​Income-tax

Publish Date : Wednesday, January 29, 2020

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Ten Expectations of Capital Markets from Budget 2020

Ten Expectations of Capital Markets from Budget 2020

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MNC Esops to Indian Staff Face Tax Scrutiny

MNC Esops to Indian Staff Face Tax Scrutiny

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Furnishing of evidence in form of PAN, ITRs & financial of applicants proved genuineness of share transactions

INCOME-TAX : Where in respect of share application money received, assessee-company brought on record sufficient evidence in form of bank account particulars, PAN, ITRs and financials of share applicants so as to prove genuineness of those transactions, in such circumstances, impugned addition under section 68 could not be sustained merely on account of non-production of directors of company without bringing any other contrary material on record

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No additions if difference between amount shown in registered deed and cash received was deposited in Bank a/c: ITAT

INCOME TAX : Where AO rejected assessee's explanation that amount deposited in bank account represented difference between amount shown in registered sale deed of property and amount actually received in cash and added same to assessee's taxable income under section 69A, in view of fact that no evidence on record was taken into consideration for valuation of specific piece of land at relevant point of time, impugned order was to be set aside and, matter was to be remanded back for disposal afres

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AO to consider rectification application if it was filed by assessee during pendency of writ proceedings

INCOME TAX: Where during pendency of writ proceedings against order passed by AO raising demand of tax deducted at source from assessee's salary income, assessee made repeated request by way of rectification application before Assessing Officer but said application was not disposed of, it was appropriate to direct Assessing Officer to consider rectification application filed by assessee and pass orders on same on merits and in accordance with law

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Loss on revaluation of trading stock on marked to market basis is notional loss not allowable as deduction

INCOME TAX: Loss on revaluation of trading stock of Interest Rate Swaps (IRS) on market to market basis is only notional loss/revaluation and is not allowable as deduction

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Trust exemption is available from AY following financial year in which it got registration: HC

INCOME TAX : Benefit under sections 11 and 12 would be available to assessee from assessment year following financial year in which application for registration under section 12A was given and not from any previous year

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‘Economic Survey 2019-20’ tabled in the Parliament; projects GDP growth at 6-6.5% in FY 2020-21

The Economic Survey for the year 2019-20 has been tabled in the Parliament on January 31, 2020. The Economic Survey reviews the developments in the Indian economy over the previous 12 months. The survey projected GDP growth at 6-6.5% for Financial Year 2020-21.

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Report of Expert Committee on Micro insurance

The IRDAI has issued report of the expert committee on Micro Insurance whereby provision related to product, pricing, process, technology, distribution, legal framework and so on have been discussed

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Delhi HC dismissed bail application filed by ‘ex-CFO of Bhushan Steels Ltd. as offences were serious in nature

COMPANY LAW : Where offences alleged against petitioner an ex-chief financial officer of company BSL were serious in nature which involved fraud to tune of several crores and offence being an economic one which affects economy of nation, petitioner would not be entitled for bail under section 439 Cr.P.C. Further, in view of allegations appearing on record against petitioner, there are no reasonable grounds to believe that he is not guilty of offences alleged against him

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Delhi HC dismissed bail application filed by ‘ex-CFO Nittin Johari’ as offences were serious in nature

COMPANY LAW : Where offences alleged against petitioner an ex-chief financial officer of company BSL were serious in nature which involved fraud to tune of several crores and offence being an economic one which affects economy of nation, petitioner would not be entitled for bail under section 439 Cr.P.C. Further, in view of allegations appearing on record against petitioner, there are no reasonable grounds to believe that he is not guilty of offences alleged against him

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Notification No. 07/2020 [F. No. 203/02/2019 -ITA-II] / SO 389(E)

Publish Date : Tuesday, January 28, 2020

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Notification No. 05/2020 [F. No. 187/02/2020-ITA-I] / SO 388(E)

Publish Date : Tuesday, January 28, 2020

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Notification No. 06/2020 [F. No. 187/02/2020-ITA-I] / SO 387(E)

Publish Date : Monday, January 27, 2020

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RoC can't strike off name of Co. from register of companies without serving notice to all directors of Co.

COMPANY LAW: Where ROC struck off name of appellant company from register of companies for not furnishing its annual reports, in view of fact that there was no compliance of mandatory provisions of section 248(1) which required service of notice to all directors of company about intention of ROC to remove name of company from register of companies, impugned order was to be set aside

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Demand related to issue which wasn't remanded back to AO could only be considered while quantifying stay

INCOME TAX: Where assessee preferred an appeal before Tribunal against additions made to its income on account of royalty issue, Transfer pricing and attribution along with stay application under section 220 seeking for stay of recovery proceedings, since Tribunal remanded issues related to transfer pricing and attribution to TPO, no arbitrariness or perversity was found in interim order of Tribunal considering only demand related to royalty issue while quantifying sum to be paid by assessee as

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Publishing literature, holding conference, seminars, etc. to inculcate industrial safety are 'educational activities'

INCOME TAX : In view of changing time and widening horizon of knowledge and rapid change in method of teaching, multifaceted activities in form of handbook/literature published together with activities like holding conferences on industrial safety programmes, public talks, seminars, workshops, etc. on ongoing basis to inculcate industrial safety measures would also be bracketed in league of 'educational activities'

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Sec. 263 revision justified as firm can't claim deduction of interest & remuneration in best judgment assessment

INCOME TAX: Where AO while completing assessment under section 144, completely overlooked provisions of section 184(5) and allowed deduction on account of interest/remuneration paid to partners, it certainly made assessment order erroneous and prejudicial to interests of revenue and, thus, impugned revisional order passed by Commissioner was to be upheld

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Grandfather Past Sops For New Tax Treaty

Grandfather Past Sops For New Tax Treaty

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Bidder JSW a Related Party, Can’t be Given Immunity: ED to NCLAT

Bidder JSW a Related Party, Can’t be Given Immunity: ED to NCLAT

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Co. receiving regular interest on FDRs was operational; Co.'s name was to be restored in register of companies

COMPANY LAW: Where company had a fixed deposit receipts (FDRs) with bank and was regularly receiving interest on said FDR from bank and TDS was being deducted by bank on payment of interest and same was being deposited with Income Tax Authorities, it could not be said that company was non-operational and therefore, would be just that name of company be restored in Register of Companies

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RoC can't strike off name of co. from register of companies without service notice to all directors of co.

COMPANY LAW: Where ROC struck off name of appellant company from register of companies for not furnishing its annual reports, in view of fact that there was no compliance of mandatory provisions of section 248(1) which required service of notice to all directors of company about intention of ROC to remove name of company from register of companies, impugned order was to be set aside

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MODVAT credit couldn't be added to value of closing stock as it doesn't have impact on profit of assessee

INCOME TAX : Where assessee gave certain amount as advance to its subsidiary company for purchase of development rights of a residential-cum-shopping complex, interest on said advance money formed part of entire debt owned by assessee and, since, assessee had offered said interest income to tax as a part of debt on year-to-year basis, requirement of section 36(2) stood satisfied and, therefore, in case of subsequent failure of subsidiary of assessee to repay advance money in question assessee's

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Order rejecting refund of assessee where it debited unutilized credit of service tax in GSTR-3B was set aside

GST: Where assessee had filed a refund claim on 14-2-2018 for refund of unutilized cenvat credit of service tax for period April, 2017 to June, 2017 and Adjudicating Authority rejected claim on ground that assessee had failed to submit proof of having debited amount of refund being claimed in its cenvat credit account, since assessee had reversed cenvat credit in its cenvat credit account, impugned order was not sustainable

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High Court slams Tax Dept. for conducting search actions solely relying info. received from investigation wing

INCOME TAX : Section 132(1) is a serious invasion on privacy of citizens, and has to be resorted to when there are pre-existing and pre-recorded good reasons to believe that action under section 132(1) is called for

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No disallowance on account of non-deduction of TDS if deductor failed to submit Form 15G/15H before CIT

INCOME-TAX : Where depositors give Form No. 15G/15H to assessee-bank, law empowers assessee to make payment of interest without deduction of tax at source even though assessee has not furnished those Forms to Commissioner because requirement of filing of Form 15G and 15H with prescribed authority viz., Commissioner, is only procedural and that cannot result in a disallowance under section 40a(ia)

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Sec. 69A additions could be made only if AO found that assessee misusing provisions of presumptive taxation

INCOME TAX: Where assessee, a small trader in medicine falling under section 44AD, offered income on presumptive taxation basis, provision of section 69A could not be applied to make addition in respect of undisclosed cash credits found in assessee's bank account

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Casting aspersion made against SEBI was not warranted; SC asks SAT to dilute adverse observations made against SEBI

COMPANY LAW/SEBI ACT : Supreme Court asks Securities Appellate Tribunal to dilute adverse observations made against SEBI in its order dated 14-11-2019 in Ashok Dayabhai Shah v. Securities and Exchange Board of India [2019] 111 taxmann.com 290 (SAT - Mumbai) on ground that though there may be some remiss on part of SEBI to act as regulator, but casting aspersion was not warranted in facts and circumstances of case

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Appeal filed by revenue authorities would be discontinued if moratorium under IBC had been declared

INCOME TAX: Where an application filed under section 7 of Insolvency and Bankruptcy Code, 2016, against assessee-company had been admitted and moratorium under section 14 of 2016 code, had been declared, appeal filed by revenue against assessee under provisions of Act, could not be allowed to be continued during course of moratorium period

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Appeal filed by revenue authoritied would be discontinued if moratorium under IBC had been declared

INCOME TAX: Where an application filed under section 7 of Insolvency and Bankruptcy Code, 2016, against assessee-company had been admitted and moratorium under section 14 of 2016 code, had been declared, appeal filed by revenue against assessee under provisions of Act, could not be allowed to be continued during course of moratorium period

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No Sec. 69A additions if assessee opted for presumptive taxation scheme u/s. 44A

INCOME TAX: Where assessee, a small trader in medicine falling under section 44AD, offered income on presumptive taxation basis, provision of section 69A could not be applied to make addition in respect of undisclosed cash credits found in assessee's bank account

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Scheme of M&A wasn't fair when shares of transferor and transferee companies valued on basis of guess work

COMPANY LAW: Where in a petition filed for sanctioning of scheme of amalgamation, it was noted that no valuation of share of transferor and transferee companies had been done to arrive at share exchange ratio and same was arrived on basis of guess work, said scheme could not be termed as fair to all shareholders and thus, said scheme was to be rejected

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Scrutiny notice issued by AO after passing order of transfer of jurisdiction is invalid: ITAT

INCOME TAX: Once transfer of case of assessee was ordered under section 127, Assessing Officer who was vested with jurisdiction by virtue of direction or order issued under sub-section (1) or (2) of section 120 and section 124, stood divested of same and, in such a case, notice issued under section 143(2) by said Assessing Officer after date of transfer, was to be regarded as invalid notice and, consequently, assessment framed under section 143(3) pursuant to notice so issued would be void

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Videocon Gets NCLT Nod to Extend Insolvency Process

Videocon Gets NCLT Nod to Extend Insolvency Process

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FPIs Fear Retro Tax Under New Rules

FPIs Fear Retro Tax Under New Rules

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NRIs may Soon Get to Invest as FPIs

NRIs may Soon Get to Invest as FPIs

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SC expunges SAT's adverse comments against Sebi in investor complaint case

SC expunges SAT's adverse comments against Sebi in investor complaint case

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Rating firms move RBI, Sebi over default disclosure rule

Rating firms move RBI, Sebi over default disclosure rule

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In cheque bounce case, HC remands matter to trial court as bank manager couldn't be examined to validate a/c balance

FEMA, INSURANCE & BANKING: Where Trial Court convicted accused for offence punishable under section 138 but before trial Court concerned bank manager was not examined to show that accused had no sufficient money in his account and accused was not given opportunity to go into witness box to speak about facts which were within his knowledge, it was not possible to decide matter and thus, matter was to be remanded back to Trial Court for fresh disposal

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Proviso to section 50C inserted by FA, 2018 with effect from 1-4-2019 is applicable with retro effect

INCOME TAX: Third proviso to section 50C is applicable from 1-4-2003

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In cheque bounce case, HC remands matter trial court as bank manager couldn't be examined to validate account balance

FEMA, INSURANCE & BANKING: Where Trial Court convicted accused for offence punishable under section 138 but before trial Court concerned bank manager was not examined to show that accused had no sufficient money in his account and accused was not given opportunity to go into witness box to speak about facts which were within his knowledge, it was not possible to decide matter and thus, matter was to be remanded back to Trial Court for fresh disposal

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CENVAT credit of duty paid inputs used in manufacture of exempted final products not available

GST/EXCISE/ST/VAT : Where assessee had purchased LSHS after payment of duty and used same as fuel for generating steam and electricity for manufacture of fertilizer which was exempt from duty, assessee was not eligible to cenvat credit of duty paid on LSHS

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Proviso to section 50C by Finance Act, 2018 with effect from 1-4-2019 is applicable with retro effect

INCOME TAX: Third proviso to section 50C is applicable from 1-4-2003

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Tribunal can’t dismiss appeal on account of non-appearance of party without giving findings on merits

INCOME TAX : Adjudication on merits of case by Tribunal is essential for High Court to hear an appeal and Tribunal could not have dismissed same solely on account of non-appearance of a party. In absence of party, Tribunal should proceed to decide matter on merits and it cannot defeat rights of parties on its whims and fancies or by procedural wrangles and uncertainities

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Assessee couldn't file writ challenging reassessment notice without raising objections before AO : Madras HC

INCOME TAX: Where notice under section 148 was issued to assessee, assessee could raise objections to reasons for reopening and Assessing Officer had to pass a reasoned order; such course of action being yet to be completed, writ petition filed by assessee challenging said notice could not be maintained

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HC remanded matter as AO made additions on two grounds while notice was issued in respect of only one ground

INCOME TAX : Where in case of best judgment assessment, AO made addition on two grounds, in view of fact that show cause notice under section 142(1) had been issued only in respect of one of ground, impugned order was to be set aside and, matter was to be remanded back for redoing assessment after considering assessees reply in respect of both issues

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Part of sum payable on fulfilment of conditions of MOU is taxable only in year in which such conditions fulfilled

INCOME TAX : Where assessee sold a land during relevant assessment year and as per MOU part of sale consideration was payable by purchaser on completion of assessee's obligation under MOU, assessee having not met conditions of MOU during relevant year such amount was not taxable in relevant assessment year

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MCA notifies rules for winding up of companies

The Ministry of Corporate Affairs (MCA) has come up with new rules for winding up of companies which shall be come into force form April 01, 2020. Various provisions related to petition for winding up, statement of affairs, admission of petition and directions, advertisement of petition, application for leave to withdraw petition, affidavit-in-objection, liquidator and so on have been discussed.

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SEBI proposes to amend norms for related party transactions

The Market Regulator, SEBI has issued report of the working group on related party transactions whereby norms for related party transactions has proposed to amend.

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I-T Refunds of Rs 1.7 Lakh Cr to Hurt FY20 Direct Tax Mopup

I-T Refunds of Rs 1.7 Lakh Cr to Hurt FY20 Direct Tax Mopup

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Jhunjhunwala Under Sebi Lens for ‘Insider Trading’

Jhunjhunwala Under Sebi Lens for ‘Insider Trading’

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Immunity to new board members at IL&FS companies

Immunity to new board members at IL&FS companies

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Relief of sec. 54B couldn't be denied just on ground that assessee sold agricultural land to a builder

INCOME TAX: Where AO rejected assessee's claim for deduction under section 54B in respect of capital gain arising from sale of agricultural land on ground that purchaser of land was a builder and, thus, said piece of land was not agricultural land, since view taken by Assessing officer while rejecting assessee's claim was not in consonance with requirements made under section 54B, impugned order passed by him was to be set aside

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Single judge couldn't enter into merits of cases while directing assessee to file appeal

INCOME TAX: Where there was dispute relating to taxability of transaction of buy back of shares from shareholders by assessee-company in terms of section 115-O, Single Judge while directing assessee to file an appeal before Commissioner (Appeals) under section 246A, was not justified in entering into merits of case so far as taxability under section 115-O was concerned

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Notice u/s 143(2) is must even for block assessment of undisclosed income: HC

INCOME TAX: For block assessment of undisclosed income also, provisions of sections 142, 143(2) and 143(3) are applicable; no assessment can be made without issuing notice under section 143(2)

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Income from letting out premises with various amenities assessable as income from house property

INCOME TAX: Where assessee entered into an agreement to let out a premises with various amenities, and for maintainance and upkeeping of said premises since assessee did not involve any kind of recurring, systematic and organized business activity and, moreover, in respect of maintenance and upkeeping of let out premises, it appointed only one person, Assessing Officer was justified in treating rental income assessable as 'income from house property' and services receipts as 'income from other s

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No penalty if firm had bona fide belief that provisions of sec. 269SS weren't applicable on loan with partners

INCOME TAX : Where assessee firm had availed loan from its partner under a bona fide belief that provisions of section 269SS were not applicable in relation to transaction between firm and partners, assessee would be protected by provisions of section 273B and no penalty would be levied upon it under section 271D

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Ahead of Budget, Cos Queue up for Funds on Bond St

Ahead of Budget, Cos Queue up for Funds on Bond St

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Acquiring property on lease for period exceeding 12 year eligible for sec. 54F exemption : ITAT

INCOME TAX: In view of definition as mentioned in section 2(47)(vi), transaction of perpetual lease agreement by which assessee took possession of property for unlimited period, has to be construed as purchase of property within meaning of section 54F

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Sec. 12AA registration couldn't be cancelled subsequently if there was no change in nature of activities undertaken

INCOME TAX : Registration granted to an association under section 12AA is required to be continued till nature of its activities change; registration cannot be cancelled on mere fact that assessee-trust earned commercial lease rent exceeding Rs. 25 lakhs

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SC Stays NCLAT Order Refusing to Modify Ruling on Tata Case

SC Stays NCLAT Order Refusing to Modify Ruling on Tata Case

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Excessive Tax Results in Social Injustice: CJI

Excessive Tax Results in Social Injustice: CJI

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Sebi Urges SC to Allow IHH Open Offer for Fortis

Sebi Urges SC to Allow IHH Open Offer for Fortis

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Colo, high speed trading prone to manipulation: Sebi panel chief

Colo, high speed trading prone to manipulation: Sebi panel chief

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Non performing officers to be given the pink slip, says Gadkari

Non performing officers to be given the pink slip, says Gadkari

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RBI nod to Jalan panel´s ECF plan led to Rs 1 trn wind fall

RBI nod to Jalan panel´s ECF plan led to Rs 1 trn wind fall

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Direct tax mop up may fall for first time in 20 years

Direct tax mop up may fall for first time in 20 years

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SC STAYS NCLAT ORDER DISMISSING RoC PLEA IN TATA MISTRY CASE

SC STAYS NCLAT ORDER DISMISSING RoC PLEA IN TATA MISTRY CASE

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Termination of lease of property allotted by Govt. wasn't illegal if co. failed to establish specific purpose

COMPANY LAW: Where State Government allotted property on lease to a company for specified purpose which company failed to establish, action of State Government terminating lease was not illegal and therefore, in case of winding up of said company, order of Single Judge directing liquidator to exclude such leasehold property from winding up process was also legal

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ITAT deleted additions as sum deposited in Bank a/c was gift received from father who sold his agricultural land

INCOME TAX: Where assessee explained that amount deposited in bank account was received as gift from his father who had sold agricultural land, since revenue authorities had not doubted veracity of sale deed brought on record by assessee's father, source of cash deposited in bank was duly explained and, thus, impugned addition made under section 68 was to be deleted

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Mumbai ITAT allowed sec. 24 deduction to trust while computing income from house property

INCOME TAX: Assessee-trust would be entitled for deduction under section 24 in computation of income from house property

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Nimbooz Masala Soda is a fruit pulp or fruit juice classified under Heading No. 2202 90 20

GST/EXCISE/ST/VAT : Product Nimbooz Masala Soda would be classifiable under Heading No. 2202 90 20 under category of fruit pulp or fruit juice

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NCLAT Reverses Tribunal Order Against Raheja

NCLAT Reverses Tribunal Order Against Raheja

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Tax Sops, Higher Rural, Infra Spends on Wish List

Tax Sops, Higher Rural, Infra Spends on Wish List

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Imported goods kept in bonded warehouse & sold to foreign bound ships is sale within the State, liable to Sales Tax

GST : Sales of goods imported from foreign country and after unloading same on land-mass of State of West Bengal, kept in bonded warehouse without payment of customs duty to foreign bound ships as 'ship stores' are neither in course of import or export and more so, are effected beyond customs port/land customs station area and, therefore, in law, it is a sale within territory of State and amenable to sales tax under West Bengal Sales Tax Act, 1954 or West Bengal Sales Tax Act, 1994 as case may b

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Part of purchase amount not received from buyer due to defect in supplied materials allowable as deduction

INCOME TAX : Where assessee company incurred expenditure by way of receiving lesser payment from buyers of coal because of supplied coal containing high moisture and low calorific value, merely because assessee categorised such expenditure as penalty levied for not complying to terms of contract with buyers, it could not be said that such expenditure was incurred for infraction of law so as to attract provisions under Explanation 1 to section 37 (1) and same was an allowable deduction

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HC allowed exp. incurred by assessee to construct houses to rehabilitate flood victims

INCOME TAX: Where assessee entered into an MoU with State Government wherein assessee agreed to construct houses to rehabilitate flood victims, since assessee incurred this expenditure not only as a social responsibility but also keeping in mind goodwill and benefit it would yield in long run in earning profit, impugned expenditure would be in realm of 'business expenditure' allowable under section 37(1)

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HC allowed exp. incurred by assessee to construct houses to rehabilitate food victims

INCOME TAX: Where assessee entered into an MoU with State Government wherein assessee agreed to construct houses to rehabilitate flood victims, since assessee incurred this expenditure not only as a social responsibility but also keeping in mind goodwill and benefit it would yield in long run in earning profit, impugned expenditure would be in realm of 'business expenditure' allowable under section 37(1)

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Valuation of infrequently traded shares of target-co. to be carried out as per valuation factors of Takeover Code

COMPANY LAW/SEBI: Where target company located abroad was a going concern but its shares were infrequently traded, in terms of Regulation 8 of takeovers Regulations 2011, valuation of shares had to be carried out by taking into account valuation parameters including book value, comparable trading multiples and such other parameters as were customary for valuation of shares of such companies

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Issues related to continued listing and valuation of shares of exclusively listed companies are substantive issues: SAT

COMPANY LAW/SEBI ACT : Issues related to continued listing, and valuation of shares of exclusively listed companies (ELCs) were substantive issues and they could not be treated as minor individual investor complaint

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

Imported rotor, stator, down case, top case & down rod of motor for fan are classified under Heading No. 8414

GST/EXCISE/ST/VAT: Where assessee, a manufacturer of fans, had imported goods, namely, rotor, stator, down case, top case and down rod of motor and classified same under Heading No. 8503 00 90 as parts of electric motor, correct classification of goods would be under Heading No. 8414

from www.taxmann.com Latest Case Laws https://ift.tt/2sPuo8J

Deleting penalty on basis of order passed in case of sister concern of assessee justified; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's decision of deleting penalty in case of assessee under section 271(i)(c) on basis of order passed in case of sister concern of assessee, SLP filed against said order was to be dismissed

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

No interim compensation if offence of cheque dishonour was committed prior to introduction of S. 143A of NI Act

FEMA, BANKING AND INSURANCE : Section 143A, providing interim compensation, is prospectively applicable

from www.taxmann.com Latest Case Laws https://ift.tt/30S4aiv

SC dismissed SLP against HC's ruling that assessee's claim for dep. on goodwill was allowable

INCOME TAX: Where High Court upheld Tribunal's order allowing assessee's claim for depreciation on goodwill, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2TVPtt8

Govt Mulls Mediation to Solve I-T Issues with Cos

Govt Mulls Mediation to Solve I-T Issues with Cos

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Ahead of Budget, FPIs dump US 1.6 billion worth of bonds

Ahead of Budget, FPIs dump US 1.6 billion worth of bonds

from taxmann.com News https://ift.tt/38vLacg

Property purchased much prior to commission of alleged offence of money laundering can't be attached

FEMA, BANKING AND INSURANCE : Where order was passed attaching property which were purchased much prior to commission of alleged offence and it was a part of security against financial assistance granted by appellant, since appellant was entitled to recover its dues by selling subject property, attachment order was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/36jq7bp

Key highlights of SEBI’s guidelines on right issue of units by listed REITs and InvITs

The market regulator, SEBI has come with the guidelines for issuance of right issue by listed REITs and InvITs. The guidelines prescribes manner of issuance, requirement, pricing norms of rights issue of units by listed REITs and InvITs. The guidelines are issued vide. Circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/09 and circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/10 dated 17.01.2020. This write up aims to summarise guideline for right issue by REITs and InvITs in a simplified manner.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020054/key-highlights-of-sebi’s-guidelines-on-right-issue-of-units-by-listed-reits-and-invits.aspx

SEBI directs ‘Sahara India’ and its directors to refund money collected from investors

COMPANY LAW : Where SICCL was engaged in fund mobilising activity from public, through offer of OFCDs during financial years 1998-2000 and raised an amount from allottees, which was found to be in violation of provisions of SEBI Act, 1992, Companies Act, 1956, and Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (DIP Guidelines) read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192984/sebi-directs-‘sahara-india’-and-its-directors-to-refund-money-collected-from-investors.aspx

PAN not linked with Aadhar shall not be inoperative till SC’s larger bench finalise the validity of Aadhar Act

INCOME-TAX : Where relief claimed in petition is to direct department to accept return of income of applicant for assessment year 2017-18 furnished electronically under section 139(1) and to declare that section 139AA violates article 21 of Constitution of India, since on question as to whether Aadhaar Act was rightly introduced as a 'Money Bill', Supreme Court vide in case of Rojer Mathew v. South Indian Bank Ltd. has referred issue for consideration by a Larger Bench and therefore,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192972/pan-not-linked-with-aadhar-shall-not-be-inoperative-till-sc’s-larger-bench-finalise-the-validity-of-aadhar-act.aspx

Continuation of reassessment proceedings valid even though HC had stayed the final assessment order: HC

INCOME TAX : Where pursuant to issuance of notice under section 148, High Court passed a stay order restraining revenue to pass final assessment order till disposal of petition filed by assessee, it did not mean that continuation of reassessment proceedings in meantime would be contrary to statute and, thus, assessee's plea that Assessing Officer could not recommence assessment proceedings by issuing notice under section 143(2), deserved to be rejected

from www.taxmann.com Latest Case Laws https://ift.tt/2TMP5xl

Provisions of section 56(2)(vii)(c) cannot be invoked while computing income under the head ‘capital gain’

INCOME TAX: Where a proprietor transfer his business to a private company and receives money as well as shares of such company as consideration then such transaction shall be regarded as ‘transfer’ and for the purposes of computation of capital gain, the value of the assets taken over by the company should be considered as the full value of consideration. However, in the instant case, since cost of acquisition and full value of consideration received on sale were same figure,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192969/provisions-of-section-562viic-cannot-be-invoked-while-computing-income-under-the-head-‘capital-gain’.aspx

SLP dismissed against ruling allowing carry forward of loss though ITR was filed in old form

INCOME TAX: Where High Court upheld Tribunal's order allowing assessee's claim for carry forward of loss by taking a view that assessee had not sought to gain any unfair advantage in matter by filing return in old Form, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2GdMDI6

Casino vessel manufactured by assessee for deployment as offshore casino classified under Heading No. 8901 90 00

GST/EXCISE/ST/VAT: Where assessee was awarded a contract for conversion of dumb barge imported by contractee into a self propelled luxury floating hotel (vessel) and it was intended for deployment as an offshore casino to be operated on Mandovi river in Goa, said vessel would be classifiable under Heading No. 8901 90 00

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

Conveyors & elevators manufactured for food processing machinery are classified under Heading No. 8437

GST/EXCISE/ST/VAT: Where assessee was engaged in manufacture of food processing machines and its parts and automobile components for JCB, elevator and conveyors, etc., conveyors and elevators, etc. specifically manufactured for food processing machinery along with other machinery classifiable under Heading No. 8437

from www.taxmann.com Latest Case Laws https://ift.tt/30P4jTR

'Dant mukta' used in manufacture of lal dant manjan is tooth powder classified under Heading No. 3306 10 10

GST/EXCISE/ST/VAT: Where assessee was engaged in manufacture of lal dant manjan, product dant mukta used in manufacture of manjan was classifiable under Heading No. 3306 10 10

from www.taxmann.com Latest Case Laws https://ift.tt/38nXzPk

Taxman Orders Special Audit of Jet Airways

Taxman Orders Special Audit of Jet Airways

from taxmann.com News https://ift.tt/2Giw9yd

ESIC Payroll Data Shows Over 19L Additions in Nov

ESIC Payroll Data Shows Over 19L Additions in Nov

from taxmann.com News https://ift.tt/2G94Jen

New Singapore Treaty Harsher than GAAR, may Impact FPI Flows into India

New Singapore Treaty Harsher than GAAR, may Impact FPI Flows into India

from taxmann.com News https://ift.tt/2Gdi1X7

No penalty if assessee withdrew dep. claim on intangible assessee in subsequent search proceedings; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's order holding that section 32 covered certain intangible assets for depreciation and, thus, claim raised by assessee being a plausible claim, mere fact that same was withdrawn during subsequent search proceedings would not give rise to penalty under section 271(1)(C) SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/3aBmm4C

Loss suffered during first year of business started with husband's fund is to be clubbed entirely

INCOME TAX : Where wife of assessee started business of Futures and Options (F&O) by having some contribution from assessee in shape of gifts and incurred loss, entire amount of loss resulting from said business of F&O with gifts received from assessee was liable to be clubbed in hands of assessee in terms of Explanation 3 read in conjunction with section 64(1)(iv). Therefore, assessee was entitled to club full loss from business of F&O in his personal income

from www.taxmann.com Latest Case Laws https://ift.tt/37inCY0

Onus to prove that a transaction is benami is upon one who asserts it: SC

INCOME TAX/BENAMI ACT : Benami transactions are forbidden by reason of section 3; no action lies, nor can any defense in a suit be taken, based on any benami transaction in terms of section 4 and onus of establishing that a transaction is benami is upon one who asserts it

from www.taxmann.com Latest Case Laws https://ift.tt/2G7DwIU

Penalty rightly deleted as allegedly capital gain was duly shown in revised ITR before issue of notice; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's order holding that since assessee had revised her return showing capital gain arising from sale of land prior to issue of notice under section 153C and, thus, penalty could not be imposed under sec. 271(1)(c), SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2G6nGOR

SC dismissed SLP as no hearing opportunity to revenue is required before admitting settlement application

INCOME TAX : SLP dismissed against High Court ruling that Principal Commissioner/Commissioner (DR) could not be given opportunity of hearing at time of consideration of application for settlement at stage of admission under section 245D(2C)

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

Karnataka film association can’t prevent CCI from exercising its jurisdiction; HC dismisses ‘Writ of Prohibition’

COMPETITION LAW : Where petitioners who were associated with film industry sought a writ of prohibition against Competition Commission of India from exercising its jurisdiction under Competition Act, 2002, it was held that Act is in force as on date and, hence, no writ of prohibition can be issued against Statutory Commission from exercising its jurisdiction and petition being misconceived, was to be dismissed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192949/karnataka-film-association-can’t-prevent-cci-from-exercising-its-jurisdiction-hc-dismisses-‘writ-of-prohibition’.aspx

I-T Searches Premises of Lalit Hotels CMD Jyotsna Suri, Associates

I-T Searches Premises of Lalit Hotels CMD Jyotsna Suri, Associates

from taxmann.com News https://ift.tt/36bAEWa

CCI Clears Jarvis’ Acquisition of RJio’s Tower Arm

CCI Clears Jarvis’ Acquisition of RJio’s Tower Arm

from taxmann.com News https://www.taxmann.com/topstories/222330000000020045/cci-clears-jarvis’-acquisition-of-rjio’s-tower-arm.aspx

I-T Lets ‘Deserving’ Assessees to Pay Up 20% Tax Demand in Parts

I-T Lets ‘Deserving’ Assessees to Pay Up 20% Tax Demand in Parts

from taxmann.com News https://www.taxmann.com/topstories/222330000000020044/i-t-lets-‘deserving’-assessees-to-pay-up-20-tax-demand-in-parts.aspx

RBI Says Crypto Not Banned, But Don’t Bank on it

RBI Says Crypto Not Banned, But Don’t Bank on it

from taxmann.com News https://www.taxmann.com/topstories/222330000000020043/rbi-says-crypto-not-banned-but-don’t-bank-on-it.aspx

Ex bankers as RPs: NCLAT stays NCLT ban

Ex bankers as RPs: NCLAT stays NCLT ban

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

Mumbai taxmop up dips 13%

Mumbai taxmop up dips 13%

from taxmann.com News https://ift.tt/2RaW9C6

CCI nod to RIL´s divestment of Jio tower assets

CCI nod to RIL´s divestment of Jio tower assets

from taxmann.com News https://www.taxmann.com/topstories/222330000000020040/cci-nod-to-ril´s-divestment-of-jio-tower-assets.aspx

Oberoi & Interups to bid for Lavasa

Oberoi & Interups to bid for Lavasa

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

AO to issue fresh certificate of lower deduction as he was influenced by previous order which had been quashed

INCOME TAX: Where order passed under section 201 against assessee which was an important element in deciding tax deduction rates in certificate issued under section 197, did not survive, DCIT (TDS) was directed to undertake fresh exercise to decide rate of income tax to be deducted

from www.taxmann.com Latest Case Laws https://ift.tt/2G9kthp

Stay on recovery granted as huge amount of penalty already recovered from 'Vodafone' by adjusting refund due

INCOME TAX: Where pursuant to addition made to income of assessee a penalty under section 271(1)(c) was imposed and assessee filed an appeal against such penalty before Commissioner (Appeals), since revenue had recovered huge amount of penalty by way of adjustment from refund payable to assessee, assessee was to be granted stay against further recovery of penalty amount till final disposal of appeal by Commissioner (Appeals)

from www.taxmann.com Latest Case Laws https://ift.tt/36dG3vM

SLP dismissed against ruling confirming stay order subject to deposit of 15% of outstanding tax demand

INCOME TAX : Where during pendency of appellate proceedings, a stay order was passed subject to assessee's depositing 15 per cent of outstanding tax demand which was confirmed by High Court, SLP filed against said order was to be dismissed

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

Bar to ‘writ of prohibition’ issued against statutory commission from exercising its jurisdiction: HC

COMPETITION LAW : Where petitioners who were associated with film industry sought a writ of prohibition against Competition Commission of India from exercising its jurisdiction under Competition Act, 2002, it was held that Act is in force as on date and, hence, no writ of prohibition can be issued against Statutory Commission from exercising its jurisdiction and petition being misconceived, was to be dismissed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192949/bar-to-‘writ-of-prohibition’-issued-against-statutory-commission-from-exercising-its-jurisdiction-hc.aspx

Sum paid to cable operators as channel placement fee was liable for Sec. 194C TDS and not Sec. 194J TDS

INCOME TAX: Where assessee incurred expenditure by way of marketing and publicity expenses for promoting its regional channels 'Star Pravaha' and 'Star Maza', since said expenses were primarily incurred for purpose of business, incidental benefit to some other party from such expenses, would not reduce allowability of such expenditure and, thus, entire expenditure so incurred was allowable as deduction under section 37(1)

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

NCLAT directs DLF to register transfer of 60,000 shares to investor’s legal heirs

COMPANY LAWS : NCLAT directs appellant real estate player to register transfer of 60,000 shares to legal heirs of one of its deceased shareholders which were due to them on right basis by appellant company and has also imposed a cost of Rs5 lakh for harassing poor investors

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192951/nclat-directs-dlf-to-register-transfer-of-60000-shares-to-investor’s-legal-heirs.aspx

5% variation introduced by sec. 43CA couldn't applied retrospectively: Mumbai ITAT

INCOME TAX : Prior to incorporation of proviso to section 43CA(1), vide Finance Act, 2018, with effect from 1-4-2019, there was no tolerance limit envisaged in section 43CA, regarding difference between stamp duty value and actual sale consideration received by assessee on transfer of asset (other than a capital asset)

from www.taxmann.com Latest Case Laws https://ift.tt/2G3vII6

ITAT rightly disallowed compensation paid by builder to trust for reducing the tax incidence: HC

INCOME TAX: Where assessee, engaged in real estate business, failed to bring on record evidence showing that she had refunded amount received in advance from a trust on account of her failure to hand over a piece of land free from encumbrances and, thus, assessee's claim for deduction under section 37(1) in respect of said payment was rejected by authorities below, no substantial question of law arose from said order

from www.taxmann.com Latest Case Laws https://ift.tt/3aBlb58

Parity in pay scale for IT Inspectors & Tech. Asstt. to be on basis of recommendation of Pay Commission

INCOME TAX/SERVICE MATTERS : Where Technical Assistant claimed parity of allowances and salary with that of Inspector of Income Tax, such parity was to be decided by CAT on basis of recommendations of expert bodies like Pay Commission or Anomalies Committee, and not on basis of fact that in past, pay scale of two posts were at par

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

Deduction not allowable if builder failed to prove that sum was refunded on failure to hand over piece of land

INCOME TAX: Where assessee, engaged in real estate business, failed to bring on record evidence showing that she had refunded amount received in advance from a trust on account of her failure to hand over a piece of land free from encumbrances and, thus, assessee's claim for deduction under section 37(1) in respect of said payment was rejected by authorities below, no substantial question of law arose from said order

from www.taxmann.com Latest Case Laws https://ift.tt/2sK74JE

Deduction not allowable if builder failed to prove that sum was refunded as she failed to hand over piece of land

INCOME TAX: Where assessee, engaged in real estate business, failed to bring on record evidence showing that she had refunded amount received in advance from a trust on account of her failure to hand over a piece of land free from encumbrances and, thus, assessee's claim for deduction under section 37(1) in respect of said payment was rejected by authorities below, no substantial question of law arose from said order

from www.taxmann.com Latest Case Laws https://ift.tt/2G8Wy1I

India may miss FY20 tax collection target by nearly Rs 2.5 lakh crore

India may miss FY20 tax collection target by nearly Rs 2.5 lakh crore

from taxmann.com News https://ift.tt/2TIK6gX

India Inc Seeks Single Tax Rate of 15% by Apr 2023

India Inc Seeks Single Tax Rate of 15% by Apr 2023

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

RBI Board may Discuss Interim Dividend

RBI Board may Discuss Interim Dividend

from taxmann.com News https://ift.tt/2TEer0f

Sebi may Raise Trading Margins in Commodities

Sebi may Raise Trading Margins in Commodities

from taxmann.com News https://ift.tt/2R7vBBD

SC granted SLP with regards to applicability of second proviso to section 40(a)(ia)

INCOME TAX: Where High Court decided issue relating to applicability of second proviso to section 40(a)(ia) to assessment year 2010-11 against revenue, SLP filed against said order was to be granted

from www.taxmann.com Latest Case Laws https://ift.tt/38mtD6b

Sec. 80G approval couldn't be denied in absence of proof that funds of trust were utilized for private purposes

INCOME TAX : Where High Court upheld Tribunal's order holding that in absence of any evidence on record showing that funds of assessee trust were being utilised for private purposes, Assessing Officer was not justified in refusing to grant approval under section 80G(5)(vi), SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/38qUj5Z

ED can't conduct investigation if no FIR has been filed regarding scheduled offence

FEMA, BANKING & INSURANCE: Where no FIR has been registered regarding scheduled offence, Enforcement Directorate cannot conduct investigation; Special Court cannot entertain complaint filed by private complainant for offence committed under Prevention of Money Laundering Act

from www.taxmann.com Latest Case Laws https://ift.tt/3at5tZt

Deeming fiction of sec. 50C won't apply where leasehold right in land was transferred: ITAT

INCOME-TAX : If a capital asset being land or building or both is transferred and the consideration received or accruing as a result of such transfer is less than the value adopted or assessed or assessable by the stamp valuation authority, the deeming fiction of law stipulated under sub-section (1) of section 50C shall be attracted to substitute such adopted or assessed or assessable value as full value of consideration received or accruing as a result of such transfer in the given situation

from www.taxmann.com Latest Case Laws https://ift.tt/38bcfkS

Deductor is entitled to get interest on refund of excess amount deposited with Dept.: SC

INCOME-TAX : There is no reason to deny payment of interest under section 244A to deductor who had deducted tax at source and deposited same with Treasury and, thus, appellant would be entitled to interest on amount refunded by Department

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

Sebi puts in place norms for listed REITs, InvITs on rights issue

Sebi puts in place norms for listed REITs, InvITs on rights issue

from taxmann.com News https://ift.tt/375nlrz

Reserve Bank should act as lender of last resort for NBFCs: SBI

Reserve Bank should act as lender of last resort for NBFCs: SBI

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Insurance may go telecom way:Irdai

Insurance may go telecom way:Irdai

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SLP filed agianst ruling upholding ITAT's order allowing assessee's application for stay of demand

INCOME TAX : Where High Court upheld Tribunal's order allowing assessee's application for stay of demand during pendency of appellate proceedings, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2R4tiz9

Appellant made investment in three step down subsidiary without taking RBI’s approval; AA rightly imposed penalty

FEMA, BANKING & INSURANCE : Where appellant company had made investment in three step-down subsidiaries, without taking permission of RBI and thereby contravened section 6(3)(a) of Foreign Exchange Management Act, 1999, read with regulations 5, 6 and 13 of Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, Adjudicating Authority had rightly imposed penalty upon appellant

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192893/appellant-made-investment-in-three-step-down-subsidiary-without-taking-rbi’s-approval-aa-rightly-imposed-penalty.aspx

Borrower can't adjust amount realized by sale of mortgaged asset toward pre-deposit for preferring appeal u/s 18

FEMA, BANKING & INSURANCE: Where borrower had challenged before DRT sale of its mortgaged properties by secured creditor, amount that had been realized pursuant to sale of said properties would not be available to borrower for considering it towards pre-deposit amount for preferring an appeal under section 18

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

SEBI issues ‘cease and desist’ orders against ‘Fingravy Wealth Creation’ from acting as an Investment advisor

COMPANY LAW/SEBI : Where company-'F' was not registered with SEBI in capacity of an Investment Advisor and characteristics and features of business activity carried out by it, prima facie, lead to conclusion that 'F' was holding itself out and acting as an investment adviser without a certificate of registration, activities/representations were in violation of regulation 3 of SEBI (Investment Advisors) Regulations, 2016 and section 12(1) of SEBI Act, and, therefore,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192894/sebi-issues-‘cease-and-desist’-orders-against-‘fingravy-wealth-creation’-from-acting-as-an-investment-advisor.aspx

Appellant made investment in three step down subsidiary with taking SEBI’s approval; AA rightly imposed penalty

FEMA, BANKING & INSURANCE : Where appellant company had made investment in three step-down subsidiaries, without taking permission of RBI and thereby contravened section 6(3)(a) of Foreign Exchange Management Act, 1999, read with regulations 5, 6 and 13 of Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, Adjudicating Authority had rightly imposed penalty upon appellant

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192893/appellant-made-investment-in-three-step-down-subsidiary-with-taking-sebi’s-approval-aa-rightly-imposed-penalty.aspx

Apex Court rejects telecom service providers’ plea to review verdict on payment of license fee

COMPANY LAW/INDIAN TELEGRAPH ACT : Supreme Court rejected review petition filed by telecom service providers i.e., Bharti Airtel, Vodafone, Idea and Tata Teleservices against its order in Union of India v. Association of Unified Telecom Service Providers of India [2019] 110 taxmann.com 457/2 whereby it had directed telecom companies to pay license fee on basis of gross revenue which included income from licensed activities, non-licensed activities and any other miscellaneous revenue of licensee.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192876/apex-court-rejects-telecom-service-providers’-plea-to-review-verdict-on-payment-of-license-fee.aspx

ALV computed on basis of valuation report of Municipal Authorities couldn’t be rejected without valid reason

INCOME TAX : Where assessee had rented out a part of its residential flat and computed ALV of said property on basis of valuation report of Municipal authorities but Assessing Officer had not accepted valuation made by Municipal Authorities and had referred to ALV of some other properties (commercial property) rented out in nearby locality,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192860/alv-computed-on-basis-of-valuation-report-of-municipal-authorities-couldn’t-be-rejected-without-valid-reason.aspx

Higher dep. not allowable on vehicles used in business promotional activities done in rural areas

INCOME TAX : Assessee was not eligible for higher rate of depreciation at rate of 30 per cent on vehicles used by it in business of promotional activities in rural markets of India

from www.taxmann.com Latest Case Laws https://ift.tt/2Ty6kSI

Broker violated SEBI norms by transferring clients' money from equity account to commodity account

COMPANY LAW/SEBI ACT: Where stock broker transferred money from clients account in securities market to client's accounts in broker's group company dealing in commodities market without authority of client, same was in violation to SEBI's Circular No. SMD/SED/CIR/93/23321 dated 18-11-1993

from www.taxmann.com Latest Case Laws https://ift.tt/2u8XUXe

​Income-tax Deduction from salaries during the Financial Year 2019-20 under section 192 of the Income-tax Act, 1961

Publish Date : Thursday, January 16, 2020

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

RBI enhances convenience and security of debit and credit card transactions

Due to the increased volume of debit card and credit card transaction, RBI has issued new norms directing all banks to improve user ease and security of cards transactions. The key takeaways are summarised as under:

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

DG to initiate an investigation against Asian Paints for indulging in anti-competitive activities: CCI

COMPETITION LAW : Where informants JSW Paints filed a complaint against OP Asian Paints Ltd., alleging contravention of relevant provisions of sections 3 and 4, and it was found that evidence provided by JSW Paints was prima-facie sufficient to indicate that Asian Paints had denied access to distribution channels in relevant market to JSW Paints by threatening and coercing such dealers through various means.

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

Penalty imposed upon directors was justified as they made unlawful gain under Collective Investment Scheme

FEMA, BANKING & INSURANCE / SEBI: Where company, its directors and promoters floated Collective Investment Scheme (CIS) which was not registered under SEBI Act and collected an amount of Rs. 2,686 crores and amount so collected was an unlawful gain/ profit earned by appellants and other entities, order passed by Adjudicating Officer imposing penalty on appellant directors under section 15HA of the SEBI Act was justified

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

SEBI rejects Axis Bank’s plea from accessing pledged Karvy shares

COMPANY LAW : Pledging of securities of unpaid clients requires taking of 'explicit authorization' by stock broker from each such client and in respect of each such pledging. Further, in this regard, SEBI's circular dated 23-4-2010 makes it clear that PoA given by client to broker can be used for purpose of pledging in favour of stock broker, 'only' for meeting margin requirements

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192842/sebi-rejects-axis-bank’s-plea-from-accessing-pledged-karvy-shares.aspx

Chewing tobacco containing saffron & scented flavour is jarda scented tobacco classified under Heading No. 24039930

GST/EXCISE/ST/VAT: Where assessee was engaged in manufacture of an excisable product known in market as chewing tobacco and it was adding saffron and scented flavour along with other ingredients in said product, product in question was essentially jarda scented tobacco falling under Heading No. 2403 99 30

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

Consultation paper on review of regulatory framework for Investment Advisers: SEBI

The SEBI has issued consultation paper on review of regulatory framework for Investment Advisers. The objective of consultation paper is to seek comments from the public on the proposals that are intended to strengthen the regulatory framework for investment Advisers as well as empower the IA.

from taxmann.com News https://ift.tt/2RlZ5uv

SEBI comes up with new facility to view status of claim applications and rectification of errors

The Marker Regulator, SEBI has come up with a facility for investors of PACL Ltd, having claims of up to Rs 5,000, to view status of their applications and rectify errors in the form, so that the markets regulator can initiate the process of refund for such entities.

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MCA Moves SC with Plan to Manage Unitech

MCA Moves SC with Plan to Manage Unitech

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Proposal looks to Decriminalise 2/3rd Offences Under Cos Act

Proposal looks to Decriminalise 2/3rd Offences Under Cos Act

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Sebi may Cut Margin on Hedged Trade

Sebi may Cut Margin on Hedged Trade

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Govt Mulls no Tax on LTCG with 2-year Holding Period

Govt Mulls no Tax on LTCG with 2-year Holding Period

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SC Stay in Hand, Tata Sons to Hold Board Meet Shortly

SC Stay in Hand, Tata Sons to Hold Board Meet Shortly

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Delinquency rate in NBFCs rises by 50 bps

Delinquency rate in NBFCs rises by 50 bps

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CCI to probe Asian Paints for Estopping JSW’s entry

CCI to probe Asian Paints for Estopping JSW’s entry

from taxmann.com News https://www.taxmann.com/topstories/222330000000020009/cci-to-probe-asian-paints-for-estopping-jsw’s-entry.aspx

PCIT is empowered to consider revision application u/s 264 within 1 year against rejection of rectification return

INCOME TAX : Where assessee while filling its return of income had entered incorrect figures under certain heads of income and expenditure and, thus, filed a rectification return which was rejected, revision application under section 264 filed by assessee within one year from date of rejection of its rectification return was certainly maintainable, more particularly, when Principal Commissioner had found that assessee had committed such error inadvertently

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Foreign currency exp. incurred for providing services outside India to be included for computing sec. 10B deduction

INCOME TAX : SLP dismissed against High Court ruling that foreign currency expenditure incurred for providing software development services outside India cannot be excluded from export turnover for purpose of computing deduction under section 10B

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Transactions made after commencement of winding up are null and void under Cos. Act: HC

COMPANY LAW : Section 536 treats transfer after commencement of winding up void unless Court otherwise directs and Official Liquidator is not required to file any application seeking a declaration that transfer is void

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SC stays reinstatement of Cyrus Mistry in Tata Sons

IBC : Supreme Court stays order of NCLAT [Cyrus Investment (P.) Ltd. v. Tata Sons Ltd. [2019] 112 taxmann.com 264] by which it reinstated Cyrus Pallonji Mistry to post of Executive Chairman in Tata Sons

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HC dismisses plea to set aside bail granted to accused in money laundering case

FEMA, BANKING & INSURANCE/PMLA: A bail once granted should not be cancelled in a mechanical manner without considering any supervening circumstances which is not conducive to fair trial. It cannot be cancelled on a request from side of complainant/investigating agency unless and until it is established that same was being misused and it is no longer conducive in interest of justice to allow accused any further to remain on bail.

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SC dismissed SLP as assessee took a plausible views on method of accounting valuation of shares

INCOME TAX: Where High Court upheld Tribunal's order holding that assessee had followed an accepted method of valuation of shares and, thus, addition made by Assessing Officer in said respect was not sustainable, SLP filed against order of High Court was to be dismissed

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‘Performance Bonus’ doesn’t form part of salary for calculation of ‘House Rent Allowance’

INCOME TAX: Performance bonus does not form part of 'salary' as defined in clause (h) of Rule 2A purpose of computing exemption under section 10(13A). Thus, assessee would be entitled to house rent allowance to extent of excess of rent paid over 10 per cent of salary

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192807/‘performance-bonus’-doesn’t-form-part-of-salary-for-calculation-of-‘house-rent-allowance’.aspx

Disbursement of income as per revenue sharing agreement was diversion of income by overriding title: ITAT

INCOME TAX : Where assessee company had to enter into a collaboration agreement with its holding company for providing technical and financial support to carry out project of construction of flats at Commonwealth Games Village as per terms and specifications laid down by DDA and, in order to provide financial security to assessee and guarantees to financial institutions and DDA ,the holding company of assessee secured 25% revenue from the sale proceeds of the flats ,

from www.taxmann.com Latest Case Laws https://ift.tt/2NrCn2Y

Budget Likely to Unveil ‘Fund of Funds’ for MSME Sector

Budget Likely to Unveil ‘Fund of Funds’ for MSME Sector

from taxmann.com News https://www.taxmann.com/topstories/222330000000020005/budget-likely-to-unveil-‘fund-of-funds’-for-msme-sector.aspx

SC dismissed SLP against ruling allowing deduction of exp. incurred on fertility improvement amongst milk animals

INCOME TAX: Where High Court allowed assessee's claim for deduction of expenditure incurred on fertility improvement amongst milk animals on ground that said expenditure was general in nature and aimed at improving practices for better fertility amongst milk animals, SLP filed against said order was to be dismissed

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Foreign Investors Unsure on Tax Exemption for Hybrid Papers

Foreign Investors Unsure on Tax Exemption for Hybrid Papers

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Sec. 69A additions justified as assessee failed to explain source of cash deposited in bank; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's order holding that since assessee had withdrawn huge amount of cash from his bank account on different dates source of which she failed to explain, and, thus, an addition was to be made under section 69A, SLP filed against said order was to be dismissed

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Appeal could not be filed against internal order passed by Adjudicating Authority

GST/EXCISE/ST/VAT: Where assessee against internal order passed by Adjudicating Authority filed appeal before Commissioner (Appeals), internal order was not a decision or determination and, therefore, assessee could not have preferred any appeal against said order

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

Gold Dore Bars seized by Dept. to be released on verification if same were stock-in-trade; SLP dismissed

INCOME TAX: Where High Court finding that Gold Dore Bars, which had been seized were stock-in-trade of assessee and had been imported as raw materials, directed that said goods could be released to assessee after proper verification, SLP filed against order of High Court was to be dismissed

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Top 10 corporate laws ruling of year 2019

In the year 2019, the contribution of the judiciary has also been significant. We have witnessed various ruling during year which added new dimensions to the rules of interpretation. In the year 2019, we have reported 4,850+ judgments on various laws including Income-tax, GST and IBC. In Corporate Laws we have reported approx. 1,250 cases.

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CCI to investigate into exclusive partnership between smartphone manufacturers and e-commerce platforms

COMPETITION LAW : Where informants who were traders of smartphones and related accessories filed information against OPs (Flipkart & Amazon), e-commerce platforms alleging contravention of relevant provisions of sections 3 and 4, it was held that there appeared to be exclusive partnership between smartphone manufacturers and e-commerce platforms for exclusive launch of smartphone brands which created an ecosystem that might lead to an appreciable adverse effect on competition and, therefore,

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Investment in Chit Fund isn't prescribed modes of investment u/s 11(5); ITAT disallowed trust exemption

INCOME TAX: Where assessee trust had invested its surplus fund in chit fund during preceding assessment year, it was a clear case of violation of provisions of section 11(5), hence, assessee-trust was not entitled for exemption under section 11

from www.taxmann.com Latest Case Laws https://ift.tt/3a400bH

PPF, NSC Sops On Cards to Increase Taxpayers’ Savings

PPF, NSC Sops On Cards to Increase Taxpayers’ Savings

from taxmann.com News https://www.taxmann.com/topstories/222330000000020002/ppf-nsc-sops-on-cards-to-increase-taxpayers’-savings.aspx

NCLAT Seeks Clarity from Govt, Agencies on JSW Steel Immunity

NCLAT Seeks Clarity from Govt, Agencies on JSW Steel Immunity

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Sebi Puts Off Deadline for Splitting CMD Post by 2 Yrs

Sebi Puts Off Deadline for Splitting CMD Post by 2 Yrs

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Officers’ complaint a fresh trouble for UTI AMC IPO

Officers’ complaint a fresh trouble for UTI AMC IPO

from taxmann.com News https://www.taxmann.com/topstories/222330000000019995/officers’-complaint-a-fresh-trouble-for-uti-amc-ipo.aspx

CBI arrests IRP professional appointed by NCLT

CBI arrests IRP professional appointed by NCLT

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Cash payment made by trust couldn't be considered as payment made towards non-specified purposes

INCOME TAX: Amount spent by assessee-trust on construction of buildings for its medical college would be treated as application of income for objects of trust and, hence, would qualify for exemption under section 11; factum of incurring such expenses by way of cash alone could not be a ground to hold that those expenses were related to non-specified purposes

from www.taxmann.com Latest Case Laws https://ift.tt/2tVoT8Q

Guidance notes on ICSI Auditing Standards (CSAS1 to CSAS-3)

ICSI Auditing Standards aims to support the Company Secretaries in developing auditing acumen, techniques and tools and inculcate best auditing practices while conducting the audit and promote standardization and uniformity in the professional arena. Therefore, the Institute of Company Secretaries of India has issued guidance note on Auditing Standards

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Provisional attachment order under PMLA on presumption without any reasonable or factual basis was to be set aside

FEMA/PMLA : Where immovable properties of appellant were attached categorizing Share Application Money (SAM) received by appellant from various individuals/companies as Proceeds of Crime generated due to coal block allotment obtained by appellant by making misrepresentation, since there was nothing on record to show that allocation of coal block was used as allurement to such investors, order confirming provisional attachment passed by adjudicating authority on presumptions without any reasonabl

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Top 10 cases in FEMA, Banking & Securitisation Laws

In the year 2019, we have witnessed various ruling during the year which added new dimensions to the rules of interpretation. In the year 2019, we have reported 4,850+ judgments on various laws including Income-tax, GST and IBC. In FEMA, Banking & Securitisation laws we have selected 10 landmark rulings which may be relevant for you for future references. The digest of these 10 cases are given below

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ICSI issues Guidance Note on Prevention of Insider Trading

The existence of a fair, transparent and efficient securities market is one of the essential ingredients for economic growth of a country. To instill confidence, trust and integrity in the securities market, the Institute of Company Secretaries of India (ICSI) has issued guidance note on Prevention of Insider Trading.

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Allotment of shares in settlement of pre-existing liabilities couldn't be treated as unexplained cash credits

INCOME TAX : SLP dismissed against High Court ruling that where assessee allotted shares to a company in settlement of pre-existing liability of assessee to said company, since no cash was involved in transaction of said allotment of shares, conversion of these liabilities into share capital and share premium could not be treated as unexplained cash credits under section 68

from www.taxmann.com Latest Case Laws https://ift.tt/2snINc8

Non-clearance of dues and unfair terms upon miller for agreeing custom milling required prove u/s 4

COMPETITION LAW: Issues pertaining to alleged non-clearance of dues and imposition of unfair condition upon millers for entering into agreement for Custom Milling were issues which prima facie required an investigation under section 4

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

I-T Dept may Argue 6 Tata Trusts Owning Shares in Cos Wrong

I-T Dept may Argue 6 Tata Trusts Owning Shares in Cos Wrong

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I-T completes faceless tax scrutiny in 60,000 cases

I-T completes faceless tax scrutiny in 60,000 cases

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Charges for fraud, misselling show Irdai needs more teeth

Charges for fraud, misselling show Irdai needs more teeth

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No links with Capstone Forex: Edelweiss

No links with Capstone Forex: Edelweiss

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Apex Court stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata Group

The Cyrus Mistry was removed from post of Executive Chairman by board of directors and was also removed from position of directorship in various companies of Tata Group.

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Top 10 cases in Corporate Laws

In the year 2019, the contribution of the judiciary has also been significant. We have witnessed various ruling during year which added new dimensions to the rules of interpretation. In the year 2019, we have reported 4,850+ judgments on various laws including Income-tax, GST and IBC. In Corporate Laws we have reported approx. 1,250 cases.

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SEBI rightly restrained appellant-Co from associated with any listed Co. as it repaid loan out of IPO money : SAT

COMPANY LAW: Where appellant-company paid its bridge loan out of IPO money and, moreover, it failed to disclose existence of security deposit in its prospectus to investors enabling them to take informed investment, a case of violation of ICDR Regulations was made out and, thus, appellant-company was to be restrained from associating themselves with any listed company for a period of three years

from www.taxmann.com Latest Case Laws https://ift.tt/2Taz2Jm

No tax if assessee received property on account of family settlement

INCOME TAX: Where assessee had received property from his brothers on account of Family Settlement and Release Deed was also executed in which it was nowhere recorded that assessee paid any consideration to his other three brothers, there being no commercial transaction, provisions of section 56(2)(vii)(b) were not attracted

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ITAT set-asides reassessment order as AO failed to establish services of proper notice u/s 148

INCOME TAX: In absence of any material on record showing that notice was tendered either to assessee or its duly appointed agent, service by resorting to affixture was a premature decision on part of Assessing Officer

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

Fresh plea u/s 138 allowed when cheque is drawn as per compromise in lok adalat also dishonoured : SC

FEMA, BANKING & INSURANCE : Where a complaint under section 138 had been filed against respondent and matter was subsequently settled before Lok Adalat, however, cheque drawn by respondent in favour of appellant as per compromise arrived before Lok Adalat also got dishonoured, this give rise to a fresh cause of action under section 138 and thus, second application under section 138 filed by appellant against respondent was to be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/304V1CX

No reassessment after 4 years in absence of assessee's failure to disclose true facts; SC dismissed SLP

INCOME TAX: Where High Court upheld Tribunal's order holding that in absence of any failure on part of assessee to disclose fully and trully all material facts at time of assesment, reassessment proceedings could not be initiated after expiry of four years from end of relevant year, SLP filed against said order was to be dismissed

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SC dismissed SLP against HC's allowing sec. 80-IB deduction to assessee as it satisfied all stipulated conditions

INCOME TAX: Where High Court upheld Tribunal's order holding that assessee had satisfied all conditions stipulated in provisions of section 80-IB(10) and, therefore, it would be eligible to claim deduction, SLP filed against said order was to be dismissed.

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CBDT Rolls Back Changes to I-T Return Forms

CBDT Rolls Back Changes to I-T Return Forms

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SEBI can pass ex-parte ad interim order pending investigation in case of an urgency: SAT

COMPANY LAW: SEBI has power to pass ex parte ad interim order pending investigation when there is an urgency

from www.taxmann.com Latest Case Laws https://ift.tt/307CzJH

Release Funds for Interim Finance, NCLT Tells Jet Airways’ Lenders

Release Funds for Interim Finance, NCLT Tells Jet Airways’ Lenders

from taxmann.com News https://www.taxmann.com/topstories/222330000000019977/release-funds-for-interim-finance-nclt-tells-jet-airways’-lenders.aspx

RoC to Wait Till SC Hears Tata Sons Plea Before Reclassifying Company

RoC to Wait Till SC Hears Tata Sons Plea Before Reclassifying Company

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CCI for self-regulation in e-commerce sector

CCI for self-regulation in e-commerce sector

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Jet gets another EoI after Synergy

Jet gets another EoI after Synergy

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Measures taken by bank to enforce security interest could be challenged u/s 17 only not before civil court

FEMA, BANKING & INSURANCE : Where a borrower company sent an application to lender bank seeking benefit of RBI circular which grant certain relief to micro small and medium enterprises who had borrowed loans from banks, but, lender bank rejected said application, appeal against said rejection was to be made under section 17 of SARFAESI Act and not before Civil Court

from www.taxmann.com Latest Case Laws https://ift.tt/2T8QUUS

No additions u/s 68 if creditworthiness of person to whom shares were issued at premium were established; SLP dismissed

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

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HC justified sec. 263 revision as AO failed to conduct enquiry though reply filed by assessee wasn't satisfactory

INCOME TAX: Where Assessing Officer issued detailed questionnaire, in reply to which records were filed, but Assessing Officer did not apply his mind nor did he conduct an enquiry while accepting claim of assessee although he recorded in note-sheet that reply filed by appellant was not satifactory and did not explain all facts, assessment order was to be revised

from www.taxmann.com Latest Case Laws https://ift.tt/36DY7Qy

ITAT slams AO for computing capital gains on know-how as its cost of acquisition wasn’t ascertainable

INCOME TAX: Where assessee received a consideration for assignment of know how relating to scientific, medical and technical documents relating to manufacture of an oncology product under development, since cost of acquisition of know-how under development being a self-generated asset was not ascertainable, consideration for transfer thereof could not be brought to tax under head 'capital gains'

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191360/itat-slams-ao-for-computing-capital-gains-on-know-how-as-its-cost-of-acquisition-wasn’t-ascertainable.aspx

Non-disclosure of imposition of provisional duties by China being UPSI violated insider trading norms

COMPANY LAW/SEBI ACT : Where Ministry of China announced provisional duties at rate of 24.6 per cent against products concerning appellant company and 57.4 per cent against other Indian producers but appellant informed stock exchange about said announcement belatedly and vice president of appellant company traded in scrips of company while having information about such announcement, same was in violation of clause 36 of Listing Agreement as well as PIT regulation

from www.taxmann.com Latest Case Laws https://ift.tt/35zSG3V

Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group

Publish Date : Monday, January 6, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2sX6YOR

SC upholds Centre's plea challenging refund of Rs 104 crore by TDSAT to R.Com in spectrum case

COMPANY LAW : Where in a scheme of arrangement respondent - (Reliance Comm.) licensees' liability toward payment of deferred spectrum charges, in May, 2018, was to tune of Rs. 774.25 crores, and total amount realized upon encashment of bank guarantees furnished by respondents, was to extent of Rs. 908.91 crores,

from www.taxmann.com Latest Case Laws https://ift.tt/2N5vbcI

No additions towards undisclosed income if purchase consideration is under accounted by assessee

INCOME TAX : Addition of undisclosed income can be made where sale consideration of asset is underaccounted; no such addition can be made where purchase consideration is underaccounted

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

Profit on sale of industrial park is eligible for sec. 80-IA deduction

INCOME TAX: Profit on sale of industrial park is eligible for deduction under section 80-IA

from www.taxmann.com Latest Case Laws https://ift.tt/2Qw9WTs

HC deletes sec. 69B additions as dept. failed to prove under statement of sale consideration for land purchased

INCOME TAX: Where land purchased by assessee was different from that mentioned in seized document and department could not prove understatement of sale consideration, addition made under section 69B on account of undisclosed investment in respect of purchase of land was not justified

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

Taking Steps to Ease Taxation System: FM

Taking Steps to Ease Taxation System: FM

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Banks staring at 20% more provisioning for Rs 2.2-trillion debt

Banks staring at 20% more provisioning for Rs 2.2-trillion debt

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Attachment order lapsed as charge sheet wasn't filed within 90 days of provisional attachment order date

FEMA, BANKING & INSURANCE: Where chargesheet/ prosecution complaint had not been filed under section 8(3)(a) of Prevention of Money Laundering Act, 2002 within prescribed period of 90 days from passing of order confirming provisional attachment, attachment stood lapsed and, thus, properties were to be released

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

NCLAT sets aside RoC plea on modification of Judgement in Tata-Mistry case

COMPANY LAW : NCLAT sets aside Interlocutory Applications preferred by Registrar of Companies, Mumbai for seeking amendment in Judgment dated 18-12-2019

from www.taxmann.com Latest Case Laws https://ift.tt/2QV6znV

NCLAT sets aside RoC plea for seeking modification to Judgement in Tata

COMPANY LAW : NCLAT sets aside Interlocutory Applications preferred by Registrar of Companies, Mumbai for seeking amendment in Judgment dated 18-12-2019

from www.taxmann.com Latest Case Laws https://ift.tt/2tFM5re

Sec. 11 exemption couldn’t be disallowed just because ‘JSCA’ received sum from BCCI on account of IPL subvention

INCOME TAX: Where assessee-society, involved in business of cricket with an object to promote game of cricket, received certain amounts from BCCI on account of IPL sub-vention, TV rights subsidy etc. and claimed exemption under sections 11 and 12, however Assessing Officer invoked proviso to section 2(15), disallowing its claim on ground that said receipts were commercial in nature, since proviso to section 2(15) could not be invoked on ground that said receipts were commercial in nature, Assess

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000190700/sec-11-exemption-couldn’t-be-disallowed-just-because-‘jsca’-received-sum-from-bcci-on-account-of-ipl-subvention.aspx

No tax on notional rental income for period during which property wasn't legally occupiable and not occupied

INCOME TAX: Where assessee purchased commercial property in December 2008, but occupancy certificate of same was given in May 2009, and in meantime, assessee had leased out property with effect from 1-4-2009, between 1-1-2009 to 31-3-2009, property was not legally occupiable and not occupied and assessee could not be made liable to tax on notional rental income for that period

from www.taxmann.com Latest Case Laws https://ift.tt/39ET7x4

RBI Gives 1st In-principle Nod to a UCB to Convert into SFB

RBI Gives 1st In-principle Nod to a UCB to Convert into SFB

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

RBI Modifies Supervisory Rules for Urban Coop Banks

RBI Modifies Supervisory Rules for Urban Coop Banks

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

NCLAT Rejects RoC Plea to Modify Tata Verdict

NCLAT Rejects RoC Plea to Modify Tata Verdict

from taxmann.com News https://ift.tt/2N3PN57

Now, Secretarial Audit Must for Cos with Borrowing of Rs 100 cr or More

Now, Secretarial Audit Must for Cos with Borrowing of Rs 100 cr or More

from taxmann.com News https://ift.tt/2Qw6CrB

CBI Books 51Entities for Remitting Black Money

CBI Books 51Entities for Remitting Black Money

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

RBI revises PCA regime for UCBs facing financial stress

RBI revises PCA regime for UCBs facing financial stress

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

RBI buys and sells bonds worth Rs 10Kcrin 3rd OMO

RBI buys and sells bonds worth Rs 10Kcrin 3rd OMO

from taxmann.com News https://ift.tt/2txqTE6

NBFCs to see better loan growth in FY21, says Tata Capital CEO

NBFCs to see better loan growth in FY21, says Tata Capital CEO

from taxmann.com News https://ift.tt/2N1v9T6

NCLAT upholds its judgment in TataMistry case

NCLAT upholds its judgment in TataMistry case

from taxmann.com News https://ift.tt/2ZVWF9O

Margin for banks to lend Rs 3.5 trn extra set to end

Margin for banks to lend Rs 3.5 trn extra set to end

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

HC had no jurisdiction to entertain civil suit in respect of which plaintiff had already approached DRT

FEMA, BANKING & INSURANCE LAWS : High court had no jurisdiction to entertain any suit in respect of which plaintiff had already approached DRT by filing a petition under section 17

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

Debarring Co. from accessing market by passing of ex-parte order on basis of media reports couldn’t be sustained: SAT

COMPANY LAW: Where SEBI passed ex parte ad interim order restraining company and its officials from accessing securities market on basis of media reports regarding siphoning of funds by said company and not on basis of any evidence, continuation of an ex parte interim order restraining appellants could not be sustained

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191612/debarring-co-from-accessing-market-by-passing-of-ex-parte-order-on-basis-of-media-reports-couldn’t-be-sustained-sat.aspx

Provisions made for exp. to be incurred to complete flats which were already sold allowable: ITAT

INCOME TAX: Where assessee, engaged in business of real estate development, sold bare flats and made provision for expenses to be incurred to complete such sold out flats, since assessee had duly filed relevant documents such as architect's certificate, site engineer architect's estimation so as to prove that assessee had incurred such expenses on sold out flats, no revision to be made so as to disallow such provision considering same as unascertained liability

from www.taxmann.com Latest Case Laws https://ift.tt/2unp1hr

Key Changes in New ITR Forms 1 & 4 for Assessment Year 2020-21

In an unexpected move, the Govt. has notified the new ITR-forms well in advance. A comparison of new forms with the earlier forms revealed that more than 10 changes have been made in the list of information sought by the new ITR forms. This write-up includes all changes made in Rule 12 and new ITR-1 and ITR-4 applicable for Assessment Year 2020-21.

from taxmann.com News https://ift.tt/2ZSxjK3

Now Private Companies having outstanding loans of Rs. 100 cr. must undergo Secretarial Audit

The Ministry of Corporate Affairs (MCA) has come up with notification which amends ‘Rule 8A - Appointment of Company Secretaries’ and ‘Rule 9- Secretarial Audit Report’ of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The amendments seeks to hike threshold limit of paid up capital for companies to appoint whole time Company Secretary, amendment also seeks to expand scope of Secretarial Audit. The notification will be effective from 01.04.2020

from taxmann.com News https://ift.tt/2Qvm9YG

Notification No. 2/2020 [F.No.203/07/2019-ITA-II]

Publish Date : Friday, January 3, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2SWvMB9

ITAT allowed deduction of interest paid on borrowed money though no interest was earned on its further lending

INCOME TAX : Where assessee borrowed funds and utilised them for lending money to various parties, interest paid by assessee on money borrowed was to be allowed under section 57(iii) even if it did not earn interest income on money lent by it

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

​Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure-Extension of Timeline

Publish Date : Friday, January 3, 2020

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​Corrigendum​

Publish Date : Tuesday, December 31, 2019

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​Corrigendum​

Publish Date : Tuesday, December 31, 2019

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Non-disclosure of rejection of forest clearance by MoEF on application for iron mining was material for IPO: SAT

COMPANY LAW: Where in connection with proposed public issue, appellant filed prospectus with SEBI and it did not disclose in said prospectus that its proposal for an iron ore mining project was rejected by Ministry of Environment and Forests (MoEF), in view of fact that said mining project was critical for appellant as iron ore at competitive rates and in required quantity would be available seamlessly only from this project, it was a material information to be disclosed in IPO prospectus

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ITR-1Not for Those Owning House Jointly

ITR-1Not for Those Owning House Jointly

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Reliance Home Finance Could Land at NCLT

Reliance Home Finance Could Land at NCLT

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No sec. 69A addition if assessee was merely acting as a conduit through whom amount was floated

INCOME TAX: Where amount received by assessee via pay orders in its bank account did not belong to him and assessee was only a conduit through whom amounts were floated and said amount was added to income of its beneficiary, no addition under section 69A could be made to income of assessee

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​CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21

Publish Date : Friday, January 3, 2020

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New Year Surprise: Govt. notifies Form ITR 1 and ITR 4 for Assessment Year 2020-21

The CBDT has notified Form ITR-1 and ITR-4 for the Assessment Year 2020-21. Possibly the Dept. has first time notified the ITR forms before the relevant assessment year begins. Only the ITR Forms have been notified without the corresponding return filing utility.

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Conversion of CCPSS as per FMV and in accordance with shareholder agreement can’t be treated as a sham transaction

INCOME TAX : Where compulsorily convertible participating preference shares (CCPPS) were converted at a share premium of Rs. 210 each which was agreed in accordance with share holders agreement entered into with foreign investors by assessee and at fair market price which was determined at time of issue of shares and conversion of CCPPS was made to independent third parties which does not have any direct or indirect relation with promoters of assessee,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192643/conversion-of-ccpss-as-per-fmv-and-in-accordance-with-shareholder-agreement-can’t-be-treated-as-a-sham-transaction.aspx

TDS benefit to be given when corresponding income is assessable irrespective of fact TDS was deposited in next FY

INCOME TAX: In terms of Rule 37BA(3)(i) benefit of TDS is to be given for assessment year for which corresponding income is assessable, therefore, where assessee raised invoice on 'A' in March 2011, benefit of TDS had to be allowed in assessment year 2011-12 even though tax on invoice amount was deposited by 'A' in April 2011

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Limits placed by RBI on withdrawal from account of PMC bank was justified: Bombay HC

FEMA, Insurance & Banking : Limits placed by RBI on withdrawal from account in P & MC Bank was justified

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'Front End Fees' paid by assessee while obtaining loan to be amortised under section 35D

INCOME TAX : Where assessee at time of obtaining new loan, had to pay certain 'front end fee' to bank, since said amount constituted interest inability of assessee spread over a period of time, assessee was entitled to amortise same under section 35D

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Deadline Extended for Compounding of I-T Offences

Deadline Extended for Compounding of I-T Offences

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Budget may Introduce Tax Dispute Settlement Scheme

Budget may Introduce Tax Dispute Settlement Scheme

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SBI plans to sell 5mn shares in NSE; invites bid

SBI plans to sell 5mn shares in NSE; invites bid

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Brokers to meet Sebi on new norms

Brokers to meet Sebi on new norms

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Didn’t abuse power as Trusts head: Ratan Tata

Didn’t abuse power as Trusts head: Ratan Tata

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Budget session may begin on January 31

Budget session may begin on January 31

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HC upheld order as hearing opportunity was given before transferring case to another jurisdiction

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

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Demurrage paid to non-resident shipping company not liable for deduction of tax at source

INCOME TAX: No obligation is cast upon assessee/Indian company to deduct tax at source at time of making of payment towards demurrage charges to a non-resident shipping company, as latters income was liable to be brought to tax under section 44B and consequently under section 172

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Tata Sons Moves SC Against NCLAT Order

Tata Sons Moves SC Against NCLAT Order

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RBI to conduct special

RBI to conduct special

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Tatas petition SC against NCLAT order on Mistry

Tatas petition SC against NCLAT order on Mistry

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Conversion of share as per FMV and with terms of issue of preference shares can’t be treated as a sham transaction

INCOME TAX : Where compulsorily convertible participating preference shares (CCPPS) were converted at a share premium of Rs. 210 each which was agreed in accordance with share holders agreement entered into with foreign investors by assessee and at fair market price which was determined at time of issue of shares and conversion of CCPPS was made to independent third parties which does not have any direct or indirect relation with promoters of assessee,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192643/conversion-of-share-as-per-fmv-and-with-terms-of-issue-of-preference-shares-can’t-be-treated-as-a-sham-transaction.aspx