A survey of services sector Cos. for calculation of GDP showed data gaps. Survey was based on 35456 cos. from 349500 cos. in service sector in MCA. 16.4% of cos. were non-traceable. 21.4% of cos. appeared to be misclassified due to mismatch between economic activity and industrial classification. The Govt. clarified that the cos. that were not working in the services sector based on their CIN were excluded from scope of study and therefore categorised ‘out of survey’ this doesn’t mean thes
from taxmann.com News https://www.taxmann.com/topstories/222330000000018695/cin-mismatch-in-sample-data-taken-by-nss-doesn’t-mean-cos-don’t-exists-clarifies-govt.aspx
Friday, May 31, 2019
Sec. 68 additions justified as assessee failed to establish genuineness of share capital
IT: Where assessee company had received share capital of huge amount from several companies, in view of fact that share applicants had very meagre income, thus, they did not have creditworthiness for making such huge investments and genuineness of transactions were also not established from documentary evidences shown by assessee, addition under section 68 in respect of share capital was justified
from www.taxmann.com Latest Case Laws http://bit.ly/2W2PDwr
from www.taxmann.com Latest Case Laws http://bit.ly/2W2PDwr
CIN Mismatch Doesn’t Mean Cos Don’t Exist, Clarifies Govt
NCLT rejects Essar Power Jharkhand expromoters´ bid to clear dues
Govt. issues Sovereign Gold Bond Scheme 2019-20
Goods & vehicle detained shall be released on finishing of bond by the assessee
GST : Where Competent Authority had detained goods of assessee under transport and vehicle on ground that Part-B of E-way bill was not generated and demanded tax and 100 per cent penalty, since goods of assessee being perishable goods, Competent Authority was directed to release goods together with vehicle on assessee furnishing security by way of bond of an amount of Rs. 12 lakhs
from www.taxmann.com Latest Case Laws http://bit.ly/2Mj5jvP
from www.taxmann.com Latest Case Laws http://bit.ly/2Mj5jvP
Thursday, May 30, 2019
Investment made by US based private investment group with Govt. approval couldn't be held as sham transaction
IT: Where investment in assessee-company was made by US based global private investment group with permission of Government authorities, same could not be branded as sham transaction merely because it involved huge investment and investor would not earn any dividend income immediately and investment was divested to group companies by assessee-company
from www.taxmann.com Latest Case Laws http://bit.ly/2JL53nl
from www.taxmann.com Latest Case Laws http://bit.ly/2JL53nl
RBI constitutes task force on development of Secondary and Securitization market
With a view to review the existing state of mortgage securitization in India and various issues constraining market development, and to develop the further, the Reserve Bank of India has constituted on the development of Housing Finance Securitization Market and development of secondary market for corporate loans.
from taxmann.com News http://bit.ly/2QwLmjH
from taxmann.com News http://bit.ly/2QwLmjH
FDI Policy Review Begins as Inflows Drop Despite Auto Route
HC deleted sec. 69 additions as assessee duly explained source of advance rental income
RBI updates master direction on KYC
The Reserve Bank of India (RBI) has amended the Master Direction on Know Your Customers wherein it has been specified that the banks have been allowed to carry out aadhaar authentication or offline verification of an individual who voluntarily uses his aadhaar number for identification purpose.
from taxmann.com News http://bit.ly/2W5x4I8
from taxmann.com News http://bit.ly/2W5x4I8
Extension of relaxation on guidelines to NBFCs on securitization transactions: RBI
Wednesday, May 29, 2019
No sec. 271AAB penalty if income surrendered during search didn't result in undisclosed income
Govt. amends client due diligence norm under Money Laundering Act
SEBI issues discussion paper on framework for regulatory Sandbox
RBI extends RTGS timings for customers
RBI extends RTGS timing for customers
I-T Dept to Summon MP Officials, Kamal Nath’s Relatives
Tuesday, May 28, 2019
Prohibition of Benami Property Transactions (Conditions of services of Members of Adjudicating Authority) Rules, 2019
Standard deduction u/s 24 not allowable on rental income earned by charitable trust: Mumbai ITAT
Economic offenders under radar of MCA
The Ministry of Corporate Affairs (MCA) has widened the probe against economic offenders and tried to figure the loopholes in the system and the practices followed by offenders so that no one can take advantage the same in near future. Therefore, in order to stop absconding offenders from going outside India, the MCA has come up with list of 20 people who could go to foreign countries to hide their default.
from taxmann.com News http://bit.ly/2KedQOd
from taxmann.com News http://bit.ly/2KedQOd
Govt. notifies norms for recruitment of members of adjudicating authority under Benami law
The Government has notified the Prohibition of Benami Property Transactions (Conditions of services of Members of Adjudicating Authority) Rules, 2019. New Rules are effective from May 27, 2019. The Rules prescribed the norms for recruitment of members of Adjudicating Authority (AA), other terms such as medical fitness of members, Salary & Allowance, PF, Gratuity & Pension, Leave policy, procedure for conducting inquiry for removal of members of AA.
from taxmann.com News http://bit.ly/2VVXf3M
from taxmann.com News http://bit.ly/2VVXf3M
MCA prepares a list of offenders to prevent them from fleeing country
SEBI tightens disclosure norms of listed debt securities
In order to enhance transparency and to enable Debenture Trustees to perform their duties effectively and promptly, the market regulator, SEBI has tightened norms of listed debt securities. Now, Debenture trusteed need to disclose the nature of compensation arrangement with its clients on their website, including the minimum fee to be changes and factors determining the same. Along with that, Calendar of interest, due and paid to be displayed on the website.
from taxmann.com News http://bit.ly/2I4qsV7
from taxmann.com News http://bit.ly/2I4qsV7
No service tax leviable where there were no transfers of development rights by land owning companies to developer
GST/Excise/ST/VAT: Where assessee developer entered into a business development agreement with DLF Ltd. to purchase land on behalf of DLF Ltd., in view of fact that landowning companies had not transferred any development right in favour of assessee, assessee could not have transferred any land development right to DLF Ltd and thus activity in question being only acquisition of land, no service tax was payable by assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2JIJqE1
from www.taxmann.com Latest Case Laws http://bit.ly/2JIJqE1
Monday, May 27, 2019
Task Force for drafting a New Direct Tax Legislation-Extension of term
No sec. 68 additions if assessee had proved identity of share applicants; SLP dismissed
IT: Where High Court upheld Tribunal's order deleting addition made under section 68 on ground that assessee had discharged onus that was placed upon it to disclose identity of share applicants and genuineness of money infused, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2HGl7oh
from www.taxmann.com Latest Case Laws http://bit.ly/2HGl7oh
Interest payment to creditors couldn't be disallowed merely because no interest was charged from debtors
IT: Where assessee-company, trading in medicines manufactured by a supplier, was paying huge interest on outstanding credit balance to supplier for delay in discharge of its outstanding liability, merely because no interest was being charged by assessee from its debtors, same could not be justifiable reason for resorting to disallowance of interest payment under section 40A(2)(a)
from www.taxmann.com Latest Case Laws http://bit.ly/2KcdS9j
from www.taxmann.com Latest Case Laws http://bit.ly/2KcdS9j
CBDT extends terms of Task Force on Direct Tax by another 2 months to July 31, 2019
In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law, the Govt. had constituted a Task Force. Task Force was required to submit its report to Government by extended date of May 31, 2019. The said term has now been extended by CBDT by another two months. Task force will now require to submit its report by July 31, 2019
from taxmann.com News http://bit.ly/2JG7SpK
from taxmann.com News http://bit.ly/2JG7SpK
Extended period of limitation couldn't be invoked where assessee had paid differential excise duty on depot sales
GST/Excise/ST/VAT : Where assessee had cleared goods from factory gate as well as from depots and requested Excise Authorities to advise as to method to be adopted for depot sales so as to arrive at differential duty and Excise Authorities had not responded to request and thereafter Adjudicating Authority invoking extended period of limitation issued on assessee show cause notice alleging that assessable value in respect of depot sales was deliberately mis-declared by assessee with intention to
from www.taxmann.com Latest Case Laws http://bit.ly/2WsojMg
from www.taxmann.com Latest Case Laws http://bit.ly/2WsojMg
Co-owned property can't be held as owned by assessee while allowing sec. 54F relief: ITAT
IT: Where Assessing Officer rejected assessee's claim for deduction under section 54F on ground that at time of sale of capital asset, assessee was owner of more than one residential house properties, in view of fact that one residential property was co-jointly owned in name of assessee and his wife and he could not be treated as 'absolute owner' of said property, deduction under section 54F could not be denied to him
from www.taxmann.com Latest Case Laws http://bit.ly/2JIcgV2
from www.taxmann.com Latest Case Laws http://bit.ly/2JIcgV2
SLP dismissed against ruling that sec. 80G application be allowed if trust was eligible for sec. 12A registration
IT: Where High Court held that assessee was a trust eligible for registration under section 12AA and, thus, as a natural corollary, assessee's application under section 80G(5) also deserved to be allowed, SLP filed against High Court's order was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2QpWO0B
from www.taxmann.com Latest Case Laws http://bit.ly/2QpWO0B
Repairs of office building using POP to be treated as capital expenditure: ITAT
Sonu Nigam’s plea of adding flat in block of asset rejected as income therefrom was taxable as house property
IT: Commissioner (Appeals) rightly confirmed addition of Short Term Capital Gain on sale of premises of assessee in Amarnath Tower as block of asset ceases to exit. Other Property of assessee was self occupied property, hence, it could not enter into block of depreciable asset. Further, plea to add purchase of new flat into block of assets can't be accepted as income from same was taxable as house property income
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188367/sonu-nigam’s-plea-of-adding-flat-in-block-of-asset-rejected-as-income-therefrom-was-taxable-as-house-property.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188367/sonu-nigam’s-plea-of-adding-flat-in-block-of-asset-rejected-as-income-therefrom-was-taxable-as-house-property.aspx
Saturday, May 25, 2019
Notification No. 43 /2019/F.No.300196/72/2018-ITA-I/SO 1802(E)
Notification No. 42/2019/F.No.300196/69/2018-ITA-I/SO 1801(E)
Report of Working Group on ‘FPI Regulations’: SEBI
The Market Regulator, SEBI has constituted a working group to advise SEBI on redrafting the SEBI (Foreign Portfolio Investors) Regulations, 2014 for simplification and to advise on any other issues related to Foreign Portfolio Investors. In this regard, the SEBI has published the report of Working Group on Foreign Portfolio Regulation for public comments. The report contains recommendations for simplification of documents, ease of access by fast track on board process and so on.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018655/report-of-working-group-on-‘fpi-regulations’-sebi.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018655/report-of-working-group-on-‘fpi-regulations’-sebi.aspx
No act of oppression if shares were transferred as per duly convened meeting and shareholder didn't raise objection
CL: Where appellant and R2 were only shareholders and directors of company and they admittedly participated in board meeting where appellant did not raise any objection on transfer of R2's shares to R3, same would not constitute oppression against appellant
from www.taxmann.com Latest Case Laws http://bit.ly/30IZESX
from www.taxmann.com Latest Case Laws http://bit.ly/30IZESX
RBI Relaxes Norms for FPIs Investing in Debt Instruments
Reserve Bank Moots Checks and Balances to Tackle NBFC Stress
FinMin revises down direct tax target for smaller cities
ITAT disallowed deduction of unrecovered advances written off as assessee couldn't substantiate his claim
IT: Where assessee had claimed write off of advances given by it to suppliers for purchase of raw materials as suppliers neither supplied materials nor returned money, since assessee could not produce any evidence to prove that advances were paid during ordinary course of business, write off of same could not be allowed as business loss
from www.taxmann.com Latest Case Laws http://bit.ly/30K4iAc
from www.taxmann.com Latest Case Laws http://bit.ly/30K4iAc
Friday, May 24, 2019
Due dates for submission of tax, TDS return & issue of TDS certificates for deductor’s in Odhisha ex
Considering the genuine hardship faced by the deductors of Odhisha due to cyclone ‘FANI’, the Central Board of Direct Taxes (CBDT) has extended due dates for depositing of TDS for the month of April, 2019, filing of quarterly statement of TDS for the last quarter of FY 2018-19 & issue of TDS certificate in Form 16 and 16A
from taxmann.com News https://www.taxmann.com/topstories/222330000000018643/due-dates-for-submission-of-tax-tds-return-issue-of-tds-certificates-for-deductor’s-in-odhisha-extended.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018643/due-dates-for-submission-of-tax-tds-return-issue-of-tds-certificates-for-deductor’s-in-odhisha-extended.aspx
Matter was remanded back to Adjudicating Authority where it passed an order without following directions of Tribunal
GST/Excise/ST/VAT: Where assessee had classified its product 'galvanized silo storage systems' under Heading No. 8437 10 00 and Adjudicating Authority held that said product was classifiable under Heading No. 9406 00 99 and Tribunal remanded issue back to Adjudicating Authority for a de novo decision with certain directions and Adjudicating Authority in de novo proceedings without following directions of Tribunal passed an order holding that above product would be classifiable under Heading No.
from www.taxmann.com Latest Case Laws http://bit.ly/2X1F1iA
from www.taxmann.com Latest Case Laws http://bit.ly/2X1F1iA
SLP dismissed against HC's order quashing reassessment as sufficient disclosure was made on receipt of Govt. subsidy
IT:Where Assessing Officer initiated reassessment proceedings on ground that subsidy received by assessee from Government was directly credited to capital reserve account which resulted into non-consideration of such amount for computation of assessee's book profit, however, said proceedings were quashed by High Court by holding that there was sufficient disclosure in return filed by assessee with respect to entry in question, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2YPQK4v
from www.taxmann.com Latest Case Laws http://bit.ly/2YPQK4v
Unlisted public cos. need to file e-form PAS-6 to registrar for reconciliation of share capital audi
The Ministry of Corporate Affairs (MCA) has amended the Companies (Prospectus and Allotment of securities) Rules, 2014 wherein rule 9A has been amended. The Amendment has been focused on unlisted public companies governed by the Companies (Prospectus and Allotment of securities) Rules, 2014 wherein old clause has been substituted with new one, which says that the unlisted public companies are required to submit e-form PAS 6 for reconciliation of share capital audit report within 60 days
from taxmann.com News http://bit.ly/30DlZ4x
from taxmann.com News http://bit.ly/30DlZ4x
Plea to assail sale notice dismissed as petitioner had alternative remedies of filing application under SARFAESI Act
FEMA, BANKING & INSURANCE : Where action taken by bank in auctioning mortgaged property on account of default in repayment of loan by borrowers was in continuation of measures provided under section 13(4) of Securitisation Act, owners of said property had an alternative effective remedy of filing an application under Section 17
from www.taxmann.com Latest Case Laws http://bit.ly/2YOfMkp
from www.taxmann.com Latest Case Laws http://bit.ly/2YOfMkp
AO couldn't revisit objects of trust once sec. 12A registration was granted to it; SC dismissed SLP
IT: Where High Court upheld Tribunal's order holding that once registration was granted to assessee trust under section 12A, then it was not open to Assessing Officer while examining compliance with section 11 to revisit objects of assessee again, SLP filed against decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2EvvNnx
from www.taxmann.com Latest Case Laws http://bit.ly/2EvvNnx
Claim of Cenvat credit was bogus where raw material purchased by the assessee did not reach factory premises
GST/EXCISE/VAT/ST : Where High Court upheld Tribunal's order that raw material allegedly purchased by assessee never reached its factory and, thus, assessee's claim for CENVAT credit was bogus, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2W6lfq0
from www.taxmann.com Latest Case Laws http://bit.ly/2W6lfq0
Thursday, May 23, 2019
Notification No. 40/2019 [F.No.503/1/2018-FT & TR-IV]/SO 1789(E)
Income-tax (4th Amendment) Rules, 2019 - Modification in Form No. 15H
No sec. 68 additions if assessee had proved identity of share applicants; SC dismissed
IT: Where High Court upheld Tribunal's order deleting addition made under section 68 on ground that assessee had discharged onus that was placed upon it to disclose identity of share applicants and genuineness of money infused, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2JX36Uc
from www.taxmann.com Latest Case Laws http://bit.ly/2JX36Uc
SLP dismissed against ruling that carriage fees paid to cable/DTH operators liable to TDS u/s 194C & not u/s 194J
IT : SLP dismissed against order of High Court that placement fees/carriage fees paid by assessee-company, engaged in business of distribution of television channels, to cable operators/MSO/DTH operators were payments for work contract covered under section 194C and not fees for technical service under section 194J
from www.taxmann.com Latest Case Laws http://bit.ly/2HxCDuw
from www.taxmann.com Latest Case Laws http://bit.ly/2HxCDuw
Form 15H can be furnished if no tax payable on income after sec. 87A rebate: CBDT
Since the section 87A was amended by the Finance Act, 2019, to provide full tax rebate to taxpayers earning total income up to Rs. 5 lakhs, the CBDT made the consequent amendment in Form 15H used for furnishing declaration for nil deduction of tax in case of senior citizens. Now, rebate u/s 87A shall be allowed while furnishing Form 15H declaration.
from taxmann.com News http://bit.ly/2WmBqia
from taxmann.com News http://bit.ly/2WmBqia
No violation of section 8 as there was material evidence to show steps taken by co. to repatriate export proceeds
FEMA, BANKING & INSURANCE: Where appellant company and its directors filed materials to show as to what steps they had taken to repartiate foreign exchange, but, High Court proceeded on wrong assumption that since appellants did not file any material, a case was made out against them, observation of High Court was contrary to record of case
from www.taxmann.com Latest Case Laws http://bit.ly/2VGzdcN
from www.taxmann.com Latest Case Laws http://bit.ly/2VGzdcN
SC dismissed SLP filed against HC's order allowing claim for bad debts due to low tax effect
Wednesday, May 22, 2019
CBDT condones delay in filing of audit report by trust/institution for AYs 2016-17 & 2017-18
The Central Board of Direct Taxes (CBDT), considering the representations, has decided to condones the delay in filing of audit report in Form 10B by the trusts or institutions for the Assessment Years 2016-17 and 2017-18. The condonation shall be granted subject to fulfillment of conditions prescribed by the board.
from taxmann.com News http://bit.ly/2wa4Gda
from taxmann.com News http://bit.ly/2wa4Gda
Portfolio Managers can invest in Exchange Traded Commodity Derivatives: SEBI
SEBI issues framework for process of accreditation of investors for purpose of Investors Growth Plat
The market regulator, SEBI has issued framework for the process of accreditation of investor for the purpose of Investors growth platform. The framework has discussed points related to eligibility, detailed procedure for accreditation, validity, and responsibility.
from taxmann.com News http://bit.ly/2JVqRMb
from taxmann.com News http://bit.ly/2JVqRMb
Discussion paper on review of buy-back of securities
Govt. Grants in excess of 50% of total receipts to be termed as 'Substantially Financed' for sec. 10(23C) purpose
IT: By introduction of Explanation to section 10(23C) w.e.f. 1-4-2015, it has been clarified that if grant from Government is in excess of 50 per cent of its total receipts, it is to be taken as substantially financed by Government and 'substantially financed' in terms of Explanation to section 10(23C) means i.e., qua total receipts and not qua total expenditure
from www.taxmann.com Latest Case Laws http://bit.ly/2VVn1ds
from www.taxmann.com Latest Case Laws http://bit.ly/2VVn1ds
HC dismissed writ petition as assessee had alternate remedy of filing appeal before CIT(A)
IT: Where assessee filed writ petition contending that impugned assessment order and subsequent recovery proceedings were to be set aside as there was no valid service of assessment notice upon assessee, since alternate efficacious statutory remedy of filling appeal to Commissioner (Appeals) was available, instant writ petition could not be entertained
from www.taxmann.com Latest Case Laws http://bit.ly/2VW4tcK
from www.taxmann.com Latest Case Laws http://bit.ly/2VW4tcK
Penalty rightly deleted as excess stock was on account of wrong entries in books of account; SLP dismissed
IT: Where High Court upheld Tribunal's order deleting penalty under section 271(1)(c) on ground that addition on account of alleged 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 said decision was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2Qe1J4w
from www.taxmann.com Latest Case Laws http://bit.ly/2Qe1J4w
Company couldn't be deregistered when legal action had been initiated against it: NCLT
CL : Where for alleged escapement of income, income tax department had taken administrative decision against company whose name had already been struck off from register of companies, name of such company was to be restored in register of companies
from www.taxmann.com Latest Case Laws http://bit.ly/2VSa4ku
from www.taxmann.com Latest Case Laws http://bit.ly/2VSa4ku
SEBI allows mutual funds to participate in exchange traded commodity derivatives
In order to promote institutional participation in Exchange Traded Commodity Derivatives, the market regulator, SEBI has decided to permit mutual funds to participate in Exchange Traded Commodity Derivatives except in commodity derivatives on Sensitive Commodities.
from taxmann.com News http://bit.ly/2WXmbcw
from taxmann.com News http://bit.ly/2WXmbcw
Tuesday, May 21, 2019
CBDT releases draft notification proposing new audit report Form for Trust/Institution
Rule 17B of the Income-tax rules, 1962 provides furnishing of audit report by a trust or institution in Form No. 10B. Said rule & form was notified long ago in the year 1973. Thus, CBDT has released draft notification proposing amendment to Rule 17B & Form 10B in order to rationalise them to align with the requirements of the present times.
from taxmann.com News http://bit.ly/2WnEt9W
from taxmann.com News http://bit.ly/2WnEt9W
Provision of Money Laundering Act would prevail over CrPC: HC
FEMA, BANKING & INSURANCE : Provisions of CRPC is relied upon as residuary provisions for proceedings under PMLA on aspects and matters for which no specific provision is contained in PMLA and in case of any conflict or contradiction as between provisions of PMLA and CRPC, those contained in PMLA would prevail and those of CRPC must yield
from www.taxmann.com Latest Case Laws http://bit.ly/2JuInaR
from www.taxmann.com Latest Case Laws http://bit.ly/2JuInaR
SEBI proposes innovation Sandbox framework for FinTech firms
IRDA issues norm for reconciliation of Co-insurers balance from Electronic Transaction Admin and Set
The IRDAI has noticed that the inter-company balances in re-insurances and co-insurance business are significantly and high and are on the rise. The re-insurance and co-insurance transactions typically involve multiple organization across geographies giving rise to various issues. Therefore, IRDA has issued norms to mitigate risk and problem.
from taxmann.com News http://bit.ly/2WTTxJa
from taxmann.com News http://bit.ly/2WTTxJa
Govt. amends transitory provisions of IRDAI (Appointed Actuary) Regulations, 2017
The IRDAI has amended the IRDAI (Appointed Actuary) Regulations, 2017 wherein new proviso has been inserted in Regulation 6 which clarifies that for business continuance, the insurer may need exemption from Regulation 5 for a further period beyond on year. Upon request of the insurer and based on merits of the case, the chairperson may grant extension for a further period not exceeding 2 years.
from taxmann.com News http://bit.ly/2QdE9oB
from taxmann.com News http://bit.ly/2QdE9oB
Extension of term of office of members of Insurance Advisory Committee: IRDAI
Monday, May 20, 2019
Insurer couldn’t rely upon exclusionary clauses to repudiate claim when term was not communicated to it
CL : Where conditions of exclusion under policy document were not handed over to insured by insurer and in absence of insured being made aware of terms of exclusion, it was not open to insurer to rely upon exclusionary clauses to repudiate claim of insured.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188314/insurer-couldn’t-rely-upon-exclusionary-clauses-to-repudiate-claim-when-term-was-not-communicated-to-it.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188314/insurer-couldn’t-rely-upon-exclusionary-clauses-to-repudiate-claim-when-term-was-not-communicated-to-it.aspx
Provisions of Arbitration Act would prevail over Bihar Public Works Contact Dispute Act
CL : Where agreement governed by provisions of Standard Bidding document and Clause-25 of General Condition of contract, provided for settlement of dispute and arbitration to be conducted in terms of provisions of Arbitration and Conciliation Act, 1996, Bihar Public Works Contract Dispute Arbitration Act, 2008 would not apply and provisions of Arbitration and Conciliation Act, 1996 would apply and, thus, order whereby and whereunder petitioner was directed to move to State Tribunal i.e.,
from www.taxmann.com Latest Case Laws http://bit.ly/2VQQipy
from www.taxmann.com Latest Case Laws http://bit.ly/2VQQipy
SC dismissed SLP against HC's order that demurrage charges hadn't accrued to assessee
It would be only net of interest which is to be excluded for the purpose of sec. 80-IA deduction; SLP dismissed
RoC Files Prosecution Plaint Against 4 Cos of Chanda Kochhar’s Husband
Plea for rectification of register of members dismissed when petitioner failed to disclosed all facts: HC
CL: Where despite of fact that there was an agreement between petitioners and R1 company to not to make changes in shareholding of company, R1 passed resolutions to increase share capital and to issue bonus shares to respondent shareholders, since, application filed by petitioners restraining R1 to give effect to said resolution did not disclose that another application for rectification of register of members had already been filed before NCLT, same could not be allowed
from www.taxmann.com Latest Case Laws http://bit.ly/2HK8eYS
from www.taxmann.com Latest Case Laws http://bit.ly/2HK8eYS
Saturday, May 18, 2019
Loss arising from speculative transactions couldn’t be set off against profit from trading in futures & options
IT: Where the assessee, a non-banking financial company, whose principal business activity was of trading in shares and securities, incurred loss (speculative loss) as a result of its activity of trading in shares, said loss was not capable of being set off against the profits which it had earned against the business of futures and options since the latter did not constitute profits and gains of a speculative business
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188286/loss-arising-from-speculative-transactions-couldn’t-be-set-off-against-profit-from-trading-in-futures-options.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188286/loss-arising-from-speculative-transactions-couldn’t-be-set-off-against-profit-from-trading-in-futures-options.aspx
No denial of exemption just because trust failed to specify purpose of accumulation of funds in Form No. 10: SC
Black Money Act has no retro-effect; no action against VVIP Chopper Scam accused ‘Gautam Khaitan’: HC
IT : Government can not exercise powers under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, prior to statute itself coming into forcex
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188281/black-money-act-has-no-retro-effect-no-action-against-vvip-chopper-scam-accused-‘gautam-khaitan’-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188281/black-money-act-has-no-retro-effect-no-action-against-vvip-chopper-scam-accused-‘gautam-khaitan’-hc.aspx
ICSI issues guidance note on Director’s Report and Related Party Transactions
To promote uniformity of disclosures in the board’s report, and as well as in order to understand and appreciate the nuances of Relate party transactions, the ICSI has issued guidance note on Report of the board of directors and related party transactions.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018620/icsi-issues-guidance-note-on-director’s-report-and-related-party-transactions.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018620/icsi-issues-guidance-note-on-director’s-report-and-related-party-transactions.aspx
NCLAT annuls CoC voting on NBCC´s Jaypee Infra bid
NBFCs with asset size more than Rs. 50 billion need to appoint Chief Risk Officer
With the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to augment risk management practices. While Boards of NBFCs should strive to follow best practices in risk management. Therefore, the Reserve Bank of India has decided that NBFCs with asset size more than Rs. 50 billion need to appoint a Chief Risk Officer with clearly specified role and responsibilities. The Chief Risk Officer is required to function independently so as to ensure highest standard
from taxmann.com News http://bit.ly/2JQbUuT
from taxmann.com News http://bit.ly/2JQbUuT
Date of approval by SEBI to be regarded as date of set-up of business by asset management co.: ITAT
IT: In case of assessee, an asset management company, date of approval given by SEBI was to be regarded as date on which assessee set up its business and was ready to commence said business and, therefore, expenses incurred for purpose of business after said date of approval were eligible for deduction under section 37(1)
from www.taxmann.com Latest Case Laws http://bit.ly/2Ei0Fb1
from www.taxmann.com Latest Case Laws http://bit.ly/2Ei0Fb1
Friday, May 17, 2019
Director’s DIN to be marked as ‘Director of ACTIVE non-compliant co.’ on his failure to file Co.’s K
The Ministry of Corporate Affairs (MCA) has amended the Companies (Appointment and Qualification of Directors) Rule, 2014 wherein new rule 12 B has been inserted. The amendment emphasis to file the ACTIVE e-form otherwise the existing director’s DIN will be marked as Director of ACTIVE non-compliant company’.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018615/director’s-din-to-be-marked-as-‘director-of-active-non-compliant-co-’-on-his-failure-to-file-co-’s-kyc.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018615/director’s-din-to-be-marked-as-‘director-of-active-non-compliant-co-’-on-his-failure-to-file-co-’s-kyc.aspx
No taxes to be withheld from cost apportioned by foreign AE which has no profit element: Kolkata ITAT
IT : Where Netherland based Associated Enterprise had purchased Software on licence from a company (Microsoft) for use by all its Group entities and licence fees paid by it for software to Microsoft was apportioned at actual to all Group entities including assessee-company and share of assessee was worked out which was reimbursed to AE of Netherland on basis of actuals, there was no element of profit involved in transactions representing remittance made towards
from www.taxmann.com Latest Case Laws http://bit.ly/2HmVngq
from www.taxmann.com Latest Case Laws http://bit.ly/2HmVngq
No reassessment after 4 years in absence of any failure on part of assessee to disclose material facts: HC
IT: Where assessee-builder claimed proportionate deduction under section 80-IB(10) in respect of those residential units only which had area less than 1500 sq. ft. and Assessing Officer after conscious application of mind allowed same, reassessment after 4 years would be impermissible
from www.taxmann.com Latest Case Laws http://bit.ly/2WKn0Fy
from www.taxmann.com Latest Case Laws http://bit.ly/2WKn0Fy
SC dismissed SLP against ruling allowing set off of dep. pertaining to years before 2001-02 in excess of 8 years
Oriental Insurance Company is not dominant in market for fire insurance services: CCI
Competition Act: Where market for general insurance/non-life insurance is competitive with presence of about 25 general insurers and all non-life insurance companies offer fire insurance policies and in terms of gross premium earned from fire segment of non-life insurance, OP i.e. Oriental Insurance Co., enjoyed a market share of about 10.1 per cent during 2016-17, which declined to about 8.6 per cent during 2017-18,
from www.taxmann.com Latest Case Laws http://bit.ly/2w62dR3
from www.taxmann.com Latest Case Laws http://bit.ly/2w62dR3
MCA brings more clarity on guidelines for reserving the name of the Company
The MCA has amended the Companies (Incorporation) Rules, 2014. In the revised Rule 8 for reservation of name of a company, the Ministry has elaborated the provision by inserting various illustrations. The Rule has been divided in to 2 parts – Rule 8A and Rule 8B. Rule 8A deals with the undesirable names and Rule 8B limits use of words such as Board, commission, National, Republic etc. only after obtaining previous approval of Government.
from taxmann.com News http://bit.ly/2JRGWCR
from taxmann.com News http://bit.ly/2JRGWCR
Excise duty rightly excluded from value of closing stock as no goods were cleared from factory
IT : Where no excise duty, etc., were added to purchases, sales or valuation of inventories and no excisable item of closing stock was removed from factory premises till end of accounting year, following net method of valuation of closing stock, excise duty had rightly been excluded from value of closing stock of finished goods at year end
from www.taxmann.com Latest Case Laws http://bit.ly/2Egi2ZN
from www.taxmann.com Latest Case Laws http://bit.ly/2Egi2ZN
Now home buyer can ask for refund if possession is delayed beyond one year
The National Consumer Disputes Redressal Commission has held that buyers can seek refund if possession is delayed by one year beyond the date promised by the builder. After RERA and Insolvency and Bankruptcy Code, The Consumer Protection Act, 1986 comes to the rescue of the innocent buyers who were helpless and had no option but to wait for inordinate period to get possession of the flats.
from taxmann.com News http://bit.ly/2JLHeuY
from taxmann.com News http://bit.ly/2JLHeuY
Govt Open to Giving More Powers to RBI in Insolvency Cases
Have only Rs39,500 crore for Essar creditors:CoC to NCLAT
Thursday, May 16, 2019
Notification No. 215/2015 [F.No.V. 27015/2/2015-SO (NAT.COM)]/SO 2849(E)
No denial of approval u/s. 35(1)(iii) just because there was no commercial success of research activities: HC
Penalty justified as initiation of criminal case wasn't reasonable cause for delay in complying audit obligation
IT: Where executives of account department and one of directors were available to carry business of assessee-company, reason that assessee was indulged in criminal proceedings and only a director was ill, could not be cited as a reasonable cause for long delay in complying audit obligation; penalty was to be levied
from www.taxmann.com Latest Case Laws http://bit.ly/2HmtGnS
from www.taxmann.com Latest Case Laws http://bit.ly/2HmtGnS
Act of Managing Director of allotting shares to others at premium oppressive in nature
CL: Where R2 Managing Director of company allotted shares at par to himself and at premium to other members including petitioners and also didn't issued notice of any meeting to petitioners, and thus, denied opportunity to participate in affairs of company, same amounted to oppression and mismanagement
from www.taxmann.com Latest Case Laws http://bit.ly/2JlXdQV
from www.taxmann.com Latest Case Laws http://bit.ly/2JlXdQV
RBI Releases Payments Systems Roadmap for a ‘Cash-lite’ India
McTwist NCLAT Puts Bakshi-McD’s Settlement on Hold
Wednesday, May 15, 2019
Simpliciter payments of hiring charges for cranes not liable for sec. 194C TDS
Non-payment of commission to guarantor by promoter tantamounts to oppression: NCLT
CL: Where petitioners and respondents were promoters of company and respondent failed to pay to petitioner guarantee commission for personal guarantee provided by them to bank to guarantee loan and also failed in repayment of unsecured loan, said acts of respondents were acts of oppression on part of respondents
from www.taxmann.com Latest Case Laws http://bit.ly/2HlxJAU
from www.taxmann.com Latest Case Laws http://bit.ly/2HlxJAU
NCLAT chides Ruias, says interventions delaying Essar Steel resolution
NCLAT refuses to stay Jaypee Infratech creditors' voting on NBCC plan
No denial of sec. 80-IB(10) relief just because land was in name of original owner when housing project was executed
IT : Where High Court upheld Tribunal's order allowing assessee's claims under section 80-IB by holding that where assessee had undertaken development of housing project at their own risk and cost, merely because land was held in name of original owner when housing development project was executed, it would not be detrimental to assessee's claim of deduction under section 80-IB(10), SLP filed against said decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2VpXyU7
from www.taxmann.com Latest Case Laws http://bit.ly/2VpXyU7
AO couldn't impose condition while deciding stay application: Delhi HC
IT: When an application for stay of demand is filed before Assessing Officer, he has to apply his mind to said application and pass appropriate orders having regard to facts and circumstances of case but, it does not mean that Assessing Officer has to impose a per se condition that pending consideration of application for stay of demand, certain minimum amount has to be deposited
from www.taxmann.com Latest Case Laws http://bit.ly/2LIeaaf
from www.taxmann.com Latest Case Laws http://bit.ly/2LIeaaf
Tuesday, May 14, 2019
Order under section 119 of the Income-tax Act, 1961
CBDT further deferred furnishing of GST & GAAR details in Form 3CD till March 31, 2020
The CBDT vide Circular 06/2018 had deferred the reporting of details under clause 30C (pertaining to GAAR) & clause 44 (pertaining to GST) of Form 3CD till March 31, 2019. Now, considering the representations with regards to further deferment of such reporting, the CBDT has decided that the reporting under clauses 30C & 44 of tax audit report shall be kept in abeyance till March 31, 2020.
from taxmann.com News http://bit.ly/30lWB38
from taxmann.com News http://bit.ly/30lWB38
Transfer of shares without filing of share certificates is invalid under the Cos. Act
Transfer of shares could not be tantamount to transfer of assets of company: HC
CL : Shares of a company are a separate asset wholly distinct from assets held by company. Thus where there was dilution of share capital of parent company TGC as well as transfer of shares held by TGC in petitioner company, transfer of shares of petitioner company could not be construed as transfer of assets of petitioner company. Thus, fundamental premise that there had been a transfer of subject property is erroneous and consequently, demand of unearned increase founded on same
from www.taxmann.com Latest Case Laws http://bit.ly/2vTWD4b
from www.taxmann.com Latest Case Laws http://bit.ly/2vTWD4b
Willful defaulter doesn’t have right to be represented by lawyer in ‘in-house’ proceedings of bank: Apex Court
Advocates Act : When a person is declared to be a wilful defaulter under Circulars of Reserve Bank of India [RBI], such person is not entitled to be represented by a lawyer of its choice before such declaration is made
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188186/willful-defaulter-doesn’t-have-right-to-be-represented-by-lawyer-in-‘in-house’-proceedings-of-bank-apex-court.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188186/willful-defaulter-doesn’t-have-right-to-be-represented-by-lawyer-in-‘in-house’-proceedings-of-bank-apex-court.aspx
Cos. name was to be restored when IT department had initiated assessment proceeding against company
CL: Where for alleged escapement of income, income tax department had initiated reassessment proceedings against a company whose name had already been struck off from register of companies, name of such company was to be restored in register of companies
from www.taxmann.com Latest Case Laws http://bit.ly/2VCx3jc
from www.taxmann.com Latest Case Laws http://bit.ly/2VCx3jc
DVR: An Instrument Whose Time Hasn’t Come
Sebi Sends Notice to HDFC, Kotak MFs, Questions Pact With Essel
IL&FS Board Sends Show-Cause Notices to Deloitte Arm, BSR
Sec. 271AAA penalty rightly deleted as assessee disclosed manner of earning undisclosed income; SLP dismissed
IT: Where High Court upheld Tribunal's order deleting penalty levied under section 271AAA on ground that assessee during course of assessment proceedings had submitted several documents/communications to substantiate manner in which undisclosed income was derived, SLP filed against said decision of High Court was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2JiLfaB
from www.taxmann.com Latest Case Laws http://bit.ly/2JiLfaB
Monday, May 13, 2019
SC quashes complaint against shareholder for theft of docs from registered office as it wasn’t deceitful intention
CL : Where respondents who are shareholders of appellant Company and had filed a Company petition under Sections 397 and 398 of Companies Act, 1956 before Company Law Board (CLB) alleging oppression and mismanagement in affairs of appellant company i.e. Birla Corporation and appellant had filed a criminal complaint of theft of 54 documents on basis of which petition was filed, it is held that use of documents by respondents in judicial proceedings is to substantiate their case namely, "oppressio
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188178/sc-quashes-complaint-against-shareholder-for-theft-of-docs-from-registered-office-as-it-wasn’t-deceitful-intention.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188178/sc-quashes-complaint-against-shareholder-for-theft-of-docs-from-registered-office-as-it-wasn’t-deceitful-intention.aspx
Cos. which filed GNL-2 for appointment of auditors are required to file e-form ADT-1 up to June 15,
The Ministry of Corporate Affairs (MCA) has issued clarification for appointment of auditor through GNL-2 form. Now, Companies are required to file ADT-1 which filed the GNL-2 for appointment of auditor without fee up to June 15, 2019, otherwise additional fee shall be applicable to companies.
from taxmann.com News http://bit.ly/2vWSJHI
from taxmann.com News http://bit.ly/2vWSJHI
Claim of weighted deduction u/s 35(2AB) allowable, though Govt. approval for R&D facility was awaited
IT: Assessee's claim of weighted deduction under section 35(2AB) for expenditure on development of "Research and Development' facility was allowable even though approval of concerned Ministry of Central Government was under consideration or awaited
from www.taxmann.com Latest Case Laws http://bit.ly/2VkCmPm
from www.taxmann.com Latest Case Laws http://bit.ly/2VkCmPm
ITAT couldn't accept additional evidence without complying with provisions of ITAT rules; SLP dismissed
IT : SLP dismissed against High Court ruling that where assessee filed instant petition challenging validity of Tribunal's order under section 254(2), in view of fact that Tribunal had accepted additional evidence without complying with provisions of rule 29 of ITAT Rules, impugned order passed by Tribunal became defective and, thus, same was to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2Q06GOh
from www.taxmann.com Latest Case Laws http://bit.ly/2Q06GOh
Conversion of paddy into rice is manufacturing activity; eligible for sec. 80-IA/80-IB deduction
Fund Managers need to appoint custodian who deals in commodity derivatives: SEBI
The Market Regulator, SEBI has amended the SEBI (Portfolio Managers) Regulation, 1993 and SEBI (Alternative Investment Funds) Regulations, 2012 wherein it has been specified that Portfolio Managers and Alternative Investment Funds Managers need to appoint the custodian to have custody of underlying assets in case of physical settlement of Contract.
from taxmann.com News http://bit.ly/2YqYYzH
from taxmann.com News http://bit.ly/2YqYYzH
Payment for delayed allotment of plot of land by housing corporation isn't interest u/s 2(28A); SLP dismissed
Notification No. 39/2019 [F.No.200/53/2015-ITA.I] / SO 1721(E)
Appeal filed by revenue couldn’t be dismissed on ground of limitation if ITAT’s order wasn’t served: SLP dismissed
IT: SLP dismissed against High Court ruling that where there was no evidence on record that order passed by Tribunal was infact served on Director (International Taxation), which is mandatory requirement of section 260A(2)(a), appeal filed by revenue could not be dismissed being barred by limitation
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184248/appeal-filed-by-revenue-couldn’t-be-dismissed-on-ground-of-limitation-if-itat’s-order-wasn’t-served-slp-dismissed.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000184248/appeal-filed-by-revenue-couldn’t-be-dismissed-on-ground-of-limitation-if-itat’s-order-wasn’t-served-slp-dismissed.aspx
Situs of AO is irrelevant to determine jurisdiction of HC over order of ITAT: Bombay HC
Sum received from transfer of copyrighted software couldn't be taxed as royalty: ITAT
IT/ILT: Where customer did not acquire any copyright in software, rather there was mere transfer of copyrighted software, consideration would not amount to 'royalty' or fees for 'included services' or 'technical services' and, therefore, would not be taxable
from www.taxmann.com Latest Case Laws http://bit.ly/2vVH2RA
from www.taxmann.com Latest Case Laws http://bit.ly/2vVH2RA
NCLAT Dismisses Insolvency Plea Against SpiceJet by Ramco Systems
Commission paid to NR agents for export not liable to tax in India
IT/ILT: Where services were rendered outside India, payments were made outside India and there was no permanent establishment or business connection of payees in India, commission paid to non-resident agents was not liable to tax under provisions of Act
from www.taxmann.com Latest Case Laws http://bit.ly/2LAdgwb
from www.taxmann.com Latest Case Laws http://bit.ly/2LAdgwb
CBDT notifies tax exemption to Rolls-Royce Defense Services Inc on income arising from royalty/FTS f
The Central Board of Direct Taxes (CBDT) has notified that income arising to Rolls-Royce Defense Services Inc., by way of royalty or fees for technical services received in pursuance of the Mission Ready Management Solutions Agreement dated 24-02-2014, shall not be included in computing its total Income.
from taxmann.com News http://bit.ly/2W7hccd
from taxmann.com News http://bit.ly/2W7hccd
MCA amends norms related to undesirable names of company
The Ministry of Corporate Affairs (MCA) has notified the Companies (Incorporation) Fifth Amendment Rules, 2019 wherein Rule 8 related to undesirable names has been substituted. The amendment has well explained about the names which resemble too nearly with name of existing company along with illustrations.
from taxmann.com News http://bit.ly/30bSuq1
from taxmann.com News http://bit.ly/30bSuq1
SEBI is empowered to pass an ex-parte interim order only in extreme cases: SAT
CL: Where a presumption was drawn by SEBI that a company had accumulated stock of mentha oil through traders in commodity market by misusing exchange platform, and thus, violated provision of section 12A, however, there was nothing on record that by accumulating stocks, appellant had dominated market, ex parte order passed by SEBI restraining appellants from buying, selling or dealing in securities market was harsh and unwarranted
from www.taxmann.com Latest Case Laws http://bit.ly/2VzsINW
from www.taxmann.com Latest Case Laws http://bit.ly/2VzsINW
Friday, May 10, 2019
SEBI amends norms related to Special hardship leave for female employees
SetCom cannot give retrospective effect to order invalidating settlement application
IT: In terms of section 245D(2C) Settlement Commission can declare an application for settlement invalid, but such order has to be passed within prescribed time and under no circumstances, Settlement Commission can give retrospective effect to order invalidating settlement application of assessee
from www.taxmann.com Latest Case Laws http://bit.ly/2WvXzHG
from www.taxmann.com Latest Case Laws http://bit.ly/2WvXzHG
MCA prescribes norms for determining requisite number of members to file class action suit
The MCA has notified the National Company Law Tribunal (Second Amendment) Rules, 2019 (‘NCLT rules’) vide notification no. G.S.R. 351(E) dated May 08, 2019 whereby procedure to determine requisite number of members to file a class action suit has been provided. The Amendment is effective from May 08, 2019
from taxmann.com News http://bit.ly/2LvLoJD
from taxmann.com News http://bit.ly/2LvLoJD
CBIC has extended the due date for filing ER-1 and ER-2 for the month of April, 2019
Simpliciter payments towards hiring charges for cranes not liable for sec. 194C TDS
MCA amends NCLT rules, prescribes criteria to determine requisite number of members to file class ac
Sum forfeited by seller on buyer's failure to pay full instalments for use & purchase of Windmill was capital exp.
Notice issued in name of deceased person isn't binding on legal heirs: ITAT
SC dismissed appeal as tax effect was less than Rs. 1 crore as per CBDT's instruction 3 of 2018
Sec. 80G approval couldn't be denied just because there was possibility of misuse of donations
IT: Merely because assessee charitable educational institution was prosperous and failed to state as to why there was need for donations and it failed to submit list of proposed donors, approval under section 80(5)(vi) could not be denied merely upon possibility of misuse of donations
from www.taxmann.com Latest Case Laws http://bit.ly/2DYeStG
from www.taxmann.com Latest Case Laws http://bit.ly/2DYeStG
No capital gain tax on sum received by partners towards their share in assets on retirement from firm
'Airgun/airpistol' is classified under item 'arms and amunition'
No additions in hands of firm if excess jewellery found during search proceedings belonged to partners
Scheme of revival to take over management of co.-in-liquidation couldn't be accepted: Delhi HC
CL: Where an entity whose background was unknown proposed to revive company-in-liquidation but scheme of revival sought to take over management of company-in-liquidation, said scheme could not be termed as just, fair or reasonable as it completely lacked bona fide and thus, application for revival was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2Jx8KMr
from www.taxmann.com Latest Case Laws http://bit.ly/2Jx8KMr
Thursday, May 9, 2019
Notification No. 1/2019 [F. No. V. 27013/3/2018-SO(NAT.COM)] / SO 1706(E)
Writ petition filed against show cause notice issued by Dept. on dispute w.r.t. classification wasn’t maintainable
GST/Excise/ST/VAT : Where there was a dispute between respondent-association and revenue authorities relating to classification of services rendered by respondent and, for said purpose, a show-cause notice was issued, High Court should not have straightaway entertained writ petition filed against said notice in order to resolve dispute regarding nature of services rendered
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186810/writ-petition-filed-against-show-cause-notice-issued-by-dept-on-dispute-w-r-t-classification-wasn’t-maintainable.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186810/writ-petition-filed-against-show-cause-notice-issued-by-dept-on-dispute-w-r-t-classification-wasn’t-maintainable.aspx
Matters w.r.t classification of services to be decided by Apex Court only
GST/Excise/ST/VAT : Where there was a dispute between respondent-association and revenue authorities relating to classification of services rendered by respondent and, for said purpose, a show-cause notice was issued, High Court should not have straightaway entertained writ petition filed against said notice in order to resolve dispute regarding nature of services rendered
from www.taxmann.com Latest Case Laws http://bit.ly/2VdoTZI
from www.taxmann.com Latest Case Laws http://bit.ly/2VdoTZI
MCA notifies NCLT (Second Amendment) Rules, 2019
Sec. 41(1) additions justified if liability of shipping agent to pay port storage rent back to customer had ceased
IT: Where assessee, a shipping agent, received amounts from its customers towards ground rent payable to Port Trust as storage charges for containers of its customers but did not pay same to Port Trust for reason that ground rent charges were in dispute and Tariff Authority for Major Ports (TAMP) had not finally fixed rent charges and same was shown as liability in its books of account, in view of fact that TAMP had passed final order fixing rent charges and, therefore, liability of assessee to
from www.taxmann.com Latest Case Laws http://bit.ly/2VbLKoo
from www.taxmann.com Latest Case Laws http://bit.ly/2VbLKoo
Now, Mutual funds are required to submit detail related to Artificial Intelligence based system used
MCA amends norms for removal of Cos.’s name from register of Cos.
The Ministry of Corporate Affairs (MCA) has amended the Companies (removal of Names of Companies from the Register of Companies) Rules, 2016 wherein the fee for filing an application for removal of name from register of companies has been increased from INR 5000 to INR 10,000. Along with that, it has been specified that the company must file all the pending return before filing the application for striking off name from the register.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018567/mca-amends-norms-for-removal-of-cos-’s-name-from-register-of-cos.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018567/mca-amends-norms-for-removal-of-cos-’s-name-from-register-of-cos.aspx
Assessee liable to pay tax if co. created provision for payment of his remuneration in books of a/c
No cancellation of registration as cash deposited in old denomination notes was from fees collected from students
IT: Where registration of assessee educational society under section 12AA was cancelled on ground that huge cash amount belonging to assessee in old denomination notes was found during search on premises of assessee's bank where management of assessee had effective control and same was kept there with an intention to get it exchanged with new currency, since source of such cash was established to be fees collected from students and such fees was recorded in books of account and cash was physical
from www.taxmann.com Latest Case Laws http://bit.ly/2WxNFFr
from www.taxmann.com Latest Case Laws http://bit.ly/2WxNFFr
SSG Capital Moves NCLT; Claims Lenders Ignored its Claims for Uttam Galva Assets
No Impact of MCA21 Irregularities on GDP, Adjustments Made, says Govt
Ravi Narain Moves SAT to Challenge Sebi’s Co-lo Order
After RBI, Sebi Allows FPIs to Invest in Municipal Bonds
MCA secy Resolution on track, Rs 12k-cr debt may be settled by July
RBI pulls out circular asking banks to reveal their IL&FS exposure
RBI warns finance panel of more fiscal slippages by states
No denial of sec. 54 exemption if delay in getting possession of flat was on account of builder
IT: Where assessee sold a residential property and invested sale consideration in new residential flat and made payment to developer within prescribed time, merely because assessee could not obtain possession and got purchase deed executed within period of three years as Consumer Redressal Commission had put stay on developer, assessee's claim for exemption under section 54 could not be denied
from www.taxmann.com Latest Case Laws http://bit.ly/2Hc49Ol
from www.taxmann.com Latest Case Laws http://bit.ly/2Hc49Ol
AO couldn't change method of determining FMV of shares consistently accepted in prior years
IT: Where assessee-company had been consistently determining fair market value of shares as per 'Discounted Cash Flow' method which was accepted by revenue, Assessing Officer was unjustified in adopting 'Book Value' method in current year; addition on account of premium on issue of share, thus made, was to be deleted
from www.taxmann.com Latest Case Laws http://bit.ly/2JrZmd3
from www.taxmann.com Latest Case Laws http://bit.ly/2JrZmd3
Accused convicted on dishonoring of cheque when he acknowledged debt and issued new cheque
FEMA, BANKING & INSURANCE: Where accused could not deny his signature on cheques in question and acknowledged debt on a stamp paper which mentioned details of these cheques, it was to be presumed that said cheques were drawn for consideration and actually issued to holder of cheques; accused was to be convicted on dishonour of these cheques
from www.taxmann.com Latest Case Laws http://bit.ly/2Ja4Olo
from www.taxmann.com Latest Case Laws http://bit.ly/2Ja4Olo
CBIC has revised its procedures for E-filing of Central Excise & Service Tax Returns
On May 08, 2019 vide Circular No. 1069/2/2019/2019 CX, in order to integrate the existing ACES functionalities of Central Excise and Service Tax with GST, data migration from ACES to CBIC-GST application has been started and is expected to be completed by May 25, 2019. Post migration taxpayers will be able to log in on the new portal ‘www.cbic-gst-.gov.in’ by using their existing user id & password.
from taxmann.com News http://bit.ly/2LtuLyd
from taxmann.com News http://bit.ly/2LtuLyd
ICSI issues four Auditing Standards (CSAS -1 to CSAS – 4)
The Institute of Company Secretaries of India (ICSI) has issued four Auditing Standards namely, Auditing Standard on Audit Engagement, Auditing Standard on Audit Process and Documentation, Auditing Standard on forming an opinion and Auditing Standard on Secretarial Audit. The objective of the Standard is to prescribe for the Auditor, principles and procedures to be followed while accepting or continuing with an Audit Engagement by agreeing to the terms of engagement with the Appointing
from taxmann.com News https://www.taxmann.com/topstories/222330000000018551/icsi-issues-four-auditing-standards-csas-1-to-csas-–-4.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018551/icsi-issues-four-auditing-standards-csas-1-to-csas-–-4.aspx
Sec. 10(22) exemption rightly rejected as assessee-society purchased property in name of secretary and manager
IT: Where assessee purchased property in name of Secretary and Manager of society for running a school, it could be concluded that acquisition of property in name of individuals was indicative of fact that profits of institution was being used for self aggrandizement and, thus, assessee's claim for exemption order section 10(22) was to be rejected
from www.taxmann.com Latest Case Laws http://bit.ly/2Jt4bTk
from www.taxmann.com Latest Case Laws http://bit.ly/2Jt4bTk
Wednesday, May 8, 2019
No disallowance on non-deduction of tax just because assessee didn't furnish PAN of transporter to dept.
IT: Where assessee made payments to transporters toward freight without deducting TDS on such payments, since assessee was in receipt of details about PAN of transporters at time of payment of freights and, thus, complied with provisions of section 194C(6), no disallowance could be made under section 40(a)(ia)
from www.taxmann.com Latest Case Laws http://bit.ly/2PPHPg7
from www.taxmann.com Latest Case Laws http://bit.ly/2PPHPg7
CIT(A) has no power to declare TDS return filed by assessee as non-est: ITAT
HC quash AO’s order denying ‘Nil’ TDS certificate as sale of shares by Mauritian Co. through IPO wasn’t bogus
IT : Where Assessing Officer failed to demonstrate through prima facie material that entire transaction of sale of shares of an Indian Non-banking Financial Company by assessee promoter a Mauritian Company through IPO was sham and colourable device and a bogus transaction to simply avoid tax,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188115/hc-quash-ao’s-order-denying-‘nil’-tds-certificate-as-sale-of-shares-by-mauritian-co-through-ipo-wasn’t-bogus.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188115/hc-quash-ao’s-order-denying-‘nil’-tds-certificate-as-sale-of-shares-by-mauritian-co-through-ipo-wasn’t-bogus.aspx
CIT(A) had no power to declare TDS return filed by assessee as non-est: ITAT
Application for rectification of register of members filed after 21 years from date of allotment in invalid
CL: Where appellant company claimed to be shareholder of R1 company alleged that shares transferred to it from original allottees were illegally transferred to third party, in view of fact that appellant had not produced any proof to substantiate its version and application seeking rectification of members was filed by appellant after a period of 21 years from date of allotment, appellant could not challenge impugned transfer
from www.taxmann.com Latest Case Laws http://bit.ly/2H5WYWt
from www.taxmann.com Latest Case Laws http://bit.ly/2H5WYWt
HC confirmed additions as there was mismatch between consumption of raw materials and output of products
IT: Where AO made addition to assessee's income on ground that there was mismatch between assessee's consumption of raw material and output of various drugs manufactured by assessee, in view of fact that finding of AO was based on detailed appreciation of evidence on record, impugned addition was to be confirmed
from www.taxmann.com Latest Case Laws http://bit.ly/2VblGdj
from www.taxmann.com Latest Case Laws http://bit.ly/2VblGdj
Classification of a service to be decided by Apex Court only
GST/Excise/ST/VAT : Where there was a dispute between respondent-association and revenue authorities relating to classification of services rendered by respondent and, for said purpose, a show-cause notice was issued, High Court should not have straightaway entertained writ petition filed against said notice in order to resolve dispute regarding nature of services rendered
from www.taxmann.com Latest Case Laws http://bit.ly/2LvAG6d
from www.taxmann.com Latest Case Laws http://bit.ly/2LvAG6d
Liability to pay NCCD, EC & SHEC shall not arise on goods which are exempt from excise duty
GST/Excise/ST/VAT : Where assessee, a manufacturer of two wheeler vehicles, was exempted from payment of excise duty by virtue of an Exemption Notification, it would not be liable to pay National Calamity Contingent Duty [NCCD], Education Cess and Secondary and Higher Education Cess
from www.taxmann.com Latest Case Laws http://bit.ly/2VOXLok
from www.taxmann.com Latest Case Laws http://bit.ly/2VOXLok
No TCS if declaration from buyer was obtained that goods would be used for manufacturing
IT: In terms of section 206C(1A), any person responsible for collecting taxes under section 206C(1) need not to do so if he obtains a declaration from buyer that he is purchasing goods for reuse in manufacturing process or producing article or things
from www.taxmann.com Latest Case Laws http://bit.ly/2H6gTWs
from www.taxmann.com Latest Case Laws http://bit.ly/2H6gTWs
'Power Bank' is not an accessory to mobile phone; exempt from Customs Duty
Tuesday, May 7, 2019
Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES
TDS certificate in Part B of Form 16 to be issued by downloading it from TRACES portal: CBDT
The Central Board of Direct Taxes (CBDT) has made it mandatory all deductors to issue the TDS certificate in Part B of Form no. 16 by downloading it through TRACES Portal. This will be applicable in respect of all sums deducted on or after April 1, 2018 under the provision of Section 192.
from taxmann.com News http://bit.ly/2J7jsty
from taxmann.com News http://bit.ly/2J7jsty
No additions if AO didn't find assets surrendered by assessee in statement made during search: HC
IT: Merely because during search, assessee surrendered an amount in stipulation that details of same would be given in due course of time, but no such assets were ever found/identified by authorities, no addition could be made to assessee's income
from www.taxmann.com Latest Case Laws http://bit.ly/2Wpy8Yg
from www.taxmann.com Latest Case Laws http://bit.ly/2Wpy8Yg
No reassessment if AO failed to prove that notice was served upon assessee: ITAT
IT: Where revenue had failed to prove that notice under section 148 was served upon assessee, which is mandatory in nature, reassessment order passed making additions to income of assessee on account of receipt of share capital from entity alleged to be operated by accommodation entry provider was to be set aside
from www.taxmann.com Latest Case Laws http://bit.ly/2PSDLeR
from www.taxmann.com Latest Case Laws http://bit.ly/2PSDLeR
CBDT denies media report regarding reduction in no. of e-filed ITRs during FY 2018-19
The Central Board of Direct Taxes (CBDT) has denied reports in media pertaining to reduction in numbers of Income Tax Return (ITRs) e-filed during Financial Year (FY) 2018-19 as compared to FY 2017-18. CBDT had stated that the figures for FY 2017-18 and FY 2018-19 are not directly comparable.
from taxmann.com News http://bit.ly/2DTeAnY
from taxmann.com News http://bit.ly/2DTeAnY
Sec. 80-IA relief available though development agreement was entered into with nodal agency established by State Govt.
IT : Where High Court upheld Tribunal's order that deduction under section 80-IA (4) could not be denied merely on ground that assessee had entered into infrastructure development agreement with a nodal agency established by State Government, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2vKbkXr
from www.taxmann.com Latest Case Laws http://bit.ly/2vKbkXr
ITAT rightly invoked sec. 62 as income from revocable transfer of assets chargeable to tax in hands of transferors
IT: Where funds were transferred by beneficiaries to a trust created by State Government were revocable after three years, provisions of section 62(2) clearly attracted to assessee's case and, thus, income arising by virtue of a revocable transfer of assets would be chargeable to tax as income of transferors and would be included in their total income
from www.taxmann.com Latest Case Laws http://bit.ly/2YdlA6F
from www.taxmann.com Latest Case Laws http://bit.ly/2YdlA6F
Sec. 41(1) couldn't be invoked if existence of liabilities was doubted: HC
IT : Where existence of liabilities was doubted, same could have been disallowed in year in which it was claimed, or could have been treated as unexplained cash credit in hands of assessee under section 68, but same could not be taxed under section 41(1), inasmuch as if liability itself was not genuine, question of remission or cessation thereof would not arise
from www.taxmann.com Latest Case Laws http://bit.ly/2H557vI
from www.taxmann.com Latest Case Laws http://bit.ly/2H557vI
PSBs shying away from MSME lending despite Centre’s push
Sec. 12AA registration couldn't be rejected just because society didn't carry out charitable activities
Mobile Crane Wire Rope is an essential part of Mobile Crane, taxable at 4% VAT
GST/Excise/ST/VAT: Where assessee was engaged in business of trading of spare parts of mining machinery, steel wire ropes, standard wires, wire rods, etc., 'Mobile Crane Wire Rope' would fall under Entry No. 155 of Schedule IV of Rajasthan VAT Act and taxable at rate of 4 per cent
from www.taxmann.com Latest Case Laws http://bit.ly/2WBAcfy
from www.taxmann.com Latest Case Laws http://bit.ly/2WBAcfy
Genuineness of purchases not to be doubted just because sellers did not appear in person
IT : Where in order to establish genuineness of purchase transactions, assessee brought on record name and address of parties, their PAN, TDS deducted, date of bills, details of cheques issued, etc., in such a case, he could not be held responsible for parties not appearing in person and, thus, impugned addition made under section 69C deserved to be deleted
from www.taxmann.com Latest Case Laws http://bit.ly/2DR5xnu
from www.taxmann.com Latest Case Laws http://bit.ly/2DR5xnu
ALP of international transaction couldn't be determined by comparing price charged by other AE's
Monday, May 6, 2019
CBDT conducts searches on business group premises dealing in lotteries
Income-tax Dept. has conducted searches on a Coimbatore based business group premises handling the lotteries run by certain State Governments. During the search, the assessee admitted unaccounted income of Rs. 595 crore received from stockists towards manipulation of PWT (Prize Winning Tickets).
from taxmann.com News http://bit.ly/2VNZJoM
from taxmann.com News http://bit.ly/2VNZJoM
AO couldn't pass order to pay tax dues if CIT(A) heard & reserved order on appeal filed by assessee against it
IT: Where tax liability itself is questioned and same is subject matter of appeal and said appeal is reserved for order, impugned order passed by revenue authority under section 226(3) calling upon assessee to pay forthwith amount due from him, cannot be sustained
from www.taxmann.com Latest Case Laws http://bit.ly/2V42VrR
from www.taxmann.com Latest Case Laws http://bit.ly/2V42VrR
Reassessment on basis of info. that bogus accommodation entries were received by way of share capital justified
IT: Where revenue received information from ACIT that during search conducted upon premises of one person, several information and evidences were found which showed that such person was engaged in providing bogus accommodation entries by way of share capital and assessee was also one of beneficiaries, impugned reassessment notice against assessee on basis of such information was justified
from www.taxmann.com Latest Case Laws http://bit.ly/2VEIWVl
from www.taxmann.com Latest Case Laws http://bit.ly/2VEIWVl
Interest received on enhanced compensation for acquisition of agricultural land is exempt u/s 10(37)
ITAT's order allowing additional dep. following order of jurisdictional High Court was valid; SLP dismissed
Referral charges paid to Indian Branch of 'Credit Suisse' to Foreign Branch not taxable in India as FTS
IT/ILT: Where Dubai based branch of assessee, a foreign bank, received referral charges from its Indian Branch for referring a resident client to Indian branch for bringing out issue of convertible bonds, amount so received was not liable to tax in India as fee for technical services
from www.taxmann.com Latest Case Laws http://bit.ly/2H4CT4f
from www.taxmann.com Latest Case Laws http://bit.ly/2H4CT4f
Tribunal rightly set aside illegal and fraudulent transfer of shares: NCLAT
CL: Where appellants, directors of family company, claimed that R2 gifted his shares to his mother but they failed to show instance of any transfer deed by adducing any evidence and also till dispute started, name of R2 was reflected in records of company as shareholder of impugned shares, NCLT had rightly and justifiably set aside said illegal and fraudulent gift of shares
from www.taxmann.com Latest Case Laws http://bit.ly/2H6aomN
from www.taxmann.com Latest Case Laws http://bit.ly/2H6aomN
Notification No. 38 /2019 [F.No. 370142/4/2019-TPL] / GSR 347(E)
Companies affected by merger and acquisition not to be taken as comparables for TP study
Saturday, May 4, 2019
Sec. 139(5) not applicable if revised ITR is filed pursuant to amalgamation scheme approved by NCLT
Sec. 54 relief was available if capital gain was invested up to scheduled date of filing of revised ITR: ITAT
IT: Assessee would be entitled to claim exemption under section 54 to extent of having invested capital gain on sale of old residential flat towards purchase of new residential property up to date of filing of his revised return of income under section 139(5)
from www.taxmann.com Latest Case Laws http://bit.ly/2VIqATg
from www.taxmann.com Latest Case Laws http://bit.ly/2VIqATg
Amendment to sec. 115JB to exclude MAT on share income of member of AOP is retrospective in nature
IT: Where assessee, a member of an AOP, received share of profit from AOP and claimed same as exempt under section 86, in view of insertion of clause (iic) in Explanation 1 to section 115JB by Finance Act, 2005, w.e.f. 1-4-2016, which is retrospective in nature, share income would not be included while computing total income for purpose of section 115JB
from www.taxmann.com Latest Case Laws http://bit.ly/2PKJIKR
from www.taxmann.com Latest Case Laws http://bit.ly/2PKJIKR
ITAT couldn't dismiss appeal on account of non-appearance of party: Madras HC
Govt Wants SC to Take Action Against WhatsApp for Flouting RBI Rules
Secured creditors are allowed to stand outside of proceeding under the Presidency Towns Insolvency Act
Turnover tax as per Karnataka Sales Tax Act, 1957 to be levied on total turnover & not on taxable turnover
GST/Excise/ST/VAT: Where assessee, a registered dealer, was engaged in manufacture of cashew kernels, cashew shell oil, etc. and it claimed that turnover tax under section 6B of Karnataka Sales Tax Act, 1957 was leviable on taxable turnover, turnover tax under section 6B would be leviable on total turnover
from www.taxmann.com Latest Case Laws http://bit.ly/2V2tkXn
from www.taxmann.com Latest Case Laws http://bit.ly/2V2tkXn
Issuance of corporate guarantee without incurring any cost wouldn't constitute international transaction
Friday, May 3, 2019
Section 56(2)(viib) applies in the year in which shares are allotted and not when application money is received
IT: Where assessee received share application money in earlier years, but shares were allotted only in current year, valuation of shares could be done as per Report mentioned under rules 11U and 11UA; income arising from share premium was to be computed accordingly
from www.taxmann.com Latest Case Laws http://bit.ly/2vBfgcR
from www.taxmann.com Latest Case Laws http://bit.ly/2vBfgcR
Liquidated damages to finance co. is 'interest' income eligible to section 10(23G) exemption
Exp. incurred by Dharma Productions on publicity of film after getting censor board certification allowed u/s 37
IT: Where assessee was engaged in business of production and distribution of films, cost of prints as well as publicity and advertisment incurred after production as well as their certification by Censor Board, same would not be governed by Rule 9A, same would be allowable as business expenditure under section 37(1)
from www.taxmann.com Latest Case Laws http://bit.ly/2IXn15L
from www.taxmann.com Latest Case Laws http://bit.ly/2IXn15L
Beverage Cooler used for cooling and dispensing Coca Cola is classified under Heading No. 84186930, taxable at 18%
'Tax' defined in article 2 of India-UAE DTAA is inclusive of income-tax, cess & surcharge: ITAT
Secured creditors are allowed to stand outside of proceeding under Presidency Township Insolvency Act
Income from surplus generated from 'Fest' organised by trade association is eligible for exemption u/s 11
IT : Where assessee trade association of advertising agencies organised 'Fest' every year for advancement of its objects specified in Charter of Trust, it would fall within ambit of section 2(15) and interest received on deposit of surplus generated from Fest in fixed deposit and savings account was entitled to exemption under section 11
from www.taxmann.com Latest Case Laws http://bit.ly/2V1Y22Q
from www.taxmann.com Latest Case Laws http://bit.ly/2V1Y22Q
Opportunity was to be given to co. for approving new scheme of arrangement when original scheme was modified orally
CL: Where original scheme of arrangement envisaging payment of 50 per cent debt of unsecured creditors within 24 months was modified orally in course of proceedings, to repayment of 100 per cent dues to unsecured creditors within 24 months, which created confusion, another opportunity was to be given to company to put to vote new scheme proposed by petitioner
from www.taxmann.com Latest Case Laws http://bit.ly/2H10Qtg
from www.taxmann.com Latest Case Laws http://bit.ly/2H10Qtg
Loans given for construction of individual residential houses won't make bank eligible for sec. 36(1)(viii) relief
Thursday, May 2, 2019
Merger of NSEL with FTIL was to be set aside as it was ultra vires Cos. Act and also Article 14 of Constitution
CL : Where on amalgamation of holding company with its wholly owned subsidiary, all assets and liabilities of wholly owned subsidiary would become assets and liabilities of holding company in view of non-application of mind by authority in assessing compensation as referred to in section 396(3) with respect to rights and interests which shareholders and creditors of holding company had, final order of amalgamation was to be held ultravires section 396 and violative of Article 14 of Constitution
from www.taxmann.com Latest Case Laws http://bit.ly/2J6T9Tw
from www.taxmann.com Latest Case Laws http://bit.ly/2J6T9Tw
Sum paid for minor repair and greasing of machinery won't attract TDS u/s 194J; SLP dismissed due to low tax effect
IT: SLP dismissed due to low tax effect against High Court ruling that where land belonging to State was encroached upon, and such encroachment was removed by assessee, and encroaching squatters/hutment dwellers were rehabilitated, there was no question of land being acquired by assessee and, therefore, provisions of section 194L would not be applicable
from www.taxmann.com Latest Case Laws http://bit.ly/2ZOvEVk
from www.taxmann.com Latest Case Laws http://bit.ly/2ZOvEVk
E-form DIR-3 KYC is required to be filed up to June 30 instead of April 30: MCA
The Ministry of Corporate Affairs (MCA) has notified the Companies (Appointment and Qualification of Directors) Rules, 2014 wherein rule 12 A for director’s KYC has been amended. The Director’s KYC e-form DIR-3 KYC is now required to be filed every year up to June 30 instead of April 30
from taxmann.com News http://bit.ly/2V6x1jo
from taxmann.com News http://bit.ly/2V6x1jo
Manufacturing of herbal products using small machines and limited electricity is entitled for deduction u/s 80-IA
IT: Where assessee-company manufactured certain herbal product using small machinery and most of its processes did not require much electricity, same would amount to manufacture of a different commercial article fulfilling basic requirement of claim of deduction under section 80-IA
from www.taxmann.com Latest Case Laws http://bit.ly/2GWUBX4
from www.taxmann.com Latest Case Laws http://bit.ly/2GWUBX4
SC remanded case to High Court to frame substantial question of law
IT : Questions, which are proposed by assessee, fall under section 260A(2)(c) whereas questions framed by High Court fall under section 260-A(3) and appeal is heard on merits only on questions framed by High Court under section 260A(3) as provided under section 260-A(4)
from www.taxmann.com Latest Case Laws http://bit.ly/2ZIvIG2
from www.taxmann.com Latest Case Laws http://bit.ly/2ZIvIG2
No rectification u/s 154 is permissible once order passed by CIT(A) is accepted by income-tax department
IT: Where Income-tax officer passed an order allowing benefit under section 89(1) to assessee in respect of subsistence allowance received by him for time period of its suspension from job and same was confirmed by Commissioner (Appeals) and order had attained finality and became binding, impugned rectification proceedings initiated by revenue under section 154 against said order for withdrawing relief under section 89(1) was to be dismissed
from www.taxmann.com Latest Case Laws http://bit.ly/2DIbJhj
from www.taxmann.com Latest Case Laws http://bit.ly/2DIbJhj
Sebi Rejected NSE’s Consent Plea Just Hours Before Order
MCA amends Companies (Registration Offices and Fees) Rules, 2014
Writ petition couldn't be filed if assessee had the remedy to go in for appeal
IT: Where assessee claimed development and testing charges as revenue expenditure, while in reassessment, said charges were treated as capital expenditure, assessee ought to have filed an appeal before Appellate Forum; writ jurisdiction of High Court could not be invoked
from www.taxmann.com Latest Case Laws http://bit.ly/2GO1GYL
from www.taxmann.com Latest Case Laws http://bit.ly/2GO1GYL
NCLT allows conversion of public company into private co. as it had complied with provisions of Cos. Act
E-form DIR-3 KYC are required to be filed up to June 30 instead of April 30: MCA
The Ministry of Corporate Affairs (MCA) has notified the Companies (Appointment and Qualification of Directors) Rules, 2014 wherein rule 12 A for director’s KYC has been amended. The Director’s KYC e-form DIR-3 KYC is now required to be filed every year up to June 30 instead of April 30
from taxmann.com News http://bit.ly/2ITU62h
from taxmann.com News http://bit.ly/2ITU62h
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