INCOME TAX: Where competent authority transferred assessment of assessee from Chennai to Bangalore for centralisation for co-ordinated investigation after giving due opportunity of being heard to assessee, impugned order was to be upheld
from www.taxmann.com Latest Case Laws https://ift.tt/2ZFywEn
Tuesday, December 31, 2019
Waiver of principal amount of deposits and debentures by NBFC constituted capital receipt; SLP dismissed
PVC pipes manufactured for irrigation purposes are classified under Heading No. 8424 90 00
GST/EXCISE/ST/VAT : Where assessee was engaged in manufacture of agriculture and horticulture equipments at its Unit No. 1 and it also manufactured PVC pipes at its Unit No. 2 and supplied same to its Unit No. 1 for use in manufacture of drip/sprinkler irrigation system, PVC pipes were classifiable under Heading No. 8424 90 00
from www.taxmann.com Latest Case Laws https://ift.tt/36cbqaT
from www.taxmann.com Latest Case Laws https://ift.tt/36cbqaT
Notification No. 107/2019 [F.No.225/75/2019-ITA.II)] /SO 4708(E)
Notification prescribing electronic modes of payment u/s 269SU of the Income-tax Act, 1961
Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961
‘Ambani Overseas Income Case’: I-T Dept Seeks Clarifications
Last day to link PAN &Aadhaar pushed back till end of March
Monday, December 30, 2019
Notification No. 106/2019 [F. No. 225/ 214/2019-ITA-II]
Sum received on settlement of case of property usurped by relatives was taxable as capital gain : HC
ITAT allowed dep. on goodwill pursuant to scheme of amalgamation following principle of consistency
INCOME TAX: Where pursuant to scheme of amalgamation, assessee claimed depreciation on goodwill representing higher amount paid to transferor company as compared to its net assets, in view of fact that relevant year was second year of amalgamation whereas assessee's claim for depreciation had been allowed in first year of amalgamation, following principle of consistency, assessee's claim was to be allowed in assessment year in question as well
from www.taxmann.com Latest Case Laws https://ift.tt/2F1zjpJ
from www.taxmann.com Latest Case Laws https://ift.tt/2F1zjpJ
HC upheld initiation of prosecution proceedings as assessee failed to produce evidence of submitting TDS to Govt.
INCOME TAX: Where assessee i.e. Managing Director of 'A' Group of Companies was sought to be prosecuted under section 276B for failure to remit tax deducted at source, in view of fact that a notice was issued to assessee to convey intention of department to treat him as Principal Officer of 'A' Group of companies and, moreover, assessee failed to bring on record any proof showing that amount in question was paid to department after issuance of show-cause notice, there was no infirmity in prosecu
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from www.taxmann.com Latest Case Laws https://ift.tt/2ZyRL2t
Saturday, December 28, 2019
Question of existence of PE can’t be foreseen at stage of deciding application for issue of certificate u/s 197
INCOME TAX/INTERNATIONAL TAXATION : The question of existence of permanent establishment (PE) of a non-resident assessee, which requires a detailed enquiry is not envisaged at the stage of deciding the application for issuance of certificate under section 197. However, the full fledged investigation in said regard can be done by the Assessing Officer during the course of assessment proceedings
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192554/question-of-existence-of-pe-can’t-be-foreseen-at-stage-of-deciding-application-for-issue-of-certificate-us-197.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192554/question-of-existence-of-pe-can’t-be-foreseen-at-stage-of-deciding-application-for-issue-of-certificate-us-197.aspx
Benami Transactions (Prohibition) Amendment Act, 2016 cannot have retrospective effect: Calcutta HC
Necessary usage of ‘cavern’ and pay higher charges was an unfair imposition in provision of terminalling services
COMPETITION LAW: Where OP-SALPG required users to necessarily use cavern and pay higher charges in provision of terminalling services at Visakhapatnam port to oil marketing companies (OMC), it was held that Commission rightly held that 'SALPG' requiring users to necessarily use cavern and pay higher charges was an unfair imposition in provision of terminalling services and was likely to discourage imports and restrict services otherwise offered by Informant-EIPL,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192553/necessary-usage-of-‘cavern’-and-pay-higher-charges-was-an-unfair-imposition-in-provision-of-terminalling-services.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192553/necessary-usage-of-‘cavern’-and-pay-higher-charges-was-an-unfair-imposition-in-provision-of-terminalling-services.aspx
SAT denies to reduce penalty imposed by BSE for not appointing Company Secretary and Independent directors
Company Law: Where appellant company violated various provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and appellant made a representation to authorities requesting for waiver/reduction of penalty imposed by BSE contending that for not appointing Company Secretary and two independent directors on Board/audit committee, penalty might be waived under exceptional circumstances as carved out in SEBI's circular dated 3-5-2018, it
from www.taxmann.com Latest Case Laws https://ift.tt/2ZAi6Np
from www.taxmann.com Latest Case Laws https://ift.tt/2ZAi6Np
Territorial jurisdiction error couldn't be ignored merely because it wasn't raised at time of hearing of appeal
INCOME TAX: Where a particular Bench of Tribunal did not possess territorial jurisdiction to hear and decide appeal, it constituted an error apparent from record and same could not be ignored merely on ground that issue of jurisdiction was not raised at time of hearing of appeal
from www.taxmann.com Latest Case Laws https://ift.tt/39kktbF
from www.taxmann.com Latest Case Laws https://ift.tt/39kktbF
Competition Act doesn't obligate Commission to accept DG's report recommending violations of provisions of Act
RBI´s ´ operation twist´ places public sector banks in asweet spot
Friday, December 27, 2019
AO can't withhold refund merely by issuing scrutiny notice under section 143(2): Delhi HC
Exp. incurred on travel of wives & children of directors who accompanied him on various foreign trips not allowable
Reassessment on basis of info. received from investigation wing justified if AO didn't examine disputed issue
INCOME TAX: Where Assessing Officer issued reassessment notice on basis of an information received from Investigation wing that assessee had received bogus accommodation entries in form of share capital, since Assessing Officer did not examine issue related to share capital during original assessment, impugned reopening was justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q133cp
Penalty imposed by SEBI was justified as broker didn't follow due diligence in avoiding market manipulation: SAT
COMPANY LAW/SEBI: Where trader was indulged in synchronized trading of shares of company and placed buy and sell orders at price significantly away from last traded price thereby creating artificial volume on share of said company and no mechanism had been implemented by broker in avoiding synchronized trades which were clearly a negligence from side of broker, impugned order passed by SEBI imposing penalty upon trader and broker was justified
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from www.taxmann.com Latest Case Laws https://ift.tt/2MyINwH
SEBI comes up with mechanism to protect and reward whistle-blowers
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) was amended, vide. Notification dated September 17, 2019, by inserting a new chapter (IIIA) dealing with informant policy in relation to insider trading laws.
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from taxmann.com News https://ift.tt/2t2X8dY
Thursday, December 26, 2019
HC justified additions as assessee accepted book entries but vowed to explain them in next financial year
INCOME TAX: Where additions were made in case of assessee on basis of entries which were found in books of account seized during search and seizure and assessee accepted that documents were seized from his premises and he had owned entries and undertook to explain them in next financial year, however failed to do so, said amounts had rightly been added to other income of assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2PYgeeo
from www.taxmann.com Latest Case Laws https://ift.tt/2PYgeeo
Writ couldn't be filed against order of AO rejecting assessee's prayer for refund of excess amount paid as tax
INCOME TAX : Where assessee filed a writ petition against order of Assessing Officer rejecting its prayer for refund of excess amount paid as tax, in view of fact that an alternative remedy of filing revision application under section 264 was available, instant petition was to be dismissed being non-maintainable
from www.taxmann.com Latest Case Laws https://ift.tt/2ZpomHE
from www.taxmann.com Latest Case Laws https://ift.tt/2ZpomHE
AO rightly taxed utilized amount of capital gain account scheme after expiry of 3 years: HC
INCOME TAX: Where only a part of amount deposited in Capital Gains Account Scheme was utilized for construction or purchase of a new asset within specified time of three years, income tax was chargeable on remaining unutilized amount in previous year in which period of three years expired
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from www.taxmann.com Latest Case Laws https://ift.tt/2ZqLXbh
NCLT's condition that transferor co. would pay tax couldn't be sustained when transferee-co. undertook to pay taxes
COMPANY LAW : Where Tribunal approved scheme of amalgamation subject to condition that transferor company would pay entire tax liability, in view of fact that transferee company undertook to make payment in regard to demand raised by Income Tax Authority upon same becoming crystallized, while scheme of amalgamation remained intact, said condition could not be sustained
from www.taxmann.com Latest Case Laws https://ift.tt/2tS5iGy
from www.taxmann.com Latest Case Laws https://ift.tt/2tS5iGy
Sec. 80P relief couldn't be denied if co-operative society was providing financial assistance to its members only: ITAT
INCOME TAX: Where assessee, a co-operative credit society, had not undertaken any of banking business activities and was providing financial assistance/credit to its members, only and not to general public, it would not be hit by provisions of section 80P(4) and, thus, was entitled for deduction under section 80P(2)(a)(i)
from www.taxmann.com Latest Case Laws https://ift.tt/2PUA7D0
from www.taxmann.com Latest Case Laws https://ift.tt/2PUA7D0
OPs couldn't be said to be involved in collusive bidding with procurer as final assessment of bids hadn't been done
COMPETITION LAW : Where in a tender floated by procurer for supply of school bags, informant had alleged that OPs involved in collusive bidding with procurer in violation of section 3, in view of fact that financial assessment of bids had not been done by procurer as per directions of High Court, case was clearly pre-mature and based on suspicion and conjucture, and therefore, no prima facie case of contravention of provisions of section 3 was made out against OPs
from www.taxmann.com Latest Case Laws https://ift.tt/2t7rYlx
from www.taxmann.com Latest Case Laws https://ift.tt/2t7rYlx
De-listing of equity shares from exchange without granting co. representation was violative of natural justice
COMPANY LAW SEBI: Where equity shares of a company were ordered to be delisted from Stock Exchange without granting fair opportunity to concerned company to make representation, said order was violative of natural justice; therefore, matter was to be remitted back to Delisting Committee for fresh consideration after granting opportunity to company
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from www.taxmann.com Latest Case Laws https://ift.tt/2QfcdRC
Tuesday, December 24, 2019
SEBI amends framework for listing of commercial papers
Based on representation received from the market participants, SEBI has allowed issuers having outstanding listed commercial paper to file unaudited financial with limited review for the stub period in the current financial year, subject to making necessary disclosures in this regard including risk factors.
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from taxmann.com News https://ift.tt/2QmwQeS
SEBI prescribes ‘Stewardship Code’ for Mutual Funds and AIFs
SEBI along with IRDAI and PFRDA had examined a proposal for introducing stewardship principles in India, which was approved by a sub-committee of the Financial Stability and Development Council (FSDC-SC). Accordingly, SEBI has decided that all Mutual Funds and all categories of AIFs shall mandatorily follow the Stewardship Code as prescribed, in relation to their investment in listed equities. The Stewardship Code shall come into effect from the Financial Year beginning April 01, 2020.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019906/sebi-prescribes-‘stewardship-code’-for-mutual-funds-and-aifs.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019906/sebi-prescribes-‘stewardship-code’-for-mutual-funds-and-aifs.aspx
HC set-aside addition made by AO without having any incriminating material or document found during search
INCOME TAX : Where revenue could not adduce any cogent material or evidence to prove that addition made in case of assessee in assessment completed under section 144 read with section 153C was on basis of any incriminating material or document found during course of search, impugned addition was unjustified
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from www.taxmann.com Latest Case Laws https://ift.tt/2PThwah
Property acquired prior to commission of alleged offence of money laundering couldn't be attached
SEBI issues discussion paper on ‘Usage of pool accounts in Mutual Fund Transactions’
In order to provide more avenues for transacting in mutual fund units, the SEBI has issued discussion paper on ‘Usage of pool accounts in Mutual Fund Transactions’.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019903/sebi-issues-discussion-paper-on-‘usage-of-pool-accounts-in-mutual-fund-transactions’.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019903/sebi-issues-discussion-paper-on-‘usage-of-pool-accounts-in-mutual-fund-transactions’.aspx
SEBI signs MoU with Astana Financial Services Authority, Kazakhstan
The SEBI and Astana Financial Services Authority, Kazakhstan have entered into a bilateral MoU for mutual co- operation and technical assistance. The objective of the bilateral is to strengthen cross border co-operation in the area of securities regulation.
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from taxmann.com News https://ift.tt/2tEN5fl
10 year market ban on CFO of a co. who was working under direction of MD was to be quashed: SAT
COMPANY LAW/SEBI Act: Where CFO of company was working under direction of Managing Director who was considered to be key person in alleged violation of various provisions of SEBI Act, impugned order of SEBI restraining said CFO from accessing securities market for a period of 10 year was to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/2MqQJ33
from www.taxmann.com Latest Case Laws https://ift.tt/2MqQJ33
Monday, December 23, 2019
NCLAT dismisses objections by IT dept. on ‘avoidance and evasion’; approves demerger of Reliance Jio
COMPANY LAW: Where composite scheme of arrangement among petitioner companies (Reliance Jio Infocomm, Jio Fibre and Reliance Infratel) was approved by NCLT but was opposed by Income tax department on ground that scheme was a tool to avoid and evade taxes, it was held that in view decision of Supreme Court in Department of Income tax v Vodafone Essar Gujrat Ltd (2015)16 SCC 629 wherein liberty was given to Income tax department to take out appropriate proceedings for recovery of any tax statutori
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192408/nclat-dismisses-objections-by-it-dept-on-‘avoidance-and-evasion’-approves-demerger-of-reliance-jio.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192408/nclat-dismisses-objections-by-it-dept-on-‘avoidance-and-evasion’-approves-demerger-of-reliance-jio.aspx
Issuance of direction by SEBI to appellant-co. without issuing SCN was in violation of principal of natural justice
Genuineness of unsecured loan transaction couldn't be proved merely by providing PAN and bank statements of lender
INCOME TAX: Where assessee received unsecured loan from a person outside India but failed to produce relevant documents to prove identity and creditworthiness of creditor and genuineness of transaction either before Assessing Officer or before Commissioner (Appeals), certain documents produced by assessee during instant appeal before High Court under section 260A could not be accepted and, therefore, impugned addition made under section 68 in respect of said loan was justified
from www.taxmann.com Latest Case Laws https://ift.tt/2MiLvq0
from www.taxmann.com Latest Case Laws https://ift.tt/2MiLvq0
Exp. incurred without any objective to bring into existence a new asset qualified to be considered as current repairs
Board report filed with RoC can be revised only if not prejudicial to company, shareholders, etc.
COMPANY LAW : Where in Board Report of company filed with RoC, certain matters were unintentionally omitted to be reported, it could be permitted to revise said Board Report if same would not prejudice interest of company, its shareholders or stakeholders or violate any provisions
from www.taxmann.com Latest Case Laws https://ift.tt/2tCoRCq
from www.taxmann.com Latest Case Laws https://ift.tt/2tCoRCq
Saturday, December 21, 2019
Overview of new National Savings Recurring Deposit Scheme, 2019
SAT asks Sebi to pass order on Karvy case by January 15
PFRDA seeks withdrawal in NPS, tax only on interest component
CCI approves Qatar Holding’s 25% stake buy in Adani Electricity
CCI nod to Qatar Holdings stake buy in Adani Electricity
Overview of new National Savings Time Deposit Scheme, 2019
The government has notified new schemes for the purpose of National Savings Time Deposit Scheme vide Notification No. GSR 922(E), dated 12-12-2019 . The salient features of the new National Savings Time Deposit Scheme have been enumerated in this article.
from taxmann.com News https://ift.tt/2MjqSdj
from taxmann.com News https://ift.tt/2MjqSdj
SC explains differences between unintelligible award and inadequacy of reason in arbitral award
ARBITRATION ACT : Courts cannot interfere with arbitral award in usual course because once High Court concludes that award is not a reasoned one, then award ceases to exist and Court becomes functus officio under section 34 of the Arbitration Act and has to remand back matter where in a challenge to award passed by Arbitral Tribunal, High Court concluded that there was no reasoned award, then award ceased to exist and Court was functus officio under section 34 of the Arbitration Act for hearing
from www.taxmann.com Latest Case Laws https://ift.tt/2EHOT9E
from www.taxmann.com Latest Case Laws https://ift.tt/2EHOT9E
SAT upholds penalty on stock broker for violating multiple by-laws and circulars issued by NSE as well as SEBI
SEBI : Where facts and records spoke volumes about way in which appellant had been running business of broking and violating multiple provisions of bye-laws and circulars issued by NSE as well as by SEBI, penalty was rightly imposed on appellant
from www.taxmann.com Latest Case Laws https://ift.tt/35KGwGo
from www.taxmann.com Latest Case Laws https://ift.tt/35KGwGo
Friday, December 20, 2019
DIPP issues clarification on FDI policy on Contract Manufacturing
The DIPP has issued clarification on FDI policy on Contract Manufacturing whereby it has been clarified that contract manufacturing in India is also covered under the definition of manufacturing provided that the manufacturing is done with third party under a legal tenable contract.
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from taxmann.com News https://ift.tt/2EBGaWq
Overview of new National Savings (Monthly Income Account) Scheme, 2019
The government has notified new schemes for the purpose of National Savings (Monthly Income Account) Scheme vide Notification No. GSR 917(E), dated 12-12-2019 . The salient features of the new National Savings (Monthly Income Account) Scheme have been enumerated in this article.
from taxmann.com News https://ift.tt/2Zb0EPf
from taxmann.com News https://ift.tt/2Zb0EPf
Overview of new Post Office Savings Account Scheme
Society accepting deposits only from members can’t be held to be engaged in ‘banking business'; No exemption u/s 194A
INCOME TAX : The benefit of exemption under section 194A(3)(iii)(a) would apply only when the interest income in respect of deposit made with the treasury accrues/arises to a co-operative society engaged in carrying on the business of banking, which in turn involves acceptance of deposits from the public, and not merely from its own members
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192342/society-accepting-deposits-only-from-members-can’t-be-held-to-be-engaged-in-‘banking-business-no-exemption-us-194a.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192342/society-accepting-deposits-only-from-members-can’t-be-held-to-be-engaged-in-‘banking-business-no-exemption-us-194a.aspx
Order passed by Pr. CIT rejecting application for stay of demand isn't appealable before Tribunal
INCOME TAX: Order under section 220(6) passed by Principal Commissioner declining grant of stay during pendency of appeal before Commissioner (Appeals) is only an administrative order which could only be passed when Assessing Officer declines to exercise his powers of granting stay under section 220(6) and such an administrative order is not appealable before Tribunal
from www.taxmann.com Latest Case Laws https://ift.tt/2rbEKPs
from www.taxmann.com Latest Case Laws https://ift.tt/2rbEKPs
Can promoters acquire shares held by its ‘Employee Welfare Trust’ created for issuing ESOPs?
On Dec 16, 2019, SEBI has answered to the clarifications sought by RS Software (India) Ltd. (RSSIL) by way of issuing interpretative letter under the SEBI (Informal Guidance) Scheme, 2003.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019884/can-promoters-acquire-shares-held-by-its-‘employee-welfare-trust’-created-for-issuing-esops.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019884/can-promoters-acquire-shares-held-by-its-‘employee-welfare-trust’-created-for-issuing-esops.aspx
Overview of new Kisan Vikas Patra Scheme, 2019
SC directed AO to accept revised ITRs not filed in time due to amalgamation approved by NCLT
INCOME TAX : It is incumbent upon Department to assess total income of successor in respect of previous assessment year after date of succession. Thus, where predecessor companies/transferor companies had been succeeded by appellants/transferee companies who had taken over their business along with all assets, liabilities, profits and losses etc.,
from www.taxmann.com Latest Case Laws https://ift.tt/2MeMAiN
from www.taxmann.com Latest Case Laws https://ift.tt/2MeMAiN
RoC may Soon Classify Tata Sons as ‘Public Co’
Tatas plan to move SC vacation Bench for early stay order
SEBI was justified in directing appellant-co. to refund amount collected under CIS without registration
COMPANY LAW/SEBI ACT: Where appellant company was carrying business of collective investment schemes without obtaining certificate of registration from SEBI and it had failed to prove that it had returned entire amount to contributors, impugned order passed by SEBI to refund monies to investors could not be interfered with
from www.taxmann.com Latest Case Laws https://ift.tt/35GpUQ9
from www.taxmann.com Latest Case Laws https://ift.tt/35GpUQ9
Overview of new National Saving Certificate Scheme (VIII Issue)
GMR abused dominance by refusing to renew license of informant co. for line maintaining service at Hyderabad airport
COMPETITION ACT: Where OP had exclusive right to maintain and develop Hyderabad International Airport (RGIA) and it refused to renew license of informant for providing Line Maintenance Services at RGIA with a motive to favour its own group company which was directly competing with informant in relevant market i.e. market for provision of Line Maintenance services of RGIA, same was in violation of section 4
from www.taxmann.com Latest Case Laws https://ift.tt/2Q2nBAe
from www.taxmann.com Latest Case Laws https://ift.tt/2Q2nBAe
Thursday, December 19, 2019
Waiver of Interest for TDS deducted under section 194M
Interest on higher refund to be granted from date of filing revised ITR in which such enhanced refund was claimed
INCOME TAX: Where assessee having filed original return, revised same by filing another return claiming enhanced amount of refund, in such a case, delay in claiming enhanced refund could only be attributed to assessee and, thus, interest on higher refund was payable only from date of filing revised return
from www.taxmann.com Latest Case Laws https://ift.tt/38W72OO
from www.taxmann.com Latest Case Laws https://ift.tt/38W72OO
No sec. 263 revision to treat LTCG as bogus if all relevant doc. were filed by assessee to justify her claim
INCOME TAX : Where Principal Commissioner invoked revision under section 263 on ground that an information was received from DIT (Investigation) that long term capital gain (LTCG) earned by assessee on sale of shares was bogus and accordingly, disallowed claim of assessee for exemption under section 10(38) in respect of such LTCG, since assessee had filed all relevant documents in relation to LTCG which reflected occurrence of transaction of sale of shares in normal course on platform of stock e
from www.taxmann.com Latest Case Laws https://ift.tt/36NF5ac
from www.taxmann.com Latest Case Laws https://ift.tt/36NF5ac
Overview of new Senior Citizen Saving Scheme
Loss from delivery based share trading can be set off against profit from derivative transactions in F&O segment
IT : Explanation to section 73 does not differentiate between 'delivery based transactions' and 'derivative transactions in F&O segment' and same applies to entire business of purchase and sale of shares, whether such trading is delivery based or non-delivery based, whether there is profit or loss from such business - Aggregation of share trading loss and profit from derivative transaction should be done before application of Explanation to section 73 and when there is surplus profit on such agg
from www.taxmann.com Latest Case Laws https://ift.tt/2tzk8BB
from www.taxmann.com Latest Case Laws https://ift.tt/2tzk8BB
‘NCLAT Granted Relief Which was Never Sought’
READER’S CORNER
NCLAT restores Cyrus Mistry as Executive Chairman of Tata Sons
No interest leviable on assessee if refund for earlier year was adjusted against outstanding demand of current year
Recall of process u/s 204 of Cr.Pc not tenable if Court issuing process has no power to review its order
FEMA, BANKING & INSURANCE : Where Court issued process against petitioners as cheques issued by them to respondent for supply of oil tankers returned with endorsement 'Account is closed', since Court who has issued process has no power to review its order of issuance of process, application preferred by petitioner under Section 204 of Code of Criminal Procedure, 1973, for recall of process was not maintainable
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from www.taxmann.com Latest Case Laws https://ift.tt/2EJQOuF
Flat purchasers would have locus to demand interest from assignee promoter under deed of assignment: HC
COMPANY LAW/RERA: Where Deed of Assignment clearly provided that assignee promoter had agreed to accept all encumberances created by erstwhile promoter arising out of Development Agreement with housing society/flat purchasers, flat purchasers had locus to demand interest from assignee promoter under Deed of Assignment
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from www.taxmann.com Latest Case Laws https://ift.tt/2Q1ayz2
Suo Motu disallowance u/s 14A to be accepted if AO failed to record satisfaction that it was incorrect
INCOME TAX : Where assessee declared tax exempt income and offered suo-moto disallowance of certain expenditure under section 14A, since Assessing Officer did not specify any cause of dissatisfaction with assessee's working of disallowance under section 14A, Assessing Officer was not justified in recomputing disallowance
from www.taxmann.com Latest Case Laws https://ift.tt/2Z0OB7l
from www.taxmann.com Latest Case Laws https://ift.tt/2Z0OB7l
Loss from delivery based share trading can be set off against profit from derivative transactions in F&P segment
IT : Explanation to section 73 does not differentiate between 'delivery based transactions' and 'derivative transactions in F&O segment' and same applies to entire business of purchase and sale of shares, whether such trading is delivery based or non-delivery based, whether there is profit or loss from such business - Aggregation of share trading loss and profit from derivative transaction should be done before application of Explanation to section 73 and when there is surplus profit on such agg
from www.taxmann.com Latest Case Laws https://ift.tt/2PC6Wo2
from www.taxmann.com Latest Case Laws https://ift.tt/2PC6Wo2
Wednesday, December 18, 2019
Overview of new Public Provident Fund (PPF) Scheme
CIT(A) can't direct assessee to file stay of demand application before AO when he has power to adjudicate same
Payment of principal amount was revenue exp. though assessee would acquire asset after termination of finance lease
Overview of new Sukanya Samriddhi Scheme
Assessment order couldn't be set-aside just on ground that no personal hearing was given to assessee: HC
INCOME TAX: Where a statutory notice under section 143(2) was served upon assessee to ask him to substantiate his claim for exemption in respect of its agricultural income and various queries were raised after perusing reply given by assessee to said notice, and, thereafter, revenue passed an order declining claim of exemption of assessee, there was no prejudice caused to assessee through denial of a personal hearing before passing impugned order
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from www.taxmann.com Latest Case Laws https://ift.tt/2sFy7VS
AAR rejects application as applicant fails to produce relevant documents to determine GST rate of product ‘Rubaloy’
GST : Where applicant contended that, product Rubaloy is covered under Excise Schedule Entry C-54 but Note-3 appended to Notification No. VAT 1505/CR-234 stated that if description in Notification matches fully with corresponding description in Central Excise Tariff, then all commodities covered by tariff will be covered by scope of notification and thus, applicant needs to prove that impugned product is covered by Heading 4005, however, since applicant did not produce relevant documents and pro
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192328/aar-rejects-application-as-applicant-fails-to-produce-relevant-documents-to-determine-gst-rate-of-product-‘rubaloy’.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192328/aar-rejects-application-as-applicant-fails-to-produce-relevant-documents-to-determine-gst-rate-of-product-‘rubaloy’.aspx
Rent paid on finance lease was revenue in nature though assessee would acquire asset after termination of lease
Tuesday, December 17, 2019
SetCom was required to consider only one application if two parties had filed two applications for one transaction
INCOME TAX: Where two parties to a single transaction of accommodation entry filed separate settlement applications for same income, settlement order passed in case of one party is to be considered in case of other party to avoid double Taxation
from www.taxmann.com Latest Case Laws https://ift.tt/2sBB1Lg
from www.taxmann.com Latest Case Laws https://ift.tt/2sBB1Lg
Sec. 54 exemption isn't available if assessee purchases new house after the due date prescribed u/s 139(1)
INCOME TAX: Deduction of long-term capital gain under section 54 is allowed if it is invested in purchase of new house property before actual date of filing of return under section 139(1); otherwise unutilised capital gain is to be deposited under Capital Gain Account Scheme; no deduction is allowable where capital gain is utilised after actual date under section 139(1), no matter it is invested within extended time of filing return under section 139(4)/(5)
from www.taxmann.com Latest Case Laws https://ift.tt/38MLswr
from www.taxmann.com Latest Case Laws https://ift.tt/38MLswr
RBI issues master direction to banks on priority sector lending
RBI has issued master direction to banks on priority sector lending. The master direction incorporates the updated guidelines/instructions/circulars on the subject. The master direction is updated from time to time as and when fresh instruction are issued.
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from taxmann.com News https://ift.tt/2M23h0q
Provisional attachment under Benami Act not justified if appellant proved its beneficial interest in property
INCOME TAX/BENAMI PROPERTY ACT: Where Initiating Officer passed order for provisional attachment of subject property holding same to be benami and said order was passed without informing appellant who acquired rights and interest in subject property only after due diligence and after payment of adequate consideration from its own fund, said order passed by Initiating Officer was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/36Ho3uj
from www.taxmann.com Latest Case Laws https://ift.tt/36Ho3uj
Voting of shareholders through postal ballot could be permitted along with e-voting
Monday, December 16, 2019
HC remanded matter to allow dep. on unidentifiable assets received during amalgamation as per auditor's report
INCOME TAX : Where erstwhile company was divided and assessee-new company received assets under related amalgamation scheme and Assessing Officer disallowed depreciation on assets as they were unidentifiable, Auditor's Report received subsequently, which provided itemwise opening balance, was to be taken into consideration for fresh computation of depreciation
from www.taxmann.com Latest Case Laws https://ift.tt/38Ixprx
from www.taxmann.com Latest Case Laws https://ift.tt/38Ixprx
Bank not liable to honour demand drafts fraudulently prepared on stolen DD leaves even if it had accepted earlier
Info. received from DDIT (Investigation) regarding tax evasions was sustainable reason to conclude reassessment
INCOME TAX : Where Assessing Officer received information from DDIT (Investigation) regarding tax evasion by clients/members of NMCE Exchange by misusing this platform, and one such record found was related to assessee, same would be sustainable reason to conclude that taxable income had escaped assessment
from www.taxmann.com Latest Case Laws https://ift.tt/2YSKWbB
from www.taxmann.com Latest Case Laws https://ift.tt/2YSKWbB
Friday, December 13, 2019
Notification No. 103/2019 [F. No. 370149/159/2019-TPL]/SO 4455(E)
President approves NCT (Recognition of property rights of residents in unauthorized colonies) Bill,
The President has approved the National Capital of Territory of Delhi (Recognition of property rights of residents in unauthorized colonies) Bill, 2019. The Bill to provide special provisions for the NCT of Delhi for recognizing the property rights of resident in unauthorized colonies by residents of such colonies by securing the rights of ownership.
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from taxmann.com News https://ift.tt/2PiMg4d
Sec. 263 proceedings can be invoked to examine assessment order passed by AO pursuant to DRP decision
Exp. related to prior period allowed to be set off if prior period income was held to be taxable
INCOME TAX: Once prior period income was held to be taxable, prior period expenditure should also be allowed to be set off and assessee was not obliged in law to indicate any direct or indirect nexus between prior period income and prior period expenditure
from www.taxmann.com Latest Case Laws https://ift.tt/34gn5DU
from www.taxmann.com Latest Case Laws https://ift.tt/34gn5DU
NBFCs Rally After Govt Okays Partial Credit Guarantee Scheme for PSBs
Stop FPIs from Short-selling Stocks, Sebi Tells Custodians
President gives assent to Citizenship (Amendment) Act, 2019
The President has given its approval to the Citizenship (Amendment) Bill 2019. The Bill seeks to grant Indian Citizenship to persons belonging to Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have migrated to India after facing persecution on grounds of religion in Pakistan, Afghanistan and Bangladesh, if they fulfil conditions for grant of citizenship.
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from taxmann.com News https://ift.tt/2Pj9lUk
Recovery certificate can't be issued to legal representative of deceased for insider trading violations
COMPANY LAW/SEBI ACT : Where appellant's husband had violated provisions of regulation 29 of SAST regulations as well as regulation 13 of PIT regulations and thus, SEBI imposed penalty of Rs. 12 lakhs on appellant's husband but before issuance of recovery certificate appellant's husband died, Recovery Officer was not justified in issuing recovery certificate to appellant for payment of penalty amount
from www.taxmann.com Latest Case Laws https://ift.tt/2PeYYRE
from www.taxmann.com Latest Case Laws https://ift.tt/2PeYYRE
A resident person as per FEMA not eligible to claim exemption on interest earned from FD maintained in NRE a/c
INCOME TAX : Where assessee who was a non-resident earlier, stayed in India for relevant financial year for 283 days for taking up employment, he would become a resident in India as per FEMA; thus, he would not be entitled to exemption under section 10(4)
from www.taxmann.com Latest Case Laws https://ift.tt/38y8LcZ
from www.taxmann.com Latest Case Laws https://ift.tt/38y8LcZ
President nods to the Taxation Laws (Amendment) Bill, 2019
After receiving clearance from both the houses of parliament, the Taxation Laws (Amendment) Bill, 2019 has received the Presidential assent. The amendment bill was tabled in the parliament to make some amendments in the Income-tax Act and also to modify the amendments made by the Taxation Laws (Amendment) Ordinance, 2019 as promulgated by the President on 20-09-2019.
from taxmann.com News https://ift.tt/35jpPBw
from taxmann.com News https://ift.tt/35jpPBw
HC upholds ban of online sale of liquor without license in absence of enabling provisions in Karnataka Excise Act
EXCISE/ST/VAT: In absence of enabling provisions under Karnataka Excise Act, 1965, to grant licenses or permissions for online order processing and delivery of liquor to consumers in State of Karnataka, online sale of liquor could not have been allowed
from www.taxmann.com Latest Case Laws https://ift.tt/34dkLNL
from www.taxmann.com Latest Case Laws https://ift.tt/34dkLNL
Restoration of co.'s name was justified for unfreezing of Co.'s accounts for receiving compensation from Govt.
COMPANY LAW : Where fixed assets belonging to company were acquired by Haryana Government, in respect whereof compensation had been awarded, but, amount of compensation could not be realized as company's account was frozen due to removal of its name from register of companies, said ground constituted a valid and just ground for restoring company on register of companies
from www.taxmann.com Latest Case Laws https://ift.tt/2LMqeEU
from www.taxmann.com Latest Case Laws https://ift.tt/2LMqeEU
Thursday, December 12, 2019
Application for cancellation of BR for increasing authorised capital was to be made before NCLT and not before HC
No renewal was required once a pension fund set-up by assessee approved by concerned authority
Sec. 54 exemption is available if assessee purchases multiple residential units in same building
RBI guv discusses transmission, stressed assets with PSB chiefs
Transitional liabilities disclosed in notes to accounts to be adjusted while computing book profit u/s. 115JB
Information obtained during assessment of earlier AY can be basis to initiate reassessment proceedings of current AY
Wednesday, December 11, 2019
Code on Social Security, 2019 introduced in Lok Sabha
In order to amend and consolidate the laws relating to social security of the employees, the Code on Social Security, 2019 has been introduce in Lok Sabha. One of the main objectives of this bill is to propose setting up of a fund using amount available under corporate social responsibility. This fund will be utilized in social welfare activities.
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from taxmann.com News https://ift.tt/2ta7Q2x
Lok Sabha introduces Personal Data Protection Bill, 2019
The Lok Sabha has introduced the Personal Data Protection Bill, 2019 whereby various clauses related to obligation of data fiduciary, grounds for processing of personal data without consent, personal data and sensitive personal data, personal data for children, rights of personal data and so on have been discussed.
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from taxmann.com News https://ift.tt/2RNn87g
Profit from shares rightly held as business income as more than 200 transactions of sale & purchase were entered into
Refund couldn't be withheld on ground that assessee declared income in prior AY and claimed loss in current AY
INCOME TAX : Where assessee filed its return declaring loss and claimed refund of entire amount of tax paid at source, merely because in immediately preceding assessment year assessee had declared a positive income as against substantial loss declared in relevant assessment year, it could not be a ground to doubt contents of return or claim of assessee with respect to loss suffered and withhold refund claimed by assessee
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from www.taxmann.com Latest Case Laws https://ift.tt/2YHiv0i
Interest earned on temporary parking of funds on grant received from Govt. not taxable as income
More than 5,000 fraud complaints by e-commerce companies on ‘Consumer Fora’ web portal
The Consumer Protection Act, 1986 has been enacted to better protect the interest of the consumers. It covers all goods and services and all more of transactions including e-commerce. Under the provision of the said act, Consumer fora, a quasi - judicial mechanism plat is provided. It has been evident that more than 5,000 fraud cases and complaints have been registered since April 2019.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019830/more-than-5000-fraud-complaints-by-e-commerce-companies-on-‘consumer-fora’-web-portal.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019830/more-than-5000-fraud-complaints-by-e-commerce-companies-on-‘consumer-fora’-web-portal.aspx
Contract for foundation laying with sand & earthwork in layers is a ‘site preparation service’ taxed @ 18% GST
GST : Where appellant procured contracts for filling in compound, tank, lowland, etc. with silver sand and earthwork in layers, including spreading and compacting same, Authority for Advance Ruling was right in concluding that said contract is not for supply of goods but transfer of property in such goods in course of site preparation for construction and, thus, is a work contract service, classifiable as site preparation service (SAC Group 99543)
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192017/contract-for-foundation-laying-with-sand-earthwork-in-layers-is-a-‘site-preparation-service’-taxed-18-gst.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192017/contract-for-foundation-laying-with-sand-earthwork-in-layers-is-a-‘site-preparation-service’-taxed-18-gst.aspx
Refund couldn't be withhold on ground that assessee declared income in prior AY while claimed loss in current AY
INCOME TAX : Where assessee filed its return declaring loss and claimed refund of entire amount of tax paid at source, merely because in immediately preceding assessment year assessee had declared a positive income as against substantial loss declared in relevant assessment year, it could not be a ground to doubt contents of return or claim of assessee with respect to loss suffered and withhold refund claimed by assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2PbV63V
from www.taxmann.com Latest Case Laws https://ift.tt/2PbV63V
Matter remanded to verify whether providing coaching to IBBI aspirant for preparing exams was charitable in nature
INCOME TAX : Where Commissioner (Exemption) rejected a foundation's application under section 12AA on ground that it was engaged in providing coaching to IBBI aspirant students for examination preparation while he had not verified whether education imparted was in character of formal schooling or not as per section 2(15), matter was to be readjudicated
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from www.taxmann.com Latest Case Laws https://ift.tt/2LDFMLd
Appellate Tribunal had no jurisdiction to entertain appeal filed after 90 days of receipt of Tribunal's order
COMPANY LAW : Where respondent company had not received any correspondence from ROC regarding objection to Form 3 of LLP rules filed with ROC, there was no wilful default on part of respondent and it would be allowed to file revised Form 3 without penalty
from www.taxmann.com Latest Case Laws https://ift.tt/36nz7wv
from www.taxmann.com Latest Case Laws https://ift.tt/36nz7wv
Tuesday, December 10, 2019
Adjudication & criminal proceedings are two independent proceedings; both can be taken up simultaneously
INCOME TAX: When raid was conducted and criminal proceedings was initiated in first instance and thereafter returns was filed for assessment year; criminal proceedings initiated for offences punishable under section 276(1) or section 277, without concluding adjudicatory proceedings under Income-tax Act, would not vitiate entire proceedings
from www.taxmann.com Latest Case Laws https://ift.tt/2P4Qb4B
from www.taxmann.com Latest Case Laws https://ift.tt/2P4Qb4B
Balance of P&L A/c couldn't be included while computing general reserve for the purpose of sec. 36(1)(viii)
Assessee's objection to be disposed of even if AO received directions from CIT u/s. 144A to make appropriate order
INCOME TAX : Where reassessment notice was issued and assessee made application under section 144A seeking directions to file objections on reasons recorded in notice, direction by Additional Commissioner to make appropriate order would not mean that Assessing Officer could complete reassessment without deciding assessee's objections
from www.taxmann.com Latest Case Laws https://ift.tt/36imWkD
from www.taxmann.com Latest Case Laws https://ift.tt/36imWkD
SC set-aside order assuming admission of undisclosed income just relying on letters written by assessee to dept.
INCOME TAX: Supreme Court sets aside order of High Court which reversed finding of fact recorded by Tribunal, essentially placing reliance on two letters written by assessee and assumed that it was in form of admission of non-disclosure and an offer was given by assessee to pay tax and penalty, as case may be
from www.taxmann.com Latest Case Laws https://ift.tt/357kNrD
from www.taxmann.com Latest Case Laws https://ift.tt/357kNrD
Additions can be made by applying percentage completion method in case of real estate developer; SLP granted
INCOME TAX: Where High Court upheld Tribunal's order holding that in case of assessee, engaged in business of real estate development, addition could not be made by Assessing Officer on basis of percentage completion method, SLP filed against said order was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/3458gUx
from www.taxmann.com Latest Case Laws https://ift.tt/3458gUx
Lok Sabha passes the Citizenship (Amendment) Bill, 2019
The Lok Sabha passed the Citizenship (Amendment) Bill 2019. The Bill seeks to grant Indian Citizenship to persons belonging to Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have migrated to India after facing persecution on grounds of religion in Pakistan, Afghanistan and Bangladesh, if they fulfil conditions for grant of citizenship.
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from taxmann.com News https://ift.tt/2Pw9YsB
Difference between final amount of purchase & its provision created based on certification to be adjust in P&L a/c
INCOME TAX: Where assessee-company made a provision for expenditure towards copper concentrate purchase on basis of provisional invoices and when final amount was realised at end of year, difference in provision made by assessee and final amount of purchase was adjusted in credit or debit side of profit and loss account accordingly, since above provision was made on basis of London metal exchange prices for copper concentrate and such provision was certified by auditors as well as approved by sh
from www.taxmann.com Latest Case Laws https://ift.tt/2PttbLM
from www.taxmann.com Latest Case Laws https://ift.tt/2PttbLM
Monday, December 9, 2019
SC condoned delay of 1754 days as assessee came to know about ITAT order when auction notices published in newspaper
Sum received for relinquishing secretaryship of educational society can’t be held as capital receipt: SC
INCOME TAX: Sum received by assessee for relinquishing secretaryship of an educational society could not be treated as capital receipt since in forgoing secretaryship, there was no capital asset which had been transferred by assessee . It was only that assessee had left institution after new members were elected as managing committee, hence, question of assessee invoking principle of capital asset did not arise
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192195/sum-received-for-relinquishing-secretaryship-of-educational-society-can’t-be-held-as-capital-receipt-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192195/sum-received-for-relinquishing-secretaryship-of-educational-society-can’t-be-held-as-capital-receipt-sc.aspx
The Citizenship (Amendment) Bill, 2019 introduced in Lok Sabha
The Citizenship (Amendment) Bill, 2019 has introduced in Lok Sabha in order to further amend the old Citizenship Act, 1955 whereby various provisions have been amended and new provision for person who covered by proviso to clause (b) of sub-section (1) of section 2 have been inserted
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from taxmann.com News https://ift.tt/2LzdYaz
Lok Sabha introduces the Constitution (One Hundred and Twenty-Sixth Amendment) Bill, 2019
The Constitution (One Hundred and Twenty-Sixth Amendment) Bill, 2019 was introduced in Lok Sabha in order to amend the Constitution of India. The Bill amends provisions related to the Reservation of seats and special representation to cease after 50 [seventy years].
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from taxmann.com News https://ift.tt/2s9t6ES
Sec. 56(2)(viia) cannot apply to Foreign Co. as amended Rule 11U not applicable prior to 01.04.2019
Notification No. 102/2019 [F. No 285/36/2019-IT (Inv.V) CBDT]/SO 4344(E)
Info. received from DIT (Investigation) couldn't be considered as an 'external source' of information
INCOME TAX: Directorate of Income-tax (Investigation), an internal agency/wing of department, which works under aegis of its controlling authority CBDT, cannot be considered to be an 'external source' and, therefore, information received by Assessing Officer from Directorate of Income-tax (Investigation) is not covered by exception as is contained in para 10(e) of CBDT Circular No. 3, dated 11-7-2018
from www.taxmann.com Latest Case Laws https://ift.tt/2RAe8CK
from www.taxmann.com Latest Case Laws https://ift.tt/2RAe8CK
Circular allowing stay of demand on conflict views of HCs can't be extended to conflicting views of ITATs as well
CIT(E) rightly disallowed exemption to trust as running 'Kuri' business wasn't incidental to attainment of its objects
INCOME TAX: Though main object of assessee-trust was to offer relief to poor but since it was running kuri business which was a profit making activity and not incidental to attainment of objects of trust, Commissioner (Exemptions) was justified in setting aside assessment order as erroneous and prejudicial to interests of revenue
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from www.taxmann.com Latest Case Laws https://ift.tt/38uB3p0
Taxpayers Need to be Careful While Assessing Provisions in Tax Laws
CIT(E) rightly disallowed exemption to trust running 'Kuri' business wasn't incidental to attainment of its objects
INCOME TAX: Though main object of assessee-trust was to offer relief to poor but since it was running kuri business which was a profit making activity and not incidental to attainment of objects of trust, Commissioner (Exemptions) was justified in setting aside assessment order as erroneous and prejudicial to interests of revenue
from www.taxmann.com Latest Case Laws https://ift.tt/35ehXS5
from www.taxmann.com Latest Case Laws https://ift.tt/35ehXS5
A year at RBI: Keep calm, do what´s needed
SC orders interim stay on NCLAT order on Orchid Pharma resolution process
Inherent power of HC to quash interlocutory orders can be invoked only in exceptional case of illegality: SC
Saturday, December 7, 2019
No immunity if property was purchased before enactment of Benami Transactions (Prohibition) Amendment Act, 2016
INCOME TAX/BENAMI ACT: Whole Prohibitions of Benami Property Transactions Act, 1988 as it stands today inclusive of amended provisions brought into force from 1-11-2016 onwards applies irrespective of period of purchase of alleged benami property
from www.taxmann.com Latest Case Laws https://ift.tt/33Xw7oY
from www.taxmann.com Latest Case Laws https://ift.tt/33Xw7oY
Additional excise duty in the nature of EC, SHEC & NCCD is not exempted by Notification No. 71/2003 dated 9.9.2003
GST: Exemption Notification No.71/2003 dated 9-9-2003 issued for State of Sikkim cannot be extended to Education & Higher Education Cess (Cesses) and National Calamity Contingent Duty (NCCD). The duty on NCCD, education cess and secondary and higher education cess are in nature of additional excise duty and it would not mean that exemption notification dated 9-9-2003 covers them particularly when there is no reference to notification issued under Finance Act, 2001
from www.taxmann.com Latest Case Laws https://ift.tt/36dGJBL
from www.taxmann.com Latest Case Laws https://ift.tt/36dGJBL
Govt. employees who resign are not entitled to pensionary benefit due to forfeiture of past service :SC
COMPANY LAW: Where respondent whose services were regularised on post of a Peon on 22-12-1971 tendered his resignation on 7-7-1990, which was accepted by appellant with effect from 10-7-1990, it was held that by resigning, respondent submitted himself to legal consequences that flow from a resignation under provisions applicable to his service, i.e., rule 26 of Central Civil Service Pension Rules 1972 (CCS Pension Rules) which states that upon resignation, an employee forfeits past service and,
from www.taxmann.com Latest Case Laws https://ift.tt/2OXWHtR
from www.taxmann.com Latest Case Laws https://ift.tt/2OXWHtR
ITAT set-aside revisional order as view taken by AO while allowing bad debts was one of the possible views
INCOME TAX : Where assessee bank made provisions for bad debt in its books by way of a debit to profit and loss account and also reduced said amount from loans and advances as appearing on asset side in balance sheet, assessee was entitled to deduction under section 36(1)(vii)
from www.taxmann.com Latest Case Laws https://ift.tt/2DV06n1
from www.taxmann.com Latest Case Laws https://ift.tt/2DV06n1
Sebi will not act on complaints without supporting documents
Rectification u/s 254 doesn’t permit Tribunal to review its earlier order: ITAT
INCOME TAX : Where assessee purchased a land from a land owner and immediatly sold same in form of plots to several parties and Assessing Officer made disallowance under section 40A(3) as land was purchased by assessee in cash, since Tribunal while taking into consideration facts that assessee did not make any cash payments to land owner directly and sale deeds were executed directly between land owner and purchasers, deleted impugned disallowance, there was no error apparent from record in Trib
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190591/rectification-us-254-doesn’t-permit-tribunal-to-review-its-earlier-order-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190591/rectification-us-254-doesn’t-permit-tribunal-to-review-its-earlier-order-itat.aspx
Scope of rectification u/s. 254 is very limit; it doesn't permit Tribunal to review its earlier order
INCOME TAX : Where assessee purchased a land from a land owner and immediatly sold same in form of plots to several parties and Assessing Officer made disallowance under section 40A(3) as land was purchased by assessee in cash, since Tribunal while taking into consideration facts that assessee did not make any cash payments to land owner directly and sale deeds were executed directly between land owner and purchasers, deleted impugned disallowance, there was no error apparent from record in Trib
from www.taxmann.com Latest Case Laws https://ift.tt/2sOYCbv
from www.taxmann.com Latest Case Laws https://ift.tt/2sOYCbv
Friday, December 6, 2019
Key takeaways from the Chit Funds (Amendment) Act, 2019
In order to bring transparency into the Act, The Chit Funds (Amendment) Bill, 2019 was introduced in Lok Sabha on August 5, 2019. On December 05, 2019, the bill was passed by Rajya Sabha and, subsequently, the bill received the assent of the President. The Amendment Act is effective from December 05, 2019.
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from taxmann.com News https://ift.tt/36aCYgw
HC should dispose off cases for release of seized goods as per GST provision: SC
GST : Where interim order was passed by High Court directing State to release seized goods, subject to deposit of security other than cash or bank guarantee or in alternative, indemnity bond equal to value of tax and penalty to satisfaction of Assessing Authority, it was held that High Court ought to have been loathe to entertain Writ Petitions questioning seizure of goods and to issue directions for its release and, therefore, orders passed by High Court which were contrary to stated provisions
from www.taxmann.com Latest Case Laws https://ift.tt/2LsKjjj
from www.taxmann.com Latest Case Laws https://ift.tt/2LsKjjj
Disputes between board of directors would lie before NCLT not civil court: HC
Oppression plea dismissed as appellant failed to provide proof of payment of subscription money
COMPANY LAW: Where appellant claimed to be a subscriber of 25000 equity shares representing 50 per cent of share capital of company but there was no proof of payment of subscription money, appellant was thus, not a member of company and therefore, oppression and mismanagement petition filed by him was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2DSIFDu
from www.taxmann.com Latest Case Laws https://ift.tt/2DSIFDu
Police authorities can’t seize goods without following procedure given under GST or Customs Act
GST: Where Assam Police detained/seized trucks of areca-nuts on ground of a routine seizure of trucks by Assam Police on suspicion of carrying articles without valid documents or fraudulent documents, detained/seized goods to be retained by police authorities for a period of seven days and in meantime relevant GST authorities of Government of Assam, police authorities of Government of Assam and Customs authority of custom department and Government of India would take their respective decisions h
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192174/police-authorities-can’t-seize-goods-without-following-procedure-given-under-gst-or-customs-act.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192174/police-authorities-can’t-seize-goods-without-following-procedure-given-under-gst-or-customs-act.aspx
Tribunal has power to give direction for registration of trust without remanding matter to CIT: HC
Development right can't be held as investment merely on the basis of accounting treatment given at time of purchase
INCOME TAX : Merely because at time of purchase of development rights, assessee had not routed it through profit and loss account, it cannot be sole determining factor in deciding whether it should be treated as investment or stock-in-trade; it should be decided after considering all facts and nature of business of assessee
from www.taxmann.com Latest Case Laws https://ift.tt/367xXoL
from www.taxmann.com Latest Case Laws https://ift.tt/367xXoL
President approves Chit funds (Amendment) Act, 2019
Provision for gratuity being an ascertained liability couldn't be considered while computing book profit for MAT
INCOME TAX: Where assessee-company on finalisation of accounts in a particular previous year, computed profit and loss of each contract, up to stage at which it was completed, it could not be regarded as ascertained liability and, thus, revenue authorities were justified in adding back said amount while computing book profit under section 115J
from www.taxmann.com Latest Case Laws https://ift.tt/2RAgu4z
from www.taxmann.com Latest Case Laws https://ift.tt/2RAgu4z
Thursday, December 5, 2019
HC’s Interim orders for release of seized goods on deposit of security except cash or bank guarantee were invalid
GST : Where interim order was passed by High Court directing State to release seized goods, subject to deposit of security other than cash or bank guarantee or in alternative, indemnity bond equal to value of tax and penalty to satisfaction of Assessing Authority, it was held that High Court ought to have been loathe to entertain Writ Petitions questioning seizure of goods and to issue directions for its release and, therefore, orders passed by High Court which were contrary to stated provisions
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192149/hc’s-interim-orders-for-release-of-seized-goods-on-deposit-of-security-except-cash-or-bank-guarantee-were-invalid.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192149/hc’s-interim-orders-for-release-of-seized-goods-on-deposit-of-security-except-cash-or-bank-guarantee-were-invalid.aspx
No disallowance of cash payments though assessee didn't produce identity of farmers to whom payments were made
Disposing of appeal by merely holding that AO's order was self-speaking which required no interference was unjustified
INCOME TAX : A speaking order on merits with reasons and findings is to be passed by Commissioner (Appeals) on basis of ground raised in assessee's appeal; he cannot dispose assessee's appeal merely by holding that Assessing Officer's order is a self speaking order which requires no interference
from www.taxmann.com Latest Case Laws https://ift.tt/2rVMTrh
from www.taxmann.com Latest Case Laws https://ift.tt/2rVMTrh
Non-executive director being not in charge of Co. at time of contravention, adjudicating proceeding was to be dropped
FEMA/BANKING & INSURANCE: When there was no allegation specifically indicating that non-executive directors were in-charge of its company for conduct of its business when contravention occurred and ED had already decided not to proceed on criminal side, adjudicating proceedings initiated against them were to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/2DOVcI2
from www.taxmann.com Latest Case Laws https://ift.tt/2DOVcI2
SAT ends 3 yrs restraint order as stock broker had already suffered 4 years of debarment from accessing market
COMPANY AND SEBI LAWS : Where by a preliminary order, appellants were already restrained from accessing securities market and debarment of 4 years had already been spent, 3 years restraint imposed by Whole Time Member of SEBI in final order would come to an end
from www.taxmann.com Latest Case Laws https://ift.tt/2RnJTyy
from www.taxmann.com Latest Case Laws https://ift.tt/2RnJTyy
RBI keeps repo rate unchanged
3 years restraint order came to an end stock broker had already suffered 4 years period of debarment
COMPANY AND SEBI LAWS : Where by a preliminary order, appellants were already restrained from accessing securities market and debarment of 4 years had already been spent, 3 years restraint imposed by Whole Time Member of SEBI in final order would come to an end
from www.taxmann.com Latest Case Laws https://ift.tt/2LjW9wj
from www.taxmann.com Latest Case Laws https://ift.tt/2LjW9wj
Failure to consider an argument in appeal isn't an error apparent from record; rectification not possible
Reassessment initiated just on basis of info received from investigation wing righty set-aside; SLP dismissed
INCOME TAX: SLP dismissed against High Court ruling that where assessee had duly supplied certificate of foreign inward remittance of funds, tax residence certificate of foreign company, copy of ledger account showing share application money being credited in bank account and source thereof, reassessment proceedings initiated in case of assessee on basis of information received from Investigation Wing that assessee had received huge amount towards share allotment from a Mauritius based company w
from www.taxmann.com Latest Case Laws https://ift.tt/2RnwdDI
from www.taxmann.com Latest Case Laws https://ift.tt/2RnwdDI
DRAT can reduce amount of pre-deposit for filing appeal against order of DRT if borrower is facing financial hardship
FEMA/RDB ACT: Where borrower is facing financial hardship and is not able to make pre-deposit of 50 per cent of debt amount, as required for filing appeal against order of DRT, DRAT has discretion to reduce amount of pre-deposit from 50 per cent to 25 per cent, but it does not have jurisdiction to waive requirement of pre-deposit
from www.taxmann.com Latest Case Laws https://ift.tt/367xCTg
from www.taxmann.com Latest Case Laws https://ift.tt/367xCTg
Wednesday, December 4, 2019
Striking off co.’s name from register of cos. during CIRP couldn’t be treated as valid: NCLAT
COMPANY LAW: Name of company should not be struck off from Registrar of Companies, if there is some pending litigation by or against company
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192145/striking-off-co-’s-name-from-register-of-cos-during-cirp-couldn’t-be-treated-as-valid-nclat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192145/striking-off-co-’s-name-from-register-of-cos-during-cirp-couldn’t-be-treated-as-valid-nclat.aspx
Profit from sale of plots was business income if residential housing plot scheme was floated after purchase of land
INCOME TAX : Where assessee purchased land and put up residential housing plot scheme on said land while providing for common infrastructure and internal roads, such organized course of commercial exploitation of land would fall within ambit of expression 'business' as defined under section 2(13) and, thus, income arising from sale of plots of land would be considered as business income and not short term capital gain
from www.taxmann.com Latest Case Laws https://ift.tt/2YllwmD
from www.taxmann.com Latest Case Laws https://ift.tt/2YllwmD
Director who was not involved in launching or executing of CIS wasn't liable for violations by other directors
COMPANY LAW/SEBI ACT: Where company was engaged in Collective Investment Scheme (CIS) without obtaining necessary registration and there was no evidence on record to show that appellant director of company was instrumental either in launching on CIS or collection of money, rather, scheme was launched/sponsored by other directors of company prior to appointment of appellant as director, appellant could not be held liable for violation of SEBI (Collective Investment Schemes) Regulations, 1999
from www.taxmann.com Latest Case Laws https://ift.tt/2OLOyIU
from www.taxmann.com Latest Case Laws https://ift.tt/2OLOyIU
An exempt income can’t be considered for the purpose of computation of book profit u/s 115JB: ITAT
INCOME TAX: When a particular receipt is exempt from tax under Income tax law, then same cannot be considered for purpose of computation of book profit under section 115JB of the Income-tax Act 1961
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192121/an-exempt-income-can’t-be-considered-for-the-purpose-of-computation-of-book-profit-us-115jb-itat.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192121/an-exempt-income-can’t-be-considered-for-the-purpose-of-computation-of-book-profit-us-115jb-itat.aspx
TDS benefit should be given to assessee on basis of evidences if deductor failed to upload correct details in Form 26A
INCOME TAX: Where High Court upheld Tribunal's order holding that in case, deductor failed to upload correct details in Form 26-A, benefit of TDS should be given to assessee on basis of evidence produced before Department, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2Ri5oAY
from www.taxmann.com Latest Case Laws https://ift.tt/2Ri5oAY
Limitation prescribed u/s 201(3) would be applicable in respect of payment made to non-residents
SC granted SLP against HC's order setting aside assessee's objection against initiation of reassessment
INCOME TAX: Where High Court set aside assessee's objection to initiation of reassessment proceedings by taking a view that transactions relating to sale of land were not truly reflected in books of account, SLP filed against said order was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/2ON5cYI
from www.taxmann.com Latest Case Laws https://ift.tt/2ON5cYI
No reassessment if dep. on amortized brand value was allowed by AO after accepting assessee's explanation
INCOME TAX: Where details of amortization of brand value was provided by assessee in notes to balance sheet and profit and loss account and while computing books profit under section 115JB, depreciation was claimed on amortised value and in assessment Assessing Officer issued notice under section 142(1) and allowed same accepting assessee's explanation, subsequent reassessment on ground that there was no provision for deduction of depreciation for amortization not charged in profit and loss
from www.taxmann.com Latest Case Laws https://ift.tt/2Ym0kNu
from www.taxmann.com Latest Case Laws https://ift.tt/2Ym0kNu
HC upheld validity of reassessment notice as it was issued in name of legal representative instead of dead person
INCOME TAX : Where notice under section 148 was not issued simply in name of dead person rather it was also issued in name of his legal heirs, validity of said notice could not be challenged on ground that same being in name of dead person, was void and, thus, liable to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/2RibZLN
from www.taxmann.com Latest Case Laws https://ift.tt/2RibZLN
Properties mortgaged to banks prior to commission of alleged offence u/s 5 of PMLA couldn't be attached
FEMA, BANKING & INSURANCE : Where 'P' Ltd., against which corporate insolvency resolution proceedings had been initiated, acquired certain properties much prior to date of commission of alleged offence under section 5 which were subsequently mortgaged to lender banks, order passed by Adjudicating Authority pertaining to attachment of those properties, was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2Lk70X3
from www.taxmann.com Latest Case Laws https://ift.tt/2Lk70X3
Tuesday, December 3, 2019
Auction was valid if price of property was as per valuation report & appellant was duly allowed to be participated
INCOME TAX: Where auction of property was held on basis of valuation report and appellant was given several opportunities to bid in auction conducted, but he chose to refrain from participating in fresh auction, there was no arbitrariness in entire auction process
from www.taxmann.com Latest Case Laws https://ift.tt/2RhEpFA
from www.taxmann.com Latest Case Laws https://ift.tt/2RhEpFA
No TCS exemption to contractors who purchased tendu leaves used by assessee for manufacture of bidis
INCOME TAX: Where contractors of tendu leaves, appointed by assessee-association were purchasing tendu leaves from State forest department and thereupon selling them to assessee after drying, sprinkling of water for maintaining requisite moisture, sorting out and screening of leaves, bundling it, etc., such activities of contractors were in nature of trading of leaves and not in nature of manufacturing and contractors were not eligible for exemption under section 206C(1)
from www.taxmann.com Latest Case Laws https://ift.tt/33EHaDq
from www.taxmann.com Latest Case Laws https://ift.tt/33EHaDq
Govt. to set up National Company Law Appellate Tribunal bench at Chennai
In pursuance of judgment of Hon’ble Supreme Court, The Govt. has decided to set up a bench of National Company Law Appellate Tribunal bench at Chennai, Mr. Anurag singh Thakur Union Minister for State for Finance & Corporate Affairs stated in a written reply to a question in Lok Sabha.
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from taxmann.com News https://ift.tt/2Y9YDCJ
Powers available to Tribunal to adjudicate issue of financial irregularities couldn't be exercised by arbitrator
No abuse of dominance by Vatika Ltd. as there were several other real estate developers in relevant market
COMPETITION ACT: Where apart from OP there were several other major real estate developers in relevant market for provision of services for development and sale of commercial space in Gurugram, OP was not dominant in relevant market and, therefore, no prima facie case of abuse of dominance was made out against OP
from www.taxmann.com Latest Case Laws https://ift.tt/34Ui7hj
from www.taxmann.com Latest Case Laws https://ift.tt/34Ui7hj
Lok Sabha passes the Taxation Laws (Amendment) Bill, 2019
SetCom to revisit case if income declared by assessee was also dealt in application filed by another person
INCOME TAX : Where very same income as admited by assessee in settlement application which was rejected by Settlement Commission, had been dealt with in settlement proceedings of another person and said order had become final, in view of possibility of double taxation for one income, issue in case of assessee was to be reconsidered by Settlement Commission
from www.taxmann.com Latest Case Laws https://ift.tt/2sxSi8a
from www.taxmann.com Latest Case Laws https://ift.tt/2sxSi8a
Advance payment of rent in respect of leasehold premises was revenue exp. eligible for deduction
INCOME TAX: Where assessee made advance payment of rent in respect of leasehold premises, since advance rent i.e. rent reserved by assessee corresponding to market rate of rent was in nature of depressed rent, payment made in respect of same was rightly treated as revenue expenditure eligible for deduction under section 37(1)
from www.taxmann.com Latest Case Laws https://ift.tt/2P5pADu
from www.taxmann.com Latest Case Laws https://ift.tt/2P5pADu
Sebi Not to Lift Restrictions On Karvy Using Power of Attorney
Kochhar seeks time to make RBI party in ICICI Bank case
HC upheld disallowance as firm couldn't justify payment to sub-contractors who were relatives of partners
INCOME TAX: Where assessee-firm could not justified payment to sub-contractors who were relatives of partners and who didn't have means to incur expenses for assessee's work contract, a part of expenditure was justifiably disallowed by Tribunal under section 40A(2)
from www.taxmann.com Latest Case Laws https://ift.tt/2r7BKDK
from www.taxmann.com Latest Case Laws https://ift.tt/2r7BKDK
HC stayed order as reassessment was done as per appellate authority's directions which required detailed attention
INCOME TAX : Where revenue raised a plea that reopening notice was issued as per specific directions of appellate authority and, thus, requirement of giving recorded reasons and considering objections to it did not arise, since issue raised by revenue required detailed consideration, pending final disposal of petition challenging validity of reassessment order, impugned order raising tax demand from assessee was to be stayed
from www.taxmann.com Latest Case Laws https://ift.tt/2RdtU69
from www.taxmann.com Latest Case Laws https://ift.tt/2RdtU69
Appeal against tax demand & application for stay of recovery can be filed simultaneously
INCOME TAX: On one hand, assessee can file appeal before Commissioner (Appeals) under section 246A against order of recovery of tax demand, while on other hand can make application under section 220(6) before Authorities to stay demand till final disposal of appeal
from www.taxmann.com Latest Case Laws https://ift.tt/2qdezr6
from www.taxmann.com Latest Case Laws https://ift.tt/2qdezr6
Monday, December 2, 2019
Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019
SAT directs SEBI to give an opportunity of hearing to Karvy and pass final order
CBDT instruction no. 5/2018 revising monetary limit to file appeal applicable even to pending matters: SC
Sub-contractor services of bridge construction w.r.t contract awarded to main contractor by NHAI attract 12% GST
GST: Where applicant has been engaged as a sub-contractor by main contractor, who has been awarded construction contract pertaining to construction/widening of roads for National Highways Authority of India, services provided by applicant fall under Sl. No. 3(iv) of Notification No. 11/2017-Central tax (Rate), dated 28-6-2017 and attract GST at rate of 12 per cent (CGST 6 per cent + SGST 6 per cent)
from www.taxmann.com Latest Case Laws https://ift.tt/33A7les
from www.taxmann.com Latest Case Laws https://ift.tt/33A7les
Creditworthiness of creditor couldn't be established merely because loan was taken through banking channel
INCOME TAX: Where AO made addition to assessee's income under section 69 in respect of purchase of property, even though assessee stated that he had taken loan from one 'R' through banking channels to purchase said property, yet in view of failure of assessee to satisfactorily explain source of investment in said property at any stage, impugned order passed by authorities below did not require any interference
from www.taxmann.com Latest Case Laws https://ift.tt/2RcYOeL
from www.taxmann.com Latest Case Laws https://ift.tt/2RcYOeL
Vicarious liability of directors couldn't be imputed automatically in case where co. was an offender: SAT
COMPANY LAW/SEBI: Where a company issued reedemable non-convertible debentures in violation of section 73 of Companies Act and thus, SEBI directed company and its directors to refund said amount to investors, in view of fact that SEBI had given a categorically finding that chairman of company was responsible for affairs of company, it was not open for SEBI to pass further order on other directors for refund of monies especially when there was no evidence to indicate that other directors were als
from www.taxmann.com Latest Case Laws https://ift.tt/35XEPVx
from www.taxmann.com Latest Case Laws https://ift.tt/35XEPVx
Recording of satisfaction is mandatory before cancellation of trust's registration: HC
INCOME TAX: Registration of an institution under section 12AA(3) cannot be cancelled without mandatory recording of satisfaction, either on issue that activities of trust are not genuine or it is not being carried out in accordance with objects for which it was setup
from www.taxmann.com Latest Case Laws https://ift.tt/2DD9nzQ
from www.taxmann.com Latest Case Laws https://ift.tt/2DD9nzQ
Appeal before CIT(A) can be filed to raise other issues during pendency of writ petition challenging reassessment
INCOME TAX : Where during pendency of writ petition challenging validity of reassessment proceeding, assessee sought liberty of filing appeal under section 246 to raise certain other issues before appellate authority, in absence of any serious objection raised by revenue, petition was to be disposed of by allowing assessee's request to contest assessment order on merits in so far as other issues were concerned by filing a statutory appeal under section 246
from www.taxmann.com Latest Case Laws https://ift.tt/2DC51sS
from www.taxmann.com Latest Case Laws https://ift.tt/2DC51sS
NSE suspends Karvy’s stock broking license for non-compliances
National Stock Exchange (NSE) has suspended the license of Karvy Stock Broking with effect from December 02, 2019 due to non-compliance of the regulatory provisions of the Exchange. The exchange informed that the brokerage firm has been suspended from capital market, Futures & Options (F&O), Currency derivatives, Debt, Mutual Fund Service System (MFSS) and commodity derivatives segments.
from taxmann.com News https://www.taxmann.com/topstories/222330000000019775/nse-suspends-karvy’s-stock-broking-license-for-non-compliances.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000019775/nse-suspends-karvy’s-stock-broking-license-for-non-compliances.aspx
Refund couldn't be withheld citing technical difficulties of system at CPC: HC
Presence of several national level banks in relevant market didn't make SBI dominant
COMPETITION ACT : Where market share of SBI in relevant market i.e. market for provisions of loans of Micro, Small & Medium Enterprises loan category in State of West Bengal was only 11 percent and apart from SBI, there were several other national level banks present in relevant market, SBI was not dominant in relevant market and in absence of dominant position, question of abuse of dominance did not arise
from www.taxmann.com Latest Case Laws https://ift.tt/34GXh4C
from www.taxmann.com Latest Case Laws https://ift.tt/34GXh4C
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