RAHUL SHARMA: November 2019

Saturday, November 30, 2019

A jurisdictional AO cannot make a reassessment based on notice issued by a non-jurisdictional AO

INCOME TAX: Where a notice under section 148 is issued by an incompetent officer, i.e., one who has no jurisdiction, and subsequently, on objection of assessee with regard to jurisdiction, matter is transferred to Assessing Officer having jurisdiction, a valid assessment cannot be made by him without issuing a fresh notice under section 148

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SC dismissed appeal against HC's order as tax effect in appeal was less than prescribed threshold limit

INCOME TAX : Where High Court dismissed revenue's appeal, in view of fact that tax effect in appellate order was less than Rs. two crores, having regard to Circular No. 17, dated 8-8-2019, SLP filed against High Court's order was to be dismissed

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Is MAT rate of 15% really applicable from AY 2020-21?

Section 115JB of the Income-tax Act was amended by the Taxation Laws (Ordinance), 2019 (‘Ordinance’) to reduce the rate of MAT from 18.5% to 15% with effect from Assessment Year 2020-21.However, the Taxation Laws (Amendment) Bill, 2019, as tabled in the parliament on 25-11-2019, proposes to insert a proviso to section 115JB(1) that the rate of minimum alternative tax shall be reduced from 18.5% to 15% from previous year commencing on or after the April 1, 2020.

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Distribution of shares based on unchallenged takeover agreement couldn't also be challenged

COMPANY LAW: Where erstwhile firm, in which appellant was partner, was dissolved and merged with a company and partners agreed to allotment of shares in proportion to capital account in terms of Takeover Agreement, since Takeover Agreement was not challenged, allegation of prejudice to appellant as a member of successor company was to be dismissed

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Friday, November 29, 2019

Order can’t be challenged by filing writ petition if assessee miserably failed to challenge reassessment notice

INCOME TAX : Where assessee miserably failed to challenge reopening of assessment at appropriate time, he could not have been encouraged to challenge order of assessment straight away by filing a writ petition before High Court

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No disallowance to trust if AO didn’t prove that ‘GurudevJi’ derived any personal benefit by holding samagams

INCOME TAX : Where Tribunal, after verifying objects and activities carried out by assessee Trust held that expenditure on telecast of Samagams was for public at large and could not be held to be benefiting its founder Gurudevji, there being no evidence on record to construe that Gurudevji had derived any personal benefit which would justify revenue to invoke provisions of section 13(1)(c)(ii) to deny assessee benefit of expenditure, observations of Tribunal vis-a-vis disallowance of 1/3rd expen

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No additions towards foreign currency deposits if assessee had been asked to produce declarations after a long time

INCOME TAX: Where High Court restored addition made to assessee's income in respect of amount deposited in bank as unexplained deposits on ground that assessee had been unable to present declaration forms that had been filled in by him at time of his visits to India from abroad, in view of fact that those declaration forms were asked for long after such deposits had, in fact, been made, it could not possibly be held that Tribunal's order deleting said addition was perverse and thus, impugned ord

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Plea u/s 7 for recovery of interest due is maintainable even in case of deposit made prior to Apr. 01, 2014

COMPANY LAW : Petition filed by depositors under section 73 for recovery of interest due is maintainable in case of deposits accepted by company even prior to 1-4-2014, i.e., date on which section 73 is notified

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Respondent-co. couldn't be restrained from doing business after termination of franchisee agreement

COMPANY LAW: Where appellant, a premier institute for coaching for management, incorporated R1 company as a franchisee of appellant with appellant, R2 and R3 as its shareholders agreeing that R2 and R3 would not, while agreement would be in force, enter into a competing business, when said franchise agreement was terminated, it would be unreasonable restriction that respondents would be restrained from doing competitive business

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Interest paid on loan taken to acquire a company of the same line was allowable deduction: HC

INCOME TAX: Interest incurred on loans taken for acquiring controlling interest in company of same line, would be allowable expenditure under section 36(1)(iii)

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Withdrawal of Sec. 115BAB regime if manufacturing co. diversifies into other business

As benefit of reduced corporate tax rate of 15% under section 115BAB is available only to manufacturing companies, it has been proposed under the Taxation laws (Amendment) Bill, 2019 that option to exercise for section 115BAB shall be invalid if the company is subsequently engaged in any non-manufacturing business.

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AO's order giving effect to ITAT's directions is appealable before CIT(A): Mumbai ITAT

INCOME TAX : Order passed by Assessing Officer giving effect to directions of Tribunal, is an appealable order before Commissioner(Appeals) under section 246

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Additions towards foreign currency deposits if the assessee had been asked to produce declarations after a long time

NCLT Upholds Aircel’s ‘Right to Use’ Spectrum, Vetoes DoT

NCLT Upholds Aircel’s ‘Right to Use’ Spectrum, Vetoes DoT

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Madras HC allowed recalling of ITAT order as assessee's appeal was dismissed ex-parte on first day of hearing

INCOME TAX : Where Tribunal dismissed assessee's appeal ex-parte on first day of hearing itself, in view of fact that issue before Tribunal was a recurrent issue and assessee had succeeded in respect of same in earlier years, application filed by assessee under section 254(2) seeking to recall Tribunal's order, was to be allowed

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Thursday, November 28, 2019

Notification No. 100/2019 [F.No. 225/252/2019/ITA-II]

Publish Date : Wednesday, November 27, 2019

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Notification No. 99/2019 [F.No. 203/04/2019/ITA-II]

Publish Date : Wednesday, November 27, 2019

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Insight view of guidelines on preferential issue of units of REIT

SEBI vide. Circular dated November 27, 2019 has issued the guidelines for preferential issue of units and institutional placement of units by a listed Real Estate Investment Trust (REIT). The guidelines prescribes conditions, manner of issuing units, pricing, lock-in terms and allotment related aspects for preferential issue of unit of REIT and institutional issue of REITs. In this write up we have covered the preferential issue of units of REITs.

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Apex Court strikes down provision related to ‘automatic stay’ on arbitral awards

Arbitration Act : Supreme Court strucks down deletion of section 26 of Arbitration and Conciliation (Amendment) Act, 2015 together with insertion of section 87 into Arbitration Act, 1996, (providing for automatic stay of arbitration awards) by section 13 of Arbitration and Conciliation (Amendment) Act, 2019 as being manifestly arbitrary under Article 14 of Constitution of India

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191923/apex-court-strikes-down-provision-related-to-‘automatic-stay’-on-arbitral-awards.aspx

Govt. introduces Industrial Relations Code Bill, 2019 in Lok Sabha

The Govt. has introduced Industrial Relations Code Bill, 2019 in Lok Sabha. One of the objective of this bill to consolidate and amend the laws relating to trade unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes.

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Revenue's appeal in respect of applicability of sec. 44C provisions not maintainable due to low tax effect: SC

INCOME TAX : SLP dismissed against High Court's order holding that revenue's appeal in respect of applicability of provisions of section 44C was not maintainable due to low tax effect

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Penalty imposed for alleged unfair trade was to be set aside as SEBI couldn't indicate timings of such wash trades

COMPANY LAW/SEBI: Where while passing impugned order against appellant company, who was a day trader, Adjudicating Officer did not indicate timing of wash trades, any change in beneficial ownership or any element relating to how trading of appellant adversely affected market, benefit of doubt was to be given to appellant and penalty imposed upon appellant under section 15HA was to be set aside

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Penalty imposed by SEBI after factoring all mitigating circumstances was not to be interfered with: SAT

COMPANY LAW/SEBI: Where for violation of provisions of section 12A, SEBI imposed penalty of Rs.25 lakh on appellant and while imposing penalty, SEBI had factored all mitigating circumstances, no reasons to interfere with amount of penalty imposed

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No revision if detailed enquiries and a plausible view was taken while allowing deduction; SC dismissed SLP

INCOME TAX: Where High Court upheld Tribunal's order holding that AO had made detailed enquiries while allowing assessee's claim for deduction of business expenditure and, thus, revisional order passed by Commissioner was not sustainable, SLP filed against High Court's order was to be dismissed

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Sebi may Allow Unlisted Firms to Sell Debt Securities on Exchanges

Sebi may Allow Unlisted Firms to Sell Debt Securities on Exchanges

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NEW Sebi norms for listed REIT, InvIT on preferential issue

NEW Sebi norms for listed REIT, InvIT on preferential issue

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Modify accelerated payments clause, companies ask banks

Modify accelerated payments clause, companies ask banks

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Wednesday, November 27, 2019

When you should opt for Section 115BAA tax regime if you have MAT credit?

The Taxation Laws (Amendment) Bill, 2019 proposes an amendment to Section 115JAA that the MAT credit shall not be applicable to a company opting for Section 115BAA. This article is relevant for the persons finding answers of following two questions; a) Whether MAT Credit would lapse for forever? and b) Whether Section 115BAA should be opted if there is a MAT Credit?

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Analysis of 'The Taxation Laws (Amendment) Bill, 2019' with examples

The Government has tabled ‘The Taxation Laws (Amendment) Bill, 2019’ in the parliament to make some amendments in the Income-tax Act Act and also to modify the amendments made by the Taxation Laws (Amendment) Ordinance, 2019. In this article, we have analysed the major changes in the Taxation Laws (Amendment) Bill, 2019 viz-a-viz Taxation Laws (Amendment) Ordinance.

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AAR allowed applicant to withdraw its Advance Ruling application

GST : Where applicant filed application before Authority for Advance Ruling seeking ruling on a question and subsequently it had withdrawn application, application was to be disposed of as withdrawn

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No concealment penalty if no addition was made to assessee's income over & above declared income; SLP dismissed

INCOME TAX : Where High Court upheld Triabunal's order holding that in absence of any addition made to assessee's income over and above declared income while completing assessment under section 153C, penalty could not be imposed under section 271(1)(c), SLP filed against said order was to be dismissed

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Transaction executed on exchange platform liable for settlement from investor's protection fund

COMPANY LAW/SEBI: Where petitioner paid certain amounts to broker for purchasing shares on her behalf, but no transaction took place on exchange platform, transaction between petitioner and broker would be construed as a loan transaction and on broker's failure to refund amount paid by petitioner, petitioner could not claim refund of her money from Investors Protection Fund

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Karvy Raised Rs 600 crore by Pledging Clients’ Securities

Karvy Raised Rs 600 crore by Pledging Clients’ Securities

from taxmann.com News https://www.taxmann.com/topstories/222330000000019757/karvy-raised-rs-600-crore-by-pledging-clients’-securities.aspx

RBI deputy guv flags concerns over rising stress in Mudra loans

RBI deputy guv flags concerns over rising stress in Mudra loans

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SEBI bans Karvy from taking new clients for misusing their funds for proprietary trading

The market regulator, the Securities and Exchange Board of India (SEBI) has banned Karvy Stock Broking Ltd (KSBL) for defaulting client money worth Rs 2,000 crore with immediate effect. KSBL has now been barred from taking on new clients and executing trades for existing customers. This write up has been summed up in form of FAQs to understand the issue in a simplified way.

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SEBI bars Karvy from taking new client for its alleged of Rs. 2000 Crores client default

Increase in value of land by changing its use rightly considered by Co. to compute FMV of equity shares: ITAT

INCOME TAX : Where assessee-company changed land use from agricultural to institutional purpose, which resulted in increase in value of land, such incremented market value was rightly used by assessee-company to compute fair market value of equity shares

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Tuesday, November 26, 2019

Analysis of 'The Taxation Laws (Amendment) Bill, 2019'

Key highlights of “The Taxation Laws (Amendment) Bill, 2019”

Amendment by FA, 2012 to invoke sec. 55A in case of variance between values of capital asset has no retro-effect

INCOME TAX: Amendment brought in section 55A(a) by Finance Act, 2012, has to be read prospectively; such amendment shall apply to transactions which are effected during period started on or after 1-7-2012

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Retirees of PSUs & nationalized banks cannot be treated as Govt. employees; no exemption on leave encashment

INCOME TAX : Government employees enjoy protection and privileges under Constitution and other laws, which are not available to those who are not employees of Central Government and State Governments and employees of Central Government and State Government form a distinct class and classification is reasonable having nexus with object sought to be achieved, Central Government and State Government employees enjoy a 'status' and they are governed by different terms and conditions of employment

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CIT(A) is empowered to confirm, reduce, enhance or annul entire assessment

INCOME TAX : Power exercisable by Commissioner (Appeals) under section 251 cannot be restricted only to issues raised in appeal before him; he can confirm, reduce, enhance or annul assessment

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Deeming provisions introduced by section 43CA for the purpose of land & building cannot be applied retrospectively

INCOME TAX: Provisions of section 43CA introduced with effect from 1-4-2014 would be applicable prospectively from assessment year 2014-15

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Tax Mopup in Slow Lane

Tax Mopup in Slow Lane

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FM Introduces Bill to Reduce Corporate Tax in Lok Sabha

FM Introduces Bill to Reduce Corporate Tax in Lok Sabha

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MCA Moves NCLT to Reopen CG Power Accounts of 5 Years

MCA Moves NCLT to Reopen CG Power Accounts of 5 Years

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Govt lists activities excluded from lower corp tax rate

Govt lists activities excluded from lower corp tax rate

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Govt moves NCLT over CG Power books

Govt moves NCLT over CG Power books

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IL&FS case: NCLT turns heat on CEOs of Axis,Stan Chart

IL&FS case: NCLT turns heat on CEOs of Axis,Stan Chart

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Direct Tax Mop-up falls 17%in Oct

Direct Tax Mop-up falls 17%in Oct

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Exp. on acquisition of computer software wasn't capital expense; HC ruled following assessee's own case

INCOME TAX : Expenditure on acquisition of computer software by assessee was not capital expenditure

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No sec. 68 additions if it was established that investor subscribed to shares at premium out of loan taken from NBFCs

INCOME TAX: No addition could be made under section 68, where assessee-company issued its shares at premium to subscribing company and subscribing company had explained that shares were taken on premium out of loan taken from NBFCs and had given immediate source; and had also given documents and confirmations from NBFC companies confirming loan out of borrowings

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Key highlights of “The Taxation Laws (Amendment) Bill, 2019”

The Government has tabled ‘The Taxation Laws (Amendment) Bill, 2019’ in the parliament to turn the Taxation Laws (Amendment) Ordinance, 2019 into an Act. In the Bill, the Government has proposed some additional amendments in the Act and has also proposed to modify the amendments made by the Ordinance.

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Monday, November 25, 2019

RBI updates master direction for Core Investment Companies

In exercise of the powers under the Reserve Bank of India (RBI) Act, 1934, the RBI has updated the master direction on Core Investment Companies in the public interest

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ITAT set-aside additions made by AO on the basis of form 16 collected from employer without verifying facts

INCOME TAX : Where AO made addition to assessee's income on basis of Form No. 16 directly collected from his employer and disbelieved Form No.16 submitted by assessee without verifying correct facts and examining relevant material on record, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh

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Reassessment notice issued after taking sanction from Additional Commissioner was valid; SLP dismissed

INCOME TAX : Where High Court set aside assessee's objection to initiation of reassessment proceedings by taking a view that in terms of section 2(28C), Joint Commissioner included Additional Commissioner and, thus, notice issued under section 148 after taking sanction from Additional Commissioner was valid, SLP filed against said order was to be dismissed

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International Financial Services Centres Authority Bills, 2019 introduces in Lok Sabha

The Union Cabinet has introduces the International Financial Services Centres Authority Bill, 2019 in Lok Sabha in order to provide for establishment of an authority to develop and regulate the financial services market in the IFSC in India and for matters connected therewith or incidental thereto. In this bill, various provisions related to establishment of authority, manner, removal, powers and function, finance, audits and accounts and so on have been discussed.

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FM introduced the Taxation Laws (Amendment) Bill, 2019 in Lok Sabha

The Finance Minister, Smt., Nirmala Sitharaman has introduced the Taxation Laws (Amendment) Bill, 2019 in the Lok Sabha. The Bill seeks to replace the Ordinance issued in September offering corporate tax rate cuts and other tax measures to boost investments.

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No concealment penalty for non-disclosing amount in ITR if same was duly reflected in balance sheet; SLP dismissed

INCOME TAX: SLP dismissed against High Court ruling that where assessee, a cine artist, failed to show in return of income, amount received as advance from various cinema producers towards work to be done by her but said amount was duly reflected in balance sheet annexed to original return, there was no intention on part of assessee to conceal particulars of income; thus, penalty order passed under sec. 271(1)(c) was to be set aside

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Partner can't claim exp. against income received from partnership firm: ITAT

INCOME TAX: A partner cannot separately claim expenses against income received from partnership firm

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Disallowance justified in absence of nexus between education exp. incurred director's daughter and business of co.

INCOME TAX: Expenditure incurred by assessee-company on overseas education of daughter of one of Directors of assessee-company had rightly been disallowed as there was no nexus between educational expenses so incurred and business of assessee

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First priority over secured assets would be that of bank not of state Govt. by virtue of SARFAESI Act: HC

FEMA, INSURANCE & BANKING: By virtue of section 26E of SARFAESI Act, first priority over the secured assets would be of Bank and not of State Government

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Sebi Norms Leave Brokers Shaken

Sebi Norms Leave Brokers Shaken

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Transfer of property shall be deemed on date of execution of documents & not on date of registration of documents

INCOME TAX: In case of transfer of immovable property, it is date of execution of registered document, and not date of delivery of possession or date of registration of document which is relevant; therefore, once executed documents are registered, transfer will take place on date of execution of documents and not on date of registration of documents

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Trust registration cannot be cancelled on account of transfer of foreign remittance to another trust; SLP dismissed

INCOME TAX: SLP dismissed against High Court ruling that registration of trust cannot be cancelled on account of transfer of foreign remittance to another trust

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ITAT quashed scrutiny assessment completed by issuing notice of inquiry u/s 142(1)

INCOME TAX : Where no notice under section 143(2) was issued, assessment could not be framed under section 143(3), read with section 147

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RBI issues master direction on mortgage guarantee companies

The RBI has issued master direction on mortgage guarantee companies. These direction provides a framework for the registration and operation of mortgage guarantee companies in India. These directions are required to be complied by every mortgage guarantee companies undertaking the business of mortgage guarantee.

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In terms of section 2(94A) of Cos Act, 2013, a Co. whose name has been removed from RoC can be liquidated under IBC

IBC : In terms of amended clause (94A) of section 2 of Companies Act, 2013, a company whose name has been removed from Register of Companies, can be liquidated under Code

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Condonation of delay in filing Form 10 to be allowed if assessee granted sec. 12AA registration with retro-effect

INCOME TAX : Where assessee trust did not file Form 10 earlier as at that time it was not enjoying registration under section 12AA, and immediately having received declaration under section 12AA with retrospective effect, assessee submitted declaration in Form 10 claiming benefit of accumulation of income under section 11(2), since assessee had explained delay in filling Form 10, satisfactorily, assessee's application seeking condonation of delay in filing Form 10 was to be allowed

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Saturday, November 23, 2019

RBI issues master direction on NBFC- Account Aggregator

The RBI has issued master direction on NBFC- Account Aggregator. These direction provides a framework for the registration and operation of Account Aggregator in India. These directions are required to be complied by every NBFCs undertaking the business of Account Aggregator.

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Additional tax liability determined on buy back of shares can be challenged by filing an appeal

IT : Supreme Court upholds order of High Court in Genpact India (P.) Ltd. v. Deputy Commissioner of Income-tax [2019] 108 taxmann.com 340 (Delhi). It holds that an appeal would be maintainable against determination of liability under section 115QA

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Majority of funds invested in shares can't be basis to hold that money lending wasn't principle business of assessee

INCOME TAX: In order to determine question of applicability of Explanation to section 73, Assessing Officer could not compare funds deployed in shares held as investment as against funds deployed in business of loans and advances

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RBI Brings in a 3-member Panel to Assist DHFL Administrator

RBI Brings in a 3-member Panel to Assist DHFL Administrator

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SC Notice on Plea Challenging Law on Private Entities Using Aadhaar

SC Notice on Plea Challenging Law on Private Entities Using Aadhaar

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Need to institutionalise state finance panels: RBI guv

Need to institutionalise state finance panels: RBI guv

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RBI expands scope of SNRR account; permits opening of SNRR a/c for ECB, Trade credits, Trade invoici

With a view to promote usage of INR products by persons resident outside India, the RBI in consultation with Govt. has decided to expand the scope of Special Non-Resident Rupee Account (SNRR) by permitting the person resident outside India to open such account for 1. ECBS 2. Trade Credits in INR, 3. Trade (export/Import) invoicing in INR 4. Business related transactions outside IFSC by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap

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CBDT creates an online portal to get all the information about Automatic Exchange of Information (AE

The CBDT has inaugurated an Exchange of Information portal to put all the information about Indian laws, rules and procedure related to Automatic Exchange of Information (AEOI) at one place. The portal can be accessed by all the financial institutions, department officers as well as public at large.

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Friday, November 22, 2019

SAT upheld penalty of Rs. 15 lakh against appellant for indulging in self trades of scrips in violation of PFUTP norms

COMPANY LAW/SEBI : Where appellant, with a view to gain profit, indulged into trading in shares of company in a fraudulent manner, and also engaged in self trades, appellant had violated provisions of PFUTP Regulations and therefore, imposition of penalty of Rs. 15 lakhs by Adjudicating Officer was justified

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Claim for refund arising due to self-assessment not to be considered unless assessment order was modified as per law

GST/EXCISE/ST/VAT: Where assessee claimed for refund of customs duty in case of self-assessment stating that it had made excess payment of duty, claim for refund could not be entertained unless order of assessment or self-assessment was modified in accordance with law by taking recourse to appropriate proceedings and it would not be within ken of section 27 of Customs Act to set aside order of self-assessment and reassess duty for making refund

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Sec. 69 additions justified as MD of Co. failed to produce evidence that investment was made by co. and not by him

INCOME TAX: Where assessee claimed that investment in property was made by company not by him, since assessee being Managing Director could have easily produced records or materials to show that amount was actually invested by company and not by him, but no such material was produced, Assessing Officer was justified in rejecting explanation given by assessee and in bringing amount to tax as unexplained investment

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Overseas Banks Show Appetite for Junk Bonds

Overseas Banks Show Appetite for Junk Bonds

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Kiran Mazumdar-Shaw settles insidert rading case with Sebi, pays Rs3 lakh

Kiran Mazumdar-Shaw settles insidert rading case with Sebi, pays Rs3 lakh

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No interference required if ITAT declared land as 'agricultural land' after extensively examining facts: HC

INCOME TAX: Where assessee, sold a land and claimed that it was an agricultural land within meaning of section 2(14)(iii) and, thus, profit arising on its sale was not liable to tax, since Tribunal extensively examined facts and concluded that land was not an agricultural land, and, further, entire village in which land was situated was notified under provisions of Tamil Nadu Land Urban Land (Ceiling and Regulation) Act and Urban Land Tax Act, land in question could not be regarded as an 'agricu

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Thursday, November 21, 2019

Highlights of SEBI Board Meeting

SEBI in its Board Meeting held in Mumbai Nov 20, 2019 has taken up certain key decisions and have proposed amendments w.r.t. Issuance of SEBI (Portfolio Managers) Regulations, Process of Rights issue, Business Responsibility Report to top 1000 listed entities by market capitalization and Disclosure by listed entities of defaults on payment of interest / repayment of principal loan amount. These regulations shall be applicable effective from 1st January, 2020.

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HC quashes non-speaking orders passed by AO without considering assessee’s submissions

INCOME TAX : Mere ritualistic giving of hearing and reproducing submissions made without understanding party's case would not satisfy test of natural justice and will amount to breach of natural justice

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191769/hc-quashes-non-speaking-orders-passed-by-ao-without-considering-assessee’s-submissions.aspx

AO couldn't seek time to refund Income-tax; any delay in grant of refund must be compensated with interest: HC

INCOME TAX : Where Assessing Officer did not dispute assessee's claim for refund but sought four week's time to make payment, instant petition was to be disposed of with a direction to refund amount due alongwith interest within a period of four weeks

from www.taxmann.com Latest Case Laws https://ift.tt/37q1UBQ

ST exemption for services in SEZ not to be denied due to non-fulfilment of procedural requirements of notifications

GST/Excise/ST/VAT: Where assessee, a Developer, had set up a unit in SEZ and Development Commissioner issued certificate to it to effect that services consumed within SEZ for carrying out authorised operations were exempt from levy of service tax and further second assessee, a Co-Developer,

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

CIT couldn’t set-aside order without establishing that it was erroneous as well as prejudicial to revenue’s interest

IT : Where Assessing officer after enquiring and recording a specific finding that assessee was in India only for 16 days and for rest of period he was in assignment to Switzerland and had received foreign assignment allowance, had taken a view to allow claim of assessee that this foreign assignment allowance is not taxable in India, it could not be said that assessment order was result of non-enquiry or non-application of mind or assumption of wrong facts. While passing assessment order,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191770/cit-couldn’t-set-aside-order-without-establishing-that-it-was-erroneous-as-well-as-prejudicial-to-revenue’s-interest.aspx

Sum paid to sub-contractor couldn't be held as bogus just because it was immediately withdrawn by employee of assessee

INCOME TAX: Where assessee, a civil contractor, incurred expenditure on account of payments made to several sub-contractors for execution of infrastructure contracts, merely because payments made to sub-contractor were withdrawn immediately by employees of assessee so as to help them to utilize same for execution of sub contract work at appropriate time and cash was not used by assessee for any purpose other than sub-contract work, such payments made by assessee could not be held as bogus

from www.taxmann.com Latest Case Laws https://ift.tt/3389Zb7

Tribunal can't dismiss appeal just on ground that no one appeared on behalf of assessee when those were called for

INCOME TAX : Tribunal cannot dismiss appeals in limine merely for non-appearance of party; it should give decision on merit

from www.taxmann.com Latest Case Laws https://ift.tt/2D3EoN7

NCLAT Denies RIL Waiver to Delist Alok

NCLAT Denies RIL Waiver to Delist Alok

from taxmann.com News https://ift.tt/2O6nFiF

Tighter Norms for Default Disclosure by Listed Firms

Tighter Norms for Default Disclosure by Listed Firms

from taxmann.com News https://ift.tt/2QBMAw8

RBI Takes Control of DHFL Board Over Governance Issues

RBI Takes Control of DHFL Board Over Governance Issues

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

NCLAT approves delisting of Alok Industries

NCLAT approves delisting of Alok Industries

from taxmann.com News https://ift.tt/2XAwCE8

NCLAT extends deadline to Dec 16 in Ruchi Soya bid

NCLAT extends deadline to Dec 16 in Ruchi Soya bid

from taxmann.com News https://ift.tt/2QF7iLw

Sebi makes it mandatory for listed firms to disclose each loan default

Sebi makes it mandatory for listed firms to disclose each loan default

from taxmann.com News https://ift.tt/35oJK1s

RBI to supersede DHFL board, approach NCLT for bankruptcy proceedings

RBI to supersede DHFL board, approach NCLT for bankruptcy proceedings

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Reassessment initiated just on the basis of audit objection regarding disallowance of u/s 40(a)(ia) unjustified

INCOME TAX: Reopening of assessment not based on satisfaction of Assessing Officer but only on basis of audit objection regarding disallowance under section 40(a)(ia) for non-deduction of TDS on labour charges, etc., paid by assessee, was unjustified

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

No denial of exemption if trust was charging only cost of implementing skill development projects in rural areas

INCOME TAX : Where no extra fees were charged by assessee-trust except cost while implementing skill development projects of clients/donors for upliftment of rural poor, it couldn't be held that assessee was established with profit motive; section 11(1) exemption would be available

from www.taxmann.com Latest Case Laws https://ift.tt/33bDZ69

Wednesday, November 20, 2019

SC stays SAT’s order on SEBI’s power to bar auditors from auditing books of listed co.

SEBI : Supreme Court stays operation of para 78 of order of SAT in Price Waterhouse & Co. v. Securities & Exchange Board of India [2019] 109 taxmann.com 79 (SAT - Mumbai) where it was held that SEBI did not have power to bar auditors from auditing books of a listed company, as such direction was clearly punitive and violative of article 19(1)(g) of Constitution of India as it took away fundamental right to carry on its business

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191759/sc-stays-sat’s-order-on-sebi’s-power-to-bar-auditors-from-auditing-books-of-listed-co.aspx

AO can't withhold refund u/s 241A without processing assessee's return: Bombay HC

INCOME TAX : Where Assessing Officer sought to withhold refund relatable to relevant assessment year under section 241A without processing assessee's return as well as revised return under section 143(1), said action of Assessing Officer being without authority of law, deserved to be set aside

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

Revision unjustified if material evidences regarding land development exp. were available before scrutiny assessment

INCOME TAX: During scrutiny assessment, Assessing Officer required assessee to produce all materials regarding land development expenses and same was produced before him and after inquiry, Assessing Officer accepted assessee's books of account, revision was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/340yEj4

District level society also eligible for Sec. 80P relief if primary co-operative societies can’t operate without it

INCOME TAX : Where activity of assessee-society of supplying milk to Mother Diary was interlinked with activities of its members primary co-operative societies and at same time primary co-operative societies could also not operate without assessee being a District level society, assessee's claim for deduction under section 80P(2)(b) was to be allowed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190736/district-level-society-also-eligible-for-sec-80p-relief-if-primary-co-operative-societies-can’t-operate-without-it.aspx

No denial of sec. 54 relief merely because payment for purchase of new house was made from different bank a/c

INCOME TAX: Law does not require assessee to hold on to very same money and demonstrate that very same money was utilized in acquisition of asset and requirement of law is that money so available to assessee to that extent on which exemption under section 54 was claimed ought to be invested in acquisition of specific asset within stipulated time

from www.taxmann.com Latest Case Laws https://ift.tt/2QzZ1bL

Society procuring milk from members and supplying it to 'Mother Dairy' eligible for sec. 80P deduction

Planned conversion of agricultural land to gain multiple times profit on its sale rightly taxed as business income

INCOME TAX: Where assessee had purchased agricultural land and immediately thereafter converted said land into non-agricultural land for commercial use, etc., driving force for purchase of land was to exploit it commercially, and, thus, profit arising on sale being nearly 30 times of investment in a period of 3-4 years owing to such concerted and planned transaction of purchase and sale of land had been rightly regarded as business activity by Assessing Officer

from www.taxmann.com Latest Case Laws https://ift.tt/331ZVjX

Personal Guarantor Insolvency Under IBC From Dec 1

Personal Guarantor Insolvency Under IBC From Dec 1

from taxmann.com News https://ift.tt/2QCuI43

Bankruptcy Law Comes of Age

Bankruptcy Law Comes of Age

from taxmann.com News https://ift.tt/37nQL4w

Lenders may Ask RBI to Refer DHFL to Insolvency

Lenders may Ask RBI to Refer DHFL to Insolvency

from taxmann.com News https://ift.tt/2KCo6PC

Six Tata Trusts to Challenge Tax Dept Order in Tribunal

Six Tata Trusts to Challenge Tax Dept Order in Tribunal

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

Commercial Court appeal couldn't be maintained u/s 37 of Arbitration Act: HC

COMPANY LAW/ARBITRATION : Where while exercising power under section 36 of Arbitration and Conciliation Act, 1996, Single Judge passed an order appointing court receiver in respect of properties, since said order was neither an order under Order XLIII of Code of Civil Procedure nor appealable under section 37, appeal against same was held to be not maintainable

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

ITAT allowed deduction of provisions made on estimate basis as AS-1 duly recognized it

INCOME TAX: AS-1 provides that if liability for expenditure incurred during year cannot be determined with certainty, assessee can make a provision for such liability on estimate basis, keeping in view business prudence and information available

from www.taxmann.com Latest Case Laws https://ift.tt/37j21zc

Tuesday, November 19, 2019

Amendment of Income-tax Rules, 1962 for notifying Challan-cum statement for the purposes of section 194M of the Income-tax Act, 1961

Publish Date : Monday, November 18, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2Xx7Ep8

Assessee having approved R&D facility doesn’t require any approval of quantum of exp. to be claimed u/s 35: ITAT

IT : Section 35 grants deduction for Scientific Research expenditure, under circumstances prescribed there-under, on compliance of conditions laid down in various provisions of section 35. In some cases, like those coming under provisions of sections 35(1)(i) and 35(2AB), a specific approval of quantum of expenditure, by prescribed authority, is pre-requisite for deduction, provisions of section 35(2AB) requires approval for Units and not approval for quantum of expenditure

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191704/assessee-having-approved-rd-facility-doesn’t-require-any-approval-of-quantum-of-exp-to-be-claimed-us-35-itat.aspx

HC denies bail to P. Chidambaram in Money Laundering case

SCL : Where petitioner (P. Chidambaram) sought for grant of bail as he was remanded to judicial custody for offence under section 3 of PMLA pertaining to grant of an FIPB approval in 2007-08, it was held that prima facie, allegations were serious in nature and petitioner had played active role in instant case which involved economic offences and, therefore, bail was not to be granted to petitioner

from www.taxmann.com Latest Case Laws https://ift.tt/2r4hDG8

Belated furnishing of documents related to TDS statement won't disentitle assessee to claim deduction

INCOME TAX: Assessee submitted additional evidence of lorry expenses for first time before Commissioner (Appeals), who remanded matter to Assessing Officer for verification but he did not go into these evidences, matter was to be remanded for readjudication

from www.taxmann.com Latest Case Laws https://ift.tt/2s0qGsl

Penalty order passed beyond 6 months from date of ITAT's order confirming additions was barred by limitation

INCOME TAX: Where assessment order making addition to income of assessee was confirmed by Tribunal on 27-1-2017 and order giving effect to order of Tribunal was passed on 22-5-2017, impugned penalty order dated 26-4-2018 under section 271(1)(c) being passed much after limitation period of six months as prescribed under section 275(1)(a) from 22-5-2017, was invalid on ground of limitation

from www.taxmann.com Latest Case Laws https://ift.tt/2QuN4nB

NCLT’s order sanctioning scheme of amalgamation doesn’t grant any waiver from Income-tax provisions

INCOME TAX : Statutory authorities are not bound by sanctioned scheme of amalgamation of companies; where transferee company filed return while subsequently NCLT sanctioned scheme of arrangement, for filing a revised return belatedly, transferee company was required to file application for condonation of delay

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191636/nclt’s-order-sanctioning-scheme-of-amalgamation-doesn’t-grant-any-waiver-from-income-tax-provisions.aspx

NBFCs With Rs500 Cr Assets Can Now Be Admitted Under IBC

NBFCs With Rs500 Cr Assets Can Now Be Admitted Under IBC

from taxmann.com News https://ift.tt/2r1Yftw

‘Decriminalise 46 Offences Under Cos Act’

‘Decriminalise 46 Offences Under Cos Act’

from taxmann.com News https://www.taxmann.com/topstories/222330000000019701/‘decriminalise-46-offences-under-cos-act’.aspx

Promote may ‘Give Way’ to Controlling Shareholde

Promote may ‘Give Way’ to Controlling Shareholde

from taxmann.com News https://www.taxmann.com/topstories/222330000000019700/promote-may-‘give-way’-to-controlling-shareholde.aspx

RBI plans to set up college of supervisors: Shaktikanta Das

RBI plans to set up college of supervisors: Shaktikanta Das

from taxmann.com News https://ift.tt/2O0ZKRA

RBI rate cut 110bps, but lending rates up by 8bps

RBI rate cut 110bps, but lending rates up by 8bps

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

HC stayed demand on co-operative bank on payment of 1% of outstanding tax amount

INCOME TAX: Where claim of assessee-society for deduction under section 80P was rejected and, a further addition was made to taxable income under section 68, assessee's stay application was to be disposed of with a direction to pay one per cent of tax demanded on addition made under section 68

from www.taxmann.com Latest Case Laws https://ift.tt/2qpVX7q

Company Law Committee decides to decriminalize more than 45 offences under Companies Act

The Company Law Committee has submitted its report wherein it has been decided to decriminalize some provisions of the Companies Act based on their gravity in order to ease of doing business in India.

from taxmann.com News https://ift.tt/2Xqc9BG

Cash received by son on sale of mother’s property & deposited in own bank account considered as ‘unexplained income’

INCOME TAX: Where cash of Rs. 60 lakhs deposited in bank account of assessee was claimed to be belong to assessee's mother received on sale of her property, in view of fact that mother had not filed income-tax return in time or paid capital gains tax, same was to be taxed in hands of assessee

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189643/cash-received-by-son-on-sale-of-mother’s-property-deposited-in-own-bank-account-considered-as-‘unexplained-income’.aspx

Monday, November 18, 2019

Business should be carried on during previous year isn't a pre-condition to set off brought forward losses

INCOME TAX: Section 72(1)(i) does not mandate that business or profession should have been carried on by assessee during relevant previous year as a pre-condition for set off of brought forward business losses and, therefore, in case there are profits and gains of any business or profession carried on by assessee, which are assessable in its hands during relevant year, it would be entitled to set off its brought forward business losses against same

from www.taxmann.com Latest Case Laws https://ift.tt/37cewMR

HC remanded matter back as assessee's case was transferred from Chennai to Bangalore without recording reasons

INCOME TAX: Where case of assessee was transferred by Principal Commissioner from Chennai to Bangalore, without recording reasons for transfer, matter was to be remanded back to Principal Commissioner for adjudication afresh

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

Registration of sale deed was irrelevant to tax capital gains arising on sale of property in relevant year: ITAT

INCOME TAX : Where possession of property was handed over to purchaser on full payment of sale consideration and sale deed was executed on 31-3-2009, while it was registered on 1-4-2009, capital gain tax would be chargeable in assessment year 2009-10 and not in 2010-11

from www.taxmann.com Latest Case Laws https://ift.tt/37iK4AH

Software Isn’t Manufacturing, Won’t be Eligible for 15% Tax

Software Isn’t Manufacturing, Won’t be Eligible for 15% Tax

from taxmann.com News https://www.taxmann.com/topstories/222330000000019695/software-isn’t-manufacturing-won’t-be-eligible-for-15-tax.aspx

DHFL Stares at Insolvency Proceedings

DHFL Stares at Insolvency Proceedings

from taxmann.com News https://ift.tt/2r76HaD

PepsiCo Plea to Get Machinery Back Rejected

PepsiCo Plea to Get Machinery Back Rejected

from taxmann.com News https://ift.tt/37hrCZ8

Sec. 264 revision couldn't be rejected just for reason that it was filed beyond the period of limitation: HC

INCOME TAX : Merely because assessee filed application to condone delay belatedly, revision application could not be rejected without considering cause of delay

from www.taxmann.com Latest Case Laws https://ift.tt/3783mJ0

Saturday, November 16, 2019

Computer generated disposing off serious complaints of investors is no disposal in eyes of law: SAT

SEBI ACT: Appellants were minority public shareholders of respondent companies - Appellants filed complaint with SEBI alleging incorrect disclosure made by respondent companies regarding their true promoters - Another complaint was filed on SCORES platform of SEBI against these companies regarding violation of minimum public shareholding requirement - Complaints made to SEBI remained unadressed - But in respect to complaint filed on SCORES platform, a computer generated communication was issued

from www.taxmann.com Latest Case Laws https://ift.tt/2r22AfW

SEBI unveils mechanism for mapping of unique client code with demat account of clients

In order to facilitate ease in reconciliation, SEBI has put in place mechanism for mapping of Unique Client Code (UCC) with Demat accounts of the clients. Under the norms, the UCC allotted by trading member (TM) to the client shall be mapped with the demat account of the client. The norms provides that a client may trade thorough multiple TMs in which case each such UCC shall be mapped with one or more demat account(s)

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

Rectification application cannot be denied just because appeal is pending against assessment order

INCOME TAX : Merely because appeal or revision of assessment order was pending, there was no embargo on power of amendment/rectification, as matter did not assume character of a sub-judice matter

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

SC Clears Arcelor’s Takeover of Essar Steel

SC Clears Arcelor’s Takeover of Essar Steel

from taxmann.com News https://www.taxmann.com/topstories/222330000000019686/sc-clears-arcelor’s-takeover-of-essar-steel.aspx

Sweetmeat serial bars, whether or not containing cocoa, are classified under heading no. 2106 90 99

GST/Excise/ST/VAT : Where assessee was engaged in manufacture of sweetmeat cereal bars coated with cocoa and not coated with cocoa packed in sealed containers, said products were classifiable under Heading No. 2106 90 99 and eligible for exemption under Sl. No. 29 of Notification No. 3/2006-CE, dated 1-3-2006

from www.taxmann.com Latest Case Laws https://ift.tt/2QllV6F

Books of account couldn't be rejected merely because there was marginal fall in gross profit rate

INCOME TAX: Where pursuant to survey proceedings, AO made addition to assessee's income on basis of estimated gross profit on sales, in view of fact that AO had rejected assessee's books of account without giving any specific details and, moreover, there was decline of only 1.04 per cent in rate of gross profit in relevant year for which assessee had given detailed explanation, impugned addition was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/373vjBI

Delhi Tribunal cancelled section 12AA registration of Young Indian

The Delhi Tribunal upheld the decision of cancelling the registration of Young Indian because none of the activities of the assessee was carried out in accordance with its objects nor its activities were held to be genuine

from www.taxmann.com Latest Case Laws https://ift.tt/2Ksh0Nt

Friday, November 15, 2019

Delhi Tribunal cancelled section 12AA registration of Young India

Compensation received by lessor on account of termination of lease due to sale of property is capital receipt

INCOME TAX: Where property already given on 99 years lease was sold to lessee itself and apart from consideration which was higher than stamp duty value, compensation was received towards termination of lease, compensation so received was for loss of source of income which was to be considered as capital receipt, and as not revenue receipt

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

Temple construction allowed at disputed site of Ayodhya; separate land given for Mosque

CL : As regards inner courtyard, there was evidence on a preponderance of probabilities to establish worship by Hindus prior to annexation of Oudh by British in 1857 - Muslims had offered no evidence to indicate that they were in exclusive possession of inner structure prior to 1857 since date of construction in sixteenth century - After setting up of grill-brick wall in 1856-57 by British Administration, structure of mosque continued to exist and there was evidence to indicate that namaz

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

MAT credit of amalgamating Co. was admissible for set off in hands of amalgamated Co.

INCOME TAX: Assessee amalgamated company is entitled to claim set off of carried forward MAT credit of its amalgamating company

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

AO can’t treat a person as principal officer without forming his connection with management & administration of Co.

INCOME TAX : Where neither in show cause notice nor in impugned order, connection of petitioner with management, and administration of company was established, Assessing Officer could not have named him as Principal Officer

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191628/ao-can’t-treat-a-person-as-principal-officer-without-forming-his-connection-with-management-administration-of-co.aspx

AO can't initiate reassessment just relying on DVO's report that assessee reported higher cost of construction

INCOME TAX: Assessing Officer, while framing assessment, may either accept cost of construction as given by assessee or reject same and make a best judgment assessment, but, there is no provision under Act which permits Assessing Officer to make a provisional assessment subject to report of District Valuation Officer

from www.taxmann.com Latest Case Laws https://ift.tt/32Qa4zW

I-T Raids on BMC Contractors Reveal Rs735 Cr ‘Black Money’

I-T Raids on BMC Contractors Reveal Rs735 Cr ‘Black Money’

from taxmann.com News https://www.taxmann.com/topstories/222330000000019679/i-t-raids-on-bmc-contractors-reveal-rs735-cr-‘black-money’.aspx

CCI Okays Adani’s 23.5% Buy in MIAL

CCI Okays Adani’s 23.5% Buy in MIAL

from taxmann.com News https://www.taxmann.com/topstories/222330000000019678/cci-okays-adani’s-23-5-buy-in-mial.aspx

Direct Tax Collections at Rs6 lakh cr So Far

Direct Tax Collections at Rs6 lakh cr So Far

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

Small cause Court can't restrain liquidator to take possession of property of liquidating-Co. without Court's leave

COMPANY LAW: Where tenants in possession of premises of company-in-liquidation refused to handover same to liquidator on ground that they have obtained decrees from Small Cause Court restraining company-in-liquidation from disturbing their possession, in view of fact that said decrees had been passed after order for winding up and without obtaining leave of Court under section 446, impugned order passed by Small Cause Court were nullity in eyes of law and thus, tenants were directed to handover

from www.taxmann.com Latest Case Laws https://ift.tt/378TiPW

Thursday, November 14, 2019

Corrigendum

Publish Date : Wednesday, November 13, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/3743edr

MoF eases norms for change of address on Aadhaar Card

In order to ease of doing business, the Govt. has made an amendment to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, allowing an individual to provide a current address, different from the address as per the identity information available in the Central Identities Data Repository, on a self-declaration basis.

from taxmann.com News https://ift.tt/2CMee16

Taxmann.com introduces a new weekly newsletter 'This Week'

In our endeavour to arm esteemed readers with insightful knowledge about important developments in the corporate world, we intend to introduce a weekly newsletter - 'This Week'. The newsletter will provide an analytical summary of all important stories reported at taxmann.com. In case you need greater details on a particular topic, you may do so by clicking on the relevant links.

from taxmann.com News https://ift.tt/32Me5pl

Rules formulated by CG u/s 184 of Finance Act, 2017 for appointment of tribunals struck down by SC

FINANCE ACT : Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2017 suffer from various infirmities; these Rules formulated by Central Government under Section 184 of Finance Act, 2017 being contrary to parent enactment and principles envisaged in Constitution as interpreted by this Court, are struck down in entirety

from www.taxmann.com Latest Case Laws https://ift.tt/2O8WRgo

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 in Tribunal

from www.taxmann.com Latest Case Laws https://ift.tt/2OgZa1c

Centre seeks industry inputs on tax rate changes

Centre seeks industry inputs on tax rate changes

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

SC: Chief Justice office under RTI Act but ´ conditions apply´

SC: Chief Justice office under RTI Act but ´ conditions apply´

from taxmann.com News https://www.taxmann.com/topstories/222330000000019668/sc-chief-justice-office-under-rti-act-but-´-conditions-apply´.aspx

Information on judges of Supreme Court who had declared their assets can be furnished under RTI Act

RTI ACT : Disclosure of information on judges of Supreme Court who had declared their assets does not impinge upon the personal information and right to privacy of the judges; said information can be furnished under RTI Act

from www.taxmann.com Latest Case Laws https://ift.tt/33Mn8I4

Wednesday, November 13, 2019

Income-tax (13th Amendment) Rules, 2019

Publish Date : Monday, November 11, 2019

from RSS FEED for Income Tax India : Communications https://ift.tt/2pjo2wI

Office of CJI is a public authority and comes under the ambit of RTI Act: SC

In a landmark ruling, the Supreme Court of India on Nov 13, 2019 has held that office of the Chief Justice of India is a public authority and comes under the ambit of the RTI Act. The Court rules that “Transparency does not undermine judicial independence. Judicial independence and accountability go hand in hand. Disclosure is a facet of public interest”. However, the Apex Court cautioned that RTI cannot be used as a tool of surveillance.

from taxmann.com News https://ift.tt/2NGWx9J

CBDT grants exemption under section 56(2)(x) to resident of unauthorised colony

The Central Board of Direct Taxes (CBDT) has notified a new Rule 11UAC in which it provided that provisions of Sec. 56(2)(x) shall not be applicable to any immovable property received by resident of unauthorized colony.

from taxmann.com News https://ift.tt/2NGR96v

Additional Sum offered to buy peace of mind doesn’t mean that initial disclosure before SetCom wasn’t full & true

IT : Where assessee had not accepted liability of 5% of trading expenses, but in spirit of settlement offered to pay amount computed by Assessing Officer with a view to bring quietus to matter and buy peace of mind, offer to pay such amounts in addition to amounts disclosed in applications under section 245Ccannot be said to be disclosure of any further amounts under that section

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191578/additional-sum-offered-to-buy-peace-of-mind-doesn’t-mean-that-initial-disclosure-before-setcom-wasn’t-full-true.aspx

AO can't declare on ITR invalid without giving opportunity to assessee to rectify defects: ITAT

INCOME TAX: In terms of sub-section (9) of section 139, before a return is held to be invalid by virtue of any defect, it is incumbent upon Assessing Officer to give an opportunity to assessee to rectify said defect within a specified time

from www.taxmann.com Latest Case Laws https://ift.tt/34RTiSu

SetCom order valid if AO agreed to continue proceedings after issuing notice to assessee under Black Money Act

IT : Under section 245C, an assessee can make an application at any stage of a case relating to him

from www.taxmann.com Latest Case Laws https://ift.tt/3730Gwo

Deposit in capital gain a/c scheme isn’t a mandatory condition to claim sec. 54 relief: Madras HC

INCOME TAX : Mere non compliance of a procedural requirement under section 54(2) itself cannot stand in way of assessee in getting benefit under section 54, if he is, otherwise, in a position to satisfy that mandatory requirement under section 54(1) is fully complied with within time limit prescribed therein

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191576/deposit-in-capital-gain-ac-scheme-isn’t-a-mandatory-condition-to-claim-sec-54-relief-madras-hc.aspx

SC granted SLP against HC's ruling that provisions of sec. 40A(3) applicable even in case of block assessments

INCOME TAX : SLP granted against High Court ruling that even in case of block assessment it is mandatory to apply provisions of section 40A(3)

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

CBDT Apprises CEC of I-T Action Against Lavasa Family

CBDT Apprises CEC of I-T Action Against Lavasa Family

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No denial of sec. 80-IB relief for entire housing project just because area of one unit exceeded upper limit: SC

INCOME TAX: Where High Court upheld Tribunal's order allowing assessee's claim for deduction under section 80-IB by taking a view that simply because out of several units included in housing project, only in one of them, constructed area exceeded upper limit; that too, by a small margin, deduction claimed could not be denied in respect of entire housing project, SLP filed against said order was to be dismissed

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Appeal would lie against acquittal in offence of cheque dishonoring u/s. 378(4) of CrPc: HC

FEMA, BANKING & INSURANCE: Against acquittal in prosecution for offence under section 138 of NI Act, appeal would lie under section 378(4) of Code of Criminal Procedure, 1973

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Tuesday, November 12, 2019

No refund of excise duty to SEZ unit on goods procured from DTA in absence of any specific provision under SEZ Rules

GST/EXCISE/ST/VAT : Where appellant, a developer of SEZ unit procured goods from DTA unit which were cleared by its suppliers after paying appropriate duty, thereafter it filed refund application under section 11B of Central Excise Act, 1944 since SEZ area is treated as a place outside India for all practical purposes, therefore for this reason, goods which are imported into SEZ are not subject to customs duties and goods from DTA which are supplied to SEZ units are treated at par with exports;

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Forex loss on loan availed under automatic RBI's route couldn't be added while computing book profit

INCOME TAX : Where assessee had taken a piece of land from State Government for relief and rehabilitation of evacuees, in view of fact that assessee's policy decision regarding project, use of land for rehabilitating evacuees and amortization had been approved by auditors of company and by Comptroller and Auditor General, Tribunal was justified in allowing assessee's claim for depreciation in respect of said land

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HC upheld ICAI's decision not to entertain complaint filed against auditor after 7 years of signing audit report

INCOME TAX/CHARTERED ACCOUNTANT ACT: Where petitioner company alleged that member of ICAI i.e. 'J' was guilty of professional misconduct on account of verifying audit report containing false statements in respect of seven companies, in view of fact that petitioner had no dealing with said companies or with 'J' and no person who had dealt with said companies had raised any such complaints, decision of Director Discipline to not to entertain complaint could not be faulted

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No reassessment on ground that excessive dep. was claimed if entire material was available during original assessment

INCOME TAX : Where AO initiated reassessment proceedings on ground that assessee had claimed excessive depreciation on shuttering and mining equipments, in view of fact that assessee had disclosed full and correct facts relating to claim of depreciation merely on basis of change of opinion, deserved to be quashed

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RBI Withdraws Exemptions Given to Housing Fin Cos

RBI Withdraws Exemptions Given to Housing Fin Cos

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HC rejected bail application of accused in money laundering case for hampering investigation

FEMA, BANKING & INSURANCE: Where petitioner was taken into judicial custody for violating provision of section 3, in view of fact that investigation in respect of co-accused was still in progress and despite being in judicial custody, petitioner was hampering investigation, petitioner's bail application was to be rejected

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Burden to rebut presumption of debt in cheque bounce case is on the accused

COMPANY LAW : A complaint under Negotiable Instruments Act could not have been dismissed only on account of discrepancies in determination of amount due or oral evidence in amount due when written document crystallizes amount due for which cheque was issued

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Retracted confessional statement not enough to impose penalty for procuring forex from unauthorised market

FEMA, BANKING & INSURANCE : Without independent evidence, retracted confessional statement cannot be relied upon to impose any penalty for alleged remittances made by persons other than account holder for procuring foreign exchange from unauthorised market and deposit same in NRE account, etc.

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Monday, November 11, 2019