Limitation provided under Section 155(2) of Customs Act does not apply to Civil Suits: Delhi HC

EXCISE/ST/VAT: Period of limitation of three months, as also requirement of a notice, under section 155(2) of the Customs Act, 1962, would not be applicable insofar as a suit for malicious prosecution, i.e., a civil suit, is concerned, period of limitation for filing such a civil suit would be governed by provisions of Limitation Act, 1963.

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

AO can’t reassess income without supplying reasons for reassessment amp; disposing of assessee’s objections on it: ITAT

INCOME-TAX : Where on basis of the report of the Investigation Wing that penny stocks are used for generating bogus LTCG/STCL and business loss by assessee, assessment was reopened by issuance of notice u/s 148 but assessee pointed out that AO did not provide reasons for reopening assessment to assessee,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315311/ao-can’t-reassess-income-without-supplying-reasons-for-reassessment-amp-disposing-of-assessee’s-objections-on-it-itat.aspx

Delhi HC asks Government to seriously consider waiver of Customs and other duties on drug, Amphotericin B, used for treating Black Fungus

EXCISE/ST/VAT : Since drug, Amphotericin B, is required to save lives of people suffering from disease, Mucormycosis (Black Fungus), and there is acute shortage of same in country, Central Government should seriously consider waiver of complete Customs and other duties amp; levies on import of said drug by all, at least, for period that the same is in short supply in India and is required to treat Mucormycosis (Black Fungus).

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

Assessee to be entitled to refund of cesses namely EC, SHEC amp; KKC which were lying unutilized on 30-6-2017 and would not lapse after GST

EXCISE/ST/VAT: Where cenvat credit of various duties and services paid by assessee and Education Cess, Secondary and Higher Education Cess and Krishi Kalyan Cess were lying unutilized in their cenvat credit account and assessee could not utilize same till 30-6-2017, it would not lapse upon enactment of GST regime; assessee would be entitled to refund claim subject to verification of records

from www.taxmann.com Latest Case Laws https://ift.tt/3p2vuqs

Petition filed u/s 9 of Arbitration Act would be treated as application u/s 17 on appointment of Arbitrator: Delhi HC

FEMA amp; BANKING : Where petitioner had sanctioned a term loan SPDPL under a Loan-cum-Mortgage Agreement and Personal guarantee given by respondents for said loan was invoked on default by SPDPL and petitioner filed instant petition under Section 9 of the Arbitration and Conciliation Act, 1996 seeking reliefs in nature of directions to Respondents to deposit outstanding amount due and payable,

from www.taxmann.com Latest Case Laws https://ift.tt/2SJe7Pr

No violation of status quo order of Tribunal when ED issued notice for handover of possession of attached property

FEMA amp; BANKING : Where Appellate Tribunal in its order while directing status quo till next hearing stated that respondent (ED) could take possession of properties attached under PMLA, ED did not violate order of Tribunal by issuing notices to appellant to hand over possession of property

from www.taxmann.com Latest Case Laws https://ift.tt/2RO8VcZ

Sec. 68 additions justified as assessee failed to prove identities amp; creditworthiness of investors: HC

INCOME TAX : Where assessee company allotted shares and received share capital of certain amount, since assessee did not furnish any details with regard to names of allotees, their addresses, PAN numbers, cheque numbers, name of bank etc. so as to proove their identities, creditworthiness and genuineness of transactions, Assessing Officer was justified in making addition under section 68 on account of said share capital amount received by assessee

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

Rajasthan HC rejects petition for dismissing SCN as opportunity to reply to SCN and appeal available

Excise, ST amp; VAT : Where matter was at stage of show cause notice and opportunity of filing reply and personal hearing was still available with petitioner and petitioner, if aggrieved by order of Adjudicating Authority, had a statutory remedy of filing appeal before Appellate Authority as provided under section 85, writ petition filed by petitioner challenging show cause notice issued by department was to be dismissed

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

Delhi HC asks Government to seriously consider waiver of Customs and other duties on drug, Amphotericin B, used for treatment Black Fungus

EXCISE/ST/VAT : Since drug, Amphotericin B, is required to save lives of people suffering from disease, Mucormycosis (Black Fungus), and there is acute shortage of same in country, Central Government should seriously consider waiver of complete Customs and other duties amp; levies on import of said drug by all, at least, for period that the same is in short supply in India and is required to treat Mucormycosis (Black Fungus).

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

SAT reduces penalty imposed on promoters and company considering inordinate delay in issuing SCN

COMPANY LAW/SEBI : Where there had been an undue delay on part of SEBI in initiating proceedings for violation of provisions of PIT Regulations but appellant-promoters had admitted alleged violation, penalty imposed on appellants was directed to be reduced considering inordinate delay in issuing show cause notice

from www.taxmann.com Latest Case Laws https://ift.tt/3fCNxk2

HC set aside attachment of bank a/c as assessee filed appeal against demand order along with pre-deposit of tax

EXCISE/ST/VAT : Where petitioner had filed an appeal before First Appellate Authority against assessment order, whereby demand of service tax was created, along with mandatory pre-deposit, respondent-Department should have restrained itself from coercive recovery as soon as it came to know of appeal with mandatory pre-deposit; order of attachment of bank account of assessee to recover balance tax was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/3fwgVs0

HC set aside attachment of bank a/c as assessee filed appeal before ITAT along with pre-deposit of tax

EXCISE/ST/VAT : Where petitioner had filed an appeal before First Appellate Authority against assessment order, whereby demand of service tax was created, along with mandatory pre-deposit, respondent-Department should have restrained itself from coercive recovery as soon as it came to know of appeal with mandatory pre-deposit; order of attachment of bank account of assessee to recover balance tax was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/3p1aP64

Mere existence of price parallelism isn’t per se sufficient to hold parties liable for act of bid rigging

COMPETITION LAW : In a tender floated by informant for procurement of 'underpant woollen' for 9,95,073 pairs, OPs were lowest bidders in tenders - Informant alleged bid rigging/collusive bidding by OPs on ground that OPs quoted an identical rates and thus violated provision of section 3

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315240/mere-existence-of-price-parallelism-isn’t-per-se-sufficient-to-hold-parties-liable-for-act-of-bid-rigging.aspx

SAT reduces period of restraint of executive director in matter of issuance of GDRs without proper disclosure

COMPANY LAW/SEBI : Where applicant was Executive Director of company who had signed relevant documents in issuance of GDRs without proper disclosure to public and was restrained by SEBI for 2 years from assessing securities market, appellant could not escape his liability but period of restraint was to be reduced to period already undergone appellant had not misconducted while dealing in security market

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

HC re-activates DIN and DSC of directors under CFSS-2020 to enable petitioners to avail scheme

COMPANY LAW : Where petitioners sought re-activation of DINs and DSCs, as they wished to avail of Companies Fresh Start Scheme 2020, which was available until 31-12-2020 as per which Directors can make good their defaults, by filing returns in terms of scheme, DINs and DSC of petitioners were to be reactivated in order to enable petitioners to avail scheme

from www.taxmann.com Latest Case Laws https://ift.tt/2R8j6c0

Petitioner –Co’s bank a/c to be de-freezed as proceeding under PMLA were initiated without compliance of Law

FEMA, BANKING amp; INSURANCE : Where petitioner company's account with respondent bank was freezed on initiation of proceedings under PML Act, and same had been done without due compliance of law, it was necessary to direct bank to defreeze account

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198161/petitioner-–co’s-bank-ac-to-be-de-freezed-as-proceeding-under-pmla-were-initiated-without-compliance-of-law.aspx

ITAT remanded matter as no detail of source of misc. income was available against which sec. 10B was claimed

INCOME TAX : Where assessee claimed deduction under section 10B on interest income on FDR and miscellaneous income, since there was no detail of source of miscellaneous income available on record so as to decide whether it formed part of business profit of undertaking and, further, it was also not clear that whether FDR were made for purpose of business or for merely earning interest income, matter was to be remanded to Assessing Officer for deciding issue after verifying abovesaid facts

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

Notice to borrower under rule 8 of the Security Interest (Enforcement) Rules is mandatory: HC

FEMA amp; BANKING : A notice to borrower regarding auction sale under rule 8(6) of Security Interest (Enforcement) Rules, 2002 is a mandatory requirement laid down by statute, and failure to issue such a notice would vitiate auction itself

from www.taxmann.com Latest Case Laws https://ift.tt/3p1ALyu

Notice of audit under Dadra and Nagar Haveli VAT Regulations after 6 years from date of assessment order was barred by limitation: Bombay HC

EXCISE/ST/VAT : Where assessments for three years 2010-11, 2011-12 and 2012-13 were made on 25.10.2013, impugned notice of audit under section 58 of Dadra and Nagar Haveli Value Added Tax Regulation, 2005, dated 25.09.2020 was barred by limitation

from www.taxmann.com Latest Case Laws https://ift.tt/34rhf52

Notice of audit under Dadra and Nagar Havel VAT Regulations after 6 years from date of assessment order was barred by limitation: Bombay HC

EXCISE/ST/VAT : Where assessments for three years 2010-11, 2011-12 and 2012-13 were made on 25.10.2013, impugned notice of audit under section 58 of Dadra and Nagar Haveli Value Added Tax Regulation, 2005, dated 25.09.2020 was barred by limitation

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

Plea challenging inquiry on ground of violation of rule 4 of FEMA Adjudication Proceedings and Appeal norms dismissed

FEMA amp; BANKING : Where writ petitions had been filed by petitioner challenging Show Cause Notice(s) and consequent Adjudicating Authority, proceeding with inquiry against petitioner under Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000 on alleged violation of Section 6(6) of Foreign Exchange Management Act, 1999 stating that there had been a violation of Rule 4(3) of Adjudication Rules thereby vitiating entire proceedings against petitioner,

from www.taxmann.com Latest Case Laws https://ift.tt/3yI6wkD

HC granted bail to petitioner as ED place no records to establish that petitioner tried to tamper evidence

FEMA, BANKING amp; INSURANCE : Where petitioner was taken into judicial custody for violating provision of section 3 and ED had not placed any record to establish that petitioner had tried to influence witnesses or tamper evidences, petitioner was entitled for bail on furnishing personal bond

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

RBI's new guidelines for appointment of auditors by Commercial banks, NBFCs and Housing Finance Corp

RBI has issued certain guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs, and NBFCs (including HFCs) for joint audit as the concept, and this decision is backed by the Institute of Chartered Accountant (ICAI).

from taxmann.com News https://ift.tt/3c0e8Fo

SCN before confiscation of goods under Customs can't be indefinitely deferred if goods provisionally released post seizure: Bombay HC

XCISE/ST/VAT : Show-cause notice contemplated under section 124 of Customs Act, 1962 cannot be indefinitely deferred or delayed post seizure where seized goods are provisionally released; where Intelligence Officer seized consignment of assessee-exporter under section 110(1) of Customs Act, 1962 on ground that exportable goods in fact were imported to India from China by another party as an exempted item,

from www.taxmann.com Latest Case Laws https://ift.tt/34lRmn9

SC refused to condone delay of 433 days in filing SLP as assessee failed to supply justifiable reasons

INCOME TAX : SLP dismissed on ground of delay against impugned order of High Court holding that no protective assessment could have been made against assessee as there was no allegation of withholding material or suppression of facts, nor was there anything incriminating recorded against assessee

from www.taxmann.com Latest Case Laws https://ift.tt/34kJl1A

Estimating 5% net profit on gross receipt without bringing any comparable case is unjustified: Chennai ITAT

INCOME-TAX : Where assessee engaged in civil construction business failed to produce necessary bills and vouchers and the AO has rejected books of accounts u/s.145(3) and resorted to best judgement assessment as per provisions of section 144 and he adopted 5 % net profit on gross receipts but failed to bring on record any comparable case of similar nature and reason for adopting such rate of profit,

from www.taxmann.com Latest Case Laws https://ift.tt/3yGT94c

ITAT deleted penalty as no loss occurred to revenue if TDS statement was filed belatedly

INCOME TAX : Where no loss had occurred to revenue due to late filing of TDS statements/returns by assessee because tax deducted at source was already deposited on time and there was mere technical breach to provisions contained in Act for submitting return/statements of TDS, penalty levied under section 272A(2)(k) was not justified.

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

CCI finds no anti-competitive practice in tender floated for procuring semen of indigenous crossbred cattle

COMPETITION LAW : Where informant engaged in business of sorting and freezing of bovine semen for use in artificial insemination of cattle with primary and secondary gender selection options filed information against OPs alleging that in a tender floated by Uttar Pradesh Livestock Development Board for procuring sexed semen of indigenous,

from www.taxmann.com Latest Case Laws https://ift.tt/3unQ31q

SC issued notice in SLP filed against order of HC wherein matter was remanded back to ITAT for disposal afresh

INCOME TAX : Notice issued in SLP filed against order of High Court that when assessee shareholder gets shares of amalgamated company in lieu of shares of amalgamating company, a 'transfer' does take place within meaning of section 2(47)

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

Reassessment valid as issue of deemed sale consideration as per Sec. 50C wasn’t considered during original assessment

INCOME TAX : Where assessee sold a house and declared capital gain of certain amount and Assessing Officer issued a reopening notice on ground that deemed value of such house property as per provisions of section 50C was at higher amount than what was shown by assessee, thus, differential amount had escaped assessment,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198488/reassessment-valid-as-issue-of-deemed-sale-consideration-as-per-sec-50c-wasn’t-considered-during-original-assessment.aspx

MoF constitutes an Expert Committee on Investment Funds

To develop a comprehensive and consistent regulatory framework based on global best practices with a special focus on ease of doing business, the MoF has constituted an Expert Committee on Investment Funds to recommend to IFSCA on the road map for the funds industry in the IFSCs

from taxmann.com News https://ift.tt/34lsOKS

HC quashes money laundering case against petitioner who merely agreed to sell property to person accused under PMLA

FEMA, BANKING amp; INSURANCE : Where One 'R' floated a financial establishment and collected deposits from public and subsequently he entered into an agreement with petitioner for purchase of land and paid an advance amount to petitioner out of money deposited by public, even though, 'R' was an accused of predicate offence, mere fact that petitioner agreed to sell his property to 'R', could not, bring him into net of section 3

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

There is no provision under Act which restrict claim of exp. only to extent it reduces profit to nil: ITAT

INCOME TAX: There is no provision in Act and more particularly in Chapter IV-D from sections 28 to 44BB dealing with profit and gains of a business or a profession which can suggest that an expenditure claim's disallowance could be restricted to 'zero' income therein resulting in 'loss' figures as well.

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

‘Agra Development Authority’ discharging statutory amp; sovereign function eligible for Sec. 11 relief: ITAT

INCOME TAX : Where assessee City Development Authority, while discharging its statutory duties as bestowed on it by State Urban Planning amp; Development Act, 1973 had acquired land, made development on it and carved out plots and thereafter sold land/plots to various persons, assessee was discharging a statutory and sovereign function which were charitable in nature and, therefore, selling of plots/land and receipt thereof was a charitable receipt

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315246/‘agra-development-authority’-discharging-statutory-amp-sovereign-function-eligible-for-sec-11-relief-itat.aspx

Making available quality products to service professionals to assure quality service wasn’t unfair trade by Urbanclap

COMPETITION LAW : In a quality-driven market where brand image and goodwill were paramount, act of OP providing an online platform to customers for availing various beauty services where it identifies reputed quality products and makes them available to its service professionals to assure quality and reliability, could not held to be unfair and abusive on its professionals

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314305/making-available-quality-products-to-service-professionals-to-assure-quality-service-wasn’t-unfair-trade-by-urbanclap.aspx

Reassessment justified on basis of info. retrieved from backup of computer/laptops and mobiles during survey: HC

INCOME TAX : Where during survey under section 133A conducted upon an entity back up of computer, laptop and mobiles were taken in hard disk and gadgets were impounded from which it was found that assessee had maintained an undisclosed bank account which had credit balance of huge amount, impugned reopening notice issued against assessee on basis of same was justified

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

Reassessment justified on basis of info. retrieved from back of computer/laptops and mobiles during survey: HC

INCOME TAX : Where during survey under section 133A conducted upon an entity back up of computer, laptop and mobiles were taken in hard disk and gadgets were impounded from which it was found that assessee had maintained an undisclosed bank account which had credit balance of huge amount, impugned reopening notice issued against assessee on basis of same was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3udQGe9

‘Actual User’ condition imposed for Import Authorization of Maize is not mandatory: Bombay HC

EXCISE/ST/VAT/FOREIGN TRADE POLICY : Demand raised on petitioner trading house on grounds of breach of 'actual user' condition in license issued for import of maize (corn) under tariff quota rate (TRQ) scheme was to be set aside and matter was to be remanded back to DGFT for a fresh decision in accordance with law.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315253/‘actual-user’-condition-imposed-for-import-authorization-of-maize-is-not-mandatory-bombay-hc.aspx

Even a blank cheque leaf would attract presumption u/s 139 of NI Act when signatures are admitted by the accused: SC

FEMA, BANKING amp; INSURANCE : Where a blank signed cheque leaf was voluntarily handed over by accused to complainant towards some payment and accused failed to prove that same was not issued in discharge of a legally enforceable debt or a liability, accused had failed to rebut presumption under section 139

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

No prosecution could be launched against assessee on mere failure to pay self-assessment tax: HC

INCOME TAX : Mere failure to pay income tax based on self-assessment by assessee would not constitute offence under section 276C(2)

from www.taxmann.com Latest Case Laws https://ift.tt/3wwb9w5

Tribunal cannot transfer pending appeal from one Bench to another Bench in another State: Bombay HC

INCOME-TAX : When an appeal or a bunch of appeals are being heard by a Bench of the Tribunal in one State, an order on the administrative side can not be passed by the President transferring a live appeal from one Bench to another Bench that too in a different State outside the headquarters as no such power is discernible in section 255 and reading or conferring such a power would amount to interference in a judicial proceeding of the Tribunal.

from www.taxmann.com Latest Case Laws https://ift.tt/3fzt7XC

Interest on delayed refund under Service Tax laws to be paid being a right if granted after 3 months of receipt of application: Bombay HC

EXCISE/ST/VAT : Where an application for refund is made, same is required to be adjudicated within three months of receipt of application. But if refund is granted after three months of receipt of application, then applicant would be entitled to interest on such delayed refund as a matter of right.

from www.taxmann.com Latest Case Laws https://ift.tt/3ff0WhI

‘Society Maintenance Charges’ isn’t eligible for deduction while computing income from house property: ITAT

INCOME-TAX: As per provisions of section 23, annual value shall be deemed to be actual rent received or receivable by assessee and proviso provides for deduction of municipal taxes levied by any local authority and annual maintenance charges do not amount to taxes paid to local authority. When Income is calculated under the head House Property, then besides statutory deduction of 30% u/s 24, an assessee is entitled only for deduction with respect to taxes levied by any local authority.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315206/‘society-maintenance-charges’-isn’t-eligible-for-deduction-while-computing-income-from-house-property-itat.aspx

Abatement of duty cannot be withheld in absence of any proof that Tobacco Jarda manufacturer operated machine despite sealing: Tripura HC

EXCISE/ST/VAT : Where Tobacco Jarda manufacturer did not intend to operate machine and, hence, Superintendent of Excise had sealed machine and passed order accordingly, in absence any material suggesting that assessee operated machine, abatement of duty cannot be withheld only on ground that Superintendent of Excise did not draw proper proceedings and did not elaborately record that sealing was done in such a manner that machine could not be operated

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

Typographical or inadvertent error in recording of minutes rectified subsequently is not offence under Cos. Act, 2013

COMPANY LAW : Typographical/inadvertent error in recording of minutes, which is rectified subsequently cannot be termed as an offence, far less an offence under provisions of Companies Act

from www.taxmann.com Latest Case Laws https://ift.tt/3ug7b9e

Partner is allowed to set off loss from partnership firm against income earned from his other business: ITAT

INCOME TAX : Interest, salary, bonus, commission or remuneration received or receivable from firm by partners shall be assessable in hands of partners as income from business or profession under section 28 and partner shall be entitled to all expenditure which is incurred to earn such income or for purposes of said business and other deductions as admissible in law can also be claimed by partner against such income

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

HC allowed assessee’s request to allow sec. 10(10C) exemption after SC ruling even if same wasn’t claimed in ITR

INCOME TAX : Where assessee, an employee of a bank, did not claim exemption under section 10(10C) on amount received by him on early voluntary retirement from bank, however, later on claimed same on basis of a dictum of Supreme Court in case of another employee of same bank, assessee was to be allowed exemption under section 10(10C) even if same was not claimed by him in his return of income

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198301/hc-allowed-assessee’s-request-to-allow-sec-1010c-exemption-after-sc-ruling-even-if-same-wasn’t-claimed-in-itr.aspx

Delhi HC stays assessment order as AO denied assessee’s personal hearing before raising tax demand

INCOME -TAX : Where addition under section 68 was made to the assessee's declared income due to dissonance between the audit report and balance sheet of the assessee concerning unsecured loans and recovery proceedings for said demand initiated, since it was found that before finalizing assessment, assessee had sought for personal hearing which was not granted to assessee by AO,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314885/delhi-hc-stays-assessment-order-as-ao-denied-assessee’s-personal-hearing-before-raising-tax-demand.aspx

HC orders dissolution of petitioner company as it had cleared all outstanding statutory dues

COMPANY LAW : Where petitioner company had cleared all its outstanding statutory dues and its affairs were conducted in manner not prejudicial to interest of members, company was to be wound and would be deemed to be dissolved with effect from date of filing petition for its dissolution

from www.taxmann.com Latest Case Laws https://ift.tt/3f63oqR

Gujarat HC allowed Merchant Exporter to amend shipping bill even after end of 1 year of export amp; avail benefit of MEIS scheme

EXCISE/ST/VAT : Where Merchandise Exports from India (MEIS) Scheme was extended to export made to Sri Lanka but same went unnoticed by Merchant Exporter and after being aware of facility, at end of one year from export of consignment, he made request, amendment in shipping bills as also benefit under Foreign Trade Policy, 2015- 20 to be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/3u4VsKM

Society formed by lawyers to spread legal awareness among general public is entitled for Sec. 12AA registration

INCOME TAX : Where on perusal of bye-laws of asseseee-society formed by lawyers which work for construction of chambers to its members, its allotment, besides environment protection viz. growing trees, and that of saving people from drug addictive disorder, to save and educate girl child and also to spread legal awareness among general public.

from www.taxmann.com Latest Case Laws https://ift.tt/346jnPr

HC orders dissolution of petitioner company as it had cleared all outstanding statutory dues – Rites

COMPANY LAW : Where petitioner company had cleared all its outstanding statutory dues and its affairs were conducted in manner not prejudicial to interest of members, company was to be wound and would be deemed to be dissolved with effect from date of filing petition for its dissolution

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198286/hc-orders-dissolution-of-petitioner-company-as-it-had-cleared-all-outstanding-statutory-dues-–-rites.aspx

No ST on amount retained by hotels as cancellation charges being not qualify as taxable receipts

EXCISE/ST/VAT : Where assessee was running a hotel and it offered advance booking to customers on payment of deposit and in event of cancellation of booking by customer it retained full or part of amount towards cancellation charges, amount retained by assessee by way of cancellation charges did not qualify as taxable receipt under section 66E(e) and no service tax was attracted on said amount under provisions of section 66E(e)

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

ITAT should remand matter back to AO if assessee failed to reconcile discrepancy in value of contract: HC

INCOME TAX : Where assessee, both before Tribunal and Commissioner(Appeals) could not reconcile discrepancy in value of contract as value of sub-contract work was higher than value of work awarded to assessee and for first time, attempted to do so before Tribunal, Tribunal, should have called for a remand report from Assessing Officer based on documents presented by assessee before Tribunal for first time or remanded matter to Assessing Officer for a fresh consideration

from www.taxmann.com Latest Case Laws https://ift.tt/347Zgk2

Revisional proceeding justified if AO allowed deduction of written off bad debts without verification: ITAT

INCOME TAX : Where assessment had been made by Assessing Officer, without verification of claim of written off bad debts as deduction, it was erroneous and prejudicial to interest of revenue, hence, Commissioner was correct in assuming revisionary jurisdiction and passing order under section 263

from www.taxmann.com Latest Case Laws https://ift.tt/2SfdD3l

Tribunal is bound to give a finding on law and facts if first appellate authority adjudicated issue on merits: Karnataka HC

EXCISE/ST/VAT : Where notice was issued to petitioner dealer under provisions of Central Sales Tax Act, 1956 and Karnataka Value Added Tax Act, 2003, by which it was proposed to levy tax on sales claimed to be in nature of import by treating same to be interstate sales and first appellate authority had adjudicated controversy on merits by holding that there was no direct link between purchasers by way of import and sale to local customers and accordingly demand raised on petitioner was affirmed,

from www.taxmann.com Latest Case Laws https://ift.tt/3hKxuC2

Matter is to be sent back for regular assessment if assessee failed to disclose true and full income before SetCom: HC

INCOME-TAX : The prime consideration and pre-condition for entertaining a settlement application is true and full disclosure of income and subsequent adding, deletion or insertion would dis-entitle the Settlement Commission from entertaining an application. In such an event, the genuinity of the assessee became questionable and matter is to be sent back for assessment before jurisdictional AO . The parties, who are approaching the Settlement Commission by way of application,

from www.taxmann.com Latest Case Laws https://ift.tt/3ue8gPe

No Sec. 69 additions as source of payment for purchase of property was never doubted by AO: ITAT

INCOME TAX : Where tripartite agreement for purchase of land was entered into by and between sellers, purchaser i.e. assessee and TIPL as confirming party, and assesseee company and confirming parties were regularly assessed to tax and amount received was duly reflected in their books of accounts and source of payment made by assesseee had not been doubted by Assessing Officer, any addition treating said purchase as undisclosed investment could not have been made to assessee's income

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

NCLT imposes ad valorem fine for all violations of non-criminal nature un-intentionally committed by Co.

COMPANY LAW : Where applicant company filed application under section 441 for compounding of offences under sections 125,138 and 142 , it was held that nature of violations/offences committed were not criminal in nature and they were committed un-intentionally and non- deliberately and, therefore, lenient view was to be taken in current pandemic situation and ad valorem fine for all offences/ violations was to be imposed.

from www.taxmann.com Latest Case Laws https://ift.tt/3v2TtYJ

Delhi HC stays operation of assessment order passed u/s 144B for not issuing SCN to assessee

INCOME TAX : Where assessee was not issued a show-cause notice-cum-draft assessment order before passing final assessment order, operation of assessment order passed under Section 143(3) read with Section 144B to be stayed

from www.taxmann.com Latest Case Laws https://ift.tt/34hddw9

HC relegates auction purchaser to DRT for remedy u/s 17 of SARFAESI as writ challenging auction wasn't maintainable

FEMA amp; BANKING : Where petitioner had purchased assets sold by respondent-IFCI in a public auction but land sold vested in State of Karnataka and IFCI did not have right title over land auctioned, writ petition filed by petitioner challenging said auction was not maintainable and petitioner was relegated to remedy under section 17 before DRT

from www.taxmann.com Latest Case Laws https://ift.tt/3yt1Kr2

Pact between MMT and OYO to provide preferential treatment on its platform amounted to unfair trade: CCI

COMPETITION ACT : Where MMT, an Online Travel Agency entered into an agreement with hotels/franchising service provider i.e. OYO, to give it a preferential treatment on its platform leading to denial of market access to closest competitiors of OYO, conduct of MMT affected competition in market and thus, MMT was to be restrained from indulging in such exclusionary act

from www.taxmann.com Latest Case Laws https://ift.tt/3v7IfSB

No immunity from sec. 40A(3) disallowance unless case falls under specific clauses of Rule 6DD: ITAT

INCOME TAX : Proviso to section 40A(3A) provides for cushion from disallowance in cases and circumstances as may be prescribed having regard to nature and extent of banking facilities available, considerations of business expediency and other relevant factors and such cases and circumstances have been enlisted in different clauses of rule 6DD having regard to 'business expediency' in an exhaustive manner, which obviously does not cover a case of per se genuine business transaction

from www.taxmann.com Latest Case Laws https://ift.tt/3wsnCB7

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

In order to provide further relief to taxpayers in view of severe pandemic, the CBDT vide Circular no. 9/2021, dated 20-05-2021 has further extended the time limits of certain compliances. The impact of recent circular and notifications/circulars issued previously on various time barring dates notified under TLA Act, 2020 and certain compliance of Income-tax Act are enumerated in this article

from taxmann.com News https://ift.tt/3ow91BU

Extended due date for filing of ITRs for AY 2021-2022

Check all the revised due dates applicable for filing of Income-tax Returns for the Assessment Year 2021-22.

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Co. offering tax on construction contract following completed contract method duly valid prior to 01-04-2017: ITAT

INCOME TAX : Completed contract method and percentage complete method are both duly recognised methods of accounting under construction contracts.

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

Appellants-sellers couldn't be prosecuted for fraudulent trading when buyers of scrip weren't prosecuted: SAT

COMPANY LAW/SEBI : Where Adjudicating Officer by impugned order imposed penalty upon appellants/sellers alleging that trading pattern of appellants indicated manipulation in price of scrip of company 'DITC', in of view fact that it was buyer and not sellers who were manipulating price, appellants alone could not be charged especially when buyers had not been prosecuted and, thus, impugned order could not be sustained insofar as appellants were concerned

from www.taxmann.com Latest Case Laws https://ift.tt/3f0c567

SEBI proposes to merge regulations into SEBI (Issue and Listing of Non-Convertible Securities) Regu

The SEBI has issued Consultation Paper on Review and Merger of SEBI (Issue and listing of Debt Securities) Regulations, 2008 and SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 into SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

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No. sec. 10(23C)(v) exemption if assessee had not obtained approval from prescribed authority

INCOME TAX : Where assessee-Gurudwara had not obtained approval from prescribed authority in terms of section10(23C)(v), Assessing Officer was justified in rejecting claim of assessee for exemption under said section

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

Dept. to launch new e-filing portal on June 7, 2021; existing portal won't available from June 1-6

The income-tax dept. is going to launch its new e-filing portal on June 7, 2021. The existing portal of the dept. at https://ift.tt/1dxxFKf wouldn’t be available from June 1 to June 6, 2021

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

HC declined to hear matter on Faceless Assessment as bench doesn’t have taxation matter on its roster

INCOME TAX : Where petitioner, a charitable society, approached Delhi High Court against order passed by National faceless assessment centre, since matter has been listed before a Bench of High Court which does not have taxation matter on its roster, it would be appropriate that matter be listed before Roster Bench (Tax Bench) to be considered by it.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315148/hc-declined-to-hear-matter-on-faceless-assessment-as-bench-doesn’t-have-taxation-matter-on-its-roster.aspx

HC upholds quashing of order made in old name of Co. despite of intimation of new name by assessee

INCOME-TAX : Question of law was framed admitting appeal where there was difference of opinion between members of Division Bench of High Court on question as to whether, where assessee had intimated department of factum of amalgamation, final assessment order made on amalgamating company which became a non-existent entity, was void or not

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

After Vodafone amp; Cairn, Mitsui goes into arbitration against Rs. 2,400 crore tax demand

After the Vodafone and Cairn, ‘Earlyguard’ a British subsidiary of Japanese conglomerate Mitsui amp; Co, has commenced arbitration under the India-UK Bilateral Investment Treaty. The party approached for the arbitration after the Income tax authorities has raised a Rs 2,400 crores demand related to a transaction that took place in year 2007.

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

HC held accused guilty for dishonoring cheque issued for repayment of loan taken to purchase a car

FEMA amp; BANKING : Where accused admitted that she once borrowed money from petitioner/ complainant for repaying her loan taken for purchasing a Maruti Car but raised a defence that she issued two blanks cheques to complainant and complainant did not return those cheques to her despite repayment of his loan and had filed complaint under section 138 of Negotiable Instruments Act for dishonour of same,

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

HC restrains revenue from taking action as property was purchased prior to enactment of Benami Amendment Act, 2016

INCOME-TAX/BENAMI ACT: Where petitioner challenged show cause notices issued under sub-section (3) of Section 24 of the Prohibition of Benami Property Transactions Act, 1988 on ground that immovable property, which had been designated as a benami property under the 1988 Act was purchased much prior to the coming into force of Benami Transactions (Prohibition) Amendment Act, 2016

from www.taxmann.com Latest Case Laws https://ift.tt/3fA5oa6

Sum received on settlement of case of property usurped by relatives is taxable as capital gain; SC dismissed

INCOME TAX : SLP dismissed against impugned order of High Court holding that consideration received on settlement of case of property usurped by relatives was taxable as capital gain

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

SEBI proposes to review the regulatory framework of promoter and Promoter group cos. under ICDR norm

In May 2019, Primary Markets Advisory Committee (PMAC) had constituted a sub-group to examine the relevance of the ‘concept of promoter’ in the context of the Indian Securities Market.

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

Sum received on settlement of case of property usurped by rekatives is taxable as capital gain; SC dismissed SLP

INCOME TAX : SLP dismissed against impugned order of High Court holding that consideration received on settlement of case of property usurped by relatives was taxable as capital gain

from www.taxmann.com Latest Case Laws https://ift.tt/3fvwW02

PML-AT directs parties to maintain status-quo of attachment order as same were purchased prior to enforcement of PMLA

FEMA amp; BANKING : Where property attached under PMLA was purchased in year 2004 and owner took a plea that since PMLA, 2002 was not in existence, same could not be made applicable to property which was acquired prior to coming into force of PMLA, parties were directed to maintain status quo till next date of hearing

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

Gain received on personal loan due to forex fluctuation is capital receipt not liable to tax: ITAT

INCOME TAX: Where loan was given by assessee to his cousin in Singapore under Liberalized Remittance Scheme issued by Reserve Bank of India in US Dollars, and amount received back was also in US Dollars, gain received by assessee owing to foreign exchange fluctuation was in nature of capital receipt and hence not taxable in hands of assessee

from www.taxmann.com Latest Case Laws https://ift.tt/3otsAe0

Complaint alleging professional misconduct not maintainable if HC accepted audit report given by CA: HC

INCOME-TAX/CHARTERED ACCOUNTANT ACT : Where respondent-CA was appointed by High Court to conduct audit of transferor companies in connection with a scheme of merger and High Court accepted audit report of CA and sanctioned scheme of merger, it was only High Court which could comment upon such audit reports and only if any order to said effect was passed by High Court, any inquiry could be conducted by Disciplinary Committee of ICAI

from www.taxmann.com Latest Case Laws https://ift.tt/2Rs6jRJ

Assessee eligible for ‘Vivad se Vishwas’ if his revision application u/s 264 was pending before Commissioner: HC

INCOME TAX : Where petitioner filed revision application under section 264 for credit/adjustment of Rs.12.43 lakhs which application was pending before Commissioner, petitioner, admittedly being an eligible appellant, squarely satisfies definition of 'disputed tax' as contained in section 2(1)(j)(F) of the Direct Tax Vivad se Vishwas Act, 2020. This is because, if revision application under section 264 is rejected,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315078/assessee-eligible-for-‘vivad-se-vishwas’-if-his-revision-application-us-264-was-pending-before-commissioner-hc.aspx

SVLDRS applicant can't become defaulter if claimed adjustment of service tax demand with income-tax refund withheld due to garnishee notice

EXCISE/ST/VAT : Assessee having opted for SVLDRS, can't be held as defaulter when he claimed for adjustment of service tax demand under SVLDRS against Income tax refunds of assessee but department did not oblige him.

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

Sec. 263 revision justified if AO allowed huge business loss without conducting through inquiry

INCOME TAX : Revision under section 263 justified if AO allowed business loss of huge amount merely based on vague premise that assessee might have to incur certain expenses relevant to keep company in operation

from www.taxmann.com Latest Case Laws https://ift.tt/3uZ5r5w

Gain received by assessee on loan owing to forex fluctuation is capital receipt not liable to tax: ITAT

INCOME TAX: Where loan was given by assessee to his cousin in Singapore under Liberalized Remittance Scheme issued by Reserve Bank of India in US Dollars, and amount received back was also in US Dollars, gain received by assessee owing to foreign exchange fluctuation was in nature of capital receipt and hence not taxable in hands of assessee

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

No service Tax on the amount collected towards liquidated damages and theft of electricity : CESTAT

GST/EXCISE/ST/VAT : Where assessee was engaged in distribution of electricity and it collected amount towards (i) liquidated damages from contractors and suppliers when they failed to ensure compliance of terms of contract within time stipulated and (ii) theft of electricity from customers, said amount was not collected by assessee towards consideration for tolerating an act and no service tax was leviable on it under provisions of section 66E(e)

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

HC stayed order of National Faceless Assessment Centre as it was passed without hearing assessee’s objection

INCOME TAX : Where assessee claimed that there was glitch in operation of Faceless Assessment Scheme and it was not afforded opportunity before passing final assessment order, operation of assessment order passed under Section 143(3) read with Section 144B to be stayed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315096/hc-stayed-order-of-national-faceless-assessment-centre-as-it-was-passed-without-hearing-assessee’s-objection.aspx

AO can't treat assessee differently if capital gain offered by co-owner of same asset is duly accepted: ITAT

INCOME TAX : Where once similar capital gain as offered by assessee on transfer of same asset had been accepted by revenue in assessee's co-owners case, assessee could not be treated indifferently and would be entitled to similar relief. Hence, addition made by Assessing Officer in case of assessee by invoking provisions of section 50C for alleged Capital Gain on transfer of land was to be set aside.

from www.taxmann.com Latest Case Laws https://ift.tt/3uTqV3X

AO to release registered sale deed as assessee was bonafidely purchased property after long-drawn litigation: HC

INCOME TAX : Section 281 of the Income Tax Act, 1961 applies only to a situation where an assessee during pendency of any proceeding under Act, or after completion thereof, but before service of a notice under Rule 2 of Second Schedule, creates a charge on, or parts with possession (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) of, any of his/her assets in favour of any other person.

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

No sec. 263 revision as allowing Sec. 80P deduction on gross interest received is one of possible view: ITAT

INCOME-TAX : Assessee, a cooperative society, is eligible for deduction under section 80(P)(2) in respect of gross interest received from cooperative bank without adjusting interest paid to said bank.

from www.taxmann.com Latest Case Laws https://ift.tt/2Qsh99Y

Assessee is entitled for proportionate deduction u/s 80-IB towards flats having built up area of upto 1,500 square feet

INCOME TAX : Where assessee developer exceeded area of 1500 square feet of 26 flats in a housing project, assessee would be entitled to benefit of deduction under section 80-IB(10) proportionately in respect of other flats having built up area of upto 1,500 square feet

from www.taxmann.com Latest Case Laws https://ift.tt/3hwyp9g

ITAT set-aside order passed by CIT(A) ignoring binding directions given by DGIT

INCOME TAX : Where DGIT by order directed Commissioner (Appeals) not to pass any further appellate orders during pendency of explanation sought on lapses in adjudicating appeals, however, Commissioner (Appeals) passed order, ignoring binding directions given by DGIT, it resulted in serious lapse on his part in administering justice, hence order so passed was to be set aside for adjudication afresh

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

Loss of Sec. 35AD eligible unit can be set off against profits of ineligible unit if it is a specified business

INCOME TAX : Loss incurred by assessee in respect of its business unit claiming deduction under section 35AD could be set-off against profit of assessee from another unit which was not eligible for deduction under said section

from www.taxmann.com Latest Case Laws https://ift.tt/3y8zFFr

Penalty u/s 23A(a) of SCRA rightly imposed when appellant failed to disclose cancellation of order on stock exchange

COMPANY LAW/SEBI : Clause 36 of Listing Agreement provides that any information / event which is price sensitive should be reported to stock exchange immediately and since cancellation/truncation of orders was not disclosed on stock exchange platform it was violative of clause 36 of Listing Agreement.

from www.taxmann.com Latest Case Laws https://ift.tt/3uPc6iR

An order is said to be passed if it has been communicated to concerned persons whom it effects: Madras HC

INCOME-TAX : Where the rights of a person are affected by an order and limitation is prescribed for the enforcement of the remedy by the person aggrieved against the said order by reference to the making of the said order, the making of the order must mean either actual or constructive communication of the said order to the party concerned and thus an order, to be valid, would have to be communicated to the person whose rights are impinged.

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

Opposite parties who fixed bid value in a Govt. tender for procurement for sewing machine amounted to big rigging: CCI

COMPETITION ACT : Where in respect of tender floated by local Government body for procurement of picofall-cum-sewing machine bid values quoted by OP-2 to OP-4 were fixed in consultation with each other, same amounted to bid rigging in contravention of provisions of section 3

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

Loss incurred in unit could be set off against profit of another unit not eligible for sec. 35AD deduction

INCOME TAX : Loss incurred by assessee in respect of its business unit claiming deduction under section 35AD could be set-off against profit of assessee from another unit which was not eligible for deduction under said section

from www.taxmann.com Latest Case Laws https://ift.tt/2RkzXs3

Application under under ‘Vivad se Vishwas’ valid if appeal was pending based on test of preponderance of probability

INCOME TAX : Assessee preferred Forms 1 and 2 under Direct Tax Vivad Se Vishwas Act, 2020 which were not accepted by revenue on ground that their record did not show that appeal filed by it before Commissioner (Appeals), post remand order, passed by Tribunal was pending adjudication on specified date under 2020 Act. However, claim made by petitioner/assessee that its appeal was pending was backed by an affidavit on oath.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314990/application-under-under-‘vivad-se-vishwas’-valid-if-appeal-was-pending-based-on-test-of-preponderance-of-probability.aspx

HC sets aside order as National Faceless Assessment Centre didn’t consider objection filed in response to SCN

INCOME TAX : Show-cause notice, along with draft assessment order was served on petitioner by National Faceless Assessment Centre, whereby, petitioner was called upon to file its response by 23:59 hours on 21-4-2021. However, show cause notice was received by petitioner via e-mail on 20-4-2021 at 03:06 hours and since time for compliance was short, petitioner filed an application via e-portal, seeking a day's adjournment, i.e., till 22-4-2021.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315003/hc-sets-aside-order-as-national-faceless-assessment-centre-didn’t-consider-objection-filed-in-response-to-scn.aspx

Settlement applications not to be revived if applicant itself withdrew same but fresh application could be filed: HC

COMPANY LAW/SEBI : Where issued a show cause notice under Section 11B of the SEBI Act, 1992 on noticing fraud committed by petitioner company in issue of Global Depository Receipts (GDRs) within meaning of regulation 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 and applicant filed application for settlement in terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014, however

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

Society couldn't be denied sec. 12AA registration merely because some of its objects were religious in nature : ITAT

INCOME TAX : Assessee society could not be denied registration under section 12AA merely because some of objects of assessee were religious in nature

from www.taxmann.com Latest Case Laws https://ift.tt/2Rbh6jg

Roads developed and maintained under an agreement with State Govt. is eligible for depreciation at the rate of 10%

INCOME TAX : Assessee was entitled to claim depreciation at rate of 10 per cent on roads developed and maintained by it under an agreement with State Government treating same as building

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

ITAT is required to pass ex-parte order on merits even if assessee didn’t appear on hearing: Delhi HC

INCOME TAX : Where Tribunal passed an ex parte order dismissing an appeal filed by assessee merely on ground of non-appearance of assessee and not on merits, notwithstanding delay on part of assessee in challenging said order of Tribunal, said ex-parte order was to be quashed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198533/itat-is-required-to-pass-ex-parte-order-on-merits-even-if-assessee-didn’t-appear-on-hearing-delhi-hc.aspx

HC stays final assessment order passed by NeAC without disposing off assessee’s request for personal hearing

INCOME TAX : Where draft assessment order has been passed purportedly under Section 144C even before compliance of requirements pursuant to Section 144B, stay was to be granted; matter listed on 10-06-2021

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315001/hc-stays-final-assessment-order-passed-by-neac-without-disposing-off-assessee’s-request-for-personal-hearing.aspx

Capital gains are chargeable to tax in year of execution of sale deed; registration of sale deed is irrelevant

INCOME TAX : Where assessee sold two shops for a sale consideration of certain amount and sale deed was executed on 10-8-2009, capital gain from sale would be brought to tax in assessment year 2010-11 and not in assessment year 2011-12 on ground that sale deed was registered on 26-6-2010

from www.taxmann.com Latest Case Laws https://ift.tt/3tCWGg8

Reassessment valid as material seized during search showed that assessee received unaccounted cash for sale of land

INCOME TAX : Where assessee claimed to have sold a land for sale consideration of Rs. 5.38 crores and reopening notice was issued against assessee on ground that during search carried upon a group voluminous material was collected which prima facie showed that assessee had received Rs. 9.07 crores as unaccounted cash (on money) over and above registered sale value of land, impugned reopening notice issued against assessee who had not filed its return during year was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3vU8s7o

Fresh application of mind to same set of facts does not confer jurisdiction upon AO to reassessment: HC

INCOME TAX : Where reassessment proceedings were initiated in case of assessee on ground that asseesee had not declared VAT refund while Filing return of income, since details of VAT returns and VAT refund were called for during original assessment and revenue had partially accepted explanation submitted by assessee and had made addition for VAT refund and same was deleted by Tribunal, and assessee had disclosed fully and truly all primary facts with regard to VAT amount

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

Purchase amp; sale of shares in instalment couldn’t be treated as repetitive deals; income is taxable as capital gains

INCOME TAX : Where assessee sold shares which were clearly classified as investment in its balance sheet and there was no instances of repetative purchase amp; sale of shares by assessee and, moreover, assessee had used its own funds to purchase shares, profit arising on sale of shares was chargeable to tax as short-term capital gain

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198328/purchase-amp-sale-of-shares-in-instalment-couldn’t-be-treated-as-repetitive-deals-income-is-taxable-as-capital-gains.aspx

Sec. 11 exemption cannot be denied just because assessee failed to file audit report along with ITR: ITAT

INCOME-TAX : Where AO denied exemption under section 11 to assessee-educational institution on ground that assessee failed to prove that it was solely existing for education not for profit and secondly on ground that assessee did not have approval under section 10(23)(C) and form 10BB was not filed along with return of income,

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

Period of holding for computing capital gains to be reckoned from date of agreement when rights in flat is sold: ITAT

INCOME-TAX : As per section 2(14) , any kind of property held by an assessee would come within meaning of 'capital asset'. And any right which could be property would be capital asset and incidentally interest in an under construction flat is not one of the exclusions and right or interest in property are kinds of property that are transferable assets and hence booking rights or rights to purchase apartment or right to obtain title to apartment are also capital assets that can be transferable.

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

Investment adviser can continue to collect performance - based fee as per agreement executed with cl

The SEBI has issued informal guidance wherein it has specified that the Investment adviser can continue to collect performance based fee and investment should mandatory required to execute the agreement with client.

from taxmann.com News https://ift.tt/33EHDI6

Sec. 68 additions were unjustified as sale and purchase of shares were made through electronic modes

INCOME TAX : Where assessee claimed exemption under section 10(38) on account of LTCG arose on sale of shares of a company, since there was no dispute that these shares were purchased by assessee online, payments were made through banking channel and shares were dematerialized and, further, sales were routed from demat account and, sale consideration was received through banking channels, impugned addition made by Assessing Officer under section 68 treating such LTCG as bogus was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/3vZt5z8

Input service tax credit written off in books of account is deductible u/s 37

INCOME TAX : Input service tax credit written off in books of account of assessee was to be allowed as deduction under section 37(1)

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

Reassessment on basis of district registrar’s info that land purchased for sum over that shown in ITR was justified

INCOME TAX : Where reopening notice was issued against assessee after four years from end of relevant year on basis of an information received from District Registrar that assessee had actually purchased lands for much higher amount than what was shown by it in its return of income and, thus, differential amount of expenses incurred on purchase of land was an unexplained expenditure, impugned reopening notice was justified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198360/reassessment-on-basis-of-district-registrar’s-info-that-land-purchased-for-sum-over-that-shown-in-itr-was-justified.aspx

SEBI issues consulation paper on ‘Review of regulatory framework of promotor and group cos. under IC

The Sebi hai issued Consultation Paper on “Review of the regulatory framework of promoter, promoter group and group companies as per Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018” for public comments

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021365/sebi-issues-consulation-paper-on-‘review-of-regulatory-framework-of-promotor-and-group-cos-under-icdr.aspx

SBI’s Rate of Interest as on 01-04-2021

To determine the value of the perquisite arising from free or concessional loan given by the employer to employees, the Rate of Interest charged by the SBI, as on the first day of the relevant financial year, in respect of the similar loan is considered. The State Bank of India has released the Rate of Interest as on 1-04-2021.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021364/sbi’s-rate-of-interest-as-on-01-04-2021.aspx

Writ cannot be filed against order passed by AO under sec. 241A to withhold refund: Delhi HC

INCOME TAX : Determination of tax liability is not in domain of High Court except when an appeal is preferred under section 260A, therefore, in garb of a challenge to an order under section 241A, challenge to assessment underway could not ordinarily be adjudicated

from www.taxmann.com Latest Case Laws https://ift.tt/3o7IhYa

Gujarat HC declined writ as assessee failed to make out his case for invoking discretionary jurisdiction of HC

INCOME TAX : Where the notices under Sections 143(2) and 142(1) were served upon the writ applicant three times to submit the explanation and/or documents to explain the cash deposit made by the writ applicant in his bank account and on issuance of show cause notice, writ applicant sought an adjournment for 15 days but having remained absent on that day, ex parte assessment order came to be passed,

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

AO can initiate reassessment if excess deduction was allowed to assessee on basis of info. supplied by it: HC

INCOME-TAX :. Where on account of certain informations provided by the assessee, a wrong assessment has been made and the excess deduction was allowed to assessee under section 80IA so as to cause loss to the Revenue, then it is to be construed that the assessee has not disclosed fully and truly all material facts and excess claim allowed to asseesse should be disallowed

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

Person can file appeal before competent authority if he failed to succeed in writ before HC: Guj. HC

INCOME TAX : Where the notices under Sections 143(2) and 142(1) were served upon the writ applicant three times to submit the explanation and/or documents to explain the cash deposit made by the writ applicant in his bank account and on issuance of show cause notice, writ applicant sought an adjournment for 15 days but having remained absent on that day, ex parte assessment order came to be passed,

from www.taxmann.com Latest Case Laws https://ift.tt/3uEyAD4

SEBI issues consultation paper for segregation and monitoring of collateral at client level

SEBI has issued consultation paper to solicit comments/ views from market participants on proposed framework for segregation and monitoring of collateral at client level with the objective to ensure protection of client collateral. Segregation of client collateral refers to the procedures that enable identification and protection of client collateral from- (i) misappropriation/ misuse by Trading Member (TM)/ Clearing Member (CM) and (ii) default of TM/CM and/or other clients.

from taxmann.com News https://ift.tt/3hmo7bt

Interest received on compensation under Land Acquisition Act is taxable under head other sources; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that interest received on compensation or enhanced compensation under Land Acquisition Act, 1894 is to be treated as 'income from other sources' and not under head 'capital gains'

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

Sales Tax Dept. can't deny movement of goods without proving that seal of the Check Post Officer was not there: Madras HC

EXCISE/ST/VAT: Where petitioner-dealer had relied upon Form XXA to prove movement of goods from Chennai to Bangalore at first instance, initial burden cast upon petitioner in terms of Tamil Nadu General Sales Tax Act, 1959, was discharged and onus shifted on revenue to establish that stand taken by petitioner stating that Form XXA contained seal of Check Post Officer was incorrect. However, this exercise had not been done as petitioner had not been confronted with such record.

from www.taxmann.com Latest Case Laws https://ift.tt/3f7XeoT

PMLA-AT directed to maintain status quo regarding agricultural properties attached under PMLA

FEMA amp; BANKING : Where agricultural properties of appellant-farmers were attached under PMLA by impugned order but appellants claimed that physical possession of properties was with them and sought for stay of impugned order and permission to harvest crop, parties were directed to maintain status quo with respect to all immovable properties of appellants

from www.taxmann.com Latest Case Laws https://ift.tt/3odLc1C

Camp;F agent making freight payment to airlines on behalf of exporter is not liable for deduction of tax u/s 194C

INCOME TAX : Where assessee was a clearing and forwarding agent acting as an intermediary between exporter and airlines, it would not be responsible for deduction of tax at source on freight payments made to airlines on behalf of exporter in terms of section 194C

from www.taxmann.com Latest Case Laws https://ift.tt/3y5fHuX

No customs duty recovery from Corporate Resolution Applicant if Corporate Resolution plan included customs duty

EXCISE/ST/VAT : In view of order in Ghanashyam Mishra amp; Sons (P.) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. [2021] 126 taxmann.com 132 (SC) that all dues including statutory dues owed to Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished, assessee was directed to seek clarification from NCLT whether Corporate Resolution plan included customs duty to be paid by assessee on import under subject bill of entry

from www.taxmann.com Latest Case Laws https://ift.tt/3vX2SkO

Approval u/s 31 of FERA to be obtained before foreign national alienates property in favour of a third party: HC

FEMA amp; BANKING: Section 31(1) of FERA does not require foreign national to obtain permission at time of entering into agreement for sale per se; material point of time for being granted approval is before foreign national takes steps to alienate property in question in favour of a third party.

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

No sec. 68 additions as investor was public Co. having sufficient earning to invest: ITAT

INCOME TAX : Where investor company was a public company listed with BSE and having sufficient earnings and reserves to justify investment in share capital of assessee-company and alleged accommodation entry provider was not managing and controlling investor company for purpose of providing accommodation entries, such share capital/premium from investor company could not be added to income of assessee under section 68

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

No abuse of dominance by GNIDA in market for land allotment for development of housing projects in Greater Noida

COMPETITION LAW: Where informant-developers filed information alleging violation of provisions of section 4 by GNIDA by imposing one-sided conditions through lease deeds upon developers such as Informants, it was held that GNIDA, a department of Government of UP, operated independently in relevant market without any competitive constraints and was dominant in market for allotment of land for development of group housing projects in Greater Noida.

from www.taxmann.com Latest Case Laws https://ift.tt/2SzRk8t

Publication of provisional database for companies under regulatory ambit of NFRA: MCA

To achieve the objectives for which NFRA has been established, and to promote transparency in its working, the provisional data as of 31 March 2019 has been published on the website of the NFRA(https://ift.tt/3ttCuxf). This provisional data will be updated/revised going forward based on the collection of further data and information

from taxmann.com News https://ift.tt/3y1Rl5e

Declaration under ‘Vivad se Vishwas’ couldn’t be rejected without giving chance to declarant to explain its case: HC

INCOME TAX : Direct Tax Vivad Se Vishwas Act, 2020 and rules have been brought out with specific purpose, object and intention to expedite realisation of locked up revenue providing certain reliefs to tax payers who opt for applying under Act.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314897/declaration-under-‘vivad-se-vishwas’-couldn’t-be-rejected-without-giving-chance-to-declarant-to-explain-its-case-hc.aspx

Our tribute to a teacher, an author and a great human being - Dr. D.S. Rawat

It is very unfortunate for us to write an obituary column for Dr. D.S. Rawat, a Chartered Accountant, a teacher, a guide, a mentor and a kind human being. He was one of the veterans and learned authority on Accounting Standards and Ind AS. His untimely demise is a huge loss for his family, friends, students, Chartered Accountants community, researchers and academicians.

from taxmann.com News https://ift.tt/3ur0Toi

CBIC issues FAQs on ad hoc exemption of IGST on imports of specified COVID-19 relief material

CBIC has issued FAQs with respect to ad hoc exemption granted from IGST on imports of specified COVID-19 relief material. This document answers queries of stakeholders such as procedure for certification of the statement containing details of such imported goods distributed free of cost, requirement of certificate for each consignment or for relief agency, format of certificate etc.

from taxmann.com News https://ift.tt/3f3fS1d

Reassessment alleging that assessee received bogus share capital invalid as there was no increase in share capital

INCOME TAX : Where reassessment notice was issued to assessee-company on ground that information was received from Investigation Wing that assessee-company had taken bogus share capital/share premium from accommodation entry providers, since there was no increase in share capital and share premium during year, formation of belief by AO that income had escaped assessment was irrational and unreasonable and consequently, notice issued for reassessment was to be quashed

from www.taxmann.com Latest Case Laws https://ift.tt/2R5a7bg

Land to be treated as agricultural land if agricultural operation on land was carried out for many years

INCOME TAX: Assessee is an agriculturist and has been carrying out agricultural operation on land for many years. In revenue records, said land is an agricultural land. Assessee pays land revenue every year to Government for such agricultural land. Further, from certificate of collector it is evident that till date of sale, assessee`s land was an agricultural land and said land was being used for agricultural purposes.

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

CCI directs probe in matter of TATA motors for imposing unfair terms in dealership agreement for commercial vehicles

COMPETITION LAW : Where Tata Motors had imposed unfair terms and conditions in dealership agreement for commercial vehicles in relevant market for manufacture and sale of commercial vehicles in India, its conduct was abusive, in contravention of provisions of section 4. Further, clause in dealership agreement providing that dealer shall not start,

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

HC directs RAMCO to submit agreements amp; invoices to TN VAT dept. to determine liability on sale of Information Technology Products

EXCISE/ST/VAT : Petitioner having availed input tax credit on several goods purchased by petitioner to pay VAT on sale of Information Technology Products (ITP) but had failed to pay tax on such sale, petitioner should submit all agreements signed with its client and invoices raised on its client during period in dispute and file written submissions and demonstrate on facts how it was not liable to pay tax under provisions of Tamil Nadu Value Added Tax Act, 2006

from www.taxmann.com Latest Case Laws https://ift.tt/3upCmA5

SetCom can reject application at any stage if full and true disclosure of fact not narrated by assessee

INCOME TAX : At any stage, if Settlement Commission formed an opinion that there was no full and true disclosure with reference to facts narrated in application, then Settlement Commission is empowered to reject application filed under section 245(C).

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

Arbitration proceeding filed after 3 yrs of amendment of Bye-laws framed by Stock Exchange was barred by limitation : HC

Company Law : Where cause of action in respect of non-delivery of shares accrued in month of January 1995, appellant ought to have filed arbitral proceedings within three years from date of amendment (29-8-1998) to Article 252 (2) of the Bye-laws framed by the Stock Exchange, Mumbai, inserting provisions of Limitation Act to arbitration proceedings: arbitration proceeding filed in October,2002 was barred by limitation

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

SEBI consolidates informal guidance issued under SEBI (PIT) Regulations, 2015

In order to enable the users to have an access to all the Informal Guidance sought/given relating to SEBI (Prohibition of Insider Trading) (PIT) Regulations, 2015 at one place, this document has been prepared, which consolidates all the informal guidance issued relating to SEBI (PIT) Regulations, 2015 during the period October 14, 2015 to February 08, 2021 at a single place.

from taxmann.com News https://ift.tt/3tpz7XQ

RBI Governor announces several measures to tackle the second wave of Covid-19 pandemic

In these testing times, Myriad of individuals, small business are dealing with an uncertain situation, their livelihood, and many businesses, and education have been affected due to the sudden surge of the aggressive resurgence of the Covid-19 virus.

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

Borrower cannot have grievance in against measures taken by financial institution under SARFAESI Act

FEMA amp; BANKING: Where it was open to respondent financial institution to invoke provisions of SARFAESI Act ,2002 against a borrower, which definition covers both principal debtor and guarantor, petitioner-borrower could have no grievance in respondent having resorted to measures under said Act of 2002 and if petitioner had any grievance against measures taken by respondent, petitioner had to approach appropriate Debts Recovery Tribunal under Section 17

from www.taxmann.com Latest Case Laws https://ift.tt/33eF4wn

Delhi HC granted stay on demand as NeAC passed final order before expiry of time granted in SCN

INCOME TAX : Show cause notice (SCN) dated 18-3-2021 was served on assessee which called upon assessee to respond to draft assessment order. Assessee-company challenged assessment order passed by National E-Assessment Centre before expiry of time granted in SCN.

from www.taxmann.com Latest Case Laws https://ift.tt/3tmwo1B

SAT quashes SEBI’s restraining order against fraud in GDRs issued 14 years earlier

COMPANY LAW/SEBI : Where appellant issued GDR in year and SEBI issued show cause notice after 14 years alleging fraud in issue of GDRs and SEBI by impugned order prohibited appellant from accessing securities market and also restrained from buying, selling or otherwise dealing in securities including units of mutual funds,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314839/sat-quashes-sebi’s-restraining-order-against-fraud-in-gdrs-issued-14-years-earlier.aspx

Investment advisers can’t charge implementation fee or referral fee from advisory clients: SEBI

The Market Regulator, SEBI has issued informal guidance upon request of Paytm Money Limited under SEBI (Informal Guidance) wherein it has clarified that the registered Investment advisor (IA) can offer execution services for their advisory clients but only without charging any commission or fees.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021347/investment-advisers-can’t-charge-implementation-fee-or-referral-fee-from-advisory-clients-sebi.aspx

Settlement of cases u/s 245C cannot be construed as an absolute right of an assessee: Madras HC

INCOME TAX : It is a pre-requisite condition that an assessee, who approaches Settlement Commission under section 245C, must disclose true and full income. Benefit of settlement is an enabling provision permitting assessee to resolve disputes in a peaceful manner. Thus, special provision is to be dealt with in accordance with procedures contemplated under section 245D.

from www.taxmann.com Latest Case Laws https://ift.tt/33dZ9Th

Writ petition not maintainable after measures have been taken under SARFAESI Act: HC

FEMA amp; BANKING : A post facto challenge to genesis of Bank's actions before writ court cannot, by itself, be a justification of maintainability of writ petition, after measures have already been taken under SARFAESI, 2002 Act.

from www.taxmann.com Latest Case Laws https://ift.tt/3h2gVkx

Individuals and MSMEs borrowers can avail one-time restructuring till September 30, 2021.

The RBI has issued RBI Governor’s Statement wherein additional measures taken by RBI to fight with Covid -19 has been discussed in details. One of the major measures is for Individuals and MSMEs borrowers having aggregate exposure of upto ₹25 crore and who were classified as ‘Standard’ as on March 31, 2021 shall be eligible for restructuring till September 30, 2021.

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

RBI Governor’s Statement: Measures to fight Covid -19

The RBI has issued RBI Governor’s Statement wherein additional measures taken by RBI to fight with Covid -19 has been discussed in details

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021352/rbi-governor’s-statement-measures-to-fight-covid-19.aspx

Limitation period for reassessment to be reckoned from date of ‘issue of notice’ amp; not from ‘service of notice’: HC

INCOME TAX: 'Issue of Notice' by Competent Authority is contemplated under section 149. However, 'Service of Notice' to assessee has not been contemplated under said provision. Thus, 'time limit' prescribed for 'issue of notice' under section 148 , would not fall under definition of 'service' under section 27 of General Clauses Act, 1897. Thus, section 27 of General Clauses Act, 1897 may not have relevance with reference to sections 147, 148 and 149.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314790/limitation-period-for-reassessment-to-be-reckoned-from-date-of-‘issue-of-notice’-amp-not-from-‘service-of-notice’-hc.aspx

SC strikes down West Bengal Housing Industry Regulation Act, 2017 for being in conflict with RERA 2016

COMPANY LAW/RERA: The Supreme Court has struck down the West Bengal Housing Industry Regulation Act, 2017 (WBHIRA) as unconstitutional for being in conflict with Central legislation already occupying the field, i.e. the Real Estate (Regulation and Development) Act, 2016 (RERA)

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

Only ‘Disciplinary Action Committee’ is empowered to impose a penalty under SEBI Act and Rules and Bye Laws: SAT

COMPANY LAW/SEBI : Where penalty was imposed on appellants by Sr. Manager, Inspection amp; Audit for incorrect reporting on collection of margin from clients to Stock Exchange and appellants contended that impugned order passed by Sr. Manager, Inspection amp; Audit was without any authority of law as said person does not have power to adjudicate or impose a penalty under SEBI Act, Rules and Bye-laws of Exchange etc.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314792/only-‘disciplinary-action-committee’-is-empowered-to-impose-a-penalty-under-sebi-act-and-rules-and-bye-laws-sat.aspx

No advance ruling can be given as transaction carried by Mauritius Co. was to avoid capital gain tax in India: AAR

INCOME TAX : Where shares in MCL/VCL, Indian company, was acquired by applicant, Mauritius company, by voluntary liquidation of another Indian company with sole purpose to transfer situs of ownership of MCL/VCL shares owned by its Group company to Mauritius to avoid capital gain tax in India, application of advance ruling filed by applicant was barred under clause (iii) of proviso to section 245R(2)

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

Borrowers directed to delete all other encumbrances from properties sold in auction sale

FEMA amp; BANKING : Where borrowers had availed cash credit loan facility from petitioner's bank but committed serious defaults in repayment of advances due to which petitioner issued statutory notice under Section 13(2) of SARFEASI Act demanding repayment of outstanding loan amount properties of borrowers were attached and petitioner filed writ petition for direction to respondent borrowers to delete all other encumbrances from properties sold in auction sale.

from www.taxmann.com Latest Case Laws https://ift.tt/3b04gLm

No Sec. 68 additions in hands of Co. allotting shares against goodwill for acknowledging efforts of shareholders

INCOME TAX : Where assessee company had allotted shares to 'S' in lieu of goodwill and without any monetary consideration, Commissioner (Appeals) rightly deleted addition made by Assessing Officer invoking provisions of section 68 as there was no movement of actual money either in cash or through bank and shares were allotted to shareholders against goodwill.

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

Reassessment justified if there was additional material which wasn’t considered at time of original assessment

INCOME-TAX : Where assessee offered capital gain on sale of a property and assessment completed accordingly but reassessment was initiated on ground registering authority had not accepted value of land as per sale deed , since manner in which sale deed was valued by assessee and stamp duty paid at time of registration as well as appeal filed under section 47A

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314793/reassessment-justified-if-there-was-additional-material-which-wasn’t-considered-at-time-of-original-assessment.aspx

Investment advisers can’t charge implementation fee or referral fee for advisory clients: SEBI

The Market Regulator, SEBI has issued informal guidance upon request of Paytm Money Limited under SEBI (Informal Guidance) wherein it has clarified that the registered Investment advisor (IA) can offer execution services for their advisory clients but only without charging any commission or fees.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021347/investment-advisers-can’t-charge-implementation-fee-or-referral-fee-for-advisory-clients-sebi.aspx

No ST on remuneration to partner towards activities performed for partnership firm: CESTAT Ahmedabad

EXCISE/ST/VAT : Remuneration received by appellant from its partnership firm towards certain activities performed in terms of partnership deed was nothing but profit in partnership sharing and same could not be treated as consideration towards provision of service under Finance Act, 1994, hence appellant will be liable to refund of service tax on all activities performed by appellant in capacity of partner to partnership firm

from www.taxmann.com Latest Case Laws https://ift.tt/3ueE2wd

Bombay HC set aside demand notice sent via email since assessment order under MVAT Act was passed manually

EXCISE/ST/VAT : Where assessment order under MVAT Act was passed manually, Assessing Officer was prohibited from serving assessee copies of assessment orders and demand notice by email

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

Section 272 (1)(e) of Cos. Act is not ultra vires Constitution of India: HC

COMPANY LAW : Section 272 (1)(e) is not ultra vires Constitution of India. As Registrar and 'a person authorized by Central Government' fall into different categories , it does not warrant reading down Section 272(3).

from www.taxmann.com Latest Case Laws https://ift.tt/3eGg2vk

100% of disputed tax is payable under DTVSV Act if assessment made on basis of info. obtained during search of 3rd party

INCOME-TAX : As per section 3 of DTVSV Act where assessment is made on basis of search ,amount payable by assessee would be 125% of disputed tax declared by assessee and where declarant files a declaration in accordance with section 4 in respect of tax arrears , amount payable shall be 100% of disputed tax declared

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

Telecom companies are eligible for SEIS claim: Delhi High Court

FOREIGN TRADE POLICY/EXCISE/ST/VAT : Clearly, what was made ineligible for availing benefit of Service Exports From India Scheme (SEIS) are Telecom Service Providers and not Service Providers who provide services to such Telecom Sector.

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