Publish Date : Wednesday, February 27, 2019
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Thursday, February 28, 2019
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
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HC slams AO for making disallowance of payment merely relying on statement of payer recorded during search
ITAT's order excluding companies from list of comparables didn't raise any question of law: Delhi HC
IT/ILT: Where in case of assessee rendering marketing support services to AE, Tribunal excluded five companies from list of comparables on account of functional difference, since reasoning recorded by Tribunal regarding functional dissimilarities between five entities and assessee were factual, no substantial question of law arose therefrom
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Economic Offences Wing, Cyberabad issues notice to celebrities for endorsing QNET MLM scheme
Income Tax dept raids 'terror funding avenue'; searches in Kashmir, Delhi
PNB reduces MCLR by 10 basis points for various tenor loans
CCI clears SoftBank´s 22.44 per cent stake buy in Delhivery
No disallowance of foreign travel exp. just because trustees visited abroad for business purpose on tourist visa
IT : Where Assessing Officer disallowed a part of remuneration paid to trustee by assessee-trust taking a view that it was excessive, in view of fact that assessee-trust earned income and paid remuneration to trustee who had also offered tax on remuneration received by her, impugned disallowance was to be deleted
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No reassessment to recompute book profit if there was no failure of assessee to disclose material facts
IT : Where Assessing Officer issued a reassessment notice on grounds that provision for doubtful debts debited in P&L account was not added back while arriving at book profit under section 115JB, since regular assessment proceedings were completed under section 143(3) and there was no failure on part of assessee to truly and fully disclose all material facts during regular proceedings, impugned reassessment notice was unjustified
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Allegation on NSE regarding preferential access to trading members of its location couldn't accepted
Competition Act: Where informant alleged that OP 'NSE' abused its dominant position by providing preferential access to certain trading members of its co-location services, resulting in contravention of provisions of section 4, since, similar case was currently under adjudication by SEBI also and there was no sufficient information available about role attributable to OP in provision of discriminatory co-location services qua certain trading member, it would not be appropriate for CCI to delve i
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Winding up petition admitted on account of failure to repay inter-corporate deposit: Delhi HC
CL: Where appellant, debtor company, merely denied its letter acknowledging debt due to respondent and it did not justify such denial by producing ledger accounts maintained by it to traverse and disclaim entries reflected with said letter, Single Judge was justified in drawing adverse inference against appellant and admitting winding up petition
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Income Tax Department hits at terror financing activities in J&K Region
Wednesday, February 27, 2019
ITR filed by assessees in Kerala till Feb 28, 2019 to be deemed as filed within due dates: CBDT
To mitigate the genuine difficulties faced by the taxpayers in Kerala, the Central Board of Direct Taxes (CBDT) has directed that in case of taxpayers of Kerala for whom the due date for filing of return of Income (ITR) and report of audit pertaining to AY 2018-19 was 31-10-2018 (extended deadline), all ITRs & audit reports filed till 28-02-2019 shall be deemed to have been filed by 31-10-2018.
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ITR & Audit Report filed by assessees in Kerala till Feb 28, 2019 are within due dates: CBDT
To mitigate the genuine difficulties faced by the taxpayers in Kerala, the Central Board of Direct Taxes (CBDT) has directed that in case of taxpayers of Kerala for whom the due date for filing of return of Income (ITR) and report of audit pertaining to AY 2018-19 was 31-10-2018 (extended deadline), all ITRs & audit reports filed till 28-02-2019 shall be deemed to have been filed by 31-10-2018.
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Interest rate decided by DRT based upon consent term executed by parties couldn't be challenged by creditors
Securitisation Act: Where during pendency of proceedings under Act, DRT, based on consent terms executed by and between parties, passed order directing defendants to pay interest at certain rate in case of default in payment of amount due, petitioner- creditor could not challenge such rate of interest
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Snap deal failed to provide evidence against alleged imposition of minimum operating price by opposite party: CCI
Competition Act: Informant providing online distribution service to various distributors/dealers through its online portal, i.e., Snapdeal, alleged that OP attempted to impose a price restriction in form of Minimum Operating Price on its website to make sales at a minimum price, but, evidence did not reveal existence of any price restriction and other dealers/distributors denied any such imposition, no contravention of provisions of section 3 was made out against OP
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NCLT has jurisdiction to entertain dispute pertaining to transfer of equity shares of SBI: NCLAT
CL: NCLT had jurisdiction to entertain dispute pertaining to transfer of equity shares of SBI; in case of non-availability/major mismatch in transferor's signature, transferor is required to update his/her signature by submitting attested signature alongwith an affidavit to RTA/company
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JM Financial files application at NCLT against Hotel Leela Venture
NCLAT asks Monnet Power RP to consider BHEL’s claims
Hand free flushing system for urinals classifiable under heading 8481: CESTAT
OP was free from allegations of anti-competitive Act due to absence of evidence regarding price restriction
Competition Act: Informant providing online distribution service to various distributors/dealers through its online portal, i.e., Snapdeal, alleged that OP attempted to impose a price restriction in form of Minimum Operating Price on its website to make sales at a minimum price, but, evidence did not reveal existence of any price restriction and other dealers/distributors denied any such imposition, no contravention of provisions of section 3 was made out against OP
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Tuesday, February 26, 2019
Surrendering income to avoid litigation won't save sec. 271AAA penalty unless its earning manner is disclosed
IT : Where in pursuance to notice issued under section 153A, assessee failed to specify and substantiate manner in which undisclosed income was derived rather embarked upon mercy plea that he was making surrender to buy peace of mind and avoid litigation, he was not entitled for benefit of section 271AAA(2) and, thus, impugned penalty order was to be confirmed
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Securities and stock brokers can't be compared with merchant bankers
HC slams AO for not allowing interest on refund from beginning of AY as assessee wasn't responsible for such delay
Fine for irregularities committed in process of importing goods can’t be claimed as an expense
IT : Where there was ample evidence on record suggesting that assessee had made imports through his direct involvement by using import licence of RB and that RB was only entitled to service charges and further redemption fine was paid by assessee, assessee could not not disassociate or divest himself from irregularities or illegalities committed in process of importing goods and penalty was levied for infraction of law committed by assessee.
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ITAT was right in making disallowance as assessee failed to establish genuineness of exp.: HC
IT : Where assessee, an agent of a Korean company being appointed to award purchase orders, claimed deduction of certain expenditure paid as commission to sub-agent and Tribunal having found that details of service rendered by sub-agent, details of expenses incurred by sub-agent for rendering services, etc., had not been placed on record, held that assessee was unable to discharge onus and establish genuineness of expenditure and disallowed expenditure, disallowance of expenditure was justified
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Jet Airways May have Evaded Taxes Worth Rs. 650 Cr: I-T Dept
Relief to e-wallets: RBI extends KYC compliance norms by six months
IL and FS, subsidiaries can be declared NPAs only after nod, says NCLAT
HC quashed reassessment as AO failed to look into objections raised by assessee against opening of notice
IT : Where Assessing Officer issued a reopening notice on ground that assessee had made transactions of huge amount in national/multi commodity exchange but he had not filed his return of income and assessee filed an objection that he had earned no income out of trading in commodity exchange and he had actually suffered loss and, therefore, he had not filed return of income, since, Assessing Officer had not looked into objections raised by assessee and proceeded ahead, impugned reassessment noti
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Additions justified as assessee failed to establish nature of services received for payment of franchise commission
IT/ILT: Where assessee paid franchise commission to its holding company for providing business to assessee but failed to establish nature of services rendered by said company, addition to the total income of the assessee on account of shortfall in arm's length price be made
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Allegation of bid suppression couldn't be substantiated as OP didn't participate in tender floated by railways
Competition Act: Where in a tender floated by railways, informant alleged that due to alleged non-participation of OP1 in impugned tender, OP-2, being only remaining approved vendor, enjoyed a monopoly status, and quoted high rate, since, non-participation of OP-1 was due to its inability to produce item as quoted in tender floated by Railway allegation of bid suppression by OP-1 in collusion with OP-2 was unsubstantiated
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Monday, February 25, 2019
Loss from unrealised contracts in commodities due to suspension of trading on NSEL platform was speculative loss
IT: Where on account of suspension of trading activity on NSEL platform, assessee claimed receivable from unrealised contracts in commodities as bad debts, since assessee failed to produce relevant documents to show that transactions undertaken by assessee were delivery based, Assessing Officer was justified in denying claim of assessee holding such transactions to be speculative transactions and loss arising therefrom to be speculative loss which could not be set off against normal business
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Period of limitation was to be governed by sec. 153(2A) if CIT exercised his revisionary powers; SC dismissed SLP
IT: Where High Court held that once Commissioner exercised his revisionary powers then provisions of section 153(2A) would be applicable and, limitation would be one year from date of order being passed by Commissioner in revision petition, SLP filed against said order was to be dismissed
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AO couldn't reject setting off of accumulated loss merely stating that assessee didn't comply with sec. 72A conditions
IT : Assessing Officer could not reject assessee's claim for set off of accumulated loss by merely maintaining that assessee did not comply with conditions laid down in section 72A but not specifying as to how those conditions were not met by assessee
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No reassessment after 4 year merely on ground that interest income earned on FD wasn't taxable as business income
IT : Where assessee, in return of income for assessment year 2011-12, claimed certain amount as interest income earned on fixed deposit and offered same to tax as part of its business income and Assessing Officer disallowed assessee's claim on ground that it did not carry out any business during year and passed assessment order under section 143(3) on 30-3-201
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Power of investigation and arrest is independent of each other; stipulation of time frame may be different
CL: Provisions of sections 212(3) and 212(8) operate in two different fields and power of investigation and power of arrest are independent of each other, therefore, stipulation as to time-frame for investigation may not necessarily apply to time period for which a person may be placed under arrest
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Re-insurance premium paid by insurance co. to non-resident-reinsurance company was allowable exp.
IT : Re-insurance arrangement by assessee insurance company with a foreign reinsurance company was not prohibited and; therefore, reinsurance premium paid by assessee insurance company to non-resident reinsurance company was to be allowed under section 37(1)
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SLP dismissed as warrant of authorization was based on info. that society was engaged in siphoning off funds
IT : Where High Court took a view that warrant of authorisation was based on definite information that assessee-society was engaged in siphoning off funds by way of advancing loans to shell companies and, therefore, order passed under section 133A(3)(ia) whereby documents and books of account belonging to assessee were seized, was also in consonance with provisions of Act, SLP filed against decision of High Court was to be dismissed
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Attachment order was to be set aside as appellants weren't involved in money laundering activities
FEMA, BANKING & INSURANCE : Where Adjudicating Authority passed a provisional order of attachment of property purchased by appellants on ground that said property was purchased out of proceeds of crime, in view of fact that appellants had produced documents such as bank statement and also individual income tax returns before Adjudicating Authority to show means of funds for purchase of subject property, it could be concluded that appellants were bona fide purchasers and, therefore,
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MCA unveils new ACTIVE form to track down shell companies
In the year 2018, the Govt. of India had identified over 16,500 shell companies and blacklisted more than 30,000 directors in order to cleanise the corporate sector. As of now, various methods, strategies and schemes have been implemented to crack down the shell companies but the Govt. is still grappling with the problem to unearth the shell companies. Therefore, the MCA has come up with new e-form 'Active' to unravel such companies.
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Saturday, February 23, 2019
Mumbai ITAT deleted over Rs. 2,000 crore of additions in Harshad Mehta Case
IT : Where Tribunal restored/ set aside issue to file of Assessing Officer to verify/examine each entry in books of account and to decide issue afresh after examining books of account of assessee and ultimately Assessing Officer had revised assessed income accordingly, if there was a mistake in order of Assessing Officer, only course of action available to Assessing Officer was to take an action under section 154 but not to initiate proceedings for passing a second order[Para 6]
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Income derived by 'Grant Thornton' by rendering professional services was taxable in country of residence
RBI updates master directions on NBFCs
The Reserve Bank of India (RBI) has updated various master direction, i.e., Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016; Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company 9Reserve Bank) Directions, 2016 and Non-Banking financial Company – Non-Systematically Important Non- Deposit taking Company (Reserve Bank) Directions, 2016.
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RBI to harmonise different categories of NBFCs into fewer ones
In order to provide NBFCs with greater operational flexibility, hamonisation of different categories of NBFCs into fewer ones shall be carried out based on the principle of regulation by activity rather than regulation by entity. Accordingly, it has been decided to merge the three categories of NBFCs viz. Asset Finance Companies, Loan Companies and Investment Companies into a new category called NBFC – Investment and Credit Company (NBFC-ICC).
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RBI revises definition of ‘bulk deposits’ & provides freedom to bank in raising deposits
In terms of extant instructions, banks have been given discretion to offer differential rate of interest on the bulk deposits as per their requirement and Asset-Liability Management projections. Now, RBI has been decided to revise the definition of bulk deposits and provide operational freedom to banks in raising these deposits.
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RBI forms new NBFCs' category by merging 3 to ease operational flexibility
RBI eases Risk weights norms for exposures to NBFCs
MCA seeks more details from companies to put a check on shell firms
HC recalls its orders to decide question of limitation and demand being time barred
GST/Excise/ST/VAT : Where Tribunal decided first four issues in favour of assessee and held that demand was time barred and penalty not imposable and revenue filed appeal before High Court against findings of Tribunal that demand was time barred and penalty not imposable and High Court vide order dated 11-4-2008 held that appeal against order of Tribunal would lie before Supreme Court and thereafter revenue filed application before High Court seeking recall of order dated 11-4-2018, order dated
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Friday, February 22, 2019
Decoding the demons of Angel Tax!
With the advent of start-ups, two things have emerged radically - Technology and Tax Controversy. The Finance Act, 2012 introduced a new clause (viib) in Section 56(2) in Income-tax Act ('I-T Act') which is now popularly known as 'Angel Tax'. This provision was introduced to tax the closely held companies (i.e., Private Companies) which receive excessive premium on fresh issue of shares from the shareholders
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Loan advanced to foreign AE has to be benchmarked at LIBOR rate and not at SBI rate
No concealment penalty if expenses disallowed by AO were otherwise allowable in next FY: HC
IT : Where Assessing Officer disallowed assessee's claim for deduction of expenditure during year and also imposed penalty under section 271(1)(c) upon it, since expenses as claimed by assessee were otherwise eligible and allowed in next assessment year and all details relating to these expenses were disclosed by assessee, imposition of penalty was to be set aside
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HC allowed sec. 10AA relief as new unit set-up by assessee wasn't formed by splitting-up existing business
President approves of amendments in Indian stamp Act: MoF
The President of India, has given his assent to the Amendments to the Indian Stamp Act, 1899 which were introduced as part of the Finance Act, 2019. The amendments propose to create the legal and institutional mechanism to enable states to collect stamp duty on securities market instrument at one place by one agency on one Instrument.
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Decoding the demons of Angle Tax!
With the advent of start-ups, two things have emerged radically - Technology and Tax Controversy. The Finance Act, 2012 introduced a new clause (viib) in Section 56(2) in Income-tax Act ('I-T Act') which is now popularly known as 'Angel Tax'. This provision was introduced to tax the closely held companies (i.e., Private Companies) which receive excessive premium on fresh issue of shares from the shareholders
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EPFO recommends hiking of EPF interest rate to 8.65% for F.Y. 2018-19
The President promulgates ‘The Bannning of Unregulated Deposit Schemes Ordinance, 2019’
The President promulgates ‘The Bannning of Unregulated Deposit Schemes Ordinance, 2019’. The Ordinance will tackle the menace of unregulated deposit-taking activities. It bans unregulated deposit-taking schemes. The new law prescribes adequate provisions for punishment and disgorgement or repayment of deposits in cases where such schemes manage to raise deposits illegally.
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Delhi HC quashed writ of assessee seeking direction to dept. for immediate auction of property
IT: Where assessee wanted to purchase a premises acquired by Central Government under section 269UD(1) and, for said purpose she challenged validity of Instruction, dated 19-7-1993, which prohibited department from entering into direct negotiations with any individual for disposal of property acquired by it, in view of fact that High Court had already given a clarification that in case said property was put to auction, it would be open for assessee to participate in same, no further relief could
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Copy of Finance Act, 2019
RBI issues operational guidelines to banks for implementation of ‘Interest Subvention Schemes for MS
Govt. had announced ‘Interest subvention scheme for MSMEs 2018’ on Nov 02, 2018. Now a copy of salient features and operational guidelines for implementation of the scheme has been issued. RBI has directed Chairman/MDs of Scheduled Commercial Banks and Regional Rural Banks to take appropriate action and issue necessary instructions to theirs branches for successful implementation of the scheme.
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President approves amendments in Indian stamp Act: MoF
The President of India, has given his assent to the Amendments to the Indian Stamp Act, 1899 which were introduced as part of the Finance Act, 2019. The amendments propose to create the legal and institutional mechanism to enable states to collect stamp duty on securities market instrument at one place by one agency on one Instrument.
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MCA's bid to track down shell companies
In the year 2018, the Govt. of India had identified over 16,500 shell companies and blacklisted more than 30,000 directors in order to cleanise the corporate sector. As of now, various methods, strategies and schemes have been implemented to crack down the shell companies but the Govt. is still grappling with the problem to unearth the shell companies. Therefore, the MCA has come up with new e-form 'Active' to unravel such companies.
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Plant & Machinery installed under water supply project of development authority eligible for 100% dep.
No sec. 10(26BBB) exemption if assessee-company wasn't a corporation established under Central of State Act
IT: When assessee-corporation seeks exemption under section 10 (26BBB), it has to prove that corporation has been established by Central, State or Provincial Act and, therefore, where assessee-corporation was merely registered under Companies Act as any other company, its claim for exemption of income under section 10(26BBB) was to be rejected
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SEBI revises haircut on Govt-Securities accepted as collateral
SEBI revises the minimum haircut applicable to the G-Sec deposited by clearing members. Now, there would be 3 minimum haircut slabs depending on the type and tenure of the G-Sec. The haircut would be at least 2 % for treasury bills and liquid G-Sec having maturity period of less than 3 yrs. Minimum 5 % slab for those securities having maturity period of more than 3 yrs. The slab for all other semi-liquid and illiquid G-Sec would be at least 10 %.
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EPFO Proposes Rate Hike to 8.65% for FY19; 6 Cr Members to Benefit
RBI Seeks Info from NBFCs on Moratorium Given to Borrowers
House panel asks govt to make reports on black money public
MCA’s new e-form ‘Active’ need to be filled by all cos. incorporated on or before Dec. 31, 2017
The Ministry of Corporate Affairs (MCA) has further amended the Companies (Incorporation) Rules, 2014 wherein new e-form Active has been introduced for activation of company.
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Restrictive practices by imposing unfair conditions for selection of a stockist was anti-competitive: CCI
Material supplied by the service recipient free of cost to be included in gross value of works contract: SC
GST/Excise/ST/VAT : Where assessee was engaged in providing works contract service and it opted to discharge service tax liability under Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 and Tribunal held that value of material supplied by service recipient free of cost was liable to be included in gross value of works contract, Supreme Court dismissed appeal filed by assessee
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Compensation paid by NMDC to Govt. for conducting mining beyond its sanctioned lease area allowable as deduction
IT : Compensation paid by assessee-company to Government, as per directions of Supreme Court, to conduct mining in area beyond its sanctioned lease area would be allowed as business expenditure; it was compensatory in nature and not a penalty
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Thursday, February 21, 2019
Govt. issues draft ESI rules to reduce employer and employee contribution
Delay in filing appeal due to negligence of assessee's council to be condoned: HC
President promulgates four Ordinances
The President of India on 21.02.2019 promulgates The Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019. The Indian Medical Council (Amendment) Second Ordiance, 2019. The Companies (Amendment) Second Ordinance, 2019 and the Banning of Unregulated Deposit Schemes Ordinance, 2019.
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MCA extends last date of filing initial return in MSME Form I
The MSME Form-I has not been deployed yet on MCA portal, in order to avoid inconvenience to stakeholders, MCA has clarified that period of thirty days for filing initial return in MSME form –I shall be reckoned from the date of the said form is deployed on MCA 21 Portal. On 22.01.2019, the MCA had issued Specified Companies (Furnishing of information about payment to micro and small enterprises suppliers) Order, 2019.
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Substantial expansion would make an assessee claim 100% deduction afresh; SC upholds HC’s ruling
IT : Supreme Court affirms view of High Court that an assessee who sets up a new industry of a kind mentioned in sub-section (2) of section 80-IC and starts availing exemption of 100 per cent tax under sub-section (3) of section 80-IC (which is admissible for five years) can start claiming exemption at same rate of 100 per cent beyond period of five years on ground that assessee has now carried out substantial expansion in terms of clause (ix) of sub-section (8) of section 80-IC
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186664/substantial-expansion-would-make-an-assessee-claim-100-deduction-afresh-sc-upholds-hc’s-ruling.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186664/substantial-expansion-would-make-an-assessee-claim-100-deduction-afresh-sc-upholds-hc’s-ruling.aspx
Income from sale of land used for nursery not taxable if same was declared as agricultural land in revenue records
IT : SLP dismissed against High Court ruling that where assessee sold a piece of land on which it was running a nursery, in view of fact that land was declared as agricultural land in revenue records and, moreover, its distance from nearest Municipality was beyond 8 Kms., income arising from sale of said land could not be brought to tax
from www.taxmann.com Latest Case Laws https://ift.tt/2V9upNm
from www.taxmann.com Latest Case Laws https://ift.tt/2V9upNm
Grant received by Govt. co. was capital receipt though it was used for salary & PF payments; SLP dismissed
IT: SLP dismissed against High Court ruling that where Government gave grant-in-aid to a company wholly-owned by Government, facing acute cash crunch, to keep company floating, even though large part of funds were applied by company for salary and provident funds, grant received was capital receipt
from www.taxmann.com Latest Case Laws https://ift.tt/2BLyBM2
from www.taxmann.com Latest Case Laws https://ift.tt/2BLyBM2
Scrap The Angel Tax, Don’t Just Dilute It
Over 7,000 cash-starved start-ups may benefit from angel tax relief
CIT isn't empowered to cancel sec. 12AA registration retrospectively: HC
IT : Section 12AA(3) as amended with effect from 1-6-2010 to empower Commissioner to cancel registration granted to a trust, not applicable retrospectively and; thus, prior to that there was no inherent power in Commissioner to cancel registration
from www.taxmann.com Latest Case Laws https://ift.tt/2T9yNyv
from www.taxmann.com Latest Case Laws https://ift.tt/2T9yNyv
Complaint filed under Negotiable Instrument Act based on second statutory notice isn't barred under law: SC
RCom held guilty of contempt of court on failing to pay Rs. 550 Cr. to Ericsson as per undertaking given to Court
Contempt of Courts Act : RCom group held guilty of contempt of Court as they had undertaken to pay sum of Rs. 550 crores to Ericsson without depending upon any act or omission of third party but had failed to pay same and thus breached undertakings given to Court. Thus, they were to be directed to purge contempt of Court by payment to Ericsson of sum of Rs. 453 crores in addition to Rs. 118 crore made to Registry of Court.
from www.taxmann.com Latest Case Laws https://ift.tt/2ShsyUK
from www.taxmann.com Latest Case Laws https://ift.tt/2ShsyUK
Sale of booking rights of flat couldn't be treated as sale of residential house; sec. 54F relief available
IT : Where assessee had booked a flat far back in January, 1981 and till time, she sold her rights in flat in year 2005, completion of construction was nowhere in sight it was not a case of sale of residential property and thus assessee's claim for deduction under section 54F in respect of capital gain earned from sale of her right in said flat was to be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2NgbnlP
from www.taxmann.com Latest Case Laws https://ift.tt/2NgbnlP
Maintenance or repair service used in operation of power plant couldn't fall under management of immovable property
GST/Excise/ST/VAT : Where assessee had entered into an agreement with a client for operation and maintenance of power plants and it was responsible, inter alia, for monitoring plant equipment performance, operation planning, coordinating with State Electricity Board, breakdown maintenance and repairs of all transformers, switchgears, breakages, motor control centres, etc., operation charges collected by assessee from client were not liable to service tax under category of 'management, maintenanc
from www.taxmann.com Latest Case Laws https://ift.tt/2GBs9uW
from www.taxmann.com Latest Case Laws https://ift.tt/2GBs9uW
SLP granted against ruling that payer who failed to deduct TDS was liable for interest though payee had filed nil ITR
IT : SLP granted against High Court ruling that where assessee-payer had failed to deduct tax at source under section 194C, it was liable to pay interest under section 201(1A) even if payee of such amounts had filed a nil return or a return showing a loss
from www.taxmann.com Latest Case Laws https://ift.tt/2NgCZXW
from www.taxmann.com Latest Case Laws https://ift.tt/2NgCZXW
Agreement to sell shares by director to outsiders without approval won't be binding on shareholders
Wednesday, February 20, 2019
Full value of consideration to compute capital gains u/s 45(3) was recorded value of assets on date of transfer: HC
Govt. issues draft rules to reduce employer and employee contribution
Capital gains arose if possession of land was transferred, though agreement to sell was terminated later on
IT : Where pursuant to agreement to sell, possession of land was handed over by assessee and sale consideration was received, provisions of section 2(47) would apply and mere fact that contract was subsequently terminated by mutual consent, would not improve case of assessee to wriggle out of purview of section 2(47)
from www.taxmann.com Latest Case Laws https://ift.tt/2GCmLaU
from www.taxmann.com Latest Case Laws https://ift.tt/2GCmLaU
Matter remanded to examine whether vessels given on hire were technically suited to explore mineral oils
IT/ILT: In order to claim applicability of section 44BB, vessels given on hire by assessee are required to be shown to be fitted with necessary equipments, and having technical capacity for use in prospecting for, or extraction or production of mineral oils
from www.taxmann.com Latest Case Laws https://ift.tt/2GxmMx7
from www.taxmann.com Latest Case Laws https://ift.tt/2GxmMx7
Matter remanded to examine whether vessels given on hire were used technically suited to explore mineral oils
IT/ILT: In order to claim applicability of section 44BB, vessels given on hire by assessee are required to be shown to be fitted with necessary equipments, and having technical capacity for use in prospecting for, or extraction or production of mineral oils
from www.taxmann.com Latest Case Laws https://ift.tt/2SezRMX
from www.taxmann.com Latest Case Laws https://ift.tt/2SezRMX
Sales tax waiver to be treated as capital receipt not taxable: HC
RBI may Lift PCA Curbs on Dena, Central and Allahabad Banks
Govt’s Angel Tax Fix Gives VCs an Edge over HNIs
Cabinet clears ponzi Ordinance, fresh changes in the Companies Act
Angel tax relief for startups: Funding cap for exemption raised to Rs 25 cr
MCA notifies Companies (Adjudication of Penalties) Amendment Rules, 2019
Scheme of arrangement was to be approved as all statutory compliances had been completed : NCLT
Promulgation of various ordinances related to Cos., Muslim women rights, medical council & unregulat
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the Promulgation of various ordinances named, the Companies (Second Amendment) Ordinance, 2019; the Banning of Unregulated Deposit Schemes Ordinance, 2019; the Indian Medical Council (Amendment) Second Ordinance, 2019 and the Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019
from taxmann.com News https://ift.tt/2DW4mlN
from taxmann.com News https://ift.tt/2DW4mlN
Capital gains leviable if possession of land was transferred, though agreement to sell was terminated later on
IT : Where pursuant to agreement to sell, possession of land was handed over by assessee and sale consideration was received, provisions of section 2(47) would apply and mere fact that contract was subsequently terminated by mutual consent, would not improve case of assessee to wriggle out of purview of section 2(47)
from www.taxmann.com Latest Case Laws https://ift.tt/2SP8Q8a
from www.taxmann.com Latest Case Laws https://ift.tt/2SP8Q8a
Tuesday, February 19, 2019
Norms for Angel tax relaxed; no tax on issuance of shares up to Rs. 25 crore
The Department for Promotion of Industry and Internal Trade (DPIIT) has issued a new notification in supersession of its earlier notification no. GSR 364(E), dated 11-04-2018. Now, an entity shall be treated as start-up for a period upto 10 years. Further, the threshold limit of startup towards its paid-up share capital & share premium after issuance of shares has been increased to Rs. 25 crore.
from taxmann.com News http://bit.ly/2GNRVvg
from taxmann.com News http://bit.ly/2GNRVvg
Order passed by AO giving effect to ITAT's remand direction couldn't be challenged before HC
IT : Where Assessing Officer had disallowed proportionate interest expenditure claimed by assessee and Tribunal remanded issue back to Assessing Officer for fresh adjudication and it also by an order dismissed assessee's application for rectification and against impugned order assessee filed writ petition, since Assessing Officer had already passed consequential order pursuant to Tribunal's remand order and had accepted assessee's contention on allowability of interest expenditure, entire issue
from www.taxmann.com Latest Case Laws http://bit.ly/2V4ON1Z
from www.taxmann.com Latest Case Laws http://bit.ly/2V4ON1Z
DPIIT widens definition of start-ups; notification to be released soon
The Union Minister, Mr. Suresh Prabhu has cleared the proposal aiming at simplifying the norms and make it easier for startups to thrive in the country. The definition of the start-up has been extended by The Department for Promotion of Industry and Internal Trade (DPIIT). As per new definition, an entity shall be treated as start-up for a period upto 10 years from its date of incorporation or registration instead of the existing period of 7 years. The notification on the same will be re
from taxmann.com News http://bit.ly/2SL49fx
from taxmann.com News http://bit.ly/2SL49fx
Date of conversion of capital asset into stock-in-trade to be reckoned from date of entry passed in books of a/c
IT : For purpose of section 45(2), date of conversion of capital asset into stock-in-trade has to be determined either on basis of entry passed in books of account of assessee or intention of assessee to exploit capital asset as stock-in-trade for its business purpose
from www.taxmann.com Latest Case Laws http://bit.ly/2SZSZmw
from www.taxmann.com Latest Case Laws http://bit.ly/2SZSZmw
Auditor of company who signed tax audit report couldn't value shares of company under rule 11UA
ITAT wasn't justified in deleting penalty just because income of assessee assessed at NIL: HC
IT : Where Tribunal had deleted penalty imposed upon assessee for concealment of income on grounds that it had in quantum appeal reduced income of assessee assessed at Rs. 34.63 lakhs to NIL and assessee had suffered loss in earlier years and subsequently Tribunal by an order dated 5-9-2018 recalled its previous order and posted penalty appeal for fresh hearing, aforesaid grounds were not sufficient to delete penalty and impugned order did not require any interference
from www.taxmann.com Latest Case Laws http://bit.ly/2Xbu52v
from www.taxmann.com Latest Case Laws http://bit.ly/2Xbu52v
CIC pulls up Reserve Bank for non-disclosure of demonetisation records
SC issues notice to CCI on Monsanto´s plea
Sale of building alone without transfer of furniture, fixtures & other equipments not to be held as slump sale
IT: Where assessee claimed that cinema building sold by it was a case of slump sale within meaning of section 50B, in view of fact that as per sale deed, possession of only land and building was handed over and there was no transfer of furniture, fixtures and other equipments, plea raised by assessee was to be rejected
from www.taxmann.com Latest Case Laws http://bit.ly/2DWfIpJ
from www.taxmann.com Latest Case Laws http://bit.ly/2DWfIpJ
Reopening of assessment not permitted for carrying out fishing inquiries: HC
IT : Where assessee was engaged in development of land and Assessing Officer had reopened assessment of assessee for reasons that (i) on checking of record of assessee it was found that it was a builder and, therefore, to verify intelligence gathered by Intelligence Wing, it was necessary to carry out detailed inquiry, and (ii) it had developed a society land which according to information received did not contain any agreement, Assessing Officer wished to carry out a fishing inquiry and reopeni
from www.taxmann.com Latest Case Laws http://bit.ly/2SOhS59
from www.taxmann.com Latest Case Laws http://bit.ly/2SOhS59
Monday, February 18, 2019
OP didn't abuse its position due to presence of other players in horse racing services: CCI
Competition Act: Where informant had alleged that OP turf authorities committee members were violating principles of competition while conducting horse racing and betting operations, however, informant had not provided any material to prove same, no contravention of provisions of section 3 occurred
from www.taxmann.com Latest Case Laws http://bit.ly/2GJYuzb
from www.taxmann.com Latest Case Laws http://bit.ly/2GJYuzb
After 27 Years, Harshad Mehta and Family Free of Tax Cloud
Loss from switching mutual funds was business loss if profit on its sale was held as business income
IT: Assessing Officer could not initiate reassessment proceedings on ground that loss arising from switching over from one plan of mutual funds to another was of capital nature when he himself had treated profits from sale of mutual funds as business income
from www.taxmann.com Latest Case Laws http://bit.ly/2NbSK2m
from www.taxmann.com Latest Case Laws http://bit.ly/2NbSK2m
Saturday, February 16, 2019
Employees of Statutory Corporations aren't regarded as Govt. employees for sec. 10(10AA) exemption
Transfer of asset received as compensation on compulsory acquisition of agricultural land attracts capital gains tax
IT : Where assessee had sold leasehold right in a plot of land acquired by it by way of an additional compensation received for compulsory acquisition of agricultural land, belonging to her late father, since it was a right in plot of deceased father against which assessee was allotted leasehold right and same could not be considered as agricultural land transferred during year,
from www.taxmann.com Latest Case Laws http://bit.ly/2S2Zoss
from www.taxmann.com Latest Case Laws http://bit.ly/2S2Zoss
Prosecution under Black Money Act was justified if assessee failed to disclose foreign bank accounts: HC
IT : Where sufficient opportunities were available to petitioner under Act of 1961 to make true and proper disclosure of foreign assets, however he failed to make true and full disclosure after search and seizure and also in Settlement proceedings he would be liable for violation of provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
from www.taxmann.com Latest Case Laws http://bit.ly/2S6Lxl4
from www.taxmann.com Latest Case Laws http://bit.ly/2S6Lxl4
Provisions made for wealth tax not to be included in book profit for MAT computation
Supply received on consignment basis for further supply is ‘clearing & forwarding agents services': CESTAT
GST/Excise/ST/VAT : Where a principal, under an agreement entered into with assessee, supplied products to assessee on consignment basis and assessee sold them to customers, activity undertaken by assessee would fall under category of 'clearing and forwarding agent service'
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186141/supply-received-on-consignment-basis-for-further-supply-is-‘clearing-forwarding-agents-services-cestat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186141/supply-received-on-consignment-basis-for-further-supply-is-‘clearing-forwarding-agents-services-cestat.aspx
RBI eases norms for foreign investors to invest in Debt
RBI had announced on sixth bi-monthly monetary policy statement for 2018-19 that FPI shall have an exposure of more than 20% of its corporate bond portfolio to a single corporate. In order to encourage a wider spectrum of investors to access the Indian corporate debt market, it has been decided to withdraw this provision for monthly policy with immediate effect.
from taxmann.com News http://bit.ly/2V1SaGW
from taxmann.com News http://bit.ly/2V1SaGW
Option of purchasing of shares was given to those who had been found to be oppressed by NCLT
Cartelization among manufacturers and suppliers of batteries to control its price tantamounted to anti-competitive act
Competition Act: Where there was cartelization amongst OP-2 and OP-3, manufacturers and suppliers of zinc-carbon dry cell batteries in India to control its distribution and price causing loss to consumers and foreclosing competition, it was to be held that there was contravention of provisions of section 3 by OPs, hence, penalty was to be imposed on OPs and persons in-charge
from www.taxmann.com Latest Case Laws http://bit.ly/2SVOl91
from www.taxmann.com Latest Case Laws http://bit.ly/2SVOl91
Friday, February 15, 2019
Earnest money forfeited by HSIDC on surrender of industrial plot allotment was capital loss not deductible
No proceedings as ‘KPTCL’ didn't deduct TDS on leave encashment treating its employees as State Govt. employees
IT : Section 192 used word 'estimate' and, therefore, statutory intention is that it should be an approximation; obligation of assessee under section 192 is only to make bona fide estimate of income of his employee under head salaries
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186511/no-proceedings-as-‘kptcl’-didnt-deduct-tds-on-leave-encashment-treating-its-employees-as-state-govt-employees.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186511/no-proceedings-as-‘kptcl’-didnt-deduct-tds-on-leave-encashment-treating-its-employees-as-state-govt-employees.aspx
Sec. 12AA registration not mandatory if trust was claiming exemption under section 10(23C)(iiiad)
HC quashed order of settlement commission as petitioners didn't disclose full & true value of duty liability
GST/Excise/ST/VAT : In respect of settlement of cases under Central Excise Act, unless Settlement Commission records its satisfaction on two essential jurisdictional preconditions, namely, that applicant had made full and true disclosure of his duty liability and manner in which such liability had been derived, it would not have jurisdiction to pass an order of settlement
from www.taxmann.com Latest Case Laws http://bit.ly/2IgyoGp
from www.taxmann.com Latest Case Laws http://bit.ly/2IgyoGp
ITAT deleted Pepsico's AMP adjustment due to absence of agreement with AE to spend on AMP
IT/ILT : There being no arrangement or agreement with AE at any point of time that assessee was required to spend on AMP or it had been done at behest of AE, spending of AMP expenditure by assessee could not be held to be an international transaction between assessee and its AE and accordingly AMP adjustment made by TPO/Assessing Officer would not be sustainable
from www.taxmann.com Latest Case Laws http://bit.ly/2BB663I
from www.taxmann.com Latest Case Laws http://bit.ly/2BB663I
Date of holding property to be taken from date on which lease-cum-sale agreement holder paid entire consideration
IT: Where assessee under a lease-cum-sale agreement, had paid entire consideration for site originally allotted to it in 2001, date of possession of property by assessee as lessee cum agreement holder with right to obtain conveyance of absolute interest over land that was leased, had to be accepted as date of holding of property and not date on which absolute conveyance was made to assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2TL66oF
from www.taxmann.com Latest Case Laws http://bit.ly/2TL66oF
HC dismissed writ as poly butylene feedstock & LPG were taxable at same rate under pre and post-GST regime
GST/Excise/ST/VAT: Where revenue issued on assessee a show cause notice dated 7-11-2013 against ad hoc exemption Order No. 22/3/95-CX, dated 24-3-1995 issued by Government of India in favour of assessee and Single Bench of High Court quashed said notice on grounds that it was issued without jurisdiction and it was a clear case of abuse of process of law, Single Bench was perfectly right in quashing show cause notice
from www.taxmann.com Latest Case Laws http://bit.ly/2BN0Ud9
from www.taxmann.com Latest Case Laws http://bit.ly/2BN0Ud9
Date of holding property to be taken from date on which leave-cum-sale agreement holder paid entire consideration
IT: Where assessee under a lease-cum-sale agreement, had paid entire consideration for site originally allotted to it in 2001, date of possession of property by assessee as lessee cum agreement holder with right to obtain conveyance of absolute interest over land that was leased, had to be accepted as date of holding of property and not date on which absolute conveyance was made to assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2GHhm1w
from www.taxmann.com Latest Case Laws http://bit.ly/2GHhm1w
‘5-Yr I-T Returns, Foreign Assets, Mandatory Pan’
RBI imposes penalty on BoI, PNB and OBC for flouting norms
Bank statements aren't books maintained by assessee; no sec. 68 additions on credit found in it
IT : Mere bank statement which is issued by bank to its client/account holder can't be elevated to status of books maintained by assessee within meaning of section 2 clause 12A and section 44AA . Further, credit in bank account simply or any other raw information available to Assessing Officer can't be loosely called as books of account under section 68. Therefore, invocation of section 68 sans valid and proper books of account of assessee was invalid
from www.taxmann.com Latest Case Laws http://bit.ly/2tp98n3
from www.taxmann.com Latest Case Laws http://bit.ly/2tp98n3
Thursday, February 14, 2019
Aadhaar-PAN linking is mandatory by March 31, 2019: CBDT
No denial of exemption just because trust failed to specify purpose of accumulation of funds in Form 10
State has no exclusive power to engraft section 174 into Kerala State Goods and Services Tax Act, 2017: HC
CGST: State has legislative competent to enact section 174 of the Kerala Goods and Services Tax Act, 2017, which is a saving provision brought about by State Legislature to save transactions under State's various pre-GST enactments, including the Kerala Value Added Tax Act
from www.taxmann.com Latest Case Laws http://bit.ly/2tn4tSE
from www.taxmann.com Latest Case Laws http://bit.ly/2tn4tSE
AO couldn't apply Rule 8D just because interest free & interest bearing funds were used for making investment
IT : Mere fact that assessee availed of mixed funds i.e. interest free as well as interest bearing funds, and utilised them for making investments in securities earning tax free income, applicability of section 14A, read with rule 8D would not be automatic
from www.taxmann.com Latest Case Laws http://bit.ly/2ST2HqA
from www.taxmann.com Latest Case Laws http://bit.ly/2ST2HqA
Relief to persons suffering from HIV/AIDS falls into category of 'medical relief' u/s. 2(15)
RBI imposes Rs. 5 cr penalty on four public sector banks
Govt. amends Prevention of Money Laundering (Maintenance of records) Rules, 2005
The Govt. has amended the Prevention of Money Laundering (Maintenance of records) Rules, 2005 wherein new proviso has been inserted in Rule 2 which specified that if the client submits his proof of possession of Aadhaar number as an officially valid document, he may submit it in such form as are issued by the Unique Identification Authority of India
from taxmann.com News http://bit.ly/2GqRsjf
from taxmann.com News http://bit.ly/2GqRsjf
No sec. 14A disallowance unless there is receipt of exempt income during the year
Wednesday, February 13, 2019
State has no power to engraft section 174 into Kerala State Goods and Services Tax Act, 2017
CGST: State has legislative competent to enact section 174 of the Kerala Goods and Services Tax Act, 2017, which is a saving provision brought about by State Legislature to save transactions under State's various pre-GST enactments, including the Kerala Value Added Tax Act
from www.taxmann.com Latest Case Laws http://bit.ly/2SzFc6z
from www.taxmann.com Latest Case Laws http://bit.ly/2SzFc6z
AO couldn't invoke rule 8D without proving that sec. 14A disallowance made by assessee was unsatisfactory
SLP dismissed against HC's ruling that assessee was entitled to sec. 10B deduction in respect of deemed export
‘Accredited’ Tag may Still not Save Startup Angels from Tax
Trustees of Sir Dorabji Tata Trust to Meet Amid I-T Order
Banks Clear MSME Loans Worth Rs. 30,000 Cr via 59-Minute Portal
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply
Lok Sabha clears Finance Bill; FM says tax proposals aimed at helping poor
CCI probing accusations of Google abusing Android to block rivals: Report
Share valuation report to be rejected if no scientific base was provided for Co's projection report
IT : Where assessee allotted shares to a company on premium and fair market value of shares was done by Chartered Accountant on basis of Direct Cash Flow (DCF) method only depending on information about future projections provided by management of assessee, since assessee could not conclusively establish that such projection/estimation done by its management was on a scientific basis, Assessing Officer was justified in rejecting valuation done by Chartered Accountant
from www.taxmann.com Latest Case Laws http://bit.ly/2X1VFiL
from www.taxmann.com Latest Case Laws http://bit.ly/2X1VFiL
No sec. 263 revision merely on ground that AO didn't refer matter to DVO for valuation of property
IT : In terms of section 55A, Assessing Officer has discretionary power to refer matter to DVO for valuation of property and, thus, where Assessing officer was satisfied with valuation made by assessee and did not refer matter to DVO, it could not be a ground to invoke revisional power of Commissioner under section 263
from www.taxmann.com Latest Case Laws http://bit.ly/2N3TWVo
from www.taxmann.com Latest Case Laws http://bit.ly/2N3TWVo
Copy of the Finance Bill, 2019 as passed by Lok Sabha
The Lok Sabha has passed the Finance Bill, 2019 on February 12, 2019. Finance Bill 2019 as passed by Lok Sabha hasn't introduced any change to the Income-tax provisions originally proposed in the Lok Sabha on February 1, 2019. Click on read more to download copy of Finance Bill, 2019 as passed by the Lok Sabha
from taxmann.com News http://bit.ly/2GmD37Z
from taxmann.com News http://bit.ly/2GmD37Z
Assistance to Law Enforcement Agencies by Banks: MoF
Mortgaged properties couldn't be attached under PMLA as those were not purchased with proceeds of crime
FEMA, BANKING & INSURANCE : Where properties were mortgaged with appellant bank for securing loan, long before mortgagors were alleged to have committed Scheduled Offence, appellant-bank being an innocent party not involved in any money laundering, said property could not be said to have been purchased with any proceeds of crime and hence could not have been attached under section 5(1) of PMLA
from www.taxmann.com Latest Case Laws http://bit.ly/2Duer9a
from www.taxmann.com Latest Case Laws http://bit.ly/2Duer9a
Tuesday, February 12, 2019
Expenses being in nature of revenue exp. to be allowed despite different treatment in books of account
IT: Where assessee had setup three new business units and claimed pre-operative expenses incurred by way of salaries and wages, PF and ESI contribution, travelling expenses, and like other general administrative expenses, since assessee had commenced its business activity in relevant previous year and impugned expenditure were revenue in nature and were incurred wholly and exclusively for expansion of existing business of assessee, same was to be allowed
from www.taxmann.com Latest Case Laws http://bit.ly/2UUnQ10
from www.taxmann.com Latest Case Laws http://bit.ly/2UUnQ10
SEBI grants relaxation to non-residents from requirement to furnish PAN for transfer of shares
It has been brought to the notice of SBEI that many non-residents such as NRIs, Overseas Citizens of India, Persons of Indian Origin and Foreign Nationals have been facing difficulties in transferring shares held by them since many of them do not possess PAN card. Therefore, SEBI has decided to grant relaxation to non-residents from requirement to furnish PAN for transfer of equity shares of listed entities.
from taxmann.com News http://bit.ly/2I7fdyH
from taxmann.com News http://bit.ly/2I7fdyH
SEBI issues framework for utilization of deposit available with clearing corporations & Development
Interest paid to sister concern deductible if interest received on inter-corporate deposits was taxable as income
IT : Where assessee paid interest to sister concern on money borrowed and subsequently it earned interest income on Inter-Corporate Deposits (ICDs), since there was direct nexus between interest paid and interest earned, interest paid to sister concern was deductible under section 57 while bringing interest income to tax as 'income from other sources'
from www.taxmann.com Latest Case Laws http://bit.ly/2DrwSLG
from www.taxmann.com Latest Case Laws http://bit.ly/2DrwSLG
Sum paid to NR for providing advisory by way of reviewing strategies and M&A options not to be held as FTS
IT/ILT : Where assessee paid certain amount to a France based company for providing advisory services by way of review strategies and M & A options, since professional services rendered by said company did not make available to assessee any technical experience, skill, know-how etc., amount paid for availing said services was not taxable in India as fee for technical services
from www.taxmann.com Latest Case Laws http://bit.ly/2WY5aiT
from www.taxmann.com Latest Case Laws http://bit.ly/2WY5aiT
Honest Cos Won’t Face Action: Goyal
NCLAT Allows 22 IL and FS Firms to Begin Debt Repayments
SC Rejects Petition by Essar Steel’s Operational Creditors
Fresh NPA Additions at Lenders Slow Down, Recoveries on the Rise
IT sleuths unearth Rs. 20,000 cr money laundering racket
RBI´s Feb 12 circular: Infrastructure, power companies were hit hardest
NCLAT allows 22 IL and FS group companies to service debt obligations
Genuine start-ups can breathe easy, says FM Piyush Goyal
No condonation of delay if assessee failed to prove that delay occurred due to factors beyond its control
IT : Where assessee filed appeal before Tribunal with a delay of 107 days without showing that it had taken all possible steps to file appeal within prescribed time period and delay in filing appeal occurred due to factors which were beyond its control, appeal was to be rejected and, as a consequence, appeal was to be dismissed being barred by limitation
from www.taxmann.com Latest Case Laws http://bit.ly/2SrYAlT
from www.taxmann.com Latest Case Laws http://bit.ly/2SrYAlT
No question of law arose if revisional order passed by CIT had kept all issues open for re-consideration by AO
IT: Where Tribunal upheld revisional order passed by Commissioner giving direction to AO to reframe assessment in accordance with law, after examining issue and after giving an opportunity of being heard, since matter was sent back for re-determination for Assessing Officer and all issues had been kept open, no substantial question of law arose from Tribunal's order
from www.taxmann.com Latest Case Laws http://bit.ly/2DtVkMK
from www.taxmann.com Latest Case Laws http://bit.ly/2DtVkMK
No disallowance on cash purchase of 'GUR' from farmers as they didn't have bank a/c: ITAT
IT: Where assessee made payment in excess of Rs. twenty thousand towards purchase of jaggery from farmers, in view of fact that those farmers were mostly uneducated and did not know how to operate bank accounts, assessee's case would fall under Rule 6DD and, thus, impugned disallowance made under section 40A(3) was to be deleted
from www.taxmann.com Latest Case Laws http://bit.ly/2E4wfJR
from www.taxmann.com Latest Case Laws http://bit.ly/2E4wfJR
No sec. 54F relief on cost of land of newly constructed house if it was purchased 1 year before sale of capital asset
Monday, February 11, 2019
HC slams AO for rejecting claim for deduction of provision by treating it as contingent liability
IT : Where assessee's claim for deduction of provision made for project expenses in respect of work carried out by contractor was rejected on ground that it was a contingent liability, in view of fact that assessee had made provision in respect of work already done by contractor on basis of contract/prevalent rates, impugned order rejecting assessee's claim was to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2SnPzdR
from www.taxmann.com Latest Case Laws http://bit.ly/2SnPzdR
ITAT remanded matter back to AO as he failed to provide hearing opportunity before passing reassessment order
IT : Rule of fair hearing is necessary before passing any order. Thus, where assessee was not given proper hearing before order under section 147 as well as addition of Rs. 1.74 lakhs was confirmed in its case, matter was to be restored to file of Assessing Officer for reconsideration afresh
from www.taxmann.com Latest Case Laws http://bit.ly/2UTqnbS
from www.taxmann.com Latest Case Laws http://bit.ly/2UTqnbS
ROC was justified in striking off name of co. from register as it failed to file financials and annual returns
CBDT issues 3rd corrigendum to Circular on TDS from salary for FY 2018-19
CBDT has issued Circular no. 1/2019 on deduction of tax at source from salaries for Financial Year 2018-19. It has issued 3rd corrigendum with regards to provisions of section 80TTB explained in the circular. The board has already issued two corrigendum in respect to said circular.
from taxmann.com News http://bit.ly/2E3Bida
from taxmann.com News http://bit.ly/2E3Bida
Tax recovery from 'Travel Khana' isn't on account of angel tax: CBDT
The Central Board of Direct Taxes (CBDT) has clarified that additions in the case of ‘Travel Khana’ were made under section 68 of the Income-tax Act, 1961 on account of unexplained cash credits & not under section 56(2)(biib) on account of premium on shares as has been alleged. Some media has reported that Rs. 36 lakh have been recovered from startup, namely, Travel Khana as part of recovery of demand on account of angel Tax
from taxmann.com News http://bit.ly/2Gz1b6w
from taxmann.com News http://bit.ly/2Gz1b6w
Sec. 263 revision order couldn't be passed on grounds other than mentioned in notice issued
IT: Where Tribunal set aside revisional order passed by Commissioner finding that while issuing notice under section 263, Commissioner had referred to only one ground that deduction under section 80-IA had been wrongly allowed, however, final order was passed on various other grounds as well, impugned order of Tribunal did not require any interference
from www.taxmann.com Latest Case Laws http://bit.ly/2SIpdSW
from www.taxmann.com Latest Case Laws http://bit.ly/2SIpdSW
Govt. extends time limit for bringing back goods sent out for jobwork by gems and jewellery units to
Govt. has extended the time limit for bringing goods by jewellery units back to SEZs unit to 45 days. Rule 42(1)(ii)(h) of SEZ Rules, 2006 requires that the goods sent out for sub-contracting shall be returned to the Unit within 120 days from the date of removal or within such period as may be extended by the Specified Officer. However in case of a gems and jewellery unit, the finished goods requiring further processing or semi-finished goods, including precious metals, taken outside the SEZ for
from taxmann.com News http://bit.ly/2MYGWjM
from taxmann.com News http://bit.ly/2MYGWjM
CBDT issues 3rd corrigendum on Circular on TDS from salary for FY 2018-19
CBDT has issued Circular no. 1/2019 on deduction of tax at source from salaries for Financial Year 2018-19. It has issued 3rd corrigendum with regards to provisions of section 80TTB explained in the circular. The board has already issued two corrigendum in respect to said circular.
from taxmann.com News http://bit.ly/2StYzxR
from taxmann.com News http://bit.ly/2StYzxR
Income-Tax Deduction from Salaries during the Financial Year 2018-19 under Section 192 of the Income-tax Act, 1961
No interest disallowance if assessee had sufficient interest free funds to meet its investment in subsidiaries
IT : Where Assessing Officer rejected assessee's claim under section 36(1)(iii) taking a view that interest would not have been payable to banks if funds were not provided to subsidiaries, in view of fact that interest free funds were available to assessee which were sufficient to meet its investment in subsidiaries, appellate authorities were justified in allowing assessee's claim for deduction
from www.taxmann.com Latest Case Laws http://bit.ly/2E3nwaB
from www.taxmann.com Latest Case Laws http://bit.ly/2E3nwaB
SEBI issues eligible criteria for physical settlement of stock derivatives
SEBI has decided eligibility criteria with regard to physical settlement of stock derivative. The stocks that qualify for physical settlement are the ones that witness an intra-day movement of 10 % or above on 10 or more occasions in the last 6 months or three or more occasions in the last 1 month. Other criteria for the stock includes an intra-day movement of 25 % or above on one or more occasions in the past 1 month. Further, if the maximum daily volatility of the stock exceeds 10 %
from taxmann.com News http://bit.ly/2BwjdTt
from taxmann.com News http://bit.ly/2BwjdTt
No penalty if there was reasonable cause in accepting loans in contravention of sec. 269SS; SLP dismissed
SEBI unveils format for secretarial audit report and compliance report for listed Cos.
SEBI has prescribed format for annual secretarial audit and compliance report for listed Cos. and their material subsidiaries. In order to avoid duplication, the listed entities and their unlisted material subsidiaries shall continue to sue the Form No. MR-3 as required under the Companies Act, 2013 for the purpose of compliance of 24A of SEBI LODR as well. Compliance report shall have to be submitted by listed entity to stock exchange within 60 days of end of Financial Year.
from taxmann.com News http://bit.ly/2RTF9NP
from taxmann.com News http://bit.ly/2RTF9NP
FinMin seeks Rs. 27,380 cr from RBI towards risks, reserves
HC slam AO for rejecting claim for deduction of provision by treating it as contingent liability
IT : Where assessee's claim for deduction of provision made for project expenses in respect of work carried out by contractor was rejected on ground that it was a contingent liability, in view of fact that assessee had made provision in respect of work already done by contractor on basis of contract/prevalent rates, impugned order rejecting assessee's claim was to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2E33eOC
from www.taxmann.com Latest Case Laws http://bit.ly/2E33eOC
MCA amends norms for determining significant beneficial ownership
The MCA has notified the Companies (Significant Beneficial Owners) Amendment Rules, 2019 which shall come into force w.e.f. 08-02-2019. The revised norms provides clear definitions for significant beneficial ownership (SBO). The Rules aim to look-through corporate layers to reveal individual shareholders that ultimately derive economic benefits from and/or control a corporate entity in India. The new Rule 2A requires every reporting company to find out if there is any individual who is
from taxmann.com News http://bit.ly/2SC7VXN
from taxmann.com News http://bit.ly/2SC7VXN
Friday, February 8, 2019
CBDT Chairman Assures Quick Solution to Startups’ Tax Issues
Lower Risk Weight to Help NBFCs Raise Funds at Competitive Rates
RBI Move to Regulate ePayments may Secure, Stabilise Ecosystem
Tax Relief Denial: Sir Dorabji Tata Trust’s Board may Meet Next Week
No service tax to be charged on payment made to lead generator on commission: CESTAT
GST/Excise/ST/VAT: Where assessee paid commission to 'lead generators' for marketing of its product, service rendered by 'lead generator' was not that of an 'insurance agent' and, therefore, said commission was not liable to be included in assessable value of assessee for discharge of service tax liability
from www.taxmann.com Latest Case Laws http://bit.ly/2TDfomF
from www.taxmann.com Latest Case Laws http://bit.ly/2TDfomF
CENVAT credit can be availed on cement used in mine for grouting after extraction of ore
GST/Excise/ST/VAT : Where assessee was engaged in manufacture of Lead and Zinc concentrates and Adjudicating Authority held that cement used in mine for filling pits after extraction of ore could not be treated input as there was no relation with manufacture or clearance of final product, since assessee without filling of pits was statutorily not in a position to extract ore, i.e., final product, use of cement was very much in relation to extraction of ore and it qualified for input
from www.taxmann.com Latest Case Laws http://bit.ly/2UIoJti
from www.taxmann.com Latest Case Laws http://bit.ly/2UIoJti
RBI allows resolution applicants under CIRP to raise funds through ECBs for repayment to lenders
RBI has decided to relax the end-use restrictions on ECBs for resolution applicants under Corporate Insolvency Resolution Process and has allowed them to raise ECBs from the recognised lenders for repayment of rupee term loans of the target company under approval route. Under existing framework ECB proceeds cannot be utilised for repayment of domestic rupee loans.
from taxmann.com News http://bit.ly/2tcFIZ5
from taxmann.com News http://bit.ly/2tcFIZ5
Thursday, February 7, 2019
ITAT benchmarked LIBOR and EURIBOR to determine ALP of interest charged on sum advanced to AE
IT/ILT: Where ALP of interest charged on amounts advanced by assessee to its AEs had been benchmarked by assessee as per LIBOR and EURIBOR rates, same could not have been determined as per Indian rate as had been done by Assessing Officer/TPO
from www.taxmann.com Latest Case Laws http://bit.ly/2ShSTHi
from www.taxmann.com Latest Case Laws http://bit.ly/2ShSTHi
Royalty payment to Italian Co. pursuant to agreement effective from 01-04-2008 was taxable at 10 %
IT/ILT : Rate of tax on Royalty on three wheelers received by assessee an Italy based company from is Indian AE, pursuant to agreement between assessee and its AE in India, effective from 01-04-2008, being covered by sub-clause (AA) of section 115A(1)(b), is 10.5 per cent
from www.taxmann.com Latest Case Laws http://bit.ly/2Dh0nQm
from www.taxmann.com Latest Case Laws http://bit.ly/2Dh0nQm
No reversal of Cenvat credit if output service was taxed before receipt of completion certificate
GST/Excise/ST/VAT: Where assessee was engaged in development of real estate projects and it availed cenvat credit of service tax paid on various input services used to construct residential complex and it obtained Completion Certificate for residential projects on 24-2-2014 and it had given due intimation to Competent Authority that it shall be availing only proportionate cenvat credit of service tax paid on input service received after date of obtaining Completion Certificate and revenue issued
from www.taxmann.com Latest Case Laws http://bit.ly/2MS53Re
from www.taxmann.com Latest Case Laws http://bit.ly/2MS53Re
Pre-deposit of amt by DRT couldn't be insisted on when appeal was filed before Arbitral tribunal
FEMA, BANKING & INSURANCE : Where a person other than borrower/guarantor files an appeal before Arbitral Tribunal then stipulation of pre-deposit of 50 per cent (or 25 per cent) of amount of debt due from him as claimed by secured creditors or determined by DRT cannot be insisted upon
from www.taxmann.com Latest Case Laws http://bit.ly/2DY1Ooq
from www.taxmann.com Latest Case Laws http://bit.ly/2DY1Ooq
‘Fiscal Deficit Target of 3% is Feasible as We are Growing at a Speed Never Seen Before’
Amazon Retail Ups ‘Pantry’ Play After Clarity on FDI
No Cut in Subsidies, Expect More Tax Steps in Full Budget: Goyal
RBI cuts repo rate by 25 basis point for first time in last 17 months
RBI has cut down repo rate by 25 basis point from 6.5% to 6.25% with immediate effect. The reverse repo rate under the LAF stands adjusted to 6.0% and the marginal standing facility rate and the bank rate to 6.5%. The decisions are in consonance with the objective of achieving the medium-term target for consumer price index inflation of 4% within a band of +/- 2 % while supporting growth.
from taxmann.com News http://bit.ly/2SgRu3x
from taxmann.com News http://bit.ly/2SgRu3x
Read Income-tax (15th Amendment) Rules 2019 is 1st amendment Rules; CBDT issues Corrigendum
The Central Board of Direct Taxes (CBDT) has issued corrigendum to Notification no. G.S.R. 76(E), dated 30-1-2019 which has provided amendment to Rule 12D of the Income-tax Rules, 1962. The board has mentioned in above notification that these rules may be called the Income–tax (15th Amendment) Rules, 2019. Now, it has issued corrigendum that said rules shall be read as 1st amendment rules instead of 15th amendment rules.
from taxmann.com News http://bit.ly/2RMyPaS
from taxmann.com News http://bit.ly/2RMyPaS
Cabinets approves proposal for amendment to Banning of Unregulated Deposit Scheme
The Union Cabinet has given its approval to move official amendments to the Banning of Unregulated Deposit Scheme Bill, 2018. The bill contains substantive banning clause, different types of deposit, server punishment, adequate provision repayment of deposit and attachment of properties.
from taxmann.com News http://bit.ly/2Bn3giD
from taxmann.com News http://bit.ly/2Bn3giD
Selling of media rights to telecast IPL matches classifiable as 'franchise service': CESTAT
GST/Excise/ST/VAT: Where assessee had entered into media rights license agreement as licensor with two broadcasters licensing them media rights for telecast of IPL matches and it had granted representational rights to them in relation to telecast/broadcast of IPL matches, services provided by assessee to licensees would fall under category of 'franchise service'
from www.taxmann.com Latest Case Laws http://bit.ly/2Db9gLa
from www.taxmann.com Latest Case Laws http://bit.ly/2Db9gLa
Transmission of shares of deceased to his widow without considering other legal heirs was illegal: NCLAT
CL: Where respondent directors of a company alleged illegal transmission of shares of deceased director to his widow ignoring other heirs; illegally change in designation of appellant 2 from MD to Chairman, in view of fact that appellants failed to produce any documents effecting said transmission, also no notice was issued to shareholders for holding meeting for approval of appellant 2 as Chairman, NCLT was justified in directing company to enter names of all legal heirs of deceased and, to rem
from www.taxmann.com Latest Case Laws http://bit.ly/2HXcPdR
from www.taxmann.com Latest Case Laws http://bit.ly/2HXcPdR
Wednesday, February 6, 2019
No denial of Sec. 80P relief if no deduction in respect of interest earned on FDs was claimed
IT: Where assessee, a co-operative credit society, was engaged in business of providing credit facilities exclusively to its members and had received interest on surplus fund parked with other societies and bank, and Assessing Officer observed that wrong claim of deduction under section 80P(2) was made in respect of interest income received from nationalized banks as interest income earned from other than co-operative societies are not eligible for deduction under section 80P
from www.taxmann.com Latest Case Laws http://bit.ly/2BiXHRZ
from www.taxmann.com Latest Case Laws http://bit.ly/2BiXHRZ
Monetary limits prescribed for filing of IT appeals are made applicable to wealth tax appeals: CBDT
Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.
Grouting falls under construction activity; no PE as per India-UAE DTAA if it was carried out for less than 9 months
IT/ILT : Grouting activity carried out to protect subsea pipelines, cables and structures falls under head construction activity as specified in article 5(2)(h) of Indo-UAE DTAA; where it was carried out for less than 9 months, assessee UAE company could not be said to have a PE in India
from www.taxmann.com Latest Case Laws http://bit.ly/2SCciCh
from www.taxmann.com Latest Case Laws http://bit.ly/2SCciCh
Sum received from sharing infrastructure facilities with other telecom co. eligible for sec. 80-IA deduction
IT : Where assessee engaged in providing telecommunication services, received income from sharing infrastructure facilities in form of cell-sites and cables with other companies rendering similar services, income so earned would be eligible for deduction under section 80-IA(2A)
from www.taxmann.com Latest Case Laws http://bit.ly/2TuixFc
from www.taxmann.com Latest Case Laws http://bit.ly/2TuixFc
ITAT remanded matter back as record of proceedings before AO didn't mention any appearance of assessee
IT : Where record of proceedings before Assessing Officer did not mention any appearance of assessee and assessment records were not made available before Bench, issue of undervaluation of closing stock was to be remitted back to Assessing Officer for re-examination
from www.taxmann.com Latest Case Laws http://bit.ly/2BlkHzO
from www.taxmann.com Latest Case Laws http://bit.ly/2BlkHzO
No concealment penalty just because co. treated loss on sale of assets as capital loss
IT: Where assessee disclosed all material facts particulars relating to loss incurred on sale of assets, mere fact that assessee was under a wrong belief that it was a business loss whereas AO treated same as capital loss, it could not constitute a sufficient reason to impose penalty under section 271(1)(c)
from www.taxmann.com Latest Case Laws http://bit.ly/2HXa6AX
from www.taxmann.com Latest Case Laws http://bit.ly/2HXa6AX
Company other than subsidiary, JV & associate co. are ineligible for registration as valuers : HC
CL : A company, other than a subsidiary company, joint venture or associate of other company forms a separate class for purpose of eligibility for registration as a valuer under Rule 3(2) of Companies (Registered Valuers and Valuation) Rules, 2017 and said classification is reasonable.
from www.taxmann.com Latest Case Laws http://bit.ly/2WLBqFy
from www.taxmann.com Latest Case Laws http://bit.ly/2WLBqFy
RBI may hold rate on ambiguous growth, moderate inflation
Banks yet to tag Rs. 3.5 trn stressed corporate loans as NPAs: Report
Insolvency and Bankruptcy Code has an overriding effect over Money Laundering Act
SEBI issues framework to review performance of public interest directors
The market regulator, SEBI has issued framework to review performance of public interest directors. Under this framework, public interest directors shall be nominated for a term of 3 years, extendable by another term of three years subject to a performance review.
from taxmann.com News http://bit.ly/2GbpLLt
from taxmann.com News http://bit.ly/2GbpLLt
Application for stay of demand couldn't be rejected without assigning reasons for rejection
IT : Where during pendency of appeal, assessee's application for stay of demand was rejected by revenue by a single line order, without stating any reason or finding as to why application was liable to be rejected, impugned order was to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2DemAym
from www.taxmann.com Latest Case Laws http://bit.ly/2DemAym
Sale of shares demarcated as investment in balance sheet chargeable to tax as capital gains
Co.'s name struck off on account of non-filing of return to be restored after filing of all return forms
Assessee providing post-production services to customers not taxable as 'video-tape production services'
GST/Excise/ST/VAT : Where assessee was engaged in post-production services and provided specialized data processing services to customers according to their specifications and it also provided services like creation of special effects, improving quality of picture or image and convert digital image file to film, etc., services provided by assessee would not fall under category of 'video-tape production services'
from www.taxmann.com Latest Case Laws http://bit.ly/2MVIWcM
from www.taxmann.com Latest Case Laws http://bit.ly/2MVIWcM
ITAT allowed write-off of advance given to wife by Jackie Shroff for production of 'BOOM'
IT: Where assessee actor advanced money to a production house run by his wife to produce films in which he acted as hero so as to boost his career, however, films were not successful and his wife suffered loss and advances given by assessee could not be recovered, money advanced by assessee was in nature of business expediency and same was to be allowed as deduction either under section 37(1) or under section 28(i) as business loss
from www.taxmann.com Latest Case Laws http://bit.ly/2UGrkUF
from www.taxmann.com Latest Case Laws http://bit.ly/2UGrkUF
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