In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law, the Govt. had constituted a Task Force. Task Force was required to submit its report to Government by July 31, 2019. The Govt. has allowed the Task Force to submit its report by 16th of August, 2019 in light of the fact that the new Members of the Task Force requested for more time to provide further inputs
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Wednesday, July 31, 2019
Sale of one business undertaking along with all its assets & liabilities would fall within meaning of slump sale
INCOME TAX: Where assessee sold one of its business undertakings with all its assets and liabilities together with all licences, permits, approvals, registration, contracts and other contingent liabilities for a slump price, its case would fall within meaning of section 50B and, thus, profit earned by assessee from said transaction would be taxable as long term capital gain
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from www.taxmann.com Latest Case Laws https://ift.tt/2MtfT1R
Lok Sabha passes code on Wages Bill, 2019
TPO could only determine ALP of purchase of Know-how without questioning its justification for purchase
TRANSFER PRICING: Where TPO was of opinion that purchase of know-how made by assessee from its AE was not at Arm's Length, he could have applied any specified methods for determining Arm's Length Price of transaction, however,could not have replaced business decision of assessee and recorded justification for purchase made in context of incremental benefit earned by assessee out of such know-how
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from www.taxmann.com Latest Case Laws https://ift.tt/2SRWvwJ
Cos may Face Penal Action for Not Meeting CSR Rules: Sitharaman
Refusal by railways to refund ticket amount due to delay in cancellation of tickets wasn't anti-competitive: CCI
COMPETITION LAW: Where railways refused to refund train booking amount as informant failed to cancel train tickets four hours before schedule departure of train, in face of existence of statutory rules to deal with issue raised by informant, no anti-competitive conduct could be alleged in instant case, warranting an investigation into matter
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from www.taxmann.com Latest Case Laws https://ift.tt/2LNNnbC
Tuesday, July 30, 2019
‘Lower Withholding Certificate’ can’t be issued on dictates of an officer superior to AO: Delhi HC
IT : Decision which is quasi-judicial in nature, has to be taken by Assessing Officer under section 197(1) on objective criteria and be based on relevant material provided by applicant and available with department - It must be supported by reasons available on file which conform to requirement of section 197 of Act read with Rule 28AA of Rules - Those reasons must be communicated to applicant - It cannot be taken, on dictation of an officer superior to Assessing Officer
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189618/‘lower-withholding-certificate’-can’t-be-issued-on-dictates-of-an-officer-superior-to-ao-delhi-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189618/‘lower-withholding-certificate’-can’t-be-issued-on-dictates-of-an-officer-superior-to-ao-delhi-hc.aspx
Imparting education as a learning centre of a university to be treated as charitable activity: ITAT
INCOME TAX : Where assessee-society was engaged in imparting education as a learning centre of a University i.e. PTU, since object of assessee was charitable in nature within meaning of section 2(15), a part of semester fee paid by PTU to assessee could not be regarded as commission and, assessee's claim for exemption under section 10(23C)(iiiad) in respect of amount so received, was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2OsfmQx
Order passed by CCI couldn’t be called into question on account of any defect in constitution: HC
Competition Act : Orders passed by CCI cannot be called into question on account of any vacancy or any defect in constitution; notwithstanding, that a judicial member is required to be appointed to CCI, orders passed by CCI pending such appointment cannot be called into question
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189601/order-passed-by-cci-couldn’t-be-called-into-question-on-account-of-any-defect-in-constitution-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189601/order-passed-by-cci-couldn’t-be-called-into-question-on-account-of-any-defect-in-constitution-hc.aspx
Over 36% of registered firms have ´ closed´ down
Advance tax & TDS to be considered while computing tax demand for granting stay
Monday, July 29, 2019
Notification No. 55/2019 [F.No. 225/79/2019-ITA.II] / SO 2672(E)
Additions towards undisclosed investments couldn't be made by applying provisions of sec. 50C
An amendment creating new tax liability on assessee from retrospective effect isn't valid: ITAT
INCOME TAX: Where at time of filing of return of income by assessee on 30-9-2009, sub-clause (e) to section 49(1)(iii) was not in statute as same was inserted by Finance Act, 2012, even though said amendment was retrospectively effective from 1-4-1999, it could not be applied for computing capital gain in relevant assessment year
from www.taxmann.com Latest Case Laws https://ift.tt/2ymoevW
from www.taxmann.com Latest Case Laws https://ift.tt/2ymoevW
It’s Not the Govt’s Intent to Hit FPIs: Sitharaman
Condonation of delay declined as assessee failed to provide sufficient cause of being prevented to file appeal on time
GST/Excise/ST/VAT : Where assessee, against order of Commissioner (Appeals) dated 30-4-2014, filed an appeal before Tribunal after a period of 4 years on 24-3-2018 with an application for condonation of delay stating that it vide letter dated 1-3-2018 intimated Superintendent of Central Excise that it had not received copy of order-in-appeal dated 30-4-2014 and requested to supply same to present appeal,
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from www.taxmann.com Latest Case Laws https://ift.tt/2ykxalv
NCLAT extended period for filing statutory returns with ROC as finalization of accounts by co. was still pending
COMPANY LAW : Where NCLT directed ROC to restore name of company subject to condition that company would file all statutory returns within 30 days with requisite fees and directed directors of company to handover books and records of company in their possession to appellant shareholders to make good statutory compliances, but, directors failed to do so, period for filing returns was to be extended
from www.taxmann.com Latest Case Laws https://ift.tt/2MmpdEL
from www.taxmann.com Latest Case Laws https://ift.tt/2MmpdEL
Lok Sabha approves new bill to amend Companies Act, 2013
The Companies Amendment Bill, 2019 has passed in Lok Sabha to amend Companies Act, 2013 in order to ease of doing business in India. Various provisions related to Corporate Social Responsibility, Commencement of business, registered office and so on have been discussed.
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from taxmann.com News https://ift.tt/2MkveSl
Coating of aluminium imported by the assessee to be classified under heading no. 3212 10 00 as 'stamping foil'
NCLAT upheld order for re-opening of books of account and recasting of financial statements of mismanaged IL&FA
COMPANY LAW: Where affairs of respondent company was mismanaged, petition filed under section 130 for re-opening books of account and recasting financial statements of respondent for past five financial years, viz. from financial year 2012-13 to financial year 2017-18 was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Yr3T7r
Saturday, July 27, 2019
Uncertain times ahead, EMs lack safety net: RBI governor
Minimum staggered delivery period of 5 days for commodity futures: SEBI
The Market Regulator, SEBI has observed that there is no uniformity in the length of staggered delivery period for commodity futures contracts across exchanges. Therefore, SEBI has fixed the minimum duration of staggered delivery period of 5 days for commodity futures.
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from taxmann.com News https://ift.tt/2YpuVIa
Exp. incurred for upgrading cricket stadium in accordance with ICC standards was revenue in nature: HC
INCOME TAX : Expenditure incurred by assessee-Cricket Club of India for renovation and interior work of stadium, construction of foundation of camera, staircase, control room, fabrication and erection of structural steels, fixing of MS sliding gates, different pipes for sprinkler system in main ground, excavation of soil, purchasing of LED replay screen, electric materials etc., for upgrading stadium in accordance with ICC Standards, was revenue in nature
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from www.taxmann.com Latest Case Laws https://ift.tt/2MjgDGU
Friday, July 26, 2019
Shah Commission report couldn’t be basis for re-opening of assessment: Bombay HC
INCOME TAX : Merely on basis of Shah Commission's Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated when there was nothing to indicate that any particular income had accrued to anyone as a result of price difference
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189531/shah-commission-report-couldn’t-be-basis-for-re-opening-of-assessment-bombay-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189531/shah-commission-report-couldn’t-be-basis-for-re-opening-of-assessment-bombay-hc.aspx
Special audit was justified if assessee failed to submit details of income & exp. due to complex accounting system
INCOME TAX : Where assessee-company, running a hotel in Ahmedabad, at Mount Abu and also serving flight catering in Indian Airines at Ahmedabad Airport, is served with notice directing for conducting special audit under section 142(2A) on ground that assessee is not in a position to submit detailed Profit and Loss account as called for and system of maintenance of accounts of assessee is so complex that assessee is not in a position to submit details of various heads of income and expenditure
from www.taxmann.com Latest Case Laws https://ift.tt/2MmUZkK
from www.taxmann.com Latest Case Laws https://ift.tt/2MmUZkK
No anti-competitive agreement among multiplex complexes to impose Virtual Print Fee (VPF) on producers: CCI
COMPETITION LAW : Where informant producers filed information against OPs (PVR, Inox etc.) engaged in business of operating multiplex cinema theatres in various Indian cities alleging contravention of provisions of section 3 and praying that OPs be restrained from imposing any unfair and unjustified fees and restrictions including Virtual Print Fee (VPF) and/or be restrained in any manner from obstructing exhibition and exploitation of Informant's films,
from www.taxmann.com Latest Case Laws https://ift.tt/2YnxkDg
from www.taxmann.com Latest Case Laws https://ift.tt/2YnxkDg
Sec. 80-IB deduction couldn't be allowed subsequently if same wasn't claimed in ITR filed by assessee
INCOME TAX : Where assessee was engaged in development of housing projects and it in return of income filed for assessment year 2008-09 had not claimed deduction under section 80-IB(10) and subsequent to assessment framed by Assessing Officer it filed an application under section 264 before Commissioner and raised claim of deduction under section 80-IB(10) and Commissioner rejected revision application holding that since assessee had not made a claim under section 80-IB(10) in return of income,
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from www.taxmann.com Latest Case Laws https://ift.tt/2YqASow
Constitutional validity of a provision couldn’t be struck down as it would create hardship to taxpayers: SC
Constitutional validity of a provision couldn’t be struck down as it would create hardship to taxpayers: SC
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189537/constitutional-validity-of-a-provision-couldn’t-be-struck-down-as-it-would-create-hardship-to-taxpayers-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189537/constitutional-validity-of-a-provision-couldn’t-be-struck-down-as-it-would-create-hardship-to-taxpayers-sc.aspx
Assessment of non-existing Co. is a ‘substantive illegality’ not a ‘procedural violation’: SC
INCOME TAX : Issuance of jurisdictional notice and assessment order thereafter passed in name of non-existing company i.e. amalgamating company having ceased to exist as a result of approved scheme of amalgamation, is a substantive illegality and not a procedural violation of nature adverted to in section 292B and hence, being without jurisdiction was to be set aside
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189534/assessment-of-non-existing-co-is-a-‘substantive-illegality’-not-a-‘procedural-violation’-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189534/assessment-of-non-existing-co-is-a-‘substantive-illegality’-not-a-‘procedural-violation’-sc.aspx
Mandatory KYC for directors of all companies to be done by Sept. 30, 2019: MCA
The Ministry of Corporate Affairs (MCA) has amended the Companies (Registration Offices and Fee) Rules, 2014 wherein it has been specified that the director’s KYC should be completed by sept, 30, 2019 otherwise INR 5000 penalty would be levied in case on failure of filing KYC on due date.
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from taxmann.com News https://ift.tt/2LJaDI0
Adjudicating Authority to take decision w.r.t. classification of goods after re-test report was furnished to assessee
GST/EXCISE/ST/VAT: Where question for consideration before Adjudicating Authority was as to whether product 'Eco Bath Wipes' being manufactured by assessee had to be classified under Heading No. 3402 90 91 or under Heading No. 3307 30 90 and he obtained a test report in this regard and served same on assessee and assessee requested said authority to cause product to be tested again but Adjudicating Authority without a re-test being conducted issued show cause notice on assessee, Adjudicating Aut
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from www.taxmann.com Latest Case Laws https://ift.tt/32Q9P9m
MCA introduces simple web based KYC verification service for directors
The Ministry of Corporate Affairs (MCA) has come up with new web based KYC verification services for existing director of all types of companies. The director who has already submitted e-form DIR-3KYC in relation to any previous financial year, submits web b-form DIR-3KYC-Web through the web services in relation to any subsequent financial year.
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from taxmann.com News https://ift.tt/2Y7UbaD
Sebi Order Clears Way for Proposed Brookfield Deal: Leela Promoters
NCLT approves Patanjali’s revised bid for Ruchi Soya
CG only is authorized to refer industrial dispute against ICAI to industrial Tribunal: HC
INCOME TAX/CHARTERED ACCOUNTANT ACT: Petitioners, Institute of Chartered Accountants of India, being an autonomous body which found their existence on account of a Central enactment of Parliament, appropriate Government to refer industrial dispute against petitioners to Industrial Tribunal would be Central Government and not State Government
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from www.taxmann.com Latest Case Laws https://ift.tt/2LECMzX
Thursday, July 25, 2019
Sec. 54 relief couldn't be denied as there was delay on account of developers of get possession of new house
INCOME TAX: Where assessee sold a residential house and invested sale consideration in a plot for purpose of construction of residential house, merely because assessee could not obtain possession of plot within period of three years due to developer's failure to offer possession, assessee's claim for exemption under section 54 could not be denied
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from www.taxmann.com Latest Case Laws https://ift.tt/2YaoDkJ
Govt. introduces new bill to amend Companies Act, 2013 in Lok Sabha
The Companies Amendment Bill, 2019 has introduced in Lok Sabha to amend Companies Act, 2013 in order to ease of doing business in India. Various provisions related to Corporate Social Responsibility, Commencement of business, registered office and so on have been discussed.
from taxmann.com News https://ift.tt/2Og8pSp
from taxmann.com News https://ift.tt/2Og8pSp
Parliament clears bill to Amend Companies Act, 2013
The Parliament has approved Companies Bill, 2019 to amend Companies Act, 2013 in order to ease of doing business in India. Various provisions related to Corporate Social Responsibility, Commencement of business, registered office and so on have been discussed.
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from taxmann.com News https://ift.tt/2y7s1xc
Economic growth remains High on the Agenda of the Government; To boost the Economic Growth further,
Lok Sabha approves banning of Unregulated Deposit Schemes Bill
The Lok Sabha has approved the banning of unregulated deposit scheme bill, 2019. The proposed bill provides a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
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from taxmann.com News https://ift.tt/2Mc0lPN
LTCG Tax on Property Sale if Held for More Than 2 Years
No attachment of properties for recovery of interest if appeal against waiver of interest was pending before CIT
'Waste scrap foam sheet' manufactured by the assessee is classified under heading no. 3921 19 00
GST/Excise/ST/VAT: Where Adjudicating Authority found that assessee did not have machinery to manufacture 'PU foam sheets' and manufacturing process adopted by it clearly showed that what was being manufactured was 'waste foam sheet' classifiable under Heading No. 3921 19 00, since there was no rebuttal to findings of Adjudicating Authority, Commissioner(Appeals) was not justified in holding that product in question was 'PU foam sheet' classifiable under Heading No. 3921 12 10 and thus,
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from www.taxmann.com Latest Case Laws https://ift.tt/2JQvI0O
SetCom couldn't proceed application if assessee offered additional income during pendency of proceeding
INCOME TAX: When assessee during pendency of its application under section 245C, made a voluntary offer of additional income i.e. income in excess of what was disclosed in application, Settlement Commission should not have proceeded with assessee's application
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from www.taxmann.com Latest Case Laws https://ift.tt/2OdV6Sm
Wednesday, July 24, 2019
Govt. issues strict direction to deal with Fugitive economic offenders
The Government issued directions to deal with wilful bank loan defaulters or fugitive economic offenders. In this direction, The Immigration Authorities can detain as wellas prevent any person, including a willful defaulter, from leaving India against whom LOC has been issued. Bureau of Immigration has opened 83 LoCs till now at the behest of banks. Furthermore, Government has advised Public Sector Banks to obtain certified copy of the passport of promoters/directors and other authorised signato
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from taxmann.com News https://ift.tt/2Ym6WOk
NCLAT dismisses contempt proceedings against Anil Ambani for disobedience of consent terms
COMPANY LAW : Where consent terms had been arrived between petitioner and contemnors i.e. 'Reliance Infratel Limited & Others by Appellate Tribunal's order dated 29-6-2018 and Petitioners preferred contempt petitions under section 425 for initiating proceedings for contempt of disobedience of Appellate Tribunal's order dated 29-6-2018 alleging wilful breach of undertaking given by contemnors, it was held that consent terms agreed upon by parties if not carried upon, can be a ground for execution
from www.taxmann.com Latest Case Laws https://ift.tt/2SzMVhK
from www.taxmann.com Latest Case Laws https://ift.tt/2SzMVhK
Lok Sabha approves amendment in Motor Vehicle Act
No denial of sec. 12AA registration once it was accepted that society was running educational institutions
INCOME TAX: Where Commissioner (Exemptions) had accepted that main aim of assessee society was running of college and educational institutions and made no adverse observation regarding genuineness of objects or activities carried on by society, registration under section 12AA could not have been denied holding that it was entitled to exemption under section 10(23C)(vi)
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from www.taxmann.com Latest Case Laws https://ift.tt/2Ogponq
Mortgagee would be considered as unsecured creditor if charge was not registered prior to winding up order: HC
SLP dismissed against HC's order deleting sec. 68 additions as assessee proved genuineness of share transaction
INCOME TAX: Where High Court upheld Tribunal's order deleting addition made under section 68 in respect of share application money received by assessee on ground that assessee had brought on record sufficient documentary evidence to prove identity and creditworthiness of share applicants, SLP filed against said order was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/30Q5rp2
No sec. 68 additions if creditors duly produced material to show their source of income for making advance
INCOME TAX: Where assessee firm on being asked to explain certain credits in its books of account, pointed out three partners (creditors) who had advanced loans and said creditors had produced credible material to show their source of income for specific advances made to firm, additions made under section 68 had rightly been deleted by Tribunal
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from www.taxmann.com Latest Case Laws https://ift.tt/2Oc3ZMe
Higher Surcharge: Tax Incidence on Expats to Go Up for Cos
SC Cancels Amrapali’s Rera Licence, Lease Deeds
Sebi Asks Hotel Leela to Share Deal Details with Shareholders
Due Date for Filing Income Tax Returns Extended to August 31
RBI approved loan in respect of 1,33,448 cases under ‘59-minutes’ schemes
Out of 2,00,600 applications submitted, 1,59,583 application for loan on psbloanin59minutes.com portal have been accorded in principle approval since the launch of the portal. Sanctions have been made in respect of 1,33,448 cases. Moreover, the Govt. and RBI have taken several steps to ensure access of credit of MSMEs.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019139/rbi-approved-loan-in-respect-of-133448-cases-under-‘59-minutes’-schemes.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019139/rbi-approved-loan-in-respect-of-133448-cases-under-‘59-minutes’-schemes.aspx
IRDA issues list of complaint received against insurers during last 3 years
The IRDAI has put in place Integrated Grievance Management System, which captures the complaints registered against all insurers. Therefore, the Ministry of Finance has issued statement showing number of complaints received and attended to in said system, against both parties and private general insurers during the last 3 years and current year.
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from taxmann.com News https://ift.tt/2Yk4Uhr
Income-tax department continues probe against entities involved in J & K Bank fraud
The income-tax department has been actively pursuing leads found in the actions taken against the J&K Bank. In another such follow-up action, unaccounted jewellery and undisclosed cash of more than Rs. 1.28 crore has been seized from the promoter of a business group based in Kashmir.
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from taxmann.com News https://ift.tt/2OdTF6p
Compliant received against insurers during last 3 years: MoF
The IRDAI has put in place Integrated Grievance Management System, which captures the complaints registered against all insurers. Therefore, the Ministry of Finance has issued statement showing number of complaints received and attended to in said system, against both parties and private general insurers during the last 3 years and current year.
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from taxmann.com News https://ift.tt/2M9zqo0
Most appropriate method to determine ALP of goods sold would be RPM in case no value addition was done
TRANSFER PRICING : Where assessee had resold goods imported from AE without any value addition, most appropriate method which could be applied for determining arm's length price would be RPM and TNMM could not be most appropriate method in such type of transaction
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from www.taxmann.com Latest Case Laws https://ift.tt/2SBOGed
Tuesday, July 23, 2019
CBDT extends due date for filing of ITR from 31-07-2019 to 31-08-2019
The CBDT has extended the due date for filing of ITR for Assessment Year 2019-20 from July 31, 2019 to August 31, 2019, for the taxpayers who are liable to file ITR by July 31, 2019. This extension was necessary considering the extension in due dates for filing of TDS statement in new Form 24Q and issue of TDS certificate in new Form 16.
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SC set-aside HC's order dismissing appeal on questions raised by assessee without framing question of law
INCOME TAX : Where High Court without admitting appeal and framing any question of law issued notice of appeal to respondent assessee, heard both parties on questions urged by appellant and dismissed it, order so passed not being in confirmity with mandatory procedure prescribed in section 260A, was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2JJOOFY
from www.taxmann.com Latest Case Laws https://ift.tt/2JJOOFY
Business loss on giving effect to ITAT’s order to be carried forward even if no claim raised in subsequent ITRs
INCOME TAX: Where business loss was arrived at by Assessing Officer while giving effect to order of Tribunal, said loss could be carried forward and benefit of set off against business income in subsequent assessment years could be allowed to assessee even in absence of such claim in return of income
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188675/business-loss-on-giving-effect-to-itat’s-order-to-be-carried-forward-even-if-no-claim-raised-in-subsequent-itrs.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188675/business-loss-on-giving-effect-to-itat’s-order-to-be-carried-forward-even-if-no-claim-raised-in-subsequent-itrs.aspx
SLP dismissed against ruling allowing sec. 80-IB relief as commercial use was within prescribed limits
INCOME TAX : SLP dismissed against High Court's order holding that where commercial user permitted by local authority was within limits prescribed under Development control Rules/Regulation, deduction under section 80IB(10) upto 31-3-2005 would be allowable irrespective of fact that project was approved as 'housing project' or 'residential plus commercial'
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from www.taxmann.com Latest Case Laws https://ift.tt/2OeueSp
Revision in rules for departmental examination couldn't be given retrospective effect: HC
INCOME TAX: Introduction of Modified Rules for Departmental Examination for 1998 Rules whereby 'Pass Percentage' in Rule VI prescribing requirement of 60 per cent of marks for passing each of subjects was modified and reduced to 50 per cent with effect from 26-5-2008, can not be given retrospective effect
from www.taxmann.com Latest Case Laws https://ift.tt/2Y7BQWx
from www.taxmann.com Latest Case Laws https://ift.tt/2Y7BQWx
Panel Proposes Ban on Private Cryptos, Instead Bats for Official Digital Currency
Liquidity Very Serious Issue for FPIs, Not Taxes or Surcharges
Deloitte, KPMG seek stay on NCLT’s prosecution order
RBI dismissed IL&FS suggestion formore funds for infra hold cos
No approval was required to claim deduction of exp. related to scientific research u/s 35(1)(i)
Sec. 10AA deduction couldn't be denied if AO computed profit derived from eligible unit on stand alone basis
SEBI amends guidance note on prohibition of Insider Trading
The market regulator, SEBI has amended the guidance note issued related to prohibition of Insider Trading in order to remove certain difficulties in the interpretation or application of the provisions of the Regulations. Therefore, the existing guidance note has been revised with effect from July 05, 2019.
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from taxmann.com News https://ift.tt/2Ma8Qef
Inter-Ministerial Committee recommends ban on Cryptocurrency in India
The Govt. had constituted an Inter-Ministerial Committee to study the issues related to virtual currencies and propose specific action to be taken in this matter. The Group’s report, along with a Draft bill has been received by the Government whereby it has recommended banning of cryptocurrencies in India and imposing fines and penalties for carrying n of any activities connected with cryptocurrencies in India.
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from taxmann.com News https://ift.tt/2JLHDNe
SLP dismissed against HC's order recalling its earlier judgment on ground that it contained factual errors
Amended sec. 148 of NI Act is applicable to criminal complaints u/s. 138 filed prior to Amendment Act 20/2018
FEMA, BANKING & INSURANCE: Amended section 148 confers power upon Appellate Court to pass an order to direct accused to deposit sum which shall not be less than 20 per cent of compensation awarded and said amended section 148 shall be applicable in a case where criminal complaints for offence under section 138 are filed prior to Amendment Act No. 20/2018 i.e. prior to 1-9-2018
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from www.taxmann.com Latest Case Laws https://ift.tt/30Jnz3Y
Monday, July 22, 2019
Notification No.54/2019 [F.No.503/02/2008-FTD-II] / SO 2562(E)
Loss arrived at while giving effect to ITAT's order to be allowed, though claim of loss wasn't raised in ITR
INCOME TAX: Where business loss was arrived at by Assessing Officer while giving effect to order of Tribunal, said loss could be carried forward and benefit of set off against business income in subsequent assessment years could be allowed to assessee even in absence of such claim in return of income
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from www.taxmann.com Latest Case Laws https://ift.tt/2JKPZoD
SLP dismissed against HC's order quashing sec. 148 notice if proceedings were beyond the scope of reassessment
INCOME TAX: Where High Court upheld Tribunal's order setting aside reassessment proceedings on ground that addition made in said proceedings was beyond scope of section 147, read with section 148, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/30U1cJf
from www.taxmann.com Latest Case Laws https://ift.tt/30U1cJf
NCLT orders investigation into allegation of fraud in affairs of corporate debtor u/s 210 of Cos. Act
Company Law : Where Resolution Professional filed application before NCLT on ground that CIRP of corporate debtor had been initiated fraudulently and/or with malicious intent for a purpose other than for resolution of insolvency or liquidation of corporate debtor and directors (currently in suspension) of corporate debtor had intentionally not disclosed/withheld information required from time to time by applicant/RP in relation to state of affairs of corporate debtor,
from www.taxmann.com Latest Case Laws https://ift.tt/2Sut4R4
from www.taxmann.com Latest Case Laws https://ift.tt/2Sut4R4
SLP dismissed against HC's ruling that right surrendered in plot alloted by MIDC constituted capital asset
INCOME TAX: Where assessee surrendered its right, title and interest in plot allotted by MIDC in favour of third party, in view of fact that assessee did not carry on any business activity during relevant year and thus plot transferred became a capital asset which did not bring into existence any business income as held by High Court, SLP filed against said order was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Yn9N9s
Copy of the Finance (No. 2) Bill, 2019 as passed by Lok Sabha
The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019. The Bill which was presented originally in the Lok Sabha on July 05, 2019 is not passed in its original shape. Click on read more to get the copy of Finance (No. 2) Bill, 2019 as passed by Lok Sabha.
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from taxmann.com News https://ift.tt/32CBhHH
AO to pass draft assessment order u/s 144C consequent upon order passed by TPO; SLP dismissed
Saturday, July 20, 2019
Issue of draft assessment order is sine-qua-non before passing final assessment order by AO
TRANSFER PRICING : Where pursuant to order of TPO proposing transfer pricing adjustment, Assessing Officer passed assessment order under section 143, read with section 92CA, issuance of a draft order of assessment would be a sine-qua-non before Assessing Officer could pass regular/final order of assessment under section 143(3), read with section 144C
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from www.taxmann.com Latest Case Laws https://ift.tt/32w2lrU
SEBI unveils format for reporting violation related to code of conduct
Friday, July 19, 2019
SEBI makes resignation of auditors from listed Companies a difficult task
Time limit for purchase of new house to avail sec. 54F relief to be reckoned from date of agreement to sell
INCOME TAX : Section 54F is a beneficial provision and is applicable to an assessee when old capital asset is replaced by a new capital asset in form of a residential house. Once an assessee falls within ambit of a beneficial provision, then said provision should be liberally interpreted
from www.taxmann.com Latest Case Laws https://ift.tt/2xXXz8K
from www.taxmann.com Latest Case Laws https://ift.tt/2xXXz8K
SEBI issues format for limited review report and audit report for listed entities
The SEBI vide Circular No.: CIR/CFD/CMD1/ 80 /2019 Dated, July 19, 2019 has issued format for limited review/audit report of the listed entities and those entities whose account are to be consolidated with the listed entity. The Circular shall be applicable with respect to the financial results for the quarter ending September30, 2019 and after.
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from taxmann.com News https://ift.tt/2LuflZQ
Set-off of speculation loss from trading in shares against income from other sources not allowable: HC
INCOME TAX : Where assessee, NBFC, engaged in trading in shares, incurred loss (speculation loss) as a result of its activities of trading in shares, said loss could not be set off against income from others sources which was a refund of income-tax
from www.taxmann.com Latest Case Laws https://ift.tt/30IBN5c
from www.taxmann.com Latest Case Laws https://ift.tt/30IBN5c
Sec. 54 relief available if agreement to sell in respect of new property was executed within time limits
INCOME TAX : Section 54F is a beneficial provision and is applicable to an assessee when old capital asset is replaced by a new capital asset in form of a residential house. Once an assessee falls within ambit of a beneficial provision, then said provision should be liberally interpreted
from www.taxmann.com Latest Case Laws https://ift.tt/2XTELGU
from www.taxmann.com Latest Case Laws https://ift.tt/2XTELGU
Share received from firm on sale of goodwill & trademark taxable as capital gains; SLP dismissed
INCOME TAX: Where High Court upheld Tribunal's order holding that income earned by assessee HUF as a partner of partnership firm from sale of goodwill and trademark of firm was taxable as capital gain, SLP filed against decision of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2JDn31D
SEBI proposes strict auditor resignation norms from listed entities
The market regulator, SEBI has issued a consultative paper on policy proposals with respect to resignation of statutory auditors from listed companies. The paper proposes strict disclosure norms for auditors. The auditors will do extra compliance before resignation from the position of statutory auditors of listed companies.
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Payment for clerical services such as data storage, documents scanning, etc., require sec. 194C TDS
INCOME TAX: Where assessee insurance company made payments for services hired for various works such as storage of data, scanning of documents, processing charges, call centre operations etc., assessee was required to deduct TDS under section 194C and not under section 194J
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from www.taxmann.com Latest Case Laws https://ift.tt/2JQ7DpQ
I-T Dept Seizes Rs400-Crore Plot Linked to Mayawati’s Brother
FM Sticks to Proposals, No Relief to FPIs in Trust Form
No ALP addition towards excessive payment for purchase of machinery if its price wasn't disputed by custom authority
TRANSFER PRICING: Where TPO made addition to assessee's ALP in respect of excessive price paid to AE for purchase of Machinery, in view of fact that custom authorities had not disputed declared import price of machine and it was an acceptable method of valuation, impugned addition was to be deleted
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from www.taxmann.com Latest Case Laws https://ift.tt/2JGqzsd
Search & seizure operation couldn't be set-aside if there was warrant of authorization
INCOME TAX: Where during search and seizure operation conducted upon premises of assessee, keys belonging to assessee's lockers were found and seized in which certain jewellery was found, since there was proper authorization for impugned search and seizure operation, same could not be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/30EzvUz
Thursday, July 18, 2019
Liquidated damages to be allowed in year of payment & not in year of agreement to pay
INCOME TAX : Where assessee entered into an agreement dated 5-3-2010 with a company to pay liquidated damages to said company for cancellation of contract in three instalments, and last instalment was paid on 20-5-2010, deduction in respect entire amount of liquidated damages paid by assessee was to be allowed in assessment year 2011-12
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from www.taxmann.com Latest Case Laws https://ift.tt/2JMKYul
ITAT slams AO for computing rental income from unsold flats in hands of developer of State Housing Board
INCOME TAX: Annual value of property could be assessed as income only in hands of 'owner' of property; therefore, where assessee was an SPV promoted by State Housing Board for undertaking construction of apartments and assessee was not an owner of apartments but its role was limited only to developer who held apartments under construction in trust to be ultimately owned by persons to whom allotments were approved by Board, annual value of unfinished flats could not be brought to tax in hands of
from www.taxmann.com Latest Case Laws https://ift.tt/30HLyAG
from www.taxmann.com Latest Case Laws https://ift.tt/30HLyAG
Co-operative Society not established/constituted by govt. is not liable to deduct TDS under GST
GST : Where applicant is a co-operative society registered under Rajasthan Co-operative Societies Act, 1965 and deals in manufacturing of Milk and related milk products, but it is not established under Societies Registration Act, 1860 nor it is established/constituted by any Government (viz., Central Government/State Government/Local Authority), applicant does not fall under any category of section 51 of GST Act, 2017 and not liable to deduct tax at source (TDS)
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from www.taxmann.com Latest Case Laws https://ift.tt/32ySi5p
HC upheld decision of paying 15% of aggregate demand during pendency of appeal
INCOME TAX: Where in course of appellate proceedings, Commissioner (Appeals) directed assessee to pay 15 per cent of aggregate demand as reduced by demand already paid, since said order did not suffer from any infirmity, same was to be upheld
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from www.taxmann.com Latest Case Laws https://ift.tt/2JSp6On
Sec. 54F relief to be allowed if sum was deposited in capital gain account scheme before filing belated ITR
Liquidated damages to be allowed in year of payment & not in year if agreement to pay
INCOME TAX : Where assessee entered into an agreement dated 5-3-2010 with a company to pay liquidated damages to said company for cancellation of contract in three instalments, and last instalment was paid on 20-5-2010, deduction in respect entire amount of liquidated damages paid by assessee was to be allowed in assessment year 2011-12
from www.taxmann.com Latest Case Laws https://ift.tt/2XYNtyG
from www.taxmann.com Latest Case Laws https://ift.tt/2XYNtyG
No sec. 194C TDS where major part of materials was purchased from third parties for job work
INCOME TAX: Where assessee made payments to 'S' Ltd. for alleged job work of electro-plating undertaken by said company on copper rolls sent by assessee, in view of fact that major part of materials viz., gold and nickel for undertaking job work was purchased by 'S' Ltd., from third parties and not from assessee and for which a composite sale invoice was issued, issue relating to applicability of provisions of section 194C in respect of payments in question was to be remanded back for disposal a
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from www.taxmann.com Latest Case Laws https://ift.tt/2O1o5Jf
No sec. 194-I TDS on wharfage charges paid to Maharashtra Maritime Board for loading/unloading goods at waterfront
INCOME TAX: Wharfage charges paid by assessee-company, engaged in business of providing port facilities for shipment of cargo, to Maharashtra Maritime Board (MMB) for carrying on loading/unloading of goods at waterfront did not amount to rent and assessee was not liable to deduct TDS under section 194-I
from www.taxmann.com Latest Case Laws https://ift.tt/2YVZgPT
from www.taxmann.com Latest Case Laws https://ift.tt/2YVZgPT
Benami Transactions (Prohibition) Amendment Act, 2016 amending Benami Act, 1988 can’t have retrospective effect
BENAMI ACT : Benami Transactions (Prohibition) Amendment Act, 2016, amending Prohibition of Benami Property Transactions Act, 1988, enacted with effect from 1-11-2016 i.e. date determined by Central Government in its wisdom for its enforcement, cannot have retrospective effect
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189307/benami-transactions-prohibition-amendment-act-2016-amending-benami-act-1988-can’t-have-retrospective-effect.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189307/benami-transactions-prohibition-amendment-act-2016-amending-benami-act-1988-can’t-have-retrospective-effect.aspx
Key takeaways from new format of reporting compliance on Corporate Governance by listed Cos.
In the year 2015, the SEBI came out with a format for compliance report on corporate Governance to be submitted by listed companies to stock exchange. Now, SEBI vide. Circular no. SEBI/HO/CFD/CMD1/CIR/P/2019/78 Dated, July 16, 2019 has issued revised format for compliance reporting on Corporate Governance incorporating key recommendations of Kotak Committee.
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Wednesday, July 17, 2019
Notification No. 53/2019 [F.No.203/18/2018/ITA-II]
'Chhattisgarh State Cricket Sangh' was eligible for sec. 12A registration as it was promoting cricket
INCOME TAX : Where assessee-society was set up with object of promoting sport of cricket and to bring out new talent in field of cricket and to organize coaching and camps for players, conduct matches at district and State level, it could not be said that assessee was providing any service in nature of trade, commerce or industry and assessee was entitled to registration under section 12AA
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from www.taxmann.com Latest Case Laws https://ift.tt/2XM36P4
Matter remanded to decide whether two adjacent properties could be treated as one house for sec. 54 claim
INCOME TAX: Where assessee purchased two adjacent flats and claimed that same were to be used as a duplex for residential purpose and claimed deduction under section 54, matter was to be remanded back for considering whether aforesaid two flats could be treated as one residential house for purpose of claiming deduction under section 54
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from www.taxmann.com Latest Case Laws https://ift.tt/2xSE15C
HC rejected application for waiver of interest as there was wilful evasion of payment of tax by assessee
Commencing several activities out of bunch of business activities to be treated as setting up of business: HC
INCOME TAX : There being a unity of control and management and common fund apart from other features, assessee on showing that it has commenced several of its activities in bunch of activities for which it was incorporated would definitely qualify for deduction of expenditure incurred by it under head operating expenses, financial expenses and depreciation
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from www.taxmann.com Latest Case Laws https://ift.tt/2GhSFb3
CBDT denies social media reports claiming that taxpayers are facing difficulties in filing ITR-2 & I
The CBDT has denied that the claim raised by the social media reports that the taxpayers were facing difficulties in filing ITR in form ITR-2 & ITR-3 due to large scale changes in the ITR form on 11th July, 2019. The Board has clarified that the updating of utility does not hamper filing of return as the taxpayers are allowed to file using the utility which is available at that point of time.
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from taxmann.com News https://ift.tt/2Sn1pl5
NCLAT’s Essar order may hit recovery rate severely: CoC
New format for compliance report on Corporate Governance for listed entities: SEBI
Govt. notifies Indian Medical Council (Amendment) Act, 2019
The Government of India has notified the Indian Medical Council (Amendment) Act, 2019. The Amendment Act has inserted new sub section 7(A) after sub-section (7) wherein it has been specified that the board of Governors shall be assisted by Secretary General who shall be appointed by the CG on deputation or on contract basis.
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from taxmann.com News https://ift.tt/2Y6DdbW
No reassessment just because assessee had certain cash which wasn't disclosed in ITR
INCOME TAX : Where AO after expiry of four years from end of relevant assessment year, initiated reassessment proceedings by taking a view that assessee was in possession of certain cash amount which was not disclosed in return and thus escaped assessment, in view of fact that Assessing Officer was in possession of all relevant documents at time of assessment, initiation of reassessment proceedings merely on basis of change of opinion was not justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2YXdsYE
Damages paid to foreign sellers for not taking delivery against purchase orders couldn't be disallowed; SLP dismissed
INCOME TAX : SLP dismissed against High Court ruling that where assessee did not honour its commitment to take delivery against some purchase orders placed on foreign sellers consequent upon price of palm oil declining and accepted foreign seller's claims for damages, amount so paid could not be disallowed as speculative loss under section 43(5)
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from www.taxmann.com Latest Case Laws https://ift.tt/2GgC4nW
Non-payment of dividend due to dispute entitlement between parties wasn't an offence by Co.
COMPANY LAW : Non-payment of dividend to shareholder is an offence, which invites penal action, however, non-payment of dividend to shareholder will not be called an offence if payment is not made because dispute regarding entitlement to receive dividend exists between parties
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from www.taxmann.com Latest Case Laws https://ift.tt/2YaBGS0
CBDT denies social media reports clamming that taxpayers are facing difficulties in filing ITR-2 & I
The CBDT has denied that the claim raised by the social media reports that the taxpayers were facing difficulties in filing ITR in form ITR-2 & ITR-3 due to large scale changes in the ITR form on 11th July, 2019. The Board has clarified that the updating of utility does not hamper filing of return as the taxpayers are allowed to file using the utility which is available at that point of time.
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ITAT remanded matter back for valuation of preference shares issued at premium
INCOME TAX: Where AO made addition to assessee's income in respect of preference shares issued at premium, in view of fact that valuation of preference shares was to be made as per rule 11UA(1)(c) which require assessee to obtain a report from a merchant banker or a Chartered Accountant to determine price which preference shares would fetch if sold in open market on valuation date, impugned order was to be set aside and, matter was to be remanded back to Assessing Officer for disposal afresh
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from www.taxmann.com Latest Case Laws https://ift.tt/2xQx05m
Order for dissolution of co. was to be passed u/s 302 when all of its assets were sold in auction
COMPANY LAW : Where in pursuance of reference received from BIFR, winding up order of applicant company was passed and, thereupon, all assets of company were sold by Official Liquidator in auction process, it was just and appropriate to pass an order to dissolve applicant company in terms of section 481 of 1956 Act
from www.taxmann.com Latest Case Laws https://ift.tt/2XHM0BI
from www.taxmann.com Latest Case Laws https://ift.tt/2XHM0BI
Tuesday, July 16, 2019
HC confirmed sec. 69C additions on assessee's failure to prove nature of exp. incurred through credit cards
INCOME TAX: Where assessee had allegedly allowed his friend to use his credit cards, who refused having used assessee's credit card, and, thus, amount in question was added to assessee's income as unexplained expenditure, since assessee failed to prove nature of expenses incurred through credit cards despite adequate opportunity given by Tribunal, impugned addition made by authorities below was to be confirmed
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from www.taxmann.com Latest Case Laws https://ift.tt/2lI3yLX
CCI to meet restaurants' association and EY for recommendations on e-commerce policy
With a view to seek recommendations on an e-commerce policy, the Competition Commission of India (CCI) has called for a meeting with the National Restaurant Association of India (NRAI) and consultant firm Ernst and Young on August 30th 2019 to address the issues of deep discounting and predatory pricing, while “safeguarding both, freedom of trade and innovation incentives of online platforms”
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from taxmann.com News https://ift.tt/2lIyZpt
No sec. 10(23C) exemption to educational institution if its receipts & sec. 68 additions exceeded Rs. 1 crore
INCOME TAX: Where assessee, incorporated to promote child education, claimed exemption under section 10(23C)(iiiad), in view of fact that assessee's gross annual receipts from fee and interest along with addition made under section 68 exceeded Rs. one crore, claim so raised deserved to be rejected
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from www.taxmann.com Latest Case Laws https://ift.tt/2Y0KBpn
Sec. 80P relief couldn't be denied to co-operative credit society providing credit facilities to its members: ITAT
NCLT reserves order on accounts of Bawa's wife and daughter
Discount received on buyback of Foreign Currency Convertible Bonds couldn't be taxed u/s 28
INCOME TAX : Where assessee declared tax exempt income and offered suo-moto disallowance of certain expenditure under section 14A, since Assessing Officer did not specify any cause of dissatisfaction with assessee's working of disallowance under section 14A, Assessing Officer was not justified in recomputing disallowance
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from www.taxmann.com Latest Case Laws https://ift.tt/2YVA37U
RBI eases norms for basic savings bank holders
The Reserve Bank of India has revised the instruction wherein banks are advised to offer basic minimum facilities in the BSBD account holders, free of charge, without any requirement of minimum balance. Furthermore, BSBD account holders can withdraw four times in a month, including ATM withdrawals.
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from taxmann.com News https://ift.tt/2Y9cafW
Property mortgaged with bank prior to commissioning of money laundering offence couldn't be attached u/s. 5 of PMLA
FEMA, BANKING & INSURANCE: Where in order to avail loan facilities, properties were mortgaged by borrowers with appellant bank much prior to alleged date of commission of offence of money laundering, properties so mortgaged could not be said to have been acquired out of 'proceeds of crime' as defined in section 2(1)(u) and, therefore, same could not be attached under section 5
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from www.taxmann.com Latest Case Laws https://ift.tt/2JLlNrY
Monday, July 15, 2019
Revision petition under Sec. 264 is maintainable against sec. 143(1) intimation: Delhi HC
INCOME TAX : Petitioner-foreign company earned service fees for providing management related services to Indian company. Income being in nature of Fees for Technical Services (FTS), it paid tax at rate of 20 per cent under Article 13 of DTAA between India and Spain.
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from www.taxmann.com Latest Case Laws https://ift.tt/2k1DzhQ
Subscription fee received by NBFC under various investment schemes not taxable; SC rules
INCOME TAX : Assessee-Company has floated various schemes which require subscribers to deposit certain amounts by way of subscriptions in its hands, and, depending upon scheme in question, these subscribed amounts at end of scheme are ultimately repaid with interest. Scheme at hand also contained forfeiture clauses as a result of which if, mid-way, a certain amount was forfeited, then said amount would immediately become income in hands of assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2XZpmnT
from www.taxmann.com Latest Case Laws https://ift.tt/2XZpmnT
Purchasing semi-finished flat to be treated as purchase of property for construction u/s 54 claim
INCOME TAX: Where assessee, having sold residential property, utilised sale consideration for booking a semi-finished flat with a builder in which assessee had to carry out internal fit-outs to make it 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
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from www.taxmann.com Latest Case Laws https://ift.tt/2jYZiac
IRDAI notifies regulation on unit linked and non-linked insurance products
In order to ensure that insurers follow prudent practices in designing and pricing of life insurance products and to protect the interest of policy holders, the IRDAI has notified regulation on Unit linked insurance products and non-linked insurance products.
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from taxmann.com News https://ift.tt/32vPeHs
Bank a/c to be released as assessee's tax liabilities were unlikely to exceed value of already attached properties
INCOME TAX: Where pursuant to search at assessee's premises, revenue formulated a prima facie belief that assessee had undisclosed income as well as undisclosed foreign investment and povisionally attached assessee's bank accounts and two immovable properties, in view of fact that assessee's tax, interest and possible penalty liabilities were unlikely to exceed valuation of aforesaid two immovable properties, provisional attachment of his bank accounts was to be lifted
from www.taxmann.com Latest Case Laws https://ift.tt/32ugmGs
from www.taxmann.com Latest Case Laws https://ift.tt/32ugmGs
TPO has no jurisdiction to determine ‘status of residence’ of an entity by applying POEM: ITAT
TRANSFER PRICING : Where AO came to a finding that control and management of business of assessee was wholly situated in India, then he had to proceed further; AO having failed to do so, action of TPO in applying Profit Split Method for bench-marking transactions without picking comparable was beyond his jurisdiction; further, where TPO has not exercised his jurisdiction, DRP in exercise of its powers cannot benchmark new transaction though reported by assessee, in hands of assessee
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189014/tpo-has-no-jurisdiction-to-determine-‘status-of-residence’-of-an-entity-by-applying-poem-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189014/tpo-has-no-jurisdiction-to-determine-‘status-of-residence’-of-an-entity-by-applying-poem-itat.aspx
NBFC not liable to pay tax on interest earned on NPAs on accrual basis: HC
CCI Calls Meeting with Restaurants’ Body, EY to Discuss Ecomm Policy
Legal & professional expenses incurred towards buy back of shares allowable as deduction u/s 37
INCOME TAX: Where assessee-company claimed deduction of legal and professional expenses incurred in relation to buyback of shares of company from its shareholders, since said expenditure would not in any manner enhance capital structure of assessee company, expenditure in question being revenue in nature was eligible for deduction under section 37(1)
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from www.taxmann.com Latest Case Laws https://ift.tt/2NSWSYR
Friday, July 12, 2019
Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural issues under section 195 of the Income Disclosure Scheme, 2016 read with section 119 of the Income-tax Act, 1961-reg.
Payment made on October 3, 2017 shall be deemed to be paid by due date for 3rd instalment under IDS:
Considering the difficulties faced by the declarants while effecting payment of third instalment of Income Disclosure Scheme, 2016 (IDS) on September 30, 2017 due to closure of banks on account of holiday, the Central Board of Direct Taxes (CBDT) has directed that all payments made/effective on October 3, 2017 shall be deemed to have been paid by due dates.
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AO couldn't pass assessment order without considering claim raised by assessee in ITR: HC
Set-off of losses of earlier years couldn't be allowed while granting sec. 10A deduction; SLP dismissed
INCOME TAX: Where High Court upheld Tribunal's order holding that Commissioner (Appeals) was justified in not allowing set off of losses of earlier years before granting deduction under section 10A, SLP filed against order of High Court was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2LhKoYH
Public Or Private: Law Ministry May Help Govt on Classifying IDBI Bank
Question of Trust: Govt Seeks Info on FPI Origins from Sebi
I-T collection target ‘too steep’
Ministry of Housing and Urban Affairs issues draft Model Tenancy Act, 2019
The Ministry of Housing and Urban Affairs has issued a draft Model Tenancy Act, 2019. The Draft Act aims to establish the Rent Authority, Rent Court and Rent Tribunal to balance the interests of owner and tenant and to provide a speedy dispute redressal mechanism.
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SLP allowed against ruling that compression of natural gas into CNG amounted to 'Manufacture'
Sum paid to Foreign Bank for rendering financial service to raise capital through GDRs not liable to tax as 'FTS'
INTERNATIONAL TAXATION : Amount paid by assessee to a foreign bank for rendering financial services in order to raise capital abroad through issuance of Global Depository Receipts ('GDRs'), was not liable to tax in India as fee for technical services
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from www.taxmann.com Latest Case Laws https://ift.tt/32mrWDJ
Enhanced penalty of service tax couldn't be demanded from assessee where penalty had been paid as per original order
GST/Excise/ST/VAT: Where Adjudicating Authority held that assessee was liable to pay service tax of Rs. 1.58 lakhs and also imposed equivalent penalty under section 78 and assessee paid differential service tax and also 25 per cent of penalty within time prescribed under second proviso to section 78 and thereafter Commissioner (Appeals), on appeal filed by revenue, demanded from assessee service tax of Rs. 4.77 lakhs and also imposed equivalent penalty under section 78, enhanced penalty could no
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Scheme of arrangement was to be rejected as Cos involved in NBFC activities didn't take RBI's approval
Thursday, July 11, 2019
Method of accounting provided for valuation of inventory u/s 145A doesn't determine allowability of exp.: HC
Cabinet approves of Code on Occupational Safety, Health and Working Conditions Bill, 2019
Profit from sale of shares was capital gain if it was shown as investment in balance sheet: HC
INCOME TAX: Where assessee, a medical practitioner by profession, used interest free funds obtained from her father for purchasing shares and had shown shares as investment in balance sheet and, further, in case of fall in value of shares, same was not claimed as a business loss, profit arose on sale of such shares was to be treated as capital gain and not as business income
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AO was right in denying interest & salary paid to partners as firm failed to comply with sec. 142(1) notice: ITAT
INCOME TAX: Where assessee firm failed to comply with notices issued under section 142(1), Assessing Officer was right in framing assessment order under section 144 denying allowance of interest and salary paid to partners by taking support of provisions of section 184(5)
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NCLAT Urges Hudco to Drop Opposition to McD’s-Bakshi Deal
FPIs Mull Going ‘Corporate’, But Changing Won’t be Easy
NCLAT seeks details of settlement with McDonald’s from Bakshi
Promoters´ issues have nothing to do with IndiGo: CEO to staff
A Lenders to move SC against NCLAT ruling in Essar case
45% of PAN cards to be linked with Aadhaar by September
Delhi HC allowed deduction of preliminary exp. to assessee engaged in service sector
INCOME TAX: In case of service sector, even certain kinds of preliminary steps, such as engaging in negotiation or employment of personnel, could be regarded as an activity of commencement of business and, thus, where assessee being one of such undertaking took some preliminary steps such as appointment of key personnel, preparation of draft model development agreement and initiation of process to tender financial and advisory services, its claim for deduction of depreciation, preliminary expens
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No contempt proceedings against respondent-co. as NCLT's 'status quo' order wasn't communicated to it
COMPANY LAW: Where NCLT ordered to maintain 'status quo' in respect of assets, shareholdings and composition of board of respondent company but said order was never communicated to respondent, NCLT had rightly refused to initiate contempt proceedings against respondent
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from www.taxmann.com Latest Case Laws https://ift.tt/2YQiKVW
Assessee entitled to refund of sales tax paid on purchase of coal, later on converted into hard coke & sold inter-State
GST/Excise/ST/VAT : Where assessee was engaged in manufacture of hard coke from coal and it purchased coal within State of Jharkhand on payment of sales tax and converted coal into hard coke and sold same by way of inter-State sale on payment of central sales tax, assessee was entitled for reimbursement of sales tax paid on purchase of coal
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from www.taxmann.com Latest Case Laws https://ift.tt/2G52SHW
Wednesday, July 10, 2019
Period of 182 days to be considered for calculating residential status of a person migrated to Foreign Country
ITAT is bound to dispose of ground raised by assessee and give opinion thereon: HC
No proposal for extension of return filing due date is under consideration: Anurag Singh Thakur (MoS
As CBDT has extended the due date for filing of TDS return in new Form 24Q and issue of TDS certificate in new Form 16, it was expected that the CBDT may extend the due date for filing of Income-tax return. However Shri Anurag Singh Thakur, the Minister of State for Finance & Corporate Affairs, has stated that no such proposal is under consideration.
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No additions u/s 40A(2) of price diff. in broadcasting of another cricket match in lieu cancelled match
INCOME TAX: Where TV broadcaster paid organiser for organising cricket series, if a cricket match in a particular series was cancelled while a match of another series was added and by a fresh contract, both broadcaster and organiser agreed neither to refund amount for cancelled match nor to charge for additional match, no addition of price difference in broadcasting rights of matches to be made under section 40A(2)
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from www.taxmann.com Latest Case Laws https://ift.tt/2S7LG9y
AO couldn't convert survey into search & seizure without recording satisfaction
INCOME TAX: Survey at residential premises of assessee could not have been converted into search and seizure without tax authorities recording that assessee had failed to co-operate or there was a suspicion that income had been concealed by assessee warranting resort to process of search and seizure
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from www.taxmann.com Latest Case Laws https://ift.tt/2XULn7a
Donor's claim of deduction couldn't be denied just because there was retrospective cancellation of sec. 35 approval
INCOME TAX: Where approval granted under section 35(1)(ii) to scientific research society was cancelled subsequently with retrospective effect, weighted deduction claimed by assessee donor under section 35(1)(ii) could not be denied, if there was valid and subsisting approval when donation was given
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No targeting of FPIs; higher tax on all super-rich: FINMIN
AO couldn't apply sec. 56(2)(viib) to tax excess share premium without determining FMV of shares
Contempt application couldn't be rejected on technical grounds or for procedural lapses: NCLT
Surgical Therapy Instruments to overcome physiological problem in human body classified under Heading 9018 90 99
Tuesday, July 9, 2019
Rectification order passed by ITAT cannot be rectified by filing rectification application again: HC
Trust eligible for benefit of sec. 11, though ITR was filed in response to reassessment notice: ITAT
INCOME TAX : Failure to file the return under section 139(4A) cannot be interpreted to mean that income cannot to be computed in the case of a charitable trust under section 11. Whether it is a case of a regular assessment or it is a case of an assessment consequent to issue of notice under section 148, not only the procedure of return as given in section 139 has to be applied,
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from www.taxmann.com Latest Case Laws https://ift.tt/2XwCt0l
Exp. incurred by Cable Networking co. for acquisition of Set Top Boxes is capital-in-nature
INCOME TAX: Expenditure incurred by assessee, a signals distribution and cable networking company, for acquisition of Set Top Boxes (STB) generated permanent source of income for assessee by way of annual service maintenance charges and was therefore a capital expenditure
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from www.taxmann.com Latest Case Laws https://ift.tt/2JoUQvy
Sum received by partner over & above amount standing in her capital account liable to tax as capital gains
Notice u/s 143(2) issued prior to filing of ROI invalid, resulting in assessment order to be set aside
Subscription charges received from customers enabling them to view TV channels not taxable as royalty
INTERNATIONAL TAXATION : Where subscription charges were received by assessee-TV channel operator from customers enabling them to view channels, since said receipt was not for transfer of any copyright in literary, artistic or scientific work, it could not be categorized as 'royalty income'
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NCLT Orders Liquidation of Adhunik Metaliks, Zion Steel
No question of law arose from ITAT's ruling directing TPO to exclude Dep., interest to calculate operating profit
Monday, July 8, 2019
Rejection of SetCom application not justified by holding that income didn't belong to assessee; SLP granted
INCOME TAX : Where Settlement Commission rejected application filed by assessee holding that amount disclosed by assessee never belonged to him and High Court by impugned order upheld same, SLP filed against impugned order was to be granted
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Assessee was eligible for sec. 10A deduction if it had applied for time extension for realization of funds: ITAT
INCOME TAX : Foreign remittances on export sales that were realized within specified time limit of six (6) months and those export sales proceeds for which extension of time limit was applied for by assessee to authorized bankers and applications had not been rejected, would be eligible for deduction under section 10A
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from www.taxmann.com Latest Case Laws https://ift.tt/2XyGtgV
Mumbai ITAT allowed deduction of freebies as MCI regulations not applicable to Pharmaceutical Cos
INCOME TAX: Assessee a pharmaceutical company engaged in manufacturing and sales of pharmaceuticals and allied products would be duly entitled to claim sales promotion expenses incurred on distribution of articles to stockists, distributors, dealers, customers and doctors. Circular No. 5/2012 dated 1-8-2012 issued by Central Board of Direct Taxes (CBDT) which cites such expenses as inadmissible as per section 37(1) would not be applicable to assessee.
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from www.taxmann.com Latest Case Laws https://ift.tt/2S2EECJ
No sec. 41(1) addition just because assessee failed to furnish PAN & correct address of sundry creditors
INCOME TAX : Assessing Officer could not make addition to assessee's income under section 41(1) in respect of sundry creditors shown in books of account merely on ground that assessee failed to furnish PAN or correct address of those creditors
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from www.taxmann.com Latest Case Laws https://ift.tt/2L9DRPI
Proposed TDS on cash withdraw exceeding INR 1 crore – Ambiguity in provision
Amongst other direct tax proposals, Govt. has proposed to insert a new section under the Income tax Act, 1961 for notifying the liability of bank, Cooperative society engaged in banking sector, and post office to deduct tax on cash withdraw aggregating to exceeding INR 1 crores by the taxpayer in a year.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019028/proposed-tds-on-cash-withdraw-exceeding-inr-1-crore-–-ambiguity-in-provision.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019028/proposed-tds-on-cash-withdraw-exceeding-inr-1-crore-–-ambiguity-in-provision.aspx
Appeal rightly rejected as assessee didn't appoint any person to represent her case before going out of country
INCOME TAX: Where assessee filed an appeal before Tribunal but did not appear on hearing due to reason that assessee was out of country, since assessee failed to make arrangement to represent her before Tribunal by an authorised representative and also failed to sought for another date of hearing, Tribunal was justified in dismissing impugned appeal filed by assessee
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AO couldn't open assessment on matter which was pending before CIT(A)
INCOME TAX: Where Assessing Officer sought to reopen assessment in respect of income involving a matter which was subject matter of appeal before Commissioner (Appeals), said reopening of assessment was hit by third proviso to section 147 which was not permissible in law
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Analysis of Budget proposal related to extension of limitation period u/r 68B to Second Schedule of
The Union Minister for Finance, Government of India as marked ten vision in her Budget speech also announced abundant proposal focusing these visions. Proposal to encourage starts up like Introduction of TV programs on Doordarshan, innovation like Artificial Intelligence and Machine Learning to improve the skill of youth, announcement of legacy dispute resolution scheme, momentum to projects like 'Incredible India', 'UDAN' etc.
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Surcharge shock for high earners; new proposals for less cash economy and widening the TDS provision
The Finance Minister Nirmala Sitharaman presented the first Budget of NDA 2.0 on 5th July, 2019. The aam aadmi was expecting a clear exemption limit for Rs 5 lakh instead of claiming a rebate under Section 87A up to Rs 12,500. The complication has been retained.
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Changes proposed in GST Law vide Finance (No. 2) Bill, 2019 on 5-7-2019
Nirmala Sitharaman, Minister of Finance, Government of India, presented her maiden Budget 2019-2020 on 5-7-2019. The changes proposed vide Finance (No. 2) Bill, 2019 are given below. The changes will be effective from date to be notified after the Bill is passed in Lok Sabha and Rajya Sabha and after receiving assent of President of India.
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Budget 2019-20 Presented to Parliament on 5th July, 2019 Has Many Unconventional Aspects
Imported extracts of plant manufactured out of herbs classified under Heading No. 1302 19 90
Taxman Plans to Go After New NRIs Possessing Undeclared Foreign Assets
HC uphold's ITAT decision of restricting additions on account of bogus purchases of raw material to extent of 25%
INCOME TAX : Where Assessing Officer made addition on account of bogus purchase of raw material by assessee company, since Commissioner (Appeals) and Tribunal concurrently found that assessee had yielded huge profits during year from sales which would not be possible without utilising huge raw material, Tribunal was wholly justified in restricting impugned additions on account of bogus purchased to 25 per cent
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from www.taxmann.com Latest Case Laws https://ift.tt/2S0p9vb
Payment of royalty for technical know-how was at ALP if it fell within rates prescribed by various authorities
TRANSFER PRICING: Where foreign group company provided technical know-how for manufacturing printing ink, if royalty paid was within range approved by Department of Industrial Policy and Promotion as well as by SIA and FIPB, said rate were at arm's length
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from www.taxmann.com Latest Case Laws https://ift.tt/2L70vs7
Saturday, July 6, 2019
Notification No. 52/2019 [F.No. 300196/42/2018-ITA-I]/SO 2378(E)
Notification No. 51/2019 [F.No.196/39/2015-ITA-I]/SO 2377(E)
Changes proposed under Budget - 2019 in Corporate and other allied Laws
Presence of other home loan providers in relevant market rules out dominance of Indiabulls housing finance Ltd.
COMPETITION LAW: Where home loan market in India had many providers such as SBI, PNB, HDFC bank and DHFL and as per annual report of SBI for year 2017-18, SBI had a market share of 18.42 per cent in relevant market i.e. market for home loans in India, while, OP had market share of only 1.37, OP per cent, OP was not dominant in relevant market and thus, in absence of dominant position question of abuse of dominance did not arise
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New TDS Regime u/s 194M- TDS from sum payable to resident contractor or professionals
Who is liable to be assessed under the Black Money Act?
The existing provisions of section 2 of the the BM Act provide inter alia that the “assessee” means a person who is resident other than not ordinarily resident in India within the meaning of section 6 (6) of the Income-tax Act by whom tax in respect of undisclosed foreign income and assets are payable under the said Act.
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Who is liable to be assessed under the Benami Act?
The existing provisions of section 2 of the the BM Act provide inter alia that the “assessee” means a person who is resident other than not ordinarily resident in India within the meaning of section 6 (6) of the Income-tax Act by whom tax in respect of undisclosed foreign income and assets are payable under the said Act.
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Friday, July 5, 2019
Relaxing the provisions of sections 201 and 40 of the Income-tax Act in case of payments to non-resi
Section 200 of the Income-tax Act, 1961 ("Act") imposes a duty upon a payer or deductor to pay tax deducted at source ("TDS") to the Government Treasury within the prescribed timelines. Section 201(1) deems a payer or deductor to be 'assessee in default' in respect of TDS due, if he does not deduct or after deduction fails to pay such TDS to the Government Treasury.
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from taxmann.com News https://ift.tt/2S1nvcz
Key Direct Tax Proposals in Budget 2019 for eligible Start-ups
The earlier section 79 provided for benefit to an eligible start up only if the conditions of part (b) above were satisfied. However, 2019 Budget proposals have provided a choice to the eligible start-ups to even avail of the benefit of carry forward of losses if the shareholders carrying fifty one per cent of voting power remain the same.
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from taxmann.com News https://ift.tt/2L2dUBL
Analysis of Union Budget 2019-20
It is generally believed that the analogies explain the complexities and nuances of the law, and also the legislative intent, more insightfully than the text of the law, as gets illustrated profoundly by the Hon'ble Finance Minister Ms Nirmala Seetharaman (FM for short).
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Calculate your tax for Assessment Year 2020-21 with Taxmann's 'Tax Calculator'
Be on alert you may have to file return
A king, who had a good cook liked his dishes. But, the minister was envious and when the cook wanted to meet the emperor for urgent money, he laid down a condition. "Stand in water, for whole winter night." The cook did so. "You must have got warmth from flaming torches of soldiers, "the minister said.
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TDS Proposals under the Finance (No.2) Bill, 2019
Rationalisation of the provisions of section 276CC
Section 276CC of the Income Tax Act, 1961 deals with the launching of prosecution in the event of failure to furnish return of income within the stipulated provisions of the Act. Since, over a period of time, a need was felt to rationalize and facilitate conceptual clarity apart from enhancing the threshold limits prescribed therein.
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Amendments proposed in Section 56(2) (viib) of the Act by the Finance (No. 2) Bill 2019
Budget 2019 - Tax Incentive for affordable housing
The Finance (No.2) Bill, 2019 has many measures which are forward looking in the sense that some incentives are given to the taxpayers. At the same time it also contains a bundle of regulatory measures warranting strict adherence / compliance for enjoying the tax benefits provided therein.
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Proposed amendment to section 50CA is curative in nature
Section 50 C of the Income-tax Act (the Act) was inserted by the Finance Act 2002 and it took effect from 01-04-2003 to take care of situations where the value received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government ("stamp valuation authority").
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ITC can't be claimed on food supply services by contractor in a factory premises
An insight into changes proposed in Income-tax and GST by the Finance Bill, 2019
Today the Finance Minister, Smt. Nirmala Sitharaman, has presented her maiden Union Budget in the Parliament. Various key amendments have been proposed in the Finance (No. 2) Bill, 2019. The key highlights of the various proposals are listed in this article
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Key Highlights of Union Budget 2019-20
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman made her maiden Budget Speech on July 5, 2019 and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are enumerated in the press released of Govt.
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Copy of Finance (No. 2) Bill, 2019
Copy of Memorandum to Finance (No. 2) Bill, 2019
Budget 2019: No scrutiny shall be made to check the valuation for ‘Angel Tax’ in case of start-ups
The Finance Minister, Smt. Nirmala Sitharaman, has presented the Union Budget for the year 2019 in the parliament. After getting a thumping victory in 2019 general elections, this is the first budget of the NDA 2.0 Government. Breaking the tradition, the Government has announced a few necessary tax proposals in the Interim Budget.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018992/budget-2019-no-scrutiny-shall-be-made-to-check-the-valuation-for-‘angel-tax’-in-case-of-start-ups.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018992/budget-2019-no-scrutiny-shall-be-made-to-check-the-valuation-for-‘angel-tax’-in-case-of-start-ups.aspx
Budget 2019: No scrutiny shall be made to check the valuation for ‘Angel Tax’ in case of start-ups
The Finance Minister, Smt. Nirmala Sitharaman, has presented the Union Budget for the year 2019 in the parliament. After getting a thumping victory in 2019 general elections, this is the first budget of the NDA 2.0 Government. Breaking the tradition, the Government has announced a few necessary tax proposals in the Interim Budget.
from taxmann.com News https://www.taxmann.com/topstories/222330000000018991/budget-2019-no-scrutiny-shall-be-made-to-check-the-valuation-for-‘angel-tax’-in-case-of-start-ups.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000018991/budget-2019-no-scrutiny-shall-be-made-to-check-the-valuation-for-‘angel-tax’-in-case-of-start-ups.aspx
Budget 2019: 25% tax rate for companies having turnover of upto Rs. 400 crores
The Finance Minister, Smt. Nirmala Sitharaman, has presented the Union Budget for the year 2019 in the parliament. After getting a thumping victory in 2019 general elections, this is the first budget of the NDA 2.0 Government. Breaking the tradition, the Government has announced a few necessary tax proposals in the Interim Budget.
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