SEBI/INDIAN ACTS & RULES : Depository Receipts Scheme, 2014
Saturday 15 November 2014
Selection Committee to recommend names of selected panel members of CCI in order of merit
COMPETITION ACT/INDIAN ACTS & RUILES : Competition Commission of India (Term of The Selection Committee and The Manner of Selection of Panel of Names) Amendment Rules, 2014 – Amendment In Rule 5
Sale proceeds of land/bonds aren't annual receipts; excludible in determining monetary limit of sec.
IT: Sale proceeds of land and bonds was not an annual receipt therefore, same should be excluded while considering monetary limit prescribed under section 10(23C)(iiiad)
Co-operative society was entitled to legitimate relief under sec. 80P even if it wasn’t claimed in i
IT : Assessee co-operative society would be entitled for deduction under section 80P(2)(a)(i) even though same had not been claimed in its return of income
Adjudication order can't be reviewed by dept. if same gets merged with order of Commissioner (Appeal
Excise & Customs : Where entire adjudication order was impugned by assessee before Commissioner (Appeals), same stood merged with order of Commissioner (Appeals) and all points with regard thereto became res judicata; therefore, review of adjudication order was impermissible
Assessee couldn't challenge transfer order belatedly at a time when new authority was exercising its
IT : Where assessee did not challenge order of transfer of its case at earliest letting all believe that such transfer was accepted, assessee should be barred from challenging same on exercise of jurisdiction by new authority
Sec. 80-IB: Date of initial approval would be deemed as date of approval of housing plan even after
IT : Area of one acre as prescribed in clause (b) of section 80-IB means area of one acre available for housing project inclusive of amenities as per norms of concerned municipal corporation or local body
Prior to 23-8-2007, sub-contractors weren't liable to ST circular levying ST liability was issued th
Service Tax : Department had, vide Circular dated 23-8-2007, clarified that sub-contractors are also liable to service tax; therefore, prior thereto, prima facie, there was doubt about taxability of services provided by sub-contractors
Mere proposal to carry on commercial activities in future won't lead to denial of sec. 12A registrat
IT: Where assessee-trust had merely proposed to carry on business activity in future to support its charitable purposes, registration under section 12A could not be rejected
No reassessment due to non-filing of return if time-limit to file belated return hadn’t expired, say
IT : Where time to file return is available to assessee, it cannot be said that any income has escaped assessment
HC set aside Tribunal's order as it was passed without giving any cogent and convincing reasons
Excise & Customs : Every authority (whether administrative, quasi-judicial or judicial) is required to pass a reasoned order; hence, where Tribunal has dismissed appeal of assessee without giving any cogent and convincing reasons, said order of Tribunal was set aside and matter was remanded back to Tribunal for decision afresh
Forex losses arising from services provided to foreign AEs are operative in nature; to be part of PL
IT/ILT: While computing margin of assessee in its TP study, issue of segmental information to be considered; TPO should verify whether assessee had maintained separate books of account which were audited by statutory auditors of Software Development Services and, if so, TPO should consider audited segmental information and use only AE segment for computing assessee's PLI.
Provisions of sec. 13 couldn’t be invoked by CIT while considering application for sec. 12AA registr
IT : Provisions of section 13 can be invoked by Assessing Officer while framing assessment and not by Commissioner while considering application for registration under section 12AA
CLB granted interim relief to petitioner as reliefs sought by it couldn't be referred to arbitration
CL: Where prima facie acts of oppression and mismanagement in affairs of company stood proved and reliefs sought for were not capable of being arbitrated by an arbitrator, keeping in mind paramount interest of company and balancing equities between parties, interim reliefs as prayed for were to be allowed
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