Proviso to sec. 206C providing for immunity on TCS default in tax neutral situation has retro effect

IT : 1st proviso to section 206C(6A) introduced by Finance Act, 2012 w.e.f. 1-7-2012 has retrospective effect

RBI's initiative to boost falling rupee; opens US dollar-Rupee swap window for banks

FEMA/ILT : Swap window for attracting FCNR (B) dollar funds

RBI eases norms for residents travelling abroad; enhances ceiling on import and export of Forex up t

FEMA/ILT : Export and Import of Currency

RBI allows NRs to acquire listed shares under FDI scheme; lays down conditions for same

FEMA/ILT : Purchase of shares on the recognised stock exchanges in accordance with SEBI (Substantial Acquisition of Shares and Takeover) regulations

No addition under sec. 69B on the basis of stock statements given by assessee to bank to avail of hi

IT: Merely on basis of statement made to banking authorities to avail larger credit facilities, additions cannot be made on account of difference arising in quantity and value of stock shown in books of account and statement furnished to banking authorities

Freight exp couldn't be disallowed if no material furnished to prove that it was borne by assessee's

IT: Claim of freight cannot be disallowed without pointing out defects in it

No case made for alleged oppression as alleged directors were replaced by Central Govt. nominees

CL : Where petition was filed 41 years ago, prayer for removal of directors and appointment of administrators to prevent oppression and mismanagement was rendered infructuous due to their replacement by Central Government nominees

Unsecured loans through account-payee cheques from well off creditors are acceptable

IT: Where identity of parties and their creditworthiness is established and unsecured loan was made through account payee cheque, same was to be accepted

SEBI to adopt principles of Financial Market Infrastructures to bear financial shocks

SEBI : Principles of Financial Market Infrastructures (PFMIs)

No concealment penalty if wrong claim made by assessee was giving arise to question of law

IT: Where a claim is held by High Court to give rise to a substantial question of law, then there cannot be an allegation of furnishing of inaccurate particulars or concealment of particulars of income in relation to such a claim so as to attract levy of penalty under section 271(1)(c)

Banks can issue guarantee to NR for FDI transactions subject to counter-overseas guarantee for such

FEMA/ILT : Issue of bank guarantee on behalf of person Resident Outside India for FDI transactions

RBI allows cancellation and rebooking of forward contracts - 50% for exports and 25% for importers

FEMA/ILT : Risk Management and Inter Bank dealings

Amendment to section 43B to include cess within the realm of tax isn't applicable retrospectively

IT : Amendment to section 43B, to include cess or fee, by Finance Act, 1988, is not applicable retrospectively

Motor vehicles used for imparting driving skills are eligible capital goods

ST/ECJ: Motor vehicles used for providing services by way of driving instruction or imparting of driving skills are eligible as capital goods

IRDA issues guidelines on Common Service Centers to facilitate Indian insurers to access rural India

INSURANCE : Guidelines on Common Service Centres - 2013

Form 8 - Memorandum of appeal under sub-section (3-H) of section 7 of the Central Sales Tax Act, 1956

FORM 8 (See Rule 15(2) of the Central Sales Tax (Delhi) Rules, 2005) Memorandum of appeal under sub-section (3-H) of section 7 of the Central Sales Tax Act, 1956 To The Commissioner, Department of Value Added Tax Delhi 1. Name and address of the appellant ……………………………………………………………. …………………………………………………………… …………….……………………………………………. 2. Date of order against which the appeal is made …………………………………………….. 3. Date on which the order appealed against was served on the appellant …………………….. 4. Name of the Value Added Tax Officer who passed the order appealed against. ………………………………………………………………………………… The appellant………………………………………………………………………….(name and address of the appellant) who is carrying on the business know as …………………………………..….. showeth as follows:- 1. The appellant made an application for registration under section 7 of the Central Sales Tax Act, 1956, to the Value Added Tax Officer but the Value Added Tax officer imposed as a condition for the issue of a certificate a requirement that the appellant should furnish security in the sum of Rs…………….………………….……within………..days, for reasons recorded in his order, a copy of which is enclosed. (applicable in case covered by sub-section (2-A) of section 7) Or, The appellant is holding registration certificate No………………..………. under the Central Sales Tax Act, 1956. The Value Added Tax Officer has required the appellant to furnish security / additional security in the sum of Rs………..………………………………within……..…days, for the reason recorded in his order, a copy of which is enclosed. (applicable in cases covered or sub-section (3-A) of section 7) Or, The appellant is holding registration certificate No…………………………..under the Central Sales Tax Act, 1956, and had furnished security in the form of ……………………….in favour of the Government. The Value Added Tax Officer has forfeited the security furnished by the appellant to the extent of Rs. …………………………………………….for reasons recorded in his order, a copy of which is enclosed. (applicable in cases covered by sub-section (3-D) of section 7) Or, The appellant is/was holding registration certificate No…………………………..under the Central Sales Tax Act, 1956, and had furnished security in the form of ……………………….in favour of the Government. The appellant applied on ……………………. for the refund of Rs. ………………………. deposited by the appellant by way of security under section 7 of the Act, but the Value Added Tax Officer did not refund the amount applied to be refunded, for reasons recorded in his order, a copy of which is enclosed. (applicable in cases covered by sub-section (3-G) of section 7) 2. The appellant has/has not furnished the security required to be furnished in terms of the order appealed against. (Delete if the appeals under sub-section (3-D) or (3-G) of section 7) 3. The appellant makes the appeal on grounds mentioned below: Grounds of appeal (Enter here a concise statement of the reason on which you rely upon for the purposes of this appeal) 4. The appellant prays that the following relief’s may be granted to him :- (a) (b) (c) (d) (e) 5. The appellant does hereby declare that what is stated herein is true to the best of my knowledge and belief. Signature (to be signed by the appellant or by an agent duly authorized in writing In this behalf by the appellant) Status……………………..……….. Place ……………………………….. Date ………………………………..

AO can't disallow exp. arbitrarily if supporting docs aren't available; best judgment assessment is

IT : Where assessee produced complete accounts, but without supporting vouchers, Assessing Officer should have rejected them and framed best judgment assessment, instead of making arbitrary disallowances

SEBI with SE circuit breaker limits on daily basis; trading to be resumed with pre-open call auction

SEBI : Index Based Market-Wide Circuit Breaker Mechanism