IT : Spare parts of machineries used for generation of electricity merit depreciation
Friday, 27 September 2013
Tough approach for Investors Grievances; SEBI asks for quick resolution, monetary relief for pendenc
SEBI : Investor Grievance Redressal Mechanism
Sec. 158BD and not sec. 158BC applied if warrant wasn't in name of assessee and search was consequen
IT: When there was no search warrant in name of assessee and search of his business place was a consequential one, assessee could be called a person other than person with respect to whom search was concluded under section 158BD
Transportation of dead body and other related services provided by undertakers aren't liable to ST
ST/ECJ : Transportation of dead body and other services provided by undertakers pertaining to body, use of a funeral home, organisation of funerals and burial or cremation are not liable to service tax
No concealment penalty for adjustments made to ALP determined by assessee in good faith and with due
IT/ILT : If an assessee proves to satisfaction of taxing authority that price charged or paid has been computed as per section 92C, in good faith and with due diligence, then addition made under section 92C(4) would not attract penalty
Wife proves to be a lucky mascot; husband gets HRA exemption on rent paid to wife
IT: Interest relating to pre-construction period of house property is not part of cost of acquisition but allowable under section 24(b)
SC: Fixation of benchmark to short list and recruit best candidate as DG is permissible, not an anti
Competition Act: Fixation of Benchmark to short list candidates for purpose of selection/appointment of best candidate as Director General is permissible under law
SEBI's initiatives to relieve investors from arbitration cost; reduces charges for claims up to 10 l
SEBI : Arbitration Mechanism in Stock Exchanges
Investment by insurers in non-convertible debentures considered as investment in infra-sector, IRDA
INSURANCE : Investments in IDF - Mutual Fund
Investment by insurers in certain infra-debt funds considered as investment in infra-sector, IRDA cl
INSURANCE : Investments in IDF - NBFC
Payment to Singaporean Co. for executive training isn’t FTS as it falls in exclusive clause of FTS u
IT/ILT : Payment received by Singaporean company from applicant towards cost of teaching in education programmes conducted by applicant in India, is not in nature of fees for technical services and is not taxable in India
CLB constitutes benches to exercise powers of Tribunal under the Companies Act, 2013
CL : Section 10E of The Companies Act, 1956, Read with Regulation 4 of The Company Law Board Regulations, 1991 – Constitution of Board of Company Law Administration - Constitution of New Specified Benches of Company Law Board in Supersession of All Earlier Orders
CLB Regulations amended; Appeals filed under certain provisions of 2013 Act to be dealt with by amen
CL : Company Law Board Regulations, 1991 - Amendment in Regulations 2, 4, 14, 15, 18 & Form No.1 & Annexure III
New Form to seek advance ruling on whether proposed arrangement is an ‘Impermissible Avoidance Arran
IT/ILT : Income-Tax (Eighteenth Amendment) Rules, 2013 – Amendment in Rule 44(E) and Insertion of Form No.34EA
Matter remanded as TP method applied by assessee wasn't justified and it agreed to apply CUP method
IT/ILT: Where method applied by assessee to determine royalty was found to be not just and proper and CUP method was agreed to be appropriate by both parties, matter needed fresh adjudication
No service tax can be demanded until machinery provisions are workable, says HC
ST : A recipient of clearing and forwarding services was made liable to file return by section 71A and section 73 was amended by Finance (No. 2) Act, 2004 to enable demand of service tax from persons falling under section 71A; therefore, such persons could not be asked to pay service tax prior to such amendment w.e.f. 10-9-2004 and show-cause notice issued prior to that date was invalid
Silence of assessee on issue of profit earned from sale of imported goods justified additions on est
IT: Merely because assessee was found to be owner of said proprietary concern and investment made in purchase of goods had been found to be unexplained, it could not be said that a separate addition for investment made in proprietary concern was called for without bringing enough material on record to justify addition on account of purchase consideration
Non-profit entities arranging child care services are exigible to service tax
ST/ECJ : Intermediary services provided by non-profit entities involving provision of childcare between host parents and parents owning child, on payment of specified sum per child per hour, are liable to service tax
Profit from sale of shares deemed as 'Capital gains' as foremost intention of assessee was to make i
IT : Profit earned from transaction of shares will be taxed as capital gains when dominant intention of assessee was to make investment
Refund arising from self assessment tax is also eligible for interest, says HC
IT : Refund arising on account of self assessment tax is eligible for interest
Ex-auditor couldn't complaint against new auditor if client founds no discrepancy in audit report of
CA Act: Where company whose audit report was stated to have been prepared by respondent contrary to prescribed norms had not made any complaint against respondent, complainant who was replaced as auditor of company by respondent had no locus standi to make a complaint in that respect
Title to property vests in allottee from date of allotment; capital gains to be computed accordingly
IT : Where allotter failed to deliver property originally allotted and subsequently registered alternate property in lieu of original property, allottee's right to property became vested from date of original allotment and capital gain on transfer of property would be ascertained accordingly
No input service credit is available beyond factory gate if foods are liable to specific rate of dut
ST : Definition of 'place of removal' in section 4(3)(c) of Central Excise Act, 1944 is applicable only when goods are liable to duty based on value determined under section 4; and is inapplicable for Cenvat Credit Rules, 2004 when duty is payable: (a) at a specific rate or (b) on value determined under section 3(2) or 4A
Loss incurred from cancellation of a contract for purchase of a machinery would be a 'capital loss'
IT : Where assessee advanced a sum for purchase of machineries and further he himself rescinded said contracts, loss incurred due to forfeiture of advances by suppliers was on capital account
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