Service Tax : Where assessee sought writ of mandamus : (a) directing Government to amend law and (b) directing CBEC to withdraw/amend clarification, High Court held that : (i) no direction can be issued to Government to amend law and (b) assessee could approach CBEC for withdrawal/amendment of clarification
Tuesday 21 October 2014
Sec. 14A disallowance can be triggered even in respect of investments yielding no exempt income
IT : Disallowance under section 14A, read with rule 8D is to be made not only in respect of income which does not form part of total income but also in respect of income which shall not form part of total income
SC allows withdrawal of SLP against order directing GTA to payback refund received under nullified j
Service Tax : Supreme Court permitted withdrawal special leave petitions against judgment of High Court holding that : (a) assessee includes agent of person liable to pay service tax; (b) where GTA received refund of tax paid by service recipient under reverse charge, same is received as an agent of assessee being assessee and therefore, (c) in case of subsequent recovery, GTA has to payback refund received it
HC admitted winding up of Co. as debt owed to bank wasn't disputed and it wasn't in a position to pa
CL: Where respondent-company had disputed neither debt owed to petitioner-bank nor fact that it had been unable to discharge its debt, winding up petition against it was to be admitted
Comparables chosen by assessee couldn't be ignored merely if it had sustained losses in earlier year
IT/ILT: Comparable cases cannot be ignored merely on ground of loss suffered by assessee in some years
Ministry increases validity period of industrial license; does away with stipulation of annual capac
FDI/FEMA/ILT : Streamlining The Procedure for Grant of Industrial Licenses
Stock Exchanges can waive-off penalty for client code modification of non-institutional trade due to
SEBI : Modification of Client Codes of Non-Institutional Trades Executed on Stock Exchanges (All Segments)
Directors are liable on dishonour of cheques if they are in charge of business of Co.; SC's obiter d
CL : Once in a complaint filed under section 138 read with section 141 of the Negotiable Instrument Act basic averment is made that Director was in charge of and responsible for conduct of business of company at relevant time when offence was committed, Magistrate can issue process against such Director
Assessment in hands of trust quashed as trust deed clearly defined beneficiaries and their share of
IT: Where assessee, a revocable trust, was formed with object of making investment in mezzanine fund, in view of fact that trust deed gave clear description of beneficiaries/contributories and thus, those beneficiaries were not uncertain and moreover, as regards share of each beneficiary, trustees were duty bound to follow distribution mechanism specified in trust deed, conditions regarding applicability of section 164(1) did not satisfy and, thus, assessment made in hands of assessee-trust in t
No TDS liability of employer on sums remitted under approved VRS if value of benefits didn’t exceed
IT : Once scheme for voluntary retirement is approved, occasion to effect deduction of tax at source would arise only if benefit of a particular employee exceeds Rs. five lakhs
Reassessment made without verification of books was liable to rectification proceedings
CST & VAT : Where reassessment order was passed without looking into books of account, application for rectification was to be accepted to verify books of account
AO to consider sec. 54B relief after verifying revenue records indicating status of land as agricult
IT : Where in support of claim for deduction under section 54B, assessee produced revenue record showing that land acquired by State Government was used for agricultural purpose, since said evidence was not considered by authorities below while rejecting assessee's claim, impugned order passed by them was to be set aside
SC: CCE(Appeals) can address question of facts and law but High Court can't adjudicate facts in writ
Excise & Customs : Commissioner (Appeals) can address both issues relating to facts and law keeping in view applicability of relevant provisions/ notifications
HC upheld reassessment as assessee had wrongly deducted interest on housing loan under sec. 57
IT : Where in course of assessment proceedings relating to subsequent assessment year, Assessing Officer received information that assessee had wrongly claimed deduction of interest under section 57 in respect of loan taken for purchase of residential house property, he was justified in initiating reassessment proceedings for relevant assessment year
Assessing authority to pass revisional order independently without being influenced by order of othe
CST & VAT : Assessing Authority has to take a decision independently while forming a final opinion and not pass orders based on influence of any other authority
When property in goods passes on to buyer is relevant to determine place of removal: CBEC clarifies
CENVAT CREDIT/EXCISE & CUSTOMS LAWS : Rule 2(qa) of The Cenvat Credit Rules, 2004 – Place of Removal – Determination of – Clarifications on Relevant Considerations to ascertain Place of Removal
Income from letting out of factory alongwith Machinery was taxable as business receipt if both were
IT: Where assessee, engaged in manufacture and sale of IMFL products, let out entire factory alongwith excise licence and plant and machinery, in view of provisions of section 56(2)(iii), amount of lease rent was liable to be taxed as 'business income'
CLB ordered investigation against Co. as it was conducted in a manner to defraud petitioner-Co and i
CL: Where circumstances suggested that business of company was being conducted with intend to defraud petitioner and its members, investigation into affairs of respondent No. 1 was to be ordered
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