Notification No. 50/2019 [F.No.200/1/2019-ITA.I]/SO 2164(E)

Publish Date : Thursday, June 27, 2019

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Notification No.49/2019 [F.No.300196/33/2019-ITA-I]/SO 2163(E)

Publish Date : Thursday, June 27, 2019

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Circular on TDS Worries Expat Directors of MNC Subsidiaries

Circular on TDS Worries Expat Directors of MNC Subsidiaries

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Tighter Disclosure for CSR Spend Soon

Tighter Disclosure for CSR Spend Soon

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Banks may not have adequate capital if Macro-economic conditions worsen

Banks may not have adequate capital if Macro-economic conditions worsen

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Banks load up on state development loans

Banks load up on state development loans

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Banks Under-Reporting frauds: RBI

Banks Under-Reporting frauds: RBI

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Promoters may Find It Hard to Raise Funds by Pledging Shares

Promoters may Find It Hard to Raise Funds by Pledging Shares

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Sebi norms spell trouble for cash strapped promoters

Sebi norms spell trouble for cash strapped promoters

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CBDT to move SC over low success rate of tax appeals

CBDT to move SC over low success rate of tax appeals

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ARCs can now acquire financial assets of peers

ARCs can now acquire financial assets of peers

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Netflix, Prime likely to be in tax net

Netflix, Prime likely to be in tax net

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Sebi impact: Corporate India may shift funds to banks

Sebi impact: Corporate India may shift funds to banks

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Google may´ve leveraged Android dominance: CCI

Google may´ve leveraged Android dominance: CCI

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NCLT approves okays Dhanuka's resolution plan for Orchid

NCLT approves okays Dhanuka's resolution plan for Orchid

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Cognizant's Plea over 2800 cr tax Demand Quashed

Cognizant's Plea over 2800 cr tax Demand Quashed

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RBI panel wants govt loan portal to reach out to startups

RBI panel wants govt loan portal to reach out to startups

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RBI's panel on MSMEs bats for stresssed fund

RBI's panel on MSMEs bats for stresssed fund

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E-Com policy after a year no change in FDI guidelines

E-Com policy after a year no change in FDI guidelines

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Govt. reduces interest rates for small savings schemes by 0.10%

Govt. notifies interest rate for Small Savings Schemes on quarterly basis with the approval of Finance Minister. The rate of interest for second quarter of Financial Year 2019-20 have been announced wherein Govt. has reduced interest rate on various small savings schemes by 0.10%

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SC directed assessee to pay interest on delayed payment of excise duty on price enhanced from retrospective effect

GST/Excise/ST/VAT : Where assessee, during period 1-1-2005 to July, 2006, sold goods to Indian Railways at price fixed by Circular dated 24-4-2005 and paid excise duty accordingly and subsequently said price was enhanced by railways by Circular dated 20-7-2006 with retrospective effect from 1-1-2005 and thereupon assessee based on enhanced price deposit a sum of Rs. 142 crores by way of excise duty in October, 2006, assessee was liable to pay interest under section 11AB on sum of Rs. 142 from fi

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Writ not maintainable against draft assessment order as objections could be filed before DRP

INCOME TAX: In case of Foreign Companies, Assessing Officer instead of passing final order under section 143 (3), passes Draft Assessment Orders to enable assessee to make an objection before Dispute Resolution Panel, which consists of experts in this field. Dispute Resolution Panel is empowered by Act to consider objections, and pass suitable orders, viz., may confirm, reduce or enhance variations proposed in draft order.

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RBI relaxes leverage ratio for banks

In order to boost lending activities, the Reserve Bank of India (RBI) has relaxed the leverage ratio for bank. The Minimum Leverage Ratio would be at 4 % for domestic Systemically Important Banks and 3.5 % for other bank which will be effective from the quarter commencing October 1, 2019

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Asset Reconstruction Cos. can acquire financial assets from other reconstruction Cos.: RBI

In order to ease of doing business, the Reserve Bank of India (RBI) has decided to permit Asset Reconstruction Companies to acquire financial asset from other ARCs after fulfilling the specified conditions.

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RBI introduces web-based online system for submission of FLA return

With an objective to enhance the security-level in data submission by the Indian companies, the Reserve Bank of India has introduced the web-based online system for submission of Foreign Liabilities and Assets. It would facilitate data submission by eligible entities.

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HC upholds tax demand of Rs. 2,500 crores as issue of notice before making demand u/s 115-O not required

Income Tax : Section 115-O is a charging section on its own. The only difference between the regular assessment and Special Provisions (section 115-O to 115Q) is that under the regular assessment, the Authorities are required to verify the returns submitted by the assessee and the materials to ascertain the income escaped from assessment.

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Startup Companies rejoice as SEBI approves framework for issue of differential voting right

The tech-savvy start-ups will be beating drums as the market regulator, SEBI, in its board meeting held on June 27, 2019 has decided to come up with new norms for issuance of Differential Voting Rights (DVR) shares. The proposal related to issuance of DVR would be considered as a game changer for start—ups which are dealing with technology.

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AO can't invoke sec. 41(1) to tax surplus arising from assignment of loan to third party

IT: Where assessee assigned its loan obligation to a third party by making a payment in terms of present value of future liability, surplus resulting from assignment of loan was not cessation or extinguishment of liability as loan was to be repaid by third party and, therefore, same could not be brought to tax in hands of assessee

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SEBI proposes norms for issuance of Differential Voting Rights shares

The Market Regulator, SEBI has proposed framework for issuance of Differential Voting Rights along with amendments to the relevant SEBI Regulations to give effect to the framework. The new framework has discussed various provisions related to eligibility, listing and lock-in, Rights of shares, enhance corporate governance, coat-tail provisions, sunset clauses and fractional right shares.

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Providing business auxiliary services to its foreign holding company is an 'export of services'

GST/Excise/ST/VAT : Where assessee, a subsidiary of Analog Devices Holdings BV, Netherlands, which in turn was a subsidiary of Analog Devices International, was engaged in exporting taxable services viz. consulting engineering service and business auxiliary service to its holding company and it located potential customers for products of foreign company located abroad, service rendered by assessee was not in nature of intermediary service

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702 start-ups have been exempted from Angel Tax provisions till June 21, 2019: Ministry of Commerce

The Ministry of Commerce and Industry has clarified that as on 21 June, 2019 a total of 944 applications for Angel Tax Exemption have been received by DPIIT. Out of these, 39 applications have been found to be incomplete and 203 applications were repeat or modified applications. The CBDT has exempted 702 startups under this provision.

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ROC was justified in striking off name of co. from register of cos. for failing to file returns since year 2004

COMPANY LAW : Where appellant company, incorporated in year 2009, failed to file annual returns since year 2014, ROC was justified in taking a view that appellant was not carrying on any business and thus its name was liable to be struck off from register of companies

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ITAT deleted sec. 271G penalty as TPO accepted benchmarking done by assessee

TRANSFER PRICING: Where TPO had accepted benchmarking done by assessee under TNMM and no variation/adjustment was made by him to arm's length price, imposition of penalty under section 271G would be unsustainable

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Bombay HC dismissed appeal against ITAT's order due to low tax effect

INCOME TAX: Where tax effect by virtue of order passed by Tribunal was below Rs. 50 lakhs in assessee's case, in view of mandate issued by CBDT in circular No. 3, dated 11-7-2018, appeal filed by revenue before HC was to be dismissed on ground of low tax effect

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Services provided w.r.t. Initial Public Offer not covered in 'Business Auxiliary Services', not liable to Service Tax

GST/Excise/ST/VAT: Where assessee was registered as service provider under categories of 'Stock Broker' and 'Banking and Other Financial Services' and it had rendered service in relation to Initial Public Offer to its customers, said service would not be covered under category of 'Business auxiliary service'

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Ball pens & medical gifts given to doctors by Pharma Co with its logo aren't freebies: ITAT

INCOME TAX : Where assessee pharma company incurred expenditure towards business promotion by distribution of ball pens and medical gifts, etc., with logo of assessee company to doctors and hospitals, so as to make persons connected with business of assessee aware of its products, same was allowable as business expenditure and Explanation 1 to section 37(1) could not be applied

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MCA proposes to bring simple web based KYC verification service for directors

The Ministry of Corporate Affairs (MCA) is now proposing to bring simple web based KYC verification service for directors. Those directors, who have filed DIR-3 KYC will only be required to complete his/her KYC through a simple web-based verification service, with pre-filled data based on the records in the registry, for ease of verification by the person concerned

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Distance from the metropolitan area isn't relevant to classify a land as rural agricultural land

INCOME TAX: Location of land from local limits of Chennai Municipal Corporation was relevant to decide as to whether said land was an agricultural land within meaning of section 2(14)(iii) and distance of land from Chennai Metropolitan area was not relevant in this context

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Profit earned from systematic trading in shares to be taxed as business income

INCOME TAX: Where AO held that profit earned by assessee from sale of shares was taxable as business income, in view of fact that assessee had entrusted task of trading in shares to professionally managed Portfolio Management Services (PMS) to seize favourable market movements and, moreover, large number of scrips were traded and period of holding at times was as short as few days, impugned order did not require any interference

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HC set aside notice issued by Customs Authorities freezing bank accounts of assessee during investigation proceedings

GST/Excise/ST/VAT: Where Customs Authorities had issued on assessee a notice to enquire into allegations of bogus addresses for purposes of claiming IGST refunds and freezed its bank account, in view of judgment of Delhi High Court in case of S.B. International v. Asstt. Director, Directorate of Revenue Intelligence [2018] 361 ELT 305, impugned notice could not be allowed to stand and required to be set aside

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Rate of stamp duty for registering amalgamation order to be 0.5% as transferor-co. had no immoveable property in W.B.

CL: Where in a scheme of amalgamation transferor company registered in State of West Bengal does not have any immovable property within State of West Bengal, rate of stamp duty for registering order granting sanction of scheme of amalgamation will be half per cent of consideration paid by transferor company for such amalgamation

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Tribunal set aside Adjudicating Authority's order classifying assessee's product as shoe laces & demanding duty on same

GST/Excise/ST/VAT : Where assessee claimed that product manufactured by it was su-lace which was braid only and Adjudicating Authority on basis of report given by CRCL held that product in question was lace and demanded duty from assessee, since while determining classification by CRCL no process of manufacturing was examined and retest of samples was denied, there was a gross violance of principle of natural justice and impugned order deserved to be set aside

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SetCom couldn't remand matter to AO to dispose of assessee's case on merits: HC

INCOME TAX: Where assessee filed an application under section 245C(1) making full and true disclosure of income and same was admitted to be proceeded with by Settlement Commission under section 245D(1), in such a case, Settlement Commission could have either rejected said application or it could have directed Principal Commissioner or Commissioner to enquire and submit report so as to enable to Commission to take a decision, however, Settlement Commission could not relegate matter to Assessing O

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RBI issues directions for financial benchmark administrators

In order to improve governance, The Reserve Bank of India (RBI) has issued directions for financial benchmark administrators wherein various provisions related to authorization, eligibility, grant, formulation, process control, internal control, and complaint management have been discussed.

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Demand of advance payment for supply of medicine by CIPLA to stockiest wasn't anti-competitive practice

Competition Act: Where there was no evidence that Cipla, a pharmaceutical company had refused to supply medicines to stockists/wholesalers at behest of Bengal Chemist & Druggist Association (BCDA) or that Cipla started supplying medicine only after BCDA issued an NOC, their act was not anti-competitive

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CBDT expands Terms of Reference for drafting new Direct Tax Law

The Central Board of Direct Taxes (CBDT) has broaden the Terms of Reference (ToR) in order to draft new Direct Tax Law. The 5 new ToR have been included which are faceless & anonymised scrutiny/assessment, system based cross verification of financial transactions, reduction in litigation & expeditious disposal of appeal, reduction of compliance burden and sharing of information between GST, Custom, CBDT & FIU.

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Case of ITC disallowed to assessee remanded back to First Appellate authority: HC

GST/Excise/ST/VAT: Where assessee had purchased goods from vendors after payment of tax and it claimed input tax credit of tax paid on such purchases and Assessing Authority had disallowed claim on plea that tax had not paid by vendors in respect of sales made to assessee, as documents produced by assessee established that no dues were outstanding against vendors in respect of sales made to assessee, matter required consideration afresh on merits

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Tax Exemption to Start-Ups

Tax Exemption to Start-Ups

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Ball pens & medical gifts given to doctors by Pharma Cos with its logo aren't freebies: ITAT

INCOME TAX : Where assessee pharma company incurred expenditure towards business promotion by distribution of ball pens and medical gifts, etc., with logo of assessee company to doctors and hospitals, so as to make persons connected with business of assessee aware of its products, same was allowable as business expenditure and Explanation 1 to section 37(1) could not be applied

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Notice to be served on DVO to seek his explanation if assessee had questioned correctness of its report

INCOME TAX : Where assessee questioned correctness of DVO's report, notice was to be issued to DVO to submit his stand in relevant matter to adjudicate correctness of DVO's report

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Ball pens & medical gifts given to doctors by Pharma Cos with its logo aren't freebles: ITAT

INCOME TAX : Where assessee pharma company incurred expenditure towards business promotion by distribution of ball pens and medical gifts, etc., with logo of assessee company to doctors and hospitals, so as to make persons connected with business of assessee aware of its products, same was allowable as business expenditure and Explanation 1 to section 37(1) could not be applied

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Demand of advance payment by pharma-co. for supply of medicines to stockist wasn't anti-competitive Act

Competition Law: Where OP-1, Pharmaceutical company, did not stop supplying medicines to informant but insisted for advance payment in view of earlier incidents of delayed payments and stockistship of informant was still subsisting, allegation of non-supply of medicines by OP-1 at instigation of OP-2 stood unsubstantiated and, thus, no case of contravention of provisions of Act was made out against OPs

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Exemption of service element and disability element of disability pension granted to disabled personnel of armed forces who have been invalided on account of disability attributable to or aggravated by such service

Publish Date : Monday, June 24, 2019

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No international transaction due to lack of pre-requisite agreement; Shilpa Shetty gets another favourable ruling

IT/ILT : Brand ambassadorship services by Shilpa Shetty to Jaipur IPL Team is not an international transaction

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AO can’t reject valuation report prepared by prescribed valuer following DCF method

IT : If IT Act provides assessee to get valuation done from a prescribed expert as per prescribed method, then same cannot be rejected because neither Assessing Officer nor assessee have been recognized as expert under law

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Oil block handed over before commencement of production amounted to surrender u/s. 42 entitled for deduction

INCOME TAX: Where assessee oil exploration company had no choice but to surrender oil blocks as Government of India refused to extend contract period for oil exploration, act of assessee to hand over oil blocks before commencement of commercial production would be treated as 'surrender' for claiming deduction of oil exploration expenditure under section 42(1)(a)

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SC dismissed SLP against HC's order allowing assessee's claim of deduction for advertisement exp.

INCOME TAX : Where High Court upheld Tribunal's order holding that advertisement expenses incurred by assessee being revenue in nature, were eligible for deduction under section 37(1), SLP filed against decision of High Court was to be dismissed

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Matter remanded to Appellate Authority for ITC disallowed to assessee where vendor failed to pay GST on sales: HC

GST/Excise/ST/VAT: Where assessee had purchased goods from vendors after payment of tax and it claimed input tax credit of tax paid on such purchases and Assessing Authority had disallowed claim on plea that tax had not paid by vendors in respect of sales made to assessee, as documents produced by assessee established that no dues were outstanding against vendors in respect of sales made to assessee, matter required consideration afresh on merits

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I-T Refunds Rs64,700 Cr So Far in FY20: FM

I-T Refunds Rs64,700 Cr So Far in FY20: FM

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Nalanda to Exit Mindtree after Sebi Questions Role

Nalanda to Exit Mindtree after Sebi Questions Role

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Sebi to Tighten Disclosure Norms for Pledged Shares

Sebi to Tighten Disclosure Norms for Pledged Shares

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CBDT pulls up tax officials over pending complaints

CBDT pulls up tax officials over pending complaints

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The plain-speaking outsider at RBI

The plain-speaking outsider at RBI

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Jet creditors asked to submit claims with proof by July 4

Jet creditors asked to submit claims with proof by July 4

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Black money stashed abroad estimated at US216-490bn

Black money stashed abroad estimated at US216-490bn

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Disqualifying directors from office on failure to submit returns is not ultra vires Constitution

Companies Act : Section 164 (2)(a) disqualifying directors of companies from office for period of 5 years on failure to submit annual returns and statements for 3 consecutive years is not ultra vires Constitution; however, for default prior to 1-4-2014 i.e., prior to Act coming into effect, is not proper

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AO couldn't recover tax dues of mining dept. from person awarded tender for settlement of Sand Ghats; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that section 226(3)(x) does not confer arbitrary power on Income-tax department to recover amount of tax liability of mining department from innocent assessee who was awarded tender for settlement of sand ghats by Mining department

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Assessee wasn't an 'intermediary' where it directly provides services to its clients on principal to principal basis

GST/Excise/ST/VAT : Where assessee, in terms of an agreement with its client, was itself engaged in providing services to its client and facilitating customers of its client for providing those services by third party, assessee could not be categorized as intermediary as defined under rule 2(f) of Place of Provision of Services Rules, 2012

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DRT can't reduce amount of deposit as a pre-condition for entertaining appeal below 25% of debt rules, HC

FEMA, BANKING & INSURANCE: Though a discretionary power has been conferred on Debt Recovery Appellate Tribunal under third provisio to sub-section (1) of section 18 to determine amount of deposit as a pre-condition for entertaining appeal against order of Tribunal, such discretion is not an absolute one, but a limited one, and Appellate Tribunal is not competent to reduce amount of deposit below twenty-five per cent of debt

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What Standing Committee on Finance has said about Black Money in its preliminary report?

The Standing Committee on Finance has prepared a Preliminary Report on ‘Status of Unaccounted Income/Wealth both inside and outside the Country’. The report has been tabled in the Parliament on Monday, June 24, 2019. The important aspects of the report are highlighted in this article.

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Notification No. 47/2019 [F. No. 178/47/2017-ITA-I]/SO 2007(E)

Publish Date : Thursday, June 20, 2019

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Notification No. 46/2019 [F.No. 197/10/2014-ITA-I] / SO 2006(E)

Publish Date : Thursday, June 20, 2019

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Notification No. 45/2019 [F.No.300196/3/2019-ITA-I]/ SO 2005(E)

Publish Date : Thursday, June 20, 2019

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What’s Standing Committee on finance has said about Black Money in its preliminary report?

The Standing Committee on Finance has prepared a Preliminary Report on ‘Status of Unaccounted Income/Wealth both inside and outside the Country’. The report has been tabled in the Parliament on Monday, June 24, 2019. The important aspects of the report are highlighted in this article.

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Withdrawal of discount by cement manufacture wasn't an anti-competitive act, NCLAT upheld CCI's order

Competition Law: Where CCI held that there was no contravention of section 3 as there was no material to attribute any role of Cement Association in award or termination of dealership to cement dealers, there was no legal infirmity in order of CCI

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Assessee permitted to pay arrears of sales tax in 12 equal monthly instalments

GST/Excise/ST/VAT: Where assessee-company filed a writ petition seeking directions to revenue authorities to consider its requests for payment of arrears of sales tax amounting to Rs. 99 lakhs in instalments, assessee was granted facility of payment of arrears of tax in twelve equal monthly instalments

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SLP dismissed against HC's ruling allowing sec. 80G benefit as charitable activities were being carried on by trust

IT: Where High Court upheld Tribunal's order allowing assessee's claim for deduction under section 80G by holding that for last three years details had been provided to show that charitable activities were being carried on and, moreover, registration under section 12A continued in favour of assessee, SLP filed against decision of High Court was to be dismissed

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Standing Committee’s report on Black Money to be tabled in Parliament

Report on Black Money, prepared by the Standing Committee on Finance, is likely to be tabled in Parliament on June 24, 2019. The report ‘Status of unaccounted income/wealth both inside and outside the country’ gives a refutable figure of black money stashed abroad or within the Country. The Chairman of Committee blamed Govt. for taking no concrete action against Black Money in past 5 years

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HC stayed proceedings initiated for non-deduction of TDS as assessee maintained huge sum in Escrow a/c

INCOME TAX: Where in course of appellate proceedings against order holding assessee liable to deduct tax under section 195, department issued notices under sections 201(1) and 201(1A), in view of fact that assessee had kept a sum of Rs. 10 Million US Dollars in escrow account which would be by and large sufficient to meet with its TDS requirement if ultimately so arose, notices issued to assessee under sections 201 and 201(1A) would stand stayed during pendency of proceedings

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Sec. 80-IAB relief allowable as SC stayed HC’s ruling that DLF fraudulently acquired land for SEZ project: ITAT

Income Tax: Where P&H High Court's order holding that land on which SEZ project was constructed was acquired by assessee fraudulently was stayed by Supreme Court, deduction under section 80-IAB could not be denied when project had already been completed

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HC quashes reassessment initiated after 6 years to disallow deduction of programme rights claimed by ‘Asianet’

IT : Where assessee-company, engaged in business of production, procurement and broadcasting of movies and programmes over satellite channels, filed return accompanied by audited financials amortising certain expenditure incurred on programme costs and film rights and upon consideration of voluminous and detailed material filed by assessee,

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NCLT Lacks Jurisdiction to Ban Us, Say Deloitte, KPMG

NCLT Lacks Jurisdiction to Ban Us, Say Deloitte, KPMG

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NCLT appoints Nanavati of Deloitte as RP for RCom

NCLT appoints Nanavati of Deloitte as RP for RCom

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Deloitte, KPMG question NCLT´s jurisdiction to impose ban

Deloitte, KPMG question NCLT´s jurisdiction to impose ban

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Penalty levied on short collection of margins on commodity derivative segment to be credited to core

SEBI noted that some clearing corporation were crediting the penalty levied on short collection/ non-collection of margin on commodity derivative segments to SGF and other are crediting to Investor Protection Fund (IPF), In order to bring uniformity with regard to crediting of penalties so levied, the SEBI has clarified that same to be credited to core SGF.

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commodity derivative segment to be credited to core SGF: NCLT

SEBI noted that some clearing corporation were crediting the penalty levied on short collection/ non-collection of margin on commodity derivative segments to SGF and other are crediting to Investor Protection Fund (IPF), In order to bring uniformity with regard to crediting of penalties so levied, the SEBI has clarified that same to be credited to core SGF.

from taxmann.com News http://bit.ly/2X02iph

No competition issue against Vivo phone as distributor wasn’t restricted from dealing with other brands

Competition Law : Where informant who was non-exclusive distributor of South Delhi for distribution of mobile handsets of Vivo (OP) filed information alleging contravention of section 3 by OP by restricting online sale of Vivo phones and maintaining Minimum Operation Price (MOP), it was held that Vivo smartphones were adequately available in both offline market as well as on online market like Flipkart, Snapdeal, Amazon, Paytmall, Official Vivo e-store etc.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188824/no-competition-issue-against-vivo-phone-as-distributor-wasn’t-restricted-from-dealing-with-other-brands.aspx

SLP granted against ruling that Commissioner isn't authorised to cancel trust's registration retrospectively

INCOME TAX: SLP granted against High Court ruling that Commissioner is not authorized under section 12AA(3) to cancel registration of charitable trust retrospectively

from www.taxmann.com Latest Case Laws http://bit.ly/2MZRMts

Penalty levied on short collection of margins on commodity derivative segment to be credited core to

SEBI noted that some clearing corporation were crediting the penalty levied on short collection/ non-collection of margin on commodity derivative segments to SGF and other are crediting to Investor Protection Fund (IPF), In order to bring uniformity with regard to crediting of penalties so levied, the SEBI has clarified that same to be credited to core SGF.

from taxmann.com News http://bit.ly/2N1HqJP

Sec. 54 relief available even if sold flat was constructed on land occupied by housing society on leasehold basis

IT: Merely because housing complex was situated on a piece of land which was occupied by Co-operative Housing Society under a long term lease, would make no difference while considering assessee's claim for deduction under section 54 in respect of capital gain arising from sale of flat in said society

from www.taxmann.com Latest Case Laws http://bit.ly/2ZHi1Xh

Penalty levied on short collection of margins on commodity derivative segment to be credited core SG

SEBI noted that some clearing corporation were crediting the penalty levied on short collection/ non-collection of margin on commodity derivative segments to SGF and other are crediting to Investor Protection Fund (IPF), In order to bring uniformity with regard to crediting of penalties so levied, the SEBI has clarified that same to be credited to core SGF.

from taxmann.com News http://bit.ly/2ITTIOY

SEBI tightens norms for usage of clients' fund by brokers

The SEBI has tightened the norms for usage of client funds by brokers. Now, brokers have to transfer the securities to their client a/c within one day of receiving payment. In case of default by client, brokers can hold the securities up to five days post which they can liquidate the securities in market and recover dues. SEBI has also said that securities which are lying with brokers for non-receipt of payment from clients can’t be used as collateral margin or be pledged with banks/FIs.

from taxmann.com News http://bit.ly/2WYFvdt

SEBI tightens norms on handling of clients’ fund and securities by trading members

In order to provide clarity with regard to maintaining an account for clients’ securities, SEBI, after discussion with Stock exchanges, Depositories, and Clearing Corporation has issued new directions for Trading Members/Clearing Corporation (TM/CM) for handling Client unpaid Securities account. The new norms with regard to handling of client securities by TMs/CMs are discussed hereunder :

from taxmann.com News https://www.taxmann.com/topstories/222330000000018840/sebi-tightens-norms-on-handling-of-clients’-fund-and-securities-by-trading-members.aspx

Minister of commerce and industry, Mr. Piyush Goyal informs 80 point business reform action plan 201

Minister of commerce and industry, Mr. Piyush Goyal informs 80 point business reform action plan 2019 in Rajya Sabha

from taxmann.com News http://bit.ly/2MYNHpq

No competition issue against Vivo phone as distributor wasn’t restricted on dealing with other brands

Competition Law : Where informant who was non-exclusive distributor of South Delhi for distribution of mobile handsets of Vivo (OP) filed information alleging contravention of section 3 by OP by restricting online sale of Vivo phones and maintaining Minimum Operation Price (MOP), it was held that Vivo smartphones were adequately available in both offline market as well as on online market like Flipkart, Snapdeal, Amazon, Paytmall, Official Vivo e-store etc.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188824/no-competition-issue-against-vivo-phone-as-distributor-wasn’t-restricted-on-dealing-with-other-brands.aspx

Transfer of co's shares to group co. without any boards resolution by either co. was illegal: NCLAT

CL: Where appellant company's shares in R-1 company were transferred to respondent group's own company without any board resolution being passed by either company, said transfer was illegal and shares were to be continued to stand in name of appellant's as if they had never been transferred

from www.taxmann.com Latest Case Laws http://bit.ly/2WU26YC

IFIN Group Lending: BSR Says It Had Sought Clarity from RBI

IFIN Group Lending: BSR Says It Had Sought Clarity from RBI

from taxmann.com News http://bit.ly/2Xs6FZy

NCLT Admits SBI’s Insolvency Plea

NCLT Admits SBI’s Insolvency Plea

from taxmann.com News https://www.taxmann.com/topstories/222330000000018836/nclt-admits-sbi’s-insolvency-plea.aspx

Sebi Nudges AIFs to Make More Disclosures for Better Transparency

Sebi Nudges AIFs to Make More Disclosures for Better Transparency

from taxmann.com News http://bit.ly/2XZF6nj

Tax Dept may Not Get to Reopen Cases Beyond 4 Yrs

Tax Dept may Not Get to Reopen Cases Beyond 4 Yrs

from taxmann.com News http://bit.ly/2XuirCE

Tax tech giant say RSS ideologues, Gandhian

Tax tech giant say RSS ideologues, Gandhian

from taxmann.com News http://bit.ly/2Y8e2Ti

Govt may raise income-tax threshold in Budget

Govt may raise income-tax threshold in Budget

from taxmann.com News http://bit.ly/2Xs5Zn0

Smartphone makers to discuss CCI notice on deals with Google

Smartphone makers to discuss CCI notice on deals with Google

from taxmann.com News http://bit.ly/2Y1QXRT

EPFO halts investment in private sector bonds

EPFO halts investment in private sector bonds

from taxmann.com News http://bit.ly/2XqCa6n

Sec. 54 relief available even if sold flat was constructed on land occupied on housing society on leasehold basis

IT: Merely because housing complex was situated on a piece of land which was occupied by Co-operative Housing Society under a long term lease, would make no difference while considering assessee's claim for deduction under section 54 in respect of capital gain arising from sale of flat in said society

from www.taxmann.com Latest Case Laws http://bit.ly/2X320hz

SEBI tightens norms on handling of client securities by trading and clearing members

The SEBI has tightened the norms for usage of client funds by brokers. Now, brokers have to transfer the securities to their client a/c within one day of receiving payment. In case of default by client, brokers can hold the securities up to five days post which they can liquidate the securities in market and recover dues. SEBI has also said that securities which are lying with brokers for non-receipt of payment from clients can’t be used as collateral margin or be pledged with banks/FIs.

from taxmann.com News http://bit.ly/2KtAwL1

Cancellation of bail order on non-payment of deposit of 20% of total amount of compensation was unjust, Rules HC

NI Act : For filing appeal against conviction order in cheque bounce cases, accused is to be directed to deposit 20 per cent of total compensation put as condition precedent to maintain bail order; however, order putting condition of cancellation of bail or cancellation of suspension of sentence in event of non-payment is to be set aside

from www.taxmann.com Latest Case Laws http://bit.ly/2WWx51k

MCA likely to amend LLP Act to track down shell companies

Recently, the Ministry of Corporate Affairs (MCA) has found that a number of companies that were converted into LLPs have doubled after the Government enhanced disclosure norms on companies with a view to crack down shell companies.

from taxmann.com News http://bit.ly/2WUyMfw

Refund couldn't be withheld merely because computer system of dept. was unable to rectify errors

IT: Where computer system of Income-tax Department could not rectify duplication of entry in old TAN and new TAN resulting in TDS mismatch, department could not withhold refund payable to assessee

from www.taxmann.com Latest Case Laws http://bit.ly/31J0XBT

Sitharaman Discusses Macro Situation, Budget Planning

Sitharaman Discusses Macro Situation, Budget Planning

from taxmann.com News http://bit.ly/2RmU0BR

ITAT Upholds Case Against NDTV’s Roys

ITAT Upholds Case Against NDTV’s Roys

from taxmann.com News https://www.taxmann.com/topstories/222330000000018817/itat-upholds-case-against-ndtv’s-roys.aspx

Sebi Moves SC after NCLT Order on CIS

Sebi Moves SC after NCLT Order on CIS

from taxmann.com News http://bit.ly/31GHsdn

Dutch administrator moves NCLT in Jet case

Dutch administrator moves NCLT in Jet case

from taxmann.com News http://bit.ly/2RqGOfm

HC set-aside order as AO concluded reassessment before assessee could file objections to reasons recorded

IT: Where Assessing Officer concluded re-assessment before assessee could file objections to reasons recorded, and since assessee was not provided breathing time to furnish preliminary objections, re-assessment order was to be set aside

from www.taxmann.com Latest Case Laws http://bit.ly/2Rp9vcm

No penalty though interest & tax on undisclosed income was deposited belatedly

IT: Where assessee made disclosure of undisclosed income in statements recorded under section 132(4) during course of search and had also specified manner in which such income was derived but paid tax in respect of such income belatedly, since there is no time frame prescribed for payment of tax in Explanation 5(2) to section 271(1)(c), assessee was entitled to immunity from penalty under section 271(1)(c)

from www.taxmann.com Latest Case Laws http://bit.ly/2x79AZ2

'Assessment of Firms'- some of the important issues to be kept under consideration by the Assessing Officers while framing assessment-reg.​

Publish Date : Wednesday, June 19, 2019

from RSS FEED for Income Tax India : Communications http://bit.ly/2Rppp6L

Clarification regarding non-allowability of set-off of losses against the deemed income under section 115BBE of the Income-tax Act, 1961 prior to assessment-year 2017-18-reg.​

Publish Date : Wednesday, June 19, 2019

from RSS FEED for Income Tax India : Communications http://bit.ly/2IqUZ0Q

SLP dismissed against HC's ruling allowing stay of demand on payment of 10% of tax liability

IT: SLP filed against High Court's order allowing assessee's application for stay subject to payment of 10 per cent of tax demand, was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2Y21611

Set-off of loss against deemed income u/s 115BBE was allowed till AY 2016-17: CBDT

The Central Board of Direct Taxes (CBDT) has clarified that since the term ‘or set off any loss’ was inserted by Finance Act, 2016, w.e.f., 01-04-2017, an assessee can claim set-off of loss against income determined under section 115BBE till the Assessment Year 2016-17

from taxmann.com News http://bit.ly/2RuUIwY

CBDT issues direction to AO for making ‘Assessment of Firms’

For the purpose of improving quality of assessment and reducing scope for committing errors, CBDT has issued directions to AO for making assessment of firms.

from taxmann.com News https://www.taxmann.com/topstories/222330000000018811/cbdt-issues-direction-to-ao-for-making-‘assessment-of-firms’.aspx

SEBI prescribes certain factors for assuring confidentiality in application filed under settlement n

In order to assure confidentiality to an applicant who provides assistance in examination proceedings, the Board may assess the information/assistance/co-operation rendered during such examination proceedings by inter alia considering, certain factors such as a) Assistance Provided b) Gravity of the subject matter, c) Factors which may adversely affect claim for confidentiality.

from taxmann.com News http://bit.ly/2XkWrtT

Purchase of semi-finished flat to be treated as purchase of property for construction for sec. 54 claim

IT: Where assessee having sold residential property, utilised sale consideration for booking a semi-finished flat with a builder by periodic payment of instalments and assessee had to carry out internal fit-outs to make said flat liveable on its own, same was to be treated as case of construction of property and not purchase of property for claiming exemption under section 54

from www.taxmann.com Latest Case Laws http://bit.ly/2RkEndY

Sec. 54 relief available even if new flat is constructed on land occupied on housing society on leasehold basis

IT: Merely because housing complex was situated on a piece of land which was occupied by Co-operative Housing Society under a long term lease, would make no difference while considering assessee's claim for deduction under section 54 in respect of capital gain arising from sale of flat in said society

from www.taxmann.com Latest Case Laws http://bit.ly/2Kr2nLW

Deposit of rental receipt after removal of co.'s name wouldn't be considered as proof of running business

CL: Where against removal of its name from Register of Companies, appellant company, as proof of running business, deposited lease rentals only after RoC removed name of company from register, such subsequent event could not assert running of business or operation

from www.taxmann.com Latest Case Laws http://bit.ly/2IpORGf

SAT stays SEBI’s order debarring NDTV directors from holding key posts; schedules next hearing on Sept. 16, 2019

SEBI : Where SEBI by impugned order New Delhi Television Ltd., In re [2019] 106 taxmann.com 187 (SEBI) restrained appellants i.e. Dr. Prannoy Roy and Radhika Roy from holding or occupying position as Director or any Key Managerial personnel in NDTV for contravention of regulations 3 and 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188795/sat-stays-sebi’s-order-debarring-ndtv-directors-from-holding-key-posts-schedules-next-hearing-on-sept-16-2019.aspx

ITAT confirmed sec. 69A additions made in respect of bogus share transactions

IT: Where AO made addition to assessee's income under sec. 69A in respect of capital gain arising from sale of shares of 'K' Ltd. on basis of information received from Investigation Wing that said company was engaged in providing bogus entries of capital gain or sale of shares, since assessee had failed to discharge her burden of proof that long-term capital gain arising from sale of shares was genuine, impugned additions was to be confirmed

from www.taxmann.com Latest Case Laws http://bit.ly/2IqpqnR

ATFFE holds penalty imposed on BCCI officials for contravention of FEMA norms as excessive

FEMA: Where pursuant to an agreement between Cricket South Africa (CSA) and BCCI, IPL - 2 was organized in South Africa, April-May, 2009 on payment of fixed fee by BCCI but Special Director by impugned order imposed penalty upon appellants i.e. BCCI and its officers for contravention of provisions of FEMA in those transactions,

from www.taxmann.com Latest Case Laws http://bit.ly/2WTcuL7

SC granted SLP against HC's order confirming sec. 271C penalty even assessee had reasonable cause for fault

IT: Where High Court set aside Tribunal's order deleting penalty imposed under section 271C by taking a view that there were regular delays on part of assessee in depositing tax deducted at source with Central Government for which no reasonable explanation was offered, SLP filed against said decision was to be granted

from www.taxmann.com Latest Case Laws http://bit.ly/2WRvcD9

Deposit of rental receipt after removal of co.'s name wouldn't be considered proof of running business

CL: Where against removal of its name from Register of Companies, appellant company, as proof of running business, deposited lease rentals only after RoC removed name of company from register, such subsequent event could not assert running of business or operation

from www.taxmann.com Latest Case Laws http://bit.ly/2RqYYgL

Unpaid consideration on sale of flat to shareholder to be treated as deemed dividend u/s 2(22)(e): HC

IT : Where 'S' Ltd., in which assessee had substantial shareholding, sold a flat to assessee of which a major portion of price remained unpaid by him at end of previous year, authorities below were justified in treating said amount as deemed dividend under section 2(22)(e)

from www.taxmann.com Latest Case Laws http://bit.ly/2Fj7PMO

Holding period of shares transfer by NDTV’s promoter from self to joint DEMAT A/c reckoned from date of transfer

Income-tax : Where assessee, Director of NDTV Ltd., along with her husband had transferred shares of NDTV from their individual demat accounts to their Joint Demat account, and after almost three months, sold said shares and claimed it to be a long term capital asset considering period of holding as date of acquisition in their individual demat accounts and also claimed cost of acquisition as incurred by them in their individual demat accounts to compute long-term capital gain, since assessee ha

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188747/holding-period-of-shares-transfer-by-ndtv’s-promoter-from-self-to-joint-demat-ac-reckoned-from-date-of-transfer.aspx

Purchase of semi-finished flat to be treated as construction of property for the purpose of sec. 54 claim

IT: Where assessee having sold residential property, utilised sale consideration for booking a semi-finished flat with a builder by periodic payment of instalments and assessee had to carry out internal fit-outs to make said flat liveable on its own, same was to be treated as case of construction of property and not purchase of property for claiming exemption under section 54

from www.taxmann.com Latest Case Laws http://bit.ly/31EPof5

Finance Act, 2015 amendments to sec. 153C would apply to search initiated on or after June 1, 2015

IT : In case any notice under section 153C which had been issued for assessment years beyond six assessment years as contemplated under section 153A, such notices would be beyond jurisdiction

from www.taxmann.com Latest Case Laws http://bit.ly/31HyxIn

RBI Guv Expects Reversal of Growth Slowdown Soon

RBI Guv Expects Reversal of Growth Slowdown Soon

from taxmann.com News http://bit.ly/2Rpdh5x

Jet goes to NCLT with its aircraft, real estate and royalty programme

Jet goes to NCLT with its aircraft, real estate and royalty programme

from taxmann.com News http://bit.ly/2KlMKFz

India Inc’advance tax map-up surges 171%in first qtr

India Inc’advance tax map-up surges 171%in first qtr

from taxmann.com News https://www.taxmann.com/topstories/222330000000018802/india-inc’advance-tax-map-up-surges-171in-first-qtr.aspx

Assessee engaged in development of housing project units isn't exempt from payment of MAT

IT: Where assessee was engaged in development of housing project units which were neither units in SEZ nor assessee was developer of SEZ, its income would not be exempt from payment of MAT

from www.taxmann.com Latest Case Laws http://bit.ly/2KppPsQ

OP didn't abuse its dominant position due to presence of other real estate players in market: CCI

Competition Act: Where apart from OP, there were many established and bigger organised real estate companies offering their projects in relevant market, i.e., market for commercial units for office space in Gurugram, OP was not dominant in relevant market and, therefore, no prima facie case of abuse of dominance was made out against OP

from www.taxmann.com Latest Case Laws http://bit.ly/31EbPky

Corporation established for welfare of employees of police dept. not entitled to sec. 10(26B) exemption: HC

IT: Assessee corporation set up for formulating and executing housing scheme for benefit and welfare of employees of Police department, Government of Arunachal Pradesh, was not eligible for exemption under section 10(26B) because all persons of Police Department could not be considered as belonging to Scheduled Castes, Schedule Tribes or other backward classes

from www.taxmann.com Latest Case Laws http://bit.ly/2WLJ4DH

Providing golf facilities to members for promotion of Golf was charitable in nature: HC

IT: Where main object of assessee golf club was to provide golf facilities to its members for promotion of this sport and there was no element of activity of assessee club being in nature of trade, commerce or business, then interest earned from banks or financial institutions on investment of surplus funds arising from charitable activities was exempted from tax

from www.taxmann.com Latest Case Laws http://bit.ly/2x1ZfNG

HC upholds deny of carry forward of loss as bank failed to file ITR within due dates

IT: Where Assessing Officer rejected assessee's claim for carry forward of loss on ground that return was not filed within time prescribed under section 139(1) and, thereupon Tribunal directed assessee to seek condonation of delay in filing return from CBDT, in view of fact that assessee did not file application for condonation of delay even before CBDT within permissible time limit, impugned order passed by CBDT rejecting assessee's application on ground of limitation and latches, did not requi

from www.taxmann.com Latest Case Laws http://bit.ly/2XVT1Li

No disallowance u/s 14A if AO failed to prove that interest free funds were utilised to earn exempt income

IT: Where revenue failed to establish that interest free funds were utilized for making exempt investment, no disallowance under section 14A could have been made

from www.taxmann.com Latest Case Laws http://bit.ly/2IOeLT1

Providing golf facilities to members for promotion of this sport is charitable in nature: HC

IT: Where main object of assessee golf club was to provide golf facilities to its members for promotion of this sport and there was no element of activity of assessee club being in nature of trade, commerce or business, then interest earned from banks or financial institutions on investment of surplus funds arising from charitable activities was exempted from tax

from www.taxmann.com Latest Case Laws http://bit.ly/2IMcEyZ

MCA Looks to Freeze IL&FS Ex-Directors’ Properties

MCA Looks to Freeze IL&FS Ex-Directors’ Properties

from taxmann.com News https://www.taxmann.com/topstories/222330000000018798/mca-looks-to-freeze-ilfs-ex-directors’-properties.aspx

Corporation established for welfare of employees of police dept. not entitled for sec. 10(26B) exemption: HC

IT: Assessee corporation set up for formulating and executing housing scheme for benefit and welfare of employees of Police department, Government of Arunachal Pradesh, was not eligible for exemption under section 10(26B) because all persons of Police Department could not be considered as belonging to Scheduled Castes, Schedule Tribes or other backward classes

from www.taxmann.com Latest Case Laws http://bit.ly/2XOEelw

No addition u/s. 68 if sum deposited in bank account duty supported by book entries

IT: Where Commissioner passed a revisional order making addition to assessee's income under section 68 in respect of amount deposited in bank account, in view of fact that said amount represented sale consideration of goods in support of which assessee had produced statement of bank account, copies of bills issued to purchasers as also books of account showing entries of deposits made in bank, impugned revisional order was to be set aside

from www.taxmann.com Latest Case Laws http://bit.ly/2WH5qkQ

AO couldn't issue reassessment notice on second ground if notice issued on first ground was set-aside by HC : SC

IT: SLP dismissed against High Court ruling that where High Court had already set aside reassessment proceedings for relevant assessment year on one issue, there was no warrant for issue of further notice under section 148 on another ground

from www.taxmann.com Latest Case Laws http://bit.ly/2IKUb5R

Dharmada charges paid voluntarily by customers couldn't be treated as part of assessable value of goods

GST/Excise/ST/VAT : Where assessee manufactured and sold chewing tobacco to customers and charged from them price of goods plus Dharmada [a charitable donation], which was paid voluntarily and was credited to charity, Dharmada could not be regarded as part of transaction value for sale of goods

from www.taxmann.com Latest Case Laws http://bit.ly/2KVcYhF

SEBI bars NDTV promoters from accessing security market for 2 years

SEBI : Where loan agreements were structured as a scheme to defraud investors by camouflaging information about adversarial terms and conditions impinging upon interest of company's shareholders, thereby inducing innocent investors to continue to trade in shares of company oblivious to such adversarial developments in shareholding of company, promoters and directors of company were restrained from accessing securities market and dealing in securities during period of restraint and their existing

from www.taxmann.com Latest Case Laws http://bit.ly/2Kjzi4S

AO couldn't dispute method of valuation of closing stock if same was accepted by revenue in earlier years

IT: Where assessee-company had shown value of goods in closing stock at nil, in view of facts that assessee was following similar method of valuation of closing stock year after year and same was accepted in earlier year by revenue and, further, considering nature of these items it was clear that these items day to day reduce in their value, Commissioner (Appeals) was justified in accepting said valuation of closing stock

from www.taxmann.com Latest Case Laws http://bit.ly/31JDXTs

SC dismissed SLP against HC's order upholding deletion of sec. 69A additions made by way revisional order

IT: Where Commissioner passed a revisional order making addition to assessee's income under section 69A in respect of on-money receipts, however, said order was set aside by Tribunal holding that AO had made detailed enquiries in respect of on-money receipts and said view was also confirmed by High Court, SLP filed against decision of High Court was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2IfEZP8

SLP dismissed against HC's order allowing sec. 10AA claim as there was no case of reconstruction of business

IT: Where High Court upheld Tribunal's order allowing assessee's claim for exemption under section 10AA on ground that only a part of capital was received from a partner's proprietorship concern and huge amount of fresh capital had also been introduced and, thus, it was not a case of reconstruction of business, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2WDwbqh

CBDT Tightens Framework for Compounding of Offences

CBDT Tightens Framework for Compounding of Offences

from taxmann.com News http://bit.ly/2RibIq2

I-T Summons Naresh Goyal in Evasion Case

I-T Summons Naresh Goyal in Evasion Case

from taxmann.com News http://bit.ly/2XNPfnc

Blackmoney: New compounding norms issued

Blackmoney: New compounding norms issued

from taxmann.com News http://bit.ly/2IiWzlA

CBDT issues revised guidelines for compounding of offences under Direct Tax Laws

The Central Board of Direct Taxes (CBDT) has issued Guidelines for Compounding of Offences under Direct Tax Laws, 2019 in supersession of earlier Guidelines dated 23-12-2014 These Guidelines shall come into effect from 17.06.2019 and shall be applicable to all applications for compounding received on or after the aforesaid date.

from taxmann.com News http://bit.ly/2XOUFyf

Now Credit Rating Agencies must disclose probability of default for issuing-Cos.

In order to strengthen the rating standard, the market regulator has come up with certain disclosure norms for Credit Rating Agencies (CRAs) wherein it has directed them to start disclosing the probability of default for the issuers they rate.

from taxmann.com News http://bit.ly/2XeLFWe

HC upholds SetCom order as AO didn't set grounds for further enquiry & investigation

IT: Where revenue challenged impugned order passed by Settlement Commission under section 245D(2C) on ground that same was passed without passing an order under section 245D(3) requiring a further enquiry into certain transactions of assessee, since department had not set out any grounds and reasons why in facts of case, such enquiry or investigation as envisaged under section 245D(3) was necessary, impugned order passed under section 245D(2C) was justified

from www.taxmann.com Latest Case Laws http://bit.ly/2IJTXvI

FM holds Pre-Budget Consultation with representatives of Social Sector

The Finance Minister, Smt. Nirmala Sitharaman held pre-budger consultation meeting with the stakeholders from Social Sector Groups. The stakeholders of Social Sector gave a wide range of suggestions in the Meeting including focus on education and hygiene particularly for rural women, audit of cities to identify security gaps to strengthen women safety, etc.

from taxmann.com News http://bit.ly/2KQCy7E

Fin Sector Pitches for Special Liquidity Window for NBFCs

Fin Sector Pitches for Special Liquidity Window for NBFCs

from taxmann.com News http://bit.ly/2WJPpuE

NBFCs ask FM for liquidity window, tax sops

NBFCs ask FM for liquidity window, tax sops

from taxmann.com News http://bit.ly/31pPw1M

Reserve Bank to pump in Rs12,500 crore liquidity on June 20 via bond purchases

Reserve Bank to pump in Rs12,500 crore liquidity on June 20 via bond purchases

from taxmann.com News http://bit.ly/31toOFv

RBI may have to balance old norms with the new

RBI may have to balance old norms with the new

from taxmann.com News http://bit.ly/2WIedmu

IFIN FRAUD NOTHING SHORT OF ORGANISED CRIME, SAYS MCA

IFIN FRAUD NOTHING SHORT OF ORGANISED CRIME, SAYS MCA

from taxmann.com News http://bit.ly/31w0GlH

Sec. 54EC exemption available on capital gains arising from sale of client relationships & goodwill

IT: Where assessee partnership firm of Chartered Accountancy invested capital gains from sale of its client relationships and goodwill pertaining to its business of internal audit and risk consultancy (IARC) practice in specified bonds, assessee would be eligible to exemption under section 54EC

from www.taxmann.com Latest Case Laws http://bit.ly/2RdCpfA

Rate of ESI contribution reduces from 6.5% to 4 % w.e.f. July 01, 2019

The Govt. has reduced the rate of contribution under the ESI Act from 6.5% to 4% with effect from July 01, 2019. This would benefit to both employers and employees. The reduced rate of contribution will bring the substantial relief to workers and it will facilitate enrollment of worker under the ESI scheme.

from taxmann.com News http://bit.ly/2MNWLxq

SEBI requires credit rating agencies to disclose probability of default for issuers they rate

The SEBI has issued guidelines for enhanced disclosure by Credit Rating Agencies (CRA) wherein it has directed credit rating companies to start disclosing the probability of default for the issuers they rate, the probability shall be based on a 10 year Marginal Default Rate (MDR) approach, using monthly static pool. Also sensitive factors such as financial performance, sector concerns need to be disclosed. SEBI has also directed CRAs to compute cumulative default rates on annual basis.

from taxmann.com News http://bit.ly/2WIWWOT

Independent directors may soon have to qualify corporate literacy exam before their appointment in c

With an idea to improve corporate governance structure in India, the Government proposes to introduce corporate literacy test for independent directors as a pre-condition to be appointed in company board. The exam will be conducted online covering the basics of Indian company law, ethics, and capital market rules, among other by aspiring directors. The experienced independent directors would be exempted.

from taxmann.com News http://bit.ly/2IdOONB

Interest couldn’t be denied just because refund was delayed due to assessee’s claim raised during assessment

IT : Where issue of refund order was not delayed for any period attributable to assessee, Tribunal was correct in allowing interest to assessee in terms of section 244A(1)(a) Just because the assessee had raised a belated claim during the course of the assessment proceedings which resulted into delay in granting of refund, it couldn’t be said that refund have been delayed for the reasons attributable to the assessee and assessee wasn’t entitled to interest for the entire period

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188676/interest-couldn’t-be-denied-just-because-refund-was-delayed-due-to-assessee’s-claim-raised-during-assessment.aspx

Contribution to EPF deposited before due date of filing of return couldn't be disallowed: ITAT

IT: Exemption was available to donor charitable trust in respect of payment of sum to another charitable trust for utilisation towards charitable purpose of donee trust, such payment could be considered as proper application of income even if not spent in year of receipt itself

from www.taxmann.com Latest Case Laws http://bit.ly/2ZoPO7j

Cabinet approves of ‘The Central Educational Institutions (Reservation in Teachers’ Cadre) Bill, 201

Giving a major push to the reforms in education sector, the Union Cabinet has approved of the Central Educational Institutions (Reservation in Teachers’ Cadre) Bill, 2019. The Cabinet decision will address the long standing demands of persons belonging to SCs/STs/SEBCs/and EWS and ensure their rights envisaged under the Constitution.

from taxmann.com News https://www.taxmann.com/topstories/222330000000018776/cabinet-approves-of-‘the-central-educational-institutions-reservation-in-teachers’-cadre-bill-2019.aspx

Cabinet approves of the Special Economic Zones (Amendment) Bill, 2019

Union Cabinet has approved of the Special Economic Zones (Amendment) Bill, 2019. The Bill will be introduced in the ensuing session of the Parliament. After the amendment of sub-section (v) of Section 2 of the SEZ Act, 2005, a Trust or any entity notified by the Central Govt. will be eligible to be considered for grant of permission to set up a unit in SEZ.

from taxmann.com News http://bit.ly/2wSy8F2

Sec. 35 deduction was available, though only provision was made for contribution: ITAT

IT: Where AO opined that assessee paid excessive cane price, over and above Fair and Remunerative Price (FRP) fixed by Government, to its members as well as non-members following order passed by Supreme Court in case of CIT v. Tasgaon Taluka S.S.K. Ltd. [2019] 103 taxmann.com 57 matter was to be remanded back to Assessing Officer with a direction to allow deduction for price paid under clause 3 of Sugar cane (Control) Order, 1966 and then determine component of distribution of profit embedded in

from www.taxmann.com Latest Case Laws http://bit.ly/2KInJDS

Section 143(12) of Cos Act

Section 143(12) of Cos Act

from taxmann.com News http://bit.ly/2X8kpbO

ATC Challenges Videocon Consolidation at NCLT

ATC Challenges Videocon Consolidation at NCLT

from taxmann.com News http://bit.ly/2Ra13h2

RBI tweaks directions for Central Counterparties; hikes upper age limit for appointment of directors

The RBI has revised directions for Central Counterparties (CCPs) wherein the upper age limit for appointment of Director, Nominee Director, Independent Director and Chairperson has been revised to 70 years from the existing upper age limit of 65 yrs. The Companies Act, 2013 doesn’t specify any upper age limit for appointment of directors except in case of public Cos. where appointment of director beyond age of 70 is subject to a special resolution by the shareholders.

from taxmann.com News http://bit.ly/2Zgs6Ku

Research & advisory fees paid to related party couldn't be allowed just because there was an agreement

IT: Merely because there was an agreement between assessee company and related party in which one of directors had substantial interest, same could not be allowed in absence of genuineness of transaction

from www.taxmann.com Latest Case Laws http://bit.ly/2X5SglL

Transfer of technical knowhow by Foreign Company to its Indian subsidiary is deemed sale under Maharashtra VAT

GST/CST & VAT : Agreements between applicant a U.K. based company and its Indian subsidiary where applicant helps its Indian subsidiary to develop drugs is transfer of technical know-how which is deemed sale under MVAT Act, 2002 and situs of sale is where property is registered for purposes of VAT

from www.taxmann.com Latest Case Laws http://bit.ly/2wRL3H4

SEBI proposes reward to informant for providing information on insider trading

The market regulator, SEBI has issued discussion paper to amend the SEBI (Prohibition on Insider Trading) Regulation, 2018 wherein it has been proposed reward in cash to the informant for information provided by him on insider trading

from taxmann.com News http://bit.ly/2KPsICZ

G20 Finance Ministers agree to introduce ‘Digital Tax Rules’ for tech giants by 2020

During an event held on June 8-9, 2019 at Fukuoka, Japan, the Finance Ministers of the G20 member nations called for the creation of common Digital Tax Rules for multinational technology companies. Big Tech Giants face criticism for cutting their tax bills by booking profits in low-tax countries. G20 members have agreed to implement common rules to plug in the loopholes that multinationals use to book profits at off-shore locations where the tax rate is low.

from taxmann.com News https://www.taxmann.com/topstories/222330000000018766/g20-finance-ministers-agree-to-introduce-‘digital-tax-rules’-for-tech-giants-by-2020.aspx

HC was justified in deleting penalty as excess stock was due to wrong entries in books of account; SLP dismissed

IT: Where High Court upheld Tribunal's order deleting addition as well as penalty on ground that excess stock existed only on account of wrong entries in assessee's books of account and not due to purchases made outside books of account, SLP filed against decision of High Court was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2F5i4nM

RBI instructs banks to waive off NEFT and RTGS charges w.e.f. July 01, 2019

The Reserve Bank of India (RBI) has decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank. The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect

from taxmann.com News http://bit.ly/2XNgTkp

Aluminium & zinc castings are classified under respective headings no. 7907 90 and 7616 90

GST/Excise/ST/VAT : Where assessee was engaged in manufacture of Aluminium and Zinc Castings and articles thereof and it did not have facility of machining, grinding, finishing, etc. in its factory and such processing was being carried out after being cleared from factory of assessee at premises of customer, product in question would be classifiable as casting under respective Heading No. 7907 90 and Heading No. 7616 90

from www.taxmann.com Latest Case Laws http://bit.ly/2WuAJiB

More Independent Directors, Sebi Nominees may Board Rating Agencies

More Independent Directors, Sebi Nominees may Board Rating Agencies

from taxmann.com News http://bit.ly/2WAQN7w

OBC cuts MCLR by 0.10% for various tenors

OBC cuts MCLR by 0.10% for various tenors

from taxmann.com News http://bit.ly/2Wx47oG

IBA CEO to head RBI’s ATM fee committee

IBA CEO to head RBI’s ATM fee committee

from taxmann.com News https://www.taxmann.com/topstories/222330000000018760/iba-ceo-to-head-rbi’s-atm-fee-committee.aspx

Excess RBI capital must be used to re capitalise PSBs, says BofA-ML

Excess RBI capital must be used to re capitalise PSBs, says BofA-ML

from taxmann.com News http://bit.ly/2WElTuR

FM Nirmala Sitharaman raises serious issues related to digital tax at G20 finance ministers meeting

Finance Minister, Smt. Nirmala Sitharaman has participated in the G20 Finance Ministers and Central Bank Governors meeting at Fukuoka, Japan. She has noted that the work on tax challenges arising from the digitalisation of economy is entering a critical phase. She further supported the potential solution based on ‘significant economic presence’.

from taxmann.com News http://bit.ly/2Iby0a7

Income-tax dept. carries out another search operation in J&K region

The Income-tax department conducted search and seizure operations on June 11, 2019 on a prominent business group based in Srinagar. The group has got their loans of Rs.170 crore with J&K Bank restructured for a sum of Rs.77 crore, out of which, payment of only Rs. 50.34 crore has been made so far. Surprisingly, none of the members of the group is regular in filing their Income-tax Returns.

from taxmann.com News http://bit.ly/2KeZQEn

Reassessment justified as assessee couldn't justify premium of 457 per cent over face value of shares: HC

IT: Where assessee could not explain allotment of shares in excess of authroised capital where there was no SEBI approval for same and assessee could also not justify premium of 457 per cent over face value of shares and also genuineness of transaction and creditworthiness of individual providing money, reassessment notice was justified

from www.taxmann.com Latest Case Laws http://bit.ly/2MIzcG7

Mortgage created on property by assessee before passing order of assessment by AO isn’t void: HC

IT: Where mortgage was created by assessee much before a demand was made under rule 2 of second schedule and even before an order of assessment was passed, said mortgage did not become automatically void under section 281(1)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187258/mortgage-created-on-property-by-assessee-before-passing-order-of-assessment-by-ao-isn’t-void-hc.aspx

Search warrant is invalid if provisions of sec. 132 not attracted; HC quashes search proceedings

IT : Search warrant is invalid if provisions of section 132 not attracted; HC quashes search proceedings

from www.taxmann.com Latest Case Laws http://bit.ly/2IxEK10

ITAT deleted deemed dividend additions as lending was substantial part of business of co.

IT : Where assessee received loan from two companies which were substantially involved in business of money lending, proviso (ii) to section 2(22)(e) would apply to assessee's case and addition of deemed dividend made to assessee's income was to be deleted

from www.taxmann.com Latest Case Laws http://bit.ly/2wKjGid

SC dismissed SLP against HC's ruling directing assessee to avail alternative remedy of appeal

IT: Where High Court disposed of assessee's petition by directing him to avail alternative remedy of appeal, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2Iyv2eN

SEBI proposes reward to informant for information on insider trading

The market regulator, SEBI has issued discussion paper to amend the SEBI (Prohibition on Insider Trading) Regulation, 2018 wherein it has been proposed reward in cash to the informant for information provided by him on insider trading

from taxmann.com News http://bit.ly/2XCzX4v

MCA moves NCLT for 5-yr ban on IFIN’s auditors

MCA moves NCLT for 5-yr ban on IFIN’s auditors

from taxmann.com News https://www.taxmann.com/topstories/222330000000018752/mca-moves-nclt-for-5-yr-ban-on-ifin’s-auditors.aspx

AO couldn't apply rule 8D without assigning reasons to make sec. 14A disallowance; SLP dismissed

IT: Where High Court upheld Tribunal's order holding that AO could not straightaway reject expenditure offered for disallowance under section 14A and apply rule 8D without assigning any reasons, SLP filed against said decision was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2Zd8O8G

No bar on collecting higher share premium as valuation certificate prescribes only minimum sum to be collected

IT: Where AO made addition to assessee's income under section 68 in respect of share premium collected over and above premium worked out in Valuation Certificate submitted to RBI, in view of fact that as per Notification No. FEMA/203/2010-RB, dated 7-4-2010, share premium amount worked out in Valuation Certificate is minimum amount that can be collected by assessee and, hence, there is no bar on collecting higher amount as share premium, impugned addition was to be deleted

from www.taxmann.com Latest Case Laws http://bit.ly/2Zk0IeK

AO to issue notice before withdrawing any sum from bank a/c provisionally attached: HC

IT: Where by non-speaking order Revenue rejected petitioner's application for stay on demand which was contrary to orders of appellate authorities in preceding years and, further, without issuing any reasonable notice, withdrew certain amount from provisionally attached bank account of assessee towards adjustment against demand for other years, action of Revenue was high handed and manifestly unfair towards petitioner

from www.taxmann.com Latest Case Laws http://bit.ly/2ZgmAr6

HC allowed writ petition against order of attachment of property where assessment was still pending

IT: Where mortgage was created by assessee much before a demand was made under rule 2 of second schedule and even before an order of assessment was passed, said mortgage did not become automatically void under section 281(1)

from www.taxmann.com Latest Case Laws http://bit.ly/2Wt8oJE

Allotment of share in assets to retiring partner doesn't amount to transfer for capital gain purpose

IT : On retirement, allotment to retiring partner of his share in assets of partnership firm after deduction of liabilities is not transfer within meaning of section 2(47) so as to assess capital gains under section 45(4)

from www.taxmann.com Latest Case Laws http://bit.ly/2I6MKHa

Bhushan Power, 66 other accounts put on the block by Bank of Baroda

Bhushan Power, 66 other accounts put on the block by Bank of Baroda

from taxmann.com News http://bit.ly/2WyAWq0

SEBI signs MoU with MCA for sharing of data

In order to curb the frauds in the corporate world, the market regulator, SEBI has initiated the first step by signing the Memorandum of Understanding with the Ministry of Corporate Affairs. The Memorandum of Association will facilitate the sharing of data and information between the two organization, i.e., MCA and SEBI on an automatic and regular basis.

from taxmann.com News http://bit.ly/2wGRgFV

RBI issues new prudential framework for resolution of stressed assets

The RBI has issued new prudential framework for resolution of stressed assets on Jun 07, 2018, replacing its controversial 12 February 2018 circular after it was quashed by Supreme Court. Under the revised norms, the RBI has now made it voluntary for lenders to take defaulters to the bankruptcy court; the framework now applies to a larger universe of lenders, which includes small banks and NBFCs; and penal provisions have also been introduced for lenders.

from taxmann.com News http://bit.ly/2Iy2vpo

RBI cuts repo rate by 25 bps to 5.75%; changes stance to 'accommodative'

RBI cuts repo rate by 25 bps to 5.75%; changes stance to 'accommodative'

from taxmann.com News http://bit.ly/2K2bfre

HC upheld revisional order as AO failed to verify correctness of books of account produced

IT: Where Assessing Officer did not apply mind to correctness of books of account produced before her except to note that books of account were produced and test checked, impugned revisional order passed under section 263 was to be upheld

from www.taxmann.com Latest Case Laws http://bit.ly/2EWVc9Y

Supreme Court orders reopening of books of account of IL&FS and its group Cos.

CL : Where NCLT had allowed application preferred by Central Government under section 130(1) and (2) and had permitted re-casting and reopening of accounts of IL&FS and group companies for last five years and said order was upheld by NCLAT as management of IL&FS and other group company/companies were responsible for negligence and incompetence, and had falsely presented a rosy financial statement,

from www.taxmann.com Latest Case Laws http://bit.ly/2JZ54nG

Sebi Examines ‘Default Probability’ Framework to Keep Rating Cos on Toes

Sebi Examines ‘Default Probability’ Framework to Keep Rating Cos on Toes

from taxmann.com News https://www.taxmann.com/topstories/222330000000018744/sebi-examines-‘default-probability’-framework-to-keep-rating-cos-on-toes.aspx

RBI may Simplify its Format for Liquidity Management Soon

RBI may Simplify its Format for Liquidity Management Soon

from taxmann.com News http://bit.ly/2IqPXjS

Another 25 bps Rate Cut Likely Later in 2019

Another 25 bps Rate Cut Likely Later in 2019

from taxmann.com News http://bit.ly/2HZDB33

RBI’s Oversight Mechanism for NBFCs Robust, says Das

RBI’s Oversight Mechanism for NBFCs Robust, says Das

from taxmann.com News https://www.taxmann.com/topstories/222330000000018741/rbi’s-oversight-mechanism-for-nbfcs-robust-says-das.aspx

No Special Window for NBFCs, But RBI Assures On Liquidity

No Special Window for NBFCs, But RBI Assures On Liquidity

from taxmann.com News http://bit.ly/2InYfc8

‘Rate Cut OK, But More Steps Needed to Spur Investment’

‘Rate Cut OK, But More Steps Needed to Spur Investment’

from taxmann.com News https://www.taxmann.com/topstories/222330000000018739/‘rate-cut-ok-but-more-steps-needed-to-spur-investment’.aspx

RBI Removes Fees it Levied on RTGS and NEFT Transactions

RBI Removes Fees it Levied on RTGS and NEFT Transactions

from taxmann.com News http://bit.ly/2I4Z4b7

RBI Cuts Rate and Softens Stance, But no Reprieve for NBFCs Yet

RBI Cuts Rate and Softens Stance, But no Reprieve for NBFCs Yet

from taxmann.com News http://bit.ly/2IsEU9D

Amendmentto Competition Act on cards to rein in digital firms

Amendmentto Competition Act on cards to rein in digital firms

from taxmann.com News http://bit.ly/2I0Tp5u

‘Revised Feb 12 circular will be issued in three-four days’

‘Revised Feb 12 circular will be issued in three-four days’

from taxmann.com News https://www.taxmann.com/topstories/222330000000018734/‘revised-feb-12-circular-will-be-issued-in-three-four-days’.aspx

NEFT and RTGS charges waived

NEFT and RTGS charges waived

from taxmann.com News http://bit.ly/2IqQPF5

Jaypee Infratech homebuyers must be treated as one class, says NCLT

Jaypee Infratech homebuyers must be treated as one class, says NCLT

from taxmann.com News http://bit.ly/2I26Zpq

Notice issued to give effect to directions issued by CIT in revisional order is bound by limitation u/s. 153(3)

IT: Where Commissioner passed a revisional order giving certain directions to Assessing Officer to modify assessment in a particular way, impugned notice issued after expiry of eight years to carry out such directions was barred by limitation under section 153(3) on account of unreasonable delay

from www.taxmann.com Latest Case Laws http://bit.ly/2QYDKqw

Highlights of RBI’s monetary policy statement for 2019-2020

RBI has reduced the Repo rate by 25 bps to 5.75 % for third time in a row. The RBI rate cut is expected to bring down EMIs on home and auto loans, and reduce the debt repayment burden on corporates. The reverse repo rate under the LAF stands adjusted to 5.50%, and the marginal standing facility (MSF) rate and the Bank Rate to 6%.

from taxmann.com News https://www.taxmann.com/topstories/222330000000018730/highlights-of-rbi’s-monetary-policy-statement-for-2019-2020.aspx

Non-supply of products by co. on account of inability to produce NOC is an anti-competitive practice

Competition Act : Non-supply of pharmaceutical products by pharmaceutical companies to applicant stockist on account of inability to produce NOC/LOC from State and regional chemists and druggist associations aptly establishes agreement/arrangement/understanding between these pharmaceutical companies and trade associations, in contravention of provisions of section 3(1). Accordingly office bearers of contravening associations and officials of contravening pharmaceutical companies were to cease an

from www.taxmann.com Latest Case Laws http://bit.ly/2MvAunL

CBDT prescribes manner of filing TDS & TCS statements electronically

In exercise of powers conferred by the rule 31A and 31AA of the Income-tax rules, 1962, The Central Board of Direct Taxes has prescribed the manner in which a deductor can register and file statement of tax deducted or collected at source electronically

from taxmann.com News http://bit.ly/2Ipj5Yu

Non-supply of products by co. on account of inability of produce NOC is an anti-competitive practice

Competition Act : Non-supply of pharmaceutical products by pharmaceutical companies to applicant stockist on account of inability to produce NOC/LOC from State and regional chemists and druggist associations aptly establishes agreement/arrangement/understanding between these pharmaceutical companies and trade associations, in contravention of provisions of section 3(1). Accordingly office bearers of contravening associations and officials of contravening pharmaceutical companies were to cease an

from www.taxmann.com Latest Case Laws http://bit.ly/2Z8Eyfc

RBI waives off charges on RTGS/NEFT transactions to boost digital transactions

In order to provide an impetus to digital funds movement, RBI has decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems. RBI has asked the banks to pass on the benefits to customers. Instructions to banks in this regard will be issued within a week, said the bank.

from taxmann.com News http://bit.ly/2WrMKdv

Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section(3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively

Publish Date : Tuesday, June 4, 2019

from RSS FEED for Income Tax India : Communications http://bit.ly/2HWSR0w

RBI reduces repo rate by 25 basis points

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect.

from taxmann.com News http://bit.ly/2MvcrW1

Sec. 80-IA relief allowable if road development project was undertaken jointly with GSRDC; SC dismissed SLP

IT: SLP dismissed on ground of delay against High Court ruling that where assessee entered into an agreement for road development project with Gujarat State Road Development Corporation (GSRDC), in view of fact that GSRDC was a Government agency as defined under section 2(e) of Gujarat Infrastructure Development Act, 1999 and, moreover, it was totally controlled by State Government, claim for deduction under section 80-IA could not be rejected on ground that assessee failed to fulfil conditions

from www.taxmann.com Latest Case Laws http://bit.ly/2IhwCl0

SEBI amends regulation to include Obligatory norms for Clearing Corporation in commodity derivatives

The market regulator, SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulation, 2018 wherein new proviso 43A has been inserted for obligation of clearing corporation in commodity derivatives.

from taxmann.com News http://bit.ly/2WMMNAa

Reporting of bank frauds due to Govt.’s proactive measures: MoF

The Ministry of Finance has issued circular with regard to increase in detection and reporting of bank fraud wherein it has specified that bank fraud has been declined from the past due to Government proactive measure.

from taxmann.com News https://www.taxmann.com/topstories/222330000000018724/reporting-of-bank-frauds-due-to-govt-’s-proactive-measures-mof.aspx

No angel tax if assessee is step-down subsidiary of a Public Co. listed in stock Exchange: ITAT

IT: Where Assessing Officer made additions to income of assessee-company by invoking provisions of section 56(2)(viib) in respect of excess share premium received by it, since assessee was second level subsidiary of a company in which public was substantially interested, assessee's case would not fall under section 56(2)(viib), thus, impugned addition made by Assessing Officer was unjustified

from www.taxmann.com Latest Case Laws http://bit.ly/2HVOt27

Govt. Notifies Sovereign Gold Bond Scheme 2019-20

The Central Government has notified the Sovereign Gold Bond Scheme 2019-20. The Gold Bonds may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual.

from taxmann.com News http://bit.ly/2JRLARS

SC granted SLP against HC's ruling upholding validity of provisions of sec. 80-IC & 115JB

IT: SLP dismissed against order of High Court upholding validity of provisions of sections 80-IC and 115JB

from www.taxmann.com Latest Case Laws http://bit.ly/2WmMxrZ

SLP granted against ruling allowing accumulation of income holding that activities of assessee were covered u/s. 2(15)

IT: Where High Court upheld Tribunal's order holding that activities of assessee were covered by section 2(15) and, thus, assessee's claim for accumulation of income under section 11(2) was to be allowed, SLP filed against said order was to be granted

from www.taxmann.com Latest Case Laws http://bit.ly/2XpIZSv

SLP dismissed against HC's ruling that question raised on period of stay of demand wasn't question of law

IT : Where High Court held that question raised by revenue to effect that as to whether Tribunal's order was to be treated as void-ab-initio in light of third proviso to section 254(2A) which provided that stay of demand would stand vacated after expiry of a period of 365 days, even if delay in disposal of appeal was not attributable to assessee, was not a substantial question of law, SLP filed against order of High Court was to be dismissed

from www.taxmann.com Latest Case Laws http://bit.ly/2Msva4s

Matter remanded to decide Sec. 80G application as relevant doc. was placed to decipher charitable nature of society

IT : Commissioner (Exemptions) rejected application of appellant under section 80G(5) as in absence of details regarding identity of donors and absence of vouchers to verify genuineness of expenses it was unable to come to a finding as to whether activities of assessee were charitable. However, before Tribunal, appellant was able to point out relevant documents from which charitable nature of society could be deciphered.

from www.taxmann.com Latest Case Laws http://bit.ly/2QLenZe

Loss on share trading couldn't be disallowed alleging it as bogus if all transactions were carried on stock exchange

IT: Where transactions of purchase and sale of shares was made by assessee through registered stock exchange at prevailing market prices after duly suffering STT and assessee had furnished all primary evidences in form of trade files, contract rates, demat statements and bank statements to prove genuineness of said transactions, loss incurred on such transactions could not be disallowed treating same to be bogus

from www.taxmann.com Latest Case Laws http://bit.ly/316lrnP

SFIO Alleges IFIN Forged Documents for Loans

SFIO Alleges IFIN Forged Documents for Loans

from taxmann.com News http://bit.ly/2ESrcfl

Guj HC Stays Settlement Commission Order on Black Money

Guj HC Stays Settlement Commission Order on Black Money

from taxmann.com News http://bit.ly/2Z2nSWL

Maruti Ferrous’ Resolution Plan for Sunil Ispat Gets NCLAT Okay

Maruti Ferrous’ Resolution Plan for Sunil Ispat Gets NCLAT Okay

from taxmann.com News https://www.taxmann.com/topstories/222330000000018720/maruti-ferrous’-resolution-plan-for-sunil-ispat-gets-nclat-okay.aspx

NCLAT Stays Tribunal’s Order to Liquidate Sterling Biotech

NCLAT Stays Tribunal’s Order to Liquidate Sterling Biotech

from taxmann.com News https://www.taxmann.com/topstories/222330000000018719/nclat-stays-tribunal’s-order-to-liquidate-sterling-biotech.aspx

RBI Panel for Easing KYC Costs, Better MDR Rates to Boost E-Payments

RBI Panel for Easing KYC Costs, Better MDR Rates to Boost E-Payments

from taxmann.com News http://bit.ly/2EReHAy

Reduce Taxable Income to Rs. 5 Lakh, Earn a Rebate

Reduce Taxable Income to Rs. 5 Lakh, Earn a Rebate

from taxmann.com News http://bit.ly/2Z6tmji

RBI had Asked IFIN to Clean Up Its Books by 2019

RBI had Asked IFIN to Clean Up Its Books by 2019

from taxmann.com News http://bit.ly/2ENGnX1

With Growth Wavering, I-T Wants Mopup Target Eased

With Growth Wavering, I-T Wants Mopup Target Eased

from taxmann.com News http://bit.ly/2ZbzIOp

Bank fraud at record Rs.71,500 cr in 2018-19, says RBI

Bank fraud at record Rs.71,500 cr in 2018-19, says RBI

from taxmann.com News http://bit.ly/2ENGl1l

SLP filed against HC's decision directing DVAT department to pay refund claims with interest, was admitted

GST/Excise/VAT/ST: Where in view of department's failure to process assessee's claim of refund, High Court issued direction to pay to assessee amount of refund alongwith interest, SLP filed against said decision was to be admitted

from www.taxmann.com Latest Case Laws http://bit.ly/2Ig6Yx8

Due dates for filing TDS statement in Form 24Q & issue of TDS certificate in Form 16 extended

Considering the genuine hardships faced by the deductors in timely filing of TDS statement in revised format of Form 24Q, the CBDT has extended due date for filing of TDS statement for last quarter of FY 2018-19 from May 31, 2019 to June 30, 2019 & due date for issue of TDS certificate in Form 16 from June 15, 2019 to July 10, 2019.

from taxmann.com News http://bit.ly/2Ig7Phb

Sum paid to discharge mortgage couldn't be treated as cost of acquisition of property

IT : Where property was mortgaged by assessee after he had acquired property, amount paid by assessee to discharge mortgage debt by sale of said property could not be treated as cost of acquisition so as to allow same as deduction under section 48

from www.taxmann.com Latest Case Laws http://bit.ly/2WmDEif

RBI revises large exposures framework for banks

The Reserve Bank of India (RBI) has revised its guidelines on Bank’s exposure to large borrowers which was introduced three year ago to reduce concentration risk with respect to bad loans

from taxmann.com News http://bit.ly/2XqLfsu

SLP granted against HC's ruling deleting sec. 234B interest on non-payment of advance tax by non-resident

IT: Where High Court upheld Tribunal's order deciding issue of levy of interest under section 234B in assessee's favour merely on basis of its earlier order passed in another case, SLP filed against said decision of High Court was to be granted

from www.taxmann.com Latest Case Laws http://bit.ly/2Z28Ikf

Failure to attach board report with financial statement in annual filing is compoundable offence

CL: Where a company contravened provisions of section 271 by not attaching board report with balance sheet of company while filing e-form 23AC with MCA portal, in view of fact that alleged offence was made compoundable and could be compounded because it was punishable with imprisonment upto six months or with fine alone or both, application for compounding of said offence was to be allowed

from www.taxmann.com Latest Case Laws http://bit.ly/2WFaMRO

Exp. incurred on improvement of building taken on lease to be treated as capital in nature : Madras HC

IT: Where assessee had taken a building on lease and incurred expenditure towards interior improvement and further construction of two floors of said building, impugned expenditure incurred by assessee had brought enduring benefit; therefore, same was capital in nature and would come within mischief of Explanation 1 to section 32(1)

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Matter remanded back to Tribunal for fresh consideration where no material facts taxing a service were found in SCN

GST/Excise/ST/VAT: Where Tribunal had allowed appeal of assessee holding that show cause notice did not bring out what were material facts and evidence on which alleged service was intended to be taxed, impugned order was in breach of principles of natural justice and appeal required to be restored to Tribunal for fresh consideration

from www.taxmann.com Latest Case Laws http://bit.ly/2WFvJM9

NCLT Clears Merger of Indus Towers with Bharti Infratel

NCLT Clears Merger of Indus Towers with Bharti Infratel

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Slowing Growth may Lead RBI to Cut Rates 25 bps

Slowing Growth may Lead RBI to Cut Rates 25 bps

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SFIO says RBI Could’ve Acted Faster on IL&FS

SFIO says RBI Could’ve Acted Faster on IL&FS

from taxmann.com News https://www.taxmann.com/topstories/222330000000018703/sfio-says-rbi-could’ve-acted-faster-on-ilfs.aspx

NCLT nod for Bharti Infratel-Indus Towers merger

NCLT nod for Bharti Infratel-Indus Towers merger

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Providing relief, rehab and reconstruction facilities in case of disaster now come under CSR’s ambit

The MCA has notified the amendments to Schedule VII of the Companies Act, 2013 wherein list has been extended by including relief, rehabilitation, and reconstruction activities under CSR activities. The impact of amendment is huge as it allows the Companies to spend money on such area which are left behind. As, the Govt. felt necessary to amend the law and include relief, rehabilitation, and reconstruction activities under the head of disaster management under CSR activities.

from taxmann.com News https://www.taxmann.com/topstories/222330000000018701/providing-relief-rehab-and-reconstruction-facilities-in-case-of-disaster-now-come-under-csr’s-ambit.aspx

Matter remanded back for condonation of delay as penalty orders were already challenged by filing a common appeal

IT : Where assessee had received orders imposing penalty under section 271(1)(c) as well as under section 271AAA and it had filed a common appeal against both these orders on advice of his CA and a separate appeal was also submitted by assessee against order imposing penalty under section 271AAA before Commissioner (Appeals), but Commissioner (Appeals) upheld penalty orders on ground that appeal was considerably delayed,

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ITAT uphold applicability of AS-7 to contract of building Simulators for Ministry of Defence

IT : Where assessee, engaged in design, development and installation of simulators for civil and defence sectors, entered into contracts with Ministry of Defence for building such simulators and pointed out that as completion of construction contract will be falling different financial year and it will be difficult to assign corresponding revenue for construction already completed, AS-7 was applied with a view to give correct state of financials and, therefore,

from www.taxmann.com Latest Case Laws http://bit.ly/2EMvCEC

Onus of proving benami transaction rests on shoulders of initiating officer

IT/Benami Transactions Act : Onus of proving a benami transaction rests on shoulders of I.O. who is making charge and such burden has to be strictly discharged based on legal evidence

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HC asks CITs to conduct orientation courses for AOs to avoid committing same types of errors

IT : Where addition was made to income of assessee-company mainly for reason that though amount pertained to share applications but identity of applicants remained unverified and assessee could not give reply in that regard, it was held that addition made by Assessing Officer should not have been made by him because amount received towards share applications was by way of cheque and all details regarding applicants were furnished by assessee and department could have issued notices to such appli

from www.taxmann.com Latest Case Laws http://bit.ly/2HNGPGJ

Banking sector set to struggle for 2 more yrs amid NPA woes: Fitch

Banking sector set to struggle for 2 more yrs amid NPA woes: Fitch

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Jaypee lenders move NCLAT seeking nod to vote against NBCC bid

Jaypee lenders move NCLAT seeking nod to vote against NBCC bid

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Union Budget to be presented on July 5, 2019

The Union Budget for the Financial Year 2019-20 will be presented in the Lok Sabha on Friday, July 5, 2019 at 11.00 am. The respective Houses will be adjourned for the day after presentation/laying of the Budget.

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