Modifications in revised framework for revitalizing distressed assets shall also be applicable to NB

NBFCs : Early Recognition Of Financial Distress, Prompt Steps For Resolution And Fair Recovery Of Lenders : Framework For Revitalising Distressed Assets In Economy – Review Of Guidelines On Joint Lenders' Forum (JLF) And Corrective Action Plan (CAP)

SLP dismissed against HC's order which held that advances received for job work couldn't be held as

IT : SLP dismissed against High Court's ruling that advances received by assessee - shareholder under an agreement to do job work for company could not be treated as deemed dividend

Govt. to issue Sovereign Gold Bonds via designated post offices in Nov, 2015

BANKING : Sovereign Gold Bond 2015-16

No fresh permission/renewal for opening of liaison office of foreign law firms: Apex Court

FEMA/ILT : No Fresh Permission/Renewal Of Permission To Los Of Foreign Law Firms – Supereme Court's Directions

Land acquired under an agreement not to be held as compulsory acquisition under Sec. 194LA

IT : The question of compulsory acquisition will arise only where the compensation cannot be determined by agreement. In other words when the compensation is based on an agreement between State Government and owner of the land, no more can we say that it is a compulsory acquisition

Major setback for 'AAP Govt.' - High Court quashes directive of audit of discoms by CAG

CAG Act : Direction of Delhi Govt ordering tariff audit of discoms by CAG quashed as the opportunity given to discoms to represent against the proposal for audit was not a "reasonable opportunity" within the meaning of section 20(3) of the CAG Act as the opportunity was given without disclosing the public interest in which audit of DISCOMS by CAG was deemed expedient and as the opportunity to represent was given before consultation with CAG and before the terms and conditions for audit were agre

No deduction of customs duty and excise duty if their liability is contingent upon uncertain facts

IT : Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible

Gift couldn't be held as unexplained if made by relatives out of love/affection and they were income

IT : Where assessee claimed that during year his minor children had received gifts of Rs. 3.71 lakhs from four relatives and Assessing Officer rejected gifts and added amount in income of assessee, since all ingredients of valid gifts had been proved by assessee, impugned addition was not justified

Last date for filing of reconciliation return under DVAT further extended to Dec 15, 2015

VAT : Filing Of Reconciliation Return For Year 2014-15

SLP granted against HC's order in which sec. 80P relief was given to credit cooperative society

IT : SLP granted against High Court's order where it was held that since assessee was a credit co-operative society, engaged in providing credit facilities to its members only, it was entitled to claim deduction under section 80P(2)(a)(i)

No rectification if error relating to denial of credit on export services couldn't be discovered wit

Service Tax/Excise/Customs : An error, which has to be established by a long drawn process of reasoning on points where there may conceivably be two opinions does not amount to 'error apparent on face of record' and is not a rectifiable mistake

Official docs of girl remain valid even after her marriage if supported by marriage certificate

BANKING : Submission of Officially Valid Documents in Respect of Change of Name on Account of Marriage or Otherwise – Amendment in Prevention of Money-Laundering (Maintenance of Records) Rules, 2005

Appeal filed before ITAT to be restored when proceedings before SetCom is abated

IT: Where assessee had not paid requisite amount of taxes and interest on revised undisclosed income on or before specified date, settlement application filed by assessee stood abated

No search proceedings against client due to seizure of CA's hard disk containing ITR data of client

IT : Delhi HC lays down principles to avoid vexatious proceedings u/s 153C against person other than person searched

Gain arising to ESOP trust on transfer of shares to employees of setter-co. isn’t business receipt

IT : Where assessee was an 'ESOP Trust' created by settler-company for implementing its ESOP scheme the assessee was merely acting as 'Special Purpose Vehicle'. Shares held by the assessee were in fiduciary capacity and assessee did not have absolute rights over those, so these shares could not be categorised as business assets. Thus, gain arising to assessee on transfer of shares to employees of settlor-company was to be treated as capital gain and not as business profits

Assessee need not comply with supplementary instruction if main exemption notification doesn't manda

Excise & Customs : Since there was no condition stipulated in main exemption notification 42/01 that supplementary instruction to be issued by CBEC would be mandatory, assessee need not comply with such supplementary instruction so as to furnish bond to avail benefit of main exemption notification

No concealment penalty even if assessee had followed different system of accounting for particular e

IT: Penalty could not be levied under section 271(1)(c) on ground that assessee applied different system of accounting for interest expenses and interest received

SEBI's revised abridge prospectus - Improves readability and contains relevant info for investors

SEBI : Disclosures in Abridged Prospectus and Price Information of Past Issues Handled by Merchant Bankers

SC stayed IT proceedings as Kerala Govt. didn't take steps to amend provisions related to Court fees

IT : As section 52A of Kerala Court fees, Act specified court fee in appeal before High Court at 1% of income assessed by Assessing Officer, but in many cases such assessed income might not at all survive, State Government had to make required amendment; High Court opined that instant matter was to be stayed till information about steps taken by State Government was provided

CBEC prescribes procedure for export of bulk cargo without sealing it

EXCISE : Clarification on Self-Sealing and Self-Examination of Bulk Cargo – Prescribed Procedures for Allowing Export Without Sealing in Packages or Container

Removal of directors by forging sign on resignation letters amounts to oppression

CL: Right provided under sections 397 and 398 are statutory in nature and vested with parties to prevent oppression and mis-management against member or company and such reliefs cannot be granted by civil court; hence on dismissal/withdrawal of civil suit and approaching CLB, principles of res judicata not applicable

Case remanded as dept. failure to show that assessee had collected money which represents duty

Excise & Customs : Entire burden of proving that assessee has collected money representing duty/tax rests on revenue; however, where revenue had failed to discharge said burden, Tribunal was correct in remanding matter back

Credit of EC and SHEC can be used to pay service tax: CBEC

ST/INDIAN ACTS & RULES : Cenvat Credit (Fifth Amendment) Rules, 2015 – Amendment in Rule 3

Penalty can't be imposed if assessee doesn't acquire possession of goods which are liable to confisc

Excise & Customs: Where appellants were not found to have acquired possession or handled any excisable goods in any manner that was liable to confiscation, no penalty could be imposed

Non-compete fee wasn't taxable prior to AY 2002-03

IT: Where for assessment year 1996-97 under an agreement, assessee transferred one of its business to other company but continued its business using its own logo, trade name, licenses and permits, no part of non-compete fee received by assessee under aforesaid agreement could be treated as considerations for goodwill and it was not taxable as income

AO designated to collect AIR info couldn't issue reassessment notice if he didn't have jurisdiction

IT: Reassessment by jurisdictional Assessing Officer on basis of notice issued by Income-tax Officer collecting AIR information, but having no jurisdiction over assessee, is invalid

Govt. notifies old tolerance limit of 1% and 3% under new TP Rule

IT/ILT : Section 92C Of The Income-Tax Act, 1961 – Transfer Pricing – Computation Of Arm's Length Price – Notified Tolerance Limit

In case of DTA clearances by 100% EOU, CVD portion is leviable at highest of excise duty rates in In

Central Excise : In view of Explanation 1 to Section 3 of Central Excise Act, 1944, in case of DTA clearances by 100% EOUs, CVD portion equal to excise duty is leviable at highest of excise duty rates in India. Thus, in case of goods liable to excise duty at different rates owing to exemptions or otherwise, CVD portion would be computed using highest rate of excise duty. This principle is analogous to principles in Section 3(1) of Customs Tariff Act, 1975

SEBI limits length of abridged prospectus to 5 pages; excludes disclosure of memorandum

SEBI/INDIAN ACTS & RULES : SEBI (Issue Of Capital And Disclosure Requirements) (Seventh Amendment) Regulations, 2015 – Amendment In Regulation 58 And Schedule VIII

IRDA notifies norms on acquisition of surrender and paid up values under life insurance policies

INSURANCE/INDIAN ACTS & RULES : IRDAI (Acquisition Of Surrender And Paid Up Values) Regulations, 2015

Comparable which is excluded for want of financial data to be included in appellate stage when such

IT/ILT : In case of assessee, rendering IT enabled services to its AE, companies having related party transactions in excess of 25 per cent could not be accepted as comparables

HC sets aside penalty on ‘Flipkart’ for effecting sales without registering under Kerala VAT Act

Kerala VAT: 'Flipkart' is merely facilitating sales, purchase and delivery of goods, it can't be considered as dealer of goods under Kerala VAT Act

Govt Imposes 10% Regulatory Duty On Cotton Yarn, Fabric Imports From India

KARACHI: The cotton yarn, fabric commercial and value addition sector exporters will face 10 percent regulatory duty on imports from India from November 1.

Spinning sector of the country has filed the case of anti-dumping against Indian cotton and cotton-yarn imports with National Tariff Commission (NTC) and it is still pending with the NTC.

Government without consulting the NTC has increased the regulatory duty from five percent to 10 percent on import of cotton yarn and fabric from India.

Pakistan Apparel Forum (PAF) said value added apparel sector was representing Pakistan Hosiery Manufacturers and Exporters Association, Pakistan Readymade Garments Manufacturers, Exporters Association, Pakistan Knitwear and Sweater Exporters Association, Pakistan Cotton Fashion Apparel Manufacturers and Exporters Association, who were major stakeholders of value added apparel sector. The performance of value addition by woven garments sector is 846 percent, hosiery/knit garments 616 percent and spinning sector is 59 percent. Members of the PAF advised if government wanted to take decision on its own then it should abolish NTC.

The import of Indian fabric is already banned as per import policy 2012-15 and the government has imposed ten percent regulatory duty on import of fabric from India. It seems that government is bent on favouring the spinning sector for unknown reasons.

Emerging textile report of India cotton yarn export per destination is that India exports cotton yarn to Pakistan during 2014 in 25,983 metric tonnes at higher value - $4.09 per kg, while during 2014, India exported 521,831 metric tonnes cotton yarn to China at $2.91 per kg, Bangladesh 158,466 metric tonnes at $3.52 per kg, Egypt 59,812 metric tonnes at $3.29 per kg, Vietnam 51,072 metric tonnes at $3.39 per kg, Colombia 28,033 metric tonnes at $3.19 per kg and Turkey 13,763 metric tonnes at $3.79 per kg.

The PAF said in year 2010, many of the spinning mills claimed that in the history of the spinning sector of Pakistan they had made record profits and still are making huge profits and even at that time several of the spinning mills showed losses and still that spinning mills are doing losses, government may confirm from their balance sheets.

The 90 percent value added textile sector does not take Long Term Financing (LTF) and majority of small and medium units do not take export refinance, it shows government is pampering the large size units and destroying the small and medium size units which provides huge employment including poor female workers, who work on stitching machines and the government wants to create unemployment, chaos and disaster.

Source:-thehimalayantimes.com

Growth In Indian Tea Industry To Remain Stagnant On Adverse Climatic Conditions

In India tea is like a staple beverage which acts as an energy booster and is simply indispensable. India happens to be one of the largest consumers of tea in the world. Teas can generally be divided into categories based on how they are processed. There are at least six different types of tea viz, Black tea, Green tea, White tea, Herbal tea, Oloong tea, Yellow tea. India happens to be world’s largest black tea producer after Kenya and Sri Lanka. India’s 79.9% of total black tea output comes from North India, while South India accounts for balance.

There are mainly two ways of producing tea in India namely the CTC production and Orthodox production. CTC is an acronym for crush, tear and curl. The tea produced by this method is mostly used in tea bags. The orthodox production method consists of five stages, namely withering, rolling, fermentation, drying and finally storing. It is not possible to compare the two varieties because their quality depends on factors such as rainfall, soil, wind and the method of plucking of tea leaves and both possess a unique charm of their own.

Tea Production:

For the on-going financial year 2015-16, tea production has shown an increasing trend except for the month of August due to adverse weather conditions resulting in droughty and dry spells prevailing across most tea areas of Assam and WestBengal. Assam and West Bengal are the major tea-producing states, accounting for 80% of India's total output. Assam which accounts for 50% of country’s total production, has been passing through a period of scanty rainfall and higher temperatures this year. The unusual weather pattern in the region resulted in wilting of tea leaves followed by unprecedented pest attack mainly looper, helopeltis and green fly. This adverse weather had its effect on production. The overall production for the April-August period of FY-16 has decreased to 624.62 million kg as compared to 626.41 million kg in corresponding period last fiscal.
 


Tea Exports:

Tea exports from India during financial year 2014-15 declined by 26.92 million kg as compared to previous year. This decline has largely been in the wake of increased competition from lower cost tea producers such as East African countries. Further, other major reason for the decline is fall in production of Assam Orthodox tea caused by scanty rains. However export realizations are expected to improve because of global shortfall and expectation of higher prices. India's tea industry now is eyeing Russia with renewed interest after a gap of 10 years as exports to two key markets of Egypt and Pakistan are not picking up. Exports for the April- August 2015-16 period stood at 74.79 million Kg, as compared to 70.44 million kg for the same period in the previous year.

 

Average Auction prices:

In India more than 50% sales of tea is routed through auction at various auction centres located in North &South India. Average auction price of tea for April- Sept period of 2015-16 has declined to Rs 127.39/Kg as compared to Rs 135.11/Kg in same period last fiscal. Prices are expected to firm up due to robust demand in domestic as well as global markets and due to below average rainfall in growing regions of tea. Further reports of lower production in Kenya on account of dry weather conditions too are expected to support prices.

 

Coffee:

In India, coffee is traditionally grown in the Western Ghats spread over Karnataka, Kerala and Tamil Nadu. Coffee is predominantly an export oriented commodity and 65% to 70% of coffee produced in the country is exported, while the rest is consumed within the country. The two main varieties of coffee viz., Arabica and Robusta are grown in India. Arabica is mild coffee, but the beans being more aromatic, it has higher market value compared to Robusta beans. On the other hand Robusta has more strength and is, therefore, used in making various blends. Arabica is grown in higher altitudes than Robusta. The harvest of Arabica takes place between November to January, while for Robusta it is December to February.

Coffee Production:

For the year 2014-15, India’s coffee production stood at 327000 MT as compared to 304500 MT produced in corresponding year ago period. The Arabica and Robusta varieties accounted for 30 per cent (98,000 MT) and 70 per cent (229,000 MT) of India’s overall coffee production, respectively, in 2014-15. However production for year 2014-15 showed a marginal decrease of 1.21% or 4000 tonnes over the post monsoon estimate of 331000 MT, the loss were mainly from Karnataka. Coffee areas witnessed a long period of drought after receiving blossom showers followed by an extremely harsh monsoon. There was heavy proliferation of white stem borer in the arabica growing regions because of extended drought and the subsequent heavy monsoon damaged robusta crop. Overall the crop prospects of 2015-16 at post blossom stage are quite encouraging due to the timely and adequate blossom and backing showers in the traditional and non-traditional areas.



Coffee Exports:

India's Robusta coffee variety has a good reputation among international buyers. European countries continue to be the major buyers of Indian coffee. Italy, Germany, and Russia are the top export destinations for Indian coffee, with India exporting an estimated 90 per cent of its production. Coffee exports witnessed a fall of 8.3% for the financial year 2014-15 and stood at 286,545 MT compared to 312,625 exported in year ago period. The drop in volumes of coffee exports is due to sluggish demand from major European buyers. Further, coffee prices in international markets are under pressure due to production surplus in Brazil, the world’s leading producer. Also, Brazil’s currency is ruling weak against the US dollar. Coffee exports are expected to surge on good demand for Robusta variety. However, export realization may remain lower due to fall in global prices reacting to the currency depreciation in Brazil.


Growth Drivers for Tea & Coffee Industry:

    Consumer preferences for branded packet tea over open weight have been dominating unbranded products.
    Rising consumer awareness about the health hazards of carbonated drinks is leading to the shift towards tea and coffee. There has been rise in health conscious population who prefer antioxidant property of tea or instant energy of coffee.
    Traditionally considered as a hot beverage , the penetration of tea in the non-alcoholic cold segment is driving force for tea industry owing to rising affinity towards ice-tea which currently accounts for over 5% of entire non-alcoholic beverage market in India
    Rise in discretional income among young population who has a lot of appeal for café culture is another growth driver for the industry.

Initiatives for tea-coffee sector:

    At a time when climate-change is impacting tea-cultivation in a major way, efforts are on to make tea estates climate-smart so that the industry develops resilience to uncertain and negative climate change impact. A project has been launched by the Tea Research Association along with Southampton University on climate for investigating the impact of climate change on tea production and livelihoods in North-East India, revolving around climate variability, land-management practices and climate-smart agriculture practices.
    The Centre is planning to liberalise the Tea Act, so as to increase tea production and productivity by bringing additional areas under cultivation by waiving the present stipulation of obtaining permits for bringing additional areas under tea cultivation.
    To ensure quality and increase exports, C-DAC (Centre for Developing Advanced Computing) is presently working with TRA on a spectrometer which will enable tea growers especially small ones to detect traces of pesticides early.
    Tea board of India has come-up with new initiative “Assistance under scheme for promotion of packaged Teas of Indian Origin (Brand support) in overseas market” to help Indian exporters for marketing teas of Indian origin in overseas markets on a sustained basis.
    To tackle the declining trend in Arabica production, all producing countries of the variety have joined hands for a coffee research programme. Lower productivity in India has been attributed to non-release of better clones, limited mechanisation, pest infestation and paucity of labour.
    This global collaboration would probably give some leads.
    The Commerce Ministry has formed a committee that will suggest ways to effectively deal with 'stem borer' pests in coffee plantations and reduce crop losses. The move is aimed at enhancing productivity of coffee in the country and further boosting its exports.
    Coffee board of India launched a scheme in association with Canara Bank for granting term loans up to Rs 100 Lakh to Micro & Small Enterprises (MSE) to establish Roasting, Grinding and Packaging industry of Coffee. The objective of the scheme is to enhance quality of coffee product and achieve value addition through introduction of improved technologies in roasting, grinding and packaging which will result in boosting domestic coffee consumption and entrepreneurship in the coffee sector especially in the NonTraditional areas.

Outlook:

The growth in Indian tea-sector during the ongoing financial year is expected to remain stagnant, with tea planters in doldrums due to various factors including adverse climatic conditions. Erratic weather condition too may affect production in the growing southern and northern regions. Domestic consumption of tea has increased as compared to production and this may help in better price realization.

However, the Indian coffee market is expected to remain firm with good demand for robusta variety. Further, the domestic coffee consumption too has been continuously growing largely on account of a thriving independent upscale cafe culture. Meanwhile rapid change in consumer behavior is likely to support Indian tea-coffee sector in near future. Companies in the last decade have positioned tea and coffee as recreational products, which have proved beneficial in attracting younger population. Furthermore, the focus on high-protein, low-sugar diets is stimulating demand for green tea, ground coffee and artificial sweeteners, which have shown strong signs of promise over the past years.

Source:- money.livemint.com

Rupee Trading Weak At 65.24

The rupee was trading weak at 65.24 in the evening deals on strong month-end dollar demand from importers.

Besides, strengthening of dollar against other currencies overseas after Federal Reserve's hawkish comments weighed on the rupee sentiment. Also, weak equity market put pressure on rupee.

The US Federal Reserve had kept interest rates unchanged on Wednesday, but signalled it may increase its policy rates at the next meeting in December, stoking fears of foreign fund outflows from domestic markets.

Earlier, the rupee opened weak by 27 paise at 65.20 against the previous close of 64.93 at the Interbank Foreign Exchange market.

It further weakened to 65.25 before being quoted at 65.24, down 31 paise at 4.35 pm local time.

The local currency hovered in a range of 65.25 and 65.12 in the afternoon trade.

Meanwhile, the benchmark Sensex ended down by 201.62 points or 0.75 per cent at 26,838.14.

Source:- http://ift.tt/MS42Fr

Jaypee Group isn't a dominant player among developers of residential units in Noida: CCI

Competition Act : Where real estate developers i.e., Jaiprakash Associates (JAL) and Jaypee Infratech (JIL) did not have ability to influence conditions of competition in relevant market for provision of services for development and sale of residential apartments in Noida and Greater Noida and there were several established real estate players offering world class amenities, JAL/JIL was not in a dominant position in relevant market and, therefore, question of examining alleged abusive conduct

Hyderabad ITAT treats employee's and employer's contribution to PF at par for purpose of sec. 43B

IT: Where employee contributions were not deposited by assessee within due date as prescribed under P.F. Act., but same were made before due date of furnishing return under section 139(1), allowance of deduction of employees contribution to P.F under section 43B was justified

IRDA lists out various scenarios for refunding premium on ground of suppression of facts by policyho

INSURANCE : Clarifications On Applicability Of Provisions Of Section 45 Of Insurance Act, 1938 In Various Scenarios

IRDA notifies norms on registration of branch offices of foreign re-insurers other than LLYOD's

INSURANCE/INDIAN ACTS & RULES : IRDAI (Registration And Operation Of Branch Offices Of Foreign Reinsurers Other Than Lloyd's) Regulations, 2015

Target Plus Scheme under EXIM Policy/FTP can't be amended retrospectively to deny already accrued be

EXIM Policy/FTP : Notification No. 48/2005 dated February 20, 2006 and Notification No. 8/2006 dated June 12, 2006 amending 'Target Plus Scheme' under EXIM Policy/Foreign Trade Policy 2004-2009 to restrict/reduce benefit to exporter retrospectively from 1-4-2005 were ultra vires, as already accrued benefit cannot be taken away by retrospective amendment; therefore, the said notifications were read down to be effective only from dates they are issued

Rupee Infrastructure Bonds - No capital gains on appreciation in value of rupee: CBDT

IT/ILT : Section 54EC Of The Income-Tax Act, 1961 - Capital Gain Not To Be Charged On Investment In Certain Bonds - Taxation Of Income From Offshore Rupee Denominated Bonds

CCI dismissed compliant against supplier as it wasn't proved that supplier had colluded in railway t

Competition Act: Where evidence available on record was insufficient to hold Opposite Parties responsible for having colluded in tenders for supply of AMDBS, a critical safety item required for railway coaches, complaint of alleged unfair business practices made by Informant against Opposite Parties was to be dismissed

Last date of filing Annual return under Assam VAT extended to Dec 31, 2015

VAT : Extension Of Time Limit For Filing Of Annual Return And Filing Of Audit Report By A Dealer

CBDT issues new instructions to streamline process of departmental representation before AAR

IT/ILT : Section 245R Of The Income-Tax Act, 961 - Procedure On Receipt Of Application – Representation Of Cases Before Authority For Advance Ruling

Cash loans to firm couldn't held as Inter-firm transactions due to common partner in both firms; pen

IT: Where assessee firm repaid loan amount in cash to another firm, in violation of provisions of section 269T, mere fact that one partner was common in both firms, it could not be taken as a case of inter-firm transactions and, therefore, penalty order passed under section 271E was to be confirmed

Benefit of sec. 80-IC isn't available on sales tax rebate

IT: Assessee company was not entitled to benefit of section 80-IC in respect of sales tax rebate obtained by it

Compounding scheme announced for Brick Kiln under UP VAT wasn't ultra vires to Constitution

CST & VAT: Uttar Pradesh VAT - Compounding Scheme dated 9-6-2009 (Int Bhatta Samadhan Yojna) announced under section 6 for seasons 2007-08 (1-1-2008 to 31-9-2008) and 2008-09 (1-10-2008 to 31-9-2009) is not ultra vires to Constitution

Interest paid to 'Noida corporation' excludible from purview of TDS under sec. 194A

IT : While making payment of interest by assessee-bank to NOIDA, a statutory corporation established under UP Industrial Area Development Act, 1976, tax was not required to be deducted at source

Last date of filing DVAT return of second quarter extended to Nov 16,2015

VAT : Extension of Filing of Online Return for Second Quarter 2015-16

Mere construction done to repair property didn't amount to contempt of CLB's status quo order regard

CL: Where CLB passed status quo order in respect of subject property to restrain creation of third party rights, construction done by respondent tenant to repair that property could not be considered as detriment to interest of anybody and, therefore, contempt application filed to restrain construction by respondent was to be dismissed

CIT couldn't make revision under sec. 263 just to arrive at valuation on basis of different method

IT: Where on same set of evidence produced by assessee, Assessing Officer and Commissioner draw different opinions, such difference of opinion cannot be a basis to invoke jurisdiction under section 263

Failure to serve reassessment notice couldn't be cured by deeming fiction of sec. 292BB

IT: In order to complete reassessment, notice under section 148 has to be mandatorily served upon assessee in accordance with section 282(1), read with Order V, Rule 12 CPC and Order III Rule 6 CPC

No denial of sec. 11 relief to 'All India Football Federation' on receipt of sponsorship fees

IT: Income received by 'All India Football Federation' from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India

Last date for filing of Financial Statements and Annual Return extended till Nov 30, 2015

COMPANIES ACT, 2013 : Section 137 of the Companies Act, 2013 - Accounts of companies - Copy of financial statement - Relaxation of additional fees and extension of last date of filing of Forms AOC-4, AOC-4 XBRL and MGT-7 under said Act

Last date for filing of Financial Statements and Annual Returns extended till Nov 30, 2015

COMPANIES ACT, 2013 : Section 137 of the Companies Act, 2013 - Accounts of companies - Copy of financial statement - Relaxation of additional fees and extension of last date of filing of Forms AOC-4, AOC-4 XBRL and MGT-7 under said Act

When mixed funds are diverted for interest-free advances, average cost of debts should be used to ma

IT : Where mixed funds are diverted towards interest-free advances, disallowance should be made up to level of average cost of debt to assessee and not on basis of interest rate of any particular transaction

Reassessment notice couldn't be issued after 6 years if assessee doesn't have any asset outside Indi

IT : SLP dismissed against High Court's ruling that where assessee did not have any asset outside India and there was no question of having any income in relation to such an asset, notice issued under section 148 after expiry of six years from end of relevant year relying upon provisions of section 149(1)(c) was not sustainable

High Court unhappy with approach of SetCom to end proceeding abruptly

Excise & Customs : Where Settlement Commission rejected assessee's application observing 'Settlement not possible without going into lot of details', High Court remanded matter back to Commission expressing its annoyance against reluctance of Commission to take up matters involving considerable efforts

Mere inadequate inquiry by AO doesn't give occasion to CIT to make revision under sec. 263

IT : Where assessee had filed VDIS certificate to show that jewellery found during search had been declared under VDIS and Assessing Officer accepted such certificate, there was no error in order of Assessing Officer so as to invoke jurisdiction under section 263

Additional CIT can perform functions of AO only with direction of CBDT

IT : Additional Commissioner of Income Tax can perform the functions and, exercise the powers of an Assessing Officer only if he is specifically directed under section 120(4)(b)

Subsequent higher bidding offer isn't a valid ground to refuse confirmation of sale already made

CL : A subsequent higher offer is not valid ground for refusing confirmation of a sale or offer already made

Society engaged in trading of toddy purchased from non-members isn't entitled to sec. 80P relief

IT : Where assessee-society having collected toddy from its members as well as non-members, sold same through its shops on profit basis, assessee's income had nothing to do with collective disposal of labour of its members and, therefore, claim raised by it under section 80P(2)(a)(vi) was to be rejected

Govt. inaugurats PAN camps for receiving PAN applications in remote areas

IT : Section 139A of the Income-Tax Act, 1961 – Permanent Account Number – Inauguration of Pan Camps by Finance Minister at Remote Locations

National Institute of Public Finance & Policy' unveils report on widening of taxpayer's base

IT/ILT : Development of an Analytical Model for Widening of Taxpayer's Base

Now Aayakar Sampark Kendra can email taxpayer's grievance to AO for quick resolution

IT : Aayakar Sampark Kendra (ASK) – Redressal of Grievances Received from Taxpayers by Email At Said Kendra

Chief Commissioner can file appeal before Tribunal against order of Commissioner(A)

Excise & Customs : Chief Commissioner, being higher authority, is empowered to exercise powers conferred on subordinate authorities; hence, Chief Commissioner may also file appeal before Tribunal against order of Commissioner (Appeals)

No denial sec. 80G relief just because certain vouchers of trust were incomplete

IT : Merely because some of vouchers were not found complete, it could not be concluded that activities of assessee-trust were not genuine, particularly when it was apparent from records that objects of assessee-trust were clearly charitable in nature and there was no discrimination on account of religion, caste, language, etc.

CCI to decide its jurisdictional issue over DDA before passing order on merits: High Court

Competition Act: Where CCI had not argued that there was any impediment to legal issues raised by appellant DDA, to jurisdiction of CCI being decided in first instance, CCI was to decide questions of jurisdiction of CCI over DDA first

Set-off of losses allowed despite change in shareholding if control over Co. remains unchanged

IT : During the relevant Assessment year holding company of assessee reduced its shareholding from the 51% to 6% by transferring its shares to another subsidiary company. The revenue refused to allow carry forward and set-off of business losses

High Court allows TDS credit even if it belonged to AE but wrongly shown in 26AS of assessee

IT : Where due to an inadvertent mistake of vendor, TDS related to assessee's sister concern was credited to assessee's TDS account, assessee could claim credit of such TDS, provided its sister concern had not availed benefit of such TDS certificates

Principal manufacturer can take credit of duty paid by job-worker

Cenvat Credit : Where job-worker foregoes exemption under Notification No. 214/86-CE and pays duty on semi-processed goods returned to principal manufacturer, duty so paid by job-worker is eligible for credit in hands of principal manufacturer

Reassessment couldn't be initiated simply on basis of audit objection

IT : Where Assessing Officer completed assessment in case of assessee under section 143(3), he could not initiate reassessment proceedings merely on basis of objection raised by audit party that assessee had debited certain amount which was not allowable under section 36(1)(viia)

Co. for which sufficient information not available in public domain can't be chosen as comparable

IT : A captive unit of a comparable company which assume only a limited risk cannot be compared with a giant company in area of development of software who assumes all types of risks leading to higher profits

Interest disallowed as sum advanced by builder for acquisition of property wasn't utilized by AE for

IT : Where assessee-builder advanced borrowed amount to its sister concern for purpose of acquiring a portion of property in project proposed to be developed by its sister concern and said amount was not utilised for said project but it was used for some other project, assessee was not entitled for deduction of interest paid on borrowed amount

No penalty if assessee has bona fide belief that service tax isn't leviable

ST: Where assessee was under bonafide belief that its activities were non-taxable, same was a reasonable cause for non-payment of service tax in time, and hence, no penalty could be imposed in such case

IRDA issues guidelines on solicitation and marketing of insurance policies by 'point of sales person

INSURANCE : Guidelines On Point Of Sales Person

Delhi High Court Amendment Act, 2015 enacted wef Oct 26, 2015

CORPORATE LAWS/INDIAN ACTS & RULES : Section 1 Of The Delhi High Court (Amendment) Act, 2015 – Act – Enforcement Of – Notified Date On Which Provisions Of Said Act Shall Come Into Force

No concealment penalty when assessee had shown non-compete fee as a capital receipt due to bona-fide

IT: Where assessee was under bonafide belief that receipt from non-compete agreement was capital receipt and had credited same to capital account and Capital account was furnished along with return of income, penalty for furnishing inaccurate particulars was not justified

No Cenvat credit was allowed on amount attributable to service charges collected from employees

CENVAT: Demand pertaining to period beyond one year from date of issue of show-cause notice was not maintainable being time-barred; appellant was entitled for credit of Service tax paid to outdoor catering service provider however, no cenvat credit should be allowed on amount attributable to service charges which was collected from its employees

Sale of property of company at low price without notice to shareholder amounts to oppression

CL : Where petitioner had filed petition under sections 397 & 398 against respondent for selling property of company to a third party, i.e., Magnum, at a very low price without giving notice to petitioner, petitioner was entitled to implead third party, i.e., Magnum as party to proceedings and Magnum was directed not to alienate subject property or create third party rights pending disposal of company petition

Excess money refunded on cancellation of booking of flats couldn't be held as interest for purpose o

IT: On cancellation of booking of apartment if excess refund is made to old purchaser after taking advance from new purchaser, such excess payment could not be qualified to be interest as defined under section 2(28A); payer builder would have no TDS obligation

Manufacture can claim Cenvat credit even on basis of invoice showing him as consignee

CENVAT : Cenvat credit can be availed by manufacturer on strength of invoices issued by supplier for clearance of inputs or capital goods, showing manufacturer's name as consignee and name of dealers as buyer

No accrual of income if its payment was deferred prior to closing of previous year

IT: Where trade mark and marketing assistance fee payable by a company to assessee was deferred by assessee prior to closing of accounting year, fee did not accrue in relevant year

Terra Group isn't dominant player of real estate in Bhiwadi in presence of Omaxe and Bhart Bhumi Bui

Competition Act: Where there were large players such as Omaxe Ltd. in relevant market for provision of services of development and sale of residential plot in Bhiwadi and its nearby areas, OP was not dominant in relevant market and, therefore, had not abused its dominant position by demanding additional payment from informant-allottee

No TP adjustment on pretext of outstanding receivables when working capital adjustment is already ma

IT/ILT : Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required

Exemption available on payment of duty in cash isn't available if duty paid by use of credit

Excise & Customs : Where partial exemption is conditional upon payment of duty in cash without use of credit, said exemption has to be construed strictly and cannot, therefore, be extended to assessee paying concessional duty using credit balance

No disallowance of contribution to PF just because PF wasn't recognized by Jurisdictional CIT

IT : Contribution made by assessee in pension fund could not be disallowed on ground that same was not recognised by Jurisdictional Commissioner, as under section 36(1)(iv) it is nowhere mentioned that pension fund should be recognised only by Jurisdictional Commissioner and that approval of Jurisdictional Commissioner is mandatory

No ST if entire consideration for immovable property is received after issue of occupancy certificat

SECTION 65B(44) OF THE FINANCE ACT, 1994 – SERVICE - MERE TRANSFER OF TITLE IN IMMOVABLE PROPERTY IS EXEMPTED FROM SERVICE TAX

Cbec Redefines Import Value Of Capital Goods

The Central Board of Excise and Customs (CBEC) has revised its 2008 guidelines for determining the value of imported second-hand capital goods, for the purpose of charging duty. Its circular (No. 25 of October 15) first affirms a fundamental proposition in customs valuation law, that where used second-hand machinery is exported to India and the sale meets all the requirements in the Customs Valuation Rules of 2007 (CVR-2007), the price paid or payable will be the basis for determining the assessable value. However, the circular goes on to undermine that basic mandate.

Section 14 of the Customs Act, 1962, gives primacy to the transaction value i.e., the price paid or payable for imported goods. Rule 12 of CVR-2007 has some criteria for doubting a transaction value declared by an importer and for rejecting it. CBEC now adds its own criteria for rejection of the transaction value, by prescribing comparison of the declared value with that determined on the basis of a chartered engineer's certificate.

CBEC says the value declared by an importer shall be examined with respect to the report of a chartered engineer and the depreciated value of the goods, determined in terms of circular No. 493/124/86-Cus VI dated November 11, 1987, and one of January 4, 1988. If this comparison does not create any doubt on what is declared, these may be accepted. If there are significant differences arising from such a comparison, the officer concerned shall seek an explanation from the importer to justify the declared value. The officer will determine if the declared value may be accepted. If rejected, the value is to be determined in terms of rules 4 to 9 of CVR-2007, says CBEC. These instructions are not very different from its earlier circulars.

The latest circular also says inspection/appraisal reports by a chartered engineer or equivalent, based in the country of sale of the second-hand machinery, must be accepted by Customs. It prescribes the format in which these reports shall be prepared.

If an importer does not produce this report in the prescribed format from the country of sale, he might engage the services of inspection agencies as in the Handbook of Procedures, Vol. 1 (HB-1), notified by the Directorate General of Foreign Trade.

In case the agencies notified in HB-1 are not available at the port of import, the importers will be free to select any chartered engineer from those empanelled by the Customs House at the port. The circular prescribes the format of the certificate to be obtained from the agencies in India.

What CBEC has done is to relegate to the background the primacy in law given to the transaction value. Instead, it gives primacy to the depreciation method prescribed by it, a method upheld in some judgements. Importers have to comply with the circular, no matter how genuine their transactions with suppliers.

Source:- business-standard.com

Ludhiana Inc Hails Centre's New Duty On Import Of Auto Parts

Industrialists have welcomed the Centre's move to impose an anti-dumping duty on some auto parts being imported from China. However, at the same time, they have said that more steps are needed for the country to realize its 'Make in India' ambitions.

An anti-dumping duty of $0.35 to $1.11/kilogram has been imposed on front axle beam and steering knuckles for medium and heavy commercial vehicles. These are used in all vehicles with more than four or more wheels.

Terming it a good step, Focal Point Industrial Sheds Association president Rajneesh Ahuja said this would not only help auto parts' manufacturing industry, but also other industries.

However, he said that there is a need for more steps for helping the industry "First of all, one has to understand why China is giving cheaper products. The term loan on machinery there is 4%. In our country, it is 14%. This should be reduced. Similar is the case with working capital interest, which is higher in India. These are reasons why we don't have a level-playing field against other countries," Ahuja said.

He added that the industry should be made competent enough to deal with the situation on its own, so that there is no need for anti-dumping duty and other such steps.

Auto Parts Manufacturers' Association president Gurpargat Singh Kahlon also hailed the step and that there was a need for this to save the industry, which is "bleeding white in competition by the much cheaper products from China". "I just hope the government would take more such steps and adopt a multi-pronged policy to help the industry compete internationally, especially with China. If at all Make in India has to be turned into a reality, the government has to help manufacturers and slash interest rates," he added.

Source:- timesofindia.indiatimes.com

India's Electronic Imports May Exceed Overseas Purchases Of Bullion

India’s electronic imports could exceed the overseas purchases of bullion for the first time this year thanks to an increase in the import of smartphones. Estimates based on government data showed that the import of electronics surpassed those of gold and silver in the first six months of the current financial year.

"There is bigger concern as real electronic imports are much more than what is captured. Electronic components of cars such as electronic gears are still not counted, else these would take the import figure to a much higher level," said Ajay Sahai, director general of the Federation of Indian Export Organisations

India is one of the fastest growing consumers of electronics globally. Domestic production of electronic goods was $31 billion during 2014-15. Electronic imports grew from $2.85 billion in May to $4.38 billion in September. This growth was led by a sharp rise in purchases of integrated chips, personal computers, and more. In April-August, mobile phone imports were pegged at $2.4 billion. The import of such large quantities of electronics questions the success of the government's target of ‘net zero imports’. It also highlights the need to direct the focus of the Make in India initiative on the electronics sector.

Director of Ahuja Radios, Suresh Madan said, “The government talks of 'Make in India' but there is no change in labour laws or improvement in transportation and power availability that can encourage small and medium enterprises, which value add to imported goods to the order of 400-500 per cent.” He also cited the removal of a 2 per cent incentive for electronic hardware exports to the EU, the US, and India’s neighbours as the reason why his company’s overseas sales contracted by 35 per cent in the past six month. India sells $1.8 billion worth of components abroad with Europe being the top destination. The industry also criticises the inverted duty structure that hinders domestic manufacturing. For example, the import of microphones has zero duty, but its components attract a duty of 7.5 - 10 per cent.

Source: ET Retail

Ge’S India Unit To Export Med Equipments To Africa, Asean

GE Healthcare’s affordable range of medical technology products manufactured in India will soon be exported to Africa and Asean countries. The low-cost medical equipments have already garnered sales of $260 million for the company.

India is a key manufacturer of GE’s affordable solutions as part of its newly formed business unit - Sustainable Healthcare Solutions. The three manufacturing facilities in Bangalore produce medical technology products, majority of which is currently consumed by the country. Some are exported to neighbouring south Asian countries.

The scope of the business unit is being expanded to cover Africa and Asean countries. According to Terri Bresenham, president and CEO of GE Healthcare, India, Africa and Asean, $260 million sales from the segment will grow in double-digits in the future. In India, the tier II, III and smaller towns account for 60 per cent sales of affordable equipments, while metros and tier I cities account for the rest.

“India is important in terms of affordable healthcare. The market demands products of high clinical quality, which can stand heavy patient load and work robust in conditions where there are problems like power fluctuations. The tough situation makes it a great place to design and develop products for the developing markets. What works here will work anywhere in the world,” she said.

The company has developed 17 products, including x-rays, monitoring systems, ultrasound scans and magnetic resonance systems. The target is to develop 100 products and the company will be spending $300 million in five years.

Despite the inverted duty structure in the medical technology space, GE finds India to be a key manufacturing hub due to its skill sets.

“In other countries, the government ensures availability of suppliers for medical technology producers. Making components available is a problem due to the inverted duty structure in India, but the country has skills and medical fraternity that can help us in designing products,” said Bresenham.

The company is also evaluating ways to increase production capacity. Currently it has enough room to increase production in the existing facilities. By next year it will take a call on expanding the capacity of existing facilities or setting up new facility.

Source:- mydigitalfc.com

India's Dairy Products Export Seen Flat At 30K In 2016: Usda

India's dairy products (non-fat dry milk) exports are projected to remain flat at 30,000 tonnes next year on expectations of high global supplies and low prices, according to a latest USDA report.

The country's milk output may increase by 4.8 per cent to 154 million tonnes assuming a normal monsoon in 2016, while domestic consumption of milk is forecast to rise by 5 per cent to 62.75 million tonnes in the same period, the US department of Agriculture (USDA) said.

"Overall dairy exports (from India) are minimal due to high domestic consumption. CY 2016 non-fat dry milk (NFDM) exports are projected to be flat at 30,000 tonnes due to uncompetitive export prices," USDA said in its report.

High global supplies are expected to keep international prices low, it said.

Due to slow export pace, the country's non-fat dry milk (NFDM) export are revised down to 30,000 tonnes for 2015.

India, the world's largest milk producer, generally exports NFDM to milk-deficient countries including Bangladesh, Pakistan, Nepal, Bhutan, the UAE, and Afghanistan.

The country also exports smaller volumes of casein, butter and other dairy products to neighbouring countries.

According to the USDA, India's fluid milk production is estimated to increase by 4.8 per cent to 154 million tonnes next year assuming a normal monsoon.

The combined buffer and ghee output is estimated to rise by 3 per cent to 5.2 million tonnes in 2016 on rising domestic demand due to population growth and demographic shifts.

The domestic milk consumption is also estimated to rise by 5 per cent to 62.75 million tonnes on population growth in the said period, it added.

USDA said that due to rising incomes, urbanisation and other demographic shifts, demand has increased for more value-added dairy products.

Cooperatives and private sector dairies are producing more dairy products to meet this demand, such as milk powder, butter, ghee, paneer, flavored milk, ice cream, cheese, yogurt and ethnic sweet, it added.

Source:- timesofindia.indiatimes.com

Benefit of payment of 8% amount for using ethyl alcohol in manufacturing wasn't available after 1-3-

CENVAT : On or after 1-3-2002 vide amended clause (a) of Rule 6(3), certain goods such as ethyl alcohol, etc. were excluded from benefit of scheme of tax payment of 8 per cent

Addition made on jeweller as he failed to substantiate unaccounted stock of gold found during survey

IT: Where Assessing Officer made certain addition to income of assessee on account of excess stock of gold found at its business premises during survey, since assessee failed to prove source of acquisition of said gold, impugned addition was justified

Co. developing own software products isn't comparable with a software service provider

IT/ILT: Companies which are on similar standards to assessee can only be taken as comparables, thus a company having turnover in excess of Rs. 200 crores engaged in provision of software services, BPO services and which had also developed its own software products was not comparable to assessee, who was a mere software service provider to its AE having turnover of only Rs. 11.32 crores

No denial of sec. 80-IB relief if completion certificate was delayed by Municipal Authority

IT: Where assessee-builder undertook a housing project which was completed on time and an application was moved in time for seeking completion certificate from Municipal Authority but same was issued to assessee with delay, that delay could not be attributed to assessee and assessee was entitled to exemption under section 80-IB(10)

Interference with valuation was unwarranted as valuer wasn't related to transferee co.: HC

: Where valuer was neither related to transferee company nor same was statutory auditor/tax auditor/tax consultant of transferee company or its major shareholders, no interference with valuation was warranted and there was no need for appointing an independent valuer

Issue related to clubbing of turnovers for SSI-exemption must be decided on basis of fact

Excise & Customs : Where issue of clubbing of turnover under SSI-exemption as well as issue of invocability of extended period was decided without examining facts and grounds, matter was to be remanded back to Tribunal for consideration afresh

ITAT refused to invoke LOB clause of India-UAE treaty as shipping Co. wasn’t a conduit Co. in UAE

IT/ILT : Shipping company in UAE could not be said to have been created for the purpose of availing India-UAE tax treaty benefits on the ground that such company was owned by shareholders in Switzerland when treaty protection in respect of income of such a nature was anyway available under India-Swiss tax treaty

Paying duty at lower rate attracts extended period if assessee undertook to pay duty at higher rate

Excise & Customs : Where, after filing undertaking that duty would be paid at higher rate under classification approved by revenue, assessee's act in paying duty at lower rate under different classification amounted to "misstatement" and therefore, extended period of limitation was invocable

Monetary limit to file an appeal before Tribunal would also apply to pending cases

IT : CBDT Instruction No. 5 of 2014 revising monetary limit to Rs. 4 lakhs for filing appeal before Tribunal apply to pending appeals also

Expenses incurred on shuttering, centering, scaffolding to construct bridges are allowable exp. as u

IT: Expenditure incurred on constructing temporary accommodation at construction site was to be allowed

President of Tribunal can refer matter to more than one member if case of divergent opinions

Service Tax : In case of difference of opinion, President of Tribunal can refer matter to one or more of other Members and not necessarily a single third member; hence, difference of opinion relating to credit of telecom towers in Idea Mobile's case (along with these matters) was referred to Larger Bench of Tribunal

SLP granted as High Court hadn't cancelled registration of trust even when trustees were embezzling

IT : SLP granted against High Court's ruling that where assessee-trust was fulfilling its main object of imparting education, registration of trust could not be cancelled only on basis that trustees were misappropriating funds of said trust

Interest on foreign currency loan given to AE should be benchmarked as per LIBOR

IT/ILT : It is LIBOR which has to be applied in case of foreign currency loan given by assessee to its AE

IRDA notifies norms on establishment of 'common service centres' for insurance services

INSURANCE/INDIAN ACTS & RULES : IRDAI (Insurance Services by Common Service Centres) Regulations, 2015

Issue related to clubbing of turnovers for SSI-exemption must be decided on basis of facts

Excise & Customs : Where issue of clubbing of turnover under SSI-exemption as well as issue of invocability of extended period was decided without examining facts and grounds, matter was to be remanded back to Tribunal for consideration afresh

Production of backdated completion certificate won't allow sec. 80-IB deduction

IT: Where completion certificate of housing project of assessee was issued after cut off date by Local Authority but mentioned date of completion of project before cut off date, same could not fulfil condition specified in section 80-IB (10)(a) read with explanation (ii) thereunder and assessee was not entitled to deduction under section 80-IB (10)(a)

Oppression plea filed by petitioner who was neither member nor was holding shares of co. wasn't main

CL: Where petitioner who had filed petition under sections 397 and 398 was not a member of company and was not holding any shares, petitioner had not fulfilled criteria as enumerated in section 399 and, therefore, petition was not maintainable

Refund of duty paid on material which is used in export goods should be claimed within 1 year

CENVAT : Application for refund claim of CENVAT Credit under Rule 5 should be filed before expiry of one year

SLP dismissed against HC's order which held that losses already set-off not to be considered for sec

IT : SLP dismissed on account of low tax effect against High Court's ruling that loss incurred by industrial undertaking claiming deduction under section 80-I which has already been set-off cannot be notionally carried forward and set-off against profit generated by industrial undertaking during relevant assessment year

A KPO co. can't be chosen as comparable for co. providing ITES

IT/ILT : An otherwise comparable company cannot be excluded on strength of high or low turnover

Govt. notifies norms for recruitment of Additional director in fraud investigation office of MCA

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Ministry Of Corporate Affairs, Serious Fraud Investigation Office, Additional Director (Capital Market)/Joint Director (Capital Market) And Additional Director (Financial Transactions)/Joint Director (Financial Transactions) Group 'A' Post Recruitment Rules, 2015

Delhi HC denies to interfere with de-merger of CA firm approved by ICAI

CL : Where de-merger of CA firm met the rules of merger/de-merger and satisfied criteria laid down by Council of ICAI, writ plea filed by petitioner-CA for quashing the de-merger of CA firm was to be quashed

Income of CA from shares trading wasn’t business income as revenue failed to prove it as regular act

IT : Where trading in shares by assessee - CA was not his regular business activity and income therefrom was treated as capital gain by revenue in preceding assessment years, same could not be treated as business income in relevant years on same facts and circumstances

Food cooked in restaurant classifiable as branded food if trade mark of restaurant is registered

CST & VAT: Tamil Nadu VAT - Where assessee, a restaurant, got registration under Trade Marks Act of name Zaitoon, in view of provisions of Trade Marks Act as well as Rules thereof, trade mark registration was meant for restaurant as well as goods manufactured by assessee and, therefore, food items prepared and served by assessee were branded foods taxable at 14.5 per cent

Money held in saving account on behalf of employer couldn't be held as unexplained

IT : Where assessee deposited certain sum in her bank accounts and explained that said amounts belonged to her employer company J, as assessee filed all details and books of account of J, bank statement, etc., first time before Tribunal, matter was to be readjudicated for detailed examination

"Council for Leather Exports" promoting export of leather and leather products is a charitable insti

IT : "Council for Leather Exports" promoting export of leather and leather products is a charitable institution

Depreciation on enhanced cost of asset after withdrawal of Govt. grant has to be computed from year

IT : Depreciation on enhanced cost of equipment due to grant withdrawn by CDEC was to be computed from year of withdraw

Joint committee's new report on GST prohibits revised return

ST : Report Of Joint Committee On Business Process For Gst On Gst Return

Duty is payable on combined MRP where goods subjected to MRP valuation are sold in combipack

Central Excise : Where 'face wash gel' was supplied free with 'Dandruff Shampoo' bound together with a sticker label and both products were covered under section 4A of Excise Act, payment of duty on basis of combined MRP is valid

Sec. 234E- levying fee for default in filing of TDS return isn't unconstitutional: P&H High Court

IT : Section 234E(Fee for defaults in furnishing TDS statements) is neither ultra vires nor unconstitutional . Section 234E is not punitive and is in the nature of fees and not a tax. It is levied as a fixed charge for extra services which are provided by the Department to the deductee in the form of extra work of revising deductee's assessment when deductor defaults in timely filing of TDS statements

Where assessee had plenty of own funds it would be presumed that advances were made out of own funds

IT: Where assessee had enough interest-free funds to advance interest-free sums to its sister concern, presumption would be that advances were out of interest-free funds and, therefore, interest expenses could not be disallowed under section 36(1)(iii)

CLB junks frivolous tactics of applicant to inspect records of co. by acquiring miniscule shares

CL: Where applicant filed frivolous application seeking inspection of statutory register and records of company by acquiring miniscule shares though statutory records of company were available on MCA portal and were open for inspection, application was to be dismissed

Appealibility of order of Comm (A) on issue of 'rebate of duty paid goods supplied to SEZ' referred

Service Tax : Issue whether order of Commissioner (Appeals) relating to 'rebate of duty paid on goods supplied to SEZ' is appealable before Tribunal or not, referred to Larger Bench of Tribunal

Supply to high seas vessel is liable to VAT if territorial connection exist in the State: Mumbai HC

CST &VAT: Maharashtra VAT- For levying tax it was not necessary that the sale should take place within the territorial limits of the State. The tax could be levied if all the ingredients of sale like the agreement to sale, the passing of title, delivery of goods have a territorial connection. In the instant case the goods were manufactured or refined within the State and the assessee was situated at Mumbai, thus, it means that place of business of assessee was in Mumbai. Therefore, there was

Carrying out printing work on paper makes it product of printing industry

Excise & Customs : Where assessee had merely carried out printing work on imported paper, assessee's product was classifiable as 'Products of printing industry' under heading 49.01 and not as 'Paper. . . printed in sheets' under heading 48.11

Co. having drastic fluctuation in operating margins is excludible from list of comparable for TP stu

IT/ILT : Where there is drastic fluctuation in operating margins of a company with extreme high in one year and extreme low in other year, said company be excluded from comparable list

Buyer couldn't be penalized when he was unaware of fact that supplier had disclosed lesser value of

Excise & Customs : Where suppliers were disclosing lesser value and said fact was not known to assessee, assessee cannot be faulted for disclosing value of its products based on price shown by suppliers; hence, extended period cannot be invoked against assessee

Assessee couldn't sought rectification where findings of AO were susceptible to an appeal

IT : Where findings entered by Assessing Officer were based clearly on facts which were susceptible to an appeal, assessee was unjustified in invoking section 154 as same had nothing to do with rectification of any mistake apparent from record

SEBI constitutes additional departments for regulating commodity derivatives market

SEBI : Regulation Of Commodity Derivatives Market

Govt. raised monetary limits for arrest and prosecution under Excise and Service-tax

ST/EXCISE : Revised Monetary Limits For Launching Prosecution Under Central Excise Act, 1944 And Finance Act, 1994

Govt. unveils consolidated guidelines for prosecution under Excise and Service-tax

ST/EXCISE : Consolidated Guidelines For Launching Prosecution Under Central Excise Act, 1944 And Finance Act, 1994

On failing to provide sufficient reason for waiver of deposit fee, DRAT's order to deposit 50% fee w

RDDBFI Act : For ordering waiver or reduction of amount to be deposited under section 21 of RDB Act, sufficient/special reasons/necessary materials ought to be placed before Appellate Tribunal ; no such grounds having been made by petitioner, order of DRAT directing petitioner to deposit 50 per cent of amount due to bank was justified

Case can't be reopened solely on basis of audit objections, says Gujarat HC

Excise & Customs : Where suppliers were disclosing lesser value and said fact was not known to assessee, assessee cannot be faulted for disclosing value of its products based on price shown by suppliers; hence, extended period cannot be invoked against assessee

Delhi HC examines test of "related party" for deciding maintainability of application before SetCom

IT : A company would not qualify as "related party" of specified person for making application to Settlement Commission merely because one of its directors has a substantial interest in the specified person

DRP should consider every point of dispute and pass speaking order, says Chennai ITAT

IT/ILT: DRP should consider every point of dispute and pass a speaking order and should not merely uphold order of TPO

Sum paid to forest department to carry on mining business over forest land is revenue exp.

IT : Net present value paid by assessee-company to Forest Department to enable assessee to carry on its mining business on forest land was revenue in nature

No depreciation on asset if its consideration is paid by taking over liability of purchaser

IT: Where assessee acquired fixed assets like land, building and also plant and machinery by paying price partly in cash and partly by way of taking over accrued liability in respect of gratuity and leave salary payable to workers, no depreciation could be allowed in respect of such accrued liability

Last date for filing of Form DP-1 of DVAT further extended to Nov 23, 2015

VAT/DELHI/NOTIFICATION : Submission of information online in Form DP-1 – Amendment in notification No.F.3(352)/Policy/VAT/2013/818-829, dated 30-9-2015

Govt. requires Coal miners to make contribution to 'District Mineral Fund'

CORPORATE LAWS/INDIAN ACTS & RULES : Mines and Minerals (Contribution to District Mineral Foundation) Rules, 2015

Sec. 35(2AB) nowhere suggests that purchased machinery should be installed before expiry of previous

IT: In case of allowance of weighted deduction, provision of section 35(2AB) nowhere suggests or implies that machinery is required to be installed and commissioned before expiry of relevant previous year

Sec. 35(2AB) nowhere suggests that purchased machinery should be installed before expiry of previous

IT: In case of allowance of weighted deduction, provision of section 35(2AB) nowhere suggests or implies that machinery is required to be installed and commissioned before expiry of relevant previous year

No reassessment for disallowing excess claim of depreciation if AO had such details during assessmen

IT: Where information regarding assessee's claim of enhanced depreciation in view of re-estimation of written down value of its assets over remaining useful life was with Assessing Officer at time of passing assessment order, reopening of assessment beyond four years from relevant assessment year on ground that claim of additional depreciation had reduced book profit under section 115JB was without jurisdiction

ITAT allows 50% road leveling charges incurred by real estate agent to sell property

IT: Provisions of section 40(a)(ia) would not be applicable where assessee paid architect's fee before end of accounting year

Reassessment made to tax royalty by invoking 'Force of Attraction Rule' quashed by Delhi HC

IT/ILT : Where during assessment under section 143(3), receipts by assessee-US company was treated as royalty and taxed on gross basis at rate of 15 per cent, but Assessing Officer initiated reassessment contending that, since assessee had a PE in India, said receipt was to be attributed to Indian PE and said amount was to be taxed at 20 per cent, since Assessing Officer had earlier examined entire issue of royalty and its taxability in its entirety and all relevant facts were fully and truly di

Lease equalization charge isn't in nature of reserve; to be added back while computing book profit f

IT : 'Lease equalization charges' is not in nature of a reserve and, therefore, same cannot be added back while computing book profits as per Explanation under section 115JA(2)

Freight to C&F agent wasn't reimbursement and liable to TDS as agent didn't made TDS while making pa

IT : Where assessee could not adduce any evidence that C & F agent deducted tax at source while making payment to carrier so as to prove that amount which was paid by assessee to C & F agent represented reimbursement of freight paid by C & F agent on behalf of assessee to airlines, provisions of section 194C were applicable

Filing of petition against mismanagement by shareholder exited from co. 15 years back is abuse of pr

CL: Where petitioners exited from company fifteen years back, filing petition by invoking jurisdiction of Bench under section 397/398, by alleging purported acts of oppression and mismanagement appeared to be a mala fide intention and was an abuse of process of law

SEBI issues additional risk management norms for Regional commodity derivatives exchanges

SEBI : Risk Management For Regional Commodity Derivatives Exchanges

Now LLPs have to furnish Annual Return of foreign assets and liabilities to RBI

FEMA/ILT : Annual Return on Foreign Liabilities And Assets (FLA Return) – Reporting by Limited Liability Partnerships

Apex Court dismissed appeal against order of Tribunal based on earlier order already accepted by CBE

Excise & Customs : Where Tribunal had merely followed its earlier judgment, which was approved by Supreme Court and accepted by CBEC Circular of 2001, filing of appeal by revenue against said Tribunal order in year 2006 was a total mindless exercise and abuse of process of law; hence, appeal was dismissed

Corporate guarantee given to AE by charging 0.5% as service fee doesn't call for TP adjustment

IT/ILT: Where assessee had entered into a long-term contract with its AE for procuring copper concentrates for life time of mines, price paid to its AE should be compared with comparable having similar features

No sec. 263 revision if AO had allowed set-off of unabsorbed loss against surrendered income after d

IT: Where issues in respect of set off of unabsorbed losses fall in gross profit rate and depreciation had been examined by Assessing Officer in detail at assessment stage, jurisdiction under section 263 would not be invoked

Calcined China Clay is classifiable under Heading of 'Kaolin clays'

Central Excise : Calcined China Clay, which is also known as Kaolin Clay, is classifiable under Heading 2505.10 'Kaolin clays, whether or not calcined' and not under heading 3824.90 "Other products of chemical or allied industries"

RBI issues directions to banks on 'Gold Monetisation Scheme, 2015

BANKING/INDIAN ACTS & RULES : Gold Monetization Scheme, 2015

CBDT changes conditions for claiming tax exemption by Infra Debt Fund

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Seventeenth Amendment) Rules, 2015 – Amendment in Rule 2F

Complaint for cheque bouncing couldn't be quashed after conclusion of evidences before Trial Court

Negotiable Instruments Act: Where in a complaint under section 138 evidence had already been concluded before trial Court and there was specific averment in complaint that on representation of petitioner and other co-accused MOU was signed, mere fact that cheque issued by accused and MOU signed by accused did not bear signature of petitioner made out no case for quashing of complaint and summoning order against petitioner

Govt. provides service-tax exemption on Jan Dhan Yojna and Yoga

ST : Section 66B of the Finance Act, 1994 - Charge of Service Tax on or after Finance Act, 2012 - Mega Exemption Notifications – Amendment in Notification No.25/2012-STs, Dated 20-6-2012

Complaint for cheque bouncing couldn't be quashed after conclusion of evidences before Trail Court

Negotiable Instruments Act: Where in a complaint under section 138 evidence had already been concluded before trial Court and there was specific averment in complaint that on representation of petitioner and other co-accused MOU was signed, mere fact that cheque issued by accused and MOU signed by accused did not bear signature of petitioner made out no case for quashing of complaint and summoning order against petitioner

Interim award received in pursuance of order of HC couldn't be taxed until final decision of HC was

IT : Interim award received by assessee pursuant to order of High Court is not liable to tax in year of receipt but in year when final award is passed by High Court

Manufacturer of tractor isn't comparable with manufacturer of harvester combine

IT/ILT : A manufacturer of tractor cannot be considered as comparable with manufacturer of harvester combine, simply because both machines fall in overall category of 'Agricultural equipments'

Govt. provides excise exemption on certain goods used in manufacturing of bio-diesels

OMNIBUS GENERAL EXEMPTION TO GOODS SPECIFIED IN CHAPTERS 1 TO 98 OF TARIFF – AMENDMENT IN NOTIFICATION NO.12/2012-C.E., DATED 17-3-2012

New Rule notified to compute ALP when more than one price is determined by Most Appropriate Method

INCOME-TAX (SIXTEENTH AMENDMENT) RULES, 2015 – AMENDMENT IN RULE 10B AND INSERTION OF RULE 10CA

0.5% of average tax free investment should be considered to work out sec. 14A disallowance and not t

IT : For purpose of section 14A, instead of taking into account total investment, investment attributable to dividend was required to be adopted an thereafter disallowance was to be arrived

Donations weren't unexplained as name and address of donor was available and donations were received

IT : Where assessee-society received corpus donations and donor's receipts contained names, addresses and PAN of donors along with details of mode of donations, impugned addition made by Assessing Officer could not be sustained

Losses already set-off prior to beginning of initial AY of sec. 80-IA relief can’t be notionally bro

IT : Where loss of business undertaking in earlier year was already absorbed against profit of other business, enterprises, assessee was entitled to claim deduction under section 80-IA

Tower/Blades to be deemed as parts of Wind Operated Electricity Generator; eligible for exemption

EXCISE : Clarification As To Whether Exemption Notification No.12/2012-c.e., dated 17-3-2012 Covers Part/Components Of Wind Operated Electricity Generators (WOEG)

IRDA unveils guidelines on 'Indian owned and Controlled entities'

INSURANCE : Guidelines On Indian Owned And Controlled Requirement For An Indian Insurance Company

High Court quashed adjudication order due to unexplained delay of 22 months in passing order

Excise & Customs : Inordinate and unexplained delay of 22 months in passing adjudication order after conclusion of hearing, itself vitiates said order; hence, same was set aside and matter was remanded back for re-adjudication

Advance received to do job work not to be held as income if wrongly shown as transportation charges

IT : Where assessee entered into an agreement with one 'B' to do job work for 'B' and 'B' provided certain adjustable advances/deposits to assessee, merely because in TDS certificate, it was wrongly mentioned as "transportation charges", it could not be said that income had accrued to assessee

HC condoned delay of 76 days in filing appeal before Tribunal on payment of cost of Rs. 2,000

Excise & Customs : Despite Tribunal's findings that no evidence was furnished by assessee in support of ground seeking condonation of delay, High Court condoned delay of 76 days in filing appeal before Tribunal on payment of costs of Rs. 2000 so that appeal may be heard on merits

Rule 8 applicable to FBT cases

IT: Where amount of expenditure incurred by assessee in extending fringe benefits to its employees was not solely for purpose of business and was also for purpose of agriculture, rule 8 of Income-tax Rules, 1962 was to be applied in valuation of fringe benefits

SAT affirms penalty on acquirer as it made public announcement with delay of 89 days under Takeover

SEBI: Time limit of 4 days prescribed in Regulation 14(1) of Takeover Regulations is crucial and important as time is of essence in such acquisitions and consequent open offer under regulations 10 and 12

No denial of sec. 10A relief just because certain on-site development work was sub-contracted to AE

IT: Even if export of computer software had not been executed by assessee itself entirely but part of 'on-site' work was sub-contracted to Associate Enterprise(AE), assessee would be eligible for deduction under section 10A

No tax on sum received on family settlement

IT: Where assessee received certain sum out of family settlement, same was not taxable as under section 56(2)(v)

No tax on sum received on family settlement u/s 56(2)(v) wherein only respective shares of family me

IT: Where assessee received certain sum out of family settlement, same was not taxable as under section 56(2)(v)

Writ not maintainable due to existence of disputed questions of fact and there is no denial of natur

Excise & Customs : Where disputed questions of fact are involved and there is no violation of principles of natural justice and no challenge to vires of provisions of Act, writ cannot be maintained against seizure of goods on allegation of smuggling, as there is effective alternate remedy of appeal in said matter

Trial Court rightly acquitted accused as cheque was issued as security and not to discharge financia

Negotiable Instruments Act : Trial Court rightly acquitted accused as cheque was issued as security and not to discharge financial liability

Govt. notifies new transfer pricing guidelines for reducing litigation

IT/ILT : Section 92C, Read With Section 92CA, Of The Income-Tax Act, 1961 - Transfer Pricing - Computation Of Arm’s Length Price – Revised And Updated Guidance For Implementation Of Transfer Pricing Provisions

CBDT to initiate email based correspondence with taxpayers for paperless assessments

IT/ILT : Section 143 Of The Income-Tax Act, 1961 – Assessment – General – Use Of Email Based Communication For Paperless Assessment Proceedings

Govt. can't amend provisions of Act in guise of rule-making power; Rule 57A of Assam VAT held ultra

GST & VAT : Assam VAT - Rule 57A of VAT Rules, which is headed 'Activities which are not to be treated as manufacture', is ultra vires provisions of definition of 'manufacture' under VAT Act and beyond competence of rule-making power of State to alter definition of 'manufacture'

Now Companies needn’t inform ROC about their conversion into LLP

LLP/INDIAN ACTS & RULES : Limited Liability Partnership (Amendment) Rules, 2015 – Amendment in Rules 33, 39, 40 & Form 2, Form 4, Form 16, Form 19 and Form 30

AO rightly rejected books of civil contractor as he failed to give details of excessive freight and

IT : Where assessee used trucks in contract business and could not furnish truck-wise details of huge freight and carriage expenses which were debited against contract income in profit and loss account in respect of said trucks, books of account was to be rejected

Trust claiming sec. 11 relief can't be slapped with disallowance for TDS default

IT : Where assessee was engaged in construction of temple and activities of assessee over years remained same, proviso to section 2(15) could not be applied on assessee to deny exemption under section 11

Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as

IT : Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as goodwill

Rule 8 applicable to FBI cases

IT: Where amount of expenditure incurred by assessee in extending fringe benefits to its employees was not solely for purpose of business and was also for purpose of agriculture, rule 8 of Income-tax Rules, 1962 was to be applied in valuation of fringe benefits

Sec. 44BB: Mobilisation charges includible in gross receipts as it was incidental activity for carry

IT/ILT: Where mobilisation was an incidental activity to main activity of carring out contract in india, same was to be included in gross receipts for determining income under section 44BB(1)

Additional time granted for setting-up of Central KYC records registry under PMLA

MONEY-LAUNDERING/INDIAN ACTS & RULES : Prevention of Money-Laundering (Maintenance of Records) Third Amendment Rules, 2015 – Amendment in Rule 9A

Now dealers of West Bengal can sale goods to Russian Diplomats without payment of tax

VAT/INDIAN ACTS & RULES : West Bengal Value Added Tax Rules, 2005 – Amendment in Rule 26F

West Bengal Govt. inserts new VAT Rule for deduction of turnover on goods sold to Exide Industries L

VAT/ INDIAN ACTS & RULES : West Bengal Value Added Tax Rules, 2005 – Insertion Of Rules 26KA and 26KB

Benefit of sec. 10A is available for entire year even if STPI registration is obtained in last month

IT: Assessee-company was entitled to deduction under section 10A in respect of profits attributable to export turnover for entire relevant year even though registration as an STPI unit was obtained only on 4-3-2000

SEZ units can claim ST-refund within one year from date of payment of ST; date of advance payment is

ST: Refund of service tax is to be claimed within one year from date of payment of service tax to service provider, and not from date of advance payment

Employees has locus to file winding up plea against employer-co. for unpaid salary and emoluments

CL: Employee of company has locus to file company petition under section 433 in respect of his unpaid wages/salary and emoluments, as having been filed by a creditor of company

Division bench of ITAT can’t examine legal issue while giving effect to majority view

IT : At time of giving effect to majority view, it cannot normally be open to Division Bench of Tribunal to go beyond exercise of giving effect to majority views, howsoever mechanical it may seem

Sec. 54F: Mother can’t be deemed as owner of house purchased by minor-daughter out of her own income

IT : Where Assessing Officer had passed cryptic, non-speaking order, Commissioner was justified in invoking jurisdiction under section 263

Assessee can’t opt for full rate of duty for one unit and SSI-exemption for another

Excise & Customs : Once assessee has exercised to keep out of SSI-exemption for Unit 1 and pay full rate of duty, it cannot claim benefit of SSI-exemption for Unit 2

SAT upheld penalty on appellant for failing to redress investor grievances after obtaining SCORES au

SEBI: Where appellant failed to redress investor grievances within stipulated time after obtaining SCORES authentication as per circular issued by SEBI, penalty was rightly imposed upon appellant under section 15C

AO gets flak from HC for non-supply of reasons indicating escapement of income

IT : It is absolutely necessary that reasons recorded for formation of belief that income of assessee has escaped assessment, are supplied to assessee so that he may be in position to question legality of re-assessment proceedings initiated on all available grounds

Disclosure of receipts during search against booking of housing project is eligible for sec. 80-IB r

IT: Where during course of search conducted under section 132, assessee, a builder, had offered a sum of Rs. 40 lakhs as undisclosed receipts against bookings from customers of prime plus project and subsequently declared same in return of income filed, it was entitled for deduction under section 80-IB(10) on such receipts

High Court rescues Liaison office of 'Columbia Sportswear' from being treated as PE in India

IT/ILT : Liaison Office of foreign MNC established in India for sourcing goods for exports to its overseas customers as per their requirements will not be treated as PE under the DTAA merely because it engages in activities necessary for purchase such as identifying a competent manufacturer, negotiating a competitive price, helping in choosing material to be used, ensuring compliance with quality of the material and getting material tested to ensure quality. Nor will the LO lose tax exemption

Co. can't refuse to register share transfer if transfer deed and succession certificate are furnishe

CL: Where respondent group had furnished succession certificate as well as transfer deed executed in their favour, they were clearly entitled to have rectification made by getting shares registered in their favour

No reassessment due to TDS default on royalty payment if its details were available at assessment st

IT : No reassessment due to TDS default on royalty payment if its details were available at assessment stage

Sec. 158BD notice was invalid if issued after one year of completion of block assessment of searched

IT : Where assessee, was issued with notice under section 158BD in respect of assessment of other persons, in a year after completion of assessment, notice could not be held to be a valid notice as same was to be issued immediately

ITAT allows sec. 80-IB relief on sum surrendered during survey as it was received for booking of hou

IT : Where certain amount was received for booking flat in house project developed by assessee and assessee did not have any other business activity during year under consideration, Assessing Officer was not justified in holding that said amount was income from other sources and deduction was to be allowed under section 80-IB(10) on said sum

Unexplained Jewellery placed in locker shall be assessed in year of opening of locker by revenue

IT: In terms of section 69A, assessee would be treated in possession of jewellery, from date of opening of locker, i.e., when jewellery was found and seized by revenue, and would be added to his income accordingly

Unabsorbed depreciation to be set-off even if business isn't carried on if income is taxable under s

IT : Where once amount realized by assessee by sale of building, plant and machinery was treated as income arising out of profits and gains from business by virtue of sub-section (2) of section 41 notwithstanding fact that assessee was not carrying on any business during relevant assessment year, provision contained in sub-section (2) of section 32 would become applicable and, consequently, set-off had to be given for unabsorbed depreciation allowances of previous year brought forward in terms o

Unabsorbed depreciation to be set-off even if business isn't carried on if income is taxable

IT : Where once amount realized by assessee by sale of building, plant and machinery was treated as income arising out of profits and gains from business by virtue of sub-section (2) of section 41 notwithstanding fact that assessee was not carrying on any business during relevant assessment year, provision contained in sub-section (2) of section 32 would become applicable and, consequently, set-off had to be given for unabsorbed depreciation allowances of previous year brought forward in terms o

No concealment by treating share capital as income of assessee if its details were furnished in regu

IT: Where assessee furnished all information relating to increase in share capital in regular proceedings, levy of concealment penalty was unjustified

Plea to investigate into alleged bid rigging rejected as it wasn’t proved that entities were owned b

Competition Act: Where appellant alleged that respondent No. 1 along with two other bidders had indulged in cartelization and was guilty of bid rigging, however, he did not produce any document to prima facie prove that all three entities were owned by one person or same family, Commission rightly observed that no case for ordering an investigation into allegations contained in complaint was made out

Even in case of large scale fraud, recovery can't be made beyond 5 years of relevant date

Excise & Customs : Merely because fraudulent availment of exemption/bond is of great magnitude and is admitted does not mean that recovery can be made at any time; recovery can be made within 5 years from relevant date and there is no provision to consider 'date of knowledge of department' as relevant date

COMPAT rejected plea to investigate into alleged bid rigging as appellant failed to prove that entit

Competition Act: Where appellant alleged that respondent No. 1 along with two other bidders had indulged in cartelization and was guilty of bid rigging, however, he did not produce any document to prima facie prove that all three entities were owned by one person or same family, Commission rightly observed that no case for ordering an investigation into allegations contained in complaint was made out

Cutting of lengthy conveyor belt into smaller isn't manufacture

Excise & Customs : Mere cutting of lengthy conveyor belt into smaller sizes would not amount to manufacture; more so, as revenue failed to show that as a result of said cutting, it was transformed into a new product which was a marketable product

Tribunal can't examine validity of review order passed by Committee of Chief Commissioners

Service Tax : Tribunal cannot examine validity of review order, beyond factum as to whether or not a decision has been taken by a Committee of Commissioners/Chief Commissioners to institute appeal; if decision has been taken, Tribunal cannot examine why and how was said decision taken, as such a review is an administrative act

Income from display of rough diamonds in Special Notified Zone won't be taxed : FinMin

INCOME FROM DISPLAY OF ROUGH DIAMONDS IN SPECIAL NOTIFIED ZONE CARRIED OUT ON OR AFTER 1-4-2015 NOT TO BE TAXABLE UNDER PROVISIONS OF INCOME-TAX ACT, 1961

A trust can’t be taxed as an AOP in respect of income which is already clubbed in hands of its benef

IT : Where assessee-trust claimed that pursuant to provisions of sections 61 to 63 income earned by it had been included in returns of income of beneficiaries of trust and offered to tax directly by them and, therefore, effective income taxable in its hands was to be considered as nil, Assessing Officer was wrong in concluding that assessee and beneficiaries constituted an association of persons and assessing assessee as an association of persons

Dept. must specify default committed by assessee in SCN without which demand is invalid

Excise & Customs : Mere passing reference to a section in show-cause notice, without any supporting omissions or commissions by assessee supporting invocation of said section, cannot validate demand under said section

Dept. must specify default committed by assessee in SCN without demand is invalid

Excise & Customs : Mere passing reference to a section in show-cause notice, without any supporting omissions or commissions by assessee supporting invocation of said section, cannot validate demand under said section

Directors can't approach different High Courts to quash FIR for fraud and cheating filed at Delhi

CL: Where allegations of cheating and fraud had been levelled against partners of company, regarding which FIR had been registered in Delhi, Delhi Court had summoned accused and Magistrate at Delhi had taken cognizance of matter, petitioners could not have approached a different High Court for quashing of complaint

Penalty levied on financer as he failed to offer explanation for accepting or repaying cash loans ab

IT: Where assessee accepted and repaid loan exceeding Rs. 20,000 in cash from/to money lender repeatedly, even when transaction took place in a major city and offered no explanation regarding urgency or compulsion, levy of penalty was in consonance with law

Hexidine and Hexigel would fall in category of ‘drugs & medicines’ under West Bengal Sales Tax Act

CST & VAT : West Bengal VAT - Products 'Hexidine' and 'Hexigel' were drugs and medicines falling under Entry No. 24(iv) of Part A of Schedule IV of West Bengal Sales Tax Act, 1994

No incurrence of exp. on services provided by assessee proved that it had outsourced services to AE;

IT/ILT: Where assessee was not incurring any expenditure in respect of services claimed to be received from AE, assessee's claim that it was outsourcing services was acceptable and no transfer pricing adjustment was called for

Activity of distribution of lottery isn't liable to service-tax, rules Sikkim High Court

Service Tax: Activity of buying and selling of lottery is not service. Department cannot demand service tax on said activity on basis of Rule 6(7C) of Service Tax Rules since it is an optional scheme of payment of tax and does not create a charge of service tax

ITAT apportions exp. on living Germplasm and technical know-how between capital and revenue exp.

IT : Where under a long term licensing agreement, assessee acquired genetic material for cereals, seeds, etc. i.e., organic Germplasm as also technical know-how in bio-technology field along with right to future development and improvement and such technology would benefit assessee even after expiry of agreement period and even assessee could sell germplasm, a part of expenditure paid by assessee would be apportioned as capital expenditure

HC slams ITAT for deciding case in casual manner by merely following its earlier order

IT : Where Tribunal in respect of withdrawal of deduction under section 36(1)(viia), merely followed its order for preceding assessment year and upheld order passed by Commissioner in a casual manner, same was not justified; matter was to be remanded back to Tribunal

Sec. 14A disallowance shall also be added back for computing book profits under sec. 115JB

IT: Where assessee-company engaged in business of pharmaceuticals received product development charges which were credited to profit and loss account as part of normal sales, same was not to be reduced from expenditure incurred by assessee on carrying out scientific research on which section 35(2AB) deduction had to be allowed

Allahabad HC directs revenue to pay interest on assets seized above 19 years after completion of ass

IT : Where revenue had retained assets of assessee, viz., FDR, Indira Vikas Patra, Kisan Vikas Patra even after completion of assessment unreasonably for long duration without renewal and encashment thereof resulting in loss of interest which seized assets could have earned in normal course of things, revenue was directed to pay such interest to assessee

Order of provisional release of seized goods is an appealable order

Excise & Customs: Order of adjudicating authority granting provisional release of seized goods, is an appealable order; therefore, writ petition against said order was dismissed citing bar of alternate remedy

No deemed dividend if lender-co. had share premium reserve and not accumulated profits to declare di

IT: Where assessee-company created a reserve out of share premium, provisions of section 2(22)(e) would not be applicable as same would be governed by section 78 of Companies Act, 1956

Reimbursement to director for payment made by him via credit card on behalf of co. wasn't deemed div

IT: Where assessee made payments on behalf of company using his credit card which had been reimbursed by company, same could not be treated as deemed dividend under section 2(22)(e)

Levy of services charges on e-tickets doesn’t amount to abuse of dominance position by Railways

Competition Act : E-ticketing facility in Railways is an additional value added service offered by IRCTC and any customer wishing to avoid payment of service charges may not register himself with IRCTC but can book tickets through manual PRS counters without paying any service charge and, therefore, levy of service charges on e-tickets does not amount to an abuse of dominant position by Railways

Duty could be paid using credit in absence of specific restriction in case of withdrawal of fortnigh

Excise & Customs : In case of withdrawal of monthly/fortnightly facility to pay duty, mere provision that 'duty should be paid through account current' does not amount to restriction on use of Cenvat credit; hence, in absence of any specific restriction on use of credit, payment of duty using credit is valid

Failure to quote PAN while filing appeal before CIT(A) due to ignorance doesn't attract penalty

IT: Where assessee failed to quote permanent account number(PAN) while filing appeal before Commissioner (Appeals), since default made on part of assessee was because of her ignorance and not because of any mala fide intention, penalty levied under section 272B was to be deleted

No reassessment to make disallowance for TDS default if impugned exp. wasn’t deducted in original as

IT : Where Assessing Officer initiated reassessment proceedings on ground that assessee had paid labour expenses without deducting tax at source which resulted in under assessment of income, but in fact amount in question had not been claimed as deduction, impugned reassessment proceedings deserved to be quashed

Complaint for cheque bouncing filed by a managing director wasn’t maintainable as it wasn’t filed on

Negotiable Instruments Act: Complaint for cheque bouncing filed by a managing director wasn’t maintainable as it wasn’t filed on behalf of company

No ST on services provided for remittance of foreign currency during 1-7-2012 to 13-10-2014: CBEC

ST : Section 66B of The Finance Act, 1994 - Charge of Service Tax on or After Finance Act, 2012 - Mega Exemption Notifications - Levy of Service Tax on Services Provided by An Indian Bank or Other Entity Acting as an Agent to Money Transfer Service Operators in Relation to Remittance of Foreign Currency From Outside India to India

Sec. 206C doesn’t require seller to obtain declaration from buyer for non-collection of TCS at very

IT : Section 206C does not mandate that declaration from buyers in Form 27C for non-collection of TCS has to be obtained at very same moment when sale is effected

Person filing writ and pressing for adjudication on merits can't challenge jurisdiction of HC after

Excise & Customs : When assessee himself filed writ and pressed for adjudication on merits, then, merely because decision of High Court is unfavourable, assessee himself cannot challenge jurisdiction of High Court on ground that disputed questions of fact cannot be adjudicated in writ

No reassessment just because income remained untaxed due to non-coordination between departmental of

IT/ILT : Where assessee's income had escaped assessment by reason of omission to make disallowance of payment of subscription to non-resident under section 40(a)(ia) for non-deduction of TDS, reopening of assessment was justified

Modus operandi of running CIS through private trust are also within the purview of SEBI, says SAT

SEBI : In view of the close proximity between the appellant and the Trustee as also the AMC (appellant itself) no fault can be found with the decision of SEBI in holding that the appellant had adopted a modus operandi of operating CIS through the medium of a Trust

AO couldn’t reject books of account due to variance in current year's profit as compared to earlier

IT : Where Assessing Officer rejected books of account of assessee as profits declared in current year were not in consistent with other years, since Assessing Officer decision was based on conjectures and surmises, assessee's books could not be rejected

Revenue should give sufficient time to assessee to justify his claim while processing application un

IT : Where Commissioner (Exemptions) rejected application of assessee-society under section 12A without giving sufficient opportunity of being heard to assessee to sustain its claim before him, it was contrary to principles of natural justice; matter was to be readjudicated

Sum paid to contractual doctors to provide services of teleradiology would attract sec. 194J TDS and

IT : Where assessee-company was providing teleradiology services to hospitals and engaged services of doctors for medical consultation, since there was no employers employee relationship between assessee and doctors, assessee was not liable to deduct TDS as salary under section 192

Misdeclaration can't be alleged for period prior to issuance of clarification by Department

Excise & Customs : Where relevant clarification suggesting manner of computation of value was issued only in October 1996, mis-declaration cannot be alleged for period prior to October 1996 and therefore, extended period of limitation cannot be invoked upto September, 1996

No penalty alleging inaccurate particulars if proceedings were initiated for concealment of income p

IT : Where Assessing Officer initiated proceedings under section 271(1)(c) for concealment of particulars of income by assessee but levied penalty for furnishing of inaccurate particulars of income, impugned penalty could not be sustainable

CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock

IT : Section 143 of The Income-Tax Act, 1961 – Assessment – General - Framing of Scrutiny Assessments in Cases of Assessees Engaged in Business of Mining

Certificate of installed capacity issued by Commissioner of Industries is not conclusive

Excise & Customs : Where excise exemption was subject to condition that installed capacity should not exceed 1,98,000 tons per annum, certificate of installed capacity by Commissioner of Industries cannot be regarded as conclusive especially when Director of Industries had conceded that they had no means to determine installed capacity

ITAT direct AO to consider additional evidence filed by assessee for claiming sec. 10B relief

IT: Where Assessing Officer disallowed assessee's claim for deduction under section 10B and Commissioner (Appeals) declined to consider documents filed before him and dismissed appeal of assessee, entire issue required to be remitted back to Assessing Officer for fresh consideration

LOB clause of Indo-Singapore DTAA won't apply if income of Singaporean Shipping Co. is remitted in U

IT/ILT : Where appellant Indian company filed return in respect of a ship which was owned by a Singapore company, and Inland Revenue Authority of Singapore confirmed that in case of Singapore company, freight income has been regarded as Singapore sourced income and brought to tax on an accrual basis (and not remittance basis), entire freight income which was only from operation of ships in international traffic, was taxable only in Singapore; same could not be brought to tax in India

Non-withdrawal of allegations against counsel after agreeing to withdraw such charges is contempt of

IT : Engaging in e-mail communications with Standing Counsel levelling allegations against them and, not withdrawing such allegation despite stating so in High Court prima facie amounted to criminal contempt punishable in accordance with law

E-biz launches composite application form for PAN, TAN, DIN and incorporation of company

CORPORATE LAWS : Joined up Service NA-DIN-COI-PAN-TAN-ESIC-EPFO

Time limit to file refund claim doesn’t apply to rebate claim arising out of export

Excise & Customs : Since notification issued under rule 18 of the Central Excise Rules, 2002 does not provide any period of limitation for a claim for rebate, rebate claim cannot be dismissed as time-barred applying provisions of section 11B of Central Excise Act, 1944

TP: Assessment order set aside as AO made final assessment without forwarding copy of draft assessme

IT/ILT : Where assessment was restored back by Tribunal to stage of passing of draft assessment order and fresh assessment order was passed without forwarding draft order to assessee within time-limit prescribed under section 153(2A), mandate of section 144C was not fulfilled and, accordingly, assessment order was unenforceable

No service-tax on entrance fee collected by club which doesn't confer any access to services

Service Tax : Where collection of entrance fee by club from its members : (a) did not confer members any access to services, facilities or advantages; and (b) was to meet expenses necessary for sustenance and survival of club and maintenance of its assets, then, entrance fee, not being a consideration, was not chargeable to service tax

ITAT direct to examine whether AO was in possession of original return when reassessment notice was

IT : Where assessee raised plea that date on which notice for reassessment was issued to assessee under section 148, Assessing Officer was not in possession of original return since said issue went to root of matter, issue was to be remanded back for re-adjudication

Final duty can't be extended to a period when provisional anti-dumping duty isn't in force

Customs : Where: (a) provisional anti-dumping was levied on 2-5-2002 and same became ineffective on completion of 6 months on 1-11-2002, and (b) final anti-dumping was levied only on 1-5-2003, then, no anti-dumping duty could be levied during gap period, viz., 2-11-2002 to 30-4-2003

Block assessment can't be framed on basis of material collected during survey

IT: Where material was collected by Assessing Officer during course of survey, and not during search proceedings, Tribunal was justified in setting aside assessment made under section 158BC

For sec. 54 relief, actual sales consideration shall be considered and not stamp duty value under se

IT: Where sale consideration of a house was utilised by assessee for purchase of a new residential house before due date of filing of return under section 139(4), same would be eligible for exemption under section 54

Sale of barren land within short duration couldn't deemed as sale of agricultural land; held as busi

IT : Where assessee having purchased agricultural land, converted same into barren land and thereupon sold it within short period of purchase, said activity was to be regarded as adventure in nature of trade and, consequently, profit earned on sale of land was to be taxed as business income

Time period to file revised declaration of property by public servants extended by 6 months

CL/INDIAN ACTS & RULES : Public Servants (Furnishing Of Information And Annual Return Of Assets And Liabilities And The Limits For Exemption Of Assets In Filing Returns) Third Amendment Rules, 2015 – Amendment In Rule 3

Rent not to be held as benefit/perquisite just because spouse had substantial interest in lessee-Co.

IT : When assessee had let out property to the company (JISL) in which her husband and their relatives were holding substantial interest, it means that rent has been derived as a quid-proquofor letting out the property, thus, such receipt of rent could not be characterized as benefit or perquisite under Section 2(24)(iv)

AO couldn't doubt genuineness of share transaction merely on basis of statement of third party

IT: Where no incriminating material was found during search which could indicate that long-term capital gains arising out of sale of shares was bogus and assessment was completed without considerating details of purchase of shares produced by assessee, assessment was void

Due date for e-filing of returns for e-commerce dealers of Delhi further extended by one month

VAT : Section 27 of the Delhi Value Added Tax Act, 2004 - Power to Require Other Returns – Extension of Last Date for Filing of Online Returns for First and Second Quarters of Year 2015-16, in Forms EC-II and EC-III

Act of removal of a shareholder without consideration to take over control of co. is oppressive

CL: Act of respondent shareholder and director of R1 company, putting petitioner i.e shareholder having 50 per cent interest in R1 company, to believe that he could get consideration to exit from company by entering into business separation agreement and conciously keeping him away from business of company and taking control of entire company, amounted to oppressive acts against petitioner

Supreme Court has power to reduce interest on delayed payment even below rate fixed under bond

Excise & Customs : Mere because, as per bond, assessee had agreed to pay interest at 24 per cent per annum, that would not take away right of Supreme Court to reduce rate of interest if ends of justice so warrant; hence, on facts, rate was reduced to 9 per cent

Dealers of SIM cards can't take credit of service tax paid by telecom companies

Cenvat Credit : Dealers of SIM Cards/Recharge vouchers cannot be regarded as 'recipients of telecom services' provided by telecom companies; hence, said dealers cannot take input service credit of service tax paid by telecom companies

Fee paid for global market survey to determine business prospects in India isn't 'FTS' under India-U

IT/ILT: Where assessee, an Indian company, had merely availed services of U.K. Company for global market survey to determine business prospects to carry out project in India, since these services were neither geared to nor did they 'make available' any technical knowledge, skill or experience to assessee or consisted of development and transfer of a technical man or technical design to assessee, article 13 of DTAA between India and U.K. could not apply

In an appeal filed by assessee Tribunal can't enhance rate of duty determined by Commissioner(A)

Service Tax/Excise/Customs : In absence of revenue's appeal, Tribunal cannot enhance duty/rate thereof in assessee's own appeal; assessee cannot be worse off by reason of filing an appeal

Cars donated by 'Hyundai' to Police Dept. is CSR exp; disallowable under sec. 37(1)

IT : Expenditure incurred by car-manufacturer on gifts of cars to State police department was held not an eligible expenditure under section 37(1) as it was found not incidental to carrying on business and there was no commercial expediency in incurring this expenditure

Chief CIT rightly ordered forfeiture of bidding amount on failure of petitioner to pay entire amount

IT: Where petitioner did not pay entire bid amount within stipulated time as per terms and conditions on which bids were invited by income-tax department for subject property, decision of Chief Commissioner for forfeiting amount already paid by petitioner was justified

Deemed credit is allowed even if assessee doesn't pay duty at time of purchase

Central Excise : In case of deemed credit, there is no obligation on part of assessee to pay duty at time of purchase; hence, deemed credit at deemed rates is allowed even if no duty was actually paid by assessee at time of purchase

SEBI issues simplified listing agreement uniform across all types of securities/listed entities

SEBI : Format of Uniform Listing Agreement

Petition for transfer of shares filed under oppression plea couldn't be rejected on mere non-complia

CL: Mere non-compliance with section 108 could not be a ground to set aside transfer of shares in petition under sections 397 and 398

'Nizral shampoo' meant to cure dandruff is a medicament and not cosmetic

Excise & Customs : 'Nizral Shampoo' meant to 'cure' disease of 'dandruff' is a 'medicament' classifiable under Heading 3003.10 (duty 16 per cent) and not a 'cosmetic preparation for use on hair' classifiable under Heading 3305.99 (duty 24 per cent)

No ad-hoc addition by AO on rice-dealer if his yield was incommensurate with industrial rate of gros

IT : Where assessee's yield from trading of rice was commensurate to industrial gross profit, ad hoc addition made was unjustified

Sum paid on purchase of internet connection isn't 'FTS'; not liable to TDS under sec. 194J

: Internet charges could not be regarded as fees for technical services and, hence, assessee was not bound to deduct tax at source under section 194J in respect of leased line expenses

AO couldn't prove suppressed production on basis of sample of electricity consumed in one hour

IT: AO couldn't prove suppressed production on basis of sample of electricity consumed in one hour

Parties can't file additional evidence on their own except on demand of ITAT

IT: Parties to appeal cannot produce additional evidence of their own but if Tribunal so requires, same can be produced on recording of reasons by Tribunal

No credit can be taken on basis of invoices neither addressed to assessee nor endorsed in his favour

Cenvat Credit : Credit of duty-paid returned goods can be allowed only if invoice is in name of person availing credit or invoice is endorsed in favour of assessee; credit cannot be taken on invoice in name of a third party

HC allowed sec. 80-IB relief for entire housing project though completion certificate wasn't granted

IT: Where assessee had completed construction of its entire housing project and applied for Building use permission/completion certificate within prescribed time-limit, it would be entitled to deduction under section 80-IB(10) notwithstanding fact that it could not receive permission for its entire project

Tribunal didn't examine facts to determine place of removal; matter remanded

Excise & Customs : Transit freight/insurance is includible in value only upto 'place of removal' and 'Place of removal' is dependent upon facts and where said place of removal was not examined by Tribunal on facts, matter was remanded back

Commission paid to NR for advising on product trend in USA isn't taxable as services were rendered o

IT/ILT: Remuneration paid in foreign currency by assessee-company, for services rendered outside India to a US-resident for product designing services, was not liable to be taxed in India

Interest-free sum given to affiliate to purchase land due to restrictions imposed by Land Act held a

IT: Where due to restrictions imposed by Land Acquisition Act, assessee had given interest-free advances to group companies for development of land, in absence of any finding recorded by Assessing Officer that said advances were not for business purposes, matter was to be readjudicated

Govt. allows deduction for treatment of disease on basis of certificate of private hospitals

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Fifteenth Amendment) Rules, 2015 – Amendment In Rule 11DD And Omission Of Form 10-I

Sale of property of liquidating co. without proper publicity or fixing of reserve price of assets is

CL : Sale of property of company-in-liquidation in auction without proper publicity through advertisement or fixing any reserve price for assets could not be sustained particularly when property put in auction was of much higher valuation than price at which it was sold

ITAT rejects sec. 50C value on basis of sub-registrar's records; directs AO to re-fix value after he

IT : Where assessee sold a plot and Assessing Officer for purpose of computing capital gains under section 50C adopted valuation of plot as per SRO records and Commissioner (Appeals) after considering objections of assessee concluded that there was no need for adopting valuation as per SRO, matter required to be sent back to Assessing Officer for de novo assessment

Civil court has no jurisdiction to entertain suit against I-T department without any allegation of f

IT: Where Income-tax department appropriated amount deposited by assessee with a firm towards income-tax dues of firm, in absence of any allegation of fraud against Income-tax department, civil court had no jurisdictions to entertain recovery suit filed by assessee against Income-tax department

Sale to related party can't be valued at cost plus method when entire sales is at below cost

Excise & Customs : Where assessee's entire sales are below cost owing to international market prices being very low, sales to related parties cannot be value on basis of 'cost plus method' and are to be valued as per best judgment principle at 'price charged from unrelated parties'

Sec. 41(1) additions made as assessee failed to explain reasons for non-payment of liabilities in no

IT : Where interest or borrowed capital to invest in shares, for period prior to financial year 1997-98, was claimed and allowed as revenue expenditure, it could not transform its character from financial year 1997-98 onwards to become a capital cost without any change in underlying facts, and hence, same could not be treated as cost of acquisition and/or improvement in computation of capital gains

HC directed advertisement of winding up plea against co. on its failure to pay agreed overdue sum

CL : Where company had admitted its indebtedness to petitioner to extent of Rs. 119 lakh, company was to be directed to pay that amount with interest and on its failure to do so winding up petition would be advertised

80% of staff member of COMPAT have working knowledge of Hindi, says MCA

COMPETION ACT : Rule 10 Of The Official Language (Use For Official Purposes Of The Union) Rules, 1976 – Working Knowledge Of Hindi - More Than Eighty Per Cent Staff Members Of Competition Appellate Tribunal Under Ministry Of Corporate Affairs Acquired Working Knowledge Of Hindi

S.K. Mohanty appointed as Executive Director in SEBI

SEBI : Appointment of New Executive Director of Sebi

Service tax on railway tickets for AC coaches increased to 4.2% from 3.708% w.e.f. June 1, 2015

ST : Levy of Service Tax on Transportation of Passengers by Rail

Now, coconut oil packed in small bottles isn’t classifiable as hair oil: CBEC

EXCISE : Withdrawal of Order Under Section 37B of Central Excise Act, 1944 on Classification of Coconut Oil Packed in Small Containers

Service Tax Commissioner of Chennai laid down procedure for electronic transfer of refund claims

ST : Introduction of Facility of Payment of Rebate/Refund Claims Amount Directly to Assessee/Exporters' Bank Account

No reassessment to deny benefit of MAP to US based Co. if earlier it was given by AO after detailed

IT/ILT : Where Assessing Officer formed opinion that taxation of advertisement and distribution revenue of US company was to be governed by MAP resolution and 10 per cent of total revenue generated would be treated or business income and he completed assessment after verifying detailed reply to huge questionnaire and all supporting documents, reopening of assessment on basis of same material, taking plea of taxing total revenue at 10 per cent as per section 115A, would not be permissible

Reassessment notice, being issued after obtaining sanction of Commissioner instead of Joint Commissi

IT: Where notice under section 148 was issued after obtaining sanction from Commissioner instead of Joint Commissioner who is competent authority to approve issuance of notice, assessment framed consequent thereto was not valid and same was void ab initio

No TP adjustment of depreciation on account of assets which are held by AE but not assessee

IT/ILT : While computing margins of comparable companies, no adjustment for differential rate of depreciation is to be made on account of uncommon assets between assessee and comparables

Default period of assessee-in-default shall be counted as per British Calendar month

IT: Levy of interest under section 201(1A) is compensatory in nature and thus gap of time between point of time when tax ought to have been deducted at source vis-à-vis point of time when tax was actually deducted are to be seen and it is in this context that connotation of expression 'month' is to be examined

Capital gains on gifted asset shall be computed by taking CII of year in which asset held by previou

IT : In case of gains arising on transfer of a capital asset acquired under a gift or will, capital gains liability has to be computed by considering that assessee held said asset from date it was held by previous owner and on same analogy, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset

No denial of sec. 80G relief requiring amendment in trust-deed through Civil Court as trustees were

Where trust deed of assessee-trust provided that trustees were empowered to make amendment to trust deed, there was no need for assessee to approach civil court for amending trust deed