IT : Where after expiry of four years from end of relevant year, Assessing Officer initiated reassessment proceedings on basis of information received from Investigation wing that 'N' Ltd. was a penny stock listed in BSE which used to facilitate introduction of unaccounted income of members in form of share capital and, assessee was one of those beneficiaries, in view of fact that there was no company by name of 'N' Ltd. which was in existence at relevant time period, impugned reassessment proce
from www.taxmann.com Latest Case Laws http://bit.ly/2ZHxwiN
Tuesday, April 30, 2019
Payment made for catering services is liable for deduction of TDS u/s 194C
IT: Where assessee-hospital availed catering services from 'M', in view of fact that services rendered by 'M' of cooking and serving food would fall within definition of 'work', assessee rightly deducted tax at source under section 194C while making payments to 'M'
from www.taxmann.com Latest Case Laws http://bit.ly/2Vw8y6H
from www.taxmann.com Latest Case Laws http://bit.ly/2Vw8y6H
AO couldn't raise the issue of determination of ALP at appellate stage for which no reference was made to TPO earlier
IT/ILT : If at appellate stage department would be permitted to rake up issue relating to determination of arm's length price of advertisement and publicity expenses, it will virtually result in re-opening of assessment which is prohibited under section 92CA(2C)
from www.taxmann.com Latest Case Laws http://bit.ly/2LcZqja
from www.taxmann.com Latest Case Laws http://bit.ly/2LcZqja
Judicial Magistrate must follow procedure specified in section 202 of Cr. PC for issuing process to accused
FEMA, BANKING & INSURANCE : Provisions of section 202 of CRPC are mandatory in nature and, thus, Judicial Magistrate has to make necessary enquiries in terms of said section before issuing process to accused in complaint filed for commission of offence punishable under section 138
from www.taxmann.com Latest Case Laws http://bit.ly/2VBudKC
from www.taxmann.com Latest Case Laws http://bit.ly/2VBudKC
Monday, April 29, 2019
Capital gain exemption shall be limited to actual sale consideration and not stamp duty value
IT: Computation of capital gain and consequently computation of exemption under section 54EC, shall have to be worked out on basis of substituted deemed sale consideration of transfer of capital asset in terms of section 50C it could claim exemption only in relation to amount of investment made in specified bond and not qua entire capital gain computed as per section 50C
from www.taxmann.com Latest Case Laws http://bit.ly/2GRx227
from www.taxmann.com Latest Case Laws http://bit.ly/2GRx227
SEBI amends mutual funds norms
SEBI has amended SEBI (Mutual Funds) Regulations, 1996. Amendment has been made to Regulation 2 whereby second proviso has been inserted in the definition of ‘Mutual fund’ providing that mutual fund schemes investing in exchange traded commodity derivative my hold the underlying goods in case of physical settlement of such contracts. Amendment has also been made to Regulation no. 7, 26, 44, 53 and seventh schedule of the SEBI (Mutual Funds) Regulations, 1996.
from taxmann.com News http://bit.ly/2VvYOZV
from taxmann.com News http://bit.ly/2VvYOZV
RBI Moves to Tighten Current Account Operating Norms to Check Fund Diversion
Committed to RBI’s New Data Localisation Rules
AO can't ask for the pre-deposit for stay of demand without examining the facts and circumstances of the case
IT: Where during pendency of appellate proceedings, Assessing officer directed assessee to remit 20 per cent of tax demand in order to allow its stay application without examining appropriateness of facts and circumstances of assessee's case, impugned order passed by him was to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2GHrlT7
from www.taxmann.com Latest Case Laws http://bit.ly/2GHrlT7
Internal CUP method can't be used for computing ALP if transactions with AEs are fundamentally of different nature
Saturday, April 27, 2019
No penalty u/s 158BFA if income disclosed during search by assessee doesn't exceed the income determined by AO
IT : Where in course of appellate proceeding Tribunal concluded that in block assessment proceedings only 15 per cent of total sales receipts be taken for purpose of levy of tax, in view of sub-section (2) of section 158B, impugned direction of Tribunal did not require any interference
from www.taxmann.com Latest Case Laws http://bit.ly/2UKErnA
from www.taxmann.com Latest Case Laws http://bit.ly/2UKErnA
Revaluation of shares as per HC's mandate not to be considered while computing book profit under MAT
IT: Where, on amalgamation, assessee acquired shares held by amalgamating company and same were revalued on basis of fair market value (FMV), since such revaluation was mandated by order of High Court approving amalgamation scheme, difference arising between book value of shares shown in books of amalgamating company and FMV of shares which formed capital reserve of assessee, could not be added while computing book profit under section 115JB
from www.taxmann.com Latest Case Laws http://bit.ly/2ZDvJet
from www.taxmann.com Latest Case Laws http://bit.ly/2ZDvJet
RBI’s ‘Last Chance’ to Give Defaulters’ Info
RBI Brings Non-deposit Taking NBFCs Under Ombudsman Ambit
SC rejected appeal filed after delay of 242 days as revenue couldn't provide satisfactory reasons for such delay
GST/Excise/ST/VAT: Where assessee filed refund application in respect of services consumed in SEZ and Adjudicating Authority denied refund on ground that there were no nexus between services and operation carried out in SEZ and Tribunal, on further appeal, set aside order of Adjudicating Authority on ground that he had not examined relevant evidence, nor conducted enquiry wherever needed, Supreme Court dismissed appeal being filed by revenue on ground of delay as well as on merits
from www.taxmann.com Latest Case Laws http://bit.ly/2ZCOFdh
from www.taxmann.com Latest Case Laws http://bit.ly/2ZCOFdh
CBDT notifies agreement between India-USA on exchange of Country-by-Country reports
Extension of date of filing refund claims in the matter of PACL Ltd.
RBI extends deadline for implementation of legal entity identifier in non-derivative markets
With a view to enable smoother implementation of ‘Legal Entity Identifier’ for participation in non-derivative markets. The deadlines for entities with net worth of over Rs. 1000 crores to implement the code in Dec 31, 2019 against April 30, 2019. The deadline for those with net worth between 200 crore and 1000 crores has been extended till Dec 31, 2019 against Aug 31, 2019. For entities having net worth value up to 200 crores, the deadlines has been extended to Mar 31, 2020.
from taxmann.com News http://bit.ly/2GCW43B
from taxmann.com News http://bit.ly/2GCW43B
TPO erred in computing brand value of "Sony" on basis of Cos whose brands were abandoned: ITAT
IT/ILT: Where assessee had claimed that companies selected by TPO as comparables, had brand available to them, but website extracts showed that certain brands or intangible assets were abandoned, since it was not known whether above companies were having these brands registered in their name for assessment year 2013-14, said issue was remanded back to TPO
from www.taxmann.com Latest Case Laws http://bit.ly/2We34e0
from www.taxmann.com Latest Case Laws http://bit.ly/2We34e0
Friday, April 26, 2019
SEBI amends norms relating to net worth requirement by clearing corporations in IFSCs
SEBI has amended the SEBI (IFSC) Guidelines, 2015. Under revised norms every applicant seeking recognition as a clearing corporation shall have a minimum net worth of Rs. 50 Crores in form liquid assets. Also clearing corporation on commencement of operations shall have a minimum net worth equivalent of Rs. 50 Crores at all times in form of liquid assets, and shall have to enhance its net worth to minimum equivalent of Rs. 100 crores over a period of 3 yrs from commencement of operation.
from taxmann.com News http://bit.ly/2ZBgeDR
from taxmann.com News http://bit.ly/2ZBgeDR
SEBI amends norms relating to net worth requirement for clearing corporation in IFSCs
SEBI has amended the SEBI (IFSC) Guidelines, 2015. Under revised norms every applicant seeking recognition as a clearing corporation shall have a minimum net worth of Rs. 50 Crores in form liquid assets. Also clearing corporation on commencement of operations shall have a minimum net worth equivalent of Rs. 50 Crores at all times in form of liquid assets, and shall have to enhance its net worth to minimum equivalent of Rs. 100 crores over a period of 3 yrs from commencement of operation.
from taxmann.com News http://bit.ly/2UYcmxP
from taxmann.com News http://bit.ly/2UYcmxP
Blending of tea leaves doesn't amount to manufacturing; Sec. 154 rightly invoked to rectify the apparent mistake
IT: Where Assessing Officer failed to apply binding precedent that blending of tea leaves was not manufacturing or production activity and had wrongly allowed deduction under section 80-I, same being an error apparent on face of record, assessment order was to be rectified
from www.taxmann.com Latest Case Laws http://bit.ly/2XLwe4e
from www.taxmann.com Latest Case Laws http://bit.ly/2XLwe4e
RBI extends coverage of ombudsman scheme for NBFCs
The RBI has extended the coverage of Ombudsman Scheme for NBFCs to eligible Non Deposit Taking Non-Banking Financial Companies (NBFC-NDs) having asset size of Rupee 100 Crores or above with customer interface. The scheme provides cost free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme. (NBFCs – IFC), CIC, (IDF- NBFC) and NBFC under liquidation are excluded from the ambit of scheme.
from taxmann.com News http://bit.ly/2ZCEsxl
from taxmann.com News http://bit.ly/2ZCEsxl
RBI introduces ombudsman scheme for NBFCs
The RBI has extended the coverage of Ombudsman Scheme for NBFCs to eligible Non Deposit Taking Non-Banking Financial Companies (NBFC-NDs) having asset size of Rupee 100 Crores or above with customer interface. The scheme provides cost free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme. (NBFCs – IFC), CIC, (IDF- NBFC) and NBFC under liquidation are excluded from the ambit of scheme.
from taxmann.com News http://bit.ly/2W99iM6
from taxmann.com News http://bit.ly/2W99iM6
RBI permits FPIs to invest in municipal bonds
As a measure to broaden access of non-resident investor to debt instruments in India, RBI has permitted FPIs to invest in municipal bonds. FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans.
from taxmann.com News http://bit.ly/2DBqxhE
from taxmann.com News http://bit.ly/2DBqxhE
Refilling ink in containers & affixing label on it, doesn't amount to manufacture, hence Excise Duty not leviable
Amendment to sec. 115BBE denying set off of losses from deemed income is prospective in nature
IT : Amendment made to section 115BBE w.e.f. 1-4-2017 denying set off of losses is prospectively applicable; assessee could claim set off of losses, both current and brought forward, against its business income as well as deemed income under sections 68 to 69C in assessment years period to 1.4.2017
from www.taxmann.com Latest Case Laws http://bit.ly/2IXEtGn
from www.taxmann.com Latest Case Laws http://bit.ly/2IXEtGn
Voluntary TP adjustment made by assessee was required to be considered while determining ALP: ITAT
IT/ILT: In order to successfully apply CUP method, it is sine qua non that products under comparable uncontrolled transaction and other attending facts and circumstances, must be similar; if these factors in a comparable uncontrolled transaction are not similar or no adjustment can be carried out due to distinguishing factors, then, CUP ceases to be most appropriate method
from www.taxmann.com Latest Case Laws http://bit.ly/2GH1c7V
from www.taxmann.com Latest Case Laws http://bit.ly/2GH1c7V
Thursday, April 25, 2019
Due date of filing ‘ACTIVE’ e-form extended up to June 15, 2019: MCA
In order to provide big relief to the corporate entities, the Ministry of Corporate Affairs has extended the due date of filing e-form INC-22A with the MCA from April 25, 2019 to June 15, 2019
from taxmann.com News https://www.taxmann.com/topstories/222330000000018462/due-date-of-filing-‘active’-e-form-extended-up-to-june-15-2019-mca.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018462/due-date-of-filing-‘active’-e-form-extended-up-to-june-15-2019-mca.aspx
Excise duty refund given as an incentive to set-up industrial unit in earthquake effected area couldn't be taxed
Writ petition could be filed against reassessment order passed without hearing assessee
IT: Where Assessing Officer did not furnish reasons for issuing reassessment notice so as to enable assessee to file objections and passed reassessment order without hearing assessee, it would be a breach of principles of natural justice against which writ petition could be filed before High Court
from www.taxmann.com Latest Case Laws http://bit.ly/2ZHQBRU
from www.taxmann.com Latest Case Laws http://bit.ly/2ZHQBRU
Subsidy received from foreign joint venture partner to contribute in joint venture co. was a capital receipt
IT : Where in order to set up a joint venture in insurance sector, a foreign company gave capital subsidy to assessee in order to enable it to contribute its share in share capital of joint venture company, amount of subsidy so received was to be regarded as capital receipt not liable to tax
from www.taxmann.com Latest Case Laws http://bit.ly/2GKJQ9l
from www.taxmann.com Latest Case Laws http://bit.ly/2GKJQ9l
EMI method can be used for taxability of hire purchase transaction even if sum of digit method used for accounting
IT: In case of hire purchase transactions, assessee was justified in adopting EMI method for taxability of interest income in its return even though assessee had adopted SOD method in its books of account on basis of guidelines issued by ICAI
from www.taxmann.com Latest Case Laws http://bit.ly/2Dx6jWl
from www.taxmann.com Latest Case Laws http://bit.ly/2Dx6jWl
Capital Gains Tax Relief Likely for Investors Exiting Startups
Supply of electricity by a complex owner to its occupiers, constitutes 'Service'; liable to Service Tax
GST/Excise/ST/VAT : Where assessee operated a commercial complex and it obtained high-tension electric supply from Electricity Company and converted it to low-tension supply and supplied it to occupants of complex and thereafter raised bills on such occupants and realised electricity consumption charges from them, activity undertaken by assessee was a service exigible to service tax
from www.taxmann.com Latest Case Laws http://bit.ly/2IHfwQ0
from www.taxmann.com Latest Case Laws http://bit.ly/2IHfwQ0
CCI dismissed allegation of big rigging due to absence of evidences
Competition Law: Where BHEL invited tender for supply, installation and maintenance of PCs, Servers, Printers, UPS, network equipment and other Computer Peripherals throughout India and appellant, a distributor of IT products alleged bid rigging/collusive bidding by respondents but failed to provide any evidence to prove same, no case of contravention of section 3 was made out against respondents
from www.taxmann.com Latest Case Laws http://bit.ly/2UycWNP
from www.taxmann.com Latest Case Laws http://bit.ly/2UycWNP
'Scented Betel Nut' is classified under Heading No. 2106 90 30, GST @ 18% applies
Complaint under NI Act against director isn't maintainable when company is not arraigned as an accused: SC
FEMA, BANKING & INSURANCE : Where appellant issued cheque not in his personal capacity but as a director of 'L' Ltd., in terms of section 141, in absence of said company being arraigned as an accused, complaint against appellant was not maintainable under section 138
from www.taxmann.com Latest Case Laws http://bit.ly/2XMCDMR
from www.taxmann.com Latest Case Laws http://bit.ly/2XMCDMR
Co. providing support services to its AE couldn't be compared with a Co. doing World Bank sponsored projects
Allegation of fraud by shareholder against company in public issue was barred by limitation: Delhi HC
CL: Where in 1996, company came up with a public issue and appellant subscribed same and in 2004 i.e. after 8 years it claimed a fraud in said public issue based on some hearsay evidence gathered from some proceedings pending in Supreme Court, said claim of appellant was barred by limitation
from www.taxmann.com Latest Case Laws http://bit.ly/2VhG8NJ
from www.taxmann.com Latest Case Laws http://bit.ly/2VhG8NJ
Wednesday, April 24, 2019
Disallowance of exp. for TDS default shall be made even if payment is made by other person on behalf of assessee
IT : Where assessee-company was engaged in business of processing and exports of marine products, claimed deduction of certain amount which represented advances written off, in view of fact that advances given by assessee were duly disclosed in financial statements and, moreover, It was also undisputed that there was downfall in business of fishermen to whom advances were made due to cyclone and earthquake, assessee's claim for deduction was to be allowed
from www.taxmann.com Latest Case Laws http://bit.ly/2L8DFBo
from www.taxmann.com Latest Case Laws http://bit.ly/2L8DFBo
Exemption u/s 11 allowed for providing plots to EWS category at affordable rates being a 'charitable activity'
IT: Bangalore Development Authority (BDA) constituted for setting up of residential layouts to ensure planned urban development of city and also providing plots and sites to economically weaker section of society at affordable and reasonable rates, could be said to be providing general public utility service within meaning of section 2(15)
from www.taxmann.com Latest Case Laws http://bit.ly/2Pu9ByE
from www.taxmann.com Latest Case Laws http://bit.ly/2Pu9ByE
BSNL franchisee installing, maintaining & operating EPABX system is entitled for deduction u/s. 80-IA
IT: Assessee a franchisee of BSNL, engaged in installing, maintaining and operating EPEX system to support functioning of BSNL, could be treated to have provided 'basic telephonic services' and, thus, was eligible for deduction under section 80-IA(4)(ii)
from www.taxmann.com Latest Case Laws http://bit.ly/2UEbVUl
from www.taxmann.com Latest Case Laws http://bit.ly/2UEbVUl
Payment gateway charges paid by Make My Trip to banks couldn't be treated as commission to attract TDS u/s 194H
Share valuation report duly accepted by AO couldn't be by tinkered with by CIT(A): ITAT
IT: Where assessee allotted shares of a company held by it on premium and substantiated valuation of shares to satisfaction of Assessing Officer that same was on basis of valuation report provided by valuer of said company whose shares were held by it wherein valuer had applied Direct Cash Flow (DCF) method and said report was certified by an independent Chartered Accountant and Assessing Officer accepted such valuation,
from www.taxmann.com Latest Case Laws http://bit.ly/2GDX4Wk
from www.taxmann.com Latest Case Laws http://bit.ly/2GDX4Wk
ALP of interest on loan advanced to foreign subsidiary should be computed on basis of foreign lending rate
NCLT allows conversion of public company into private co. as it had complied with provisions of Cos. Act
CL : Where conversion of a public company into private company with a view to comply efficiently with provisions of Companies Act was not prejudicial either to its members or to creditors and all statutory compliances being fulfilled, said conversion was to be allowed
from www.taxmann.com Latest Case Laws http://bit.ly/2ISXR7k
from www.taxmann.com Latest Case Laws http://bit.ly/2ISXR7k
Fee paid for registration of products in Iraq couldn't be disallowed by treating it as kickback to Iraqi regime
Plea for retention of property without passing an order under Money Laundering Act was rejected
FEMA, BANKING & INSURANCE : Where Adjudicating Authority passed an order allowing respondent's application for retention of property of appellant on ground that he acted as mediator for providing benefit to a set of corporate entities which evaded tax, in view of fact that there was no discussion in impugned order with regard to retention of property and, moreover, no order was passed in terms of section 20(2) of PMLA, impugned order was not sustainable and, thus, same deserved to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2IXOvYd
from www.taxmann.com Latest Case Laws http://bit.ly/2IXOvYd
Tuesday, April 23, 2019
HC set-aside CBDT’s Central Action Plan encouraging CIT(A) to pass revenue favoring orders
IT : Any directives by CBDT which gives additional incentive for an order that Commissioner (Appeals) may pass having regard to its implication, necessarily transgresses in Commissioner's exercise of discretionary quasijudicial powers. Interference or controlling of discretion of a statutory authority in exercise of powers from an outside agency or source, may even be superior authority, is wholly impermissible
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187844/hc-set-aside-cbdt’s-central-action-plan-encouraging-cita-to-pass-revenue-favoring-orders.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187844/hc-set-aside-cbdt’s-central-action-plan-encouraging-cita-to-pass-revenue-favoring-orders.aspx
SEBI issues guidelines for determination of allotment and trading lot size for REITs & InvITs
TPO couldn't deny working capital adjustment merely on ground that assessee was in service industry
IT/ILT: Where was rendering technical support and maintenance services to its AE, a company engaged in various activities such as sale of software licence, software services, export, revenue from subscription etc. about which no segmental information was available, could not be accepted as comparable
from www.taxmann.com Latest Case Laws http://bit.ly/2VgEnAj
from www.taxmann.com Latest Case Laws http://bit.ly/2VgEnAj
Presence of several players in market of ‘Home Automated Solutions’ rules out dominance of OP: CCI
Competition Act : Where there were many players like Schneider, Electric, Smartify, Z-wave, Pert, Cubical, Odessi, Infineon etc. providing smart home solutions in India, OPs an integrator and supplier of RTI products in State of Maharashtra, is not dominant in relevant market for supply and installation of smart home solutions in India and, therefore, question of abuse of dominant position by OP did not arise
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187833/presence-of-several-players-in-market-of-‘home-automated-solutions’-rules-out-dominance-of-op-cci.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187833/presence-of-several-players-in-market-of-‘home-automated-solutions’-rules-out-dominance-of-op-cci.aspx
ICSI issues guidance note on Related Party Transactions
Having failed to draw conclusion from AO’s/CIT(A) findings, SC remanded case to tribunal
IT : Tribunal being last Court of appeal on facts, its finding on question of fact is of significance, thus, where Tribunal did not correctly appreciate as to what Assessing Officer and Commissioner (Appeals) held and what was their reasoning which led to their respective conclusion, matter was to be remanded back for adjudication afresh
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187831/having-failed-to-draw-conclusion-from-ao’scita-findings-sc-remanded-case-to-tribunal.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187831/having-failed-to-draw-conclusion-from-ao’scita-findings-sc-remanded-case-to-tribunal.aspx
Excise duty to be included in value of closing stock even if it was due but not paid by assessee
IT: In terms of provisions of section 145A, true value of closing stock would include amount of any tax duty or cess having fully paid, payable or incurred by assessee to bring goods to place of its location and condition as on date of valuation, and, thus, it would be immaterial whether assessee has paid excise duty or not for purposes of arriving at correct valuation of closing stock
from www.taxmann.com Latest Case Laws http://bit.ly/2XFOkot
from www.taxmann.com Latest Case Laws http://bit.ly/2XFOkot
Port trust constituted by Govt. to facilitate import and export is eligible for registration u/s 12AA
ICSI issued guidance note on Related Party Transactions
Nominated directors were to be appointed when co. and its directors committed serious violations of Act
CL: Where during investigation by SFIO it was found that company and its directors committed serious violations of Act, existing management of company would cease and Government nominated directors were to be appointed to manage affairs of company
from www.taxmann.com Latest Case Laws http://bit.ly/2DsUArL
from www.taxmann.com Latest Case Laws http://bit.ly/2DsUArL
Payment made against agreement to sell is an enforceable debt under Negotiable Instrument Act: SC
FEMA, BANKING & INSURANCE : An agreement to sell does not create any interest in immovable property, it nonetheless constitutes a legally enforceable contract between parties to it, thus, payment made in pursuance to such an agreement is a payment made in pursuance of a duly enforceable debt or liability for purpose of section 138
from www.taxmann.com Latest Case Laws http://bit.ly/2VYgfiJ
from www.taxmann.com Latest Case Laws http://bit.ly/2VYgfiJ
SC referred Yes Bank's case to HC for framing question of law in respect of deductibility of IPO expenses
IT: Where issue with regard to applicability of section 35D to assessee-bank was already pending consideration before High Court at instance of assessee in one appeal, present appeal was remanded to High Court for its decision on merits in accordance with law involving same issue
from www.taxmann.com Latest Case Laws http://bit.ly/2Dto7BT
from www.taxmann.com Latest Case Laws http://bit.ly/2Dto7BT
Cannot declare Delhi Airport Metro accounts NPA till further orders: SC
Tax evasion of more than Rs. 1350 crore detected during search conducted on leading group of power s
The Delhi unit of the Directorate General of Income-tax (investigation) had carried out search and seizure operation in NCR on 07/04/2019 on a leading Solar Power group based upon credible information. The said search action has led to detection of large scale tax evasion of more than Rs. 1350 Crore.
from taxmann.com News http://bit.ly/2UxyQkl
from taxmann.com News http://bit.ly/2UxyQkl
Monday, April 22, 2019
Appeal proceedings can continue against co. whose name has been struck off from register of ROC: SC
No addition in hands of company's director if cash seized from him belonged to Co. itself
No addition can be made u/s 68 if assessee has complied with requirements of RBI for issue of shares
Mfr. of 'Sight Vision Equipments' exclusively used in armoured tanks falls under heading 9103, GST@ 18% would apply
GST: Where applicant is engaged in manufacture and repair of various types of 'Sight Vision Equipments' exclusively used in armoured tanks, said equipments will be classified under Heading No. 9013 and will attract GST at rate of 18 per cent
from www.taxmann.com Latest Case Laws http://bit.ly/2IMZcwu
from www.taxmann.com Latest Case Laws http://bit.ly/2IMZcwu
NCLT Rejects ArcelorMittal’s Plea for EPC Re-vote
Cos May Take Only 3 Days to Register with Central Agencies
A.O. is bound to compute income in conformity with ALP determined by TPO
Saturday, April 20, 2019
HC justified additions as sum already paid to Abhishek Bachchan was claimed as liability
IT : Where assessee engaged in business of media publicity received commission in process of engaging film stars in advertisements and commercials, claimed that sum of Rs. 17.50 lakhs was due to film personality. Abhishek Bachchan, however, on cross verification found that said liability did not exist and made additions to assesses income, additions sustained by Tribunal being based on material on record and on basis of assessment of such material were justified
from www.taxmann.com Latest Case Laws http://bit.ly/2Xzp3MJ
from www.taxmann.com Latest Case Laws http://bit.ly/2Xzp3MJ
HC justified additions as sum already paid to Abhishek Bachchan were claimed as liability
IT : Where assessee engaged in business of media publicity received commission in process of engaging film stars in advertisements and commercials, claimed that sum of Rs. 17.50 lakhs was due to film personality. Abhishek Bachchan, however, on cross verification found that said liability did not exist and made additions to assesses income, additions sustained by Tribunal being based on material on record and on basis of assessment of such material were justified
from www.taxmann.com Latest Case Laws http://bit.ly/2XvA6WT
from www.taxmann.com Latest Case Laws http://bit.ly/2XvA6WT
Society couldn't be held guilty of violating FEMA provision as it made plea for permission for repartition of money
FEMA, BANKING & INSURANCE: Where a society incorporated in India inherited foreign exchange and made various applications to Home Ministry for granting permission for reparitation of said amount in India but Home Ministry did not grant permission, later, it could not be held guilty of violating provisions of FEMA i.e. for holding foreign exchange outside India
from www.taxmann.com Latest Case Laws http://bit.ly/2DmGYhS
from www.taxmann.com Latest Case Laws http://bit.ly/2DmGYhS
Trading liability of business discontinued 10 years ago is deemed as business profit u/s 41(1)
IT : Where trading liability was incurred by assessee in course of its erstwhile timber business, which was discontinued ten years ago, Assessing Authority rightly inferred that such trading liability ceased to exist and trading credits were liable to be taxed as profits of business under section 41(1)
from www.taxmann.com Latest Case Laws http://bit.ly/2GoB3cJ
from www.taxmann.com Latest Case Laws http://bit.ly/2GoB3cJ
Friday, April 19, 2019
HC grants unconditional stay on recovery of tax considering favourable ruling delivered by CIT(A) in another case
IT : Where petitioners have challenged an order passed by Income Tax Officer whereby they are directed to deposit 20% of tax demand arising out of order of assessment and prayed that entire tax recovery be stayed pending Petitioners' Appeal before Appellate Commissioner,
from www.taxmann.com Latest Case Laws http://bit.ly/2It9h2r
from www.taxmann.com Latest Case Laws http://bit.ly/2It9h2r
No disallowance of interest on loan if AO failed to prove that such loan was used to provide interest-free advances
IT : If interest has been paid during regular course of business and under commercial expediency in terms of a contract and other party has also acknowledged receipt of such a payment as interest, then revenue cannot judge transaction so as to disallow payment of interest as a non-business expenditure
from www.taxmann.com Latest Case Laws http://bit.ly/2GxLwnI
from www.taxmann.com Latest Case Laws http://bit.ly/2GxLwnI
Service tax reimbursed by ONGC to NR to be excluded from presumptive taxation u/s 44B
HC directs AO not to carry out recovery proceedings as disputed additions deleted by CIT(A) in other cases
IT : Where Assessing Officer passed an assessment order making certain disallowances and additions in hands of assessee trust which had given rise to a tax demand of certain amount and against such order assessee had filed an appeal, in view of fact that same disallowances and additions made under similar circumstances in case of other similar trusts were deleted by Commissioner (Appeals) and said order still held field,
from www.taxmann.com Latest Case Laws http://bit.ly/2XoctzJ
from www.taxmann.com Latest Case Laws http://bit.ly/2XoctzJ
ITAT allowed sec. 54 exemption in respect of land purchased 1 year before transfer of original asset
IT: So long as construction of a new residential house is completed within a period of three years from date of transfer of original asset, benefit of exemption under section 54F has to be allowed with reference to whole of cost of plot or cost of construction thereon, even if such a process of purchasing plot or constructing house started within a reasonable time anterior to date of transfer of original asset
from www.taxmann.com Latest Case Laws http://bit.ly/2GvO8Cj
from www.taxmann.com Latest Case Laws http://bit.ly/2GvO8Cj
No reassessment could be made on basis of audit objection, SC dismissed SLP filed against HC's order
RBI releases draft framework for fintech regulatory sandbox
FPIs in a bind over RBI’s voluntary retention route for distressed debt
Sec. 43B won't apply if service tax claimed as an expense wasn't paid by assessee due to non-receipt from customer
IT: SLP dismissed against High Court ruling that where amount on which service tax was payable had not been received by assessee from its clients to whom services were rendered and assessee had claimed unpaid service tax as its liability, same could not be disallowed under section 43B
from www.taxmann.com Latest Case Laws http://bit.ly/2Xsm88b
from www.taxmann.com Latest Case Laws http://bit.ly/2Xsm88b
Company making losses for 3 consecutive years excluded from the list of comparables
Thursday, April 18, 2019
Housing loan interest restricted to Rs. 1.5 lakh as assessee failed to prove that property was let-out to mother
IT : Where assessee, staying at different place, claimed deduction of entire amount of interest paid on borrowed capital submitting that residential house in question at other place was let out to his mother but he failed to prove receipt of rent from his mother, deduction of interest on borrowed capital would be restricted to Rs. 1.50 lakhs
from www.taxmann.com Latest Case Laws http://bit.ly/2DkQiTA
from www.taxmann.com Latest Case Laws http://bit.ly/2DkQiTA
Trust's registration not to be cancelled if part of land was handed over to Co. for supplying RMC for school building
IT : Where assessee trust parted with possession of part of immovable property in favour of company, being a prohibited person under section 13, for putting up Ready mix concrete plant to supply mix to assessee at concessional rates for, construction of assessee's school building, its registration could not be cancelled
from www.taxmann.com Latest Case Laws http://bit.ly/2DiVDuw
from www.taxmann.com Latest Case Laws http://bit.ly/2DiVDuw
No concealment penalty if concealed income/inaccurate income had no effect on taxable income: ITAT
IT : As per provisions of section 271(1)(c), what is material is the resultant addition to the taxable income of an assessee which may invite penalty under the relevant provisions of section 271(1)(c). Though the words used in the first part, i.e. charging provision are 'Particulars' of income, however, for levy of penalty it is not the 'Particulars' of income but rather the 'quantum of income itself, that is added to the taxable income of the assessee, is relevant for the purpose of calculation
from www.taxmann.com Latest Case Laws http://bit.ly/2Xr3gXt
from www.taxmann.com Latest Case Laws http://bit.ly/2Xr3gXt
No denial of exemption to school merely because it earned profit from selling books and uniforms to students
IT : Where assessee, a society, was running a school and during year it had sold books and uniform to its students and earned a certain profit on purchase and sale of books and uniform and Assessing Officer denied exemption under section 10(23C)(iiiad) to assessee on plea that purchase and sale of books and uniform was not educational activity, exemption under section 10(23)(iiiad) could not be denied to assessee as selling of books and uniform to students was part of educational activity only
from www.taxmann.com Latest Case Laws http://bit.ly/2DiXOhv
from www.taxmann.com Latest Case Laws http://bit.ly/2DiXOhv
Housing loan interest restricted to Rs. 1.5 lakh as assesse failed to prove that property was let-out to mother
IT : Where assessee, staying at different place, claimed deduction of entire amount of interest paid on borrowed capital submitting that residential house in question at other place was let out to his mother but he failed to prove receipt of rent from his mother, deduction of interest on borrowed capital would be restricted to Rs. 1.50 lakhs
from www.taxmann.com Latest Case Laws http://bit.ly/2XjHkgH
from www.taxmann.com Latest Case Laws http://bit.ly/2XjHkgH
A Sour Raid: EC may Penalise Officials if a Case is Established
Quoting of Aadhaar in ITR of A.Y. 2019-20 is mandatory even if return for preceding year is processed without it
Wednesday, April 17, 2019
FMV u/s 50C can be used to compute capital gains only after giving opportunity of being heard to assessee
Gold and Silver rates as on March 31, 2019
No question of taxing capital gain if transaction related to transfer of property didn't materialize: ITAT
Being a going concern, name of company was to be restored in Register of Cos
CAN´T ABSOLVE BANKS OF OBLIGATION TO DECLARE NPA: RBI TO NCLAT
RBI updates master direction on NBFC
The RBI having considered it necessary in the public interest and being satisfied that, for the purpose of enabling the bank to regulate the financial system to the advantage of the country and to prevent the affairs of any systemically important non- deposit taking company and deposit taking company from being conducted in a manner detrimental to the interest of investors and depositors. Therefore, the RBI has updated the master direction for NBFCs.
from taxmann.com News http://bit.ly/2ICDGu8
from taxmann.com News http://bit.ly/2ICDGu8
RBI excludes ‘DBS Bank Limited’ from second schedule of RBI Act
The Reserve Bank of India (RBI) has decided to exclude ‘DBS bank Limited’ from second schedule of RBI Act, 1934 consequent upon setting up of ‘DBS Bank India Limited’ as a Wholly Owned Subsidiary of DBS Bank Limited.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018418/rbi-excludes-‘dbs-bank-limited’-from-second-schedule-of-rbi-act.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018418/rbi-excludes-‘dbs-bank-limited’-from-second-schedule-of-rbi-act.aspx
HC to frame questions & answer them with reasons before dismissing appeal: SC
Brought forward business loss & LTCG can be set off against short-term capital gains computed u/s 50
Tuesday, April 16, 2019
Sharing sum received from patients with consultant doctors in fixed ratio was liable for sec. 194J TDS
ITAT allowed sec. 54F relief on purchase of two flats in same building
Changes in Form 16 and Form 24Q
CBDT amends Form 16 & Form 24Q; reporting of lender's PAN is mandatory in case of home loan
The Central Board of Direct Taxes (CBDT) has notified the amended Form 16 and Form 24Q. The new forms seek more details related to salary paid or credited during the year. Now, furnishing of PAN of lender is mandatory in case the housing loan is taken from a person other than a Financial Institution/employer.
from taxmann.com News http://bit.ly/2IBQIYP
from taxmann.com News http://bit.ly/2IBQIYP
Amendment of Form No. 16 and Form No. 24Q
Expenses not deductible u/s 37 in case liability is contingent & not crystalized during the year
IT : Where assessee claimed deduction of slum development expenditure which was contingent upon authority giving vacant possession of plot, in view of fact that authority was unable to hand over vacant possession of land, impugned claim was to be disallowed
from www.taxmann.com Latest Case Laws http://bit.ly/2UEjOhr
from www.taxmann.com Latest Case Laws http://bit.ly/2UEjOhr
SEBI issues system audit norms for Mutual Funds
The market regulator, SEBI has come up with system audit framework for mutual funds. The system audit should be encompassing audit of systems and processes. Furthermore, the Mutual funds are advised to conduct systems audit on annual basis by an Independent CSIA/ CSIM qualified or equivalent auditor.
from taxmann.com News http://bit.ly/2KCHK0a
from taxmann.com News http://bit.ly/2KCHK0a
SEBI asks Asset Management Cos. to constitute technology committee for mutual funds
In order to deal with various technology related issues, the Asset Management Companies are advised to constitute a Technology Committee comprising experts proficient in technology. Such Committee shall have at least one independent external expert with adequate experience in the area of technology in Mutual Fund industry.
from taxmann.com News http://bit.ly/2UWarJy
from taxmann.com News http://bit.ly/2UWarJy
Reassessment was not justified for taxing sum which was already verified & assessed by AO
Monday, April 15, 2019
Director-KYC needs to be done within period 30 days from date of deployment of e-form: MCA clarifies
The Ministry of Corporate Affairs (MCA) has issued clarification with regard to Director’s KYC whereby It has clarified that the DIN holders are required to file the DIR-3KYC form every year, so that they are aware of and confirm the data and information as available in the MCA21 system.
from taxmann.com News http://bit.ly/2UdTiqg
from taxmann.com News http://bit.ly/2UdTiqg
Sharing receipts from patients with consultant doctors in fixed ratio was liable for sec. 194J TDS
No penalty for concealment of income where excess stock was on account of wrong entries made in books of account: SC
IT: Where High Court upheld Tribunal's order deleting penalty under section 271(1)(c) by taking a view that alleged excess stock was not as a result of purchases made outside books of account, but was only on account of wrong entries in books of account and, thus, there was no concealment of income on part of assessee, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2GdMiEV
from www.taxmann.com Latest Case Laws http://bit.ly/2GdMiEV
Assessee couldn't take shelter of non-communication of sec. 143(1) intimation for filing revised return
IT : Where assessee wanted to dispute his own declaration in return, he had to take appropriate steps before Commissioner within one year of acceptance of return and, in such a case, assessee could not take shelter of non-communication of intimation of acceptance of return under section 143(1) for filing revision application with a delay of seven years
from www.taxmann.com Latest Case Laws http://bit.ly/2UDIkPK
from www.taxmann.com Latest Case Laws http://bit.ly/2UDIkPK
Banking companies maintaining their accounts as per Banking Regulation Act, 1949 are not covered by section 115JA
IT : Where assessee was a banking company maintaining its accounts under Banking Regulation Act, 1949, it would not be required to prepare its Profit and Loss Account under provisions of Part -II and III of Schedule -VI of Companies Act, 1956 and accordingly provisions of section 115JA would not be applicable to assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2UZ0DhM
from www.taxmann.com Latest Case Laws http://bit.ly/2UZ0DhM
Question couldn't be raised for first time before HC if same wasn't framed during appellate proceedings
IT: Where in course of appellate proceedings, Tribunal held that income earned by assessee from sale of shares held for more than one year was taxable as long-term capital gain, since there was no question framed relating to applicability of Explanation to section 73 in course of appellate proceedings, said question could not be raised for first time in proceedings pending before High Court
from www.taxmann.com Latest Case Laws http://bit.ly/2KEcwWo
from www.taxmann.com Latest Case Laws http://bit.ly/2KEcwWo
ITAT allowed sec. 54F exemption on purchase of plot and making an advance to builder for construction thereon
IT: Deeming fiction provided under section 50C in respect of term 'full value of consideration' is to be applied only to section 48, however, provisions of said section cannot be applied while computing deduction allowable to assessee under section 54F
from www.taxmann.com Latest Case Laws http://bit.ly/2KHYtPM
from www.taxmann.com Latest Case Laws http://bit.ly/2KHYtPM
Bar council of India rightly cancelled registration on account of misrepresentation of facts: SC
CL/ADVOCATES ACT : Where Bar Council of India cancelled appellant's registration in exercise of power under section 26 on account of misrepresentation of facts, impugned order did not suffer from any illegality and, thus, same was to be upheld
from www.taxmann.com Latest Case Laws http://bit.ly/2V0edl4
from www.taxmann.com Latest Case Laws http://bit.ly/2V0edl4
HC confirmed additions on estimate basis since assessee failed to bring any record for determination of income
IT: Where a search was carried out in course of which it was found that assessee was engaged in activity of ensuring admissions of students in educational institutions by paying illegal capitation fees, since assessee did not bring any material on record to enable revenue authorities to determine assessee's earning from said dealings, addition made to his income by authorities below on estimate basis was to be confirmed
from www.taxmann.com Latest Case Laws http://bit.ly/2KGSydJ
from www.taxmann.com Latest Case Laws http://bit.ly/2KGSydJ
Co. cannot file winding up plea without restoration of its name in register of companies
MCA issues clarification in respect of filing of one time return of outstanding loan in e-form DPT-3
The Ministry of Corporate Affairs (MCA) has clarified that the one time return of outstanding deposit of money or loan, which was required to be filed by every company irrespective of Private company or Public company other than Government Company in DPT-3 within 90 days from date of publication in notification, i.e. Jan 22, 2019. Now, it will be filed within 30 days from the date of deployment of the E-form DPT-3 on MCA portal without any additional fee.
from taxmann.com News http://bit.ly/2UAQrN7
from taxmann.com News http://bit.ly/2UAQrN7
Director-KYC needs to be done within period 30 days from date of deployment of e-from: MCA clarifies
The Ministry of Corporate Affairs (MCA) has issued clarification with regard to Director’s KYC whereby It has clarified that the DIN holders are required to file the DIR-3KYC form every year, so that they are aware of and confirm the data and information as available in the MCA21 system.
from taxmann.com News http://bit.ly/2XaQOLd
from taxmann.com News http://bit.ly/2XaQOLd
Friday, April 12, 2019
Section 43B doesn’t cover the enhanced licence fee enforced for allotment of certain land by railways: HC
IT : Section 43B, either in clauses (a) and (b) of sub-section (1), do not cover license fee for allotment of certain land; Where liability to pay enhanced license fee was enforced by Railways upon assessee against lands allotted by it and assessee made provisions in its returns for said amounts but in revenue stated that said provisions properly fell within purview of section 43B and were therefore, not permissible as licence fee,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187637/section-43b-doesn’t-cover-the-enhanced-licence-fee-enforced-for-allotment-of-certain-land-by-railways-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187637/section-43b-doesn’t-cover-the-enhanced-licence-fee-enforced-for-allotment-of-certain-land-by-railways-hc.aspx
Section 53E and 22(3) of Competition Act, 2002 declared unconstitutional and void: Delhi HC
Competition Act : In a specific challenge to provisions of Sections 22(3), 27(b), 53A, 53B, 53C, 53D, 53E, 53F and 61 of the Competition Act, 2002 (the impugned provisions) and the notification dated 31-3-2011 amending Regulation 48 (1) of the Competition Commission of India (General) Regulations, 2009 and in relation to the appellate remedies to the Competition Appellate Tribunal (COMPAT) the Delhi High Court holds that:
from www.taxmann.com Latest Case Laws http://bit.ly/2VDqGbq
from www.taxmann.com Latest Case Laws http://bit.ly/2VDqGbq
No SLP against HC's order deleting penalty as excess stock reported was due to wrong entries in books of account
IT: Where High Court upheld Tribunal's order deleting penalty under section 271(1)(c) by taking a view that alleged excess stock was not as a result of purchases made outside books of account, but was only on account of wrong entries in books of account, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2UPHvmh
from www.taxmann.com Latest Case Laws http://bit.ly/2UPHvmh
Exp. incurred to earn dividend income on investment made in sister concern was allowable exp.: HC
Interest received on enhanced compensation on acquisition of agricultural land entitled to exemption
Angel Tax Breather: 277 Startups Secure All-Clear from I-T
Banks close FY19 with 13.24% credit growth, deposits rise 10.03%
Banks Board Bureau pushes for governance reforms in PSBs
Check on black money in polls futile if identity of donors is not known: SC
Prohibiting consumers to carry out their own eatable inside movie hall is not anti-competitive
Thursday, April 11, 2019
No tax on global income of an assessee deemed as resident of foreign country as per tie-breaker rule of DTAA
IT/ILT : Where assessee succeeded in establishing that he was a resident of US under article 4 of DTAA between India and USA for period he was on Indian assignment , assessee would be entitled to treaty exemption and accordingly, his income for aforesaid period could not have been brought to tax in India
from www.taxmann.com Latest Case Laws http://bit.ly/2GgnRIg
from www.taxmann.com Latest Case Laws http://bit.ly/2GgnRIg
Benefit of carry forward of loss wasn't available if assessee didn't file ITR for earlier assessment year
HC couldn’t reject review petition merely on ground that SLP filed against its order was dismissed by SC
IT: Where special leave petition was dismissed against High Court order in limine without giving any reasons, review petition filed by appellant, in High Court would be maintainable
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186872/hc-couldn’t-reject-review-petition-merely-on-ground-that-slp-filed-against-its-order-was-dismissed-by-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186872/hc-couldn’t-reject-review-petition-merely-on-ground-that-slp-filed-against-its-order-was-dismissed-by-sc.aspx
Forex fluctuation gains on loan taken for purchase of ships entitled to benefit of tonnage taxation scheme
No sec. 24 deduction if income earned from rented property was assessed as business income: HC
SEBI issues norms related to computation of risk-based capital and net worth requirements for Cleari
NCLT gives green light to Sterling SEZ’s offer
SEBI revises annual maintenance charges levied on debt securities
In order to further boost participation on Debt Market and based on representation received from market participant, the market regulator has decided to not to levy annual maintenance charges for debt securities worth up to Rs 1 lakh held through Basic Services Demat Account.
from taxmann.com News http://bit.ly/2G4dKox
from taxmann.com News http://bit.ly/2G4dKox
SC rejected special leave petition filed against order of High Court
Conversion of public co. into private co. accepted as it was not prejudicial to members & creditors
CL : Where petitioner, a NBFC, filed instant petition under section 14(1) seeking approval of Tribunal for conversion of its status from public to a private limited company, since, no objection was received from its members, creditors, RBI or any other person with regard to proposed change, instant petition was to be allowed
from www.taxmann.com Latest Case Laws http://bit.ly/2UaaA7B
from www.taxmann.com Latest Case Laws http://bit.ly/2UaaA7B
Wednesday, April 10, 2019
Nokia India case remanded to HC to frame substantial question of law: SC
IT : Where reassessment notice under section 148 issued to Nokia India by the Assessing Officer and consequential determination was held by the Tribunal to be based on change of 'opinion' and, hence, bad in law and appeal against said order was dismissed in limine by the High Court holding that it did not involve any substantial question of law,
from www.taxmann.com Latest Case Laws http://bit.ly/2VxoUbH
from www.taxmann.com Latest Case Laws http://bit.ly/2VxoUbH
Nokia India case’s remanded to HC to frame substantial question of law: SC
IT : Where reassessment notice under section 148 issued to Nokia India by the Assessing Officer and consequential determination was held by the Tribunal to be based on change of 'opinion' and, hence, bad in law and appeal against said order was dismissed in limine by the High Court holding that it did not involve any substantial question of law,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187580/nokia-india-case’s-remanded-to-hc-to-frame-substantial-question-of-law-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187580/nokia-india-case’s-remanded-to-hc-to-frame-substantial-question-of-law-sc.aspx
Revisionary proceedings could be initiated by CIT if view taken by AO was clearly unsustainable in law
IT : Assessing Officer accepted assessee's claim of considering sale consideration as per agreement, which was substantially lower, instead of stamp duty valuation (jantri value) as per section 50C for computation of capital gains. Even if matter was examined by Assessing Officer and it was conscious call of Assessing Officer to accept plea of assessee, such a situation would not take matter outside ambit of section 263 as view adopted by Assessing Officer was clearly unsustainable in law.
from www.taxmann.com Latest Case Laws http://bit.ly/2KmsUed
from www.taxmann.com Latest Case Laws http://bit.ly/2KmsUed
Penalty u/s 271C could be levied only for failure to deposit TDS deducted u/s 194B and not u/s 194C
Financial assistance given by father to son for purchase of property is not benami transaction
Sum paid for maintenance of medical equipments is liable for sec. 194C TDS & not 194J TDS
Sum paid to foreign associates who identified potential investors in diff. countries was allowable u/s 37(1)
IT: Where assessee-company, engaged in providing investment research services, paid an amount to its foreign associate entity which helped assessee to identify potential investors in different countries and its efforts had benefitted assessee in its business, impugned payment made by assessee was to be allowed under section 37(1)
from www.taxmann.com Latest Case Laws http://bit.ly/2D8XP7C
from www.taxmann.com Latest Case Laws http://bit.ly/2D8XP7C
Prohibiting consumers to carry out their own eatable shops inside movie hall is not anti-competitive
Co.'s name was to be restored as company was going concern having assets and Loan : NCLAT
More conditions imposed under Central Excise w.r.t the scrips issued on or after April 10, 2019
On April 9, 2019 the Central Government vide Notification No. 01/2019 has imposed some conditions and procedure for availing exemption in respect of scrips issued on or after April 10, 2019 electronically where such scrip has been registered with the Customs Authority.
from taxmann.com News http://bit.ly/2X5ZLFN
from taxmann.com News http://bit.ly/2X5ZLFN
ITAT justified sec. 68 additions as shares issued at huge premium were subscribed to by persons having nominal income
IT: Where Assessing Officer made addition to assessee's income on ground that share application and share premium money received by assessee was unexplained cash credit under section 68, in view of fact that assessee could not produce share applicants and, moreover, there was no justification at end of assessee to demonstrate that shares could be subscribed at such a high premium that too by persons who had very nominal income, impugned addition was to be confirmed
from www.taxmann.com Latest Case Laws http://bit.ly/2P8IlFL
from www.taxmann.com Latest Case Laws http://bit.ly/2P8IlFL
RBI Gives 12 Years to LIC for Reducing Stake in IDBI Bank
Lenders agree to sterling SEZ's offer for a one -time settlement
Central Government notifies boards and commission of 3 southern states of India for exemption under
No question of law arose if lower authorities held that assessee was involved in making bogus purchases
IT: Where assessee was trading in paper and paper products and lower authorities including Tribunal having found that assessee was involved in hawala transactions and substantial purchases made by it were bogus in nature, disallowed certain purchases and added same in income of assessee as unexplained expenditure under section 69C, extent of disallowance in present facts did not give rise to any substantial question of law
from www.taxmann.com Latest Case Laws http://bit.ly/2P0rswI
from www.taxmann.com Latest Case Laws http://bit.ly/2P0rswI
Filing of affidavit by first subscribers at time of incorporation of Co. has been done away with: MC
Filing of affidavit by first subscribers to the memorandum and persons named as the first directors of the proposed company at the time of its incorporation was dispensed with as per the Companies (Incorporation) Third Amendment Rules w.e.f. 27.07.2018, and, accordingly, the MCA has directed stakeholders that only declaration by first subscriber(s) and director(s) in INC-9 is mandatory and affidavit is NOT required to be filed while filing SPICe Form.
from taxmann.com News http://bit.ly/2D5wzXR
from taxmann.com News http://bit.ly/2D5wzXR
Validity of scrutiny notice became academic if search was carried out on assessee's premises: ITAT
IT : Where assessee challenged validity of assessment order for want of issue of notice under section 143(2), in view of fact that prior to completion of assessment for relevant year, a search was carried out in case of assessee and, thus assessee's income had to be determined as per provisions of section 153A, question raised by assessee became academic
from www.taxmann.com Latest Case Laws http://bit.ly/2I92Q4r
from www.taxmann.com Latest Case Laws http://bit.ly/2I92Q4r
Rectification application can be filed only for issues which are decided by order passed by authority
IT/ILT: Where assessee filed application seeking rectification of Tribunal's order on ground that it had sought exclusion of eight comparables including 'I' but, Tribunal passed order in respect of seven comparables which constituted a mistake apparent from record, in view of fact that there was no finding of Tribunal in impugned order that 'I' should be included in list of comparables and, thus, there could not be any grievance of assessee in respect of non-deciding of said issue application so
from www.taxmann.com Latest Case Laws http://bit.ly/2X5RnGj
from www.taxmann.com Latest Case Laws http://bit.ly/2X5RnGj
'MSBTE' falls under definition of 'State'; eligible for exemption under sec. 10(46): ITAT
SLP dismissed against ruling that assessee wasn't entitled to interest on interest in case of delay in grant of refund
IT: SLP dismissed against High Court ruling that where assessee's claim for refund of excess tax collected was withheld and refunded by department after a huge delay merely on ground of pendency of appeal filed by revenue, since there was no stay granted by Appellate Authorities, assessee would be entitled to compensation by way of interest for such delay but assessee would not be entitled to interest on interest which was awarded as compensation
from www.taxmann.com Latest Case Laws http://bit.ly/2X0gGcq
from www.taxmann.com Latest Case Laws http://bit.ly/2X0gGcq
Tuesday, April 9, 2019
Loss on revaluation of obsolete inventory done on basis of technical evaluation allowable: HC
IT: Where assessee company reduced value of obsolete items of stocks and spares on basis of recommendation of expert committee of officers appointed by board of assessee company in this regard whose findings were supported by technical evaluation, assessee would be entitled to claim loss on account of such revaluation of obsolete inventory
from www.taxmann.com Latest Case Laws http://bit.ly/2UpccQ7
from www.taxmann.com Latest Case Laws http://bit.ly/2UpccQ7
ITAT couldn't reverse order of CIT(A) without examining correctness of additions made by AO
NCLAT Seeks Info on Exposure to IL&FS ‘Amber’ Companies
Foreign Funds Want to Complete Mergers Off Market, Sebi says No
I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr
SLP granted against ruling that interest received on compensation awarded under motor vehicle act is taxable
IT : Where High Court held that interest received on compensation awarded by Motor Accident Claims Tribunal payable to claimants on death of victim would fall within ambit of interest under section 2(28A), SLP filed against said order was to be granted
from www.taxmann.com Latest Case Laws http://bit.ly/2KltGbs
from www.taxmann.com Latest Case Laws http://bit.ly/2KltGbs
SC dismissed SLP against HC's ruling that consultancy fee paid to foreign law firms wasn't taxable in India
Exp. incurred in foreign currency to be deducted from total turnover while computing sec. 10A relief; SLP dismissed
IT : Where High Court upheld Tribunal's order that while computing amount of deduction under section 10A, expenditure incurred in foreign currency that was deducted from 'export turnover', had to be deducted from 'total turnover' as well, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2VwbIUB
from www.taxmann.com Latest Case Laws http://bit.ly/2VwbIUB
Sum received by partner on retirement from firm isn't chargeable to tax in hands of partner: HC
AO was bound to dispose of assessee's objection by speaking order prior to passing reassessment order
IT/ILT: Where scrutiny assessment had already been done with respect to charges paid to foreign AEs, prior to initiating subsequent reassessment, Assessing Officer was mandatorily required to dispose of assessee's objections by speaking order
from www.taxmann.com Latest Case Laws http://bit.ly/2VAMrss
from www.taxmann.com Latest Case Laws http://bit.ly/2VAMrss
Obligatory cession for financial year 2019-2020: IRDAI
The Insurance Regulatory And Development Authority of India (IRDAI) has issued notification related to obligatory cession for the financial year 2019-2020. This notification shall be applicable to Indian Re-insurers and other applicable insurers as per the provisions of section 101A of the Insurance Act, 1938.
from taxmann.com News http://bit.ly/2D4vKOJ
from taxmann.com News http://bit.ly/2D4vKOJ
SEBI introduces procedure for issuance of certified copies of orders and circulars
In order to streamline the procedure for issuance of certified copies of orders and circulars based on requests for certifies copies of orders passed by the board, Adjudicating officers or recovery officers or circulars issued by the departments of the board, the SEBI has introduced new procedure for them.
from taxmann.com News http://bit.ly/2VyWiyO
from taxmann.com News http://bit.ly/2VyWiyO
Denying credit of Service Tax paid on maintenance charges to M.P. Audhyogik Kendra Vikas Nigam has not justified
GST/Excise/ST/VAT: Where assessee had taken on lease a plot of land for establishing and running factory from Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN), it was eligible to avail cenvat credit of service tax paid on maintenance charges to MPAKVN
from www.taxmann.com Latest Case Laws http://bit.ly/2UGifyV
from www.taxmann.com Latest Case Laws http://bit.ly/2UGifyV
CBDT extends due date for filing of report in respect of International group of subsidiaries of USA
India and USA has entered into an agreement for furnishing of Country-by-Country report in accordance with Section 286(2), which shall come into effect when both the countries notify in this respect. Further, the due date for furnishing of report under Section 286(4), in respect of transactions between constituent subsidiaries of US parent co., has been extended by the CBDT.
from taxmann.com News http://bit.ly/2VzgAIO
from taxmann.com News http://bit.ly/2VzgAIO
RBI issues norms for banks to open large Currency Chests
The Reserve Bank of India has issued norms for banks to set up large currency chest. The norms has explicated in details about the minimum area of 1500 square feet for strong room. Besides, the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. For those situated in the hilly/ inaccessible places, capacity of 2.1 lakh pieces of banknotes per day.
from taxmann.com News http://bit.ly/2G99Eg1
from taxmann.com News http://bit.ly/2G99Eg1
I-T Dept. intensifies its action against terror funding; carries out more search operations in NCR,
The Income-tax Department has carried out searches at about 52 locations in 4 states seizing a total of Rs. 767.60 crores. Several benami properties, 252 bottles of liquor, few arms and hide skins of tiger found at the searched locations have been seized – Press Release- 8th April, 2019
from taxmann.com News http://bit.ly/2IlFXK7
from taxmann.com News http://bit.ly/2IlFXK7
Monday, April 8, 2019
Key Changes in New ITR Forms for Assessment Year 2019-20
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. This time the ITR forms have been changed with two major objectives – to incorporate the changes made by the Finance Act, 2018 and to seek additional disclosures. The additional disclosures have been sought by the CBDT in respect of all those income which are often subject to tax disputes or which are prone to tax avoidance.
from taxmann.com News http://bit.ly/2X0G4iD
from taxmann.com News http://bit.ly/2X0G4iD
Extending the due date for furnishing of report u/s 286(4) of the Income-tax act,1961
Reassessment notice held bad in law as it was sanctioned by CIT on ground which was different from the ground of AO
IT: Where reopening notice was issued against assessee on grounds that assessee had received accommodation entries from an entity while order granting sanction to reopening under section 151 was on basis that it was assessee who was engaged in providing accommodation entries, since impugned sanction was granted without application of mind to reasons recorded for reopening, impugned reopening notice was bad in law
from www.taxmann.com Latest Case Laws http://bit.ly/2uUsDoe
from www.taxmann.com Latest Case Laws http://bit.ly/2uUsDoe
Purchase of auditorium by trust formed for benefit of artists and actors considered as application of income
IT: Where assessee-trust, created for benefit of artists and actors, spent certain amount for purchase of leasehold rights in an auditorium which would be used for purpose of artists or their families or even serve cause of general public in times of floods or to provide education to children, etc., amount spent by assessee was to be considered as application of income within meaning of section 11(1)(a)
from www.taxmann.com Latest Case Laws http://bit.ly/2IjWFcW
from www.taxmann.com Latest Case Laws http://bit.ly/2IjWFcW
Reassessment couldn't be made on basis of grounds which were already considered during original assessment
IT: Where during scrutiny assessment, Assessing Officer had raised various queries regarding deemed dividend and shareholding pattern which were duly answered by assessee and besides other information, assessee had provided shareholding pattern of companies from and to whom, loans and advances were obtained or given, it was not open to Assessing Officer to rely upon this ground to reopen assessment in case of assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2IfF9Xn
from www.taxmann.com Latest Case Laws http://bit.ly/2IfF9Xn
Assessee can apply for stay of demand during pendency of appeal before CIT(A) by paying 20% of disputed demand
IT: Where appeal against order passed by Assistant Commissioner was pending before Commissioner (Appeals), assessee had liberty to approach Assessing Officer by paying 20 per cent of disputed demand and sought stay of tax demand by filing an application under section 220(3) or 220(6)
from www.taxmann.com Latest Case Laws http://bit.ly/2G66o53
from www.taxmann.com Latest Case Laws http://bit.ly/2G66o53
Food Aggregators Unable to Show Tax Collected at Source from Eateries
Electoral bonds aimed at checking use of black money in polls: FM
SLP granted against HC's order allowing expenses incurred on allotment of shares under ESOP as business expenses
Addition under sec. 41(1) couldn't be made in respect of waiver of interest on loan
IT: Where in course of assessment, Assessing Officer made addition to assessee's income under section 41(1) in respect of loan interest waiver by Government of India, in view of fact that assessee at no point of time had claimed waiver of interest on Government loan as expenditure and, moreover, said waiver was under Government policy, impugned addition deserved to deleted
from www.taxmann.com Latest Case Laws http://bit.ly/2G0l4RQ
from www.taxmann.com Latest Case Laws http://bit.ly/2G0l4RQ
Vodafone gets deduction under sec. 80-IA on interest income earned from AE
IT : Where assessee, engaged in telecommunication business,was eligible for deduction under section 80-IA, net interest income earned by it i.e. difference of interest rate at which loan was taken from bank and subsequently it was advanced to a sister concern, was also includible while computing amount of deduction
from www.taxmann.com Latest Case Laws http://bit.ly/2I6X6Iu
from www.taxmann.com Latest Case Laws http://bit.ly/2I6X6Iu
Exemption under sec. 11 allowed to NEIA Trust formed for providing credit insurance cover to Indian exporters
IT: Where assessee-trust was set up by Ministry of Commerce and administered by Export Credit and Guarantee Corporation of India for providing credit insurance cover to Indian exporters and for implementation of several schemes and programmes formulated by GOI for benefit of medium and long term exports, since dominant and prime object of assessee was not to earn profit in relation to trade, commerce and business, exemption under sections 11 and 12 could not be declined to assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2G8dt5m
from www.taxmann.com Latest Case Laws http://bit.ly/2G8dt5m
Saturday, April 6, 2019
Supreme Court’s ruling dismissing EPFO’s plea against Kerala High Court brings major relief to emplo
On Apr 01, 2019 the Supreme Court dismissed the special leave petition filed by EPFO against Kerala High Court’s verdict setting aside the Employees’ Pension (Amendment) Scheme, 2014 which capped the pensionable salary to Rs.15000 p.m. The amendments bought in by ‘Scheme 2014’ had significantly reduced the amount of contribution towards pension scheme. The Apex Court’s ruling brings major relief to many employees.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018362/supreme-court’s-ruling-dismissing-epfo’s-plea-against-kerala-high-court-brings-major-relief-to-employees.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018362/supreme-court’s-ruling-dismissing-epfo’s-plea-against-kerala-high-court-brings-major-relief-to-employees.aspx
Applicability and mode of filing new ITR Forms for AY 2019-20
The CBDT has notified the Income-tax Return (ITR) Forms for the Assessment Year 2019-20. Now e-filing is mandatory for every person except super senior citizen filing return in ITR-1 or ITR-4. The applicability and mode of filing of income-tax returns have been explained in this article.A detailed article on various changes made in ITR 1 to ITR 7 will follow soon.
from taxmann.com News http://bit.ly/2FWL00M
from taxmann.com News http://bit.ly/2FWL00M
MCA extends due date of filling e-form CRA-2 up to May 31, 2019
The Ministry of Corporate Affairs has received several representations about the extension of last date for filing e-form CRA-2 without additional fees where the company has been mandated to get its cost records audited for the first time under the Companies Act, 2013 on account of Companies (Cost Records and Audit) Amendment Rules, 2018.
from taxmann.com News http://bit.ly/2UqrGDu
from taxmann.com News http://bit.ly/2UqrGDu
Friday, April 5, 2019
Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents
IT : Where parents of minor child did not survive, income of minor child had to be taxed in hands of representative-assessee-Guardian and grandfather by invoking section 64(1A) and Explanation (b) thereto for period for which said minor child remained a minor, since there was no other provision to assess minor's income in hands of minor herself.
from www.taxmann.com Latest Case Laws http://bit.ly/2I2tw6B
from www.taxmann.com Latest Case Laws http://bit.ly/2I2tw6B
Income-tax (Second Amendment) Rules, 2019
Excise Duty to be paid on total clearance even if a single job-worker had crossed the limit of Rs 25 lakh
GST/Excise/ST/VAT : Where assessee was trading in cotton fabrics and made-ups and during period from April, 2003 to January, 2004 it had supplied raw material to certain job workers and total clearances were more than Rs. 1.45 crore and clearance value of one job worker was more than Rs. 25 lakhs while individual clearances of rest of job workers were less than Rs. 25 lakhs, assessee's liability to excise duty was in respect of entire aggregate value of clearances
from www.taxmann.com Latest Case Laws http://bit.ly/2D1sbJo
from www.taxmann.com Latest Case Laws http://bit.ly/2D1sbJo
RBI’s Still the Headmaster of the Class of Defaulters
Bad Loan Battle: RBI to Issue New Directive After SC Ruling
RBI Cuts Repo Rate, Says There’s Room for More
Excise Duty payable by trader on total clearance value if such value of one job worker exceeds Rs. 25 lakhs
GST/Excise/ST/VAT : Where assessee was trading in cotton fabrics and made-ups and during period from April, 2003 to January, 2004 it had supplied raw material to certain job workers and total clearances were more than Rs. 1.45 crore and clearance value of one job worker was more than Rs. 25 lakhs while individual clearances of rest of job workers were less than Rs. 25 lakhs, assessee's liability to excise duty was in respect of entire aggregate value of clearances
from www.taxmann.com Latest Case Laws http://bit.ly/2G3nAXV
from www.taxmann.com Latest Case Laws http://bit.ly/2G3nAXV
Provisional attachment order couldn't be passed merely on basis of FIR registered by CBI
FEMA, BANKING & INSURANCE : Where respondent did not give any cogent and cohesive reason and passed impugned provisional attachment order mechanically on basis of FIR registered by CBI against appellant under provisions of Indian Penal Code and Prevention of Corruption Act, order so passed deserved to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2Ie9a9O
from www.taxmann.com Latest Case Laws http://bit.ly/2Ie9a9O
No sec. 68 additions on excess share premium received if genuineness of transaction was proved; SLP dismissed
'Pentane' recovered from distillation of natural gas classifiable under sub-heading 2711 19 00
GST/Excise/ST/VAT: Where assessee was engaged in manufacture of mixture of pentane during processing of natural gas and said mixture was subject to fractional distillation and one of product of such distillation was pentane, product 'pentane' recovered during process would be classifiable under Sub-heading No. 2711 19 00
from www.taxmann.com Latest Case Laws http://bit.ly/2TXpuOx
from www.taxmann.com Latest Case Laws http://bit.ly/2TXpuOx
It would be case of international commercial arbitration even if Indian party habitually resides outside India
CL: In terms of section 2(1)(f), even if one of parties is habitually resident in a country other than India but a national of India, provisions of section 2(1)(f) would still be applicable, and it would be a case of international commercial arbitration
from www.taxmann.com Latest Case Laws http://bit.ly/2IdWiAw
from www.taxmann.com Latest Case Laws http://bit.ly/2IdWiAw
Thursday, April 4, 2019
CBDT notifies ITR forms for AY 2019-20; ITR-4 can be filed by resident person only
The Central Board of Direct Taxes (CBDT) has notified the new Income-tax return (ITR) forms for Assessment Year 2019-20. Various changes have been incorporated in the new forms. Now a person being director in any company cannot file his return in ITR-1. Further, NR person opted for presumptive taxation scheme cannot file return in ITR-4.
from taxmann.com News https://ift.tt/2YNvI7k
from taxmann.com News https://ift.tt/2YNvI7k
Sec. 80G approval couldn't be rejected merely on ground that nothing substantial had been done towards charity
IT : Where assessee's claim for approval/exemption under section 80G was rejected on ground that except for a donation given to 'Kanya Gurukul Mahavidyalaya' nothing substantial or concrete had been done by assessee in field of charity, in view of fact that Commissioner (Exemptions) had not disputed that assessee satisfied conditions of section 80G(5) and, moreover, assessee had carried out some of charitable activities in furtherance to its objects impugned, order rejecting assessee's claim was
from www.taxmann.com Latest Case Laws https://ift.tt/2Vs4v8h
from www.taxmann.com Latest Case Laws https://ift.tt/2Vs4v8h
Reduction in book value of assets due to change in dep. rate has no impact on computation of book profits
Deposit made under non-government PF, superannuation and gratuity shall bear 8% interest rate: FinMi
ITAT granted stay during pendency of appeal against additions made towards valuation of unquoted shares
IT: Where assessee during pendency of appeal against addition made to its income on account of valuation of unquoted equity shares of various companies, sought stay of tax demand, in view of fact that there was a huge difference in valuation done by Assessing Officer and working given by assessee, which prima facie appeared to be based on method laid down in Rule 11UA, a case was made out to grant stay of demand
from www.taxmann.com Latest Case Laws https://ift.tt/2KfGz6y
from www.taxmann.com Latest Case Laws https://ift.tt/2KfGz6y
Consulting services provided by UK based Co. not taxable as FTS as it didn't satisfy make available clause
IT/ILT: Payment received by assessee a U.K. based company for providing consulting services to an Indian entity will not be considered as fees for technical services under article 13(4)(c) of India-UK DTAA as supply was contract specific and was not made avaialble to Indian entity to be used in any other project in future
from www.taxmann.com Latest Case Laws https://ift.tt/2WEtUvo
from www.taxmann.com Latest Case Laws https://ift.tt/2WEtUvo
RBI reduces repo rate from 6.25% to 6%
On the basis of an assessment of the current and evolving macroeconomics situation, the Monetary Policy Committee has decided to reduce the policy repo rate under liquidity adjustment facility by 25 basis point to 6.0 per cent from 6.25% with immediate effect
from taxmann.com News https://ift.tt/2OMmSSv
from taxmann.com News https://ift.tt/2OMmSSv
SEBI extends timeline for implementation of Phase I of Unified Payment Interface for buying shares i
In order to smooth functioning, the market regulator, SEBI has extended the timeline for implementation of Phase I of Unified Payment Interface with application supported by block amount by 3 months, i.e. June 30, 2019. However, the implementation of Phase II and III shall continue unchanged.
from taxmann.com News https://ift.tt/2uJyvAq
from taxmann.com News https://ift.tt/2uJyvAq
SLP dismissed against HC's ruling rejecting revenue's appeal on failure to remove office objections
IT: SLP dismissed against High Court ruling that where revenue's appeal was dismissed for failure to remove office objections, revenue could not file repetitive notices of motion seeking to recall order of dismissal without removing such office objections and; administrative difficulties could not be a reason for non-removal of office objections and filing a defective appeal
from www.taxmann.com Latest Case Laws https://ift.tt/2OPeylg
from www.taxmann.com Latest Case Laws https://ift.tt/2OPeylg
Directing assessee to pay 20% of tax demand by relying wholly on CBDT's instruction no. 1914 was to be set-aside
IT : Where no speaking order was passed by revenue authorities while rejecting application of assessee for stay of demand and directing assessee to pay 20 per cent of amount demanded during pendency of appeal by relying wholly on CBDT instruction No. 1914, dated 21-3-1996, impugned order being passed mechanically and without application of mind was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2FPnL93
from www.taxmann.com Latest Case Laws https://ift.tt/2FPnL93
Wednesday, April 3, 2019
Employees’ Pension (Amendment) Scheme, 2014 declared unsustainable: Kerala HC
AMS : Amendments was brought in Employees' Pension Scheme, 1995 by Employees' Pension (Amendment) Scheme, 2014 limiting maximum pensionable salary to Rs. 15000 per month and creating different classes of pensioners on basis of date on which amended Scheme came into force i.e., 1-9-2014 depending on option exercised by employees out of different options as provided under proviso to paragraph 11(3) of 1995 Scheme - Such amendment was done to prevent depletion in Pension Fund - Held, that impugned
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187407/employees’-pension-amendment-scheme-2014-declared-unsustainable-kerala-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187407/employees’-pension-amendment-scheme-2014-declared-unsustainable-kerala-hc.aspx
SC dismissed petition filed by EPFO against Kerala HC’s Judgment quashing Pension (Amendment) Scheme, 2014
AMS : Amendments was brought in Employees' Pension Scheme, 1995 by Employees' Pension (Amendment) Scheme, 2014 limiting maximum pensionable salary to Rs. 15000 per month and creating different classes of pensioners on basis of date on which amended Scheme came into force i.e., 1-9-2014
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187406/sc-dismissed-petition-filed-by-epfo-against-kerala-hc’s-judgment-quashing-pension-amendment-scheme-2014.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187406/sc-dismissed-petition-filed-by-epfo-against-kerala-hc’s-judgment-quashing-pension-amendment-scheme-2014.aspx
Subsidy granted for setting up a new industry couldn't be reduced from actual cost of plant & machinery
Suit challenging transaction falling u/s 4(3)(b) isn’t barred u/s 4 of Benami Property Act: SC
CL : Where appellant filed a suit for declaration of title with respect to premises and prayed that he be declared owner of premises and that sale deed dated 24-7-2006 executed by first defendant in favour of second defendant be cancelled and second defendant submitted an application under Order VII Rule 11 of Code of Civil Procedure praying for rejection of plaint on ground that suit was barred under section 4 of Benami Transaction (Prohibition) Act, 1988,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187405/suit-challenging-transaction-falling-us-43b-isn’t-barred-us-4-of-benami-property-act-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187405/suit-challenging-transaction-falling-us-43b-isn’t-barred-us-4-of-benami-property-act-sc.aspx
Enforcement Officer has authority to attach those properties also which have nexus with Money Laundering: HC
PMLA: Empowered enforcement officer has authority of law in PMLA to attach not only a 'tainted property' - that is to say a property acquired or obtained, directly or indirectly, from proceeds of criminal activity constituting a scheduled offence - but also any other asset or property of equivalent value of offender of money-laundering,
from www.taxmann.com Latest Case Laws https://ift.tt/2K1VjWL
from www.taxmann.com Latest Case Laws https://ift.tt/2K1VjWL
No denial of sec. 80-IB relief merely on ground that developer didn't undertake construction of property itself
IT: Where assessee was developer of project and company 'ETA' was builder of said project and their right and obligation were inextricably linked with each other, assessee could not be denied deduction under section 80-IB(10) on ground that it itself did not carried out activity of building and developing housing project
from www.taxmann.com Latest Case Laws https://ift.tt/2FOBoFf
from www.taxmann.com Latest Case Laws https://ift.tt/2FOBoFf
AO had to show difference in facts in order to reject TNMM which was consistently followed in previous years
IT/ILT : Where TNM method is accepted to determine ALP of international transaction and, no change in facts has been asserted by assessee, it would be for revenue to show difference in facts warranting a different view in this assessment year to that taken in subsequent assessment years
from www.taxmann.com Latest Case Laws https://ift.tt/2FOqBed
from www.taxmann.com Latest Case Laws https://ift.tt/2FOqBed
FPIs Keep Faith in Indian Equity As US Bond Yields Lose Steam
SC writes off RBI’s Feb 12 circular
No interference was needed in case sec. 80-IA deduction was allowed by ITAT in excess of what was claimed in ITR
IT : Where assessee, a manufacturer, had two manufacturing units and 78 service centers and it clubbed income from service centres with income from manufacturing units and claimed deduction under section 80-IA on entire sum and Assessing Officer restricted deduction to income derived from manufacturing units alone and recomputed income applying certain principles for proper apportionment and attribution of expenditure and Commissioner (Appeals) modified distribution of expenditure between manufa
from www.taxmann.com Latest Case Laws https://ift.tt/2FVKGRe
from www.taxmann.com Latest Case Laws https://ift.tt/2FVKGRe
Amending its objects to clarify certain things has no impact on trust's registration; SC dismissed SLP
IT: SLP dismissed against High Court ruling that where objects in original trust deed were sufficiently wide and covered range of charitable activities relatable to education, medical aid and help to poor in times of calamities, registration of assessee-trust could not be denied for amended objects clarifying running of diagnostic centre on no profit basis
from www.taxmann.com Latest Case Laws https://ift.tt/2uEpdpA
from www.taxmann.com Latest Case Laws https://ift.tt/2uEpdpA
Subscribe to:
Posts (Atom)