FPI regime to begin from June 1, 2014; SEBI’s registration window for FIIs and sub-accounts opens ti

SEBI : Commencement of Foreign Portfolio Investor (“FPI”) regime

Owner of confiscated vehicle to be given first option to purchase vehicle at highest bid price under

GST/INDIAN ACTS & RULES : Madhya Pradesh Value Added Tax Rules, 2006 - Amendment in rules 56, 74 & substitution of form 61-A

MP Govt. dispenses with requirement of filing challan along with e-return of VAT if taxes are paid e

GST/INDIAN ACTS & RULES : Madhya Pradesh Value Added Tax Rules, 2006 – Amendment in rule 23-A

MCA releases list of notified sections of 2013 Act along with corresponding sections of 1956 Act rem

COMPANIES ACT, 2013/COMPANIES ACT, 1956 : Table Containing Provisions of Companies Act, 2013 as notified up to date and Corresponding provisions thereof under Companies Act, 1956 Issued by MCA

‘Satisfaction’ of AO for assessment of other person may come after concluding assessment of searched

IT: The Assessing Officer could record his satisfaction for issuing notice under section 158BD in the case of person other than searched person even after the completion of assessment of searched person

HC affirms lower presumptive rate than prescribed in sec. 44AD considering history and peculiarity o

IT : Where in case of assessee, engaged in civil construction business, Tribunal applied a net profit rate of 7 per cent keeping in view previous history, local knowledge and circumstances pertaining to assessee, said order of Tribunal did not require any interference

Delay in filing appeal can be condoned only when date of service of notice is established, rule HC

Excise & Customs : For purposes of computing period of limitation, relevant date is date on which order which is sought to be appealed against is communicated; unless such date is determined by Tribunal, there is no question of delay or condonation of any delay or dismissal of appeal being barred by limitation

CCI slapped Rs 1 Cr penalty on Google on its failure to supply docs relating to ongoing investigatio

CL : CCI penalizes Google for dilatory tactics in investigation into alleged abuse of its dominant position

Issue of additional shares without knowledge of director and selling her property at low price is an

CL : Where respondent nos. 2 and 10, i.e., directors of respondent no. 1, company, passed a board resolution for additional allotment of shares at back of petitioner i.e. another director, representing minority shareholding, with motive to sideline her and they also sold property of respondent no. 1 company at throwaway price in favour of buyer connected with them, a case for oppression and mismanagement was clearly made out under sections 397 and 398 of 1956 Act

Annulment of scrutiny assessment by higher authorities can't be a ground for reopening of assessment

IT: Reopening of assessment under section 147 on ground that assessment under section 143(3) has been annulled by higher authorities would mean abuse of process of law; assessment can only be reopened if Assessing Officer comes into knowledge of any new material from which he has reason to believe that certain income of assessee has escaped assessment

Interest on deposits under tea development account to be included or not for sec. 33AB relief is que

IT : Whether income on account of interest earned by assessee from out of deposits is to be included in income of assessee from growing and manufacture of tea in order to compute permissible deduction under section 33AB is a pure question of fact to be decided by lower authorities

Dept.'s delay not condonable as reckless approach shown and no action was taken against erring indiv

CST & VAT : Undoubtedly when Department files appeal/revision with some delay, it may deserve some leverage for official hierarchical steps for permission etc. but a wholly unexplained, reckless and negligent approach of delay cannot be overlooked particularly when no action is taken against erring individual

Scope of retro-amendments couldn’t be curtailed by treaty - HC’s passing remarks; denies stay on rec

IT/ILT: The scope and effect of the legislation cannot be curtailed by the DTAA, if after it comes into force an Act of Parliament is passed which contains contrary provision - This issue could have been discussed further had the petitioner questioned the legality of the Finance Act, 2012 inserting Explanations 5 and 6 in section 9(1)(vi) of the Act - The Tribunal had rightly directed deposit of 50 per cent of tax liability on the grounds urged by the petitioner seeking grant of interim stay

SC allows conditional bail to Subrata Roy; asks Sahara to deposit money and bank guarantee of Rs. 5,

SEBI : Supreme Court allows interim bail to Subrata Roy on condition of deposit of sum of Rs. 5,000 crores with the Court and bank guarantee of Rs. 5,000 crores of a nationalized bank in favour of SEBI

ITAT deletes TP adjustment as BPO and KPO Cos were taken as comparables for co. engaged in software

IT/ILT: Where while determining ALP, TPO had worked out PLI on basis of comparables which were not in same line of business carried on by assessee, same could not be accepted; there was no justification on part of TPO to compare financials of assessee-company to those of BPO and KPO companies and same should be compared only with software development companies

Seized cash not to be released unless assessee proves its source or until completion of block assess

IT : Where there were inherent contradictions in stand of assessee regarding source of asset and source of asset was not explained, release of seized assets was not possible

CLB rejected relief sought to stay AGM as there would be no change in board which would affect co. p

CL: When no change or likely change was going to take place in Board or in ownership of shares or by way of outsiders acquiring shares, section 409 of 1956 Act could not be invoked

Block assessment held null and void as it was passed in absence of search authorization

IT: In absence of a search authorization, assessment orders under section 153A cannot be passed

HC orders for refund of penalty as it was collected even prior to passing of order levying penalty

CST & VAT : Where penalty had been collected even prior to passing of order levying such penalty, such illegal collection/levy of penalty was set aside and department was directed to refund back same

ITAT to consider notional tax effect in case of loss to check maintainability of revenue's appeal, r

IT : For presentation of an appeal before Tribunal, where tax effect involve is nil and it is a case of loss, notional tax effect is to be considered

RBI extends transitional period for implementation of Basel III Capital norms for one year till 31-0

BANKING : Implementation of Basel III Capital Regulations in India - Capital Planning