IRDA lays down stringent norms for changes in shareholding pattern of broking entities

INSURANCE : Changes in the share holding pattern of a broking entity

Co-op. bank gets deduction under sec. 36(1)(viia) for NPA created in line with RBI and NABARD guidel

IT : Where assessee-bank had claimed deduction for 'Provision for Non-Performing Assets' under section 36(1)(viia), in view of fact that taxonomy of provision had been done by assessee to keep it in line with RBI and NABARD guidelines, but in pith and substance provision had been created for 'Bad and Doubtful Debts', deduction was claimed in accordance with section 36(1)(viia) and assessee was entitled to benefit of same

RBI cast an obligation on investee-co. to file form FC-TRS on acquisition of shares by NR under FDI

FEMA/ILT : Foreign Direct Investment (FDI) in India – Reporting mechanism for transfer of equity shares/ fully and mandatorily convertible preference shares/ fully and mandatorily convertible debentures

HC set aside penalty proceedings under Tamil Nadu VAT as it was barred by period of limitation

CST & VAT : Where for assessment years 1985-86 and 1986-87 Assessing Authority vide his order dated 30-11-1998 levied penalty under section 22(2) of Tamil Nadu General Sales Tax Act, 1959 upon assessee, proceedings levying penalty were barred by period of limitation

Assessee can’t either seek withdrawal of appeal or file revision petition when appeal was pending be

IT : Where an application is filed seeking withdrawal of appeal but no order is passed by Commissioner (Appeals), appeal will remain pending and subsequent revision petition will not be maintainable

Underground telephone cables used for communication within factory are eligible for credit as 'capit

Cenvat Credit : Underground Telephone Cables falling under Heading 8544.90 and used for communication purposes in various places inside factory are eligible for credit as 'capital goods'

Income earned by subsidiary from reinvestment of sum infused by Indian Holding Co. couldn’t be taxed

IT/ILT : Where AO sought to reopen assessment taking a view that income of assessee's wholly owned foreign subsidiary company was not offered for taxation, in view of fact that there was no failure on part of assessee to disclose all material facts at time of assessment, initiation of reassessment proceedings after expiry of four years from end of relevant assessment year was bad in law

Sudden payment of commission to an employee for his routine work wasn’t justifiable; HC confirms dis

IT: Commission paid to employee was not allowable where there was no material on record to prove that there was any contribution made by said employee, more than his liaison work, to assessee's business to justify payment of huge commission to him

No penalty under Rajasthan VAT merely for non-filling of invoice number and date in Form ST-18A

CST & VAT : Where assessee was carrying goods in a vehicle through State of Rajasthan and Authorised Officer on checking of goods having found that column of 'invoice number and date' of declaration form No. ST-18A accompanied with goods was not filled in and left blank imposed penalty under section 78(5) of Rajasthan Sales Tax Act, 1994 upon assessee, imposition of penalty was not justified

No stay of demand by ITAT beyond 365 days after insertion of third proviso to sec. 254(2A)

IT: Even if Tribunal is unable to hear appeal within 365 days, stay of demand cannot be extended beyond 365 days

HC quashed assessment order as it was barred by limitation period specified under Assam VAT Act

CST & VAT : Where Assessing Officer completed assessment of assessee for assessment year 2005-06 on 13-7-2012, in view of limitation prescribed under section 39 of Assam Value Added Tax Act, 2003, order of assessment was barred by limitation

CCI ruled out dominance by opp. parties as several other developers existed in business of developin

Competition Law: Where there were ten Opposite Party developers who were developing different projects in new township and none of OPs was dominant in township or surrounding areas, there was no abuse of dominance by OPs

Central Govt. notifies ' National Bank for Agriculture and Rural Development' for purposes of sec. 3

IT : Section 36(1)(xii) of the Income-tax Act, 1961 - Other deductions - Corporate or body corporate established under a statute - Expenditure incurred by - Notified corporate body

IRDA amends registration norms of Indian Insurance Cos.; recognizes 'Core Investment Co.' as Indian

INSURANCE/INDIAN ACTS & RULES : IRDA (Registration of Indian Insurance Companies) (Sixth Amendment) Regulations, 2014 - Amendment in regulations 2 and 11

No disallowance of genuine exp. of trust against its taxable income even if it failed to get sec. 12

IT: Even though assessee sports promotion board was denied registration as charitable trust and its income was brought to tax as 'income from other sources', all relevant expenditures were also to be allowed under section 57(iii)