INCOME TAX : Where assessee's oil wells had come into existence after earth digging through rigs, assessee was held to have used its oil rigs, equipments and tools for bringing into existence the new oil well / eligible undertaking than having formed the same through the old plant and machinery, thus, there was no violation of the legislative condition of use of old machinery for formation of the undertaking /oil wells as mentioned under section 800-IB(2)
from www.taxmann.com Latest Case Laws https://ift.tt/2UjvS4i
Saturday, August 31, 2019
Notice issued to son wasn't sustainable if he didn't inherit anything from his father's estate
INCOME TAX : Where assessee did not inherit anything from his father and, moreover, he had nothing to do with his father's bank account, having regard to provisions of section 159, impugned assessment order passed under section 144, read with section 147 on ground that there were huge deposits in said account in relevant year prior to death of his father, was not sustainable
from www.taxmann.com Latest Case Laws https://ift.tt/2zCCe5p
from www.taxmann.com Latest Case Laws https://ift.tt/2zCCe5p
Friday, August 30, 2019
Mega Consolidation of PSBs: Key takeaways
In an effort to give boost to the economy, the Finance Minister, in a press conference today announced mega consolidation of Public Sector Banks (PSBs). The FM said that merger would give a high CASA and lending capacity combined in the consolidated bank. The merger would enable large cost reduction due to network overlaps, and result in cost saving and income opportunities for the joint ventures and subsidiaries.
from taxmann.com News https://ift.tt/2zyY8qm
from taxmann.com News https://ift.tt/2zyY8qm
CBDT Member Akhilesh Ranjan seeks voluntary retirement
Interest income taxable under head 'other sources' if advancing of loans wasn't part of business of assessee
INCOME TAX: Where assessee earned interest from bank deposits and loans given to other related parties and claimed same as business income, since assessee had failed to demonstrate that such advancing of loan or depositing of money in bank was done as part of its business activities, impugned interest income was to be taxed as 'income from other sources'
from www.taxmann.com Latest Case Laws https://ift.tt/2PpOYar
from www.taxmann.com Latest Case Laws https://ift.tt/2PpOYar
Sebi Exonerates Three Former NSE Executives, Seeks Action Against Two
Non-Residents, Not-Ordinarily Residents in Tax Tangle, say Experts
Systemically Important NBFCs to Come Under Tighter RBI Scrutiny
Substantial delay in filing an appeal couldn't be condoned, where reason is un-explained: SLP dismissed
GST/EXCISE/ST/VAT: Where assessee against order of Adjudicating Authority filed writ petition after a period of 400 days from date of communication of order and High Court dismissed petition holding that delay in filing petition was substantial as against legislative intent that no appeal should be entertained beyond a maximum period of 90 days, SLP filed against judgment of High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2NHrPO0
from www.taxmann.com Latest Case Laws https://ift.tt/2NHrPO0
Appeal on rejecting review petition against scheme of amalgamation could not be entertained: Delhi HC
Thursday, August 29, 2019
Notification No. 2/2019 [F. No. V. 27013/3/2018-SO(NAT.COM)]/SO 3122(E)
Notification No. 58/2019 [F.No.503/02/1986-FTD-I]/SO 3079(E)
Satisfaction recorded by ITAT while dealing appeal was sufficient for initiating proceedings against third person
INCOME TAX : Where Tribunal concluded in case of persons against whom search was made that transaction of sale of property in question was taxable in hands of assessee, non-recording of reasons independently by Assessing Authority of searched person, could not be said to be fatal for initiating proceedings under section 158BD against assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2L5544Z
from www.taxmann.com Latest Case Laws https://ift.tt/2L5544Z
FPI Surcharge Rollback Did Not Create Differential Regime: CBDT
Wednesday, August 28, 2019
Sum received for providing support services taxable as FTS if it satisfied make available clause: ITAT
INTERNATIONAL TAX: Where assessee a US based company had entered into a global agreement with its group entities (affiliates), including its Indian subsidiary for provision of support activities in area of supply chain, human resources, strategic planning and marketing, finance and information systems and from nature and duration of contract it was evident that services had been utilized by Indian Company as well and concept of make available which requires that fruits of services should remain
from www.taxmann.com Latest Case Laws https://ift.tt/2HwyRkZ
from www.taxmann.com Latest Case Laws https://ift.tt/2HwyRkZ
Delhi HC refuses to give anticipatory bail to P. Chidambaram for irregularities in FDI clearances
COMPANY LAW : Where petitioner i.e., P. Chidambaram who was Finance Minister at relevant time had given FDI clearances to INX Media Group for receiving overseas funds to tune of Rs. 305 crores, alleged irregularities committed by petitioner and gravity of offence committed made out a case for refusing pre-arrest bail to petitioner
from www.taxmann.com Latest Case Laws https://ift.tt/2HvjR6Z
from www.taxmann.com Latest Case Laws https://ift.tt/2HvjR6Z
ITAT confirmed additions as assessee claimed TDS but didn't offer corresponding income in ITR
INCOME TAX : Where assessee had claimed credit for tax deducted at source on interest income from bank, yet it had not declared corresponding interest income to tax, in view of fact that assessee was regularly following marcantile system of accounting, interest income in question was liable to be taxed in assessment year in question itself and, thus, impugned addition made by Assessing Officer was to be confirmed
from www.taxmann.com Latest Case Laws https://ift.tt/2MH3jwQ
from www.taxmann.com Latest Case Laws https://ift.tt/2MH3jwQ
Direct Tax Code Task Force Favours Scrapping Dividend Distribution Tax
Competent Authority to pass order w.r.t. assessee's availment of all industrial rate on export of 'activated carbon'
GST/EXCISE/ST/VAT : Where assessee exported 'Activated Carbon' and claimed that it was entitled to avail all industrial rate and assessee's application for availing all industrial rate had not been settled so far, Competent Authority was directed to pass order on assessee's application made in this regard
from www.taxmann.com Latest Case Laws https://ift.tt/344AcJm
from www.taxmann.com Latest Case Laws https://ift.tt/344AcJm
ITAT upheld CIT(A)'s order as it was duly passed within month of conclusion of final hearing
INCOME TAX: Where Commissioner (Appeals) passed an assessment order against assessee, however, assessee contended that impugned order being passed after 3 to 4 months from conclusion of hearing was null and void, in view of facts that contention of assessee about late passing of impugned order was unfounded and, further, monthly D.O. report had revealed that said order was passed in month of conclusion of final hearing itself, though dispatched late impugned assessment order passed by Commission
from www.taxmann.com Latest Case Laws https://ift.tt/2L8qTiU
from www.taxmann.com Latest Case Laws https://ift.tt/2L8qTiU
Tuesday, August 27, 2019
Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20
Sec. 54F relief available on purchase of two adjacent flats if same were converted into single unit
INCOME TAX: Where, for assessment year 2008-09, assessee claimed deduction under section 54F by making investment in two residential flats located in a housing society which were adjacent to each other, in view of fact that assessee had commenced renovation work to covert two adjoining flats into a single residential unit and, moreover, Housing Society had also recognized assessee as owner of single residential unit, assessee's claim could not be rejected on ground that he had invested in more t
from www.taxmann.com Latest Case Laws https://ift.tt/344vZp6
from www.taxmann.com Latest Case Laws https://ift.tt/344vZp6
No penalty if assessee was in bona fide belief that purchase of new property was within time limit
INCOME TAX: Where assessee converted his proprietorship concern into a private limited company, in view of fact that assessee had a bona fide belief that since there was no value for self-generated goodwill in terms of section 55(2), allotment of shares for same pursuant to conversion of proprietory concern into public limited company would not be considered as transfer within meaning of section 2(47), there being a genuine difference of opinion between assessee and Assessing Officer in not allo
from www.taxmann.com Latest Case Laws https://ift.tt/2ZwBDkq
from www.taxmann.com Latest Case Laws https://ift.tt/2ZwBDkq
NCLT Asks Jayaswal Neco, SBI to Furnish Details of SC Petition
Windfall: RBI to Transfer Rs 1.76 L cr to Govt for FY20
SLP dismissed against ruling that AO was authorized to scrutinize entries in books of account before accepting same
INCOME TAX : SLP dismissed against ruling that it was always open to Assessing Officer to scrutinize material supporting books of account or entries in books of account before accepting same for purpose of assessment, and, therefore, Assessing Officer was justified in accepting two entries relating to profits and disregarding other two entries concerning losses
from www.taxmann.com Latest Case Laws https://ift.tt/2NzOBri
from www.taxmann.com Latest Case Laws https://ift.tt/2NzOBri
Waiver of tax granted by Govt. under rehab scheme wouldn't be binding on IT authority: HC
COMPANY LAW/SICA: Where any waiver or concession is to be granted by Government under rehabilitation scheme, said scheme would be circulated to such authority for its consent and only upon such consent being given, scheme would be binding to Government
from www.taxmann.com Latest Case Laws https://ift.tt/30Ebo90
from www.taxmann.com Latest Case Laws https://ift.tt/30Ebo90
Monday, August 26, 2019
ITAT rightly rejected set off of business loss in trading of castor oil as same was found sham transaction
INCOME TAX: Where assessee's claim for set off of loss incurred on trading of castor oil against its other incomes was rejected, in view of fact that parties with whom business transactions of castor oil were entered into, were sister concerns and directly under influence of assessee, revenue authorities rightly concluded that transactions of purchase and sale of castor oil were sham and, thus, assessee's claim for sett off of loss incurred in those transactions could not be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2U6H7NB
from www.taxmann.com Latest Case Laws https://ift.tt/2U6H7NB
No sec. 68 additions towards deposit of money in bank account which was withdrawn for purchase of property
INCOME TAX : Where AO made addition to assessee's income under section 68 in respect of amount deposited in bank, in view of fact that assessee had withdrawn those funds from his bank account four months ago for purchase of a property and, since, transaction relating to purchase of said property did not materialse, he re-deposited funds in question in his bank account, impugned addition was to be deleted
from www.taxmann.com Latest Case Laws https://ift.tt/2ZorceE
from www.taxmann.com Latest Case Laws https://ift.tt/2ZorceE
CIT not authorized to cancel sec. 12AA registration from retro-effect
Sec. 54F relief was available on purchase of two adjacent flats if same was converted into single unit
INCOME TAX: Where, for assessment year 2008-09, assessee claimed deduction under section 54F by making investment in two residential flats located in a housing society which were adjacent to each other, in view of fact that assessee had commenced renovation work to covert two adjoining flats into a single residential unit and, moreover, Housing Society had also recognized assessee as owner of single residential unit, assessee's claim could not be rejected on ground that he had invested in more t
from www.taxmann.com Latest Case Laws https://ift.tt/2znTUli
from www.taxmann.com Latest Case Laws https://ift.tt/2znTUli
Goods such as 'Plant Leaf Extract' are classified under Heading 1302 19 90
GST/EXCISE/ST/VAT: Where assessee had imported certain goods and declared same as 'Plant Leaf Extract' classifiable under Heading No. 1302 19 90, since there was no presence of oxymatrine in impugned goods, goods were rightly classifiable under Heading No. 1302 19 90
from www.taxmann.com Latest Case Laws https://ift.tt/2Udtb4B
from www.taxmann.com Latest Case Laws https://ift.tt/2Udtb4B
AO to restrict ALP adjustments to transactions with AE only if transactions details were provided by assessee
TRANSFER PRICING: Where details of international transactions entered into by assessee with its AEs were specifically made available, Tribunal was justified in directing Assessing Officer to restrict determination of ALP to transactions with AE only rather than on entire turnover of company
from www.taxmann.com Latest Case Laws https://ift.tt/2NvWIF3
from www.taxmann.com Latest Case Laws https://ift.tt/2NvWIF3
Gains from transfer of derivatives (F&O) by FPI also exempt from levy of enhanced surcharge: CBDT
The CBDT has clarified that in the case of Foreign Institutional Investors (FPI), the derivatives are treated as capital assets, thus, tax payable on gains arising from the transfer of derivatives (Future & options) by FPI, which are liable to special rate of tax under section 115AD, shall also be exempted from the levy of the enhanced surcharge.
from taxmann.com News https://ift.tt/2PhqsYM
from taxmann.com News https://ift.tt/2PhqsYM
Sum paid by Co. to Govt. for construction of bridge for transportation of its goods was revenue exp.
INCOME TAX : Where assessee made contribution to State Government towards construction of a bridge which would be used by assessee for transportation of its goods, since bridge was not owned by assessee and assessee, by spending for construction of new bridge, had not acquired any property or right of permanent character, amount paid by assessee was to be treated as revenue expenditure
from www.taxmann.com Latest Case Laws https://ift.tt/2ZfZy8v
from www.taxmann.com Latest Case Laws https://ift.tt/2ZfZy8v
Friday, August 23, 2019
Key announcements made by the FM in the press conference
In an unprecedented move, the Finance Minister has held a press conference on Friday, August 23, 2019 to announce certain measures Govt. will be taking to give a boost to the securities market and economy. The key announcement made by the Finance Minister are discussed in this article.
from taxmann.com News https://ift.tt/2TW09Gt
from taxmann.com News https://ift.tt/2TW09Gt
SEBI’s circular permitting co. to buy-back shares for providing exist opportunity to shareholder is valid: HC
Company Law : Where circular dated 25-7-2017 was issued by SEBI vide which SEBI permitted a company to buy-back shares so as to provide an exit to public shareholders, impugned circular dated 25-7-2017 was in accordance with law and prayer made in writ petition, challenging Postal Ballot and notice and PA of respondent no. 2 company by petitioners who were minority shareholders would not be maintainable as their issuance is purely an action of company incorporated under Companies Act
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190085/sebi’s-circular-permitting-co-to-buy-back-shares-for-providing-exist-opportunity-to-shareholder-is-valid-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190085/sebi’s-circular-permitting-co-to-buy-back-shares-for-providing-exist-opportunity-to-shareholder-is-valid-hc.aspx
Land purchased prior to date of transfer of agricultural land not eligible for sec. 54B exemption: ITAT
Sec. 69 rightly invoked on basis of statement recorded of third person if additions were made after finding of facts
INCOME TAX: Additions made to assessee's income as unexplained investment under section 69 on basis of statement of one SKL, being findings of fact based on agreement of purchase of land, it could not be said that authorities committed an error in relying upon statements of SKL
from www.taxmann.com Latest Case Laws https://ift.tt/31UUR0D
from www.taxmann.com Latest Case Laws https://ift.tt/31UUR0D
Startups with Up to Rs25 crore Turnover to Get Tax Holiday
ITAT remanded matter as assessee raised sec. 54F claim for first time before Tribunal
INCOME TAX: Where assessee raised a claim towards his entitlement for claim of deduction under section 54F along with purchase deed in support of his claim before Tribunal, however, said claim was never raised by assessee before lower authorities, matter was to be remanded back for adjudication afresh
from www.taxmann.com Latest Case Laws https://ift.tt/2NrzlN6
from www.taxmann.com Latest Case Laws https://ift.tt/2NrzlN6
Profit from sale of shares held for more than 17 months rightly treated as long-term capital gain: HC
INCOME TAX : Where assessee had purchased shares out of his own funds and held them for over seventeen months against locking period of one year before sale and in earlier years, Assessing Officer had accepted sale consideration from sale of shares to be capital gain, profit on sale of shares by assessee was to be treated as long term capital gain and not business income
from www.taxmann.com Latest Case Laws https://ift.tt/30qY0oF
from www.taxmann.com Latest Case Laws https://ift.tt/30qY0oF
Liability of guarantor in event of default by the borrower was limited only to extent of value of mortgaged property
FEMA, BANKING & INSURANCE: Where in terms of Corporate Debt Restructuring (CDR) agreement, petitioner stood as a guarantor in respect of loan taken by 'A' Ltd. from respondent bank and mortgaged its property, in event of default committed by 'A' Ltd. in repayment of loan, liability of petitioner was limited only to extent of value of mortgaged property and, thus, petitioner could seek discharge of same by paying value of said property
from www.taxmann.com Latest Case Laws https://ift.tt/30pNcXS
from www.taxmann.com Latest Case Laws https://ift.tt/30pNcXS
Activity of selling various small properties acquired from sale of land couldn't be treated as business activity
INCOME TAX : Where assessee after sale of land invested sale consideration in many small properties out of which he further sold certain properties for reason that he was not expecting much gain from them and retained rest of properties for long term, it could not be said that assessee was doing regular business in sale and purchase of immovable property so as to treat gain on sale of properties as business income instead of long term capital gain
from www.taxmann.com Latest Case Laws https://ift.tt/2ZgEuxK
from www.taxmann.com Latest Case Laws https://ift.tt/2ZgEuxK
Govt. urges taxpayers to avail the benefit of Sabka Vishwas (LDR) Scheme, 2019, as it has 4 months v
Option to avail the benefit of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 may be availed of on or after September 1, 2019, and would be available till December 31, 2019. This scheme has been drafted to free a large number of taxpayers from their pending disputes with the tax administration. The govt. has urged all the concerned taxpayers to avail this scheme and make a new beginning.
from taxmann.com News https://ift.tt/2TUWmsK
from taxmann.com News https://ift.tt/2TUWmsK
Relief couldn't be denied merely because assessee claimed exemption u/s 54F instead of sec. 54: ITAT
Sec. 80-IAC benefit available only to DPIIT’s recognized start-up having turnover up to 25 crores: C
The Central Board of Direct Taxes (CBDT) has clarified that all the start-ups recognised by DPIIT which fulfilled the conditions specified in the DPIIT notification didn’t automatically become eligible for deduction under Section 80-IAC. The turnover limit for start-ups claiming deduction is to be determined by the provisions of Section 80-IAC of the Act and not from the DPIIT notification.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019303/sec-80-iac-benefit-available-only-to-dpiit’s-recognized-start-up-having-turnover-up-to-25-crores-cbdt.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019303/sec-80-iac-benefit-available-only-to-dpiit’s-recognized-start-up-having-turnover-up-to-25-crores-cbdt.aspx
Thursday, August 22, 2019
Benefit continued for Airlines to pay excise duty at reduced rate of 2% on aviation turbine fuel und
On August 22, 2019 vide Notification No. 07/2019-Central Excise, the Central Govt. has extended the benefit of paying of 2% Basic Excise Duty on Aviation Turbine Fuel from August 25, 2019 to the earlier of 3 years from commencement of Regional Connectivity Scheme (RCS) or till the end of the scheme period.
from taxmann.com News https://ift.tt/2HklPa6
from taxmann.com News https://ift.tt/2HklPa6
Amount deposited by defaulter as part of One-Time Settlement not accepted by bank was to be refunded
FEMA, Banking & Insurance: Where appellants-defaulters deposited Rs. 40 crores in terms of order of High Court on 11-10-2017 to show bona fides of appellants when a revised offer was made by them for one time settlement with bank to whom an amount was due but said offer was rejected and High Court had directed that deposit would be treated as a deposit in Registry of High Court,
from www.taxmann.com Latest Case Laws https://ift.tt/2Hi5SRE
from www.taxmann.com Latest Case Laws https://ift.tt/2Hi5SRE
Sale of secured asset under SARFAESI couldn’t be set aside as defaulters failed to exercise right of redemption
SARFAESI : Where appellant defaulters failed to exercise their right of redemption before registration of sale certificate, sale of their secured property pursuant to notice issued under SARFAESI could not have been set aside
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190058/sale-of-secured-asset-under-sarfaesi-couldn’t-be-set-aside-as-defaulters-failed-to-exercise-right-of-redemption.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190058/sale-of-secured-asset-under-sarfaesi-couldn’t-be-set-aside-as-defaulters-failed-to-exercise-right-of-redemption.aspx
Apex Court convicts accused for dishonoring of cheques issued for commodities purchased on credit
FEMA, Banking & Insurance : Where appellant-complainant had been supplying commodities and rice bags to respondent-accused and respondent-accused issued various cheques which when presented for collection were dishonoured, it was held that even though complaint filed under section 138 against accused contained no specific averments that cheques were issued for purchase made on credit, in his evidence, prime witness clearly stated that cheques were issued for commodities purchased on credit and,
from www.taxmann.com Latest Case Laws https://ift.tt/33Stwht
from www.taxmann.com Latest Case Laws https://ift.tt/33Stwht
HC directed assessee to file appeal before CIT(A) as issue was integral part of assessment order
INCOME TAX : Where demand against assessee under section 115-QA was an integral part of impugned assessment order, question regarding interpretation of section 115-QA could definitely have been gone into by Commissioner(Appeals). Hence, High Court declines to entertain writ petition under article 226 of Constitution against impugned demand raised by revenue by way of impugned assessment order under section 115-QA against assessee.
from www.taxmann.com Latest Case Laws https://ift.tt/2NzmhFx
from www.taxmann.com Latest Case Laws https://ift.tt/2NzmhFx
ITAT allowed sec. 12AA registration to co. formed to comply with CSR of its parent co.
INCOME TAX : In terms of section 8 of Companies Act, 2013, Corporate Social Responsibility (CSR) activities are public charitable activities per se and, therefore, assessee-company formed with object of complying with requirement of corporate social responsibility of its parent company was eligible for registration under section 12AA
from www.taxmann.com Latest Case Laws https://ift.tt/33NDVLc
from www.taxmann.com Latest Case Laws https://ift.tt/33NDVLc
Gains or loss on account of Forex fluctuations in terms of AS-11 to be accounted for while computing taxable income
Companies Can Now Fix ‘Appointed Date’ for a Merger
Tata Trusts Face I-T Queries Over ‘Surrender’ of Registration
Sebi Eases Registration Rules; FPI Categories Reduced to Two
CBI books NDTV’s Roys for FDI rules violation
Will you cooperate with Dutch court, NCLAT asks Jet lenders
SEBI to review regulations related to buy back, FPI and Insider trading
AO couldn't open assessment for AYs in relation to which SetCom had passed orders: HC
Wednesday, August 21, 2019
Report of Inquiry Committee pursuant to charge sheet wasn’t against principles of natural justice: HC
CL : Challenge to inquiry report pursuant to charge-sheet on ground of entire disciplinary proceedings being against principles of Natural Justice was to be set aside as MD & CEO were clearly empowered and authorized under delegation of authority as well as standards of conducts and performance of HR Policy (PLL) to initiate disciplinary proceedings including issuance of charge sheet and appointment of Inquiry Committee.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190017/report-of-inquiry-committee-pursuant-to-charge-sheet-wasn’t-against-principles-of-natural-justice-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190017/report-of-inquiry-committee-pursuant-to-charge-sheet-wasn’t-against-principles-of-natural-justice-hc.aspx
SLP granted against ruling that penalty not leviable u/s 269T if liability was recorded by way of journal entry
INCOME TAX: Where High Court upheld Tribunal's order holding that even though liability recorded in books of account by way of journal entries i.e. crediting amount of party to whom monies payable and debiting account of a party from whom monies were receivable in books of account was in contravention of provisions of section 269T, yet in that case penalty was not leviable for reason that transaction was bona fide and was not to evade taxes, SLP filed against said decision was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/33GZi0C
from www.taxmann.com Latest Case Laws https://ift.tt/33GZi0C
ITAT remanded matter to AO to allowed deduction for price paid for sugarcane under Sugar Cane (Control) Order, 1966
IT : Where assessee, a co-operative society manufacturing sugar and byproducts, made payments to sugarcane suppliers of sugarcane price over and above SMP/FRP declared by Central Government for particular crushing season and Assessing Officer held that payment of price over and above to sugarcane growers was done with ulterior motive and it is diversion of income in guise of higher sugarcane price over and above SMP/FRP and, thus,
from www.taxmann.com Latest Case Laws https://ift.tt/2Z4LoH3
from www.taxmann.com Latest Case Laws https://ift.tt/2Z4LoH3
Declaring LTCG in ITR instead of STCG isn’t a bonafide case for waiver of sec. 234A/B/C interest: HC
INCOME TAX : Once assessee had paid reassessed tax along with interest under sections 234A, 234B and 234C after reassessment order was passed, assessee could claim waiver of such interest only if case of assessee could be brought within scope of notification issued by Central Board of Direct Taxes vide F. No. 400/234/95-IT(B), dated 23-5-1996.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190019/declaring-ltcg-in-itr-instead-of-stcg-isn’t-a-bonafide-case-for-waiver-of-sec-234abc-interest-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190019/declaring-ltcg-in-itr-instead-of-stcg-isn’t-a-bonafide-case-for-waiver-of-sec-234abc-interest-hc.aspx
Adjudicating Authority can't reclassify energy drinks in heading 22021090 after classifying it in heading 22029090
GST/EXCISE/ST/VAT: Where assessee imported 'Power Energy Drinks' and classified same under Heading No. 2202 10 10 and thereafter on proposal of Adjudicating Authority reclassified said product under Heading No. 2202 90 90 and later on Adjudicating Authority took exception to such classification and passed an order holding that product in question was classifiable under Heading No. 2202 10 90, impugned order was without jurisdiction
from www.taxmann.com Latest Case Laws https://ift.tt/2P5NK3S
from www.taxmann.com Latest Case Laws https://ift.tt/2P5NK3S
No violation of article 14 if only most experienced applicants were called for recruitment as ITAT's members
Request for rejection of compliant couldn't be entertained as it was barred u/s 34 of SARFAESI Act: SC
FEMA, BANKING AND INSURANCE: Where in a suit filed by appellant-flat purchasers, respondent-bank which was mortgagee of project raised a plea that suit was barred by section 34, questions as regards concerned suit being barred by section 34 were left open to be decided afresh on its own merits in accordance with law
from www.taxmann.com Latest Case Laws https://ift.tt/2HiyKJB
from www.taxmann.com Latest Case Laws https://ift.tt/2HiyKJB
No sec. 194B TDS on payment of 'stake money' to owner of horses who won races organized by assessee
Tuesday, August 20, 2019
Requirement to pay tax before filing of appeal is only directory as assessee can pay it after filing of appeal also
INCOME TAX : In terms of section 249(4)(a), stipulation as to payment of tax ante filing of first appeal is only directory and not mandatory and, therefore, where appeal is filed without payment of tax but subsequently required amount of tax is paid, appeal shall be admitted on making payment of tax and taken up for hearing on merits
from www.taxmann.com Latest Case Laws https://ift.tt/2KVsdFJ
from www.taxmann.com Latest Case Laws https://ift.tt/2KVsdFJ
New Income-tax Bill: Key recommendations in Task Force’s Report
The Government has constituted a task force in November 2017 to draft a new direct tax laws in consonance with economic needs of the country. The proposed new Income-tax law, if accepted, will replace the existing Income-tax Act, 1961 which is a 58 years old legislation. In this article, we have list down the recommendations in respect of new Income-tax law gathered from different sources.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019289/new-income-tax-bill-key-recommendations-in-task-force’s-report.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019289/new-income-tax-bill-key-recommendations-in-task-force’s-report.aspx
HC restrained revenue from enforcing order of attachment of property during pendency of appellate proceedings
INCOME TAX: Where assessee challenged assessment order on crucial aspects in appellate proceedings, it was to be directed that any order passed by revenue authorities under section 281B would not be enforced until a decision was taken by appellate authority on stay application filled by assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2KTPNCR
from www.taxmann.com Latest Case Laws https://ift.tt/2KTPNCR
Secs. 234B & 234C interest could be levied on income which arose from retrospective amendment to Act; SLP granted
INCOME TAX: Where High Court held that imposition of interest was justified under sections 234B and 234C, save and except on income which arose from retrospective operation of any statute, decision, etc., because in those type of cases, assessee was unable to know and assess his income and pay advance tax; SLP filed against said order of High Court was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/2KUa6QE
from www.taxmann.com Latest Case Laws https://ift.tt/2KUa6QE
SLP dismissed against ruling that profit arising from sale of shares by settler of trust was capital gain income
INCOME TAX: Where High Court upheld Tribunal's order holding that profit arising to assessee trust from sales of shares was to be treated as capital gain exempt from tax under section 10(38) having regard to fact that shares in question were settled by settler of trust who kept those shares for over two years, SLP filed against order of High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2NdQlGq
from www.taxmann.com Latest Case Laws https://ift.tt/2NdQlGq
HC set-aside ITAT’s order justifying levy of 65% tax rate on PE of Japanese Co. in India
INTERNATIONAL TAXATION : Where assessee, permanent establishment of Japanese company, was assessed as not being a domestic company and tax rate of 65 per cent was imposed on assessee, since clause 24(2) of DTAA agreement between Indian and Japan provides that a permanent establishment of an entity of one country in other country shall not be subjected to less favourable terms than an assessee carrying on similar activities in other country,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189994/hc-set-aside-itat’s-order-justifying-levy-of-65-tax-rate-on-pe-of-japanese-co-in-india.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189994/hc-set-aside-itat’s-order-justifying-levy-of-65-tax-rate-on-pe-of-japanese-co-in-india.aspx
Delhi HC quashes reassessment notice as investment in shares of Indian subsidiary couldn’t be treated as income
IT : Re-assessment notice issued on a Swiss Company on basis that investment by said company in shares of its subsidiary amounted to 'income' which had escaped assessment was to be set aside as share purchase was a 'capital account' transaction and could not be treated as income
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189993/delhi-hc-quashes-reassessment-notice-as-investment-in-shares-of-indian-subsidiary-couldn’t-be-treated-as-income.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189993/delhi-hc-quashes-reassessment-notice-as-investment-in-shares-of-indian-subsidiary-couldn’t-be-treated-as-income.aspx
No Debenture Redemption Reserve for Listed Firms, NBFCs, HFCs
Online platforms, CAs aren´t responsible forwrong IT filing
Sebi to relax buyback norms for firms with HF, NBFC arms
NBFCs and HFCs no longer need debenture reserve to raise funds
NBFCs CONTINUE TO HOLD MAJOR SHARE IN RETAIL LOANS IN FY19
SC justifies 3 percent rate to benchmark income on account of guarantee commission chargeable to AE
Fee earned from service agreement which was separate from license agreement not taxable as royalty or FTS
INTERNATIONAL TAXATION : Where assessee - Dutch company had entered into two agreements with its Indian subsidiary, namely, License Agreement granting rights to use software owned by it and Service Agreement to provide executive search services, since executive search fee earned by assessee in terms of Service Agreement was independent of royalty earned in terms of License Agreement, same was not taxable in India as FTS or royalty under article 12(5)(a) of DTAA
from www.taxmann.com Latest Case Laws https://ift.tt/2ZfAHwx
from www.taxmann.com Latest Case Laws https://ift.tt/2ZfAHwx
Monday, August 19, 2019
Clarification regarding treatment of Farm-in expenditure incurred by the Oil Exploration and Production(E&P) Companies - reg.
Task Force submits report on Direct Tax Code to FM Nirmala Sitharaman
TP provisions aren't applicable to companies opted for Tonnage Tax Scheme: Mumbai ITAT
SC dismissed SLP against HC's ruling that income from leasing out hotel property was assessable as business income
INCOME TAX: Where High Court upheld Tribunal's order holding that since assessee leased out its hotel to another concern by charging one per cent of total revenue and, thus, amount so received was taxable as business income, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2KRK6VN
from www.taxmann.com Latest Case Laws https://ift.tt/2KRK6VN
SLP granted against ruling that addition could be made only on basis of reasons recorded for reopening assessment
Assessee couldn't escape from rigorous imprisonment if there was no reasonable cause for delay in deposit of TDS
INCOME TAX: Where petitioners-real estate developer deducted tax at source but failed to credit same to account of Central Government as per provisions of Chapter XVII-B within prescribed time, they could not escape from rigour of section 276B in absence of reasonable cause for said failure in terms of section 278AA
from www.taxmann.com Latest Case Laws https://ift.tt/2NgRz3y
from www.taxmann.com Latest Case Laws https://ift.tt/2NgRz3y
Assessee engaged in business of manufacturing & exporting honey was eligible to claim sec. 80-IB deduction
Appeal for restoration of co.'s name was to be dismissed due to not carrying any business activity
COMPANY LAW : Where company was neither carrying on any business nor was in operation when its name was struck off from Register of Companies, there was no reason to restore company's name; appeal for restoration of name was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2P1plMR
from www.taxmann.com Latest Case Laws https://ift.tt/2P1plMR
Sebi Rejects Icra’s Settlement Application in IL&FS Case
Land given on lease could not be attached to recover tax dues of the company
GST/EXCISE/ST/VAT : Where assessee-company was legal owner of a certain land and it had given on lease said land to a Company 'R' and two directors of assessee-company were also directors in company 'R' and company 'R' had defaulted in payment of tax under Gujarat VAT Act, land of assessee-company could not have been attached for purpose of recovering dues payable by company 'R'
from www.taxmann.com Latest Case Laws https://ift.tt/2z9vLyO
from www.taxmann.com Latest Case Laws https://ift.tt/2z9vLyO
Saturday, August 17, 2019
PMLA doesn’t sanction employment of concept of ‘beneficial ownership’ for purpose of attachment of properties
PMLA : Section 5 of PML Act does not sanction employment of concept of "beneficial ownership‟ for purpose of attachment of properties
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189948/pmla-doesn’t-sanction-employment-of-concept-of-‘beneficial-ownership’-for-purpose-of-attachment-of-properties.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189948/pmla-doesn’t-sanction-employment-of-concept-of-‘beneficial-ownership’-for-purpose-of-attachment-of-properties.aspx
ITAT remanded matter for possible taxability of fund withdrawn by beneficiaries of private discretionary trust
INCOME-TAX : Where evidence of trust investments is found in search proceedings and these investments in trust were prima facie unaccounted and undisclosed to tax authorities and, Assessing Officer brought to tax partial withdrawals to tax, as income of beneficiary withdrawing money,
from www.taxmann.com Latest Case Laws https://ift.tt/31GjQV6
from www.taxmann.com Latest Case Laws https://ift.tt/31GjQV6
RBI updates Gold Monetization Scheme, 2015
Sale of CCDs to holding co. which resulted in a loss couldn't be construed as colourable device
INCOME TAX: Where assessee-company purchased Compulsory Convertible Debentures (CCDs) from its subsidiary company and sold them to its holding company which had resulted in short term capital loss, in view of fact that documentary evidences for purchase and sale of CCDs were not doubted by revenue and independent Chartered Accountant had determined fair market value of CCDs, transactions of sale of CCDs to related concern could not be construed as a colourable device to set off huge profits earn
from www.taxmann.com Latest Case Laws https://ift.tt/2Mn6jy9
from www.taxmann.com Latest Case Laws https://ift.tt/2Mn6jy9
Friday, August 16, 2019
Instruction no. 3/2003 makes it mandatory for AO to make reference of an international transaction to TPO
TRANSFER PRICING : CBDT's Instruction No.3/2003 dated 20-5-2003 had mandated that wherever aggregate value of international transaction exceeds Rs. 5 crores, case should be pricked up for scrutiny and reference under section 92CA be made to TPO. If there are more than one transaction with an AE or there are transactions with more than one associated enterprises, aggregate value of which exceeds Rs. 5 crores, transactions should be referred to TPO
from www.taxmann.com Latest Case Laws https://ift.tt/30jZosQ
from www.taxmann.com Latest Case Laws https://ift.tt/30jZosQ
Scientific services rendered by Swiss Scientists being independent personal services not taxable in India
INTERNATIONAL TAXATION: Where scientific services were rendered by two Swiss scientists to assessee-company, these were covered under Article 14 which deals with independent personal activities and no tax was required to be deducted at source from said payments
from www.taxmann.com Latest Case Laws https://ift.tt/2KOeqAT
from www.taxmann.com Latest Case Laws https://ift.tt/2KOeqAT
ITAT slams AO for computing ALP of international transaction on adhoc basis
TRANSFER PRICING: Where assessee-advertising agency availed different intra-group services from its foreign AEs, ALP cannot be determined by TPO in respect of said services on adhoc/estimation basis without applying any method prescribed under section 92C(1)
from www.taxmann.com Latest Case Laws https://ift.tt/2z435qY
from www.taxmann.com Latest Case Laws https://ift.tt/2z435qY
‘CBDT Procedure to Safeguard Startups’
Search and seizure order passed u/s 17 of PMLA wasn't sustainable as there was no allegation in FIR against appellant
FEMA, BANKING AND INSURANCE: Where pursuant to complaint filed against Indian Performing Rights Society (IPRS) of which appellant was a member, a search and seizure was conducted under section 17 in premises of appellant and certain records were seized, in view of fact that there were no allegations in FIR against appellant specifically and, moreover, there was nothing on record showing that any royalty was payable by appellant to any artist or author, impugned order of retention of seized docum
from www.taxmann.com Latest Case Laws https://ift.tt/2N8M1YQ
from www.taxmann.com Latest Case Laws https://ift.tt/2N8M1YQ
Wednesday, August 14, 2019
Generation/Allotment/Quoting of Document Identification Number in Notice/Order/Summons/letter/correspondence issued by the Income-tax Department
Disposal of Low Tax Appeals: Application of Circular No. 17/2019, dated 8-8-2019
INCOME TAX: Today, on 14th August 2019, the Income Tax Appellate Tribunal, Ahmedabad bench headed by Hon'ble Justice P.P. Bhatt, ITAT President, has disposed of 628 appeals, involving estimated tax demands of Rs. 350 crores, to implement tax friendly measure introduced by the Government under the relaxation under the new tax litigation policy.
from www.taxmann.com Latest Case Laws https://ift.tt/2Miauvl
from www.taxmann.com Latest Case Laws https://ift.tt/2Miauvl
Disposal of Law Tax Appeals: Application of Circular No. 17/2019, dated 8-8-2019
INCOME TAX: Today, on 14th August 2019, the Income Tax Appellate Tribunal, Ahmedabad bench headed by Hon'ble Justice P.P. Bhatt, ITAT President, has disposed of 628 appeals, involving estimated tax demands of Rs. 350 crores, to implement tax friendly measure introduced by the Government under the relaxation under the new tax litigation policy.
from www.taxmann.com Latest Case Laws https://ift.tt/2OUESxW
from www.taxmann.com Latest Case Laws https://ift.tt/2OUESxW
628 appeals having low tax effect dismissed within 3 days after issue of Circular 17/2019: ITAT Ahme
Direct agreement with specified authority wasn't required to avail of benefit of sec. 80-IA
Interest accrued from date of claim till passing of award in motor accident claim not taxable as income
INCOME TAX : Interest awarded in motor accident claim cases from date of Claim Petition till passing of award or in case of Appeal, till judgment of High Court in such Appeal, would not be exigible to tax, not being an income. On any interest paid to him post judgment, tax had to be collected as income from other sources
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from www.taxmann.com Latest Case Laws https://ift.tt/2YQuaNB
Provisions of sec. 292BB won’t cure defect of non-issuance of notice under sec. 143(2): SC
IT : According to section 292BB, if assessee had participated in proceedings, by way of legal fiction, notice under section 143(2) would be deemed to be valid even if there be infractions as detailed in said section. Scope of provision is to make service of notice having certain infirmities to be proper and valid if there was requisite participation on part of assessee. However, section does not save complete absence of notice. For section 292BB to apply, notice must have emanated from departmen
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189911/provisions-of-sec-292bb-won’t-cure-defect-of-non-issuance-of-notice-under-sec-1432-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189911/provisions-of-sec-292bb-won’t-cure-defect-of-non-issuance-of-notice-under-sec-1432-sc.aspx
AO not allowed to carry out any further recovery proceeding as it had already collected 38% of dispute tax amount
INCOME TAX: Revenue having recovered approximately 38 per cent of disputed tax amount during pendency of appeals and no special circumstances pointed out to permit revenue to carry out full recoveries, revenue would not be permitted to carry out any further recoveries pending appeals
from www.taxmann.com Latest Case Laws https://ift.tt/2Z3aWDw
from www.taxmann.com Latest Case Laws https://ift.tt/2Z3aWDw
CBDT Denies Sending Tax Notices this Yr to Durga Puja Committees
Tax Surcharge Set to Dampen Foreign Investors’ Sentiment
Govt Won’t Go Ahead with New CSR Rules
No coercive action to recover tax as assessee already deposited 12.5% of disputed tax amount; SLP dismissed
GST/EXCISE/ST/VAT: Where during pendency of appellate proceedings, assessee had already deposited 12.5 per cent of disputed tax amount for purpose of maintaining an appeal and, thus, High Court restrained revenue authorities from taking coercive measures for collection of balance disputed tax in terms of assessment order, SLP filed against order passed by High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2OW7qqN
from www.taxmann.com Latest Case Laws https://ift.tt/2OW7qqN
Non-speaking order passed by CIT(A) in respect of exclusion & inclusion of comparables to be re-examined
Mere earning of surplus income couldn't a ground to reject application for sec. 12AA registration: ITAT
Tuesday, August 13, 2019
HC set-aside order allowing SetCom application as assessee failed to make full disclosure of undisclosed income
INCOME TAX: Where pursuant to search proceedings, assessee filed return declaring certain undisclosed income in respect of amount borrowed and, thereupon, he filed an application under section 245C wherein lower amount was declared as undisclosed income, in view of fact that assessee failed to prove that loan entries were genuine and his statement recorded in course of search proceedings was under coercion, he did not approach Settlement Commission with clean hands and, thus, impugned order pass
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from www.taxmann.com Latest Case Laws https://ift.tt/2YYqAfy
HC dismissed writ as it was filed by assessee before passing of final assessment order by AO
INCOME TAX : Where assessee filed writ petition challenging notice under section 153A and assessment order had been passed after filing of writ, since assessee had an alternate and efficacious remedy of filing appeal before CIT(Appeals), assessee should challenge said order before CIT(Appeals)
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from www.taxmann.com Latest Case Laws https://ift.tt/2KBG2sA
HC directed revenue authorities to permit the assessee's to download 'C' forms post GST-implementation
GST/Excise/ST/VAT: Where assessee was making inter-State purchases of High Speed Diesel Oil on concessional rate of tax at 2 per cent against 'C' Forms and after introduction of GST regime revenue authorities informed assessee that with effect from 1-7-2017 it was not entitled to make purchase of High Speed Diesel Oil from other States on concessional rate of tax and, therefore, department's site had been blocked to deny access to assessee from downloading 'C' Forms, revenue authorities were dir
from www.taxmann.com Latest Case Laws https://ift.tt/2OU8BXV
from www.taxmann.com Latest Case Laws https://ift.tt/2OU8BXV
Monday, August 12, 2019
There’s Lack of a ‘Feel Good’ Factor, LTCG Tweaks Can Provide a Sentiment Boost
President nods to amend in Motor Vehicle Act, 1988
Assessee to approach before TRO if his property was attached against tax dues of third person: HC
INCOME TAX : Where assessee had filed a writ petition challenging an order of attachment passed by Tax Recovery Officer under section 222 attaching a property for failure to pay dues by one 'N' and stated that above property belonged to him, writ petition was rejected as 'not maintainable' and assessee was directed to file a claim before Tax Recovery Officer in terms of rule 11 of Second Schedule, who would investigate same in accordance with law
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from www.taxmann.com Latest Case Laws https://ift.tt/2ZWFkge
Friday, August 9, 2019
Assessee to approach before TRO if his property was attachment against tax dues of third person: HC
INCOME TAX : Where assessee had filed a writ petition challenging an order of attachment passed by Tax Recovery Officer under section 222 attaching a property for failure to pay dues by one 'N' and stated that above property belonged to him, writ petition was rejected as 'not maintainable' and assessee was directed to file a claim before Tax Recovery Officer in terms of rule 11 of Second Schedule, who would investigate same in accordance with law
from www.taxmann.com Latest Case Laws https://ift.tt/2yPIFBD
from www.taxmann.com Latest Case Laws https://ift.tt/2yPIFBD
Matter remanded to verify agreement before allowing deduction of enhanced compensation paid for land taken on lease
INCOME TAX: Where assessee became liable to pay enhanced compensation in respect of land taken on lease pursuant to proceedings under Land Acquisition Act, compensation so paid could not be allowed as revenue expenditure without examining lease agreement based on which assessee was entitled to recover same from sub-lessees
from www.taxmann.com Latest Case Laws https://ift.tt/2OKatSJ
from www.taxmann.com Latest Case Laws https://ift.tt/2OKatSJ
RBI’s ban on crypto deals only on moral grounds: IAMAI to SC
NCLAT pulls up MCA, IL&FS board for delay in resolution
Printing carried on the manufactured paper is not liable to excise duty
GST/EXCISE/ST/VAT: Where assessee received base paper in roll form from principal and carried out printing activities thereon and claimed that printed paper was classifiable under Heading No. 4911 99 90 and it was not liable to pay duty on its clearance; whereas Adjudicating Authority held that printed paper was classifiable under Heading No. 4811 90 99 and demanded duty from assessee, even if printed paper was classifiable under Heading No. 4811 90 99 or under Heading No. 4911 99 90, assessee w
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from www.taxmann.com Latest Case Laws https://ift.tt/2YV9waf
Thursday, August 8, 2019
SAT upholds penalty on NDTV for failure to comply clause 36 of Listing Agreement
COMPANY LAW : Where final assessment order of appellant was passed by Assessing Officer on 21-2-2014 by which a demand of Rs. 450 crore was raised, but information to Stock Exchange was provided at a belated stage on 26-5-2014 and 29-5-2014 after more than 3 months of final assessment order and that too when clarification was sought by Stock Exchange, it was held that there was gross failure on part of appellant in not making disclosure under Clause 36 of Listing Agreement
from www.taxmann.com Latest Case Laws https://ift.tt/2OLOvPs
from www.taxmann.com Latest Case Laws https://ift.tt/2OLOvPs
Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20
Further Enhancement of Monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court - Amendment to Circular 3 of 2018 - Measures for reducing litigation
Notification No. 56/2019 [F.No. 300196/67/2018-ITA-I] / SO 2782(E)
Land abutting to National Highways might have higher cost though it had same survey no. allotted to other lands
INCOME TAX: Assessee's portion of property abutting National Highways might have higher cost of acquisition than that of his son's plot though both plots had same survey number; Assessing Officer should have made reference to valuation officer under section 55A
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from www.taxmann.com Latest Case Laws https://ift.tt/31nmMWE
Debt secured under provisions of SARFAESI Act, 2002 would hold priority over the crown debt
Sebi Sends Notice to Diageo Again for Paying USL’s Minority Shareholders
Interest cost incurred for acquiring land as stock-in-trade couldn't be allowed as deduction in term of AS-16
INCOME TAX : Where assessee, engaged in construction and development of housing project, claimed deduction of interest paid on money borrowed for acquiring land as stock-in-trade, in terms of AS-16, interest cost so incurred would be required to be accumulated as part of project cost and same could not be allowed as deduction in year of incurrance itself
from www.taxmann.com Latest Case Laws https://ift.tt/2YQukn9
from www.taxmann.com Latest Case Laws https://ift.tt/2YQukn9
Wednesday, August 7, 2019
Non-disclosure of income exempt from tax couldn't be treated as case of escaped income
INCOME TAX : Where gain from sale of shares by assessee was exempt from tax in terms of section 10(38), mere non-disclosure of such gain on sale of shares in return of income would not mean that capital gain from sale of shares had escaped assessment
from www.taxmann.com Latest Case Laws https://ift.tt/2KkBZlx
from www.taxmann.com Latest Case Laws https://ift.tt/2KkBZlx
RBI reduces repo rate by 35 basis point
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 35 basis points (bps) from 5.75 per cent to 5.40 per cent with immediate effect.
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from taxmann.com News https://ift.tt/2Ktskbk
Co. couldn't be held beneficial owner as it returned sum received for supply of ceramics on finding co. not genuine
INCOME TAX/BENAMI PROPERTY ACT: Where applicant company returned an amount received from a company towards supply of ceramic tiles on finding out that said company was not genuine and it was involved in money laundering activity, applicant could not be held to be a beneficial owner of amount in question
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from www.taxmann.com Latest Case Laws https://ift.tt/2OHyAlb
Tuesday, August 6, 2019
Deductor couldn't be treated as assessee-in-default if tax was deducted on bona fide estimate
Sec. 69A additions valid if partner admitted in recorded statement that sum received from NRI was firm's own money
INCOME TAX : Where a partner of assessee firm, during search, specifically admitted in statements recorded under section 132(4) that money receipt on account of gift from NRI was actually firm's own undisclosed income routed back to other partner's accounts through an alleged NRI gift, Commissioner (Appeals) was justified in making additions in hands of assessee firm in respect of such money
from www.taxmann.com Latest Case Laws https://ift.tt/2YNOM4h
from www.taxmann.com Latest Case Laws https://ift.tt/2YNOM4h
Time limit for processing of ITRs filed with refund claims up to AY 2017-18 extended till 31-12-2019
The Central Board of Direct Taxes (CBDT) has directed that, all validity filed returns up to Assessment Year 2017-18 with refund claims, can be processed with prior approval of Pr. CCIT/CCIT by 31-12-2019. This relaxation is not applicable in case where ITR is selected for scrutiny or there is demand payable or likely to arise after processing it.
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from taxmann.com News https://ift.tt/2MDohvP
Monday, August 5, 2019
Rajya Sabha introduces Jammu & Kashmir Reorganisation Bill, 2019
In order to provide for the reorganisation of the existing State of Jammu and Kashmir, the Rajya Sabha has introduced the Jammu & Kashmir Reorganisation Bill, 2019. The Bill proposes two new Union territory with name of Kargil and Leh districts and Union territory of Jammu and Kashmir.
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from taxmann.com News https://ift.tt/31sJTzl
Compensation paid to Foreign Co. for breach of contract not taxable in absence of PE in India; no requirement of TDS
Sec. 80-IC relief not available in respect of sale of tea manufactured from tea leaf purchased from outside market
RBI Likely to Cut Repo Rate by 25 bps to Counter Mounting Growth Concerns
Saturday, August 3, 2019
SEBI issues consultation paper on Portfolio Managers
The market regulator, SEBI has issued a consultation paper on SEBI (Portfolio Managers) Regulations, 1993. The objective of the consultation paper is to seek comments / views from the public on the proposal to amend the SEBI (Portfolio Managers) Regulations, 1993
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from taxmann.com News https://ift.tt/2KeECW1
HC quashes defamation proceedings against Ratan Tata
COMPANY LAW : Where complaint was instituted by respondent No.2 i.e. Nusli Wadia for offence of defamation alleging that act of petitioner i.e. Ratan Tata in issuing special notice under section 169(2) read with section 115 alongwith brief background about conduct of Nusli Wadia for his removal as director of relevant Tata Companies was defamatory statement and by impugned order process was issued against petitioner for offences punishable under sections 500 and 34 of Indian Penal Code,
from www.taxmann.com Latest Case Laws https://ift.tt/2T0Fctm
from www.taxmann.com Latest Case Laws https://ift.tt/2T0Fctm
Payment of referral fee to foreign concern for services rendered outside India not taxable in absence of PE in India
INTERNATIONAL TAXATION: Where referral fees was received by foreign concern for introducing clients to assessee-Indian company, providing international real estate advisory and management services, since referral services were rendered entirely outside India, it would not fall within scope of 'total income' of said foreign concern as per section 5(2)
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from www.taxmann.com Latest Case Laws https://ift.tt/2Zwc6V4
Govt. issues Sovereign Gold Bond Scheme 2019-20 (Series III)
Friday, August 2, 2019
Task Force for drafting a New Direct Tax Legislation-Extension of time for submitting final report
No reassessment to invoke sec. 69 as sum was duly returned due to non-materialisation of deal to develop IT Park
INCOME TAX : Where a sum received by assessee-company to undertook a joint venture for development of IT Park was returned as deal could not be materialised, since assessee furnished complete statement of bank account reflecting debits and credits on account of money received and returned by it and issue about amount in question was dealt with by Assessing Officer during original scrutiny assessment, reopening notice treating said amount received by assessee as an unexplained investment was unju
from www.taxmann.com Latest Case Laws https://ift.tt/2YB29IH
from www.taxmann.com Latest Case Laws https://ift.tt/2YB29IH
Properties mortgaged with bank prior to alleged offense under PMLA couldn't be provisionally attached
FEMA, BANKING & INSURANCE: Where appellant bank sanctioned loan facilities to borrowers against mortgage of various properties and, subsequently, respondent-department finding that said borrowers siphoned money from various Indian banks, initiated proceedings under Act in course of which properties mortgaged with appellant bank were provisionally attached, in view of fact that properties so mortgaged were purchased many years prior to dates of offence committed by borrowers-accused and, thus, co
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from www.taxmann.com Latest Case Laws https://ift.tt/2T6t2zi
Copy of the Finance (No. 2) Act, 2019
Thursday, August 1, 2019
CCI dismisses allegations of unfair trade practices against OYO Room
COMPETITION LAW : Where informant hotel filed information against OYO which provides budget accommodation to customers through online booking under brand-name 'OYO Rooms' alleging contravention of provisions of section 4, it was held that OYO might be a significant player in relevant market for franchising services for budget hotels in India but it did not hold a dominant position and terms and conditions of agreement entered into by hotel owners to utilize know-how and be listed on OYO platform
from www.taxmann.com Latest Case Laws https://ift.tt/330pH9j
from www.taxmann.com Latest Case Laws https://ift.tt/330pH9j
Sec. 194C TDS leviable on payment made by Mahindra to dealers on account of free car services
Parliament approves Companies Amendment Bill, 2019
The Companies Amendment Bill, 2019 has passed in the Parliament to amend the 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/316SKX4
Non-filing of annual return and balance sheet with RoC due to inadvertent mistake was to compounded: NCLT
COMPANY LAW: Where default was committed in compliance with provisions of sections 159 and 220 of Companies Act, 1956 for not filing its annual return and balance sheet and profit and loss account for F.Y. 2013-14 only due to inadvertent mistake with no mala fide intentions and applicant had put an end to offence by filing its annual return and annual accounts, offence was to be compounded
from www.taxmann.com Latest Case Laws https://ift.tt/2GERSRK
from www.taxmann.com Latest Case Laws https://ift.tt/2GERSRK
Stressed assets funds may return to India afterrelaxed ECB norms
Parliament gives assent to Banning of Unregulated Deposit Scheme Bill, 2019
The Parliament 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/2YBxE5u
Parliament approves Companies Amendment Bill, 2013
The Companies Amendment Bill, 2019 has passed in the Parliament to amend the 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/2GFZDGY
from taxmann.com News https://ift.tt/2GFZDGY
Provisions of sec. 43B not applicable on charges paid to Govt. for allotment of land for quarrying granite
INCOME TAX: Nomination charges paid by assessee, engaged in quarrying granite blocks from mines, to State Government for allotment of land for quarrying of granite, could not be equated with terms 'tax, duty cess or fees' under section 43B(a)
from www.taxmann.com Latest Case Laws https://ift.tt/2ytVjWY
from www.taxmann.com Latest Case Laws https://ift.tt/2ytVjWY
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