which wasn't acceptable in assessee's type of business
IT: Where transaction of sale of shares was made by assessee through registered stock broker through Bombay Stock Exchange, after remitting STT and all payments were transacted through bank and shares were held in Demat account; and assessee had furnished all primary evidence in form of bills, contract notes, demat statements and bank account to prove genuineness of transaction relating to purchase and sale of shares resulting in LTCG, entire share transaction which yielded high capital gain sto
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Advance salary received by employee towards his household expenses couldn't be considered as benami transaction
IT/Prohibition of Benami Property Transactions Act: Where appellant mess employee of college clarified that he received Rs. 50000 from Chairman of Trust running said college as advance salary which was entirely consumed by him towards his household expenses and no amount was deposited by him in his bank account, I.O. was unjustified in holding that amount was given by Chairman to deposit and retain his own money in demonetised currency in guise of loan which was to be repaid after some time in n
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Directors can only be liable when they are responsible for conduct of business of company
Deemed dividend couldn't be assessed if assessee wasn't a shareholder in lender company: ITAT
RBI Policy Transmitted Better Via Short-term Rates: Study
RBI to inject Rs. 600 billion more liquidity by January
Services of transporting, booking & dispatching of goods by port trust classifiable as business auxiliary service
GST/IDT : Where assessee, a port trust, entered into an agreement with erstwhile South Eastern Railway to provide services of receiving and delivering, transporting, booking and dispatching goods originating in vessels in port and intended for carrying by neighbouring railways or vice versa, activity undertaken by assessee would be classifiable under head 'Business auxiliary service'
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Rounding off actual base fares for online booking of rail tickets by railways tantamounted to abuse of dominance
Polyester roller blinds fabric classifiable as curtains of synthetic fibres under excise law
Market price of goods couldn't be compared with FoB price in case of export of goods to AE
NCLT has jurisdiction to deal with issue related to non-compliance of further issue of share capital
Tuesday, December 18, 2018
Revision petition filed after limitation period challenging service of notice was rightly dismissed
IT : Where assessee filed revision petition challenging additions made in reassessment proceedings on ground that notice of reassessment and opportunity of hearing was not granted to it, in view of fact that in revision petition assessee clearly admitted that not only were notices received, even reassessment order was received but assessee did not care to appeal against it; and later on revision petition was filed after expiry of period of limitation, Commissioner was justified in dismissing sai
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Bank statements aren't books of account; sum credited thereon can’t be treated as unexplained cash credit
IT : Where certain credit entries were reflecting cash deposit in bank account of assessee, but assessee failed to substantiate her claim for source of such cash deposit and, therefore, same was treated as undisclosed income, bank statement not being considered as books of account, any sum found credited in bank passbook cannot be treated as an unexplained cash credit
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Non-veg preparations served in butter paper, paperboard or in tray not classifiable under heading no. 1601.10
GST/IDT : Where assessee, a restaurant, served non vegetarian preparations to customers for consumption in restaurant in butter paper, paperboard, tray, pouches, paperboard cones or any other paperboard boxes, said products not classifiable under Heading No. 1601.10
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Promoter Stake Case: HC Refuses Interim Relief to Kotak Bank
Transfer of excess reserves may pull down RBI´s credit rating, says Rajan
No interim relief for Kotak Mahindra Bank from Bombay HC
Machinery embedded in earth to provide 'wobble free operation' won't qualify as immovable property
GST/Excise/ST/VAT: Where machinery or equipment is permanently fastened or embedded to earth, it qualifies as immovable property, however, if machine is fastened merely to provide a 'wobble free operation', it would not qualify as immovable property for purpose of grant of cenvat credit
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Bombay HC set-aside directions issued by AO to assessee to get its accounts audited again
IT : Where reassessment proceedings were pending against assessee and audit report submitted by assessee was also on record, impugned notice issued by revenue under section 142(2A) directing assessee to get its accounts audited again, deserved to be set aside
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MCA issues draft amendment related to Co.’s name availability during incorporation
The Ministry of Corporate Affairs (MCA) has issued draft amendment to Rule 8 of the Companies (Incorporation) Rules, 2014. The purpose of this amendment is to bring clarity to the rules related to name availability.
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SEBI proposes early warning mechanism to prevent diversion of client’s securities
In order to tackle issues related to diversion of client securities, the market regulator, SEBI has decided to put in place an early warning mechanism which will help to sharing information between the stock exchanges, depositories and clearing corporations to detect the diversion of client’s securities.
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SEBI reviews risk management framework for Equity Derivatives Segment
Attachment order was to be set aside when mortgaged properties were not proceeds of crime
Monday, December 17, 2018
SEBI amends regulations for Mutual Funds
No denial of exemption on incurring part of exp. towards non-objects if sec. 13 conditions not violated by BCCI
IT : Where assessee charitable trust was engaged in promotion of cricket and Assessing Officer denied its entire claim for exemption under section 11 on grounds that a part of expenditure incurred by assessee was not for object of trust, since assessee had not violated any of conditions of section 13, assessee's claim for exemption could not be disallowed fully but it had to be disallowed only to extent of such part of expenditure which was not incurred for object of trust
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16 yrs amended time limit for re-assessment can’t be applied to assessments concluded before that amendment
IT : Re-assessment for assessment year 1998-99 on assessee-individual (who was non-resident for subject assessment year) could not be reopened beyond 31-3-2005, as it was barred by limitation under section 149
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FTS should be taxable as per Article 7 in case there is no FTS clause in India-Philipines DTAA: ITAT
IT/ILT : There being no provision in DTAA to tax fees for Technical Services, payment made by assessee to avail technical service of its AE, would be taxed as per article 7 but in absence of PE in India, said income was not chargeable to tax in India
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Belated payments of employees contribution not allowable as deduction as per sec. 43B
IT : Scope of section 43B and section 36(1)(va) are different and thus, there is no question of reading both provisions together to consider as to whether assessee-employer is entitled to deduction in respect of sum belatedly paid towards employee contribution, and therefore, for considering such question, application of section 36(1)(va) read with section 2(24)(x) alone is proper course
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Complete Overhaul Needed for RBI Board to Emulate Fed, BoE: Acharya
Court Order Trips Tax Hounds in Hunt for Secret Foreign Assets
Delhi HC dismisses Vodafone plea for tax refund of over Rs 47.59 billion
Advance salary received by employee for his personal use couldn't be considered as Benami transaction
IT/Prohibition of Benami Property Transactions Act: Where employee of college run by Trust had received advance salary of Rs. 50000 from Chairman of Trust and same was returned immediately to employer upon insistence of I.T. Department, I.O. was unjustified in holding that amount was given to bring demonetized money into circulation
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Activities of toll collection would be covered under definition of business auxiliary service
GST/Excise/ST/VAT : Where assessee was awarded a contract for purpose of operation and maintenance of a Toll Road with following scope : collect toll and maximize collection of toll, maintain facility against damage or deterioration, ensure that all services provided under contract comply with prudent utility practices, activities undertaken by assessee in respect of toll collection would be covered by definition of 'Business auxiliary service'
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Accepting fares from pricing device couldn’t be collusive as there was no agreement between aggregators & drivers
Competition Act: Where drivers who uses ola/uber App., instead of competing on price, accept fare which was outcome of ola/uber pricing algorithm, same would not amount to collusion between drivers
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Provisions of sec. 40(A)(2) not applicable in case of co-operative society
Application for compounding of offence couldn't be accepted when trial of same offence was pending before SC
CL: Where criminal case against applicant for being a director of more than 20 companies was pending against applicant before Special Court, Bangalore, Tribunal at Kolkata had no jurisdiction to consider application of compounding of offence merely because applicant shifted registered offices of some companies from Bangalore to Kolkata
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Saturday, December 15, 2018
No need to process Vodafone’s refund based ITRs on likelihood of arising huge demands: HC
IT : Writ Petition is filed by petitioner-Vodafone on account of inaction on part of Assessing Officer in not processing income tax returns for four Assessment Years 2014-15 to 2017-18 which will result in issuance of refunds aggregating to Rs. 4759.74 crores
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No escape from penalty though tax was deducted by bank on interest income before close of financial year
IT : In terms of section 194A(1), time of deduction of tax is undisputedly time at which interest is to be credited to account of payee or when it is paid in cash/cheque or draft therefore, deduction of tax at source on interest income before close of financial year concerned as provided under section 194A(4) would not absolve assessee bank from penalty for not deducting tax at source at time of credit of said income in payee's account
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No lapse in not processing refund based ITRs if substantial demands were pending against Vodafone: HC
IT : Writ Petition is filed by petitioner-Vodafone on account of inaction on part of Assessing Officer in not processing income tax returns for four Assessment Years 2014-15 to 2017-18 which will result in issuance of refunds aggregating to Rs. 4759.74 crores
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Benefit of exemption for next exam was rightly denied to CMA student as he failed in 3 consecutive attempts
IT/ICWAI Regulation: Restriction of three attempts granted to a CMA student having secured 60 per cent in a paper from appearing in that paper in subsequent attempts having been exhausted, he would not be entitled to further exemption in view of amendment carried out in Regulation 41(2) of Cost and Works Accountants (Amendment) Regulations, 2012
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Allegation of concerted action could not be sustained as there were variations in price quotations: CCI
Competition Act : Where in tenders floated by CLW, DLW and DMW for supply of oil cooler rediators (OCR) there were variations in price quotations by three parties viz., OP-1, OP-2 and 'T', allegation of informant of concerted action on part of OPs in bidding process could not be sustained and, therefore, no case of contravention of provisions of Act was made out against OPs
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RBI Board Takes Stock of All Issues on Agenda, but Makes No Announcement
Sebi ban on F6 Finserve, F6 Commodities and 8 directors to continue
Usha Martin's MD under ED scanner for alleged FEMA violations
Deposits made under Senior Citizen Welfare Fund during FY 2018-19 shall bear 7.90% interest rate: Fi
Details of total Direct Tax and Indirect Tax collected over the last 3 years released
Number of e-Returns filed by the individual tax payers sees big jump to 28.4%
Shri Shiv Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha has stated the number of income-tax returns filed and the annual growth rate during the last four financial years. There has been 28.4% growth in the number of e-Returns filed the Individual taxpayers during the last four years.
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HC slams AO for adopting cash accounting system if mercantile accounting system was consistently followed
IT: Where assessee, engaged in business of land development, had been consistently following mercantile system of accounting in respect of all its projects, assessee was not justified in adopting cash system of accounting in respect of only one project
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Dispute related to notice to creditors could be irrelevant when they had given no objection to amalgamation scheme
CL: Where Tribunal accepted scheme of amalgamation of transferor company with transferee company and appellants claimed to be creditor of transferee company alleged that no notice of said scheme was given to them, but, from affidavit of appellants submitted by transferee company it was found that appellants in capacity of creditor's of transferor company had given no objection to said scheme, there was no substance in grievance raised by appellants
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Friday, December 14, 2018
MCA relaxes additional fees payable by Cos. on Cost Audit Report in XBRL format up to Dec. 31, 2018
VAT collected on behalf of State Govt. not an income just because it was routed through P&L a/c
IT : Retention of a part of VAT at multi-purpose barrier collected by assessee-society as per section 34 of VAT Act, 2005 till process of determination of its actual expenditure incurred on collection, followed by deposit of balance surplus amount in Government Treasury for onward transmission to State Government, cannot be treated as 'real income' in hands of assessee for purpose of IT Act, 1961
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HC justified sec. 68 additions as assessee failed to explain huge cash sales only in 1 month during year
IT: Where assessee had sold a new product launched by it on test market basis over and above its counter sale but failed to explain as to how and why such cash sales of huge amount effected only in one month of a year, Assessing Officer was justified in making additions in respect of such unexplained sales under section 68
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CCI can form prima facie view without taking evidence under Competition Act
HC directed co. to hold meeting of members for approval to introduce funds for scheme of arrangement
CL : Where management had promised to infuse funds and a bank guarantee of Rs. 6 crore had already been placed on record, proposed scheme of arrangement between respondent company, its members and creditors appeared to be a plausible mechanism to move forward and try and complete project so that interest of allottees was taken care off
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Sebi eases norms for clubbing investment limits by FPIs
Imposition of 'Take or Pay' liability by GAIL on customers won't amount to abuse of dominant position: CCI
Competition Act: Where OP supplied Re-gasified Liquefied Natural Gas to informant, act of OP, such as, imposition of 'Take or Pay' liability to neutralize losses due to non take off by customer, suspension of supply due to non-submission of letter of credit, invocation of letter of credit for recovering 'Take or Pay Liability' would not amount to abuse of dominant position
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ITAT set-aside TP additions as allocation of exp. was based upon global agreement supported by CPA certificate
IT/ILT: Where TPO rejected ALP of cost allocated to assessee and made additions by stating that assessee failed to produce supporting documents/evidence to substantiate that services were rendered by AE, however, it was found that assessee's allocation of expenses was based upon a global agreement between AEs and was supported by CPA certificate, additions so made were to be set aside
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Time limit for filing e-form NFRA-1 will be 30 days from date of deployment of form: MCA
Thursday, December 13, 2018
Payment of advance salary to defeat purpose of demonetisation won't come under purview of benami transaction
Compensation awarded under Motor Vehicles Act isn't income chargeable to tax: HC
No deduction towards acquisition of satellite distribution rights if films weren't exhibited on commercial basis
IT: Where assessee's claim for deduction under rule 9B(4) in connection with acquisition of satellite distribution rights of three Malayalam films was rejected on ground that there was no exhibition of films on commercial basis during period of acquisition or in next year, in view of fact that feature films were never exhibited and there was no amount credited in profit and loss account of assessee as amount received on exhibition of films, impugned disallowance, was to be confirmed
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SEBI issues clarification on clubbing of investment limits of Foreign Portfolio Investors
The market regulator, SEBI has issued clarification on clubbing of investment limits of Foreign Portfolio Investors wherein it has been decided that clubbing of investment limit for FPIs will be on the basis of common ownership of more than 50% or based on common control
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Payment of advance salary to defeat purpose of demonization won't come under purview of benami transaction
Debt Recovery tribunal has power to condone delay in filing securitization application: HC
Winding up proceedings under SICA will continue in HC until parties file an application for transfer to NCLT
CL : Under scheme of Section 434 (as amended) and Rule 5 of Companies(Transfer of Pending Proceedings)Rules,2016 all proceedings under Section 20 of the SIC Act pending before High Court are to continue as such until a party files an application before High Court for transfer of such proceedings post 17.08.2018. Once this is done,
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Everstone, GLP to Launch Dollar 500-M Investment Platform for Logistics
Sebi Examining Whistleblower Complaint Against Sun Pharma
NBFCs Rise as Markets Hope for a Softer Liquidity Stance
Sebi Allows Mfs to Segregate Distressed Assets, Eases Listing Norms for Startups
No concealment penalty just because an inadmissible claim of deduction was raised
IT: Where assessee engaged in re-financing of loan given for purchase of residential houses, disclosed all particulars relating to claim of deduction under sec. 36(1)(viii), mere fact that AO opined that since assessee was not directly engaged in providing long-term finance for construction of purchase of houses and thus assessee's claim was inadmissible, could not be a ground to pass a penalty order under sec 271(1)(c)
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Cost plus method couldn't be rejected merely because assessee used 'PBIT' terminology instead of 'GP' as PLI
IT/ILT: Where assessee, engaged in purchase and sale of software application services with AE, applied CPM to benchmark its international transactions, mere fact that by mistake assessee used terminology 'profit before interest and tax' (PBIT) instead of gross profit (GP) as PLI, could not be a valid ground to reject assessee's method and to determine ALP by applying TNMM
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Promotion & auxiliary services related to lottery business classifiable as business auxiliary service
GST/IDT : Where assessee was engaged in lottery business and it was undertaking entire process of operating lottery business which included promotion, marketing and all auxiliary and incidental support services, activity undertaken by assessee would fall under category of 'business auxiliary service'
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Approval was to be granted for revising board's report as there was no financial effect
CL : Where revision sought to be made in Report of Board pertained to procedural documents attached with financial statement or disclosures and ROC found that there would be no financial effect if revision was made in Report of Board and further, company undertook to pay tax dues, approval was to be granted for revising said Report of Board
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SEBI proposes to create segregated portfolios by Mutual Funds
The Market Regulator, SEBI has proposed to allow Mutual Funds to create Segregated Portfolios with respect to debt and money market instruments subject to various safeguards. This facility will be available to Mutual Funds based on credit events. Creating Segregated Portfolio may be optional for mutual funds, but approval of trustees is necessary for activating such portfolio.
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ITAT allowed assessee to declare profit on redemption of mutual fund unit as short-term capital gain
IT : Where assessee declared profit on redemption of units of mutual fund as short term capital gain, in view of fact that only few such transactions took place during relevant year and no borrowed funds were utilised to purchase units of mutual fund, impugned order holding that profit in question was liable to tax as business income, was to be set aside
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Flipkart didn't abuse its dominant position due to presence of other players in e-commerce segment
Competition Act: Where other than OP1 'Flipkart', multiple players like Paytm Mall, SnapDeal, Shopclues etc. were present in online marketplace platforms for selling goods and as per data available in public domain, presently Amazon was biggest competitor of Flipkart, Flipkart could not be said to be dominant in relevant market
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Wednesday, December 12, 2018
Notification No. 86/2018 [F.No.370133/34/2016-TPL (Part)] / SO 6054(E)
Notification No.85/2018 [F.No.370133/34/2016-TPL] / SO 6053(E)
Amendment to sec. 2(14) providing aerial distance for determining agricultural land has no retro-effect
IT: Provisions of item (b) of sub-clause (iii) of section 2(14) which provides for considering distance of land from municipal limits aerially, not by road, and which have been substituted by Finance Act, 2013 with effect from 1-4-2014 are prospective in operation
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IRDAI notifies regulations on Re-insurance, effective from January 1, 2019
Merger of sister concern with assessee couldn't be a ground to reject claim for sec. 10B exemption
IT: Where assessee's claim for exemption under section 10B was rejected on ground that its sister concern get merged with it, in view of fact that both firms were doing same business and, moreover, assessee's sister concern was also an EOU, impugned order rejecting assessee's claim was to be set aside
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Forex gains to be treated as part of operating profits for the purpose of ALP computation
Attachment of bank account could only be made after adjudication order showing exact ST payable: HC
Service Tax : Where a notice was issued to assessee under section 73(1) for short payment of service tax, as long as an adjudication order was not passed in pursuance of said notice determining exact amount of service tax payable, no notice could be issued under section 87(b)(i) seeking attachment of bank account of assessee
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Exp. allowable if assessee was responsible for warranty towards engines supplied to IAF manufactured by Russian Co.
IT : Where in terms of tripartite agreement entered into between assessee, a Russian company and Indian Air Force, assessee had to supply engines of aircrafts to Indian Air Force manufactured by Rusian company, in view of fact that warranty in respect of engines so supplied was responsibility of assessee for a specified period, assessee's claim for deduction of warranty expenses was to be allowed
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Tuesday, December 11, 2018
No additions on basis of TDS claimed if corresponding income not taxable due to cash system of accounting
IT: In terms of Rule 37BA, revenue could not, merely because credit for tax deducted at source was erroneously claimed by assessee, bring corresponding professional receipts to tax, if such receipts were otherwise not assessable as income in accordance with law
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Removal of scrap generated during manufacturing process from premises not taxable as business support services
CCI notifies norms for authorizing an advocate to accompany any person summoned by DG
The Competition Commission of India (CCI) has notified the Competition Commission of India (General) Amendment Regulations, 2018 wherein new proviso has been inserted after Regulation 46 which specified norms for authorizing an advocate to accompany any person summoned by Director General.
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Bankers Hope for a More Pragmatic RBI Under New Governor
Govt ups NPS contribution to 14%, withdrawal now tax free
Sec. 269T not applicable in respect of payment of interest; ITAT deleted sec. 271E penalty
HC couldn't question reassessment if similar issue pertaining to subsequent AY was pending before CIT(A)
IT: Where in case of assessee, a public charitable trust, reassessment proceedings were initiated on ground that it did not offer anonymous cash donations to tax under section 115BBC and, validity of said reassessment proceedings were challenged by filing a writ petition, in view of fact that a regular appeal on similar issue pertaining to subsequent assessment year was already pending before Commissioner (Appeals), it was not appropriate for Court to give its opinion in respect of validity of r
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Amount lying in FDR of appellant's son couldn't be appropriated towards penalty for FEMA violations
Monday, December 10, 2018
No denial of registration merely on ground that secretary was getting lease rent for land given to society
IT: Where assessee educational society, set up with various aims and objects including improvement in standard of education of backward students of rural areas, was running a school and Commissioner had not doubted genuineness of its aims and objects, application under section 12A could not be rejected merely on ground that secretary of society was getting lease rent for land given to society for running school or his wife who had requisite qualification was teaching in school and was being paid
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Disallowance of indexed cost of improvement was justified if assessee failed to prove quantum of exp. incurred
IT: Where assessee, while computing long-term capital gain on sale of an immovable property, claimed deduction of indexed cost of improvement incurred by it in said property, since assessee had not submitted any documentary evidence to prove quantum of expenditure incurred on improvement, Assessing Officer was justified in disallowing claim made by assessee
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Exemption available even if DPS made profits from its joint venture with satellite schools; SLP dismissed
IT: SLP dismissed against High Court ruling that where assessee society was set up with object of imparting education and it had entered into franchise agreements with satellite schools and also used gains arising out of these agreements in form of franchisee fees for furtherance of educational purposes, it fulfilled requirements to qualify for exemption under section 10(23C)(vi)
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SLP granted against ruling that income from letting out shops in shopping malls taxable as business income
IT : Where High Court upheld Tribunal's order holding that income earned by assessee from letting out various shops/stalls in shopping malls constructed by them was to be treated as business income and not as income from house property, SLP filed against said decision was to be granted
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CBDT lays conditions to avail benefit of Sec. 115JG where Indian branch of a foreign bank converts i
CBDT sets rule to compute holding period of an asset where Indian branch of foreign bank converts in
The CBDT has amended the Rule 8AA of the Income-tax Rules, 1962 to provide that in case of conversion of an Indian branch of a foreign bank into its Indian Subsidiary, the period for which the asset was held by the Indian branch shall also be considered while calculating the period of holding of such an asset in the hands of the Indian Subsidiary.
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Reassessment valid if ITAT made only first holder liable for tax on income earned from joint investments
IT: Where Assessing Officer reopened assessment of assessee on basis of information received in form of observation of Tribunal in case of assessee's son that certain investments made in mutual funds jointly by assessee and her son should be taxed in hands of assessee as she was first holder, further, assessee failed to explain source of such investments while filling her return under section 139(1), impugned reopening of assessment was justified
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No sec. 54B exemption if new agricultural land was purchased prior to sale of old agriculture land
India will retain highest position among world’s top remittance recipient countries: World Bank
The Indian economy is proliferating by leaps and bounds whilst providing new avenues and poising us in the top position among other developing countries in the remittance sector.
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No denial of sec. 10(23C) relief just because society promoting education had devised fee structure to earn money
IT : Where assessee's claim for exemption under section 10(23C)(vi) was rejected on ground that it had disproportionate fee structure which was devised to earn maximum money, in view of fact that dominant object of assessee was to impart education and not to earn profit, impugned order passed by authorities below was to be set aside
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Service of transportation of excavated materials within mine area would qualify as mining services
GST/Service Tax: Where assessee, under a contract, was engaged in excavation and transportation of excavated materials from mines to crushing plant, transportation of overburden to dump yard within mine, crushing and screening of excavated materials, and transportation of finished products to stock yard within mine, said activities would fall under category of 'mining services'
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CBDT advises banks not to deduct TDS if interest paid to senior citizens doesn’t exceed Rs. 50,000
The CBDT has clarified that no tax is required to be deducted under section 194A in case of senior citizens where the amount of interest paid or payable during a financial year doesn’t exceed Rs. 50,000
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Web hosting charges paid to Amazon for using its servers for providing e-services not taxable as royalty
IT/ILT : Where assessee, engaged in distribution of recharge pens of various DTH providers via online network, paid web hosting charges to US based company for using its servers, since assessee did not possess and did not have any control over server or severs space being deployed by said company while providing e-services as per agreement, there was no scope to conclude that e-service charges paid to US company amounted to royalty
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No ST on service of setting-up temporary camps on occasion of Gur-ta-Gaddi Tercentenary celebration
GST/IDT : Where assessee had set up temporary camps at South Nanded and Nerli on occasion of Gur-ta-Gaddi Tercentenary Celebration, in terms of Circular No. 79/9/2004-ST, dated 17-9-2004, service provided by assessee was not liable to be charged to service tax
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RPM is MAM in case of distribution activities undertaken by assessee
No denial of sec. 10(23C) exemption if an educational trust also carried some allied charitable activities
IT : Where assessee-trust was established pre-dominantly with an object of providing education to all sections of society, mere fact that it spent a meagre amount of its total income on some allied charitable activities such as providing food and clothing to relatives of poor students, would not stand in way of denying benefit to it under section 10(23C)(iiiad)
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Co. wasn't allowed to handover original share certificates to appellant as matter was pending before HC
CL: Where shares held by appellant in R1 company were kept with R1 as security for R1's corporate guarantee against loan taken by company in which appellant was director and said loan had to be paid by R1, claim of appellant for delivery of shares was not true and original share certificates could not be handed over to appellant
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Friday, December 7, 2018
TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens
Format for disclosing details of significant beneficial owners of shares by listed cos. unveiled
SEBI sets up Cyber Security Operation Center to tackle cyber security breaches
Recognizing the need for a robust Cyber Security and Cyber Resilience framework at Market Infrastructure Institutions (MIIs), i.e., Stock Exchanges, Clearing Corporations and Depositories, vide SEBI Circular CIR/MRD/DP/13/2015 dated July 06, 2015, a detailed regulatory framework on cyber security and cyber resilience was prescribed.
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HC confirmed sec. 14A disallowance towards dividend earned on specified securities purchased on RBI directions
IT : Where pursuant to directions of RBI, assessee invested certain amount in specified securities, bonds etc. in order to continue its licence to carry on business as a residuary non-banking financial company, said securities/bonds could not be regarded as trading assets of assessee and, thus, impugned disallowance made under section 14A in respect of dividend income earned on said securities was to be upheld
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Assessee couldn't challenge constitutional validity of proviso to Rule 9A during pendency of appeal: HC
IT : Where during pendency of appeal against assessment order passed under section 143(3), assessee filed a petition challenging constitutional validity of proviso to rule 9A, since assessee's appeal was pending before Commissioner (Appeals) on merits, interest of justice would be served by not examining presently issue of constitutional validity and legality of proviso to rule 9A
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Provision of sec. 43B couldn't be invoked with regards to duty & surcharge collected by state electricity board
Dep. was allowable on public roads by treating them as buildings; SLP dismissed
SEBI allows 1 year to comply with mutual fund shareholding norms if such norms are inadvertently vio
Regulation 7B of SEBI (Mutual Fund) Regulations, 1996 is amended to provide 1 year time to sponsors of the mutual funds to comply with norms for shareholding and Governance of Mutual funds where they inadvertently acquire shares or voting rights due to merger or acquisition
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NCLAT holds transfer of shares without notice as illegal and restores name of respondent in register of members
HC upheld winding up of broker co. as it received money from trader, however made transaction in name of third party
CA : Where broker of NSEL received money from trader but made transactions in name of third party while creating false impression that same were done in name of said trader, broker should either pay trader impugned amount or it should be wound up
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Amendment to sec. 200A empowering AO to levy sec. 234E fees on delayed filing of TDS return has no retro-effect
IT : Amendment to provisions of section 200A with effect from 1-6-2015 empowering Assessing Officer levying fees under section 234E has prospective operation and, therefore, Assessing Officer while processing TDS statements for period prior to 1-6-2015, was not empowered to charge fees under section 234E
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Thursday, December 6, 2018
No denial of exemption in absence of proof that assessee introduced unaccounted money to earn LTCG;
IT : Assessing Officer received information from DGIT (Inv.), Kolkata that some companies were engaged in business of issuing penny stocks for which there were large number of beneficiaries claiming bogus long term capital gain - Assessing Officer, based on said information,
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No denial exemption in absence of proof that assessee introduced unaccounted money to earn LTCG
IT : Assessing Officer received information from DGIT (Inv.), Kolkata that some companies were engaged in business of issuing penny stocks for which there were large number of beneficiaries claiming bogus long term capital gain - Assessing Officer, based on said information,
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Karta was eligible to claim TDS credit wrongly deposited in his name if HUF hadn't availed benefit of such TDS
No sec. 68 additions towards trade advances if these were adjusted against subsequent sales; SLP dismissed
IT : Where High Court upheld Tribunal's order to delete addition made under section 68 in respect of trade advances on ground that said advances were adjusted against sales made in subsequent years, SLP filed against said decision was to be dismissed
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ITAT deleted additions as amount deposited in assessee's Foreign Bank a/c didn't belong to him
IT: Where addition was made to income of assessee on account of amount deposited in foreign bank account through a trust owned by an NRI, since it was found that said amount in foreign bank account was actually owned by said NRI and he had also admitted some, impugned addition was unjustified
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There is statutory bar on issuance of SCN under FEMA for offence completed under FERA regime
SC dismissed plea of Jio & CCI seeking probe against Idea, Airtel and Vodafone
CCI : Where Reliance Jio had filed an information alleging anti-competitive agreement/cartel having been formed by three major telecom operators, namely Idea, Airtel and Vodafone and allegations, in effect, pertained to violations of Interconnect Agreements and obligations under TRAI Regulations by these three operators against Jio, which fell with specialized domain of TRAI(Telecom Regulatory Authority of India),
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Once issue of SCN of offence completed in FERA regime on SCN can be issued after under FEMA due to statutory bar
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