IT/ILT : As per Article 5(6) of India-France DTAA, even if agent is wholly or almost wholly dependent on the foreign enterprise he still will not constitute dependent agent PE unless additional condition of the transactions being not at arm’s length price is fulfilled. The initial onus is upon the Revenue to show that the transactions are not at arm’s length price, thus, AO was directed to examine whether the transactions between the agent and assessee (i.e., foreign company) were at arm’s lengt
Thursday 20 November 2014
Sec. 14A disallowance can be made even when assets yielding tax-free income form part of trading ass
IT : Provisions of section 14A, read with rule 8D of 1962 Rules, apply even in a case where assets yielding tax-exempt income form part of trading assets of assessee
Concealment penalty on assessee upheld on his failure to explain source of flats acquired and shown
IT: Where assessee claimed that flats shown in return of income was acquired by surrendering his tenancy rights but failed to prove such rights, penalty levied under section 271(1)(c) was justified
ITAT directs AO to allow sec. 54F relief after considering recent ruling of Apex Court in case of Sa
IT: Where assessee cited order of Supreme Court in support of claiming deduction but same being recent was not available to Assessing Officer, nor before Commissioner (Appeals), matter was to be restored to decide in light of said order
No revision by CIT due to retro-amendments if AO had already made assessment
IT : Though amendment in section 115JB by Finance (No. 2) Act, 2009 by way of insertion of Explanation (i) is retrospectively brought with effect from 1-4-2001, revenue could not have benefit of same where assessment was already made
Delay filing appeal due to accident of staff of representative wasn't condonable without medical cer
Service-tax : Delay caused due to accident of staff of Chartered Accountant cannot be condoned when assessee could not name said staff and no medical certificate evidencing injury was filed
Petitioner couldn't file civil suit to recover interest if CLB admitted winding up plea on default o
CL: Where winding up petition for non-payment of principal sum had been allowed, petitioner was not to be relegated to remedy of civil suit for its claim of interest on that sum
ITAT deletes TP addition by following earlier case to hold that transaction was at ALP as facts rema
IT/ILT : Following order passed by Tribunal in assessee's own case relating to earlier assessment year, impugned addition made by TPO to assessee's ALP in respect of exports of spares and components to AE by applying internal TNMM, was to be set aside
RBI reduces realization and repatriation period for export proceeds to 9 months for units in SEZ, EO
FEMA/ILT : Export of Goods / Software / Services - Period of Realisation and Repatriation of Export Proceeds for Exporters Including Units in SEZS, Status Holder Exporters, EOUS, Units in EHTPS, STPS and BTPS
Banks to alert customers via SMS/email before levying penal charges for not maintaining min balance
BANKING : Levy of Penal Charges on Non-maintenance of Minimum Balances in Savings Bank Accounts
Sum received for hiring out dredgers wasn’t taxable as royalty under Article 12 of India-Netherland
IT/ILT : Sum received by Dutch Company for hiring out dredgers to its Indian AE would not be taxable in India as 'Royalty' as Article 12 of India-Netherland DTAA does not include such payments within its ambit.
No writ against CLB's order unless Compat was dysfunctional at the time of filing writ petition
Competition Act : CCI imposed penalty upon petitioner and directed it to file undertaking in terms of directions contained in order, writ petition filed by petitioner challenging that order would not be maintainable as CompAT was functioning and appeal if preferred by petitioner to CompAT would have been taken up for hearing along with application for interim relief which would have been filed therewith and petition could not be compared with other petitions in batch wherein interim relief was g
Sums collected by director from customers in ordinary course of business couldn’t be held as deemed
IT : Where assessee, a shareholder and director of a company collected certain amount from customers of company in ordinary course of business and kept it in his savings account which was finally remitted to company within a gap of short period, same could not be added to assessee's taxable income as deemed dividend
Credit of input services can't be denied merely because value thereof don't form part of final produ
Cenvat Credit : Revenue's submission that 'CENVAT credit cannot be allowed for service if value thereof does not form part of value subjected to excise duty' runs counter to fundamental concept of Service Tax; hence, transportation of final product upto customer's premises was eligible for Cenvat credit as input service
Income from letting out of office alongwith furniture is income from other sources if both are insep
IT : Income received by assessee by letting out fully furnished office premises and furniture was required to be assessed under head income from other sources
Sec. 14A disallowance couldn’t be made if assessee hadn’t earned or received any exempt income durin
IT : Disallowance cannot made under section 14A where assessee had not earned/received any exempt income during relevant year
In lending business one can’t assume that cash shortage found in search to be set-off with unexplain
IT: When undisclosed income that was invested remained unexplained by assessee, shortage of cash in unaccounted money lending business could not be set off against unexplained investment on basis of mere presumption
Sec. 80P: Society wasn't a co-operative bank if it didn't receive deposits and admits other society
IT : Where assessee, a co-operative society registered under the Karnataka State Co-operative Societies Act, did not receive deposits from public and, moreover, by-laws of society permitted admission of any other co-operative society as its members, assessee could not be regarded as primary-co-operative bank and, there being no application of section 80P(4), its claim for deduction under section 80P(2)(a)(i) was to be allowed
Mere claiming forex fluctuation loss under wrong provision won't lead to levy of concealment penalty
IT : Merely because assessee had claimed deduction of foreign exchange fluctuation loss on account of acquisition of fixed assets wrongly under section 37 instead of dealing same under section 43A, no penalty would be levied under section 271(1)(c)
CLB directs Kanthi Narahari to re-commence hearing on judicial matters of Andhra Pradesh and Telenga
COMPANIES ACT, 1956 : Section 10E of The Companies Act, 1956, read with Regulation 4 of The Company Law Board Regulations, 1991 - Constitution of Board of Company Law Administration - Revision in Work Distribution of Chennai Bench – Cessation of Office Order Dated 4-9-2014 w.e.f. 1-12-2014 Allocating Additional Charge of Chennai Bench Pertaining to States of Andhra Pradesh and Telengana to Member (Judicial) in Addition to his Existing Work
SEBI plans to widen definition of insider in insider norms and to reduce timeline to complete delist
SEBI : SEBI Board Meeting – Proposed Replacement of SEBI (Prohibition of Insider Trading) Regulations, 1992 Inter Alia for Strengthening Legal and Enforcement Framework; Conversion of Listing Agreements into Regulations; Proposed Amendment in SEBI (Delisting of Equity Shares) Regulations, 2009 & SEBI (Mutual Funds) Regulations, 1996 etc.
Mere claiming forex fluctuation under wrong provision won't lead to levy of concealment penalty on a
IT : Merely because assessee had claimed deduction of foreign exchange fluctuation loss on account of acquisition of fixed assets wrongly under section 37 instead of dealing same under section 43A, no penalty would be levied under section 271(1)(c)
No evasion penalty on issue relating to classification if assessee was boda-fide disputing it before
Excise & Customs : In matters involving classification, where assessee was bona fide disputing classification before Supreme Court, no 'evasion penalty' can be levied under rule 25 of Central Excise Rules, 2002
HC dismissed winding-up plea against guarantor-Co. as adjudication of debt against borrower was stil
CL : Winding up petition against guarantor of loan would not be maintainable when adjudication of debt against borrower was pending
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