IT : Renewal of exemption certificate under section 80G(5) was remanded for de novo consideration
Friday 13 June 2014
Person whose income is subjected to withholding tax is entitled to claim its refund and not the dedu
IT : Where TDS was deposited by petitioner company on behalf of a foreign company, credit of refund could only be given to said foreign company
Beneficiary of discretionary trust won’t have right over its income; no tax if income wasn’t receive
IT: Discretionary trust is one which gives a beneficiary no right to any part of income of trust property, but vests in trustees a discretionary power to pay him, or apply for his benefit, such part of income as they think fit
Technical testing services received in abroad could not be liable to service-tax in India under reve
Service Tax : Where Technical Testing and Analysis Services was performed and received only outside India and there was no import of service, assessee could not be made liable to service tax under section 66A
Technical testing services received abroad could not be liable to service-tax in India under reverse
Service Tax : Where Technical Testing and Analysis Services was performed and received only outside India and there was no import of service, assessee could not be made liable to service tax under section 66A
Desist order issued against co. as it was organizing trade fairs by imposing unfair time-gap on thir
Competition Law : Commission directed ITPO to cease and desist from indulging in anti-competitive practice by removing discriminatory features that existed due to non-parity of time gap restrictions applicable to two third party events and that between an ITPO and third party events
Commission earned by NR agent for services rendered abroad couldn’t be taxed in India in absence of
IT/ILT : Where assessee paid commission to its foreign agents for rendering services abroad, in view of fact that those agents did not have PE in India and, moreover, services rendered were not in nature of technical service, income could not be said to accrue or arise in India and, thus, assessee was not liable to deduct tax at source while making payments to said agents
MCA tweaks norms relating to declaration and payment of dividends
CL/INDIAN ACTS & RULES : Companies (Declaration and Payment of Dividend) Amendment Rules, 2014 - Amendment in Rule 3
New Form MBP 2 shall be used for entering particulars of inter-corporate loans and deposits w.e.f. A
COMPANIES ACT, 2013/COMPANIES ACT, 1956 : Section 186 of The Companies Act, 2013, Read with Section 372A of The Companies Act, 1956 - Loan and Investment by Company - Clarification on Maintaining Register in New Format
Co-op. society can’t be denied sec. 80P relief for investment in public or private cos.
IT : Deduction under section 80P(2)(a)(i) could not be denied to assessee for investment made by it in private or public limited company
RBI empowers AD-1 banks to transfer assets on closure of Liaison Office or Branch Office in India
FEMA/ILT : Transfer of Assets of Liaison Office/Branch Office/Project Office of A Foreign Entity Either to its Wholly Owned Subsidiary/Joint Venture/Others in India - Delegation of Powers to Ad Banks
Co-op. society can’t be denied with denial of sec. 80P relief for investment in public or private co
IT : Deduction under section 80P(2)(a)(i) could not be denied to assessee for investment made by it in private or public limited company
Whether smuggling of goods would attract penalty on both firm and partners; case referred to larger
Excise & Customs : In view of apparent conflict between judgments in Commissioner of Customs (E.P) v. Jupiter Export [2007] 213 ELT 641 (Bom.) and Textoplast Industries v. Addl. Commissioner of customs 2011 (272) ELT 513 (Bom.), issue whether 'for same infraction, penalty can be levied on firm and partners both' was referred to larger bench
Reassessment can’t be based only on retro-amendments and interpretation of Apex Court on statutory p
IT : Subsequent amendments or subsequent interpretation of statute is not a ground to reopen concluded assessments
Frequent dealings in shares and absence of separate records trigger tax on resultant gains as busine
IT: Where there was short duration of holding of shares, and lack of clarity in account books, sale and purchase of shares would lead to business income and not short term capital gains
No VAT liability on 40% of restaurant bills which are liable to service tax, rules HC
CST & VAT : In case of restaurants, since element of service has been declared under Service tax laws and brought under Service Tax (i.e. 40% of bill amount to customers in restaurant), no Value Added Tax can be imposed on 40% of bill
HC deletes addition as variation in GP rates of current year and preceding years couldn’t justify ad
IT: Addition to profit could not be made on account of suppressed job charges that exceeded profit ratio compared to other years
Sum paid to unrelated party via banking route after deduction of tax at source couldn’t be treated a
IT: Where payment had been made through banking channels and tax was deducted at source and party was also not found to be related to assessee, Assessing Officer could not treat expense as bogus expense
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