Govt. notifies ‘1024’ as Cost Inflation Index for Financial Year 2014-15

IT/ILT : Section 48, Explanation (v) of the Income-Tax Act, 1961 - Capital Gains - Computation of - Notified Cost Inflation Index for Financial Year 2014-15

HC raps ITAT for remanding case when all info was available to examine nature of sec. 14A disallowan

IT : Where in appellate proceedings before Tribunal, assessee raised a new plea that even suo motu disallowance in terms of section 14A made in return was not justified, in view of fact that entire material necessary to examine nature of disallowance to be made under section 14A was already on record, Tribunal was to be directed to give its conclusive opinion on issue in dispute on merits

AO couldn’t doubt sanctity of lease rentals paid by lessee if lessor had paid income-tax thereon

IT : If plant and machinery taken on lease is duly reflected in books of lessor, rent thereon could not be disallowed

Service-tax is not payable on sale of goods which have been subjected to VAT

Service Tax : Where under a contract of supply and installation of machinery, assessee had paid VAT on value of machinery, such sale was not liable to service tax and exempt under Notification No. 12/2003-ST

HC admits voluntary winding up plea filed by co. as its affairs weren’t prejudicial to interest of m

CL : Where on an overall comprehension of record, affairs of company cannot be said to have been conducted in a manner prejudicial to interest of its members or to interest of public, voluntarily, winding up petition filed by petitioner company was to be allowed

Assessee offering marketing and support services to AEs to be held as service provider and not distr

IT/ILT: Where assessee provided marketing and installation support services to its associated enterprises it was held to be a service provider and not a distributor

NR promoters not required to obtain PAN under I-T Act are exempted from filing its details on Co.'s

COMPANIES ACT, 2013 : Section 7 of The Companies Act, 2013 - Incorporation of Company - Applicability of PAN Requirement for Foreign Nationals

India-Liechtenstein Tax info exchange agreement notified with effect from April 1, 2013

IT/ILT : Section 90 of The Income-Tax Act, 1961 - Double Taxation Agreement - Agreement for Exchange of Information with Respect to Taxes With Foreign Countries - Principality of Liechtenstein

AO can make Rule 8D disallowances if claim isn’t satisfactory and cogent reasons are recorded

IT-I : Assessing Officer can make disallowance under rule 8D of 1962 Rules only when he is not satisfied with correctness of claim of expenditure made by assessee and such a satisfaction has to be an objective one based on cogent reasons

Payments for receipt of satellite signals fall within ambit of process royalty in view of FA, 2012 a

IT/ILT : Payment made by the assessee as "Pay Channel Charges" is "royalty" as defined in clause (i) of Explanation 2 to sec. 9(1) of the Act in view of Explanation 6 below clause (vi) of sub-section (1) of sec. 9 defining the word "process"

MCA mandates appointment of whole-time 'CS' in Cos having paid-up capital of Rs. 5 Crores or more

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2014 - Insertion of Rule 8A

Full deduction under section 80-IA, 80-IB or 80HHC can be claimed as each provision is an independe

IT : Deduction under section 80-IA or 80-IB and deduction under section 80HHC are independent of each other and, therefore, full deduction under each section can be claimed

RBI issues final guidelines on Basel III liquidity framework; specifies 60% liquidity coverage ratio

BANKING : Basel III Framework on Liquidity Standards - Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards

Issue already examined under revisional proceedings can’t be reassessed

IT : Once an issue has been dealt with by Commissioner under section 263, Assessing Officer cannot reopen that issue under section 147

Indian Citizen participating in golf tournament abroad deemed as NR as his stay in India was of less

IT/ILT : Where assessee being a professional golfer would be a self employed professional who carried his talent as a sportsperson by participating in golf tournaments abroad; his stay in India being less than 182 days during relevant previous year, he would not be a resident so as to tax his receipts from such self-employment abroad

Family pension received from UK based bank falls under residuary Article 23 of India-UK DTAA - taxab

IT/ILT : Where the assessee received family pension from the employer of the deceased wife i.e., from RBS, UK and the source country i.e. UK also deducted tax thereon at source , said income cannot be taxed for a second time in India

No reassessment to deny higher rate of depreciation if facts were fully disclosed during original as

IT : Where during assessment proceedings, assessee on a specific query with respect to depreciation clearly mentioned that commercial vehicles purchased during year were given on lease, Assessing Officer was not justified to reopen assessment on ground that vehicles were not used for hiring and, thus, assessee was entitled for depreciation at normal rate of 20 per cent and not at higher rate of 40 per cent

Assessment of escaped turnover set aside as it was beyond limitation period prescribed under Tamil N

CST & VAT : Where for assessment year 1997-98, Assessing Authority completed assessment of assessee on 11-3-2000 and subsequently he, on representation made by assessee, made rectifications in above order and passed revised order on 2-7-2002 and further he issued on assessee a pre revision notice dated 5-4-2004 and by order dated 23-8-2004 passed under section 16(1)(a) of Tamil Nadu General Sales Tax Act, 1959 revised assessment order, above order dated 23-8-2004 was beyond period of limitation