No need to establish rendition of services in India to tax FTS as long as payer is a resident

IT/ILT : Rendering of service is not a pre-condition for attracting section 9(1)(vii) when Fees for Technical Services are payable by a person who is resident in India

RBI notifies definition of ‘group companies’ under FEMA Regulations with retro effect from June 3,

FEMA/ILT : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Sixteenth Amendment) Regulations, 2013 - Amendment in regulation 2

SEBI allows Mutual funds to hold gold certificates in physical form

SEBI : Gold Exchange Traded Fund Scheme (Gold ETFS) and Gold Deposit Scheme (GDS) of Banks

Adjudication order passed without valid show-cause notice is a nullity in law

ST : Where, in show-cause notice, there was no mention of assessee anywhere in body of notice and assessee's name figured only at beginning, there was no valid demand of service tax from assessee and, therefore, adjudication order passed on such notice was invalid

Rewards accumulated through credit card spending is legal liability; Provision thereof is allowable

IT : Expenditure incurred by assessee in issuing bonds would be considered as cost of borrowing and was revenue in nature

No concealment if an expense was disallowed as two possible views existed on its allowance

IT: Where revenue authorities relying upon different set of evidences, took a different view in respect of assessee's claim of payment of certain expenses, having regard to existence of two possible views, penalty under section 271(1)(c) could not be imposed in respect of disallowance of aforesaid claim of assessee

Service provider and recipient both are bound by condition of non-availment of credit for ST exempti

ST : If exemption, subject to condition of non-availment of credit, is taken by service provider, service provider cannot take credit and even service recipient cannot indirectly take credit of inputs/input services of which credit cannot by service provider

Concealment penalty can’t be levied without recording finding as to concealment of income

IT : In absence of clear finding of Assessing Officer whether assessee is guilty of concealment of income or furnishing incorrect particulars of income, penalty levied under section 271(1)(c) cannot be sustained

Arbitration clause provided in ancillary objects in Memorandum doesn’t deal with shareholders’ dispu

CL: Where arbitration clause of MOA was contained in ancillary objects which was only to aid in attainment of main objects, same was not applicable to disputes related to shareholders of company in capacity exclusively as shareholders and therefore, could not be treated as arbitration agreement

Levy of Sec. 220 interest isn’t appealable in isolation; can be included in appeal in conjunction wi

IT: If in 'giving effect order', there were simple orders levying interest under section 220(2), it might not have been appealable; however, where orders show revised computation of total income and particular levy of interest under section 220(2) is only one of many items considered in 'giving effect' orders, it is appealable

Objections of assessee to be decided first before a case is transferred from one AO to another

IT: Where assessee was assessed by Assessing Officer, Delhi and suddenly Assessing Officer, NOIDA issued on assessee notice under section 147/148 and further he without deciding objections to jurisdiction raised by assessee got his case transferred from Assessing Officer, Delhi to him, it was mandatory for Assessing Officer, NOIDA to decide objections before proceeding further