INCOME TAX : SLP dismissed against High Court ruling that where Assessing Officer made additions to assessee's income under section 68 in respect of amount received as share capital from several companies, in view of fact that all of these companies were maintained by one person who was engaged in providing accommodation entries through paper companies and all such companies were located at same address, impugned addition was justified
from www.taxmann.com Latest Case Laws https://ift.tt/2mh4pUx
Monday, September 30, 2019
Dept. is empowered to recover more than 20% of tax demand in case where first appeal is pending
INCOME TAX : Instructions/OMF dated 29-2-2016 and Circular dated 31-7-2017, relate to power of Assessing Officer to be exercised under section 220(6) in order to streamline process of grant of stay insofar as it relates to tax demand disputed before Commissioner (Appeals), however, by relying upon aforesaid Instruction/Circular, assessee cannot contend as a matter of right that under all circumstances, Department cannot recover more than 20 per cent of tax demand when first appeal is pending bef
from www.taxmann.com Latest Case Laws https://ift.tt/2ovNzln
from www.taxmann.com Latest Case Laws https://ift.tt/2ovNzln
HC dismissed writ petition against order of AO denying sec. 80P deduction as assessee had alternate remedy u/s 246A
INCOME TAX : Where assessee filed writ petition against order of Assessing Officer denying deduction under section 80P, in view of fact that impugned order turned on two issues and one issue having been decided in other cases in favour of assessee, did not survive, writ petition was disposed leaving it open to assessee to avail alternate remedy under section 246A on other issue
from www.taxmann.com Latest Case Laws https://ift.tt/2oBz5AN
from www.taxmann.com Latest Case Laws https://ift.tt/2oBz5AN
Marketing of fish, poultry & eggs is marketing of agricultural produce; sec. 10(26AAB) exemption available
Dept. is empowered to recover more than 20% of tax demand in case where fist appeal is pending
INCOME TAX : Instructions/OMF dated 29-2-2016 and Circular dated 31-7-2017, relate to power of Assessing Officer to be exercised under section 220(6) in order to streamline process of grant of stay insofar as it relates to tax demand disputed before Commissioner (Appeals), however, by relying upon aforesaid Instruction/Circular, assessee cannot contend as a matter of right that under all circumstances, Department cannot recover more than 20 per cent of tax demand when first appeal is pending bef
from www.taxmann.com Latest Case Laws https://ift.tt/2n4iTau
from www.taxmann.com Latest Case Laws https://ift.tt/2n4iTau
Sec. 271(1)(c) constitutionally valid as penalty can be levied towards sum determined pursuant to DTAA convention
INTERNATIONAL TAXATION: Section 271(1)(c) cannot be regarded as ultra vires of Constitution insofar as imposing of penalty on amounts determined pursuant to Convention for Avoidance of Double Taxation between Union of India and other Sovereign Countries which is enforced in Indian territory by section 90 and Rules made thereunder
from www.taxmann.com Latest Case Laws https://ift.tt/2n0Lhug
from www.taxmann.com Latest Case Laws https://ift.tt/2n0Lhug
No TP adjustments on delay in receipt from AEs if similar delay was there in case of unrelated parties also
TRANSFER PRICING: Where on DRP's directions to compute ALP on account of corporate charges at 1 per cent of total cost, if total cost of assessee worked out to be higher than what had been paid by assessee towards corporate charges, no adjustment to be made
from www.taxmann.com Latest Case Laws https://ift.tt/2m9AWM2
from www.taxmann.com Latest Case Laws https://ift.tt/2m9AWM2
DeMo cases: CBDT extends taxman’s deadline to Dec 31
RBI’s liquidity panel favours long-term lending operations
Notices for personal hearing issued after 17 years from issue of SCN not being adjudicated deserved to be quashed
GST/EXCISE/ST/VAT: Where Commissioner issued on assessee six show cause notices under Central Excise Act but did not adjudicate same and further he after a gap of 17 years issued on assessee two notices for personal hearing in respect of above six show cause notices, giving notices for hearing after gap of 17 years was to catch assessee by surprise and prejudice a fair trial, therefore, impugned show cause notices and consequent hearing notices deserved to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/2nORB82
from www.taxmann.com Latest Case Laws https://ift.tt/2nORB82
SAT imposes penalty on executive director for Trading in shares of Co. in collusion with related party
COMPANY LAW: Where Executive Director (ED) of a company in collusion with his related parties traded in shares of company in miniscule quantity in order to facilitate promoter of company, same was in violation of provisions of section 15HA and thus, penalty was to be imposed on ED and said related parties
from www.taxmann.com Latest Case Laws https://ift.tt/2ont6z8
from www.taxmann.com Latest Case Laws https://ift.tt/2ont6z8
Saturday, September 28, 2019
No sec. 194-IA TDS if share of each co-owner of property was under threshold limit
INCOME TAX: Where assessee purchased an immovable property from Power of Attorney holder of two joint owners of said property for consideration of Rs. 60.12 lakhs, in view of fact that share of each co-owner came to Rs. 30.06 lakhs which was under threshold limit prescribed under section 194-IA, assessee was not required to deduct tax at source while making payment for said purchase
from www.taxmann.com Latest Case Laws https://ift.tt/2lUpQuo
from www.taxmann.com Latest Case Laws https://ift.tt/2lUpQuo
Extension of due date for linking of PAN with Aadhaar from 30.09.2019 to 31.12.2019
ITAT deleted additions as no evidence was found that assessee-society had accumulative profits before merger
INCOME TAX: Where assessee, a charitable society got merged with another society in relevant year which was not charitable in nature and, AO in such a situation, completed assessment making addition of accumulated profit to assessee's income, since there was no evidence on record to establish any accumulation of profit under section 11(2) by assessee-society in earlier assessment year, impugned addition made by Assessing Officer deserved to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/2nuZ77V
Date of default would be considered for triggering limitation for filing winding up petition against co.: SC
SAT dismisses ITC’s appeal challenging sale of ‘Leela hotels’ to ‘Brookfield Asset Management Inc.’
FEMA : Securities Appellate Tribunal (SAT) dismissed appeal by ITC Ltd challenging sale of Hotel Leelaventure Ltd's assets to Brookfield Asset Management Inc. on ground of related party transaction
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190799/sat-dismisses-itc’s-appeal-challenging-sale-of-‘leela-hotels’-to-‘brookfield-asset-management-inc-’.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190799/sat-dismisses-itc’s-appeal-challenging-sale-of-‘leela-hotels’-to-‘brookfield-asset-management-inc-’.aspx
Friday, September 27, 2019
CBDT issues order to extend due date for filing of return and audit report; denies waiver of Sec. 23
The CBDT issues order under Section 119 to extend the due date in case of all categories of taxpayers, who are required to file Income-tax return and audit report, from 30-09-2019 to 31-10-2019. However, the due date has not been extended for calculation of interest under Section 234A. Thus, interest shall be payable by the assessee for the period of delay.
from taxmann.com News https://ift.tt/2nc5ixG
from taxmann.com News https://ift.tt/2nc5ixG
TRO can't issue notice to bank for marking bank a/c on lien towards tax dues without issuing notice to assessee
INCOME TAX: Where assessee was holding joint saving bank account with her husband, TRO could not issue notice to bank for marking said bank account for lien towards arrears of tax liability of her husband, without issuing a notice to assessee under sub-section (3)(iii) of section 226
from www.taxmann.com Latest Case Laws https://ift.tt/2mgrl68
from www.taxmann.com Latest Case Laws https://ift.tt/2mgrl68
Notification No. 73/2019 [F.No.187/7/2019-ITA-I] / SO 3469(E)
Conduct of assessment proceedings through "e-Proceeding" facility during financial year 2019-20
Heavily-leveraged Metal Cos Unlikely to Gain from Tax Cut
DeMo cases: CBDT extends taxman’s deadline to Dec 31
RBI’s liquidity panel favours long-term lending operations
No additions if assessee's failure to produce books of account was due to circumstances beyond its control
INCOME TAX: Where on account of dispute between directors of assessee-company, business was stopped for some time and, therefore, bank took possession of business unit and, as a result, assessee could not produce its books of account, in such circumstances, Assessing Officer was not justified in making addition to assessee's income by tinkering with its gross profit rate
from www.taxmann.com Latest Case Laws https://ift.tt/2nc4qsM
from www.taxmann.com Latest Case Laws https://ift.tt/2nc4qsM
No reassessment merely because assessee mentioned wrong date of commencement of manufacturing in Form 56G
INCOME TAX: Where assessee through its Chartered Accountant gave an exact correct date of production/manufacture as per which assessee was eligible for deduction under section 10B, merely wrong mentioning of date of commencement of manufacturing in Form 56G could not be a ground to reopen assessment
from www.taxmann.com Latest Case Laws https://ift.tt/2nGXGDv
from www.taxmann.com Latest Case Laws https://ift.tt/2nGXGDv
HC upholds decision of disciplinary committee in absolving charges of professional misconduct by CA
INCOME TAX: Where petitioner alleged misconduct by respondent No. 3-Chartered Accountant in accepting appointment as auditor of trust and submitting statutory report, Disciplinary Committee rightly absolved respondent No. 3 of charges of misconduct in absence of material on record to prove misconduct
from www.taxmann.com Latest Case Laws https://ift.tt/2m4DYS1
from www.taxmann.com Latest Case Laws https://ift.tt/2m4DYS1
No additions just relying on SCN issued by excise dept. that assessee was involved in undervaluing sales : ITAT
INCOME TAX : Where addition was made only on basis of show cause notice issued by Excise department against assessee alleging that assessee was engaged in undervaluation of sales and clandestine removal of goods and revenue had brought nothing on record that it had applied its mind over and above contents of said show-cause notice and further, in excise proceedings, CESTAT had decided issue in favour of assessee, impugned addition was unjustified
from www.taxmann.com Latest Case Laws https://ift.tt/2m2cTPj
from www.taxmann.com Latest Case Laws https://ift.tt/2m2cTPj
Dividend income not taxable though it was in nature of business income: HC
INCOME TAX: Where Tribunal took a view that profit arising from sale of shares was taxable as capital gain because said claim of assessee had never been disputed by revenue in earlier years and there was no change in circumstances in respect of impugned assessment year, since finding recorded by Tribunal was a finding of fact, no substantial question of law arose therefrom
from www.taxmann.com Latest Case Laws https://ift.tt/2n8VrbU
from www.taxmann.com Latest Case Laws https://ift.tt/2n8VrbU
Sec. 11 exemption denied to trust as it failed to prove that income wasn't applied on account of non-receipt of fund
INCOME TAX: Where assessee-company incorporated with object of running educational institution, assigned its immovable property to 'S' Ltd. for an agreed consideration of Rs. 3.55 crores and claimed that since amount in question was not factually received during relevant year,
from www.taxmann.com Latest Case Laws https://ift.tt/2m4stKj
from www.taxmann.com Latest Case Laws https://ift.tt/2m4stKj
Income from sale of agricultural land situated in rural area to be considered while calculating book profit for MAT
INCOME TAX: Income derived from sale of agricultural land in rural area, not coming under section 2(14)(iii)(a) and (b), would not be income or revenue derived from land, however, it has to be added to profit and loss account and would be reflected in book profits, for assessment under section 115JB
from www.taxmann.com Latest Case Laws https://ift.tt/2nKtozW
from www.taxmann.com Latest Case Laws https://ift.tt/2nKtozW
Submission of proof of resignation by a director to quash complaint u/s 138 of NI Act wasn't a repeat application
FEMA, INSURANCE & BANKING: Where application for quashing complaint under section 138 filed by appellant director on ground that he had already resigned from company when cheques were issued was dismissed, subsequent application along with Form 32 as proof of resignation by appellant-director prior to issuance of dishonoured cheque was not a repeat application and same could not be dismissed only because earlier application was dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2nFUhF2
from www.taxmann.com Latest Case Laws https://ift.tt/2nFUhF2
Dispute related to non-supply of electricity by DISCOM couldn't raise competition concern: CCI
Thursday, September 26, 2019
No action against contemnors as they weren’t guilty of willful disobedience of Court’s order: SC
COMPANY LAW: Where it was evident that alleged contemnors had not violated orders of Court and had pursuant to order of Court deposited amount to be paid to petitioner bank out of recoveries, no action was necessitated against alleged contemnors under Contempt of Courts Act as they were not guilty of wilful disobedience of order of Court
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190745/no-action-against-contemnors-as-they-weren’t-guilty-of-willful-disobedience-of-court’s-order-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190745/no-action-against-contemnors-as-they-weren’t-guilty-of-willful-disobedience-of-court’s-order-sc.aspx
ITAT remand matter to examine details of foreign currency exp. incurred by assessee
IT/ILT: Where assessee had filed various documents giving details of expenditures incurred in foreign currency with supporting evidences before Assessing Officer however same had not been examined by Assessing Officer/DRP in proper perspective, matter was to be remanded back for de novo adjudication
from www.taxmann.com Latest Case Laws https://ift.tt/2nvAxEa
from www.taxmann.com Latest Case Laws https://ift.tt/2nvAxEa
Clarifications in respect of filling-up of return forms for the Assessment Year 2019-20
Interest earned on unutillised funds kept in FDRs due to delay in completion of project held as capital receipt
INCOME TAX: Where assessee-company, incorporated for development and operation of multipurpose port terminal, raised certain share capital in form of foreign inward remittance, in view of fact that said project got delayed due to various reasons beyond assessee's control and, thus, assessee had to keep unutilised funds in banks in form of FDRs, interest income earned on said deposits being in nature of capital receipt, was not liable to tax
from www.taxmann.com Latest Case Laws https://ift.tt/2leRUrU
from www.taxmann.com Latest Case Laws https://ift.tt/2leRUrU
No reassessment to disallow sec. 10A relief if claim was examined in all respects during original assessment
INCOME TAX: Where during original assessment Assessing Authority had examined claim of assessee for deduction under section 10A in all angles, initiation of impugned proceedings under section 147/148 to withdraw deduction allowed under section 10A based on assessment order relating to another assessment year was a mere change of opinion
from www.taxmann.com Latest Case Laws https://ift.tt/2lY9fpw
from www.taxmann.com Latest Case Laws https://ift.tt/2lY9fpw
Chief Judicial Magistrate is competent to deal with application of secured creditor u/s 14 of SARFAESI Act
FEMA, INSURANCE & BANKING: Chief Judicial Magistrate (CJM) is competent to process request of secured creditor to take possession of secured asset under section 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
from www.taxmann.com Latest Case Laws https://ift.tt/2lVyCIv
from www.taxmann.com Latest Case Laws https://ift.tt/2lVyCIv
Addition made on the basis of doc. which was not a legal piece of evidence was liable to be deleted: ITAT
INCOME TAX: Where in course of search carried out in case of one 'A', certain incriminating material was found relating to assessee on basis of which addition was made to assessee's taxable income, in view of fact that document was neither written by 'A' nor she was aware of content, nor she was aware who had written document, it could be concluded that said document did not belong to assessee and same could not be used as incriminating material on basis of which impugned addition could be made
from www.taxmann.com Latest Case Laws https://ift.tt/2mMs92F
from www.taxmann.com Latest Case Laws https://ift.tt/2mMs92F
Sebi Plans a New Framework to Levy Penalties for Glitches
RBI, Govt Deny Social Media Rumours of PSU Bank Closures
Corporate Tax Cuts have both Winners and Losers in IT Space
TNMM is most appropriate method for benchmarking international transactions of payment of FTS
TRANSFER PRICING: Where Tribunal in assessee's own case for earlier assessment years held that for benchmarking international transactions of payment of fees for technical assistance services TNM method was MAM and restored issue for verification as to whether margin of tested party was at arm's length to margins of comparables companies, in absence of change in circumstances for year under consideration, matter was to be restored back to TPO for disposal afresh with similar directions
from www.taxmann.com Latest Case Laws https://ift.tt/2mOdkfY
from www.taxmann.com Latest Case Laws https://ift.tt/2mOdkfY
No denial of sec. 10B relief if sister concern that merged with assessee was also an EOU; SLP dismissed
INCOME TAX: SLP granted against High Court ruling that where assessee's claim for exemption under section 10B was rejected on ground that its sister concern got merged with it, in view of fact that both firms were doing same business and assessee's sister concern was also an EOU, impugned order rejecting assessee's claim was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2mOaEPs
from www.taxmann.com Latest Case Laws https://ift.tt/2mOaEPs
CCI penalises JDMDA for demanding of 'Product information charge' prior to launch of new drugs in market
Wednesday, September 25, 2019
Interest & Power subsidy granted for setting up new industry in backward areas was non-taxable capital receipt
INCOME TAX: Interest subsidy and power subsidy granted to assessee by State Government with sole intention of setting up new industry and attracting private investment in State of West Bengal in specified areas which is industrially backward was in nature of non-taxable capital receipt
from www.taxmann.com Latest Case Laws https://ift.tt/2n6l3Gk
from www.taxmann.com Latest Case Laws https://ift.tt/2n6l3Gk
No reassessment to disallow pension paid to retiring partner which was authorized by partnership deed; SLP dismissed
INCOME TAX: SLP dismissed against ruling that where assessee, a partnership firm, made payment of certain sum as pension to retiring partners as per partnership deed and same was allowed in original assessment, and all necessary facts duly disclosing that there was no failure on part of assessee to disclose primary facts, were already on record, reassessment to disallow said payment was unjustified
from www.taxmann.com Latest Case Laws https://ift.tt/2l0Zc2q
from www.taxmann.com Latest Case Laws https://ift.tt/2l0Zc2q
Tax Cuts may Bring Little Cheer to Auto Inc, None at Dealerships
RBI Puts Curbs on PMC Bank, Caps Withdrawals at Rs1,000
Cost Plus method rightly applied for determining ALP in respect of procurement support services rendered to AE
TRANSFER PRICING : Where in case of assessee engaged in rendering procurement support services to AE, Tribunal opined that 'Cost plus method' should have been applied for determining ALP, in view of fact that aforesaid order was passed by Tribunal following order passed in assessee's own case in earlier assessment years, no substantial question of law arose from Tribunal's order
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from www.taxmann.com Latest Case Laws https://ift.tt/2mD6DgA
HC upheld sec. 263 revisional order passed in respect of issues which weren't subject matter of appeal
INCOME TAX: Where Commissioner passed a revisional order in respect of an issue which was not a subject matter of appeal and, thus, same could not be decided by statutory authority, in view of provisions of section 263(c), said order did not suffer from any infirmity and, thus, same deserved to be upheld
from www.taxmann.com Latest Case Laws https://ift.tt/2mvb90S
from www.taxmann.com Latest Case Laws https://ift.tt/2mvb90S
TNMM is the MAM to compute ALP of finished goods in case various adjustments are required due to FAR analysis
Ex-parte order by AO without giving opportunity to appellant to reply to SCN suffered vice of natural justice
COMPANY LAW/SEBI: Where there was nothing on record to indicate that any effort was made by AO to serve show cause notice to appellant for alleged violation of provisions of section 15G, a vital right was denied to appellant to reply to show cause notice and thereafter to defend himself, therefore, impugned order passed by AO imposing penalty on appellant, being an ex-parte order, suffers from vice of natural justice and thus, could not be sustained
from www.taxmann.com Latest Case Laws https://ift.tt/2mXgJsT
from www.taxmann.com Latest Case Laws https://ift.tt/2mXgJsT
Validity of search conducted by AO couldn't be challenged for first time during appeal after 3 years of search
INCOME TAX: Where assessee during first appeal disputed validity of search on ground that no panchas were present at time of search and recording of statement under section 132(4), since assessee had not raised such dispute before Assessing Officer, and it was raised for first time during first appeal which was after period of three years from search proceedings, impugned search could not be held to be invalid
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from www.taxmann.com Latest Case Laws https://ift.tt/2lyM1G9
Tuesday, September 24, 2019
Notification No. 72/2019 [F.No.187/7/2019-ITA-I] / SO 3435(E)
Notification No. 71/2019 [F.No.187/8/2019-ITA-I] / SO 3426(E)
How to calculate Income-tax and Surcharge for the Assessment Year 2020-21?
The Government has introduced two new tax regimes for the domestic companies in Section 115BAA and Section 115BAB to reduce the corporate tax rate to 22% and 15% respectively. Further, the enhanced surcharge has been withdrawn in respect of income chargeable to tax under section 111A, 112A and 115AD(1)(b).
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from taxmann.com News https://ift.tt/2mkJXlm
Conversion from Public-Co. to Private-Co. allowed as no objection was raised against such conversion
COMPANY LAW : Where petitioner passed a resolution for conversion of Public Limited Company into Private Limited Company, in view of fact that petitioner company had no secured and unsecured creditors and, moveover, notice of conversion had been given in local newspapers but no objection was received from any party, petition seeking approval of Tribunal for conversion of company from Public Limited to Private Limited Company, was to be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2kPMXpt
from www.taxmann.com Latest Case Laws https://ift.tt/2kPMXpt
SC deleted sec. 69C additions as no excess work-in-progress was found over what was recorded in books
INCOME TAX: SLP dismissed against High Court ruling that where in search no excess work-in-progress was found over what was recorded in books and valuation of same during search was done by site engineer on provisional basis, valuation as per books was to be accepted and addition of unexplained expenditure being difference between valuation by site engineer and that in books was to be deleted
from www.taxmann.com Latest Case Laws https://ift.tt/2mqxaxu
from www.taxmann.com Latest Case Laws https://ift.tt/2mqxaxu
Liability to pay enhanced license fee to railway would arise in year of demand if mercantile system was followed
INCOME TAX: SLP dismissed against High Court ruling that where assessee was following mercantile system of accounting, liability to pay enhanced licence fee to Railways for grant of license to use a piece of railway land would arise in year in which demand was made by Railways irrespective of when enhanced fee was actually paid by assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2kOZeug
from www.taxmann.com Latest Case Laws https://ift.tt/2kOZeug
Date of allotment of flat by DDA would be date of purchase for computing capital gain tax; SLP dismissed
Income from letting out shopping malls along with other facilities was chargeable to tax as business income
INCOME-TAX : Where assessee company developed shopping malls and business centres on properties owned by it and let out same by providing host of services/facilities/amenities in said malls/business centres, income derived therefrom was business income
from www.taxmann.com Latest Case Laws https://ift.tt/2mP1vGB
from www.taxmann.com Latest Case Laws https://ift.tt/2mP1vGB
No denial of sec. 12AA registration merely on basis of reply to explanation sought by CIT(E)
INCOME TAX: Where assessee-society, formed with an object of running a school, filed an application under section 12AA which was rejected, in view of fact that no reasonable opportunity was granted to assessee to establish its case for registration and, moreover, impugned order was passed merely on basis of reply given to certain explanations sought by Commissioner (Exemption), order so passed deserved to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2mfUgXU
from www.taxmann.com Latest Case Laws https://ift.tt/2mfUgXU
Panel suggestion on corporation taxdifferentfrom FM’s formula
Election Commissioner’s wife under I-T scanner
Handle taxissues of start-ups with care: CBDT to I-T dept
IBBI seeks criminal proceedings against Liberty House Group
No TCS on scrap arising from dismantling of ships if such items are capable of being used without any modification
Monday, September 23, 2019
Comparative analysis of corporate tax rates
The Taxation Laws (Amendment) Ordinance, 2019 has introduce new tax regimes for the domestic companies by inserted two new sections - Section 115BAA and 115BAB. Besides existing basic tax rates for domestic companies of 25% and 30%, two new tax rates have been introduced of 15% or 22%. In this article, we have made a comparison of different corporate tax regimes for the Assessment Year 2020-21.
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from taxmann.com News https://ift.tt/2kSQaVl
Unfolding the mathematics of new corporate tax rate structure
The Government has introduced Section 115BAA and Section 115BAB to provide an option to domestic companies to pay tax at reduced rate of 22% and 15%, respectively, without claiming specified tax exemptions or deductions. In this article, the author has explained whether it would be feasible for the companies to switch to these new corporate tax regimes?
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from taxmann.com News https://ift.tt/2mqThnA
No sec. 40A(9) disallowance on sum contributed to trusts created for health care of retired employees
INCOME TAX: Where assessee claimed deduction of certain amount contributed to a fund created for health care of its retired employees which was rejected by revenue authorities on ground that such fund not being one recognized under section 36(1)(iv) or (v), claim of expenditure was hit by provisions of section 40A(9), in view of fact that revenue authorities had not doubted bona fides in creation of trust or that expenditure was not incurred wholly and exclusively for employees, impugned order r
from www.taxmann.com Latest Case Laws https://ift.tt/2maRF13
from www.taxmann.com Latest Case Laws https://ift.tt/2maRF13
No sec. 40A(g) disallowance on sum contributed to trusts created for health care of retired employees
INCOME TAX: Where assessee claimed deduction of certain amount contributed to a fund created for health care of its retired employees which was rejected by revenue authorities on ground that such fund not being one recognized under section 36(1)(iv) or (v), claim of expenditure was hit by provisions of section 40A(9), in view of fact that revenue authorities had not doubted bona fides in creation of trust or that expenditure was not incurred wholly and exclusively for employees, impugned order r
from www.taxmann.com Latest Case Laws https://ift.tt/2l1uXZ5
from www.taxmann.com Latest Case Laws https://ift.tt/2l1uXZ5
AO rightly rejected books of account as assessee failed to justify weaving exp.: HC
INCOME TAX: Where assessee, woollen rug manufacturer, failed to prove genuineness of weaving charges and stock record was also not maintained, rejection of books of account of assessee and estimation of income on basis of past history was justified
from www.taxmann.com Latest Case Laws https://ift.tt/356b3OP
from www.taxmann.com Latest Case Laws https://ift.tt/356b3OP
ITAT justified levy of sec. 234E fee in respect of each purchased flat as assessee failed to file Form 26QB
INCOME TAX : Where assessee purchased 96 flats and made payments towards same after deducting tax at source under section 194IA, since assessee itself had filed separate TDS statements under section 200(3) in Form 26QB in respect of TDS deducted in respect of every individual transaction relating to purchase of each flat, Assessing Officer was justified in levying fee under section 234E on account of delay in filing statements in respect of each flat, while processing such statements under secti
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from www.taxmann.com Latest Case Laws https://ift.tt/30jIFJr
TPO couldn't brush aside documentary evidences without controverting same: ITAT
TRANSFER PRICING: Where TPO brushed aside documentary evidences submitted by assessee with regard to its international transactions for availment of certain services from its overseas AE without controverting same and, further, determined ALP of said transactions as Nil without applying any method, TPO's approach was not in accordance with spirit of law
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from www.taxmann.com Latest Case Laws https://ift.tt/2V6GnIS
Sum received by NR from sale of designs & drawings to Indian customers for internal purpose is business income
INTERNATIONAL TAXATION : Where assessee a foreign company, had primarily earned revenue from sale of designs and drawings to Indian customers, since designs and drawings were used by Indian customers for internal business purposes for setting up of their plants and not for any commercial exploitation, designs and drawings sold by assessee tantamounted to use of copyrighted article rather than use of a copyright and was, therefore, business income
from www.taxmann.com Latest Case Laws https://ift.tt/2NtHz7Z
from www.taxmann.com Latest Case Laws https://ift.tt/2NtHz7Z
Conversion from Public-Co. to Privet-Co. allowed as no objection was raised against such conversion
COMPANY LAW : Where petitioner passed a resolution for conversion of Public Limited Company into Private Limited Company, in view of fact that petitioner company had no secured and unsecured creditors and, moveover, notice of conversion had been given in local newspapers but no objection was received from any party, petition seeking approval of Tribunal for conversion of company from Public Limited to Private Limited Company, was to be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/353N2YX
from www.taxmann.com Latest Case Laws https://ift.tt/353N2YX
‘Corp Tax Lowest in Region’
Tax Cuts a Good Move, but Make it Easier for Foreigners to Invest
Tax Windfall to Boost Nifty EPS; India-focused Sectors, Cos to Gain
ALP of management fees paid to AE couldn't be held as nil if assessee was benefitted by substantial cost reduction
TRANSFER PRICING : Where TPO determined ALP of management fee paid by assessee to its AE at nil, in view of fact that assessee received services from AE for carrying out day-to-day managerial functions in course of its normal business activities and, moreover, assessee was benefitted by substantial cost reduction on an overall basis by utilizing services rendered by its AE, impugned order passed by TPO was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/31P6jLK
from www.taxmann.com Latest Case Laws https://ift.tt/31P6jLK
HC quashed writ petitioner as petition had alternate remedy against auction sale notice on non-payment of dues
FEMA, BANKING & INSURANCE/SARFAESI : Where petitioner failed to pay one time settlement amount and auction sale notice was issued by creditor bank, instant writ petition thereagainst was to be dismissed as petitioner had alternate remedy under Act
from www.taxmann.com Latest Case Laws https://ift.tt/30kcdYk
from www.taxmann.com Latest Case Laws https://ift.tt/30kcdYk
Shareholder to file petition u/s 241 against oppression and mismanagement; civil suit not an appropriate remedy
COMPANY LAW: Where affairs of company was being conducted in a manner prejudicial to interest of shareholder of company, remedy of approaching NCLT under section 241 was available to shareholder, and civil suit would not be appropriate remedy
from www.taxmann.com Latest Case Laws https://ift.tt/30jT60E
from www.taxmann.com Latest Case Laws https://ift.tt/30jT60E
Saturday, September 21, 2019
Exp. incurred on interior decoration & office equipment on leased premises was capital exp. eligible for dep.
INCOME TAX : Where assessee incurred expenses on interior decoration and office equipment of premises taken on lease which were capital in nature, same was eligible for depreciation in term of Explanation 1 to section 32, and, thus, assessee's claim for deduction of expenditure so incurred under section 37(1) was to be rejected
from www.taxmann.com Latest Case Laws https://ift.tt/30ArT51
from www.taxmann.com Latest Case Laws https://ift.tt/30ArT51
No need to refer valuation to DVO once AO is satisfied about cost of fixed assets recorded in books of account
INCOME TAX : Estimated cost of construction shown in project report submitted to bank for availing loan could not constitute actual cost of construction once assessee had recorded actual cost of construction in books of account and once Assessing Officer was satisfied with cost of fixed assets as shown in balance sheet, it was not mandatory for Assessing Officer to refer valuation to DVO
from www.taxmann.com Latest Case Laws https://ift.tt/34YRTdD
from www.taxmann.com Latest Case Laws https://ift.tt/34YRTdD
No additions just because there was increase in raw material consumption ratio if books of account were duly audited
INCOME TAX: Where AO made addition to assessee's income on basis of increase in raw material consumption ratio, in view of fact that accounts of assessee-company were subject to statutory as well as tax audit and same were not rejected and, moreover, Assessing Officer had nowhere expressed his inability to deduce true income from said accounts, impugned addition made on estimate basis was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/308ydET
from www.taxmann.com Latest Case Laws https://ift.tt/308ydET
SLP dismissed against ruling deleting addition in respect of stock as assessee followed LIFO method
INCOME TAX: Where High Court upheld Tribunal's order setting aside addition made on account of undervaluation of stock by taking a view that assessee had been following LIFO method of valuation of stock which was recognized in law, SLP filed against High Court's order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/31GwKmC
from www.taxmann.com Latest Case Laws https://ift.tt/31GwKmC
Contribution made by one trust to another held as application of income though both trusts had a few common trustees
INCOME TAX : Where assessee educational trust made contribution to Jaipur National University (JNU) in furtherance of its objectives of promotion of education, merely because certain trustees of assessee were also trustees in JNU, it could not be said that contribution was in contravention to section 13 and contribution would qualify as due application of income in hands of assessee-society
from www.taxmann.com Latest Case Laws https://ift.tt/2V9f0h3
from www.taxmann.com Latest Case Laws https://ift.tt/2V9f0h3
Withdrawal of exemption from excise duty on pan masala with or without tobacco being in public interest is valid: SC
GST: Withdrawal of exemption from excise duty to pan masala with tobacco and pan masala sans tobacco is in larger public interest. Doctrine of promissory estoppel could not have been invoked against such withdrawal. State could not be compelled to continue exemption, though it was satisfied that it was not in public interest to do so. Larger public interest would outweigh an individual loss, if any
from www.taxmann.com Latest Case Laws https://ift.tt/2QoKRM4
from www.taxmann.com Latest Case Laws https://ift.tt/2QoKRM4
Handset Makers Expect Lower Taxes to Give Fillip to R&D, Manufacturing
Lower Tax will Boost Sentiment, Liquidity and Investments
Corporate India’s Tax Burden may Come Down by 18%
FPIs’ Tax Outgo on Bonds may Go Down by 2-7% on Surcharge Rollback
FII Short Covering of Index Futures Key to Sustaining Rally
Tax Cut for New Plants to Lure MNCs Looking Beyond China
FM announced loan mela despite banks´ reluctance
Gain arising from sale of units of mutual funds not covered by Article 13 of India-UAE treaty: ITAT
INTERNATIONAL TAXATION : Since Article 13(4) of India-UAE Tax Treaty covers within its purview capital gains arising from transfer of 'shares', it could not be applied to units of mutual funds sold by assessee unless same qualify as shares for purpose of Tax Treaty
from www.taxmann.com Latest Case Laws https://ift.tt/2QnPKVJ
from www.taxmann.com Latest Case Laws https://ift.tt/2QnPKVJ
Conversion of CCDs into equity shares without consent of investor was illegal; register of members was to be rectified
COMPANY LAW: Where CCDs standing in name of appellant-investor director were converted to equity shares without their consent, conversion was illegal and register of members was rectified by cancelling equity shares in name of appellant purported to be credited on basis of conversion of CCDs
from www.taxmann.com Latest Case Laws https://ift.tt/2NrhOFE
from www.taxmann.com Latest Case Laws https://ift.tt/2NrhOFE
Friday, September 20, 2019
Exemption to Cash Replenishment Agencies (CRA's) and franchise agents of White Label Automated Teller Machine Operators (WLATMO’s) under clause (v) of the proviso to section 194N of the Income Tax Act, 1961
Subsequent repayment of loan isn't relevant in determining deemed dividend u/s. 2(22)(e)
HC set-aside reassessment order as AO rejected assessee's objection without dealing with it
INCOME TAX : Where Assessing Officer passed a reassessment order against assessee withdrawing deduction allowed under section 54F on grounds that assessee owned more than one residential house at time of sale of original asset, since specific objection raised by assessee against reopening notice that he did not own more than one house at time of sale was overruled by Assessing Officer without dealing with it, impugned reassessment order was unjustified and was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2Noy2z5
from www.taxmann.com Latest Case Laws https://ift.tt/2Noy2z5
Loss claimed by devaluing book value of shares couldn't be allowed as deduction; SLP dismissed
ITAT quashed assessment order as AO served scrutiny notice on wrong address of assessee
Key takeaways from FM’s press conference held on September 20, 2019
The FM has announced several fiscal measures to promote growth and investment in the country. The proposed changes announced in the press conference shall be effecting from Financial Year 2019-20. The Government shall bring in the Taxation Laws (Amendment) Ordinance, 2019 to make relevant amendments to the Income-tax Act, 1961 and the Finance (No. 2) Act, 2019. The Key takeaways from FM’s press conference are as follows:
from taxmann.com News https://www.taxmann.com/topstories/222330000000019410/key-takeaways-from-fm’s-press-conference-held-on-september-20-2019.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019410/key-takeaways-from-fm’s-press-conference-held-on-september-20-2019.aspx
Reworking Strategy to Enhance Direct Tax Mop-up: CBDT Member Ranjan
NBFCs Need to Focus on Niche Offerings, Consolidate to Survive
RBI Merges Key Depts to Tighten Regulation and Supervision of Entities
Loss incurred on sale of fertilizers bonds issued by Govt. was business loss if bonds were never held as investments
CIT(A) couldn't dismiss an appeal without deciding it on merits: ITAT
INCOME TAX: Commissioner (Appeals) cannot dismiss assessee's appeal in limine for non-prosecution without deciding same on merits through an order in writing, stating points of determination in appeal, decision thereon and reason for decision
from www.taxmann.com Latest Case Laws https://ift.tt/34Sz4sB
from www.taxmann.com Latest Case Laws https://ift.tt/34Sz4sB
AO couldn't apply rule 8D merely because assessee had mixed funds for earning tax free income
INCOME TAX: Condition precedent of recording requisite satisfaction which is a safeguard provided in section 14A cannot be overlooked before invoking rule 8D of 1962 Rules and, thus, plea raised by revenue that once there were mixed funds, Rules 8D of 1962 Rules would attract automatically, could not be accepted
from www.taxmann.com Latest Case Laws https://ift.tt/34YjQCA
from www.taxmann.com Latest Case Laws https://ift.tt/34YjQCA
AO is authorized to search any place mentioned in authorization where he suspects books of account being kept
INCOME TAX: Authorised officer can search any place mentioned in authorisation where he suspects that books of account belonging to assessee are kept and as such, mere change of address of assessee even being in know how of department by itself would not vitiate or invalidate search conducted under section 132
from www.taxmann.com Latest Case Laws https://ift.tt/2M2rdjM
from www.taxmann.com Latest Case Laws https://ift.tt/2M2rdjM
RPM was most appropriate method if imported goods were resold without making any value additions
TRANSFER PRICING: Where assessee purchased Crystal goods and Crystal related products from its AE and sold same without making any value addition to such imports, Resale Price Method would be most appropriate method for benchmarking aforesaid international transaction
from www.taxmann.com Latest Case Laws https://ift.tt/31Dbj5Z
from www.taxmann.com Latest Case Laws https://ift.tt/31Dbj5Z
Investigation ordered against co. as director and lead manager of IPO diverted co.'s funds to its associates
COMPANY LAW : Where petitioner being Lead Manager for IPO issue of company and respondent directors of company had allegedly diverted IPO proceeds of company to their associates, there existed circumstances which prima facie suggests that business of company was being conducted with an intent to defraud its members, thus, it was necessary to investigate into affairs of company under provisions of section 213
from www.taxmann.com Latest Case Laws https://ift.tt/2Qkw0Cy
from www.taxmann.com Latest Case Laws https://ift.tt/2Qkw0Cy
Thursday, September 19, 2019
For TCS default, action can be taken within a reasonable period if no limitation period is prescribed under the Act
INCOME-TAX: Since no limitation is prescribed under section 206C for passing order by Assessing Officer with reference to failure of assessee to collect taxes, reasonable period of limitation of four years from end of financial year in question was to be followed for passing order under said section
from www.taxmann.com Latest Case Laws https://ift.tt/30jrB6J
from www.taxmann.com Latest Case Laws https://ift.tt/30jrB6J
Merely having registered office at Mumbai won't give jurisdiction to entertain appeal at Mumbai: HC
INCOME TAX : Where assessee was regularly assessed to tax at Hyderabad, mere fact that it had registered office at Mumbai, would not give jurisdiction to Mumbai High Court to entertain assessee's writ petition challenging validity of reassessment notice issued by Assessing Officer, Hyderabad
from www.taxmann.com Latest Case Laws https://ift.tt/30ai82e
from www.taxmann.com Latest Case Laws https://ift.tt/30ai82e
AO (TDS) of head office of bank had no jurisdiction over branches spread over other districts
HC upholds CCI's order for payment of interest on delayed payment of penalty
COMPETITION LAW : Where penalty had been imposed on petitioner on account of being involved in 'bid rigging' in collusion with three other companies in violation of section 3 and petitioner had been directed by impugned order by CCI to deposit interest on account of delay in payment of penalty, interest on such penalty being a statutory levy was required to be paid and, therefore, petitioner was required to pay interest on delayed payment of penalty
from www.taxmann.com Latest Case Laws https://ift.tt/34RAOT0
from www.taxmann.com Latest Case Laws https://ift.tt/34RAOT0
Waiver of bank loan under one time settlement couldn't be a benefit arising from business; not taxable u/s. 28(iv)
INCOME TAX: Where assessee took loan from bank for purpose of business but not in course of business, subsequent waiver of loan amount under one time settlement could not be said to be benefit or perquisite arising from business to assessee taxable under section 28(iv)
from www.taxmann.com Latest Case Laws https://ift.tt/2M4ZpLq
from www.taxmann.com Latest Case Laws https://ift.tt/2M4ZpLq
Addition couldn't be deleted on ground that co. used to show higher stock to get high cash credit limit from bank
INCOME TAX: Where High Court upheld Tribunal's order deleting addition made to assessee's income on account of discrepancy in stock as per books of account of assessee and that shown in bank statements by taking a view that assessee had tendency to show higher value in bank statements in order to enjoy higher cash credit limit, SLP filed against High Court's order was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/2O80DIA
from www.taxmann.com Latest Case Laws https://ift.tt/2O80DIA
HC set-aside penalty order as assessee furnished plausible explanation against additions made by AO
INCOME TAX: Where authorities below having made addition to assessee's income by invoking provisions of sections 69A and 41(1), also passed penalty order under section 271(1)(c), in view of fact that assessee had furnished a plausible explanation against aforesaid additions which required an investigation and inquiry, impugned penalty order passed in mechanical manner was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/306BOnD
from www.taxmann.com Latest Case Laws https://ift.tt/306BOnD
No reassessment just because AO failed to examine sec. 80-IB claim from angle of clauses (e) and (f): HC
INCOME TAX: Where during course of scrutiny assessment, Assessing Officer had examined claim for deduction under section 80IB(10) in detail, merely because he did not examine such claim from angle of clauses (e) and (f) thereof, would not be a valid ground for reopening assessment
from www.taxmann.com Latest Case Laws https://ift.tt/2O8SJyH
from www.taxmann.com Latest Case Laws https://ift.tt/2O8SJyH
ITAT quashed CIT(A) directions issued to initiate reassessment after lapse of limitation period
INCOME TAX: When in terms of section 149(1)(b) notice under section 148 for assessment year 2011-12 could have been issued only by end of assessment year 2018-19, direction issued by Commissioner (Appeals) under section 150 on 3-5-2019 to initiate reassessment proceedings for assessment year 2011-12 was non est
from www.taxmann.com Latest Case Laws https://ift.tt/30bsZsH
from www.taxmann.com Latest Case Laws https://ift.tt/30bsZsH
Date of allotment of industrial sheds by SIDCO to be considered as date of purchase for computing capital gains
INCOME TAX: Where assessee was allotted two industrial sheds by Small Industries Development Corporation (SIDCO) in 1988, however, sale deed for sheds was executed in favour of assessee in 1996, it was to be considered that assessee had been holding property ever since time of allotment, i.e., 1988, therefore, sale of said sheds by assessee in 1996 would give rise to long-term capital gain
from www.taxmann.com Latest Case Laws https://ift.tt/2V2nx5D
from www.taxmann.com Latest Case Laws https://ift.tt/2V2nx5D
MD was guilty of insider trading as he purchased scrip of co. through relatives while having UPSI
COMPANY LAW/SEBI: Where Managing Director of company was directed to not to deal in scrip of company so long as information regarding contract of company remained unpublished, even though, he purchased shares of company through circuitous measure, guilty of insider trading
from www.taxmann.com Latest Case Laws https://ift.tt/31B24D8
from www.taxmann.com Latest Case Laws https://ift.tt/31B24D8
NCLAT May Cancel McD-Bakshi Pact for DRT Order Violation
Once in 5 Years, NGOs Must Declare Members haven’t Violated Norms
RBI unlikely to extend October1 deadline forrepo-linked loans
No reassessment if assessee duly disclosed fact that it changed method of accounting of NPAs; SLP dismissed
INCOME TAX: Where High Court upheld Tribunal's order setting aside reassessment on ground that assessee had made full and true disclosure of all material facts regarding change in method of accounting in respect of Non-Performing Assets (NPAs) at time of assessment itself, SLP filed against High Court's order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/31zSLmZ
from www.taxmann.com Latest Case Laws https://ift.tt/31zSLmZ
No ALP adjustment if margin on cost of goods sold to unrelated party was less than net margin on sale to AE
TRANSFER PRICING: Where assessee entered into a transaction of sale of cookies manufactured by it in India to its foreign AE and unrelated parties, margins on cost of goods sold to unrelated parties being less than net margins on sale to AE, transactions with AE was to be regarded as at arm's length
from www.taxmann.com Latest Case Laws https://ift.tt/32Ny8ny
from www.taxmann.com Latest Case Laws https://ift.tt/32Ny8ny
Commission paid to overseas agents outside India for facilitating business in foreign country
INTERNATIONAL TAXATION: Where assessee, engaged in business of mining, processing, and exporting of iron ore, appointed commission agents for facilitating its export business outside India, since payments on account of commission to these overseas agents were made on behalf of assessee directly by foreign counter-parties abroad to whom exports were made by assessee, same was not liable to be assessed in India, and, provisions of section 9(1)(i) could not be invoked
from www.taxmann.com Latest Case Laws https://ift.tt/2LDckWc
from www.taxmann.com Latest Case Laws https://ift.tt/2LDckWc
A partnership Firm can’t claim sec. 10(26) exemption though its partners belong to Scheduled Tribe
INCOME TAX: Where assessee, a partnership firm, claimed exemption under section 10(26) contending that partners of firm belonged to Khasi Scheduled Tribe under article 366 of the Constitution and, thus, firm was entitled to section 10(26) exemption, since a partnership firm cannot be accepted as a member of Scheduled Tribe, said exemption could not be granted to assessee
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190568/a-partnership-firm-can’t-claim-sec-1026-exemption-though-its-partners-belong-to-scheduled-tribe.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190568/a-partnership-firm-can’t-claim-sec-1026-exemption-though-its-partners-belong-to-scheduled-tribe.aspx
SC rejected bail plea of Bhushan Steel’s ex-CFO by taking stringent view on granting bail on economic offences
COMPANY LAW: Where pursuant to investigation into affairs of Bhushan Steels (BSL) respondent i.e. Nittin Johari who was Chief Financial Officer of BSL was arrested and remanded to SFIO's custody for commission of fraud punishable under section 447 and was granted bail by impugned order by High Court of Delhi said order was to be set aside and bail application of Nittin Johari was to be rejected
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190566/sc-rejected-bail-plea-of-bhushan-steel’s-ex-cfo-by-taking-stringent-view-on-granting-bail-on-economic-offences.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190566/sc-rejected-bail-plea-of-bhushan-steel’s-ex-cfo-by-taking-stringent-view-on-granting-bail-on-economic-offences.aspx
Imposition of resale price maintenance order by Maruti Suzuki upon its dealers was anti-competitive
COMPETITION LAW : Where 'Maruti Suzuki' imposed resale price maintenance arrangement upon its dealers, case of contravention of provisions of section 3(4) being made out and thus, DG was to be directed to cause an investigation into matter
from www.taxmann.com Latest Case Laws https://ift.tt/34TpXIo
from www.taxmann.com Latest Case Laws https://ift.tt/34TpXIo
Wednesday, September 18, 2019
HC restores CCI’s order rejecting plea for quashing DG’s report on abuse of dominance by Grasim
COMPETITION LAW : Where pursuant to an information filed with CCI that all manufacturers of man made fibres (MMF), including Grasim, had imposed anti-competitive restrictions on Indian textile industry DG submitted a report to CCI, holding that none of parties named in information had committed any violation under section 3 but Grasim had abused its dominant position in market in terms of section 4 and CCI rejected plea of Grasim that investigation of DG
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190567/hc-restores-cci’s-order-rejecting-plea-for-quashing-dg’s-report-on-abuse-of-dominance-by-grasim.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190567/hc-restores-cci’s-order-rejecting-plea-for-quashing-dg’s-report-on-abuse-of-dominance-by-grasim.aspx
Sum paid to arbitrator is in nature of professional payments; sec. 194J TDS leviable: ITAT
INCOME TAX: In case of payments made to arbitrators, since amount paid is in nature of professional services rendered by legal professionals involved in profession/occupation/vocation of arbitration, same is liable to TDS as per provisions of section 194J
from www.taxmann.com Latest Case Laws https://ift.tt/34TOAEP
from www.taxmann.com Latest Case Laws https://ift.tt/34TOAEP
Issue of SCN u/s 26 (1) of Prohibition of Benami Property Transaction Act doesn’t constitute an order passed by AA: HC
INCOME TAX/BENAMI ACT : Show-cause notice issued under section 26(1) of Prohibition of Benami Property Transactions Act, 1988 does not constitute 'an order' passed by Adjudicating Authority
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190569/issue-of-scn-us-26-1-of-prohibition-of-benami-property-transaction-act-doesn’t-constitute-an-order-passed-by-aa-hc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190569/issue-of-scn-us-26-1-of-prohibition-of-benami-property-transaction-act-doesn’t-constitute-an-order-passed-by-aa-hc.aspx
Govt. allows 100 % FDI in coal sector through automatic route
HC sets-aside sale of property attached 22 years ago for recovery of tax dues
INCOME TAX: Where immovable properties of deceased assessee were attached in year 1997 for recovery of tax dues, sale proclamation of said properties made in February 2019, was hit by period of limitation prescribed under Rule 69B of Second Schedule and, thus, proclamation so made deserved to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/2NnqVaf
from www.taxmann.com Latest Case Laws https://ift.tt/2NnqVaf
Directions issued to AO to execute remedial action u/s. 148 was invalid if time period for reassessment expired
INCOME TAX: Where in terms of section 149(1)(b), period of limitation for initiating reassessment proceedings for relevant assessment year had already expired, impugned direction given by Commissioner (Appeals) under section 150 to Assessing Officer to execute certain remedial action under section 148, was a non-est direction and, thus, same deserved to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/34O6Fnv
from www.taxmann.com Latest Case Laws https://ift.tt/34O6Fnv
No sec. 40(a)(ia) disallowance just because deductor failed to file Form 26Q within time: HC
INCOME TAX : Where assessee made payments to contractor and filed Form No. 26Q for claiming benefit under section 194C(6) though belatedly, there could be no disallowance under section 40(a)(ia) disentitling assessee to benefit under section 194C(6)
from www.taxmann.com Latest Case Laws https://ift.tt/31zmIU8
from www.taxmann.com Latest Case Laws https://ift.tt/31zmIU8
No sec. 11 relief to ‘Punjab Cricket Association’ as revenue generated by cricket game not charitable
IT : Where assessee cricket association was contributing towards promotion and popularity of cricket but at same time its activities were also concentrated for generation and augmentation of revenue by exploiting popularity of game and towards monopolisation and having dominant control over cricket, to exclusion of others, assessee would not be entitled to exemption under section 11 as its activities no more fall under definition of charitable purposes as per provisions of section 2(15)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190570/no-sec-11-relief-to-‘punjab-cricket-association’-as-revenue-generated-by-cricket-game-not-charitable.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190570/no-sec-11-relief-to-‘punjab-cricket-association’-as-revenue-generated-by-cricket-game-not-charitable.aspx
Sum received for supply of equipment and its installation taxable as FTS if there was no PE in India
INTERNATIONAL TAXATION: Where assessee-Japanese company supplied equipments and spare parts to an Indian-company from outside India, and it was only deputing its supervisory services after equipments were supplied, in absence of PE in India, no portion of assessee's income from said offshore sale would be taxable in India
from www.taxmann.com Latest Case Laws https://ift.tt/2IcBQ28
from www.taxmann.com Latest Case Laws https://ift.tt/2IcBQ28
Provision for diminution in value of investment actually written off couldn't be added to book profit
RBI may Bring Payment Aggregators, Gateways Under Direct Regulation
CCI Keeping Close Watch on Ecomm’s Deep Discounts
Govt waives three-year lock-in period on investments made by NRIs in IDFs
HC set-aside sale of property for recovery of tax dues which was attached 22 years ago
INCOME TAX: Where immovable properties of deceased assessee were attached in year 1997 for recovery of tax dues, sale proclamation of said properties made in February 2019, was hit by period of limitation prescribed under Rule 69B of Second Schedule and, thus, proclamation so made deserved to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/30nZ7og
from www.taxmann.com Latest Case Laws https://ift.tt/30nZ7og
Resale Price Method would be MAM if products were imported for mere resale without any value addition
TRANSFER PRICING: Where assessee was importing chemical compound products from its AEs for mere resale without any value addition, and its inventories or expenses related to manufacturing segment had got absolutely nothing to do with transactions carried out in distribution segment, Resale Price Method would be most appropriate method
from www.taxmann.com Latest Case Laws https://ift.tt/32Oldlc
from www.taxmann.com Latest Case Laws https://ift.tt/32Oldlc
No TP additions if average collection period of outstanding trade receivable is less than industry's average
TRANSFER PRICING: Where assessee's average collection period would be less than industrial average in which it was operating there would be no need to make transfer pricing adjustment on account of interest on delayed realization of trade receivables outstanding to assessee from related parties
from www.taxmann.com Latest Case Laws https://ift.tt/2Ao3o0n
from www.taxmann.com Latest Case Laws https://ift.tt/2Ao3o0n
Revaluation of capital asset by firm before its conversion into co. was violation of proviso to sec. 47(xii)
INCOME TAX: Revaluation of a capital asset of assessee firm before its conversion as a company and crediting enhanced value of asset to current account of partners and treating it as loan from partners in account of company amounted to violation of clauses (a) and (c) of proviso to section 47(xiii)
from www.taxmann.com Latest Case Laws https://ift.tt/2I6HEub
from www.taxmann.com Latest Case Laws https://ift.tt/2I6HEub
Imposition of penalty of Rs. 5 lakhs for belated filing of return u/s 15(a) was unjustified: SAT
Delhi HC set-aside additions as TPO adopted approach contrary to rule 10B
TRANSFER PRICING : Where in case of assessee, engaged in rendering market support services to its AE, TPO proposed an additional 5 per cent mark-up on Free on Board (FOB) value of exports to third parties, in view of fact that TPO had artificially enhanced cost base of taxpayer and proposed a mark-up on FOB value of goods sourced by AEs and such approach was not available in TNMM under rule 10B(1)(e), of 1962 Rules, impugned addition was to be deleted
from www.taxmann.com Latest Case Laws https://ift.tt/2LTqXn2
from www.taxmann.com Latest Case Laws https://ift.tt/2LTqXn2
Govt. to setup designated Committees for Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
Two designated committees will be setup in each Commissionerate to handle the declaration made under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. For declarations above value of Rs. 50 lakhs Committee 1 will be responsible and for declarations equal to or below the value of Rs. 50 lakhs Committee 2 will handle those.
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Power to direct interim compensation as per section 143A of the NI Act is prospective in nature
FEMA, BANKING & INSURANCE : Applicability of section 143A is prospective in nature and confined to cases where offences under section 138 were committed after introduction of section 143A, i.e., with effect from 1-9-2018; where offence under section 138 was committed in year 2016, impugned order passed by Trial Court directing accused to pay interim compensation, in accordance with provisions of section 143A was to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/31CaNVW
Tuesday, September 17, 2019
Income-tax (7th Amendment) Rules, 2019
Govt. setup designated Committee for Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
Two designated committees will be set up in each Commissionerate to handle the declaration made under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. For declarations above the value of Rs. 50 lakhs Committee 1 will be assigned and for declarations equal to or below the value of Rs. 50 lakhs Committee 2 will be assigned.
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User Manuals issued for Tax Payers regarding Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
AO was required to deliver notice at banking address in case notice sent at PAN address return as undelivered
INCOME TAX : Where reopening notice sent at address of assessee available in PAN database was returned by postal authorities, by virtue of proviso to sub-rule (2) of rule 127, communication had to be delivered at address of assessee as available with banking company and since revenue had failed to do so, there was no service of reopening notice, thus, subsequent assessment order making additions to income of assessee was unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2LyPcaZ
Madras HC deleted disallowance as AO invoked sec. 40A(3) without considering exceptional circumstances
INCOME TAX : Where in respect of purchase of land by assessee, revenue authorities invoked provisions of section 40A(3) without taking into consideration applicability of exceptional circumstances as specified in Rule 6DD of 1962 Rules, impugned disallowance deserved to be deleted
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from www.taxmann.com Latest Case Laws https://ift.tt/2LBfoC0
Sum remaining in capital gains a/c scheme after purchase of new asset was taxable as per provision of sec. 54F: HC
INCOME TAX: When assessee, pursuant to sale of capital assets, deposits a part of amount in capital gain account scheme, in such a case, in view of clauses (a) and (b) of proviso to section 54F(4), unutilised capital gain amount has to be charged to tax under section 45 as income of previous year, after expiry of three years from date of sale of capital asset
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from www.taxmann.com Latest Case Laws https://ift.tt/2M2pURY
Monthly payment to retired employees to fulfil statutory obligation was allowable as deduction u/s 37(1)
INCOME TAX : Where assessee apart from making contributions to recognised pension and gratuity funds under section 36(1)(iv) and 36(1)(v) respectively, also made payment of pension to retired employees which had been duly approved and notified by Central Government under 'Tuticorin' Port Trust Employees Regulations, 1979, said payment being in terms pf statutory regulation, would fall within general deductions under section 37 and, same could not be brought under section 36(1)(iv) and (v)
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from www.taxmann.com Latest Case Laws https://ift.tt/30230TH
Sec. 68 additions merely relying on statement of person recorded u/s 131 by DIT (Invt.) was unjustified
INCOME TAX: Where addition was made under section 68 on account of bogus accommodation entries in respect of share premium received by assessee, since impugned addition was made merely on basis of statement of a person recorded under section 131 by DIT (Investigation) and there was no any other evidence on record, impugned addition was unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2LAakO9
Sum paid for acquiring copyrighted software couldn't be taxed as royalty: Pune ITAT
No further profit attribution even on existence of PE in India if arm's length principle was duly followed
Denying refund due to non-debiting equal amount of Cenvat credit at the time of filing refund claim was not justified
GST/EXCISE/ST/VAT: Where assessee was engaged in providing data analytics and information technology services to its customers located outside India and it made application under rule 5 of Cenvat Credit Rules, 2004 for refund of service tax and Krishi Kalyan Cess paid on input services for period from January, 2017 to June, 2017, denial of refund on plea that assessee had not fulfilled primary condition of debiting equal amount of cenvat credit under rule 5 was not justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2LBDso8
ED slaps Rs 230 crore fine on global accounting firm PwC for FEMA violations
The adjudicating authority under the Enforcement Directorate's (ED) has slapped a penalty of Rs 230.40 crore penalty on global accounting firm PricewaterhouseCoopers (PwC) and six others for violating the Foreign Exchange Management Act (FEMA) norms. PwC was held guilty of violation of section 10(6), 6(2), 6(3) and 9(b) of the FEMA, 1999 for receiving investments in the guise of purported grants in non-permitted sector without the Reserve Bank of India's (RBI) approval.
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Assessee could be treated as agent of Foreign co. which transferred its shares to another Foreign co.; SLP granted
INCOME TAX : SLP granted against ruling that where certain shares of assessee, an Indian company, were held by a foreign company which were subsequently transferred to another non-resident company, in view of fact that transfer took place outside India and assessee had no role in such transfer, it could not be treated as agent of foreign company under section 163(1)(c) qua deemed capital gain purportedly earned by foreign company
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from www.taxmann.com Latest Case Laws https://ift.tt/305zkWr
Monday, September 16, 2019
Special Order of Board u/s 268A in cases involving bogus LTCG through penny stocks
Notification No. 65/2019 [F.No.187/2/2019-ITA-I] /SO 3279(E)
Notification No. 64/2019 [F.No. 500/1/2014-APA-II] / SO 3272(E)
ICSI releases revised draft Secretarial Standards SS - 1 and SS – 2
The Institute of Company Secretaries of India (ICSI) has issued revised draft Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2). The Revised draft of SS-1 and SS-2, incorporating the proposed amendments (in track mode) with the Rationale for such amendments.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019379/icsi-releases-revised-draft-secretarial-standards-ss-1-and-ss-–-2.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019379/icsi-releases-revised-draft-secretarial-standards-ss-1-and-ss-–-2.aspx
Gift received by partnership firm from its member being HUF was capital receipt not chargeable to tax
Application for stay of demand to be allowed if assessee already deposited 71% of tax demand raised in assessment
INCOME TAX: Where Tribunal rejected assessee's application for stay of demand pending disposal of appeal taking a view that assessee had not established any prima facie case on merits, in view of fact that assessee had already deposited 71 per cent of tax demand raised in reassessment proceedings, in interest of justice, balance amount of tax and interest was to be stayed till disposal of assessee appeal
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from www.taxmann.com Latest Case Laws https://ift.tt/34OQSFd
HC deleted additions as no incriminating material was found to prove that assessee had unexplained investments
No reassessment merely on ground that company had paid excessive salaries to its employees
INCOME TAX: Where AO initiated reassessment proceedings on ground that assessee had debited higher amount of salaries paid to employees in profit and loss account as against actual payment of salaries mentioned in salary register, in view of fact that assessee had submitted all relevant facts in respect of salary expenditure at time of completing assessment and moreover assessee had also filed a reconciliation statement showing that amount paid as per salary registers was same as debited in
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from www.taxmann.com Latest Case Laws https://ift.tt/302hKCB
Sum paid by ‘JIO’ for availing bandwidth services not taxable as royalty as per India-Singapore tax treaty
INTERNATIONAL TAXATION : Where assessee-company had entered into a 'bandwith services' agreement with a Singaporean company which enabled it to establish, install, maintain, operate and provide telecommunication services in Singapore and also provide bandwith services to service recipients across globe as amount paid by assessee for availing standard bandwith services was neither towards use of industrial, commercial or scientific equipments nor towards secret process, it could not be characteri
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188553/sum-paid-by-‘jio’-for-availing-bandwidth-services-not-taxable-as-royalty-as-per-india-singapore-tax-treaty.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188553/sum-paid-by-‘jio’-for-availing-bandwidth-services-not-taxable-as-royalty-as-per-india-singapore-tax-treaty.aspx
Waiver allowed to shareholder having less than 10% shareholding to file oppression plea was to be set side : NCLAT
COMPANY LAW: Where Tribunal by impugned order granted 'waiver' of requirements under section 244 to shareholder of company having less than 10 per cent shareholding in company for purpose of filing oppression and mismanagement application without considering any exceptional circumstances, said order was to be set aside
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from www.taxmann.com Latest Case Laws https://ift.tt/34R2bNd
Friday, September 13, 2019
Notification No. 63/2019 [F. No. 370142/11/2019-TPL] /SO 3266(E)
Notification No. 62/2019 [F.No. 370149/154/2019-TPL] /SO 3265(E)
E-assessment Scheme, 2019
CBDT launches scheme for e-assessments under Section 143
The CBDT has notified an ‘E-Assessment Scheme, 2019’ vide Notification no. 61/2019 & 62/2019, dated 12-09-2019 for the purpose of conducting e-assessments. The scheme shall be come into force with effect from September 12, 2019. Thus, any scrutiny assessment carried out on or after 12-09-2019 shall be governed by this ‘E-assessment Scheme, 2019’. The key highlights of ‘E-Assessment’ Scheme, 2019 are enumerated in this article.
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from taxmann.com News https://ift.tt/2Ne9o40
HC condoned delay in filing ITR as it was filed belatedly due to delay in pronouncement of ruling by AAR
INCOME TAX: Where assessee filed its return claiming refund belatedly and reason given for delay was that AAR pronounced ruling, regarding taxability of its income after expiry of period prescribed for filing return, revenue authorities were to be directed to condone delay in filing return subject to payment of cost and, thereupon, assessee's claim for refund would be decided in accordance with law
from www.taxmann.com Latest Case Laws https://ift.tt/2ZVrBJS
from www.taxmann.com Latest Case Laws https://ift.tt/2ZVrBJS
Tenancy right entered into on basis of oral agreement is barred; directed to handover possession to bank
FEMA, Insurance & Banking: Where appellant-tenant sought for stay of execution of order passed under section 14 of SARFAESI Act for taking possession of property which was let out to appellant by respondent no. 2 borrower/landlord before mortgage deed was entered between borrower and bank, it was held that bona fides of tenant was highly doubtful, as there was no good or sufficient evidence to establish tenancy which was based on oral agreement and not supported by registered instrument and, the
from www.taxmann.com Latest Case Laws https://ift.tt/31jIP0T
from www.taxmann.com Latest Case Laws https://ift.tt/31jIP0T
FMV of immovable property can't be rejected due to non-recording of difference in books of accounts
INCOME TAX : Basis of determination of FMV could not have been rejected on ground that no accounting entry had been passed in respect of difference between FMV of immovable property at relevant point of time in books of accounts, as, it is well settled that even where assessee fails to make necessary entries in books of accounts, it will not operate as a bar for claiming benefits by way of deduction etc.
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from www.taxmann.com Latest Case Laws https://ift.tt/2ZWY8Qj
Delay of 20 years couldn't be condoned just because counsel didn't inform outcome of first appeal to assessee
Objections couldn't be raised by assessee after tax liability mentioned in the SCN & order had been accepted by it
GST/EXCISE/ST/VAT: Where Adjudicating Authority by impugned order dismissed rectification application filed by assessee on ground that assessment order was passed pursuant to admission of service tax liability by assessee, since no good grounds were made out by assessee in writ petition challenging impugned order, same was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Nd1Zls
No sec. 10(23C)(vi) exemption if funds collected from students were taken away outside books of account
INCOME TAX : Where Assessing Officer finding that funds collected from students admitted to institutions run by assessee were taken away outside books of account without even issuing receipts, rejected assessee's claim for exemption under section 10(23C)(vi), said finding being a finding of fact, did not require any interference
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from www.taxmann.com Latest Case Laws https://ift.tt/30cveHs
ITAT set-aside order as AO didn't refer matter to DVO after receiving objection against adoption of stamp duty value
INCOME TAX : Where assessee objects to adoption of stamp duty value as deemed sale consideration, Assessing Officer is duty-bound to make a reference to DVO under sub-section (2) of section 50C for determining value of property and thereafter proceed to compute capital gains by following provisions of sub-section (3) of section 50C
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q8kkm3
HC acquitted accused from offence of cheque dishonouring as there was no evidence to show his legal liability to pay
FEMA, BANKING & INSURANCE: Where complainant had not executed any document pertaining to such loan transaction and neither he examined any witness in support - Whether since complainant had not been able to prove that accused had taken legally recoverable debt from complainant, accused was to be acquitted from committing offense under section 138
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from www.taxmann.com Latest Case Laws https://ift.tt/2AhTuNL
IBBI issues guidelines for appointment of Insolvency Professional as Administrators
The Insolvency and Bankruptcy Board of India (IBBI) and the SEBI have mutually agreed upon to use a Panel of Insolvency Professionals for appointment as Administrators for effective implementation of the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. In this regard, the IBI has issued guidelines for appointment of Insolvency Professionals as Administrators.
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from taxmann.com News https://ift.tt/303BTIR
Sebi Imposes Rs12-L Fine on ICICI Bank, Compliance Officer for Disclosure Lapses
Tribunal appoints administrator to set things straight after series of serious acts of mismanagement by directors
Sum paid by 'JIO' for availing bandwidth services not taxable as royalty as per India
INTERNATIONAL TAXATION : Where assessee-company had entered into a 'bandwith services' agreement with a Singaporean company which enabled it to establish, install, maintain, operate and provide telecommunication services in Singapore and also provide bandwith services to service recipients across globe as amount paid by assessee for availing standard bandwith services was neither towards use of industrial, commercial or scientific equipments nor towards secret process, it could not be characteri
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from www.taxmann.com Latest Case Laws https://ift.tt/2ZVyKJT
RBI reduces risk weight for consumer credit
Amending method of calculating premium by reinsurer wouldn't amount to abuse of dominant position: CCI
COMPETITION LAW: Where circular issued by OP-Indian reinsurer notifying certain amendments to method of calculating premium neither prevent a general insurance companies to offer premium at lowest rates to policy holder nor did it prevent general insurance companies from opting for an alternate reinsurance company, other than OP, no case of contravention of section 4 was made out against OP
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from www.taxmann.com Latest Case Laws https://ift.tt/2Nd02FJ
Recovery proceedings not to be initiated against director without proving that tax couldn't be received from co.
INCOME TAX: Where AO having completed assessment in case of company in which assessee was a director, issued a notice to assessee under section 179 seeking to recover tax dues of said company from him, in view of fact that there was nothing on record to suggest that tax dues could not be recovered from company and same could be attributed to any gross neglect, misfeasance or breach of duty on part of assessee in relation to affairs of company, impugned recovery proceedings deserved to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/2UOAwb0
from www.taxmann.com Latest Case Laws https://ift.tt/2UOAwb0
Thursday, September 12, 2019
HC quashed dept. order reclassifying same product into different heading
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 and required to be quashed
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q93rI2
A tax advisory cell and tax compliance scheme need to be formulated for entrepreneurial fresh ventures: ITAT
INCOME TAX: Tax Advisory Cell be created in order to nurture the successful ventures of semi-skilled first time untrained entrepreneurs from a below the tax-free threshold to incomes above this level. These upward movements in incomes are first noticed by the Tax Administrator (Assessing Officer) where deposits in bank accounts or other visible markers of financial success qua a new player in the market are first noticed in the system.
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from www.taxmann.com Latest Case Laws https://ift.tt/2ZUjQo5
HC set aside SCN & order passed by the dept. reclassifying imported product 'Power Energy Drink'
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 and required to be quashed
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from www.taxmann.com Latest Case Laws https://ift.tt/32EuAnI
Rectification application against ITAT order was barred by principal of finality if HC ruled against order of ITAT
INCOME TAX : SLP dismissed against High Court ruling that where Tribunal rejected assessee's cross-objection and assessee did not appeal and when High Court decided revenue's appeal in revenue's favour, assessee filed rectification application before Tribunal regarding earlier cross-objection, same would be barred by principle of finality
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from www.taxmann.com Latest Case Laws https://ift.tt/2NXMyNV
HC confirmed sec. 68 additions as assessee failed to prove identity of share applicants
INCOME TAX : Where revenue authorities made addition to assessee's income under section 68 in respect of share application money received from various investors, since assessee failed to produce them despite various opportunity granted to it and, moreover there was no evidence on record establishing genuine investments on their part in shares of assessee-company, impugned addition was to be confirmed
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from www.taxmann.com Latest Case Laws https://ift.tt/30caUWx
Competent Authority to release the detained goods on assessee furnishing bank guarantee for tax & penalty
GST: Where Competent Authority had detained goods of assessee under transport and issued notice under section 129(3) demanding tax and penalty, said authority was directed to release goods on assessee furnishing bank guarantee for tax and penalty amount demanded in notice
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from www.taxmann.com Latest Case Laws https://ift.tt/2I4WmSe
ITAT set-aside order passed u/s 144C without intimating variations in income through draft assessment order
INCOME TAX: An order under section 144C(3) can be passed after draft assessment order is passed under section 144C(1) and assessee accepts variations in such order; assessment order passed directly under section 144C(3) without intimating variations to assessee through draft order would be vitiated by law
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q4k0Vy
Acquiring flat from builder where construction to be done in phased manner is case of purchase for sec. 54F relief
INCOME TAX : Where assessee having sold shares, entered into an agreement with a builder for purchase of new residential flat which was constructed by builder in phased manner and payment of which was linked to stage of construction, it was a case of purchase and not construction of new asset and, therefore, assessee was to be allowed deduction under section 54F
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from www.taxmann.com Latest Case Laws https://ift.tt/2LOZjHX
Imported 'Power Energy Drink' is classified under heading 2202 90 90
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 and required to be quashed
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from www.taxmann.com Latest Case Laws https://ift.tt/2NYfN2W
ITAT isn't empowered to resolve an issue which has already been decided by HC
Wednesday, September 11, 2019
Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure
ITAT grants treaty benefit to Cypriot entity being beneficial owner of interest income received on CCDs
INTERNATIONAL TAXATION : Assessee a company incorporated under laws of Cyprus being beneficial owner of interest on Compulsorily Convertible Debentures (CCDs) in an Indian private limited company would be entitled to beneficial provisions of article 11 of DTAA between India and Cyprus
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from www.taxmann.com Latest Case Laws https://ift.tt/31gzIOC
Provision for lesser penalty u/s 13 of Money Laundering Act would be applied retrospectively: HC
FEMA, BANKING AND INSURANCE : Delhi High Court upholds order passed by Appellate Tribunal whereby it had modified orders passed by Director, FIU under section 13(2) of the Prevention of Money-Laundering Act, 2002 from a monetary fine to a warning in writing, in terms of section 13(2)(a) as substituted with effect from 15-2-2013
from www.taxmann.com Latest Case Laws https://ift.tt/2ZSdpC4
from www.taxmann.com Latest Case Laws https://ift.tt/2ZSdpC4
Plea against NCLT's order wasn't maintainable as other alternative remedies u/s. 421 were available: HC
COMPANY LAW: Where Tribunal dismissed application of petitioner company challenging maintainability of oppression and mismanagement petition filed by respondent, appropriate remedy would be to approach Appellate Authority under section 421
from www.taxmann.com Latest Case Laws https://ift.tt/2O1F0tz
from www.taxmann.com Latest Case Laws https://ift.tt/2O1F0tz
Sec. 234E fees couldn't levied for the period prior to 01/06/2015: ITAT
Mark-to-Market Valuation Likely for All Debt Securities
ITAT deleated sec. 68 additions as assessee duly proved genuineness of share applicant
INCOME TAX : Where AO made addition to assessee's income under section 68 in respect of share application money received from various applicants, in view of fact that assessee had provided details of name, address, PAN of share applicants together with copies of their balance sheets and returns and, moreover, amount had been received by account payee cheques out of sufficient bank balances maintained by of share applicants, impugned addition deserved to be deleted
from www.taxmann.com Latest Case Laws https://ift.tt/2ZTtVBE
from www.taxmann.com Latest Case Laws https://ift.tt/2ZTtVBE
SLP dismissed against ruling allowing sec. 12AA registration as activities of assessee fell under charitable purpose
INCOME TAX : Where High Court upheld Tribunal's order allowing assessee's claim for registration under secton 12AA by taking a view that primary object of assessee trust was to conduct work in area of research, studies, training, education, health etc. only for charitable purpose within meaning of section 2(15), SLP filed against said order was to be dismissed
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from www.taxmann.com Latest Case Laws https://ift.tt/32FaWaT
Karnataka HC dismissed appeal against ITAT's order due to low tax effect
No dep. allowable on properties if income earned therefrom was taxable under head 'income from house property'
INCOME TAX : Where assessee let out its business premises and declared rental income earned therefrom under head Income from house property, since there was no business use of those properties nor being available/ready to be used for purposes of business of assessee, depreciation under section 32 could not be allowed merely on ground that those properties continued to form part of 'Block of Asset' as defined under section 2(11)
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from www.taxmann.com Latest Case Laws https://ift.tt/2UJFkOT
Tuesday, September 10, 2019
SC upholds COMPAT’s order directing investigations against UBER
COMPETITION ACT: Where Uber with an intent to eliminate competition in Market was offering discounts / incentives to its drivers to keep them attached on its network to exclusion of other market players and was losing Rs.204 per trip in respect of every trip made by cars of fleet owners, it was to be held that it was abusing its dominant position and accordingly appeal filed by Uber against probe ordered by Competition Appellate Tribunal into alleged abuse of dominance and anti competitive price
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190429/sc-upholds-compat’s-order-directing-investigations-against-uber.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190429/sc-upholds-compat’s-order-directing-investigations-against-uber.aspx
Delay in service of notice evident from date shown in e-portal couldn't be disputed by citing technical error
Converting written play into dramas not to be held as commercial activity to deny sec. 12AA registration
INCOME TAX : Where assessee trust was formed for charitable purpose, in view of fact that one of objects of assessee mentioned that with help of literary persons of different aptitudes or classes, plays written in different languages could be converted into dramas or episodes or T.V. plays, said activity could not be regarded as commercial in nature and, thus, assessee's application for registration under section 12AA was to be allowed
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from www.taxmann.com Latest Case Laws https://ift.tt/2NRQIqs
SAT quashes SEBI’s order banning PWC for 2 yrs; questions jurisdiction of SEBI in banning any audit firm
SAT quashes SEBI’s order banning PWC for 2 yrs; questions jurisdiction of SEBI in banning any audit firm
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190406/sat-quashes-sebi’s-order-banning-pwc-for-2-yrs-questions-jurisdiction-of-sebi-in-banning-any-audit-firm.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190406/sat-quashes-sebi’s-order-banning-pwc-for-2-yrs-questions-jurisdiction-of-sebi-in-banning-any-audit-firm.aspx
Initiation of special audit was justified considering the adverse remarks made by assessee's auditor
INCOME TAX: Where Assessing Officer ordered for special audit in view of complexity of accounts, multiplicity of transactions and assessee could not provide particulars with respect to various units as well as there were adverse remarks made by assessee's auditor, notice for conducting special audit was justified
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