SEBI releases master circular for Mutual Funds

SEBI : Master Circular for Mutual Funds

Now importers can book forward contract upto 100% of eligible limit to hedge currency risk

FEMA/ILT : Risk Management and Inter Bank Dealings - Hedging under Past Performance Route

Tribunal couldn't order pre-deposit of duty and penalty as latter could be imposed if penalty order

Service Tax : In view of expression 'duty demanded or penalty levied' in section 35F (i.e., use of word 'or'), Tribunal cannot ask to make pre-deposit of both; pre-deposit of penalty is required when order of penalty alone is under challenge

ITAT upheld penalty on Co. for claiming sec. 54 relief on sale of residential house

IT : Where AO having rejected assessee-company claim for deduction under section 54 on ground that it being a company was not eligible to claim said deduction, passed a penalty order under section 271(1)(c) for raising such a patently false claim of deduction, penalty order so passed did not require any interference

No penalty on basis of confessional statement of assessee if it was retracted very next day

Excise & Customs : Once alleged statement made by assessee was retracted on next day itself with allegations of force and duress, onus to prove that said statement was voluntary shifted upon department and in absence of any such proof from department, confessional statement is not evidence to levy penalty

No penalty for taking loan in cash if impugned transaction is deemed as unexplained cash credit unde

IT : Once certain amount was subjected to tax under section 68, question of treating it as transaction in violation of section 269SS or section 269T did not arise as it stood mutually excluded

[Indian Customs Order] : Appointment of Common Adjudicating Authority

F. No.437/117/2014-Cus IV

Government of India

Ministry of Finance

Department of Revenue

(Central Board of Excise & Customs)

*****

New Delhi, dated 30th September, 2014

ORDER

In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. VIII/ 26/20/2013-DRI- HRU dated 21.05.2014 issued by Additional Director General, Directorate of Revenue Intelligence, Chennai Zonal Unit, Chennai in the case of M/s Aka Impex India Pvt. Ltd., Room No.21, 79, Shyamlal Road, Daryaganj, New Delhi to the Commissioner of Customs, (Port-Import), Custom House, 60 Rajaji Salai, Chennai for the purpose of adjudication.

(R.P.Singh)

Director (Customs)

Copy to:-

1. The Additional Director General, Directorate of Revenue Intelligence, 25, Gopalakrishna (Iyer) Road, T. Nagar, Chennai-600017.

2. The Commissioner of Customs, (Port-Import), Custom House, 60 Rajaji Salai, Chennai-600001.

3. The Commissioner of Customs (Import), Air Cargo, Near IGI Airport, New Delhi.

4. The Commissioner of Customs (Import), Inland Container Depot, Patparganj, New Delhi.

5. webmaster.cbec@icegate.gov.in.

[Indian Customs Non-Tariff Notification] : Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

No penalty if estimated addition made during block assessment wasn’t based on materials found during

IT: Where Assessing Officer passed penalty order under section 158BFA taking a view that undisclosed income assessed in case of assessee was in excess to undisclosed income shown in return of income, in view of fact that addition sustained remained only on estimate basis on account of gross profit on sales outside books of account and not on basis of any material found in possession of assessee during search proceedings, impugned penalty order was to be set aside

Tobacco Board was liable to ST as it couldn't be deemed as public authority for granting it ST exemp

Service Tax : Tobacco Boards are, prima facie, liable to service tax on their activities and they cannot be regarded as 'public authority' performing 'public functions' within meaning of Circular No. 89/7/2006-S.T., dated 18-12-2006

No reassessment to tax forfeited business advance if it was treated as capital receipts in original

IT: Where Assessing Officer completed assessment under section 143(3) accepting assessee's claim that amount forfeited representing non-refundable advance received from foreign company was capital receipt, he was not justified in initiating reassessment proceedings merely on basis of change of opinion that amount in question represented revenue receipts and, thus, liable to tax

Due date for deposit of TDS for month of September, 2014 extended to October 10, 2014

IT/ILT : Extension of The Due Date of Deposit of Tax Deducted /Collected at Source/Tax During the Month of September, 2014

HC directs TPO to fix ALP of AMP exp. on developing marketing intangibles of AEs following BMW India

IT/ILT : Where assessee, a distributor of high end audio products manufactured by AE located abroad, incurred certain AMP expenditure for developing marketing intangibles for AE, in order to determine ALP of said AMP expenditure, matter was to be remanded back to TPO to determine same in light of decision in case of BMW India (P.) Ltd. v. Addl. CIT [2014] 146 ITD 165/[2013] 37 taxmann.com 319 (Delhi - Trib.)

Supply of printed material as per customer’s specifications is purely relating to work and labour; n

CST & VAT: Where assessee printed material on orders received from customers and according to their specifications and supplied same to them, impugned transaction was purely ones of work and labour

Applicant seeking his removal from array of respondents can't be deemed as not wishing to be heard i

CL : Application before CLB for being deleted from array of parties can never be construed as if applicant does not wish to be heard in matter

Small spending on charitable acts not sufficient to deny trust’s registration if it complied with al

IT : Where assessee-trust satisfied requirements of Rule 17A of 1962 Rules and submitted Form No. 10A alongwith requisite documents, its claim for registration under section 12AA could not be rejected merely or ground that assessee had spent only small amount towards charitable activities

Value of transformer oil wasn't includible in 'repair of transformer services' if VAT was paid there

Service Tax : Where, in invoices pertain to repair of transformers, value of goods used (viz. transformer oil and component parts) were shown separately and sales tax/VAT was paid thereon, said goods will not form part of value of services