Publish Date : Sunday, March 31, 2019
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Sunday, March 31, 2019
Giving effect to the judgement(s)/order(s) of Hon'ble Supreme Court on Aadhaar-PAN for filing return of income
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Notification No. 31/2019 [F. No. 275/75/2019-ITA.II]
Saturday, March 30, 2019
Income-tax department intensifies its action against terror funding; carries out more search operati
SEBI issue procedure for limited review of entities whose accounts are to be consolidated with liste
Sec. 80HH deduction is available out of gross profit without deduction of dep. & investment allowance: SC
AO couldn't dismiss application on plea that filing of appeal before CIT(A) not valid ground for stay of demand
IT: Where assessee against order of assessment filed appeal before Commissioner (Appeals) and also filed application before Assessing Officer for stay of recovery of demand and Assessing Officer dismissed application on plea that mere filing of appeal against assessment order was not a ground for stay of demand, since Assessing Officer had merely rejected application for stay by way of a non-speaking order, he was to be directed to pass orders de novo after hearing assessee
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Friday, March 29, 2019
Purchase of jewellary in cash rightly disallowed as assessee failed to justify his compulsion for cash payment
IT: Where assessee made purchase of Jewellery worth Rs. 34.48 crores in cash by submitting that a group of bidders formed a syndicate and participated in auction and after successful bidding, money from prospective purchasers were collected and same was remitted to 'M' Ltd., since assessee could not demonstrate that he was representing any syndicate and, moreover, he also failed to demonstrate a situation which compelled him to make payment in cash, impugned disallowance made under section 40A(3
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An amount can’t bear character of income just because payer deducts tax on it: Mumbai ITAT
IT : If under provision of section 4 an amount does not bear character of income and, hence, not chargeable to tax then same cannot be converted into an 'income' only because payer of sum deducts tax under misconception of law
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CIT couldn't dismissed assessee's appeal summarily without giving detailed reasons: ITAT
Cost of acquisition of shares on conversion of FCCB is closing price of shares on NSE on date of conversion
IT : The assessee a company based in Cayman Island entered into an agreement with a nonresident company incorporated in Hong Kong, to purchase, inter alia, 352 Zero-Coupon Foreign Currency Convertible Bonds in Nava Bharat Ventures Limited (NBVL) an Indian company listed on the National Stock Exchange of India Limited (NSE).
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Issue couldn't be re-examined by invoking sec. 263 if AO's order on said issue was merged with CIT(A)'s order
Income from Kalyanamandapams built by trust to be considered as income from house property: ITAT
IT: Property (i.e. Kalyanamandapams) built by assessee society from its income, subsequent to its formation, on land, which was part of original settlement, was to be considered as property under trust and income therefrom was income from property under trust
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MCA Proposes Prosecution of Cos Owned by Kochhar, Dhoot
RBI’s Liquidity Move, Dollar Swap Keep Short-term Rates in Check
Sebi Turns Heat on Debt MFs’ Loan Deals with Promoters
Irdai’s nod to new life insurance regulations
300,000 companies undert ax scanner for money laundering
No angel tax and no red tape: Rahul vows fillip to start-ups
No sec. 14A disallowance if incidental dividend received on shares purchased for trading purpose
IT: Where assessee purchased shares as stock-in-trade for purpose of trading, mere fact that assessee incidentally received dividend on those shares as declared by investee company, no case was made out for invoking provisions of section 14A
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No deemed dividend if the lender companies were substantially involved in money lending business: HC
IT : Where assessee received loan from two companies which were substantially involved in money lending business, Tribunal rightly concluded that proviso (ii) to section 2(22)(e) would apply to assessee's case and addition of deemed dividend made to assessee's income was to be deleted
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Cash purchase of jewellary rightly disallowed as assessee failed to justify his compulsion for cash payment
IT: Where assessee made purchase of Jewellery worth Rs. 34.48 crores in cash by submitting that a group of bidders formed a syndicate and participated in auction and after successful bidding, money from prospective purchasers were collected and same was remitted to 'M' Ltd., since assessee could not demonstrate that he was representing any syndicate and, moreover, he also failed to demonstrate a situation which compelled him to make payment in cash, impugned disallowance made under section 40A(3
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No deduction allowable if interest liability accrued on loan was adjusted in further loan taken from same bank
IT: Where assessee had taken loan from a bank and it instead of payment of interest liability accrued during year obtained further loan from bank and sought to adjust interest liability in said loan and further it claimed deduction of interest liability, Explanation 3C to section 43B was squarely applicable in facts of instant case and Assessing Officer had rightly disallowed deduction as claimed by assessee
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Thursday, March 28, 2019
No further extension on last date for transfer of shares held in physical format: SEBI clarifies
SEBI received representations from shareholders for extension of the date of compliance in view of the same, it clarified that its decision does not prohibit the investor from holding the shares in physical form; investor has the option of holding shares in physical form even after April 01, 2019. Any investor who is desirous of transferring shares held in physical form after April 01, 2019 can do so only after the shares are dematerialized.
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HC directed revenue to not to pass penalty order during pendency of 'Uber' appeal against TDS demand
IT : Where on account of assessee's failure to deduct tax at source, AO raised demand under section 201 and during pendency of appellate proceedings, he initiated penalty proceedings under section 271C, revenue was to be directed that so long as appeal was pending before Tribunal, revenue authorities should be restrained from passing any order imposing penalty on assessee under sections 271C and 206AA
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Sec. 12AA registration couldn't be cancelled just because society was engaged in propagating Christianity: HC
IT: Where Registrar cancelled registration granted to assessee-society under section 12AA(3) taking a view that expenditure incurred by assessee mainly related to propagating of Christianity and it was trying to create hatred against other religions for which criminal cases were also filed against it, Tribunal rightly issued direction to Commissioner to as certain nature of case, if any, filed against society and if those cases had impact on cancellation of registration then such factors were to
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No sec. 14A disallowance in absence of any exempt income earned during the year; SLP dismissed
Books of account couldn't be rejected for one source of income while retaining same for other source
Interim protection of stay could continue beyond 365 days if delay wasn't attributable to assessee; SLP dismissed
IT: Where High Court concluded that wherever appeal could not be decided by Tribunal due to pressure of pendency of cases and delay in disposal of appeal was not attributable to assessee in any manner, interim protection of stay could continue beyond 365 days in deserving cases, SLP filed against said decision was to be dismissed
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TPO has no jurisdiction to comment upon whether services are indeed required by assessee or not: ITAT
IT : TPO while determining ALP of a transaction has got limited jurisdiction to ascertain ALP of transaction and he cannot sit in judgment to ascertain whether services are indeed required by assessee or not; it is beyond scope of TPO's jurisdiction to comment on requirement of services by assessee
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Amendment to sec. 142(2C) empowering AO to extend time limit to submit audit report has retro-effect: SC
IT : The provisions of section 142(2C), as they stood prior to the amendment whereby words 'suo motu' were inserted in sub-section (2C) of section 142 with effect from 1-4-2008 by the Finance Act, 2008, did not preclude the exercise of jurisdiction and authority by the Assessing Officer to extend time for the submission of the audit report directed under sub-section (2A) of section 142
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Income from letting out shops in mall along with various amenities is taxable as business income: HC
IT : Where assessee company had developed shopping mall and let out same by providing a variety of services, facilities and amenities in mall, it could be found that primary intention of assessee was commercial exploitation of property and where it had derived substantial part of its income by such activity, which constituted its main business, income so derived would be assessed as income from business and not as income from house property. Accordingly, it has to be assessed to tax under head '
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Rs 42K-cr Payout: NCLAT Asks Essar CoC to Keep Operational Creditors in Mind
CJI Expresses Concern Over Non-functioning of Tribunals
Das-led RBI Set to Bring Back ‘Exotic Currency Bets’
Timeline prescribed under Cos. Act for submission of report to Govt. by SFIO is directory not mandatory: SC
CL : Prescription of period within which a report has to be submitted to Central Government under sub-section (3) of section 212 is purely directory. Even after expiry of such stipulated period, mandate in favour of Serious Fraud Investigation Officer(SFIO) and the assignment of investigation under sub-section (1) would not come to an end.
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No TDS was required on exp. recorded on estimated basis if assessee was following project completion method
IT: Where in project completion method provisions were made in books of accounts for ancillary works which were yet to be completed, expenditure being estimated only and payee not known, it would not be possible to deduct TDS on these estimated expenditure and therefore disallowance on account of TDS would does not arise
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Re-opening of assessment as assessee-trust was hit by sec. 13 was valid: HC
IT : Where assessee, a registered trust, filed return disclosing NIL income after taking benefit of section 11 and Assessing Officer passed assessment order under section 143(3) accepting declared income and subsequently he reopened said assessment for reason that assessee had received sizable donation from one 'H', which was also a registered trust, and spent such sum on officers/directors of 'H' and claimed same as reimbursement of expenditure and such receipt was hit by section 13(3)(b), reop
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RBI allows non-residents to participate in rupee interest rate derivatives
RBI has issued direction on ‘Non-resident participation in rupee interest rate derivative markets’ allowing all entities including non-residents to participate or transact in interest rate derivatives market. The directions shall be applicable to Rupee interest rate derivative transaction in India undertaken on recognised stock exchange, Electronic Trading Platforms and Over-the-Counter market.
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RBI hikes the limit of investment by FPIs in Govt. securities
RBI has increased the investment limit for FY 2019-20 for Foreign Portfolio Investors in Government securities (G-Secs) to 6 % of outstanding stock of securities from 5.5 % in FY2018-19. The revised limit for FPI investment in debt for FY2020 has been increased to Rs. 6,98,300 crores for the first half from the existing Rs. 6,49,900 crores, and Rs. 7,46,500 crore for the second half of the financial year.
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Wednesday, March 27, 2019
India-USA sign Inter-Governmental Agreement for Exchange of Country-by-Country Reports
India and the United States of America have signed signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports on March 27, 2019. The Agreement will enable both the countries to automatically exchange CbC Reports filed by the ultimate parent entities of Multinational Enterprises (“MNEs”) in the respective jurisdictions, pertaining to the years commencing on or after 1 January, 2016.
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Sum paid to law firms for preparing doc. to facilitate sale of shares was allowable deduction u/s 48
IT : Where assessee while computing long-term capital gain arising on sale of shares of its Indian subsidiary, claimed deduction of legal/professional fees paid to lawyers/accounting firms, in view of fact that services rendered by law firms were in relation to advise on sale of entire shareholding of Indian subsidiary and included preparation of share sale/purchase agreement, share transfer forms, etc., it could be concluded that expenditure was in relation to transfer of shares of Indian subsi
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Kotak Bank Says RBI Can’t Rule on Shareholding
NCLT Admits Bank of India’s Plea Against Shrenuj & Co
RBI’s Dollar-Rupee Swap Auction Gets Bids for Dollars 16.3 b Against Dollars 5 b on Offer
Sebi Panel Likely to Suggest Bringing on Par FPI, FDI Caps
NCLT reserves order in Sterling Bio tech over settlement issue
RBI slaps Rs 2- cr fine on PNB for violating SWIFT norms
Mortgaged property couldn't be attached as it wasn't purchased from proceeds of crime
No question of accumulation of income if trust had spent more than 100% of its income during the year: ITAT
Additional evidences filed by assessee to be admitted even if they weren't placed before lower authorities
IT : Additional evidences such as ledger account, bank statement, contractor's bills necessary to decide issue of unexplained investment in proper perspective to be admitted by Tribunal, even if file assessee failed to furnish there evidences earlier
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All Agency Banks to remain open for public on March 31, 2019
The Govt. of India has advised that all Pay and Account offices will remain open on March 31, 0219 to facilitate government receipt and payment transactions. Accordingly, all agency banks are advised to keep all their branches dealing with the Government business open on March 31, 2019.
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Guidelines for Business Continuity Plan & Disaster Recovery of Market Infrastructure Institutions: S
With the advancement in technology and improved automation of processes in terms of transitioning time, wherein the operation can be moved from the Primary data Centre to the Disaster Recovery Sites. Therefore, SEBI felt the extant framework needs to be re-examined and issued guidelines for Business Continuity Plan & Disaster Recovery of Market Infrastructure Institutions
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RBI issues master direction on ECBs, Trade Credit and Structured Obligations
The Reserve Bank of India (RBI) has issue master direction on External Commercial Borrowing, Trade Credits and Structured Obligations. This direction lay down the modalities as to how the foreign exchange business has to be conducted by the authorized persons with their customers with a view to implementing the regulations framed.
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RBI includes ‘DBS Bank’ in second schedule of RBI Act, 1934
Assessee couldn't challenge taxability of Govt. subsidy if same wasn't raised in entire SetCom proceedings
IT : Where assessee had not raised dispute regarding taxability of Government subsidy, received by it under a Government scheme, during entire settlement proceedings till settlement order was passed, assessee could not urge Commissioner to examine such an issue in exercise of revisional powers
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Tuesday, March 26, 2019
HC upholds constitutional validity of section 234E imposing fee for delayed filing of TDS statements
TPO can't determine ALP of specified domestic transactions not referred to him by AO: Bombay HC
IT/ILT : In relation to a specified domestic transaction, TPO can under take transfer pricing study only in relation to those transactions which are referred to him under sub-section (1) of section 92C . Sub-section (2A) and (2B) of section 92C are confined to international transactions and with aid of any interpretive process, said provision cannot be applied to empower TPO to examine any specified domestic transaction not referred to him by Assessing Officer under sub-section (1).
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ITAT remanded matter back to TPO for determination of ALP of royalty paid for use of ‘Vodafone’ trademark
IT : Matter remanded back to TPO to examine comparability analysis for determination of ALP of royalty fee paid by assessee, a telecommunication service provider, for use of Vodafone and Essar Trademark in terms of trademark licence agreement in view of inadequate facts about product comparability for technology for which trademark fees is paid as Royalty
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Failure to attend proceedings can't be a ground to reject application for condonation of delay: Bombay HC
IT: Where assessee's application for compounding of offence for delay in depositing tax deducted at source was dismissed only on ground that nobody attended proceedings when said application was taken up for hearing, impugned order was to be set aside and, matter was to be remanded back for disposal on merits
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TPO can't determine ALP of transactions not referred to him by AO: Bombay HC
IT/ILT : In relation to a specified domestic transaction, TPO can under take transfer pricing study only in relation to those transactions which are referred to him under sub-section (1) of section 92C . Sub-section (2A) and (2B) of section 92C are confined to international transactions and with aid of any interpretive process, said provision cannot be applied to empower TPO to examine any specified domestic transaction not referred to him by Assessing Officer under sub-section (1).
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No TP adjustments on share purchase at high premium as it doesn't amount to revenue receipt: Bombay HC
No additions just relying on statement of Managing Partner recorded u/s 131 if no supportive evidence was found
Payment of fees to SEBI in respect to securities transactions undertaken by stock brokers and cleari
Sec. 69 additions couldn't be made in respect of investments made in earlier years: Delhi ITAT
RBI Norms to Set Up Regulatory Sandbox for Fintech Firms Soon
IT´S PROJECT INSIGHT TO NAB TAX EVADERS
CBDT notifies SEBI (Mutual Finds), Regulations, 1996 as ‘specified regulations’ for sec. 9A purpose
The Central Board of Direct Taxes (CBDT) has notifies the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the SEBI Act, 1992 as the ‘Specified Regulations’ for the purpose of section 9(A).
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SEBI reviews mutual fund norms related to commission, expenses and disclosure
Monday, March 25, 2019
AO couldn't invoke addition under sec. 41(1) if advance written off was reflected as 'Fixed Assets': ITAT
IT: Where assessee engaged in business of bottling-cum-manufacturing of soft drink, received advances/deposits towards security against bottles & cases which was written off during relevant assessment year, in view of fact that amount received in advance was being treated as non-trading liabilities as depreciation was allowed thereon and, moreover, no benefit was received during relevant year in respect of amount so written off, provisions of section 41(1) could not be invoked in assessee's case
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HC set-aside order withdrawing sec. 10(23C)(vi) approval without giving reasonable opportunity to assessee
IT : Where Authorised Officer conducted raid upon assessee-trust and its trustees and thereafter Competent Authority issued notice calling upon assessee to show cause as to why approval granted under section 10(23C)(vi) should not be withdrawn for violating provisions of Act and further said authority passed an order withdrawing approval granted under section 10(23C)(vi), since Competent Authority had not given reasonable opportunity to assessee to put forth its case,
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Advertisement tax can't be levied by Nagar Nigam without legislative competence
GST/Excise/ST/VAT : Where Mathura Vrindavan Nagar Nigam, in exercise of its powers under section 172(2)(h) of Uttar Pradesh Municipal Corporation Act, 1959, framed bye-laws, namely, (Vigyapan kar ka Nirdharan and Wasuli Viniyaman) Upvidhi, 2017 to impose tax on advertisement, in view of omission of section 172(2)(h) by virtue of section 173 of Uttar Pradesh Goods and Services Tax Act, 2017, Nagar Nigam had no legislative competence to promulgate said bye-laws
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Rs 3-lakh cr Investment by Pvt Firms in Power Sector Faces NPA Risk
RBI’s Fx Swap: Precursor to an Indian Offshore Sovereign Bond?
Period of limitation applicable if buyer asks for refund of excise duty paid by manufacturer under protest
GST/Excise/ST/VAT : Where a manufacturer of goods paid excise duty under protest and after settlement of dispute by Supreme Court in favour of manufacturer, assessee, who was a buyer of goods from manufacturer, claimed for refund of duty paid by manufacturer under protest, period of limitation of six months as prescribed under section 11B would apply
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Ex-chairman's ailment was sufficient cause for condonation of delay in filing appeals: SC
SetCom rightly rejected application if assessee failed to offer any explanation about nature of exp. claimed: SC
IT : SLP dismissed against High Court ruling that where assessee filed an application before Settlement Commission claiming certain expenditure as 'speed money' for getting clearances from different authorities, since assessee failed to offer any explanation regarding nature of said expenses, Commission rightly rejected assessee's application on ground that it had not come with clean hands
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SEBI relaxes norms relating to custodial services
SEBI has amended SEBI (Custodian) Regulations, 1996. ‘Rule 9A – relating to period of validity of certificate for custodian’ has been substituted providing that ‘every certificate granted under 8(3) shall be valid unless it is suspended or cancelled by the Board. Earlier, the validity period of certificate was 3 year. Also, ‘Rule 9B – relating to renewal of certificate’ has been omitted. Schedule II has also been amended.
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Saturday, March 23, 2019
Rreliance JIO NCLT nod to hive off fiber, Tower business
Fallout looms as NBFCs' funding costs surge to multi- year highs
Sec. 10A allowable in respect of income earned from sale of export quota
IT : In case of assessee, a 100 per cent export-oriented unit, engaged in manufacture and export of garments, claim for exemption under section 10A was to be allowed in respect of income earned from sale of export quota and interest on margin money deposited for opening Letters of Credit
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Order imposing penalty could not be sustained due to failure to serve notice to petitioner: HC
FEMA, BANKING & INSURANCE : Where a show cause notice alleging illegal remittance of Rs. 14.67 crores by petitioner from Dubai to his brother in India, without any general or special exemption from RBI was not served upon petitioner, impugned ex parte order imposing penalty upon petitioner was not sustainable and, thus, was to be set aside
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SC granted SLP against HC's ruling refusing condonation of delay in filing of revenue's appeal
Friday, March 22, 2019
B.S. Yedyurappa can’t be held guilty for making payments to BJP leaders on basis of xerox papers
The Income-tax department has clarified that Sh. B.S. Yedyurappa can’t be held guilty of making various payments to BJP leaders just on the basis of xerox copies of loose papers found during the search action carried-out on Sh. D.K Shivakumar and Group of Cases on 2 August, 2017
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Sum received by partner on retirement from firm is exempt from tax: ITAT
IT: Share of capital along with accrued profit, goodwill, brokerage/commission and payment made to assessee in realisation of his share in net value of assets of firm on his retirement are not liable to be taxed as capital gains and also under section 28(v)
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Compensation paid by developers to allottees of flats for surrendering their rights is allowable exp.: HC
IT : Compensation paid by assessee developer to allottees of commercial spaces for surrender of their rights therein could not be said to be disallowable on ground of such payment having been made for 'extraneous considerations.' Assessee had a plausible explanation for making such payment of compensation to protect its 'business interests.' While it is true that there was no 'contractual obligation' to make payment,
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Income-tax Act prevails over Canon Law; Salary received by Nuns/Missionaries is taxable
IT : Section 192 has nothing to do with Religious character of Teachers who are paid such salary by State in form of Grant-in-aid. Whether they are Nuns, Sisters or Missionaries on one hand or normal persons serving as Teachers in Government Aided Schools on other hand and their religious character or bindings have no effect on uniform application of section 192 .
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SC granted SLP against HC's ruling refusing condonation of delay in fining of revenue's appeal
AO can't reject books of account without finding any material defect in it: ITAT
IT: Without there being any material defects found in books of account, same could not have been rejected on ground that assessee had declared less gross profit for year under consideration or day-to-day moment of material was not reflected in stock register
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ITAT remanded matter to consider issue of AMP exp. in absence of any specific agreement to incur it
IT/ILT: Where assessee entered into agreement with overseas entity to avail services of its employee at location of assessee and assessee made payments in respect of reimbursement of salaries of seconded employees without deducting TDS under section 195, since assessee did not file Secondment Agreement, assessee was directed to file Secondment Agreement before AO and AO was directed to verify same.
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Individual travelling from India to Nepal can carry current Rs 200 and 500 notes: RBI
Framework for utilization of Regulatory Fee forgone by SEBI
In order to pass on the desired benefits from reduction of regulatory fee on agricultural commodity derivatives, SEBI has been decided that the stock exchanges dealing with agricultural commodity derivatives shall create a separate fund embarked for benefits of farmers in which the regulatory fee forgone by SEBI shall be deposited and utilized exclusively for the benefit pf and easy participation by farmers.
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Fiduciary relationship between payee & drawee doesn't affect presumption raised u/s 139 of NI Act
FEMA, BANKING & INSURANCE : Where a blank signed cheque leaf was voluntarily handed over by respondent to appellant towards some payment, and he failed to prove that same was not issued in discharge of a debt or a liablity, respondent had failed to rebut presumption under section 139
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from www.taxmann.com Latest Case Laws https://ift.tt/2ujGELS
Govt. notifies ‘HUDCO’ for the purpose of TDS exemption u/s 194A
The Central Govt. has notifies ‘Housing and Urban Development Corporation Ltd.’ (HUDCO), New Delhi, for the purpose of non- deduction of tax at source under section 194A
from taxmann.com News https://www.taxmann.com/topstories/222330000000018231/govt-notifies-‘hudco’-for-the-purpose-of-tds-exemption-us-194a.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018231/govt-notifies-‘hudco’-for-the-purpose-of-tds-exemption-us-194a.aspx
CBDT notifies certain entities for exemption under section 10(46)
Wednesday, March 20, 2019
Sum received from sale of rights of ‘Technical Concept’ to safeguard website is taxable u/s 28(va)
IT : Where a technical concept was conceptualized by assessee-employee to safeguard websites from getting infected with malware against consideration and thereafter, an agreement was entered into between assessee, employer-Indusface India, Indusface Canada, and Trend Micro USA, for sale of all rights in concept so developed/against consideration and claim of assessee was that amount received by assessee from Trend Micro was a capital gain in his hands, but as it had no cost of acquisition,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187163/sum-received-from-sale-of-rights-of-‘technical-concept’-to-safeguard-website-is-taxable-us-28va.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187163/sum-received-from-sale-of-rights-of-‘technical-concept’-to-safeguard-website-is-taxable-us-28va.aspx
Notice to be issued in name of legal heir in case of reopening of assessment of deceased person: HC
IT : Where Assessing Officer had issued notice under section 148 in name of deceased assessee to reopen his assessment, for acquiring jurisdiction to reopen an assessment, notice should be issued in name of living person, i.e., legal heir of deceased assessee and section 292B could not be invoked to correct a fundamental/substantial error
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from www.taxmann.com Latest Case Laws https://ift.tt/2CuVF1R
SC dismissed SLP against HC's ruling deleting sec. 69 additions as purchases made by assessee weren't bogus
IT: Where High Court upheld Tribunal's order that in view of copies of invocies and challans, proof of payments, bank statements, transportation payments, vouchers for movement of goods etc, it could be concluded that purchase transactions between assessee and 'D' were not bogus or fraudulent and, thus, addition could not be made under section 69C, SLP filed against decision of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2CvTvis
SLP dismissed against order of HC's upholding ITAT's decision to delete sec. 14A disallowance
IT: Where High Court upheld order passed by Tribunal deleting disallowance made under section 14A holding that explanation of assessee and amount offered to tax could not have been rejected by Assessing Officer in arbitrary manner, SLP filed against said decision was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2JqI7ul
No reassessment proceedings on account of non-recording of reasons by AO; SLP dismissed
IT: Where High Court upheld Tribunal's order quashing reassessment proceedings on ground that reasons recorded by assessing authority for reopening assessment were never communicated to assessee, SLP filed against said decision was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Ct0Uit
No additions in absence of admission on part of assessee that capitation fee was paid out of undisclosed income
IT : Merely because Statements recorded under section 132 (4) are admissible in evidence, it does not mean that said statements or their contents can be read out of context and beyond terms of statements itself and without corroborating material. Where assessee accepted having paid Capitation Fee to Engineering College for admission of his son, however, there was no admission on part of assessee that Capitation Fee was paid by assessee out of Undisclosed Income not so far declared,
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from www.taxmann.com Latest Case Laws https://ift.tt/2FgI66V
SC dismissed SLP against HC's ruling that interest earned on sum lent to contractor was business income
RBI guv calls for more consistency among finance commissions
No relief from penalty just because wrong deduction was claimed on basis of advice given by CA; SLP dismissed
IT: Where High Court confirmed penalty order passed by Tribunal rejecting assessee's explanation that it had claimed deduction in respect of tax paid on basis of wrong advice given by Chartered Accountant, SLP filed against decision of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2TXpMc9
Tuesday, March 19, 2019
Sec. 10(23C) exemption was available if assessee was conducting skill training programmes for students: ITAT
ITAT quashed draft assessment order as 'ESPN', being NR partnership firm, wasn't an eligible assessee u/s 144C
IT/ILT : Where assessee is not a foreign company and TPO has not proposed any variation to return filed by assessee, assessee for purposes of section 144C(15)(b) is not an 'eligible assessee'; consequently, DRP would have no jurisdiction to pass draft assessment order
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from www.taxmann.com Latest Case Laws https://ift.tt/2HtDlKI
HC justified in denial of sec. 54B relief by ITAT relying on spot inquiry report of income-tax inspector
HC deleted additions as no order was passed by Rent Control Tribunal fixing higher rent of assessee’s premises
IT: Where assessee let out shops in one building to various tenants and one of said shop was illegally sublet to 'P' bank, in view of fact that all other tenants were protected under Delhi Rent Control Act, order passed by Rent Control Tribunal in eviction proceedings directing illegal tenant to deposit certain compensation on monthly basis in Court, could not form basis to make addition to assessee's rental income in respect of other tenants as well
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186370/hc-deleted-additions-as-no-order-was-passed-by-rent-control-tribunal-fixing-higher-rent-of-assessee’s-premises.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186370/hc-deleted-additions-as-no-order-was-passed-by-rent-control-tribunal-fixing-higher-rent-of-assessee’s-premises.aspx
No SLP against order of HC deleting penalty on ground that assessee had made full and true disclosure
No sec. 68 additions on basis of credit found in bank account of assessee: Delhi ITAT
IT : 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. Invocation of section 68 sans valid and proper books of account of assessee is invalid and accordingly addition made by Assessing Officer as sustained by Commissioner(Appeals) based on same was incorrect and had to be reversed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Fc4fDf
Bombay HC deleted additions as no evidence was found that assessee charged rent higher than standard rent
IT: Where assessee let out shops in one building to various tenants and one of said shop was illegally sublet to 'P' bank, in view of fact that all other tenants were protected under Delhi Rent Control Act, order passed by Rent Control Tribunal in eviction proceedings directing illegal tenant to deposit certain compensation on monthly basis in Court, could not form basis to make addition to assessee's rental income in respect of other tenants as well
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Person appointed on probation can't get confirmed appointment automatically after expiry of probation period
Monday, March 18, 2019
Parties were to be relegated to NCLT for dispute of transfer of shares: SC
No denial of sec. 54B relief if land sold by assessee was classified as agricultural land in revenue record
IT : Where land sold by assessee was classified in revenue record as agricultural land and was subjected to land revenue and, further, land was being cultivated on which jowar crop was grown, land transferred by assessee was an 'agricultural land' and capital gain arising from sale of such land was eligible for exemption under section 54B
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from www.taxmann.com Latest Case Laws https://ift.tt/2HDv2va
No coercive action against payee if payer failed to deposit TDS collection with Govt.: HC
IT: If payer, after deducting tax, fails to deposit it in Government revenue, measures can always be initiated against such payers once seller of property suffers TDS at hands of payer purchaser; seller could not again be asked to pay same again
from www.taxmann.com Latest Case Laws https://ift.tt/2Tjcene
from www.taxmann.com Latest Case Laws https://ift.tt/2Tjcene
No reassessment if outstanding interest credited to P&L a/c wasn't offered to tax by SBI as per ITAT's decision
IT : Where in original return outstanding credit interest lying in inter-branch account for more than 10 years as on 30.9.2010 was credited to Profit & Loss A/C by assessee bank as per RBI instructions but same was not offered to tax in accordance with Tribunal's decision, reassessment after four years was unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2TWOs4D
Services received by ONGC from Dutch Co. not FTS in absence of transmitting of any technical knowledge
IT/ILT : Where ONGC had benefit of services provided by assessee, a Dutch company, but did not gain any technical knowledge, experience or skill which would enable ONGC to undertake such an endeavour independently in future without aid and assistance of assessee, payment made to assessee for such services would not fall within scope of article 12 of DTAA between India and Netherlands and would not be taxable in India
from www.taxmann.com Latest Case Laws https://ift.tt/2TTToas
from www.taxmann.com Latest Case Laws https://ift.tt/2TTToas
No additions on account of unexplained purchases if entries in trading account found to be correct
'NGL' manufactured from natural gas classifiable under Heading no. 2710 12 20
GST/Excise/ST/VAT : Where assessee was engaged in manufacture of a product from natural gas and it had 53.21 per cent of C5 and lesser percentage of C6, i.e., 33.20 per cent, said product was 'Natural Gasoline Liquid' covered under Heading No. 2710 12 20
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from www.taxmann.com Latest Case Laws https://ift.tt/2HCybeF
Saturday, March 16, 2019
Mumbai ITAT waves off concealment penalty levied on ‘SRK’ on deemed rental income of gifted Dubai Villa
IT : Concealment penalty could not be imposed upon assessee -Shahrukh Khan in respect of addition made by Assessing Officer towards deemed rental income of villa owned by assessee at Dubai, since revenue had placed reliance on Notification Nos. 90 and 91 of 2008, dated 28-8-2008 and whether such notification would supercede over the DTAA, was a dabatable issue
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187125/mumbai-itat-waves-off-concealment-penalty-levied-on-‘srk’-on-deemed-rental-income-of-gifted-dubai-villa.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187125/mumbai-itat-waves-off-concealment-penalty-levied-on-‘srk’-on-deemed-rental-income-of-gifted-dubai-villa.aspx
National Guidelines on Responsible Business Conduct: MCA
The Ministry of Corporate Affairs (MCA) has issued National Guidelines on Responsible Business Conduct which includes guidance for Micro, Small and Medium Enterprises, Business Responsibility Reporting Framework, Business case matrix, guidance for business on using the BRRF as a Self-Assessment tool, Indian Laws Principles and resources.
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CBDT finalizes bilateral agreement on exchange of CbC reports between India and USA
The Central Board of Direct Taxes (CBDT) has stated that a Bilateral Competent Authority Arrangement, along with an underlying Inter-Governmental Agreement, for exchange of CbC Reports between India and the USA has been finalized and will be signed on or before 31st March, 2019.
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Sec. 10(23C)(vi) exemption can't be denied if institution exists solely for educational purposes and not for profit
IT : Where assessee, running a higher secondary school, claimed exemption under section 10(23C)(vi), in view of fact that assessee was not carrying on any other activity apart from imparting education and, moreover, surplus generated had been utilised for school development purposes, claim so raised by assessee was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2UENgA2
StanChart may gain after NCLAT asks Essar CoC not to discriminate
NCLAT Won’t Tell Lenders to Open RCom Trust Fund
CoC May Consider NCLAT Plan for Essar’s Operational Creditors
NCLT Slaps Rs. 1L Fine on Carnival Films for Giving Loan to Directors
NCLAT Supports Rejection of Ruias’ Essar Steel Offer
Govt eyes advance tax mop-up to meet target of Rs. 12 trillion
Govt. issues Reserve Bank of India (Prevention of Market Abuse) Directions, 2019
The Reserve Bank of India (RBI) has issued the RBI (Prevention of Market Abuse) Direction, 2019 which is applicable to all persons dealing insecurities, money market instruments, foreign exchange instruments, derivatives or other instruments of like nature as the bank may specify from time to time.
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from taxmann.com News https://ift.tt/2HypwK8
Friday, March 15, 2019
No concealment penalty if claim of section 11 exemption was rejected by AO; SC dismissed SLP
IT : Where AO having rejected assessee claim for exemption under sections 11 and 12, passed a penalty order under section 271(1)(c) for raising a false claim, in view of fact that assessee succeeded in quantum appeal and, thus, High Court set aside penalty order as well, SLP filed against said decision was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2TMrJZ8
Society imparting training to officers involved in criminal justice system eligible for sec. 12AA registration: SC
IT : Where High Court upheld order passed by Tribunal allowing assessee's claim for registration under section 12AA having regard to fact that assessee was constituted by Government for imparting training to various officers /officials involved in criminal justice system with no profit motive at all, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2CfRdUH
from www.taxmann.com Latest Case Laws https://ift.tt/2CfRdUH
RBI’s dollar 5-b Liquidity Plan to Boost Forex, Money Markets
SBI, ICICI and HDFC Banks to Comply With Additional Capital Norms: RBI
NCLAT asks ArcelorMittal to consider revising bid for Essar Steel
CBDT enables filing of revised return online for ITRs filed manually
The Central Board of Direct Taxes (CBDT) has enabled online facility for the taxpayers, to file revised returns on e-filing portal, in case they have filed original ITR manually (i.e., in paper form). Taxpayer are required to suffix '0' (Zeros) in case the acknowledgment number of the original paper filed return is less than 15 digits. The IT department has released the ‘Easy Guide’ containing steps to file the revised return. Click on ‘read more’ to download ‘Easy Guide’
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from taxmann.com News https://ift.tt/2TKzrTx
‘Prayagraj Mela Pradhikaran’ notified under section 10(46)
Thursday, March 14, 2019
Income was taxable in capacity of individuals though investment in firm was made out of HUF funds by its member
IT: Where Assessing officer computed assessee's income from running a bus on estimate basis, in view of fact that assessee's son was also plying a bus and, in whose case, deduction of certain expenses was allowed while computing income from plying bus, in absence of any change in circumstances,hod of computation of income in assessee's case also
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from www.taxmann.com Latest Case Laws https://ift.tt/2TIjfCf
Loss on account of premium paid to banks in order to be secure against Forex fluctuations isn't speculation loss
IT: Where assessee having taken loan from its related concern located abroad, entered into hedging contracts with two banks in order to secure itself against loss on fluctuation in foreign currency rate and both banks undertook to pay interest at fixed rate of 1.7 per cent on loan amount to creditor in lieu of this, and both banks charged a fixed amount determined on basis of interest and premium for hedging risk, provisions of section 43(5) were not applicable and, thus,
from www.taxmann.com Latest Case Laws https://ift.tt/2ub2NM9
from www.taxmann.com Latest Case Laws https://ift.tt/2ub2NM9
I-T Dept Raids Mayawati’s Former Secy Netram
Firms Rush to Meet Sebi’s Rules on Insider Trading
RBI to Use Enhanced Tool to Boost Liquidity in the System
Sebi Tells PE and VC Funds: No Side Deals with Big Investors
NCLT questions Sterling Biotech lenders on accepting deal
SEBI specifies timeline for Counter offer process under delisting regulations
CBDT notifies certain entities for the purpose of sec. 35 relief
Payments to various artists participating in reality shows are liable for sec. 194C TDS & not sec. 194J TDS
IT : Where assessee made payments to various artists like singers, musicians etc who participated in reality shows hosted by it as guests or judges, tax was required to be deducted at source under section 194C while making payments in question
from www.taxmann.com Latest Case Laws https://ift.tt/2T7pD1i
from www.taxmann.com Latest Case Laws https://ift.tt/2T7pD1i
Wednesday, March 13, 2019
Notification No. 18/2019 [F.No.203/07/2018/ITA-II)
Notification No. 17/2019 [F.No.203/10/2018/ITA-II)
Notification No. 15 /2019 [F.No.200/5/2018-ITA-I]/SO 1214(E)
Investigation of petitioner’s shell company by SEBI without any notice was unjustified: HC
SEBI : A finding of shell company de hors any notice or hearing would not be justified having regard to its negative implications and serious consequences
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187018/investigation-of-petitioner’s-shell-company-by-sebi-without-any-notice-was-unjustified-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187018/investigation-of-petitioner’s-shell-company-by-sebi-without-any-notice-was-unjustified-hc.aspx
Weighted deduction u/s 35(2AB) allowed towards exp. incurred on refreshments for visiting scientists; SLP dismissed
IT : Where High Court upheld order passed by Tribunal allowing weighted deduction under section 35(2AB) to assessee on account of expenses incurred for lunch, refreshment etc. of visiting scientists after treating same as expenses incurred for R&D activity, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2VXum7H
from www.taxmann.com Latest Case Laws https://ift.tt/2VXum7H
Matter remanded back to NCLAT as respondent failed to comply with procedure laid down under NCLAT Rules: SC
CL : Stipulation of service of notice on other side, pursuant to issuance of notice by National Company Law Appellate Tribunal in an appeal, has to be complied with, regardless of supply of advance copy of appeal paper book prior to issuance of notice by NCLAT
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from www.taxmann.com Latest Case Laws https://ift.tt/2UAnRY2
No reassessment after 4 years if assessee had duly disclosed facts of acquisition and transfer of asset
IT: Where assessee had disclosed facts of acquisition and transfer of asset in original return of income, audited balance-sheet and notes of Auditor and also made claim of relief under section 11, Assessing Officer could not initiate re-assessment proceeding after 4 years to deny any part of relief
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from www.taxmann.com Latest Case Laws https://ift.tt/2UxqKck
Angel Tax Breather: Scheme to Accredit Investors in Works
Bombay High Court defers Kotak vs RBI matter to April 1
Reserve Bank to sinfuse Rs. 12,500 crore through OMOs tomorrow
RBI defends Feb 12 circular, says firms didn´t submit plan
CBDT chairman P C Mody holds review meet on advance tax payment
Cairn stake in Vedanta drops to 0.1% after IT dept sells 99% shares
NCLAT pulls up SBI-led lenders of RCom for giving a 'false impression'
SC granted SLP against HC's ruling that sec. 80-I relief was allowed without reducing sec. 80HH deduction
ROC wasn’t justified in striking off name of Co. u/s 248(1) when co. had filed resolution for voluntary striking off
CL: Where appellant company resolved for voluntarily striking off its name from register of companies under section 248(2) but appellant could not file resolution with ROC as requisite form was not available on website of MCA, ROC was not justified in passing order to strike off of company on basis of section 248(1) instead of section 248(2)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186325/roc-wasn’t-justified-in-striking-off-name-of-co-us-2481-when-co-had-filed-resolution-for-voluntary-striking-off.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186325/roc-wasn’t-justified-in-striking-off-name-of-co-us-2481-when-co-had-filed-resolution-for-voluntary-striking-off.aspx
Tuesday, March 12, 2019
ROC wasn’t justified in striking of name of Co. u/s 248(1) when co. had filed resolution for voluntary striking off
CL: Where appellant company resolved for voluntarily striking off its name from register of companies under section 248(2) but appellant could not file resolution with ROC as requisite form was not available on website of MCA, ROC was not justified in passing order to strike off of company on basis of section 248(1) instead of section 248(2)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186325/roc-wasn’t-justified-in-striking-of-name-of-co-us-2481-when-co-had-filed-resolution-for-voluntary-striking-off.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186325/roc-wasn’t-justified-in-striking-of-name-of-co-us-2481-when-co-had-filed-resolution-for-voluntary-striking-off.aspx
No hearing opportunity was required for revenue at the time of considering settlement application
Voluntarily strike off of name from register of co. was rejected due to non-filing of resolution plan with ROC
CL: Where appellant company resolved for voluntarily striking off its name from register of companies under section 248(2) but appellant could not file resolution with ROC as requisite form was not available on website of MCA, ROC was not justified in passing order to strike off of company on basis of section 248(1) instead of section 248(2)
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from www.taxmann.com Latest Case Laws https://ift.tt/2JlL2EH
ICICI-Videocon loan case: Deepak Kochhar may be probed for benami assets
NHPC to Bid for Sikkim’s 120MW Jal Power Plant
StanChart to Contest NCLT’s Essar Steel Award
RBI Didn’t Agree with Govt on Rationale for Demonetisation
‘Anonymous’ Electoral Bonds: SC to Hear Petitions on March 26
Bankers divided over linking rates to external benchmark
NCLAT pulls up RCom lenders over Rs 37,000 cr asset sale 'golden outlook'
Don’t hand over Bafna Pharma to promoter: NCLAT
MCA reconstitutes Insolvency law committee as 'Standing Committee' for review of implementation of I
MCA issues clarification on filing of e-form for conversion of public co. into private co. and chang
Stakeholders have expressed certain difficulties in filing e-form RD-1 on account of pending deployment of revised version of e-form RD-1. It is therefore clarified and advised to process of e-form RD-1 for change in financial year and conversion of public into private company, till the revised from is deployed by the Ministry of Corporate Affairs.
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No sec. 68 additions in case of share application money if assessee had provided financial statements of investors
IT : Where assessee-company had provided balance sheet of investor companies along with their profiles and subscriber companies themselves had provided bank statements and their respective PAN details, no section 68 addition was called for on account of increase in share application money
from www.taxmann.com Latest Case Laws https://ift.tt/2TIMaWx
from www.taxmann.com Latest Case Laws https://ift.tt/2TIMaWx
Re-constitution of Insolvency Law Committee as Standing Committee: MCA
MCA issues clarification on filing of e-form for conversion of public into private co. and change in
Stakeholders have expressed certain difficulties in filing e-form RD-1 on account of pending deployment of revised version of e-form RD-1. It is therefore clarified and advised to process of e-form RD-1 for change in financial year and conversion of public into private company, till the revised from is deployed by the Ministry of Corporate Affairs.
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Delay in depositing tax under IDS, 2016 couldn't be condoned on account of personal reasons
IT : Where pursuant to declaration made under Income Declaration Scheme of 2016, assessee failed to deposite minimum 25 per cent of total amount declared within prescribed time limit due to personal reasons, in view of fact that CBDT took a conscious decision not to grant any extension in case of individual hardship, impugned order rejecting assessee's application for condonation of delay did not require any interference
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from www.taxmann.com Latest Case Laws https://ift.tt/2VVIaQd
MCA extends tenure of High Level Committee on CSR
The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs to review the existing framework and formulate a coherent policy in Corporate Social Responsibility. The Committee has been granted extension of 3 months with effect from 04.03.2019 with the approval of MCA to submit its report.
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Purchase date to be reckoned from date of allotment of flat while computing capital gains
Monday, March 11, 2019
Notification No. 14/2019 [F.No. 203/09/2018-ITA-II]
Notification No. 16/2019 [F.No. 200/8/2018-ITA-I]
Compensation received for termination of construction of railway siding was capital receipt: ITAT
IT : Where assessee-company was formed for construction of way track and railway siding on behalf of a company, in view of fact that due to certain disputes arose between parties work was stalled by assessee, compensation paid by said company to assessee for closure of business activity was to be treated as capital receipt not chargeable to tax
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Sebi Plan to Build KYC Database of Beneficial Owners Irks FPIs
Mutual funds are now advised to submit links to access advertisement through e-mail: SEBI
In continuation to various Go Green initiatives in Mutual Funds, the Mutual funds are now advised to submit links to access the advertisement to be filed under the Mutual Fund regulation by sending the same through e-mail to SEBI at mf_advertisement@sebi.gov.in.
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Transfer of entire shareholding in subsidiary to third Co. won't amount to slump sale: Bombay HC
IT : Where assessee sold its entire sahreholding in its subsidiary UHEL to a third party and, AO took a view that it was a case of slump sale 2(42C), in view of fact that what was transferred were mere shares of assessee in UHEL and there had been no transfer of an undertaking of UHEL, such change in mere pattern of shareholding of UHEL would not make it a case of slump sale, and,thus, impugned order passed by AO was to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2VPg7Sn
No Source of Borrowings as Banks Refuse to Lend: InvITs
Planning to change your job? Soon, EPF transfer will be automated
RBI amends FEMA (Permissible Capital Account Transactions) Regulations, 2000
CBDT increases tax free gratuity limit from Rs. 10 lakh to Rs. 20 lakh
The CBDT has increased the maximum amount of gratuity exempt under section 10(10)(iii) from existing Rs. 10 Lakh to Rs. 20 Lakh. Earlier, the Govt. vide notification S.O. 1420 (E) dated 29.03.2018 has increased the limit of amount of gratuity payable to an employee under section 4(3) of the Payment of Gratuity Act, 1972 from Rs. 10 Lakh to Rs. 20 Lakh.
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from taxmann.com News https://ift.tt/2F2UEQf
RBI updates master direction on Foreign Investment in India
The Reserve Bank of India (RBI) has updated the master direction on Foreign Investment in India. This master direction laid down the modalities as to how the foreign exchange business has to be conducted by the Authorized person with their customers/ constituents with a view to implementing the regulations framed.
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from taxmann.com News https://ift.tt/2SWxGOx
Friday, March 8, 2019
CBDT notifies certain entities for the purpose of sec. 35 relief
Consideration received by confirming party not to be considered while calculating capital gain; SLP dismissed
IT : SLP dismissed against High Court ruling that in case of sale of property, assessee was required to offer capital gain only in respect of amount actually received by him as per sale deed even though a part of sale consideration was also received by confirming party
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from www.taxmann.com Latest Case Laws https://ift.tt/2SS1TOO
Issue of shares to director to comply with a covenant in loan agreement with bank couldn't be taxed u/s 56(2)(vii)
IT : Where transaction of issue of shares to assessee i.e Director and Promoter of company 'D', was carried out to comply with a covenant in loan agreement with bank to fund acquisition of business by subsidiary of company 'D' in USA, such a bona fide business transaction could not be taxed under section 56(2)(vii) especially when there was not even a whisper about money laundering by Assessing Officer in assessment order
from www.taxmann.com Latest Case Laws https://ift.tt/2EJaTAH
from www.taxmann.com Latest Case Laws https://ift.tt/2EJaTAH
Law doesn't restrict corporates to make gifts; no capital gain on shares gifted by NBFC to group concerns
IT : Transfer of shares without consideration, by assessee - NBFC to its group concern, by way of gift are valid, permissible and genuine. They are exempt from provisions of capital gain by virtue of provisions of section 47(iii) of Income-tax Act, 1961
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from www.taxmann.com Latest Case Laws https://ift.tt/2TAIciL
No escape from penalty even if cash received in excess of Rs. 20,000 was deposited on same day in bank a/c
IT: Where director of assessee-company obtained cash in excess of Rs. 20,000 as loan from a financier and same was deposited by him in cash in bank account of company, merely because director took cash loans from financier, and deposited it in current account of assessee-company on very same day and assessee utilized it to pay salaries, rent and EMI commitments could never be a ground to be taken as a mitigating factor to escape from rigour of levy of penalty under section 271D
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from www.taxmann.com Latest Case Laws https://ift.tt/2SQwjkz
Full value of consideration to compute capital gains u/s 45(3) is recorded value of assets on date of transfer: SC
IT: SLP dismissed against High Court ruling that for purpose of computing capital gains under section 45(3), value of assets recorded in books of firm on date of transfer would be deemed to be full value of consideration received or accrued as a result of transfer
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from www.taxmann.com Latest Case Laws https://ift.tt/2EV4BPE
RBI Nominees’ LVB Call to Set Trend in Bank-NBFC M and As
Essar Insolvency: NCLT rejects KVBs plea against Arcelor bid
Gross amount of accommodation entries to be considered while computing turnover limit for tax audit
IT : In case of assessee, engaged in providing accommodation entries to entry seekers on commission basis, gross amount received had to be taken into consideration for computing monetary limit of Rs. 40 lakhs as specified under section 44AB and not commission income earned by him
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from www.taxmann.com Latest Case Laws https://ift.tt/2IYckAH
RBI relaxes norms for white label ATMs
RBI has relaxed business guidelines for white label ATMs (WLA) allowing the WLA operators to source cash directly from banks, offer bill payment and interoperable cash deposit services, display advertisements pertaining to non-financial products/services anywhere within the WLA premises. This relaxation in guideline would increase the scope for earning revenue for WLA operators.
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No action could be undertaken u/s 153C if seized documents weren't in name of assessee; SLP dismissed
IT : SLP dismissed against High Court ruling that where seized documents were not in name of assessee, no action could be undertaken in case of assessee under section 153C and further entire decision being based on huge amounts revealed from seized documents not being supported by actual cash passing hands, additions under section 69C were not sustainable
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from www.taxmann.com Latest Case Laws https://ift.tt/2UpYI2f
Secured creditor under SARFAESI Act would have priority over rights of Govt. in respect of mortgaged properties
CL: Where appellant bank sanctioned loan to a company namely 'SVLL' and on account of failure of 'SVLL' to repay said loan, appellant initiated proceedings under SARFAESI Act, 2002, appellant being a secured creditor under 2002 Act, would have priority over rights of Central or State Government or any other local authority in respect of properties mortgaged with appellant bank by 'SVLL'
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from www.taxmann.com Latest Case Laws https://ift.tt/2C9cPlI
Suspension of trading membership for 5 days was excessive and unwarranted: SEBI
SEBI: Where appellant was a member of NSE and it failed to abide by Code of Conduct for trading members, since it was its first violation and there was no finding that said violation had high impact, imposition of suspension of trading membership for 5 days was excessive and unwarranted
from www.taxmann.com Latest Case Laws https://ift.tt/2UrCcWW
from www.taxmann.com Latest Case Laws https://ift.tt/2UrCcWW
‘Agricultural Development Trust’ notifies for the purpose of sec. 35 relief
The Central Board of Direct Taxes (CBDT) has notified ‘Agricultural Development Trust’ under the category of ‘University, College or other Institution’ for the purpose section 35(1)(ii) of the Income-tax Act, 1961
from taxmann.com News https://www.taxmann.com/topstories/222330000000018120/‘agricultural-development-trust’-notifies-for-the-purpose-of-sec-35-relief.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018120/‘agricultural-development-trust’-notifies-for-the-purpose-of-sec-35-relief.aspx
Thursday, March 7, 2019
Sec. 68 additions justified as assessee failed to justify huge cash gift received from nephew being a salaried person
IT : Where assessee failed to place on record relevant material before Assessing Officer to prove creditworthiness and capacity of his nephew, who was a salaried person, to advance a gift of huge cash amount to assessee who was an affluent businessman, addition made under section 68 in respect of such gift amount was to be confirmed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Tn0G7d
SC remanded matter to SetCom to consider decision of waiving of sec. 234A/B/C interest
IT : Where Settlement Commission passed an order under section 245D(4) making certain additions and waiving interest chargeable under sections 234A, 234B and 234C, matter was remanded back to Settlement Commission for deciding issue relating to waiver of interest payable under sections 234A, 234B, and 234C afresh keeping in view scope and extent of powers of Settlement Commission in relation to waiver of interest as laid down in two decisions of Supreme Court
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from www.taxmann.com Latest Case Laws https://ift.tt/2tRbXgX
Commission earned by foreign co. for rendering buying agency services not taxable as FTS
IT/ILT : Buying agency commission received by assessee, a Hong Kong based company, for rendering buying agency services to its related company AIMPL and other unrelated customers, was not liable to tax in India as fee for technical services
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186291/commission-earned-by-foreign-co-for-rendering-buying-agency-services-not-taxable-as-fts.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186291/commission-earned-by-foreign-co-for-rendering-buying-agency-services-not-taxable-as-fts.aspx
AO was required to access address of assessee mentioned in last ITR; reassessment notice on old address not valid
Startups to Get Angel Tax Relief Retrospectively from Feb 19
Shell-Shocked: Cos Cutting Deals to Launder Money Face SC Heat
CBDT asks officers to complete assessment of note ban by June
RBI circular has one-size-fits-all approach, power firms tell SC
Delhi HC quashed reassessment initiated on the basis of audit objections
RBI fines 10 banks for non-compliance with directions on global messaging software SWIFT
RBI has fined 10 banks for non-compliance and contravention with the directions issued in RBI Circular dated February 20, 2018 on 'Time-bound implementation and strengthening of SWIFT- related operational controls. The RBI has slapped Rs 4 crore penalty on Bank of Baroda, while a fine of Rs 2 crore has been levied on Canara Bank for delayed implementation of the Swift related operational controls.
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from taxmann.com News https://ift.tt/2UodTt1
Wednesday, March 6, 2019
Payment for sugarcane in excess of its SMP can’t be treated as appropriation of profit: SC
IT : Assessee - societies seem to have paid sugarcane purchase price to members/non-members even in excess/above price determined under Clauses 3 & 5A of Control Order, 1966. However, entire/whole amount of difference between Statutory Minimum Price(SMP) and State Advice Price (SAP) per se cannot be said to be an appropriation of profit.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186886/payment-for-sugarcane-in-excess-of-its-smp-can’t-be-treated-as-appropriation-of-profit-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186886/payment-for-sugarcane-in-excess-of-its-smp-can’t-be-treated-as-appropriation-of-profit-sc.aspx
TPO can apply TNMM to compute ALP even if comparable Co. isn't manufacturing exactly the same product
SC remanded matter to SetCom to reconsider decision of waiving of sec. 234A/B/C interest
IT : Where Settlement Commission passed an order under section 245D(4) making certain additions and waiving interest chargeable under sections 234A, 234B and 234C, matter was remanded back to Settlement Commission for deciding issue relating to waiver of interest payable under sections 234A, 234B, and 234C afresh keeping in view scope and extent of powers of Settlement Commission in relation to waiver of interest as laid down in two decisions of Supreme Court
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from www.taxmann.com Latest Case Laws https://ift.tt/2TAZJr6
Interest on NPAs is taxable in the year of receipt only
SC slams lower authorities for deleting sec. 68 additions on share premium relying on assessee’s evidence
IT : Supreme Court reverses order of lower Authorities holding that where there was failure of assessee to establish credit worthiness of investor companies, Assessing Officer was justified in passing assessment order making additions under section 68 for share capital / premium received by assessee company. Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee to establish credit worthiness of investor companies stood discharged
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186856/sc-slams-lower-authorities-for-deleting-sec-68-additions-on-share-premium-relying-on-assessee’s-evidence.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186856/sc-slams-lower-authorities-for-deleting-sec-68-additions-on-share-premium-relying-on-assessee’s-evidence.aspx
LandT Infrastructure Finance Company moves NCLT against Essar Power
ICAI has jurisdiction to entertain complaint against CA for sexual harassment: Delhi HC
New NBFC loans for real estate developers may be Rs 1.7 trillion
Ex-directors slapped with money laundering charges by ILandFS board
RBI to infuse Rs 12,500 crore into financial system through OMOs
Govt to focus on lowering tax rate and widening base, says Arun Jaitley
Co. was to be wound up when respondent itself quantified amount of debt: HC
CL: Where petitioner company provided financial facility to respondent company and, respondent itself quantified amount of debt and furnished amount of charge in prescribed form to ROC, later on, it could not raise a dispute regarding amount of debt
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from www.taxmann.com Latest Case Laws https://ift.tt/2tTL77H
Delay in realization of trading debt from AE may attract TP adjustments towards notional interest
IT/ILT : SLP dismissed against High Court ruling that where services rendered by assessee were specialized and required specific skill based analysis and research that was beyond rudimentary nature of services rendered by a BPO, it was to be held services provided by assessee constituted functions of a KPO
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from www.taxmann.com Latest Case Laws https://ift.tt/2UmtXvh
Appeal filed against order to Adjudicating officer passed under FERA would lie before FEMA's appellant tribunal
Co. was not wound up when respondent itself quantified amount of debt: HC
CL: Where petitioner company provided financial facility to respondent company and, respondent itself quantified amount of debt and furnished amount of charge in prescribed form to ROC, later on, it could not raise a dispute regarding amount of debt
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from www.taxmann.com Latest Case Laws https://ift.tt/2NJtFfd
Co’s fulfilling conditions of ‘Angel Tax Notification’ eligible for Sec. 56(2)(viib) relief: CBDT
The Central Board of Direct Taxes (CBDT) has issued a new notification clarifying that the provisions of Sec. 56(2)(viib) shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the said consideration has been received by a company which fulfils the conditions as specified in the para 4 of DPIIT notification dated 19-02-2019.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018098/co’s-fulfilling-conditions-of-‘angel-tax-notification’-eligible-for-sec-562viib-relief-cbdt.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018098/co’s-fulfilling-conditions-of-‘angel-tax-notification’-eligible-for-sec-562viib-relief-cbdt.aspx
FM:Process of Reforms to Continue; Focus on lower tax rate and wider tax base
No sec. 13(1)(c) violation if trustee was exclusively working for trust; sec. 11 exemption allowable
IT : Where Assessing Officer rejected assessee's claim for exemption of incmoe under section 11 on ground that assessee-trust paid salary to one of trustee and, thus, there was violation of provisions of section 13(1)(c), in view of fact that payment of salary was being made since inception of trust and it had not been disputed by revenue in earlier years and, moreover, said trustee was exclusively working for trust, impugned order passed by Assessing Officer was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2TxfjUx
from www.taxmann.com Latest Case Laws https://ift.tt/2TxfjUx
No TP adjustment in absence of agreement on incurring AMP expenses for promoting AE's brand
IT/ILT: Where Indian subsidiary incurred AMP expenses for promoting brand owned by French AE, in absence of an agreement between assessee and said AE to share/reimburse AMP expenditure incurred by assessee in India, transaction in question would not be an international transaction
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from www.taxmann.com Latest Case Laws https://ift.tt/2IViD8a
Tuesday, March 5, 2019
Land purchased for extension of school building can't make assessee ineligible for exemption u/s 10(23C)(vi)
IT: SLP dismissed against High Court ruling that where assessee educational society had utilised its income for purchase of land for further extension of school building, which was for educational purpose only, exemption under section 10(23C)(vi) could not be denied
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from www.taxmann.com Latest Case Laws https://ift.tt/2ELltIw
No reassessment to disallow pension paid to retiring partner in accordance with partnership deed
IT : SLP against High ruling was to be dismissed on grounds of tax effect being less than Rs. 1 crore where assessee, a partnership firm made payment of certain sum as pension to retiring partners as per partnership deed and same was allowed in original assessment, and all necessary facts were already on record, duly disclosing that there was no failure on part of assessee to disclose primary facts, reassessment to disallow said payment was unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2GYjuTH
SC granted SLP against HC's ruling refusing condonation of delay in filing of revenue's appeal
IT : Where High Court refused to condone delay in filing revenue's appeal and dismissed same being barred by limitation, in view of fact that main cause of delay was difference of opinion between two officers and ultimately legal opinion was taken and, it was decided to file appeal, it was opined that High Court should have heard appeal on merits and, therefore, SLP filed against decision of High Court was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/2UkONv1
from www.taxmann.com Latest Case Laws https://ift.tt/2UkONv1
Banks are allowed to claim share issue expenses as preliminary expenses
Mallya's defiance prompts Sebi to seek amendment in Companies Act
SBI, PNB may buy other banks´ exposure to Jet
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