Net interest paid to be considered & not gross interest for the purpose of sec. 14A disallowance

INCOME TAX: Where in course of appellate proceedings, Tribunal held that disallowance under section 14A was to be made with reference to net interest paid on loan and not gross interest, since revenue authorities failed to controvert said finding recorded by Tribunal, same deserved to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/36ipdgu

CCI receives combination notice under green channel scheme, relating to acquisition of equity stake

CCI receives combination notice under green channel scheme, relating to acquisition of equity stake in Hero Future Energies Global Ltd and non voting compulsorily convertible preference shareholding in Hero Future Energies Private Ltd.

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AO has power to drop proceedings even in absence of any challenge by assessee to reassessment notice

INCOME TAX: Proceedings for reassessment under section 147 are for benefit of revenue and, therefore, dropping of reassessment proceedings by Assessing Officer under section 147, even in absence of assessee challenging notice under section 147/148, is justified

from www.taxmann.com Latest Case Laws https://ift.tt/36ii2F4

No additions if assessee reconciled difference between TDS appearing in ITR & Form 26AS

INCOME TAX: Where Assessing Officer noticing that assessee had claimed TDS of lesser amount in its return of income as against TDS of higher amount as appeared in AIR information data base of Income-tax department concluded that assessee had not disclosed receipts income represented by TDS of differential amount and made additions to such extent as undisclosed income, since before Commissioner (Appeals), assessee duly filed all relevant details to explain such TDS difference and reconcile income

from www.taxmann.com Latest Case Laws https://ift.tt/2WuFNFB

Hyundai, Kia’s US300m Funding in Ola and its Electric Arm Gets CCI Nod

Hyundai, Kia’s US300m Funding in Ola and its Electric Arm Gets CCI Nod

from taxmann.com News https://www.taxmann.com/topstories/222330000000019608/hyundai-kia’s-us300m-funding-in-ola-and-its-electric-arm-gets-cci-nod.aspx

Revenue Concerns Make Immediate Tax Cuts Tough...

Revenue Concerns Make Immediate Tax Cuts Tough...

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Can creditorsell assets of firms in liquidation? NCLAT to decide

Can creditorsell assets of firms in liquidation? NCLAT to decide

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In cheque bouncing case, participation of independent director in affairs of co. to be decided by trial court: HC

FEMA, INSURANCE & BANKING: Where Trial Court issued process against company and its directors for offence punishable under section 138, issue whether applicant was director of company and, whether he was playing active role in day to day affairs of company at relevant time or not, had to be decided only during trial

from www.taxmann.com Latest Case Laws https://ift.tt/2BVyRrh

Consultation fees of doctors retained by hospitals for administrative support not taxable as 'Business Support Service'

GST/Excise/ST/VAT: Where assessee was engaged in providing health services and it as per agreement with various doctors retained a part of consultant fee charged by doctors from patients in lieu of providing administrative support to them, consultant fee retained by assessee for providing administrative support was not taxable under category of 'Business support service'

from www.taxmann.com Latest Case Laws https://ift.tt/2PyUshy

TDR given by municipality to owner in lieu of acquisition of immovable property was capital asset

INCOME TAX: Transferable Development Right (TDR) given to owner by municipality in lieu of acquisition of immovable property is capital asset; if TDR was earlier sold to third party but same was cancelled, it could not be considered as purchase from said party and period of holding of TDR was to be calculated from date of acquisition of assessee's property by municipality

from www.taxmann.com Latest Case Laws https://ift.tt/2Nn3eMM

Additions justified if assessee failed to prove that sum deposited in bank was actually his salary withdrawn earlier

INCOME TAX: Where there was no specific evidence to explain assessee's stand that amount deposited in bank was actually his salary that was withdrawn earlier and rotated from time to time and that same was redeposited in cash, addition made as undisclosed income was justified

from www.taxmann.com Latest Case Laws https://ift.tt/2WpRLQK

Assessee eligible to claim sec. 54F exemption if new house is purchased up to due date of filing of belated ITR

INCOME TAX : In case of long-term capital gain arising from sale of property, deduction under section 54F would be available to assessee in respect of payment towards purchase of new residential house upto due date of filing of return of income prescribed under section 139(4) and not under section 139(1)

from www.taxmann.com Latest Case Laws https://ift.tt/2MZrZQg

CCI orders investigation against MMT and OYO for alleged malpractice

COMPETITION LAW : Where information was filed by informant i.e., Federation of Hotel & Restaurant Associations against

from www.taxmann.com Latest Case Laws https://ift.tt/2NoOrkF

HC dismissed appeal following revised threshold limit of tax effect fixed by Circular No. 17/2019

INCOME TAX: Where revenue filed an appeal against Tribunal's order, in view of fact that tax effect in said appeal was lower than threshold limit fixed by Circular No. 17/2019 dated 8-8-2019, same was to be dismissed as withdrawn

from www.taxmann.com Latest Case Laws https://ift.tt/2JyCsjA

CIT(A) is required to pass speaking order after proper appreciation of facts

INCOME TAX : It is incumbent upon first appellate authority to pass a speaking order after proper appreciation of facts

from www.taxmann.com Latest Case Laws https://ift.tt/2Pva8lL

HC dismissed appeal following revised threshold limit fixed by Circular No. 17/2019 tax effect

INCOME TAX: Where revenue filed an appeal against Tribunal's order, in view of fact that tax effect in said appeal was lower than threshold limit fixed by Circular No. 17/2019 dated 8-8-2019, same was to be dismissed as withdrawn

from www.taxmann.com Latest Case Laws https://ift.tt/2q05PnZ

DPIIT Kickstarts Exercise to Ease FDI Norms More

DPIIT Kickstarts Exercise to Ease FDI Norms More

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Panel for Easier Entry to Foreign Investors

Panel for Easier Entry to Foreign Investors

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CCI Orders Probe into Go-MMT, Oyo on Hotel & Restaurant Body’s Plaint

CCI Orders Probe into Go-MMT, Oyo on Hotel & Restaurant Body’s Plaint

from taxmann.com News https://www.taxmann.com/topstories/222330000000019600/cci-orders-probe-into-go-mmt-oyo-on-hotel-restaurant-body’s-plaint.aspx

Ex-parte order against client can’t be recalled if in-person notice was served to its CA: SC

INCOME TAX : The Supreme Court issued a court notice to the assessee-company but no one appeared on behalf of the company. Thereafter, a dasti notice (a notice served in person) of court proceedings was served upon the Chartered Accountant (an authorized representative of the company)but he failed to communicate the same to the company. Therefore, the Supreme Court passed an ex-parte order asassessee remained unrepresented despite service of in-person upon its authorised representative

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191331/ex-parte-order-against-client-can’t-be-recalled-if-in-person-notice-was-served-to-its-ca-sc.aspx

Trust registration can’t be withdrawn just because services of private entities were availed for charitable object

INCOME TAX : Where assessee-society, created with object of providing medical relief through running/operating of hospital and medical research, had been denied registration granted under section 12AA with retrospective effect on ground that assessee has not been operating as a charitable institution as trust had allowed property/hospital of society to be taken over by Max group by creating various financial and legal obligations and had virtually handed over activity of hospital to Max group

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191332/trust-registration-can’t-be-withdrawn-just-because-services-of-private-entities-were-availed-for-charitable-object.aspx

Reach Consensus on Bhushan Power Assets, NCLAT Asks ED, MCA

Reach Consensus on Bhushan Power Assets, NCLAT Asks ED, MCA

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TATA MF moves NCLT for rs 120-cr DHFL dues

TATA MF moves NCLT for rs 120-cr DHFL dues

from taxmann.com News https://ift.tt/2MP2PUn

MAT removal for SEZs on the cards

MAT removal for SEZs on the cards

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NCLAT asks ED, ministry to sort out Bhushan Power asset issue

NCLAT asks ED, ministry to sort out Bhushan Power asset issue

from taxmann.com News https://ift.tt/344l5P8

Bulkers fabricated & mounted on duty paid chassis are classified under heading no. 8704 23 -19

GST/EXCISE/ST/VAT: Where assessee was engaged in fabrication of bulkers which were mounted on duty paid chassis and such vehicles were used for transportation of cement and fly ash, said bulkers are classifiable under Heading No. 8704 23 19

from www.taxmann.com Latest Case Laws https://ift.tt/2BGfbrx

No reassessment merely relying on advisory issued by dept. to thoroughly verify agricultural receipts

INCOME TAX : Where Assessing Officer issued a reopening notice against assessee simply in view of an advisory issued by department in which Assessing officer was directed to thoroughly verify agricultural income received by several parties including assessee, and there was no any tangible material in possession of Assessing for formation of belief of escapment of income chargeable to tax, impugned reopening was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/3481tJV

No requirement for an auditor to secure NOC from previous auditor in terms of clause 8 of Schedule I of CA Act: HC

INCOME TAX/CHARTERED ACCOUNTANTS ACT : In terms of clause (8) of First Schedule of Act, there is no requirement for an auditor to secure a no objection certificate from previous auditor as only requirement is that Chartered Accountant, who accepts position as an auditor, must communicate with previous auditor about same

from www.taxmann.com Latest Case Laws https://ift.tt/2BKi1vB

HC allowed assessee's plea for availing of remedy of filing appeal in respect of other issues

INCOME TAX: Where in course of writ proceedings before High Court, decision on assessee's claim for deduction under section 80P was stayed subject to outcome of proceedings of SLP pending before Supreme Court in similar cases, assessee's plea for availing of alternate remedy of filing an appeal under section 246A in respect of other issues decided against them, was to be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/2JkRSHJ

Exp. incurred towards execution of sale of property acquired under Will are deductible while computing capital gains

INCOME TAX: Where assessee sold a property acquired from his father under Will and computed capital gain after reducing payments made to charitable institutions and certain expenditure incurred towards execution of sale of property, since said payments were made as per Will, same were correctly excluded while computing capital gain on sale of property by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2WbOgNA

No violation of sec. 2(15) if holding fairs, exhibitions and conferences were ancillary to attainment of main objects

INCOME TAX: Where assessee's activities of holding fairs, exhibitions and conferences were incidental or ancillary to attainment of assessee's main object of promotion of construction industry and surplus, if any, was to be transferred to its infrastructure fund, there was no violation of section 2(15)

from www.taxmann.com Latest Case Laws https://ift.tt/2pQBpo5

Date of issue of allotment letter to be taken as date of acquisition of flat for the purpose of sec. 54F exemption

INCOME TAX: While determining assessee's claim for deduction under section 54F in respect of purchase of flat from builder, date of issuance of allotment letter by builder has to be taken as date of acquisition of property

from www.taxmann.com Latest Case Laws https://ift.tt/2WcIPhh

Direct tax mop-up growth slumps to 3.5% till mid-Oct

Direct tax mop-up growth slumps to 3.5% till mid-Oct

from taxmann.com News https://ift.tt/341F7Kk

Sum paid to NR for import of coal through agent not taxable in India: ITAT

INTERNATIONAL TAXATION: Where assessee imported coal from four non-resident suppliers through common broker, namely 'SPEPL', since there was no role of SPEPL directly or indirectly in respect of sales, coal shipment services, collection of money and import documentation and SPEPL had no authority to conclude contract on behalf of non-resident suppliers nor it had any role leading to conclusion of contracts, case of assessee squarely fell in proviso to section 9(1) and income could not be deemed

from www.taxmann.com Latest Case Laws https://ift.tt/2NexKYX

AO couldn't reject method of accounting because he found bogus bills & unaccounted exp.

IT: Accounting defects of bills, seized documents showing unaccounted expenses and negative cash balance could not be reasons, individually or collectively to reject cash method of accounting regularly followed by assessee to reach at real profit/income of assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2WdWIMm

Petitioner-Co allowed to revise financial statements as its accounts didn’t have any effect of demerger : NCLT

COMPANY LAW : Where while demerger and transfer of one of unit of petitioner company was approved with appointed date of demerger as 1-4-2017, accounts of petitioner company for financial year 2017-18 were duly filed and adopted and therefore, accounts of petitioner company for said year could not show any effect of demerger, thus, petitioner company was to be allowed to file revised financial statement for Financial year 2017-18

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189614/petitioner-co-allowed-to-revise-financial-statements-as-its-accounts-didn’t-have-any-effect-of-demerger-nclt.aspx

Notification No. 84/2019 [F.No.503/09/2009-FTD-II] / SO 3789(E)

Publish Date : Tuesday, October 22, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2Jl67fP

Supreme Court allows Centre’s plea to recover adjusted gross revenue of Rs. 92,000 crore from telecos

Supreme Court allows Centre’s plea to recover adjusted gross revenue of Rs. 92,000 crore from telecos

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191292/supreme-court-allows-centre’s-plea-to-recover-adjusted-gross-revenue-of-rs-92000-crore-from-telecos.aspx

ITAT slams AO for charging capital gains in hands of general power of attorney holder

INCOME TAX: Capital gain would arise in hands of owners of property and not GPA holder

from www.taxmann.com Latest Case Laws https://ift.tt/31Mh3t7

HC stayed demand until disposal of condonation application; directed deposit of 10% of tax demand

INCOME TAX: Petitioner filed appeals before Commissioner (Appeals) as also applications for condonation of delay in filing appeal as also stay on assessment orders and offered to deposit 10 percent of tax demand, revenue was to be directed to not to recover further tax amount until disposal of applications for condonation of delay

from www.taxmann.com Latest Case Laws https://ift.tt/2BDvzJ4

CIT(A) cannot enhance assessment by taking income which wasn't considered by AO during assessment

INCOME TAX: Commissioner (Appeals) is not competent to enhance assessment by taking an income which income was not considered expressly or by necessary implication by Assessing Officer during assessment

from www.taxmann.com Latest Case Laws https://ift.tt/2MKDKd7

No question of law arose if ITAT held that gain from sale of agricultural land was assessable as business income

INCOME TAX: Where Tribunal, on basis of details of purchase and sales of agricultural lands and period of holding etc., came to conclusion that said transactions were in nature of trade and, consequently, surplus/gain arising from sale of lands was in nature of business income, finding recorded by Tribunal being a finding of fact, no substantial question of law arose therefrom

from www.taxmann.com Latest Case Laws https://ift.tt/2Wec1EH

Quoting a wrong provision of statute while exercising power under Act wont invalidate order passed by authority

COMPANY LAW: Merely quoting a wrong provision of statute while exercising power under an Act would not invalidate order passed by authority if it is shown that such order could be passed under other provisions of statute

from www.taxmann.com Latest Case Laws https://ift.tt/2BFt6hm

India jumps 14 places to 63rd position on the World Bank''s ease of doing business ranking

India has jumped 14 places to the 63rd position among 190 nations on the World Bank's ease of doing business ranking released on Thursday. Last year, India was on 77th position. The World Bank has commended the reform efforts undertaken by the country "given the size of India's economy" in its ''Doing Business'' 2020 report, India has improved its rank on 6 out of 10 parameters relating to starting and doing business in a country.

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Banks Stare At Huge provision burden if fraud is established

Banks Stare At Huge provision burden if fraud is established

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Sebi begins probe against Infy over whistle-blower charges

Sebi begins probe against Infy over whistle-blower charges

from taxmann.com News https://ift.tt/341ltOD

HC remanded matter as assessee failed to respond to notices because of her husband's illness

INCOME TAX : Where merits of assessee's contention about transactions in immovable properties could not be verified from materials due to her non-appearance due to her bed ridden husband's ill health, issue was to be readjudicated

from www.taxmann.com Latest Case Laws https://ift.tt/2od3Hsh

CAs aren’t allowed to list their services with application based service provider Aggregators: ICAI

The Ethical Standards Board of the Institute of Chartered Accountants of India (ICAI) has announced that members in practice are not allowed to listing with certain online Application based service provider Aggregators, wherein other businessmen, technicians, maintenance workers, event organizers etc. are also listed.

from taxmann.com News https://www.taxmann.com/topstories/222330000000019584/cas-aren’t-allowed-to-list-their-services-with-application-based-service-provider-aggregators-icai.aspx

No prosecution proceedings if tax was deposited belatedly after coercive steps taken by dept.: HC

INCOME TAX: Where assessee deposited/paid self-assessment tax dues belatedly after coercive steps were taken by department, there could not be an inference that there was wilful attempt on part of assessee under section 276C to evade payment of tax and, therefore, prosecution under section 276C was to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/31E9CEp

Notification No. 83/2019 [F.No.178/16/2016-ITA-I] / SO 3771(E)

Publish Date : Monday, October 21, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2BCgs2U

Notification No. 82/2019 [F.No.197/53/2018-ITA-I] / SO 3770(E)

Publish Date : Monday, October 21, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/32EBo4V

​Corrigendum​

Publish Date : Monday, October 21, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/32K6Mz6

Govt. introduces online proficiency test for Independent Directors with effect from Dec 01, 2019

Independent directors have a crucial role to play for keeping good governance practices. Lately, many individuals have come under the lens of MCA and other regulatory bodies in connection with irregularities at companies while serving as independent directors.

from taxmann.com News https://ift.tt/2By0eI1

Sum paid to foreign co. for installing & carrying out repair work of wind turbine abroad taxable as FTS in India

INTERNATIONAL TAXATION : Where assessee, engaged in manufacturing and export of wind turbines, availed services of foreign companies in installing and carrying out repair work of wind turbines abroad, payment made for said services was liable to tax in India as 'fee for technical services'

from www.taxmann.com Latest Case Laws https://ift.tt/2pGWXn5

Co. Court has power to direct publication of an advertisement by liquidator to secure interest of creditor

CL : Winding up proceedings are proceedings in rem and have an impact on rights of people, in general. Thus, it is mandatory to advertise such proceedings, so as to ensure that they receive widest possible publicity and all relevant stakeholders have adequate notice. This implies that in a situation where petitioning creditor fails to advertise petition and no other creditor or contributory comes forward to prosecute it, Rule 101 should not be read in a manner that absolutely bars continuation o

from www.taxmann.com Latest Case Laws https://ift.tt/32FD2Dx

No proceedings u/s 153C merely relying on statement of person that he provided accommodation entry to assessee

INCOME TAX: Where a notice under section 153C was issued against assessee-company on basis of a statement of main controlling person of group companies to which assessee company belonged that several group companies including assessee had received bogus accommodation entries, said statement contained information that 'related' to assessee but it could not be said to be a document that 'belonged' to assessee so as to initiate proceedings against assesse under section 153C

from www.taxmann.com Latest Case Laws https://ift.tt/33YDTj1

Limitation period for sale of attached property not to be reckoned from date of intimation u/s 143(1)

INCOME TAX: Where return was acknowledged under section 143(1) and final assessment order was passed under section 143(3) against which appeals were still pending, it could not be said that order became conclusive; period of limitation for selling attached immovable property would reckon only from date, on which order would become conclusive

from www.taxmann.com Latest Case Laws https://ift.tt/2W8m9Py

Compensation received by builder for extinction of its right to sue was non-taxable capital receipt

INCOME TAX: Where pursuant to cancellation of land development agreement, amount received by assessee was in excess of advance and same was on account of compensation for extinction of its right to sue landowner, since said receipt was not in ordinary course of its business, same was to be construed as capital receipt not liable to tax

from www.taxmann.com Latest Case Laws https://ift.tt/35XeGXY

Sum paid to foreign co. for installing & carrying out repair work of wind turbine aboard taxable as FTS in India

INTERNATIONAL TAXATION : Where assessee, engaged in manufacturing and export of wind turbines, availed services of foreign companies in installing and carrying out repair work of wind turbines abroad, payment made for said services was liable to tax in India as 'fee for technical services'

from www.taxmann.com Latest Case Laws https://ift.tt/2MFxoMb

Defence FDI Through Auto Route may be Hiked to 74%

Defence FDI Through Auto Route may be Hiked to 74%

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PwC-Satyam Case: Sebi Challenges SAT Ruling

PwC-Satyam Case: Sebi Challenges SAT Ruling

from taxmann.com News https://ift.tt/2qAyEHH

GOODWILL HUNTING

GOODWILL HUNTING

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Wound up plea by a Co. seeking no action against its assets rejected, liquidator free to take steps against Co’s assets

COMPANY LAW : Where application was filed seeking direction that applicant company be deleted from list of companies being treated as part of company against which winding up proceedings were going on, however, applicant failed to place on record evidence that it was taken over by new management, said application was to be dismissed and Official Liquidator would be free to take steps regarding property as per law

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191200/wound-up-plea-by-a-co-seeking-no-action-against-its-assets-rejected-liquidator-free-to-take-steps-against-co’s-assets.aspx

HC slams AO for reopening assessment holding that assessee claimed false exemption u/s 11

INCOME-TAX: Where Assessing Officer reopened assessment for reason that it was not brought to his notice that assessee was not registered under section 12A in order to claim exemption under section 11(1)(d) in respect of amount received as corpus fund, since assessee had claimed corpus fund as exempt for reason that it was a capital receipt and did not claim exemption under section 11(1)(d) Assessing Officer misdirected himself in posing such a question and stating same to be a reason for reopen

from www.taxmann.com Latest Case Laws https://ift.tt/33UUW5i

Legal expenses incurred by assessee in capacity of MD of Co. not deductible against his professional income

INCOME TAX: Where High Court upheld Tribunal's order holding that legal/settlement expenses incurred by assessee in his capacity of managing director of company 'M' could not be claimed as deduction against income earned by exercising legal profession in his individual capacity, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2p5bUzd

Firm couldn't be held guilty for violation of FEMA when ED failed to prove payment made via non-banking channel

FEMA, Banking & Insurance: Where ED alleged payment by appellant firm and its partners to overseas suppliers through non-banking channels in violation to provisions of section 3, but, it failed to prove its case, order passed by Adjudicating Authority imposing penalty on appellant and its partners was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2BC0Ufg

HC quashes CCI’s probe order against Star, Sony Tv and IBF over alleged price discrimination

COMPETITION LAW : Where CCI passed impugned orders exercising powers under section 26(1) directing Director General to initiate and conduct an investigation to ascertain whether or not petitioner, i.e., Star, Sony and IBF had indulged in refusal to deal by way of discrimination with Noida Software Technology Pvt. Ltd. (NSTPL) in contravention of provisions of section 3(4), it was held that in impugned order, in order to hold a prima facie contravention of section 3(4), CCI ought to have formed a

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191201/hc-quashes-cci’s-probe-order-against-star-sony-tv-and-ibf-over-alleged-price-discrimination.aspx

HC quashes CCI’s probe order against Star, Sony Tv and IBF over alleged price discrimination -- Star India

COMPETITION LAW : Where CCI passed impugned orders exercising powers under section 26(1) directing Director General to initiate and conduct an investigation to ascertain whether or not petitioner, i.e., Star, Sony and IBF had indulged in refusal to deal by way of discrimination with Noida Software Technology Pvt. Ltd. (NSTPL) in contravention of provisions of section 3(4), it was held that in impugned order, in order to hold a prima facie contravention of section 3(4), CCI ought to have formed a

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191201/hc-quashes-cci’s-probe-order-against-star-sony-tv-and-ibf-over-alleged-price-discrimination-star-india.aspx

Method of valuation of closing stock couldn't be changed just because value of stock shown by assessee was low

INCOME-TAX : Where Assessing Officer had not pointed out any defect in method of accounting followed by assessee for valuation of its closing stock, he could not impose another method on assessee merely because profits or value of closing stock shown by assessee was less

from www.taxmann.com Latest Case Laws https://ift.tt/2pKuZqA

AO couldn't disallow purchases if assessee had submitted various doc. to substantiate their genuineness

INCOME TAX: Where assessee had submitted purchase bills, transportation bills, confirmed copy of accounts and VAT Registration of sellers as also their Income-tax Return and payment was made through cheques, impugned purchases could not be disallowed

from www.taxmann.com Latest Case Laws https://ift.tt/2J95G8g

No sec. 68 additions on ground that shares were issued at premium once genuineness of transaction was established

INCOME TAX: SLP dismissed against High Court ruling that once genuineness, creditworthiness and identity of investors were established, no addition could be made as cash credit on ground that shares were issued at excess premium

from www.taxmann.com Latest Case Laws https://ift.tt/32BFydL

No dep. on goodwill if block of assets ceases to exist on last date of previous year: ITAT

INCOME TAX: If written down value of asset is reduced to zero or block of asset is empty or it ceases to exist on last date of previous year, even though written down value of asset is not reduced to zero, no depreciation is allowable

from www.taxmann.com Latest Case Laws https://ift.tt/2qA5vMT

MCA Amends Rules to Allow Cos to Comply with KYC Norms

MCA Amends Rules to Allow Cos to Comply with KYC Norms

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Next FTP May Reduce Raw Material Costs to Boost Sliding Exports

Next FTP May Reduce Raw Material Costs to Boost Sliding Exports

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NBFCs Raise Rs 2.36 l cr via Loan Securitisation

NBFCs Raise Rs 2.36 l cr via Loan Securitisation

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RBI Bans Use of Agents to Chase Loans

RBI Bans Use of Agents to Chase Loans

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Resolution Delay Forces Banks to Put NPAs on Sale

Resolution Delay Forces Banks to Put NPAs on Sale

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Benefit of exemption from excise duty to be continued on Polyester Staple Fiber till issue of circular imposing duty

GST/Excise/ST/VAT : Where assessee was engaged in manufacture of Polyester Staple Fibre [PSF] and was clearing said product by availing benefit of exemption from duty in terms of Note 1 to Chapter 54 of Central Excise Tariff Act and revenue based upon Circular No. 929/19/2010 - CX, dated 29-6-2010 issued on assessee show cause notice alleging that product PSF was classifiable under Chapter 55 and assessee was liable to pay duty of excise, no duty liability could be created against assessee befor

from www.taxmann.com Latest Case Laws https://ift.tt/2MBcFsL

No concealment penalty if assessee had bona fide belief that LTA payment made to employee was exempt form TDS

INCOME TAX : Where Assessing Officer passed a penalty order under section 271C on account of assessee's failure to deduct tax at source while making payment of Leave Travel Allowance (LTA) to its employees, in view of fact that assessee was under a bona fide belief that in case employees's final destination was in India, irrespective of fact that en-route journey was out of India, LTA was exempt and thus, did not require TDS, impugned penalty order was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2qs3xxU

CCI imposes penalty upon NSK and JTEKT for indulging in cartelisation in supply of EPS to automobile manufacturers

COMPETITION LAW: Where DG found that NSK and JTEKT, Japan had indulged in cartelisation in supply of Electric Power Steering (EPS) systems to three automotive original equipment manufacturers (OEMs) which had caused appreciable adverse effect on competition in India and said findings of DG had not been disputed or contradicted by either parties, it was to be held that there was contravention of provisions of 3(3), read with section 3(1) and accordingly penalty was to be imposed

from www.taxmann.com Latest Case Laws https://ift.tt/2W2SQxz

Single or multiple micro-nutrient fertilizers classifiable under heading no. 3105

GST/EXCISE/ST/VAT: Product 'Single/Multi Micronutrient Fertilizers' is classifiable under Heading No. 3105

from www.taxmann.com Latest Case Laws https://ift.tt/2BITWW9

Sec. 68 rightly invoked as assessee was involved in providing accommodation entries through a web of bank accounts

INCOME-TAX: Where assessee NBFC immediately after receiving loans from several entities in its bank account gave further huge amount of loans and advances towards share application money to several companies without charging any interest and assessee could not prove financial viabilities of investee companies, it could be said that assessee was a shell company engaged in money laundering by providing bogus accommodation entries through a web of bank accounts, thus, addition under sec

from www.taxmann.com Latest Case Laws https://ift.tt/35TDT5A

Comparative analysis of FEM (Debt Instruments) Regulations, 2019 vis-à-vis old norms

RBI has notified Foreign Exchange Management (Debt Instruments) Regulations, 2019 (‘Debt Instrument Regulations’) vide. Notification dated October 17, 2019. The regulations supersedes erstwhile FEM (Transfer of Issue of Security by a Person Resident outside India) Regulations, 2017 and are effective from Oct 17, 2019. The new regulation has been issued in order to bifurcate regulatory control over debt & non-debt instruments between the RBI and the Central Government.

from taxmann.com News https://www.taxmann.com/topstories/222330000000019568/comparative-analysis-of-fem-debt-instruments-regulations-2019-vis-à-vis-old-norms.aspx

Society running vocational educational/training programme to generate employment entitled to sec. 12AA registration

INCOME TAX : Where assessee's application under section 12A was rejected on ground that it was indulging in activity of merely skill enhancement in which no systematic education was involved falling within definition of education under section 2(15), in view of fact that vocational educational/training programme run by assessee-society was a systematic programme imparting classroom coaching as well training with focus on employment generation which duly fell within purview and scope of term 'Edu

from www.taxmann.com Latest Case Laws https://ift.tt/2o2AG2o

Financial capacity of lenders needs to be proved as merely having entries in books of account won't make loan genuine

INCOME TAX : Merely because certain entries had been shown in books of account of accommodation entry provider, loan transaction could not be held to be genuine where entry provider had no financial capacity

from www.taxmann.com Latest Case Laws https://ift.tt/2MAeZQA

Q2 Results: Tax Cut Boosts Profit, But Revenue Crawls

Q2 Results: Tax Cut Boosts Profit, But Revenue Crawls

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HC deleted sec. 68 additions as AO failed to show evidence that assessee made cash payments for purchase of land

INCOME TAX: Where payment for purchase of land by assessee buyer was routed through banking channels, addition on account of bogus payment to seller was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/31z83Yg

HC Set-aside sec. 234C interest levied on assessee for period before acquisition of cement business from holding Co.

INCOME-TAX: Where holding company of assessee demerged its cement business unit which was taken over by assessee, Assessing Officer was not justified in levying interest under section 234C for non-payment of tax falling due for period before acquisition of cement business by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/31ACflU

Change in export policy by DGFT in pursuance of its statutory duties was not amenable for examination u/s 4

COMPETITION LAW: Change in export policy by Directorate General of Foreign Trade (DGFT) in pursuance of its statutory duties is not amenable for examination within framework of section 4

from www.taxmann.com Latest Case Laws https://ift.tt/2W170zu

FCRA proceedings couldn’t be dropped only because respondent received amt. from his NRI father

FCRA : High Court by impugned order held that amount received by respondent from his father who is NRI out of latter's personal funds through normal banking channels is outside purview of FCRA, as same cannot be said to be received from a 'foreign source',

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191147/fcra-proceedings-couldn’t-be-dropped-only-because-respondent-received-amt-from-his-nri-father.aspx

Key takeaways from SEBI’s circular tightening norms to check abrupt resignation of auditors

SEBI vide circular dated Oct 18, 2019 has tightened norms with regard to resignation of Auditor from listed companies. Earlier, SEBI has issued consultative paper in this regard seeking public comment to deal with menace of abrupt resignation by auditors citing reasons such as pre-occupancy, non-receipt of required information etc. Now SEBI vide circular has framed as stringent norms to requiring listed Cos. and auditor to ensure issuance of reports by auditors before tendering resignation.

from taxmann.com News https://www.taxmann.com/topstories/222330000000019565/key-takeaways-from-sebi’s-circular-tightening-norms-to-check-abrupt-resignation-of-auditors.aspx

Govt. notifies Foreign Exchange Management (Non-debt Instruments) Rules, 2019

Govt. has notified Foreign Exchange Management (Non-debt Instruments) Rules, 2019 wherein various provisions related to Investments by person resident outside India, Acquisition through rights issue or bonus issue, Issue of Employees Stock Options and sweat equity shares to persons resident outside India and so on have been discussed.

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Issuing notice at address available as per PAN record held valid as change in address wasn’t intimated to AO

INCOME TAX : In absence of any intimation to Assessing Officer with respect to change in address, Assessing Officer was justified in issuing notice at address available as per PAN database. Therefore, Assessing Officer cannot be said to have committed any error and in fact Assessing Officer was justified in sending notice at address as per PAN database. Filing of Form18 with ROC cannot be said to be an intimation to Assessing Officer with respect to intimation of change in address

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191148/issuing-notice-at-address-available-as-per-pan-record-held-valid-as-change-in-address-wasn’t-intimated-to-ao.aspx

Interest paid on delayed payment of services tax was compensatory in nature; deduction allowable

INCOME TAX : Where assessee had shown outstanding 'trade payables' in its books of account for last three years, in absence of any evidence on record that there was a final remission or cessation of a 'trading liability' or any part of it during relevant previous year, provisions of section 41(1) could not have been invoked to add said amount to assessee's taxable income

from www.taxmann.com Latest Case Laws https://ift.tt/2Bw1lYp

HC Directs I-T Dept to Refund Vodafone Idea Rs 788 Crore

HC Directs I-T Dept to Refund Vodafone Idea Rs 788 Crore

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PM: Tax Assessment Norms to be Changed to Help Common Man

PM: Tax Assessment Norms to be Changed to Help Common Man

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Refund Rs788 cr to Voda Idea: HC to I-T

Refund Rs788 cr to Voda Idea: HC to I-T

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SAT reduced penalty on petitioner-Co. as it failed to upload financials timely on BSE website due to technical issue

COMPANY LAW/SEBI : Where on account of technical defect, listed company could not upload financial results along with audit report in PDF mode on BSE platform, though same was uploaded on NSE website as well as on company's website, there was no deliberate intention on part of company to violate regulation 33 and thus, penalty of Rs. 5.5 lakhs was to be reduced to Rs. 2.5 lakhs

from www.taxmann.com Latest Case Laws https://ift.tt/2pyxRqp

No. Sec 54B relief if agricultural land was converted into residential plot before sale

INCOME TAX : Where agricultural land was converted into residential plots and not used for agricultural purpose, deduction under section 54B could not be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/2oYDe27

SC quashes order restraining action against VVIP Chopper Scam accused ‘Gautam Khaitan’ under Black Money Act

INCOME TAX/BLACK MONEY ACT : Supreme Court quashes order of High Court wherein it was held that penal provisions under Black Money Act were made applicable retrospectively against 'Gautam Khaitan'

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191103/sc-quashes-order-restraining-action-against-vvip-chopper-scam-accused-‘gautam-khaitan’-under-black-money-act.aspx

‘Trading window closure’ rule applies equally to active/in-active promoters, SEBI clarifies

In an informal guidance to Apollo Tricoat Tubes Ltd., the SEBI by way of an interpretative letter under SEBI (informal guidance) scheme, 2003 has clarified that even an ex-promoter/ inactive promoter is required to comply with the trading-window closure rule under Prohibition of insider trading norms.

from taxmann.com News https://www.taxmann.com/topstories/222330000000019557/‘trading-window-closure’-rule-applies-equally-to-activein-active-promoters-sebi-clarifies.aspx

No denial of dep. on trademark just because agreement on acquisition was entered into on post-dated stamp papers

INCOME TAX : Where assessee, engaged in trading and distribution of mobile phones and accessories, acquired trademark from another concern, its claim for depreciation in respect of same could not be rejected on ground that agreement to acquire trademark was entered into on post dated stamp paper

from www.taxmann.com Latest Case Laws https://ift.tt/32rdE45

Liability to pay enhanced license fee to railway would arise in year of demand if mercantile system was followed: SC

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 would arise in year in which demand was made by Railways or to which year it related irrespective of when enhanced fee was actually paid by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2MoLgu3

No rejection of appeal due to low tax effect if case duly falls under exception mentioned in Circular No. 3/2019

INCOME TAX : Where assessee's case was reopened on basis of audit objection, in such a case, revenue's appeal would be covered by exception mentioned in Circular No. 3/2018 dated 11-7-2018 and, therefore, Tribunal could not dismiss said appeal on ground of low tax effect

from www.taxmann.com Latest Case Laws https://ift.tt/2Bp1lcJ

Sum received as damages from tenant for unauthorized occupation of property was capital receipt not liable to tax

INCOME TAX: Where in terms of arbitral award assessee received certain amount as damages from tenant for unauthorized occupation of let out property, amount so received being in nature of 'mesne profit' was a capital receipt, not liable to tax

from www.taxmann.com Latest Case Laws https://ift.tt/2P44syK

Gujarat HC quashed reassessment notice as it was issued by non-jurisdictional AO

INCOME TAX: Where reasons for reopening of assessment was recorded by an Assessing Officer who had jurisdiction over petitioner while notice under section 148 for this purpose was issued by another Assessing Officer who had no jurisdiction, said notice was bad on this count

from www.taxmann.com Latest Case Laws https://ift.tt/2Mobi0o

Forex cost mark-up was required while making salary payment to expat employee if salary was part of operating cost

TRANSFER PRICING: Where TPO, in respect of management network services rendered by assessee to its AE, made certain adjustment by taking a view that assessee should have billed 50 per cent of costs incurred under MNS business segment to its AE, since said apportionment of cost was made on ad hoc basis, impugned adjustment was to be set aside and, matter was to be remanded back for disposal afresh

from www.taxmann.com Latest Case Laws https://ift.tt/2o0VZBC

Notification No. 80/2019 [F.No. 370142/12/2019-TPL (Part 2)] / SO 3719(E)

Publish Date : Saturday, October 12, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/35EDm7y

Even ex-promoter is required to comply with insider trading norms, SEBI clarifies in an informal gui

In an informal guidance sought by Apollo Tricoat Tubes, SEBI clarified that a person identified as a promoter is required to comply with the code of conduct requirements, as they apply to other designated persons. Person identified as a promoter, even if he is not acting as a promoter of the company, exercises no control, plays no role in the management and does not hold any position, should comply with insider trading regulations.

from taxmann.com News https://ift.tt/2oD8Udk

AO couldn't deny benefit of sec. 11(2) just because form no. 10 was belatedly filed by assessee

INCOME TAX : Where in order to claim benefit of section 11(2), assessee-trust filed Form No. 10 belatedly and, thus, same was rejected by Assessing Officer, it could be concluded that when assessee was entitled to a statutory benefit, it was incumbent upon concerned authority to examine admissibility of benefit than to foreclose assessee on technicalities and, therefore, impugned order was to be set aside with a direction to Assessing Officer to take note of Form No. 10 acompanied with Board Res

from www.taxmann.com Latest Case Laws https://ift.tt/35EvYZA

Mumbai ITAT deleted TP additions following ruling of co-ordinate bench of tribunal of earlier AY

INCOME TAX: Where in respect of bank guarantee furnished on behalf of AE, assessee charged guarantee commission at rate of one per cent whereas TPO opined that assessee should have charged said commission at rate 1.5 per cent, in view of fact that Co-ordinate bench of Tribunal in assessee's own case in earlier assessment year had adopted guarantee commission rate of 0.5 per cent, impugned addition made to assessee's ALP was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/35Grku2

Residential flats built for accommodation of employees to be regarded as building used for purpose of business

INCOME TAX: Residential flats built by assessee-company for accommodation of its employees was to be regarded as building used for purpose of business of company and thus, assessee was entitled to claim high rate of depreciation on said flats

from www.taxmann.com Latest Case Laws https://ift.tt/2ORrNUw

AO isn't permitted to accept a part of content of a 'seized document' as it has to be read as a whole

INCOME TAX : Contents of a 'seized document' are to be read in toto, and it is not permissible on part of an Assessing Officer to dissect same and therein summarily accept same in part and reject other part

from www.taxmann.com Latest Case Laws https://ift.tt/2oNBngl

RBI Guv Faces Board Queries on Financial Frauds

RBI Guv Faces Board Queries on Financial Frauds

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Appeal was to be withdrawn if assessee adopted MAP resolution during pendency of appellate proceedings

TRANSFER PRICING: Where in course of appellate proceedings challenging addition made to assessee's ALP in respect of manufacturing segment, assessee accepted MAP resolution arrived at between competent authorities of India and Japan, issues raised in appeal became infructuous and, thus, same were to be dismissed as withdrawn

from www.taxmann.com Latest Case Laws https://ift.tt/35wnRye

ITAT deleted sec. 68 addition made by AO on basis of investigation wing report without conducting independent enquiry

INCOME TAX : Where assessee declared long term capital gain on sale of shares but Assessing Officer made section 68 addition in hands of assessee on basis of investigation wing report that assessee was beneficiary of accommodation entries, without conducting separate and independent enquiry, since shares were dematerialized and sales had been routed from de-mat account and consideration had been received through banking channels, assessee had successfully discharged onus cast upon him by provisi

from www.taxmann.com Latest Case Laws https://ift.tt/2qivlF1

Fees paid by Co. to financial advisor rendering services to shareholders couldn’t be held as deemed dividend

INCOME TAX: Where assessee decided to sale shares of a company held by it and said company appointed a financial advisor for evaluating value of its shares, searching a probable buyer, etc., and paid success fee for same to said advisor, since said fee was not paid by company on account of rendering any service to assessee shareholder, same could not be treated as perquisites in hands of assessee under section 2(24)(iv)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189545/fees-paid-by-co-to-financial-advisor-rendering-services-to-shareholders-couldn’t-be-held-as-deemed-dividend.aspx

Concept of abuse on account of collective dominance is not recognised by Indian Competition regime: CCI

COMPETITION ACT : What act, under section 4 contemplates is abuse of dominant position by an enterprise or a group rather than abuse of dominant position as a result of collective dominance by more than one entity and, thus, abuse on account of collective dominance is a concept not recognized by Indian Competition regime

from www.taxmann.com Latest Case Laws https://ift.tt/2BfwSOp

RBI, Sebi ‘Clash’ Adds to Defaulters’ Resolution Woes

RBI, Sebi ‘Clash’ Adds to Defaulters’ Resolution Woes

from taxmann.com News https://www.taxmann.com/topstories/222330000000019552/rbi-sebi-‘clash’-adds-to-defaulters’-resolution-woes.aspx

RBI imposes Rs1-crore fine on Lakshmi Vilas Bank, Rs75Lo Syndicate Bank

RBI imposes Rs1-crore fine on Lakshmi Vilas Bank, Rs75Lo Syndicate Bank

from taxmann.com News https://ift.tt/2MGvrh7

RBI relief for PMC depositors,limit hiked toRs40,000

RBI relief for PMC depositors,limit hiked toRs40,000

from taxmann.com News https://ift.tt/2BdJq96

FM: Will ask cos to clear Rs40K-cr MSME dues fast

FM: Will ask cos to clear Rs40K-cr MSME dues fast

from taxmann.com News https://ift.tt/31ahi12

NCLAT stays Bhushan Power Sale to JSW Steel

NCLAT stays Bhushan Power Sale to JSW Steel

from taxmann.com News https://ift.tt/33A97fQ

CIT(A) couldn't accept fresh evidence without providing reasonable opportunity to AO: ITAT

INCOME TAX: Where Commissioner (Appeals) deleted addition made under section 68 by accepting fresh evidence submitted by assessee without providing Assessing Officer a reasonable opportunity of examining said evidence and rebutting it, there being violation of sub-rule (3) of Rule 46A of Income-tax Rules, 1962, impugned order was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2MFREfr

SLP dismissed against ruling allowing dep. on leased assets as genuineness of lease transaction duly established

INCOME TAX: Where High Court upheld Tribunal's order allowing assessee's claim of depreciation on leased assets by taking a view that assessee had brought on record reliable documentary evidence showing genuineness of lease transactions in question, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/32hABqB

ITAT allowed deduction of sum spent by 'Harish Salve' on Oxford Scholarship of students

INCOME TAX: Where assessee, a leading Advocate, paid an amount towards scholarship of two Indian students in a foreign university for creating his visibility in International arena and his social standing and same had increased lot of value in CV of assessee which had led him to be part of certain committees of repute in a foreign country, amount spent towards scholarship would be allowed as business expenditure

from www.taxmann.com Latest Case Laws https://ift.tt/35xqOyC

Foreign AE couldn't be considered as tested party if ALP of international transaction was determining using TNMM

TRANSFER PRICING: While determing ALP of international transactions entered into by assessee with its AE on basis of TNMM, foreign AE cannot be considered as a tested party

from www.taxmann.com Latest Case Laws https://ift.tt/2MhlSGE

No intervention against bail of respondent when value of property attached was more than value of money laundered

FEMA, BANKING & INSURANCE/PMLA: Where in connection with commission of offence of money laundering, respondent was released on bail, in view of fact that in case of respondent, extent of money laundering alleged was of Rs. 1.5 crores against which respondent's property to extent of Rs. 1.17 crores had already been attached, impugned order granting bail did not require any interference

from www.taxmann.com Latest Case Laws https://ift.tt/31bBMq8

Penalty proceedings reinitiated pursuant to SC's order weren't barred by limitation due to doctrine of merger: HC

INCOME TAX: Where pursuant to Supreme Court's order deciding quantum appeal in revenue's favour, dormant penalty proceedings were also reinitiated, plea raised by assessee that since penalty proceedings had been initiated after expiry of prescribed period of six months from Tribunal's order, same were barred by limitation under section 158BFA(3)(c), deserved to be rejected

from www.taxmann.com Latest Case Laws https://ift.tt/32d729w

HC slams Dept. for not releasing refund to ‘Vodafone’ citing TDS mismatch of Re. 1

INCOME TAX : Where assessee-Vodaphone had been granted refund for Assessment year 2014-15 against sizeable TDS deduction but refund was not released citing reason of TDS mismatch of as small as Rs. 1/- but department claimed that petitioner's refund claim had not been released on account of computer glitch at central processing center, High Court held that refund of assessee cannot be withheld, that too on ground of technical difficulty of system

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191011/hc-slams-dept-for-not-releasing-refund-to-‘vodafone’-citing-tds-mismatch-of-re-1.aspx

SC granted SLP against ruling that a charitable trust was entitled to sec. 10(23C)(vi) exemption

INCOME TAX : Where High Court upheld Tribunals order holding that assessee being a charitable trust within meaning of section 2(15), was entitled to benefit under sec. 10(23C)(iv), SLP filed against said order was to be granted

from www.taxmann.com Latest Case Laws https://ift.tt/31eM09o

Joint Commissioner directing shifting of Chief Commissioner’s office from one State to another State was valid order

GST/Excise/ST/VAT: Where Joint Commissioner, Office of Chief Commissioner, Goods and Services Tax & Customs, Guwahati Zone, Shillong issued Notification No. 13/2017-Central Excise (NT), dated 9-6-2017 and Circular No. C. No. II(39) 04/ET/CCO/SH/2019, dated 20-2-2019 directing for shifting of Chief Commissioner's office from Shillong to Guwahati and petitioners, who were employees of Chief Commissioner's Office, Shillong, filed writ petition challenging action of Joint Commissioner, action of Joi

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189460/joint-commissioner-directing-shifting-of-chief-commissioner’s-office-from-one-state-to-another-state-was-valid-order.aspx

No additions of there was only 1% difference in valuation in FMV of property and value adopted by AO

INCOME TAX: Where in course of appellate proceedings, Commissioner (Appeals) deleted addition of interest after considering additional evidence produced by assessee under Rule 46A of 1962 Rules without granting an opportunity of hearing to AO, impugned order passed by him was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2MHX9dp

HC slams Dept. for not releasing refund to ‘Vodafone’ citing TDS match of Rs. 1

INCOME TAX : Where assessee-Vodaphone had been granted refund for Assessment year 2014-15 against sizeable TDS deduction but refund was not released citing reason of TDS mismatch of as small as Rs. 1/- but department claimed that petitioner's refund claim had not been released on account of computer glitch at central processing center, High Court held that refund of assessee cannot be withheld, that too on ground of technical difficulty of system

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191011/hc-slams-dept-for-not-releasing-refund-to-‘vodafone’-citing-tds-match-of-rs-1.aspx

CCI imposes penalty on bidders for manipulating bidding process in tenders floated by HPCL for supply of LPG

COMPETITION LAW : Where OP bidders quoted identical prices and acted in collusive manner in tenders floated by HPCL for supply of 14.2 Kg LPG Cylinders, penalty was to be imposed on OPs and office bearers for manipulating bidding process in contravention of section 3

from www.taxmann.com Latest Case Laws https://ift.tt/2OUslsR

Notification No. 79/2019 [F.No. 285/21/2019-IT(Inv.V) CBDT] / SO 3676(E)

Publish Date : Friday, October 11, 2019

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Notification No. 78/2019 [F.No. 300196/46/2019-ITA-I] / SO 3629(E)

Publish Date : Wednesday, October 9, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2BcBVPs

HC upholds rejection of application seeking absolute stay of demand; deposit of 40% of demand justified

INCOME TAX : Where Assessing Officer rejected application seeking absolute stay observing that assessee could not prove identity, creditworthiness of companies, who contributed to share capital as well as genuineness of transaction and thereafter Single Judge of High Court passed order directing assessee to deposit 40 per cent of enforceable demand and to furnish security for 35 per cent of enforceable demand, order passed by Single Judge was an equitable order and did not require interference

from www.taxmann.com Latest Case Laws https://ift.tt/2MH1ZaO

Sum paid to 'Deloitte' for use of brand name in order to attract more business was allowable as deduction

INCOME TAX: Where in case of assessee, engaged in business of providing diverse consultancy services, Assessing Officer opined that unbilled portion of work relating to various projects executed during relevant previous year was required to be accounted for by assessee as work-in-progress, in view of fact that amount in question had already been offered as income by assessee in subsequent assessment year, and, thus, there being no loss of revenue, impugned addition made in relevant assessment ye

from www.taxmann.com Latest Case Laws https://ift.tt/2nJSfEp

Sum received by 'HSBC Bank' towards protection fee for guaranteed portfolio performance not taxable as FTS in India

INTERNATIONAL TAXATION: Where assessee, a UK based company, received certain amount from its Indian group entities as reimbursement of expenses, in view of fact that said amount was in respect of specific and actual expenses incurred by assessee and it did not involve any markup, same could not be brought to tax in India as fee for technical service

from www.taxmann.com Latest Case Laws https://ift.tt/2oECpeF

Levy of Rs. 50 every during default continues doesn't make offence u/s 97 of Cos Act, 1956 a continuing offence: HC

COMPANY LAW: Merely because section 97 states that fine shall be levied for every day, during which, defaults continues, offence under section 97(1) does not become a continuing offence

from www.taxmann.com Latest Case Laws https://ift.tt/33v2Ke4

No Sec. 194H TDS on discount extended to prepaid SIM distributors on transfer of SIM & talk-time

INCOME TAX: Tax withholding provisions under section 194H are not applicable to discount extended to pre-paid SIM distributors on transfer of pre-paid SIM cards/talk time

from www.taxmann.com Latest Case Laws https://ift.tt/33r72D2

EPFO Backs Plan to Allow Subscribers’ NPS Switch

EPFO Backs Plan to Allow Subscribers’ NPS Switch

from taxmann.com News https://www.taxmann.com/topstories/222330000000019544/epfo-backs-plan-to-allow-subscribers’-nps-switch.aspx

FM to Meet PSU Bank Chiefs Today for Review

FM to Meet PSU Bank Chiefs Today for Review

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EComm Portals’ Festive Offers Under the Lens

EComm Portals’ Festive Offers Under the Lens

from taxmann.com News https://www.taxmann.com/topstories/222330000000019540/ecomm-portals’-festive-offers-under-the-lens.aspx

New FPI/FDI Classification by Sebi to Hit Many Offshore Funds

New FPI/FDI Classification by Sebi to Hit Many Offshore Funds

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May Amend Coop Bank Laws for Tight Vigil: FM

May Amend Coop Bank Laws for Tight Vigil: FM

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SC Bars I-T Dept from Reassessing NuPower Accounts

SC Bars I-T Dept from Reassessing NuPower Accounts

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MCA to probe Ludhiana firm over Rs4,000-cr loan default

MCA to probe Ludhiana firm over Rs4,000-cr loan default

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ED initiates proceedings to attach

ED initiates proceedings to attach

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FM ASSURES CHANGE IN COOPERATIVE BANK LAWS IF REQUIRED

FM ASSURES CHANGE IN COOPERATIVE BANK LAWS IF REQUIRED

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No deemed approval if assessee's application u/s 10(23C)(vi) wasn't disposed of within prescribed time

INCOME TAX: Non-disposal of assessee's application under section 10(23C)(vi) within prescribed time period of twelve months, would not result in deemed approval under said section

from www.taxmann.com Latest Case Laws https://ift.tt/31eEMCe

HC quashed assessment framed on Co., which got amalgamated with another Co.

INCOME TAX: Where Assessing Officer framed assessment on a company which got amalgamated with another company and ceased to exist, Tribunal was justified in quashing said assessment holding that same was void ab initio

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No immunity from penalty just because mistaken belief was taken that it won't be levied if income was surrendered

INCOME TAX: In course of proceedings under section 271AAB, no discretion was vested upon revenue authorities for imposition of penalty and, thus any belief entertained by assessee that surrender could be made on understanding that no penalty would be visited upon him, had no legal sanction

from www.taxmann.com Latest Case Laws https://ift.tt/2MGaa7g

Additions on basis of peak credit justified as assessee didn’t give details of person to whom money distributed

INCOME TAX : Money laundering can be for oneself and there can be no presumption that it is for others, therefore, where various accounts were opened and operated by assessee on behalf of others, since assessee refused to divulge details of persons to whom money was distributed, entire amount in question was to be added to assessee's income on basis of peak credit theory

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189273/additions-on-basis-of-peak-credit-justified-as-assessee-didn’t-give-details-of-person-to-whom-money-distributed.aspx

One-time price rebate of last previous year couldn't be taken into consideration for computation of operating profit

TRANSFER PRICING : A Knowledge Process Outsourcing (KPO) company could not be comparable to assessee, a Business Process Outsourcing (BPO) company

from www.taxmann.com Latest Case Laws https://ift.tt/2INYvCu

No deduction if employee’s contribution on account of PF/ESI deposited after prescribed due date: ITAT

INCOME TAX : Where assessee employer failed to deposit entire amount towards employees contribution on account of PF and ESI with concerned department on or before due date prescribed under relevant statutes; assessee would not be entitled to deduction under section 36(1)(va)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189680/no-deduction-if-employee’s-contribution-on-account-of-pfesi-deposited-after-prescribed-due-date-itat.aspx

AO couldn’t reject exemption just because assessee couldn’t furnish copy of sec. 12AA registration certificate

INCOME TAX: Where assessee's claim for exemption of income was rejected because registration certificate granted under section 12AA had been lost/misplaced, in view of fact that details of registration certificate such as file number and date etc. were produced on record and, moreover, there was no evidence showing that registration granted to assessee earlier had been subsequently cancelled, impugned order denying assessee's claim was to be set aside

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189734/ao-couldn’t-reject-exemption-just-because-assessee-couldn’t-furnish-copy-of-sec-12aa-registration-certificate.aspx

New enhanced monetary limits for filing departmental appeal are applicable for pending appeals also : ITAT

INCOME TAX: In order to file appeal before Tribunal, revised/enhanced minimum threshold limit of tax effect of Rs. 50 lakhs vide CBDT Circular No. 17/2019 dated 8-8-2019 is applicable not only for appeals to be filed by revenue in future but also for appeals already filed by revenue

from www.taxmann.com Latest Case Laws https://ift.tt/2B3peXq

Non-disclosure within stipulated period under PIT and SAST norms even through non-deliberate will attract penalty

COMPANY LAW/SEBI : Non-disclosures within stipulated period under PIT and SAST Regulations, even though not deliberate, will violate provisions of said Regulations and would attract penalty

from www.taxmann.com Latest Case Laws https://ift.tt/2MA3dEC

AO couldn’t recover tax dues from amalgamated co. after issuing reassessment notice to amalgamating Co.

INCOME TAX : Where a company 'M' was amalgamated with assessee-company, Tax Recovery Officer could not seek recovery of taxes due of 'M' arising out of order of reassessment from assessee-company inasmuch as assessee neither had been served with notice of reopening of assessment, nor had any occasion to participate in such reassessment proceedings

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188910/ao-couldn’t-recover-tax-dues-from-amalgamated-co-after-issuing-reassessment-notice-to-amalgamating-co.aspx

Scheme of arrangement with FD holders is regulated by S. 58A and is outside purview of S. 391/394 of Cos Act, 1956

COMPANY LAW: Fixed deposit holders are a separate category of creditors and section 58A of Companies Act, 1956, makes a provision to protect interest of FD holders in case of default, thus, scheme of arrangement and compromise with FD holders is regulated by section 58A and is outside purview of section 391/394 of Companies Act, 1956

from www.taxmann.com Latest Case Laws https://ift.tt/2pdUoZa

Amount siphoned off by way of fraudulent scheme of issue of GDR was rightly directed for disgorgement: NCLAT

COMPANY LAW/SEBI: Where there was a fraudulent scheme of issue of GDR to siphon off funds for unlawful gain of certain persons/entities, SEBI's direction to disgorge relevant amount was justified

from www.taxmann.com Latest Case Laws https://ift.tt/2OE8v4Y

SLP dismissed against ruling that guarantee commission paid by assessee wasn't covered u/s 194H

INCOME TAX: Where High Court upheld Tribunal's order holding that payment of guarantee commission made by assessee to banks was not covered under 'commission or brokerage' as defined under section 194H, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/35oQNYR

In parallel proceedings initiated against Co. and KMP for same offence; plea to penalise KMP was to be set at rest: SAT

COMPANY LAW/SEBI Act: Where for alleged violation of clause 36 of listing agreement, penalty was imposed on company, in view of fact that parallel proceeding for same offence was initiated against KMP also which culminated into an order being passed imposing penalties against KMP, grievance of shareholder of company to extent that KMP of company should be penalized was to be set at rest

from www.taxmann.com Latest Case Laws https://ift.tt/2MzYEuf

CIT(A) couldn't rely on ruling of non-jurisdictional HC if jurisdictional HC's ruling was available on record

INCOME-TAX : When decision of jurisdictional High Court was available on issue of addition under section 36(1) (va), Commissioner (Appeals) erred in relying upon decision of non-jurisdictional High Court ignoring binding precedent available

from www.taxmann.com Latest Case Laws https://ift.tt/2M3AkSq

Imposition of maximum penalty of Rs. 1 Crore for partial non-disclosure of information wasn't justified: SAT

SEBI: Maximum penalty of Rs. one crore under section 15HB of SEBI Act was held to be disproportionate for violation of partial disclosure of information in prospectus under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

from www.taxmann.com Latest Case Laws https://ift.tt/2VwiSJr

Imposition of penalty for violating PFUTP norms without giving opportunity of being heard was to be set aside : SAT

COMPANY LAW/SEBI : Where SEBI by impugned order imposed penalty upon appellant for violation of PFUTP Regulations, in view of fact that impugned order was passed without giving appellant an opportunity of being heard, said order was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2nARIEB

Assessee could file appeal before CIT(A) in respect of other issue during pendency of writ petition

INCOME TAX: Where decision on assessee's eligibility to claim deduction under section 80P was stayed until decision of Supreme Court on SLP filed in another case on similar issue, assessee's prayer seeking liberty to file appeal under section 246A in respect of other issues involved in its case, was to be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/3281pt4

OP didn't abuse dominance by inserting of terms and condition in contract for procuring services of printers

COMPETITION ACT: Where terms and conditions of contract for procuring services of printers/printing units were put in place by OP publisher to ensure timely availability of high quality books/textbooks at affordable rates and there was nothing on record to suggest that Opposite Party, by its conduct, had foreclosed market for Informant service provider, allegations regarding abuse of dominant position by Opposite Party, were not found to have been established

from www.taxmann.com Latest Case Laws https://ift.tt/2VxjVbQ

Provisional attachment u/s 281B couldn’t continue once assessment was completed by AO

INCOME TAX : Once assessment is complete, provisional attachment under section 281B cannot continue

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189728/provisional-attachment-us-281b-couldn’t-continue-once-assessment-was-completed-by-ao.aspx

SLP dismissed as there was no requirement for sec. 194C TDS since assessee not liable to tax audit

IT: Where High Court upheld Tribunal's order holding that since assessee's turnover did not exceed monetary limit under section 44AB assessee was not required to deduct tax at source under section 194C, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2M3EKZC

Govts may Get More Power to Tax MNCs Like Google, FB

Govts may Get More Power to Tax MNCs Like Google, FB

from taxmann.com News https://ift.tt/2p5h122

Banks Start Linking Loans to Customers’ Risk Profile

Banks Start Linking Loans to Customers’ Risk Profile

from taxmann.com News https://www.taxmann.com/topstories/222330000000019525/banks-start-linking-loans-to-customers’-risk-profile.aspx

Gifts from employers of over Rs5K taxable

Gifts from employers of over Rs5K taxable

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Depositors feel the pinch of SBI move

Depositors feel the pinch of SBI move

from taxmann.com News https://ift.tt/33ftC1t

Maha Bank’s petition to set-off losses on share premium turned down

Maha Bank’s petition to set-off losses on share premium turned down

from taxmann.com News https://www.taxmann.com/topstories/222330000000019520/maha-bank’s-petition-to-set-off-losses-on-share-premium-turned-down.aspx

Approved in-house R&D facility was entitled to claim sec. 35(2AB) deduction for both capital as well as revenue exp.

INCOME TAX : Assessee, engaged in business of manufacturing, export and import of silk fabrics, was eligible for weighted deduction under section 35(2AB) in respect of revenue expenditure incurred on in-house research and development facility, which was duly approved by competent authority

from www.taxmann.com Latest Case Laws https://ift.tt/2IDFKBm

No penalty just because assessee claimed dep. towards sum spent on construction of Highways on BOT basis

INCOME TAX: Where penalty proceedings were initiated against assessee for raising a wrong claim for depreciation in respect of contract awarded for broadening of National Highway on Build-Operate-Transfer (BOT) basis on ground that road was not owned by assessee, in view of fact that various assessees in similar circumstances had claimed depreciation and, in order to reduce said controversy, Board had issued Circular No. 9 dated 23-4-2014 assessee could not be held guilty of furnishing inaccurat

from www.taxmann.com Latest Case Laws https://ift.tt/311ZMMn

Board resolution passed by directors of which no director possessed DIN was void in eyes of law

COMPANY LAW: A resolution passed by board of directors of which no director possesses a DIN, would be no resolution, and, therefore, any proceedings instituted by company pursuant to such a board resolution would be a nullity in eyes of law

from www.taxmann.com Latest Case Laws https://ift.tt/315KK89

AO has no power to presume that money found in possession of a person belongs to third person

INCOME TAX: Where AO made additions to income of assessee in respect of cash found during search at residential premises of his father-in-law, since father-in-law of assessee had accepted that cash recovered from his premises belonged to him and also filed his return of income showing said seized cash, impugned addition was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/3119Ghk

HC holds ITAT's order setting aside revisional order on the basis of plausible view

INCOME TAX: Where as regards initiation of revisional proceedings, once it is seen that a plausible or reasonable view has been taken by Tribunal upon a fair discussion of matter, Court in exercise of appellate jurisdiction would not supplant its view in place of Tribunal's unless error is apparent and palpable

from www.taxmann.com Latest Case Laws https://ift.tt/2M0OweU

Goods lying at port ready for shipment are stocks in hand which can be valued at cost or MRP; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's order holding that since goods ready for shipment had not been transferred to foreign buyers, value of those goods could be included in stock in hand at cost or market price, at option and as per regular practice of assessee was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/314kP0Z

Stay application couldn't be dismissed merely because a part of interest was liable to be paid on tax outstanding

INCOME TAX: Where in course of appellate proceedings, assessee filed an application for stay of demand, in view of fact that demand of tax and interest was substantial and, assessee had complied with direction issued by Tribunal in respect of payment of tax, stay application could not be dismissed merely on ground that a part of interest amount still remained unpaid

from www.taxmann.com Latest Case Laws https://ift.tt/2ARXLI2

IL&FS Law Firms Get SFIO Notices

IL&FS Law Firms Get SFIO Notices

from taxmann.com News https://ift.tt/32007R2

IDBI Bank to resume corporate lending for existing customers

IDBI Bank to resume corporate lending for existing customers

from taxmann.com News https://ift.tt/2AXuGL6

Winding up proceedings couldn't be transferred to NCLT unless parties to proceedings make an application: NCLT

COMPANY LAW: Winding up proceedings of company could not be transferred to NCLT unless parties to proceedings make an application

from www.taxmann.com Latest Case Laws https://ift.tt/2OwAjIo

Consent terms of adjudication of claims are not binding on dissenting workmen of Co. in liquidation

COMPANY LAW: Where consent terms as regards adjudication of claims of company in liquidation had been entered to which some workmen were not party, consent terms would not be binding on dissenting workmen

from www.taxmann.com Latest Case Laws https://ift.tt/31ZIUXN

Sum received for providing technical services not taxable as FTS if recipient can't perform such services on its own

INTERNATIONAL TAXATION: Where assessee received certain amount for providing technical services under General Service Agreement (GSA) to its group concerns, Assessing Officer erred in taxing said receipts as 'Fees for Included Services' (FIS) since there was no clause in GSA that recipient would be able to perform such services of its own without any further assistance of assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2VryPRd

No abuse of dominance by ONGC in terminating charter hire aggreement due to exceptional falling of crude oil price

COMPETITION LAW: Where ONGC terminated Charter Hire Agreement (CHA) entered by it with Offshore Supply Vessels (OSVs) due to fall in crude oil prices leading to reduction in E&P activities, it was an exceptional situation, and did not tantamount to an abuse of dominant position by ONGC

from www.taxmann.com Latest Case Laws https://ift.tt/2OGRYxd

TRO has power to enforce personal attendance of assessee or defaulter by issuing summons : HC

INCOME-TAX : It is permissible for TRO to secure and enforce personal attendance of assessee/defaulter for purpose of necessary inquiry pursuant to summons under rule 83 of Second Schedule to Act

from www.taxmann.com Latest Case Laws https://ift.tt/2Vcfh34

Writ rejected as petitioner-Co. was carrying on activity of filing complaints against CAs as organised activity

INCOME TAX/CHARTERED ACCOUNTANT ACT: Where petitioner company filed a petition against member of ICAI i.e. 'HA', alleging verification of e-form containing false statements in respect of seven companies, in view of fact that neither petitioner not its directors had any dealing with said companies or with 'HA' and petitioner was carrying on activity of filing and pursuing complaints against various CAs as an organised activity, instant petition against 'HA' was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2LOuqEt

No additions if undisclosed cash payments didn't belong to relevant Assessment Year; SC dismissed SLP

INCOME TAX : SLP dismissed against High Court ruling that where certain addition was made to assessee's income in course of proceedings under section 153C on account of certain undisclosed cash payments, since it was undisputed that payments of such nature, if any, were made in earlier assessment year and not in relevant assessment year, impugned addition made in assessment year in question deserved to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/30PgcYc

SetCom is authorised to reject application even at the stage of passing final order: HC

INCOME TAX : Where assessee failed to make full and true disclosure with regard to undisclosed income by way of bogus share capital and share premium and also manner of earning such income, Settlement Commission was justified in rejecting settlement application on such ground even at stage of passing of final order under 245D(4)

from www.taxmann.com Latest Case Laws https://ift.tt/2Ve0rce

Cos Strategise to Avail MAT Credit, Benefit from Lower Corp Tax

Cos Strategise to Avail MAT Credit, Benefit from Lower Corp Tax

from taxmann.com News https://ift.tt/30Srj2V

Every Move You Make, Every Bond You Break... RBI’s Watching NBFCs

Every Move You Make, Every Bond You Break... RBI’s Watching NBFCs

from taxmann.com News https://www.taxmann.com/topstories/222330000000019512/every-move-you-make-every-bond-you-break-rbi’s-watching-nbfcs.aspx

RBI Cuts Policy Rate Again to Restore Growth Momentum

RBI Cuts Policy Rate Again to Restore Growth Momentum

from taxmann.com News https://ift.tt/2ni9Cf9

RBI allows rupee derivatives trade in IFSCs

RBI allows rupee derivatives trade in IFSCs

from taxmann.com News https://ift.tt/30NaAxF

RBI sticks to familiar script

RBI sticks to familiar script

from taxmann.com News https://ift.tt/338TTi2

DIT (exemption) can't question application of income of trust at the time of its registration

INCOME-TAX : At stage of registration, question of application of income of trust is premature; where undisputedly 71 percent of receipt of trust were spent in accordance with its object, merely a partial expenditure, which was for religious purposes was not to make trust non-genuine

from www.taxmann.com Latest Case Laws https://ift.tt/2AKbMHz

Service tax or sales tax not leviable on supplies made by club to its members

ST : Clubs cannot be treated as distinct from their members and there is no sale transaction between a club and its members. Hence, there can be no sales tax or service tax on supplies by club to its members

from www.taxmann.com Latest Case Laws https://ift.tt/2OlcNhf

Principle of natural justice violated if AO didn't put material before assessee based on which he passed order

INCOME TAX: Where Assessing Officer carried out extensive research to conclude that services availed by assessee an advertising and media agency for which payment was made to different agencies were in nature of technical services, however such research material was not provided to assessee to rebut same, principles of natural justice having been violated, order passed by Assessing officer was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/30LGdb8

Jaiprakash Associates abused dominance by imposing unilateral and unfair clause in provisional allotment letter

COMPETITION LAW: Where on basis of market share, financial resources and land available, OP enjoyed a dominant position in market for development and sale of residential units in NOIDA, putting a clause in Provisional Allotment Letter (PAL) which gave unilateral powers to OP to amend layout plans and putting up additional construction without even consulting allottees, was unfair and was in contravention of provisions of section 4

from www.taxmann.com Latest Case Laws https://ift.tt/2OnCMog

Shareholders of Co. indulging in rigging prices of shares of co. was in violation of section 15HA

COMPANY LAW/SEBI: Where shareholders of company were indulged in rigging prices of shares of company, same was in violation of provisions of section 15HA

from www.taxmann.com Latest Case Laws https://ift.tt/357wcIp

Notification No. 77/2019 [F.No. 187/7/2019-ITA-I] / SO 3597(E)

Publish Date : Thursday, October 3, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2MgDlNU

​Income-tax (11th Amendment) Rules, 2019​

Publish Date : Monday, September 30, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2LKzKbT

No sec. 68 additions if assessee allotted its shares at premium against discharge of debts by journal entries

INCOME TAX : No addition could be made under section 68 where assessee-company issued its shares at premium to certain companies in lieu of shares held by said companies and there was no inflow of cash

from www.taxmann.com Latest Case Laws https://ift.tt/30LwRfx

SC dismissed SLP as monetary implication involved in appeal was below the prescribed limits

INCOME TAX : SLP filed before Supreme Court was to be dismissed where monetary implication involved therein was only Rs. 44 lakhs

from www.taxmann.com Latest Case Laws https://ift.tt/357BKmv

No additions if AO failed to show nexus between doc. seized during search of third person and assessee

IT : Where Assessing Officer made addition to assessee's income in respect of unexplained capital gain on transfer of shares on basis of documents seized during course of search of another person, since AO failed to show nexus on basis of cogent material between documents seized and assessee, impugned addition was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/333QL72

SLP dismissed against ruling that trust registered u/s 12A can claim sec. 10(23EA) exemption

INCOME TAX: Where High Court upheld Tribunal's order holding that there was no prohibition in law that trust which qualified under sections 11 to 13, could not claim exemption under section 10(23EA), SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2nfwAUb

No reassessment to charge capital gains in earlier AY in absence of any new tangible material to form such belief

INCOME TAX : No reassessment to charge capital gains in earlier AY in absence of any new tangible material to form such belief

from www.taxmann.com Latest Case Laws https://ift.tt/31KXeTP

HC deleted Sec. 40A(3) disallowance though payments were made through uncrossed demand draft

INCOME TAX: Merely because purchases were made through uncrossed demand draft, same could not be considered as bogus so as to make disallowance under section 40A(3)

from www.taxmann.com Latest Case Laws https://ift.tt/351MjqZ

RBI issues report on Monetary Policy

The Reserve Bank of India (RBI) has issued Monetary Policy report wherein provisions related to consumer prices, drivers of inflation, aggregate demand and supply, output cap, domestic financial markets, monetary policy transmission, Global economic conditions and so on have been discussed.

from taxmann.com News https://ift.tt/2OlzRwq

Deloitte Questions NCLT Ambit

Deloitte Questions NCLT Ambit

from taxmann.com News https://ift.tt/333pEZO

At WEF Meet, India Inc Seeks Cut in Income-Tax Rates

At WEF Meet, India Inc Seeks Cut in Income-Tax Rates

from taxmann.com News https://ift.tt/32ZPpKm

RBI may cut policy rate today to spur growth

RBI may cut policy rate today to spur growth

from taxmann.com News https://ift.tt/2ADmHD3

RBI reduces repo rate by 25 basis point

The Reserve Bank of India has decided to reduce the policy repo rate under liquidity adjustment facility (LAF) by 25 basis point to 5.15 % with immediate effect.

from taxmann.com News https://ift.tt/2Mbbu1Q

No deduction of bank charges if assessee didn’t establish its nexus against earning interest from banks

INCOME TAX : Bank charges claimed by assessee were disallowed where assessee failed to establish that said charges were directly related to earning of interest income from banks

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189430/no-deduction-of-bank-charges-if-assessee-didn’t-establish-its-nexus-against-earning-interest-from-banks.aspx

No additions of AO failed to show nexus between doc. seized during search of third person and assessee

IT : Where Assessing Officer made addition to assessee's income in respect of unexplained capital gain on transfer of shares on basis of documents seized during course of search of another person, since AO failed to show nexus on basis of cogent material between documents seized and assessee, impugned addition was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/30GpPZr

No further additions if amount remunerated by foreign Co. to Indian subsidiary was as per APA

INTERNATIONAL TAXATION: Where assessee-Israeli company provided software solutions to its Indian subsidiary for onward distribution to third party customers in India and amount remunerated by assessee to said subsidiary was found to be satisfying arm's length principle as per Advance Pricing Agreement (APA), no further profits could be attributed to Indian subsidiary even if it had PE in India

from www.taxmann.com Latest Case Laws https://ift.tt/2OgVIF9

No violation of natural justice when petitioner was declared defaulter after conducting forensic audit

FEMA BANKING AND INSURANCE : Where from forensic audit conducted in account of petitioners for relevant period, it was evident that there were clear charges levelled against petitioners and explanation was called for, it could not be said that principles of natural justice had been violated or Master Circular of RBI breached in arriving at conclusion that petitioners were wilful defaulters

from www.taxmann.com Latest Case Laws https://ift.tt/2LJjZC2

Purchase of minority shareholding without getting share price valued by registered valuer was violative of Sec. 236

COMPANY LAW : Where majority shareholder of company purchased shareholding of minority shareholders at agreed price to be decided by mutually shareholders acceptable Chartered Accountant and did not get it valued from registered valuer, same was in violation of provisions of section 236

from www.taxmann.com Latest Case Laws https://ift.tt/2neAwVe

Restriction on players by volleyball federation of India was to be investigated by DG for abuse of dominance: CCI

COMPETITION LAW: Where Volleyball Federation of India (VFI) had entered into an arrangement with Baseline, thereby granting exclusive rights to said company to hold a Volleyball League and simultaneously placing restrictions on players from participating in other national international events, DG was to be directed to examine this conduct of VFI through an investigation, to determine whether same resulted in violation of provisions of section 4

from www.taxmann.com Latest Case Laws https://ift.tt/2VdJVsY

Purchase of minority shareholding without getting share price valued by registered valuer was violative of S. 236

COMPANY LAW : Where majority shareholder of company purchased shareholding of minority shareholders at agreed price to be decided by mutually shareholders acceptable Chartered Accountant and did not get it valued from registered valuer, same was in violation of provisions of section 236

from www.taxmann.com Latest Case Laws https://ift.tt/3310UkD

HC quashed order as CIT(A) was to give opportunity of personal hearing while disposing off an appeal

INCOME TAX: It is statutorily imperative to give a personal hearing while disposing of an appeal under section 250

from www.taxmann.com Latest Case Laws https://ift.tt/2pF9k2V

HC quashed order of Tribunal insisting payment of 30% of total demand on assessee for granting stay against recovery

GST/EXCISE/ST/VAT: Where Assessing Authority had imposed penalty upon assessee and Tribunal insisted upon payment of 30 per cent of demand as a condition precedent for granting stay against recovery, pending disposal of appeal, Tribunal was directed to dispose of appeal without insistence for payment of 30 per cent of demand

from www.taxmann.com Latest Case Laws https://ift.tt/2pF1iqN

CCI imposes penalty on OPs for colluding with each other in a tender process to pre-determine its outcome

COMPETITION LAW: Where OPs colluded with each other and committed various irregularities in tender process for selection of an agency to undertake geo-enabled tree census using Global Information System (GIS) and Global Positioning Systen (GPS) technology with a view to predetermine outcome of tender process, it was to be held that there was contravention of provisions of section 3 by OPs, hence, penalty was to be imposed on OPs and persons in-charge

from www.taxmann.com Latest Case Laws https://ift.tt/2oPp82o

Delhi HC confirmed sec. 69A additions as assessee failed to show details of alleged buyers of silver items

INCOME TAX: Where AO made addition to assessee's income on ground that it had given accommodation entries to persons who had declared high quantities of silver in VDIS declarations for purposes of earning commission thereon, in view of fact that assessee failed to bring on record necessary information such as names and addresses of alleged buyers of silver items impugned addition was to be confirmed

from www.taxmann.com Latest Case Laws https://ift.tt/2o6vGtH

Indian Subsidiary Co. not an agency PE if it had no authority to conclude contract on behalf of Foreign parent Co.

INTERNATIONAL TAXATION: Where Indian subsidiary company neither concluded any contracts on behalf of assessee-US company since it had no such authority nor secured any orders for it in India, it could not be regarded as 'Agency PE' of assessee in India

from www.taxmann.com Latest Case Laws https://ift.tt/2nT9Ny5

Banks Seek Deferred Tax Assets Clarity

Banks Seek Deferred Tax Assets Clarity

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I-T Dept Has to Quote DIN to Taxpayer

I-T Dept Has to Quote DIN to Taxpayer

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MAT Credit Not Available to Cos Opting for Lower Corp Tax Rate

MAT Credit Not Available to Cos Opting for Lower Corp Tax Rate

from taxmann.com News https://ift.tt/2oEdRCi

No MAT credit for firms opting for lower tax: CBDT

No MAT credit for firms opting for lower tax: CBDT

from taxmann.com News https://ift.tt/2oHdqHn

RBI June 7 note raises NPA worries formerging PSBs

RBI June 7 note raises NPA worries formerging PSBs

from taxmann.com News https://ift.tt/2nSYeHb

ITAT quashed reassessment order as it was passed without disposing of assessee's objections

INCOME TAX: Where Assessing officer passed reassessment order without disposing of assessee’s objections to Initiation of reassessment proceedings by passing a speaking order, it caused serious prejudice to interest of assessee and, thus, impugned reassessment order deserved to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/2oMumfl

No. Sec. 40A(2) disallowance if AO failed to prove that interest payments made to relatives were excessive

INCOME TAX : Whether where assessee had made payments to related parties, in view of fact that there was no material on record to demonstrate that payment made was excessive and unreasonable having regard to market rate, impugned disallowance made under section 40A(2) by Assessing Officer was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/2nSthTs

No hearing opportunity required if corrigendum issued to levy penalty under different sec. had no major impact

INCOME TAX : Where a corrigendum to order under section 143(3) was issued in terms of which section under which penalty proceedings were initiated was to be read as section 271AAB instead of section 271AAA, since there is no substantial difference between two sections except in respect of applicability which depends upon date when search has been initiated, plea raised by assessee that he should have been given an opportunity of hearing before issue of corrigendum, deserved to be rejected

from www.taxmann.com Latest Case Laws https://ift.tt/2pyO8eT

Clarification in respect of option exercised under section 115BBA of the Income-tax Act, 1961 inserted through the recent Ordinance

Publish Date : Wednesday, October 2, 2019

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Exp. incurred for maintain legal status of business was allowable as deduction u/s 37(1)

INCOME TAX: Where business of assessee came to halt and thereafter certain expenditure in respect of rent, professional charges, audit fees, property tax, etc., was incurred by assessee for purpose of maintaining its legal status and for disposing its assets, said expenditure was to be allowed under section 37(1)

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Income-tax (10th Amendment) Rules

Publish Date : Friday, September 27, 2019

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No reassessment if sec. 54B relief was allowed after examining all records; SC dismissed SLP

INCOME TAX: SLP dismissed due to low tax effect against High Court ruling that where assessee claimed deduction under section 54B in relation to proceeds received upon sale of agricultural lands and Assessing Officer, after examining all required document furnished by assessee, completed assessment and allowed assessee's claim, notice of reopening issued beyond period of four years from end of relevant assessment year was to be set aside

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Sum received from Co. not taxable if it wasn't received on account of relinquishment of managerial rights

INCOME TAX : For invoking section 28(ii)(a) it has to be established whether amount due or received is against termination of any right which an assessee was enjoying by managing whole or substantially whole of affairs of an Indian company; where Assessing Officer did not record such finding, invocation of section 28(ii)(a) failed

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HC quashed order of Tribunal imposing payment of 30% of total demand on assessee for granting stay against recovery

GST/EXCISE/ST/VAT: Where Assessing Authority had imposed penalty upon assessee and Tribunal insisted upon payment of 30 per cent of demand as a condition precedent for granting stay against recovery, pending disposal of appeal, Tribunal was directed to dispose of appeal without insistence for payment of 30 per cent of demand

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Tax Cuts Not Enough to Lift Sentiment On Auto: Jefferies

Tax Cuts Not Enough to Lift Sentiment On Auto: Jefferies

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Interest rate prevailing in country were loan was consumed to be considered for determining arm length of interest

TRANSFER PRICING: Where assessee advanced loans to its AE situated in Germany, rate of interest prevalent in Germany being country in which loan was to be consumed, was determinative of arm's length rate of interest charged by assessee

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Sum paid to foreign entities for rendering sales procurement services outside India not taxable as royalty or FTS

TRANSFER PRICING: Payment made by assessee-company to foreign entities for rendering sales procurement services abroad, could not be regarded as royalty or fee for technical services and, thus, said payment was not taxable in India

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Difference between market price and face value of equity shares issued to AE couldn't be treated as deemed loan

TRANSFER PRICING : Where assessee Indian company issued equity shares to its non-resident AE at lower price than its fair market value, difference between market price and face value of equity shares could not be treated as deemed loan to AE and, thus, TP addition made on account of notional interest on such deemed loan was to be deleted

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Setting up of discount price control mechanism by excise Dept. on L1 liquor licenses wasn't anti-competitive

COMPETITION LAW: Where informant engaged in business of manufacturing and marketing of beer had alleged that Department of Excise (DoE) had contravened provisions of section 3(4) by setting a discount price control mechanism on L1 licensees, in view of fact that DoE was not involved in production, storage, distribution or sale of beer and no vertical agreement existed in present matter, need of examination of present matter in framework of provisions of section 3(4) was ruled out

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Genuineness of loss couldn't be doubted just because assessee sold mutual funds immediately after earning dividend

INCOME TAX: Where assessee purchased certain units of mutual funds and earned dividend of certain amount on same and soon after earning dividend, a redemption was taken place wherin assessee had suffered loss, since assessee filed several documentary evidences to prove genuineness of loss suffered by it on sale of mutual funds and, further, revenue admittedly found that subjected transaction completely falls out of clutches of section 94(7), assessee was entitled to claim set off of said loss ag

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