HC stays recovery proceedings against ‘Jet Airways’ during pendency of stay application

Excise & Customs : Where there is no delay/inaction on part of assessee and application for stay is still pending, recovery proceedings must be stayed/kept in abeyance during pendency of stay application

Sum received on termination of agency’s term is a capital receipt as it puts an end to income earnin

IT : Where Assessee entered into an agreement with a German company in India for producing and selling products of said foreign Company in India for a specific period and after expiry of period of agreement, foreign company made gratuitous payment to assessee for issuing a NOC for setting up its subsidiary company in India, said amount being capital receipt in hands of assessee, could not be brought to tax

No ST on sale of flat even if advance was received by builder prior to completion of construction

Service Tax : When construction is for sale of flats and same are ultimately sold to customer, there is no service involved even if a part of consideration is received in advance; such advance is against sale consideration of flat and not for obtaining any service

MCA gives discretion to Cos to maintain records in electronic form

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Management and Administration) Second Amendment Rules, 2014 – Amendment in rules 9, 13, 23 and 27

CIT can’t revise order of AO because he loses his jurisdiction due to a circular issued by CBDT subs

IT : Income tax Officer having valid jurisdiction at time of issuance of notice under section 143(2), subsequent disqualification would not scrap his jurisdiction of making assessment

Adjudication proceedings decided by Tribunal couldn’t be re-agitated in collateral proceedings

Excise & Customs : Where demand has been confirmed and upheld finally by Tribunal without further appeal, assessee cannot re-challenge show-cause notice and original order when department initiates recovery

Specified Public Cos engaged in multiple businesses can appoint an individual as its chairperson-cum

COMPANIES ACT, 2013 : Section 203 of the Companies Act, 2013 - Appointment of Key Managerial Personnel – Notified class of companies for purposes of second proviso to section 203(1)

MCA tweaks definition of "related party" to eliminate its disharmonious interpretation

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Removal of Difficulties) Sixth Order, 2014 – Amendment in section 2 of the Companies Act, 2013

RBI asks authorized dealers to exercise due diligence and to adhere to KYC norms on sale of Prepaid

FEMA/ILT : Issue of Prepaid Forex Cards- Due Diligence and Adherence to KYC norms

Assessment of amalgamating Co. after its amalgamation with successor Co. is null and void

IT : Where assessee had already amalgamated with another company before finalisation of assessment, no assessment could be framed on assessee as it was not in existence when such assessment was framed

HC allowed assessee to furnish personal bond instead of bank guarantee in respect of unpaid disputed

CST & VAT : Where against order of assessment, assessee filed appeal before Appellate Deputy Commissioner along with stay petition and Appellate Deputy Commissioner directed assessee to pay 25 per cent of disputed amount of tax and imposed a further condition directing assessee to produce bank guarantee with respect to balance amount of tax, assessee was permitted to execute personal bond instead of bank gurantee

I-T Act recognizes Mutual fund as a special category of investment; it can’t be clubbed with investm

IT: Units of mutual being a special category investments, investment in mutual funds cannot be clubbed with investment in shares or commodities; and any surplus arising therefrom on sale of mutual fund kept as investment is long-term capital gain

HC discharged Liquidator on his failure to advertise winding-up petition of creditor on satisfaction

CL : Where petitioning creditor did not advertise winding up petition on satisfaction of its dues and it was not feasible to substitute another creditor in place of petitioning creditor for want of satisfaction of twin requirement of Rule 101 of Company (Court) Rules, official liquidator was to be discharged