Assessee eligible for sec. 80G deduction after furnishing relevant details if donation exp. was disallowed

INCOME TAX: When donation expenditure was disallowed and added to total income of assessee, assessee was entitled to deduction under with respect to such donation under section 80G

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

Extension of timeline for submission of public comments on report of Working Group on Social Stock E

SEBI had put up the report of the working group on Social Stock Exchange for public consultation on its website on June 01, 2020 seeking comments by June 30, 2020. In view of the requests seeking extension of timeline for submission of comments due to COVID-19 pandemic, it has been decided to extend the timeline for seeking public comments to July 15, 2020

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Right of claimant in arbitration proceeding seeking attachment against third party can’t be inferior

COMPANY LAW/ARBITRATION: Right of a claimant in an arbitration proceeding to seek attachment before judgment against a third party who holds possession on behalf of respondent cannot be inferior to a right if he was a plaintiff in a suit

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194876/right-of-claimant-in-arbitration-proceeding-seeking-attachment-against-third-party-can’t-be-inferior.aspx

ICAI to provide reasons for concluding member being not guilty of any misconduct on receiving complaint

INCOME TAX/CHARTERED ACCOUNTANT ACT: Institute of Chartered Accountants of India is under an obligation to provide reasons to complainant for its prima facie conclusion of member being not guilty of any misconduct

from www.taxmann.com Latest Case Laws https://ift.tt/2Vqq379

Madras HC quashed Tribunal’s order as Google study done by it to confirm disallowance wasn’t put before assessee

INCOME TAX: Where Google Study done by Tribunal to confirm disallowance of cent percent depreciation on pollution control devices was not put to notice to assessee-­company, order of Tribunal was to be set aside

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194328/madras-hc-quashed-tribunal’s-order-as-google-study-done-by-it-to-confirm-disallowance-wasn’t-put-before-assessee.aspx

AO couldn’t withhold refund by issuing scrutiny assessment notice u/s 143(2): Delhi HC

INCOME TAX: Mere issuance of notice under section 143(2), would not be a sufficient ground to withhold refund under section 241A

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194242/ao-couldn’t-withhold-refund-by-issuing-scrutiny-assessment-notice-us-1432-delhi-hc.aspx

Corrigendum to Notification No 35/2020 regarding extension of time limits under the Income-tax Act, 1961 and related Acts​

Publish Date : Monday, June 29, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/3ieQDcX

​Income-tax (13th Amendment) Rules, 2020

Publish Date : Friday, June 26, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/3g1852W

‘Retention money’ being contingent upon satisfactory completion of contract work is taxable in actual year of receipt

INCOME TAX: Retention money retained by contractee being deferred payment and contingent upon satisfactory completion of contract work, assessee would have no vested right to receive same in year in which it was retained; income was to be booked in year of actual receipt

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194682/‘retention-money’-being-contingent-upon-satisfactory-completion-of-contract-work-is-taxable-in-actual-year-of-receipt.aspx

Levy of fees u/s 234E is mandatory in nature and cannot be imposed as per discretion of AO

INCOME TAX : Levy of late fee under section 234E is mandatory in nature and AO has no discretion to take its own decision but he has to make adjustment on account of levy of late fee as provided under section 234E in case there is a delay in submitting TDS statement

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

Appellant was guilty of insider trading for passing on information w.r.t. open offer with tippees

COMPANY LAW/SEBI: Where trading pattern of Tippees made it apparently clear that Tippees had prior information with regard to open offer and appellant, a connected person and insider directly involved with activities pertaining to open offer, had passed on prior information to Tippees, appellant was guilty of insider trading

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

NCLAT remands matter back to NCLT as petition filed u/s 241 was dismissed without giving opportunity to appellant

COMPANY LAW: Where NCLT dismissed petition under section 241 filed by appellant without providing proper opportunity to appellant to present genuineness or otherwise of documents in relation to provisions of section 241, matter was remanded back to NCLT to decide petition under section 241 afresh

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

ITAT quashes penalty notice as it hadn’t spelt out fault of assessee against which penalty was levy

INCOME TAX : Where in penalty notice, Assessing Officer had not spelt out what was fault for which assessee was being proceeded against for levy of penalty, notice was vague; hence, penalty order was also bad

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194868/itat-quashes-penalty-notice-as-it-hadn’t-spelt-out-fault-of-assessee-against-which-penalty-was-levy.aspx

No infirmity in DRP’s direction to AO that Forex gain should be considered part of operating income

TRANSFER PRICING : Where company selected was mainly engaged in providing high-end services involving specialised knowledge and domain expertise while assessee was a low end service provider, selected company was to be excluded from list of comparables

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194669/no-infirmity-in-drp’s-direction-to-ao-that-forex-gain-should-be-considered-part-of-operating-income.aspx

No sec. 68 just on reason that Co’s performance didn’t justify receiving high value of share premium

INCOME TAX: Where assessee­-company issued shares at high premium and genuineness of transaction and identity and creditworthiness of share applicants were proved additions under section 68 could not be made merely on ground that assessee company's performance did not justify high value of share premium

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193989/no-sec-68-just-on-reason-that-co’s-performance-didn’t-justify-receiving-high-value-of-share-premium.aspx

Notification No. 37/2020 [F.No. 300196/50/2019-ITA-I] / SO 2041(E)

Publish Date : Thursday, June 25, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2A8mdbg

Notification No. 36/2020 [F.No. 300196/38/2017-ITA-I] / SO 2042(E)

Publish Date : Thursday, June 25, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/2NDdm4k

No denial of Sec. 54F relief if new house was used for commercial purpose though sanctioned for residential purpose

INCOME TAX : Assessee's claim for deduction under section 54F(1) was to be allowed where two apartments owned by him even though had been sanctioned for residential purpose, yet same were infact being used for commercial purpose as service apartments

from www.taxmann.com Latest Case Laws https://ift.tt/385oHnm

Sec. 68 not applicable on assessee providing accommodation entries on commission basis

INCOME TAX : Where assessee accepted cash from customers/beneficiaries and in lieu thereof issued them cheques of slightly lower amount after charging its commission, provisions of section 68 were not applicable and ,thus, entire amount of cash received from customers/beneficiaries could not be added to assessee's taxable income

from www.taxmann.com Latest Case Laws https://ift.tt/2Vk6H3q

Buyer eligible to avail full ITC even when tax rate charged by seller on goods is higher than the specified rate: HC

GST/EXCISE/ST/VAT: Even if registered dealer had deliberately paid tax in excess and passed on incidence of such tax to assessee with a view to liquidate excess credit of input tax accumulated in their hand, assessee could not be denied of input tax credit of tax paid and reflected in invoice

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

ITAT quashed reassessment as no TDS was required on reimbursement of exp. to foreign associate

INCOME TAX: Where DCIT found nature of payment by assessee to associate concerns based in foreign countries was merely reimbursement of expenses and, hence, no TDS was to be made but DCIT proceeded with reassessment on ground only to safeguard interest of Revenue, such reassessment was to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/2VlKr9e

Govt. promulgates Banking Regulation (Amendment) Ordinance, 2020

In order to ensure the safety of depositors across banks, the Govt. has promulgated the Banking Regulation (Amendment) Ordinance, 2020. The Ordinance amends the Banking Regulation Act, 1949 as applicable to Cooperative Banks. It seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with RBI in respect of other banks to Co-operative Banks as well for sound banking regulation, and by ensuring profes

from taxmann.com News https://ift.tt/3i7OrnF

EPFO provisions to reduce statutory burden on the employers

Employees’ Provident Fund Organisation has been consistently doing its bit in these hard times, by reaching out and extending a helping hand to both working class/employees as well as the employers. Statutory contributions both on part of the employee and the employer (12+12=24%) of eligible establishments shall be borne by the Central Government under PMGKY ensuring increase in take home salary to the employees and liquidity in the hands of the employers.

from taxmann.com News https://ift.tt/3eFqaTM

No unfair business by Swiggy as it has no role in pricing of products offered by partner- restaurants: CCI

COMPETITION LAW : Opposite Party providing service of app-based food ordering and delivery platform having no role to play in pricing of products offered by partner-restaurants on platform, contravention of Act could not be alleged

from www.taxmann.com Latest Case Laws https://ift.tt/2Vnr4wS

Sec. 234E which levies fee for late filing of TDS/TCS returns is constitutionally valid: Madras HC

INCOME TAX: Fees levied under section 234E to ensure that assessee files statement in time, so that department can clear returns of persons connected with assessee i.e. from whom tax has been deducted at source without any delay is not a penalty and is Purely compensatory and; levy is not violative of Constitution

from www.taxmann.com Latest Case Laws https://ift.tt/2A6LUsH

SLP dismissed against ruling allowing claim of deduction of loss suffered due to fluctuation in forex

INCOME TAX : Where High Court upheld Tribunal's order allowing assessee's claim of deduction of loss suffered due to fluctuation in foreign exchange rate at time of recovering loan advanced to subsidiary company, SLP filed against said order was to be dismissed

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

SAT directs Axis bank and respondent to appear before NSE to determine rights in respect of securities in question

COMPANY LAW : Where pursuant to ex parte order passed by SEBI in case of respondent no. 2 i.e. "M" Ltd. on basis of which impugned direction was issued by NSE (respondent no.5) to appellant bank to release certain securities handed over to it by "M" Ltd. in favour of third parties, without going into merits of said direction, instant appeal was to be disposed of by directing both parties to appear before NSE where based on database of NSE and other parties,

from www.taxmann.com Latest Case Laws https://ift.tt/3eB2H6r

CBDT’s Notification on due dates: Decrypting all hidden spots

The CBDT vide Notification No. 35 /2020, dated 24-06-2020 has further extended the due dates of various compliances required to be made for the Previous Years 2019-20 and 2020-21. In this article, we have legally analysed CBDT’s notification and enumerated the impact on various due dates of compliances under the Income-tax Act, 1961

from taxmann.com News https://www.taxmann.com/topstories/222330000000020722/cbdt’s-notification-on-due-dates-decrypting-all-hidden-spots.aspx

Revised due dates for various compliances under the Income-tax Act

In this article, we have enumerated the impact of recent CBDT’s notification No. 35 /2020, dated 24-06-2020 on various due dates of compliances under the Income-tax Act, 1961

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

No denial of additional dep. as it isn’t mandatory to use new P&M for manufacture of article or thing

INCOME TAX: Where new employee hired by assessee company had worked for more than 300 days during relevent assessment year, assessee could not be denied deduction under section 80JJA on wages paid to these employees on ground that in first year of employment, deduction on wages paid to these new employees was refused as they did not worked for 300 days then for relevant succeeding years also deduction could not be allowed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194146/no-denial-of-additional-dep-as-it-isn’t-mandatory-to-use-new-pm-for-manufacture-of-article-or-thing.aspx

Tata Son’s Chairman N Chandrasekaran re-appointed on board of RBI

Tata Sons’ Chairman N Chandrasekaran has been re-nominated as a part-time non-official director of the RBI central board. His re-nomination is for two years from March 3, 2020. An announcement to this effect was made by the RBI.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020721/tata-son’s-chairman-n-chandrasekaran-re-appointed-on-board-of-rbi.aspx

Income from sub-leasing taxable as house property income though assessee wasn’t real owner of premises

INCOME TAX: Where assessee had taken a premises on lease for a long period of time and further given it on lease to a bank for period of more than 12 years, assessee was to be considered as deemed owner of said premises for purpose of section 27(iiib) read with section 269UA(f)(i) and, therefore, lease rental earned by assessee was taxable as income from house property

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193810/income-from-sub-leasing-taxable-as-house-property-income-though-assessee-wasn’t-real-owner-of-premises.aspx

CIT couldn’t disallow incentive payments without giving opportunity to assessee to justify payments

INCOME TAX: Without show causing assessee, Commissioner could not presume that incentive had not been actually paid to employees; addition of incentive was not sustainable

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194862/cit-couldn’t-disallow-incentive-payments-without-giving-opportunity-to-assessee-to-justify-payments.aspx

Apex Court sets aside NCLAT’s order to direct freezing of assets of former MD of PNB

COMPANY LAW : Powers under sections 241, 337 and 339 could not be possibly utilized in order that a person who may be head of some other organization be roped in and his or her assets be attached

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193666/apex-court-sets-aside-nclat’s-order-to-direct-freezing-of-assets-of-former-md-of-pnb.aspx

No infirmity in ITAT’s order holding that land as agricultural land after considering census report & other doc.

INCOME TAX: Where Tribunal after considering census report and population certificate of a village and other relevant documents found that population of village was 5,912 which was less than statutory requirement of 10,000, Tribunal was justified in holding land in question sold by assessee which was situated in said village was an agricultural land not forming part of capital asset within meaning of section 2(14) and, hence, profit earned on transfer of such land was not liable to cap

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194223/no-infirmity-in-itat’s-order-holding-that-land-as-agricultural-land-after-considering-census-report-other-doc.aspx

Correct determination of ALP not possible without allowing additional evidences to be admitted

TRANSFER PRICING: Where assessee was a captive IT enabled service provider whereas selected company was a specialised KPO service provider having a host of global clients, it was functionally different and could not be a comparable company

from www.taxmann.com Latest Case Laws https://ift.tt/3fV0zGK

Date of taking possession flat to be taken as date of purchase to allow benefit of section 54F

INCOME TAX: Where possession of flat was within period of two years from transfer of original asset, assessee was entitled for benefit of section 54F

from www.taxmann.com Latest Case Laws https://ift.tt/31n41FU

Once penalty order by AO was set aside, SEBI can’t withhold amount recovered pursuant to such order

SEBI: Once order of Adjudicating Officer imposing a penalty was set aside, SEBI can't withhold any amount which was recovered pursuant to order of Adjudicating Officer; separate refund direction need not be given

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194811/once-penalty-order-by-ao-was-set-aside-sebi-can’t-withhold-amount-recovered-pursuant-to-such-order.aspx

Borrowed sum not utilized for construction of house to be excluded while computing deduction u/s 36(1)(viii)

INCOME TAX : Where borrower took plot loan but failed to construct on plot of land for residential house within 3 years, plot loan was to be classified as commercial loan and assessee-housing finance company had to forego deduction under section 36(1)(viii) in respect of such plot loans classified as commercial loans

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

No question of law arises if genuineness of investor introducing share capital considered by appellate authority

INCOME TAX : Where question of genuineness of investors who introduced share capital and capacity of persons from whom loan was borrowed and genuineness of transactions, had been considered at length by First Appellate Authority and revenue had failed to point out any infirmity in fact or law, said sums could not be added as unexplained investments of assessee under section 68

from www.taxmann.com Latest Case Laws https://ift.tt/2YBg6WB

Government Schemes for MSMEs & NBFCs creating significant impact - Sanctions under Emergency Credit

Government Schemes for MSMEs & NBFCs creating significant impact - Sanctions under Emergency Credit Line Guarantee Scheme (ECLGS)cross Rs. 79,000 crore

from taxmann.com News https://ift.tt/3fXNL2s

No question of arises if genuineness of investor introducing share capital considered by first appellate authority

INCOME TAX : Where question of genuineness of investors who introduced share capital and capacity of persons from whom loan was borrowed and genuineness of transactions, had been considered at length by First Appellate Authority and revenue had failed to point out any infirmity in fact or law, said sums could not be added as unexplained investments of assessee under section 68

from www.taxmann.com Latest Case Laws https://ift.tt/2Z9GLbJ

​Extension of time limits under the Income-tax Act, 1961 and related Acts

Publish Date : Wednesday, June 24, 2020

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Report of experts on Institutional framework for regulation and development of valuation professiona

The Committee of Experts to examine the need for an institutional framework for regulations and development of valuation professional, present this report to the Govt. of India. The report is accompanied by a draft of Valuers Bill, 2020. The Committee had extensive consultations online and in roundtables with the stakeholders registered valuers organisation, and other professionals.

from taxmann.com News https://ift.tt/2A3nvEw

Notification No. 34/2020 [F.No.300196/53/2019-ITA-I] / SO 2015(E)

Publish Date : Tuesday, June 23, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/3dB52go

Notification No. 33/2020 [F.No.300196/39/2018-ITA-I] / SO 2014(E)

Publish Date : Tuesday, June 23, 2020

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

‘ATM’ is computer; eligible for higher rate of depreciation: High Court

INCOME TAX-I : Where assessee engaged in business of manufacturing ATMs and distribution of NCR books products, took a premises on lease for a period of three years and incurred expenditure on improvement of said premises such as improvement of interiors and electrical works, ceiling work for networking of computers in connection with set up of office etc., expenditure so incurred was to be allowed as revenue expenditure

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194860/‘atm’-is-computer-eligible-for-higher-rate-of-depreciation-high-court.aspx

Pricing in preferential issue of shares of companies having stressed assets

In a move to help fundraising by companies having stressed assets, the Securities and Exchange Board of India (“SEBI”) vide a notification dated 22 June 2020, enacted the SEBI (Issue of Capital And Disclosure Requirements) (Second Amendment)Regulations, 2020. The newly added section 164A relaxes the pricing methodology for the preferential issue of shares by listed companies having stressed assets.

from taxmann.com News https://ift.tt/3hYtbAT

Profit earned by builder on sale of land held as investment rightly taxed as long-term capital gains; SLP dismissed

INCOME TAX : Where High Court upheld Tribunal's order holding that in case of assessee, a builder, profit earned on sale of land kept as investment was to be taxed as long-term capital gain, SLP filed against said order was to be dismissed

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

Amendment to Sec. 40(a)(ia) restricting disallowance to 30% of expenditure has retro-effect: Delhi ITAT

INCOME TAX : Amendment made by Finance Act (No. 2) to section 40(a)(ia) with effect from 01-04-2015, is curative in nature and thus said provision has to be applied retrospectively

from www.taxmann.com Latest Case Laws https://ift.tt/3hT7ty3

Capital gains chargeable when flats were sold though attached land was transferred later to co-operative society

INCOME TAX: Upon purchase of flat from builder, purchaser certainly acquires right or interest in proportionate share of land but its realisation is deferred till formation of co-operative society by flat owners and transfer of entire property to co-operative society; cost of of land is to be considered while computing capital gains in hands of builder

from www.taxmann.com Latest Case Laws https://ift.tt/37TU1Fo

Benefit arising on one time settlement of loans isn’t remission of liability; out of ambit of sec. 41(1)

INCOME TAX : Where in terms of one time settlement, creditor bank waived off principal amount of loan payable by assessee, said amount could not be brought to tax under section 41(1) because assessee never claimed same as deductible expenditure in earlier assessment years

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194772/benefit-arising-on-one-time-settlement-of-loans-isn’t-remission-of-liability-out-of-ambit-of-sec-411.aspx

ITAT dismissed appeal filed by revenue having low tax effect in view of CBDT circular dated 08-08-2019

INCOME-TAX : Where monetary effect in appeal filed by revenue did not exceed Rs. 50 lakhs, in view of Circular No. 17 dated 08-08-2019, appeal so filed was to be dismissed as not maintainable

from www.taxmann.com Latest Case Laws https://ift.tt/2B2VvkH

No reassessment to add-back notional dep. if it was duly considered during security assessment; SLP dismissed

INCOME TAX: SLP dismissed against High Court ruling that where details of amortization of brand value was provided by assessee in notes to balance sheet and profit and loss account and while computing books profit under section 115JB, depreciation was claimed on amortised value and in assessment Assessing Officer issued notice under section 142(1) and allowed same accepting assessee's explanation, subsequent reassessment on ground that there was no provision for deduction of depreciation for amo

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

No leave of court is required to create charge except that 25% of amount to be kept in separate no-lien account

COMPANY LAW: Where in suit instituted by plaintiffs seeking a decree in favour of plaintiff No.1 and 2, Court had clarified that to create a charge, etc. no leave of Court was required except that 25% of amount generated was required to be kept in a separate no lien account, in view of fact that defendant Nos.1 and 3 had already freely transferred money to group company and individual accounts of defendants,

from www.taxmann.com Latest Case Laws https://ift.tt/3drm28C

MCA further extends time period for Reservation and Re-submission of names

The Ministry of Corporate Affairs (MCA) has come with circular whereby time period for reservation and resubmission of names has been further extended. Now the MCA decided to provide 20 additional days for beyond June 30, 2020 for filing SPICe+ Part B (to be filed within 20 days of name reservation) and further grants 60 more days beyond June 30, for filing INC-24 for change of name of a company, for names expiring between March 15 and June 30.

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SLP filed having low tax effect was to be dismissed as withdrawn: SC

INCOME TAX : Where High Court upheld Tribunal's order holding that ex gratia payment made by assessee to its employees was on account of commercial expediency and, thus, same was to be allowed as deduction, SLP filed against said order was to be dismissed due to low tax effect

from www.taxmann.com Latest Case Laws https://ift.tt/3fNjm6F

Interest claim allowable if loan was advanced to subsidiaries for business exigencies; SC dismissed SLP

INCOME TAX : Where High Court upheld Tribunal's order allowing assessee's claim for deduction under section 36(1)(iii) by taking a view that assessee's decision to give loan to its subsidiaries was derived by business exigency, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/2Bt67JN

Sec. 80G registration to be granted if there was no change in activities of trust; SLP dismissed

INCOME TAX : Where High Court upheld Tribunal's order granting registration under section 80G(5) to assessee by taking a view that Assessing Officer had not brought any specific instances suggesting that activities of assessee were religious in nature, SLP filed against said order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/3du4R6i

Sec. 12A registration to be granted within 6 months regardless to fact that Society was entitled to exemption or not

INCOME TAX: Registration under section 12A should be deemed to have taken effect after six months from date of presentation of application

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

Assessee isn’t precluded from filing revised return though intimation under Sec. 143(1) issued by the Dept.

INCOME TAX: Merely because an intimation was issued under section 143(1), same would not preclude assessee from filing revised return of income

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194701/assessee-isn’t-precluded-from-filing-revised-return-though-intimation-under-sec-1431-issued-by-the-dept.aspx

Advance tax liability can be adjusted against cash seized by Income-tax Dept. from assessee: HC

INCOME -TAX : Advance tax liability can be adjusted against cash lying in account of revenue, which was seized from assessee

from www.taxmann.com Latest Case Laws https://ift.tt/3epY2DY

SEBI’s direction to exchange to re-examine an investor’s complaint which was already disposed of was to be quashed

COMPANY LAW/SEBI ACT: Once Investor Grievance Redressal Panel (IGRP) of Stock Exchange disposed off complaint of investor against Trading member of Stock Exchange, direction of SEBI to Stock Exchange to re-examine said complaint was without jurisdiction

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194714/sebi’s-direction-to-exchange-to-re-examine-an-investor’s-complaint-which-was-already-disposed-of-was-to-be-quashed.aspx

AO can’t compute ALP himself if TPO failed to consider computation of ALP of corporate guarantee issued by NDTV

TRANSFER PRICING : Where TPO had not considered issue regarding computation of ALP of corporate guarantee issued by assessee, Assessing Officer could not himself determine same without referring same to TPO

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194827/ao-can’t-compute-alp-himself-if-tpo-failed-to-consider-computation-of-alp-of-corporate-guarantee-issued-by-ndtv.aspx

HC kept tax demand in abeyance till disposal of rectification seeking set off of brought forward loss

INCOME TAX: Where during pendency of rectification application filed by assessee seeking set off of brought forward loss against taxable profits computed for relevant years, department raised tax demand, matter was to be remanded back with a direction to revenue authorities to dispose of rectification application first and till then impugned tax demand would remain in abeyance

from www.taxmann.com Latest Case Laws https://ift.tt/3fN5ut8

Compensation plea filed by applicant within 3 years period from SC’s order wasn’t time barred: NCLAT

COMPETITION LAW: Where Commission held that respondents had violated section 3 in respect of supply of goods to appellant and levied penalty and said order was upheld by COMPAT as well as Supreme Court, compensation application filed by applicant within 3 years period from order of Supreme Court was not time barred

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194755/compensation-plea-filed-by-applicant-within-3-years-period-from-sc’s-order-wasn’t-time-barred-nclat.aspx

No concealment penalty just because claim of deduction of bad debts was found inadmissible

INCOME-TAX-I: Where assessee filed its return claiming deduction of bad debts under section 36(1)(vii) and submitted entire factual matrix in support of said claim, mere fact that revenue authorities found said claim inadmissible, it did not amount to furnishing of inaccurate particulars of income and, thus, impugned penalty order passed under section 271(1)(c) for raising such a claim, was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2BpS6fU

SC granted SLP against HC ruling upholding that no incriminating documents was found during search

INCOME TAX: Where High Court upheld Tribunal's order deleting addition made under section 153A by taking a view that no incriminating documents during course of search were found, SLP filed against said order was to be granted

from www.taxmann.com Latest Case Laws https://ift.tt/37Rx1qx

No concealment penalty if assessee annexed a Note in ITR based on relevant DTAA to exclude arbitral award as income

INCOME TAX : Where in support of not including amount of an arbitral award in respect of a dredging contract in business profit, assessee annexed a Note in ITR based on relevant DTAA that said amount was not taxable in India, imposition of penalty was not justified

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

No infirmity in HC’s order upholding deletion of addition as unsecured loan was never received by assessee

INCOME TAX : Where High Court upheld Tribunal's order deleting addition made to assessee's income in respect of unsecured loan, SLP filed against order of High Court was to be dismissed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189482/no-infirmity-in-hc’s-order-upholding-deletion-of-addition-as-unsecured-loan-was-never-received-by-assessee.aspx

HC rightly set-aside reassessment as allowability of R&D exp. duly examined during regular assessment; SLP dismissed

INCOME TAX : Where High Court set aside reassessment proceedings on ground that issue relating to allowability of research and development expenses had duly been examined by Assessing Officer and, thus, initiation of reassessment proceedings was not permissible on basis of mere change of opinion, SLP filed against said order was to be dismissed

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

No concealment penalty if assessee annexed a Note in ITR based on relevant DTT to exclude arbitral award as income

INCOME TAX : Where in support of not including amount of an arbitral award in respect of a dredging contract in business profit, assessee annexed a Note in ITR based on relevant DTAA that said amount was not taxable in India, imposition of penalty was not justified

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

HC remanded matter to allow claim to deduction towards diminution in value of investment in associate concern

INCOME TAX : Where assessee claimed deduction in respect of diminution in value of investment in associate concern, since revenue authorities did not record a specific finding that said amount had been written off in books of account, impugned order allowing assessee's claim was to be set aside and, matter was to be remanded back for dispose afresh

from www.taxmann.com Latest Case Laws https://ift.tt/3em9i4n

Govt. closely monitoring transmission of repo rate cut by banking sector: FM

The Finance Minister acknowledged that the Prime Minister has always facilitated a helping hand and recognised MSMEs. Therefore, "We are closely monitoring the situation in consultation with banks so that relief measures announced by the Government are effectively percolated at ground levels especially the transmission of repo rate cuts to consumers in terms of reduced interest rates", said FM

from taxmann.com News https://ift.tt/3fBg1Ym

No additions if there was no independent material brought by AO other than those collected by excise dept.: SC

INCOME-TAX : Where High upheld Tribunal's order holding that AO was not justified in making addition to assessee's income in reassessment proceedings in respect of profit earned on suppressed sales because there was no independent material brought on record by Assessing Officer other than those which, were already collected by Excise Department and which, were yet to be verified SLP filed against order of High Court was to be dismissed

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

ITAT justified penalty levied for non-maintenance of books of account though they got damaged

INCOME TAX: Where assessee, earning income from sale of IMFL, failed to maintain books of account as per provisions of section 44AA even when her income exceeded prescribed limit, impugned order levying penalty under section 271A was to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/2NcLq7j

Sec. 115BBE couldn’t be applied through rectification if no sec. 69 additions were made during assessment

INCOME TAX: Where Assessing Officer did not invoke provisions of section 69 at first place while completing assessment under section 143(3), in such a case, provisions of section 115BBE which were contingent on satisfaction of requirements of section 69, could not be independently applied by invoking provisions of section 154

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194791/sec-115bbe-couldn’t-be-applied-through-rectification-if-no-sec-69-additions-were-made-during-assessment.aspx

Jewellery found within limit prescribed in CBDT‘s circular valid unless revenue shows anything contrary

INCOME TAX : Unless Revenue shows anything to contrary, it is to be presumed that source to extent of jewellery stated in CBDT Instruction No. 1916, dated 11-5-1996 stands explained

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194777/jewellery-found-within-limit-prescribed-in-cbdt‘s-circular-valid-unless-revenue-shows-anything-contrary.aspx

ITAT deleted Sec. 68 additions as identity and creditworthiness of share applicant Cos was established

INCOME TAX : Where identity, creditworthiness and genuineness of share applicants were established by assessee, if Assessing Officer was still dissatisfied about source of cash deposited, proper course would be to enquire from such creditor and assess such credit in their hands; addition in hands of assessee was not warranted

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

Cartel stood established when key competitors in bearing market colluded to decide price quotation

COMPETITION ACT: Where key competitors in bearings marketmet with each other to decide price revisions to be quoted to Original Equipment Manufacturers (OEMs) and compromised their independence enabling themselves to quote price revisions to OEMs different than what they would have otherwise quoted independently, 'cartel' as defined under Section 2 (c)stood established

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

Provisions of SARFAESI Act are not applicable in respect of any security interest created in agricultural land

FEMA, BANKING, INSURANCE & SARFAESI: Provisions of SARFAESI Act are not applicable in respect of any security interest created in agricultural land

from www.taxmann.com Latest Case Laws https://ift.tt/2Y91Pjo

Bombay HC allows deduction of ‘Education Cess’ while computing income chargeable under PGBP

INTERNATIONAL TAXATION: Demurrage paid by assessee-company to non-resident buyers of iron ore in terms of relevant sales contract was not income accrued or arisen to said non-resident buyers in India within meaning of section 5(2)(b) read with Explanation 1(b) to section 9(1)(i)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194161/bombay-hc-allows-deduction-of-‘education-cess’-while-computing-income-chargeable-under-pgbp.aspx

Supreme Court extends limitation for filing appeals until further orders

COMPANY LAW/LIMITATION ACT: Supreme Court orders extension of period of limitation in filing petitions/suits/applications/appeals/all other proceedings on account of COVID-19

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

SEBI invites comments on measures for strengthening enforcement mechanism of board and incidental is

The High Level Committee under the Chairmanship of Justice A. R. Dave, Retired Judge, Supreme Court of India has submitted the Report on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues whereby it has invited comments on the recommendation made by High Level Committee from public with brief justification latest by July 07, 2020

from taxmann.com News https://ift.tt/2ABRG66

Reassessment notice can’t be issued if proceeding with respect to notice issued u/s 142 is pending: HC

INCOME TAX: Sections 142(1) and 148 cannot operate simultaneously; if notice has already been issued under section 142 and proceedings are pending, income cannot be said to have escaped assessment

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189560/reassessment-notice-can’t-be-issued-if-proceeding-with-respect-to-notice-issued-us-142-is-pending-hc.aspx

HC remanded matter to give opportunity to assessee to submit particulars related to claim of condonation of delay

INCOME TAX: Where assessee claimed condonation of delay in filing return on account of serious cancer ailments that had affected his infant daughter, however, his application for condonation of delay was rejected on ground that he had not placed material particulars regarding his pressing compulsions to give more devoted attention to treatment of his daughter,

from www.taxmann.com Latest Case Laws https://ift.tt/2Y6Nrbm

Section 397 was violated when Directors effected change in control and management violating Act using muscle power

COMPANIES ACT: Where to achieve their ends, Respondents group of Directors violated process laid down either in Companies Act or Articles of Association of Company and indulged in oppression of minority shareholders and effected change in control and management of Respondent Companyby their financial clout, muscle power and by adopting dubious methods, there was violation of section 397/398

from www.taxmann.com Latest Case Laws https://ift.tt/2N2myiD

HC quashes ITAT findings that net profit as determined under Cos Act to be taken for computing MAT liability

INCOME TAX: High Court did not accept finding of Tribunal that for purpose of section 115JB, net profits had to be determined as per provisions of Companies Act and thereafter adjustments had to be made, and that assessee could not adjust book profit except as provided under Companies Act

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

Activities undertaken by statutory body on the direction of State govt. are not chargeable to service tax

GST/EXCISE-SERVICE TAX-VAT: Appellant Karnataka Industrial Areas Development Board being a statutory body discharging statutory function as per KIAD Act, 1966, was not liable to pay service tax

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

AO cannot rectify mistake which didn’t emanate from records available at time of assessment

INCOME TAX : Action of Assessing Officer of rectifying a mistake which did not emanate from record available at time of assessment, could not be regarded as a mistake apparent from record rectifiable under section 154

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194741/ao-cannot-rectify-mistake-which-didn’t-emanate-from-records-available-at-time-of-assessment.aspx

Pendency of case under section 138 of Negotiable Instruments Act, 1881, would not amount to pre-existing dispute

IBC : Pendency of case under section 138 of Negotiable Instruments Act, 1881, would not amount to pre-existing dispute

from www.taxmann.com Latest Case Laws https://ift.tt/3e7ZTx9

No relief from MAT provisions from AY when assessee was discharged by BIFR from purview of SICA

INCOME TAX: Where assessee was discharged by SICA and its net worth turned positive by virtue of implementation of revival scheme, assessee would be precluded from relief under section 115JB

from www.taxmann.com Latest Case Laws https://ift.tt/3e6B84v

Order passed by Chennai SetCom can’t be challenged before Madras HC if assessee having jurisdiction in other state

INCOME TAX : Where both assessee and assessing authorities were under jurisdiction of Bangalore, merely because post search settlement application for two years was filed before Chennai Bench of Settlement Commission, order passed by Chennai Bench of Settlement Commission denying section 80HHC deduction could not be challenged before Madras High Court

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194757/order-passed-by-chennai-setcom-can’t-be-challenged-before-madras-hc-if-assessee-having-jurisdiction-in-other-state.aspx

HC can’t decide whether penalty imposed by AO reflected adherence to provisions of CBDT’s circular in writ petition

INCOME TAX/BLACK MONEY : High Court Court under Article 226of Constitution of India could not exercise role of an appellate authority to decide whether imposing penalty reflected adherence to provisions of CBDT Circular No.13 dated 6.7.2015 or in terms of provisions of Black Money Act; assessee had to assail impugned order before appellate authority

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194706/hc-can’t-decide-whether-penalty-imposed-by-ao-reflected-adherence-to-provisions-of-cbdt’s-circular-in-writ-petition.aspx

Foreign company granting right to use ‘know how’ for cosmetics is not ‘intellectual property right’, not taxable

GST : Where Mauritius company granted assessee right to use 'know how' being processes, specifications and recipes in connection with manufacture, marketing, sale and distribution of cosmetics and skin care products, same would not fall in definition of 'intellectual property right'

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194749/foreign-company-granting-right-to-use-‘know-how’-for-cosmetics-is-not-‘intellectual-property-right’-not-taxable.aspx

Sec. 80-IA relief available on income arise due to disallowance made by AO during assessment proceedings

INCOME TAX-I : When own funds of assessee exceed amount of investment in shares , no disallowance of interest can be made by Assessing Officer by invoking provisions of section 14A ,read with Rule 8D of 1962 Rules

from www.taxmann.com Latest Case Laws https://ift.tt/2AtYC5f

HC allowed refund of TDS u/s 194-I as assessee wasn’t beneficial owner of rent as property was owned by Govt.

INCOME TAX : Where assessee, a society, registered under section 12AA, collected rent from tenants and paid it back to Government, in view of fact that tenanted building was owned by the Government and assessee was merely collecting rent as its agent, rent collected by assessee was definitely its Income and rent paid back to the Government was its expense and,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194581/hc-allowed-refund-of-tds-us-194-i-as-assessee-wasn’t-beneficial-owner-of-rent-as-property-was-owned-by-govt.aspx

HC dismissed appeals on account of non-compliance of with direction of pre-deposit

FEMA, BANKING & INSURANCE: Where appellant's application for waiver of statutory conditions of pre-deposit under section 19(1) was disposed off by Tribunal directing appellant to pre-deposit certain sum and said order of Tribunal attained finality, dismissal of appeal of appellant by Tribunal on account of non-compliance with direction of pre-deposit did not give rise to any question of law

from www.taxmann.com Latest Case Laws https://ift.tt/2UG0MFy

Court has to keep in mind provision of Civil Procedure while disposing of compliant filed u/s 138 of NI Ac

FEMA, BANKING & INSURANCE: While disposing of complaint filed under section 138, Court has to keep in mind provisions of section 357 of Code of Civil Procedure, 1908 and award compensation in a suitable case to complainant

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

Notification No. 32/2020 [F.No. 370142/17/2020-TPL] / SO 1879(E)

Publish Date : Friday, June 12, 2020

from RSS FEED for Income Tax India : Communications https://ift.tt/3hlocd4

Employers & Employees need to settle their wage dispute for 50 days of lockdown period: Apex Court

COMPANY LAW/SERVICE MATTER: Where challenge against Government direction to employers to pay full wages to workers for 50 days period of Covid 19 pandemic lockdown was pending, private employers were to be allowed to settle wages through negotiation with workers/employers organisations for lockdown period and irrespective of right to wages for lockdown period, willing workers/employees were to be permitted to work in their establishment

from www.taxmann.com Latest Case Laws https://ift.tt/30C8btc

Roaming charges paid to other telecom operators don’t fall under category of FTS; no TDS under section 194J

INCOME TAX-I :Where assessee , engaged in business of telecommunication services, offered discount on pre-paid sim cards to distributors, it did not qualify as comission and, thus, assessee was not required to deduct tax at source under section 194-H on amount of discount.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194743/roaming-charges-paid-to-other-telecom-operators-don’t-fall-under-category-of-fts-no-tds-under-section-194j.aspx

HC stayed demand & directed revenue to dispose of society’s application seeking condonation of delay in filing ITR

INCOME TAX: Where assessee, a society registered under section 12AA, filed an application seeking condonation of delay in filing return of Income, in view of Circular F.No. 197/55/2018, dated 22-05-2019, revenue authorities were to be directed to dispose of said application first and in meantime impugned notice of demand in respect of assessed income would remain in abeyance

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194753/hc-stayed-demand-directed-revenue-to-dispose-of-society’s-application-seeking-condonation-of-delay-in-filing-itr.aspx

Implanting prosthetics such as stents, valves, etc. in the patient’s body are taxable

GST/EXCISE/ST/VAT: Fitting out or implanting prosthetics such as stents, valves, etc. into body of patientsand taking x-ray, scan, MRI/CT Scan while treating in house patients, being 'works contract', private hospitals are liable tax; however, no tax can be demanded on value of medicines dispensed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194744/implanting-prosthetics-such-as-stents-valves-etc-in-the-patient’s-body-are-taxable.aspx

SC dismissed SLP filed against HC order directing authorities to re-open GST portal or allow manual filing of Tran-1

SLP dismissed against order of High Court wherein GST authorities were directed to either reopen portal to enable assessee to file Form GST TRAN-1 electronically or allow assessee to file said Form manually

from www.taxmann.com Latest Case Laws https://ift.tt/2BV0O5P

Bombay HC quashes block assessment made without issuing notice under section 143(2)

INCOME TAX : No assessment could be made u/s. 158BC without issuing a notice u/s. 143(2)

from www.taxmann.com Latest Case Laws https://ift.tt/2UD6gkl

Bombay HC quashes assessment made for block assessment without issuing notice u/s 143(2)

INCOME TAX : No assessment could be made u/s. 158BC without issuing a notice u/s. 143(2)

from www.taxmann.com Latest Case Laws https://ift.tt/2B4OeRm

Breach of contract order wouldn’t amount to anti-competitive concern: CCI

COMPETITION LAW: Where informant filed information against OP-1 to OP-3, alleging contravention of provisions of section 3 in tender for procurement of Durries IT OG, issued by it, however, allegation was related to breach of tender contract wherein OP-1 had allegedly violated clause of contract by subletting contract to OP-3, no anti-competitive conduct could be said to have arisen in instant case, warranting an Investigation

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193829/breach-of-contract-order-wouldn’t-amount-to-anti-competitive-concern-cci.aspx

Matter remanded back to SEBI for reconsideration amount of disgorgements against appellants: SAT

COMPANY LAW/SEBI : Where SEBI, during investigation in trading of shares of three listed companies concluded that appellant traders had indulged in self trade resulting in unlawful gains to them and passed impugned order restraining all appellants from accessing securities market in any manner for alleged violations of SEBI Act and PFUTP Regulations, however there was considerable discrepancy between profits as calculated by appellants themselves as well as SEBI,

from www.taxmann.com Latest Case Laws https://ift.tt/2BTttZ2

Contractor entitled to reimbursement of sales tax levied on taxable turnover of works contracts executed by it: SC

COMPANY LAW/NATIONAL COMPETITIVE BIDDING CONTRACT : Contract or executing works contracts for different State Government of fices was entitled to claim reimbursement of amount of sales tax levied on taxable turnover of works contracts executedby it

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

Kerala HC directed CIT(A) to decide appeal on merits without asking for deposit of 20% of tax demand

INCOME TAX: Commissioner (Appeals) was directed to decide appeal and stay application of assessee-co-operative society without asking for deposit of 20 per cent of tax demand

from www.taxmann.com Latest Case Laws https://ift.tt/3cJojf2

No discrepancy in CIT(A)’s order deleting additions by examining cash book and tallying it with sales register

INCOME TAX: Where Assessing Officer made addition observing that assessee made cash deposits of certain amount in bank account of 'V' Bank and treated same as unexplained and, on other hand, Commissioner (Appeals) examined cash book and tallied same with sales register and thereafter deleted said addition as no discrepancy was found, since factual observation of Commissioner (Appeals) could not be controverted by Revenue by any documentary evidence,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194602/no-discrepancy-in-cita’s-order-deleting-additions-by-examining-cash-book-and-tallying-it-with-sales-register.aspx

Income dependent upon contingent event couldn't be said to have accrued to assessee for tax purposes

INCOME TAX : Where an assessee has obligation to perform something and he failed to perform these obligations, it cannot be said that a partial payment for fulfilling these obligations can be treated as income in hands of assessee.

from www.taxmann.com Latest Case Laws https://ift.tt/3hgPp0i

ITAT justified revisional proceedings as AO failed to examine genuineness of loan taken by assessee

INCOME TAX: Where Assessing Officer failed to examine application of section 56(2)(vii)(b) to purchase agreements entered into by asseessee and also failed to examine genuineness of loan taken by assessee, order passed by Assessing Officer without conducting proper investigation and without proper application of mind being an erroneous order, revision proceedings initiated by Principal Commissioner under section 263 were justified

from www.taxmann.com Latest Case Laws https://ift.tt/3fdr2PB

Rental income from land can’t be held as house property income if lessee never used bungalow consisted on it

INCOME TAX : Where assessee incurred necessary expenses to keep its business set up in existence during lull period in market, same were to be allowed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193993/rental-income-from-land-can’t-be-held-as-house-property-income-if-lessee-never-used-bungalow-consisted-on-it.aspx

Compensation received on acquisition of land under RFCTLARR Act, 2013 is exempt from tax: HC

INCOME TAX : 2013 Act, does not leave any doubt in mind that if the land is acquired in result of an agreement, it would not fall within mischief of the Act and, thus, exemption is liable to be granted in respect of compensation received on land acquired under the provisions of 2013 Act

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

Sum received post construction can't be included in determining percentage of completion method as per AS-7

INCOME TAX : Where the assessee company engaged in activities relating to water distribution, supply and related construction activity, was offered construction contract pertaining to rehabilitation and implementation of water supply for five years period and said contract consists of three parts, study phase,

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

Amount of capital gain not utilised in construction of house is taxable after expiry of 3 years: ITAT

INCOME TAX : Where amount of long term capital gain (LTCG) from sale of residential property was not utilised in construction of residential house till expiry of period of 3 years from date of transfer and assessee offered said LTCG to tax after expiry of 3 years from date of transfer, Assessing Officer was to be directed to grant exemption of said LTCG for assessment year 2013-14 and to charge said LTCG to tax in assessment year 2016-17

from www.taxmann.com Latest Case Laws https://ift.tt/2Uq814d

Technical handling services, by airlines being member of IATP, from not taxable as per Article 8 of India-France DTAA

INCOME TAX : Where assessee company is a member of IATP and DTAA between India and France clearly set out that those who are members of pool are exempt from tax in India, Assessing Officer was not right in rejecting claim of assessee that profit from technical handling services was covered by Article 8 and in treating Technical Income as "fee for technical services" covered u/s 115A, read with Section 44D and taxed same at 20% of gross receipts

from www.taxmann.com Latest Case Laws https://ift.tt/3dNf3aW

President promulgates two ordinances to improve farmer’s position in economy

The President has promulgated Farmers' Produce Trade and Commerce (Promotion & Facilitation) Ordinance 2020 and Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance 2020 with the aim of raising the income of the farmers. The Ordinance will promote efficient, transparent and barrier-free inter-state and intra-state trade and commerce of farmers' produce outside the physical premises of markets notified under State agricultural produce market legislations.

from taxmann.com News https://www.taxmann.com/topstories/222330000000020695/president-promulgates-two-ordinances-to-improve-farmer’s-position-in-economy.aspx

Govt. promulgates Essential Commodities (Amendment) Ordinance, 2020

The Govt. has promulgated the Essential Commodities (Amendment) Ordinance, 2020 so that the farmers can get a good price on many commodities. The ordinance specifies that the supply of foodstuffs including cereals, pulses, potato, edible oilseeds, and oils shall be regulated only under exceptional circumstances such as war, famine, extraordinary price rise, and natural calamity of a grave nature.

from taxmann.com News https://ift.tt/2Y4lm3u

Auction sale of mortgaged property was proper as opportunity was given to petitioner to tender overdue sum before DRT

FEMA, BANKING & INSURANCE: Where ample opportunity was given to petitioner to tender outstanding balance before DRT but petitioner failed to do so, sale of mortgaged property in auction was proper

from www.taxmann.com Latest Case Laws https://ift.tt/30epl03

Suo motu disallowance offered couldn’t be rejected merely because such disallowance would be more under Rule 8D

INCOME TAX : An Assessing Officer cannot reject suomotu disallowance offered by assessee under section 14A on the ground that such a disallowance under Rule 8D of 1962 Rules will be more as that would be putting the cart before the horse. Quite to contrary, Assessing Officer can resort to Rule 8D of 1962 Rules only when as per provisions of section 14A(2),

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194651/suo-motu-disallowance-offered-couldn’t-be-rejected-merely-because-such-disallowance-would-be-more-under-rule-8d.aspx

No capital gain exemption to ‘Tiger Global’ on its sale of stake in Flipkart: AAR

INCOME TAX : Where real control of applicant-Mauritius companies was with US resident who was beneficial owner of group structure and appellants derived no capital gains by alienation of shares of any Indian company, rather gains a rose on sale of a Singapore Company's share value of which was derived substantially from assets located in India, such arrangement was for avoidance of tax in India;

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194717/no-capital-gain-exemption-to-‘tiger-global’-on-its-sale-of-stake-in-flipkart-aar.aspx

Properties retained for purpose of investigation under PMLA was to be returned after expiry of 90 day

FEMA, BANKING & PMLA: Where Adjudicating Authority ordered retention of properties of appellants for investigation purpose, since prescribed period of 90 days for investigation had already expired, respondent, ED official, was to be directed to return properties retained by him for purpose of investigation

from www.taxmann.com Latest Case Laws https://ift.tt/3cAI9sO

No capital gain exemption to ‘Tiger Global’ on its sale of stake in Flipkart to Walmart: AAR

INCOME TAX : Where real control of applicant-Mauritius companies was with US resident who was beneficial owner of group structure and appellants derived no capital gains by alienation of shares of any Indian company, rather gains a rose on sale of a Singapore Company's share value of which was derived substantially from assets located in India, such arrangement was for avoidance of tax in India;

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194717/no-capital-gain-exemption-to-‘tiger-global’-on-its-sale-of-stake-in-flipkart-to-walmart-aar.aspx

AO can’t make 100% disallowance u/s 40(A)(2(b) on payment made to related parties: Delhi ITAT

INCOME TAX: Section 40A(2)(b) does not envisage complete disallowance of expenditure unless it is proved to be excessive or unreasonable having regard to fair market value. Where no such finding with regard to excess payment had been established by revenue while invoking provisions of section 40A(2)(b), disallowance made was to be deleted

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194578/ao-can’t-make-100-disallowance-us-40a2b-on-payment-made-to-related-parties-delhi-itat.aspx

ICSI issues clarification on Guidance note Secretarial Standard I and II

Due to COVID-19 outbreak and lockdown situation prevailing in the country, various provisions of the Companies Act, 2013 and rules and regulation framed thereunder have been relaxed, therefore, the ICSI has issued clarification on Guidance note on Secretarial Standard I and II

from taxmann.com News https://ift.tt/3ctG95v

ITAT deleted additions as there no difference was found in physical inventory inspected during survey

NCOME TAX: Where there was practically no difference in physical inventory taken by survey team vis-a-vis inventory as per Books of Account, impugned addition made on account of difference in value of stock was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/2U6FkcH

No ‘slump sale’ if assets and liabilities of business are transferred by assigning specific value

INCOME TAX: Where transfer price of undertaking was based on individual assets and liabilities, said sale would not qualify as 'Slump Sale' as per section 2(42C)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189326/no-‘slump-sale’-if-assets-and-liabilities-of-business-are-transferred-by-assigning-specific-value.aspx

Sale of land to be treated as business income if it was held as stock-in-trade in books of account

INCOME TAX : Where main object of assessee company was to acquire purchase take on lease or otherwise any land building, structures, plot to act as real estate agents in connection with buildings schemes and also to be colonizers to sale plots and flats and having acquired land as stock-in-trade, land continued to be held for business purpose and continued to be shown as closing stock for all years,

from www.taxmann.com Latest Case Laws https://ift.tt/3eK9FFz

Civil Court's jurisdiction is ousted to entertain suit in respect of matter falling within jurisdiction of DRT: HC

SARFAESI ACT: In terms of section 34, jurisdiction of Civil Courts has been specifically ousted to entertain suit or to pass interim order in respect of those matters which, by virtue of section 17(1), fall within jurisdiction of Debts Recovery Tribunal

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

Sale from land to be treated as business income if it was treated as stock-in-trade in books of account

INCOME TAX : Where main object of assessee company was to acquire purchase take on lease or otherwise any land building, structures, plot to act as real estate agents in connection with buildings schemes and also to be colonizers to sale plots and flats and having acquired land as stock-in-trade, land continued to be held for business purpose and continued to be shown as closing stock for all years,

from www.taxmann.com Latest Case Laws https://ift.tt/3dtwQ77

Receipt of shares through family realignment amongst members of Late O.P Jindal's family not sham transactions

INCOME TAX : Assessee company claimed to have received shares from various companies as gift without paying any consideration. Assessing Officer held that benefit arose to assessee through receipt of shares from various companies holding same to be taxable under section 2(24)(iv). However, from MOU submitted by assessee company it could be clearly seen that it was a family arrangement and internal family realignment amongst members of family and could not be taken as gift. Thus, Assessing Office

from www.taxmann.com Latest Case Laws https://ift.tt/3gR2xcj

Civil Court's jurisdiction is not ousted in respect of matter fall within jurisdiction of DRT respect to DRT: HC

SARFAESI ACT: In terms of section 34, jurisdiction of Civil Courts has been specifically ousted to entertain suit or to pass interim order in respect of those matters which, by virtue of section 17(1), fall within jurisdiction of Debts Recovery Tribunal

from www.taxmann.com Latest Case Laws https://ift.tt/2AA5w8F

Petition filed before HC for condonation of delay valid as ITAT had no power to condone delay beyond 6 months

INCOME TAX: Since Tribunal had no power to condone delay in filing miscellaneous application beyond period of six months, writ petition filed by assessee under Articles 226 and 227 seeking for condonation of delay of 497 days in filing miscellaneous petition could not be held to be unjustifiable

from www.taxmann.com Latest Case Laws https://ift.tt/377f0EF

Appellate house property couldn’t be attached as it had not purchased with proceed of crime

FEMA, BANKING & INSURANCE : Where proceedings under section 5 had been initiated against appellant's husband and accordingly, residential house in which appellant was residing with other family members had been attached, since appellant's case was that said property had been purchased from her own funds and not by accused, i.e., her husband, it was appropriate to release said property with a direction that appellant would deposit certain monthly amount as use and accommodation charges

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186114/appellate-house-property-couldn’t-be-attached-as-it-had-not-purchased-with-proceed-of-crime.aspx

Bank recovering fund by way of auction under SARFAESI isn’t a dominant entity; no competition concern arises

COMPETITION LAW : A bank acting under remedies available to it under SARFAESI Act for recovery cannot be termed as a dominant entity as it is acting in recovery of its funds/money in order to mitigate losses (where account has been declared NPA); an auction/transaction initiated for recovery in terms of SARFAESI Act may not amount to violation of Competition Act nor any competition concern can be said to have arisen

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194622/bank-recovering-fund-by-way-of-auction-under-sarfaesi-isn’t-a-dominant-entity-no-competition-concern-arises.aspx

No reassessment merely on report of a Commission appointed by Govt. that there was under-invoicing of exports

INCOME TAX : Where assessment in case of assessee, carrying on business of mining and trading of iron ore, was completed under section 143(3), since there was no any material on record, assessment could not be reopened merely on basis of report of a Commission appointed by Central Government that there was under invoicing of exports by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2U3dv4W

HC orders refund of excess compounding fees levied under TNVAT Act

EX/ST/VAT: Where petitioner had purchased a wind energy gearbox and had directly consigned to a site office from where wind energy gearbox was to be installed for its customer along with goods equipments but goods along with vehicle were detained at Commercial Tax Office on ground that since petitioner did not have registration for site office, transportation was improper and without payment of duty and,

from www.taxmann.com Latest Case Laws https://ift.tt/2U1heQe

Analysis of new ITR Forms notified for the Assessment Year 2020-21

The CBDT has notified new ITR forms for the Assessment Year 2020-21. New ITR forms have introduced new additional columns and schedules. These changes have been introduced to capture new, yet essential information. Some changes are consequential to the amendments made to the Income-tax Act by the recent Finance Acts. We have done a thorough analysis of the new ITR Forms and have explained all changes in this article

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No abuse of dominance by KAMCO as it had right to appoint other dealers for selling its product: CCI

COMPETITION LAW : Where Informant, a sole proprietorship concern, engaged in sale of agricultural products as a dealer of a State Government Undertaking i.e. KAMCO in the area of West Godawari District of Andhra Pradesh, filed instant information alleging that KAMCO had appointed some new dealers in area where its dealership agreement was in operation and,

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

Matter remanded as ITAT didn’t record finding that whether Co. dealing in shares was investor or trader

INCOME TAX: Where Tribunal did not record any finding of fact that assessee was an investor in share and not trader before treating income from sale of shares as capital gain, matter was to be remanded back to decide afresh

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188122/matter-remanded-as-itat-didn’t-record-finding-that-whether-co-dealing-in-shares-was-investor-or-trader.aspx

ITAT order remanded matter back to examine validity of notice issue u/s 148 doesn’t give rise to question of law

INCOME TAX: Where assessee raised objection regarding validity of service of notice issued under section 148 and Tribunal remanded matter to Assessing Officer to examine matter afresh, impugned order of Tribunal did not give rise to any question of law

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188051/itat-order-remanded-matter-back-to-examine-validity-of-notice-issue-us-148-doesn’t-give-rise-to-question-of-law.aspx

Matter remanded as ITAT didn’t record finding that whether Co. dealing in shares was investor or trader – Charumani Housing

INCOME TAX: Where Tribunal did not record any finding of fact that assessee was an investor in share and not trader before treating income from sale of shares as capital gain, matter was to be remanded back to decide afresh

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188122/matter-remanded-as-itat-didn’t-record-finding-that-whether-co-dealing-in-shares-was-investor-or-trader-–-charumani-housing.aspx

ITAT order remanded matter back to examine validity of notice issue u/s 148 doesn’t give rise to question of law – Maruti Sah

INCOME TAX: Where assessee raised objection regarding validity of service of notice issued under section 148 and Tribunal remanded matter to Assessing Officer to examine matter afresh, impugned order of Tribunal did not give rise to any question of law

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000188051/itat-order-remanded-matter-back-to-examine-validity-of-notice-issue-us-148-doesn’t-give-rise-to-question-of-law-–-maruti-sah.aspx