A delisting offer cant be said to have failed if public shareholding as a result thereof falls below the 20% minimum public shareholding level stipulated by Listing Agreement for continuous listing. Public shareholding need not fall below the 10% level stipulated by Rule 19(2)(b) of SCR Rules as the said limit has no relevance for this purpose
Friday, 9 January 2015
Exp. on equipments given to lab for getting timely results of test for products of assessee was capi
IT : Where assessee had quantified liability of surcharge on sales tax and turnover tax and paid same within due date, deduction to be allowed
Duty paid by seller on packing material by including it in value of raw materials is eligible for cr
Cenvat Credit : Where supplier of raw material has paid duty on packing materials by including them in 'value' of raw materials, such duty is eligible as Credit to buyer, even if, as per department, duty itself was not payable on packing materials
Prior to 20-03-2000, stock transfer without any declaration form wasn’t liable to penalty
CST & VAT : Rajasthan VAT - Where assessee was carrying goods under stock transfer and Assessing Officer having found that declaration form ST-18A was not completely filled in imposed penalty upon assessee under section 22A(7), in view of notification dated 20-3-2000, penalty could not be imposed
Sec. 11 relief is to be denied only on income applied by trust in violation of sec. 13 and not on to
IT : In case of a trust registered under section 12AA, only such part of income which is violative of section 13(1)(d) can be brought to tax at maximum marginal rate and entirety of income cannot be denied exemption under section 11
AO couldn't make addition on estimation basis without recording requisite satisfaction to reject boo
IT : Where Tribunal found that only administrative expenditure was incurred and that was estimated at 5 per cent of dividend earned, it was justified in restricting disallowance under section 14A at 5 per cent of dividend income
No exclusion of comparable due to high turnover and abnormal profit unless it didn’t satisfy FAR ana
IT/ILT : High turnover and abnormal high profit margin per se cannot be a reason for rejecting a company as comparable, unless there are other reasons which do not satisfy FAR analysis
Course material, being non-standard and non-priced are includible in value of coaching services
Service Tax : Where course materials are provided only to trainees after enrollment for course and same are neither priced nor available in open market; same are not 'sold' to students and are prima facie, includible in value of coaching services
Refusal of developer to deliver plot on failure of allottee to pay overdue sum wasn't act of unfair
MRTP Act : Where complainant allottee failed to pay outstanding sum with interest to OP-Corporation and did not execute license agreement as required by scheme of allotment, refusal of OP to deliver industrial plot to complainant could not be characterized as an unfair trade practice
Madras High Court lashes out at ITAT for allowing set off of business loss against winnings from bet
IT: Business loss could not be set-off from winnings from betting and gambling income, as they would be taxed on gross basis as per section 115BB, read with section 58(4) of the Income-tax Act
No disallowance of hire charges on plastic moulds even if they were given to contract manufactures f
IT : Hire charges paid on plastic moulds could not be disallowed even if they were given to contract manufactures free of cost
Govt. withdraws sunset clause for exemption of excise duty on bunker fuels which is used in Indian v
EXCISE & CUSTOMS LAWS : Section 5A of the Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Amendment in Notification No.12/2012-C.E., DATED 17-3-2012
RBI hikes limit of gold loans to be granted by Co-operative banks with bullet repayment option
BANKING : Gold Loan - Bullet Repayment
No detention of goods alleging consignee as unregistered dealer without verifying its registration a
CST & VAT: Tamil Nadu VAT - Where department detained goods in transit on ground that consignee was unregistered dealer while it failed to verify acknowledgement of consigneee's application for registration, detention was not valid
Inter-State sale of rectified spirit and denatured spirit aren’t exempt under CST Act
CST & VAT: CST - Inter-State sale of rectified spirit and denatured spirit would not be exempted from payment of tax under Central Sales Tax Act
RBI announces revises framework for leverage ratio; effective from April 1, 2015
BANKING : Implementation of basel III capital regulations in india – revised framework for leverage ratio
RBI allows eligible person to issue/transfer securities to foreign depository for issuance of deposi
FEMA/ILT : FEM (Transfer or Issue of Security by a Person Resident outside India) (Seventeenth Amendment) Regulations, 2014 - Amendment in Regulations 2, 14 & Schedule 1; Substitution of Regulation 13 and Insertion of Schedule 10
Employee of foreign Co. deputed to Indian group may hold foreign currency a/c to receive salary
FEMA/ILT : FEM (Foreign Currency Accounts by a Person Resident In India) (Amendment) Regulations, 2014 - Amendment In Regulation 7
HC admits winding up of UB Holdings as it failed to honour guarantee to repay dues of Kingfisher Air
CL : Where petitioners, foreign companies and banks, had entered into transactions with 'Kingfisher' of which respondent company was holding company who had executed corporate guarantee to repay amounts due and payable by Kingfisher, winding up petition against respondent company was to be admitted on failure of Kingfisher to pay dues and failure of respondent to honour guarantee
No disallowance under sec. 43B on unpaid differential price of sugarcane as such liability was under
IT: Where liability to make payment of sugarcane price differential itself was under challenge and liability under cane price fixation notification arose only in current year when Supreme Court upheld said notification, expenditure could be claimed in current year
No disallowance to firm if Sec. 144 assessment was made to check sanctity of books without any failu
IT : No disallowances can be made under section 184(5) when even though assessment is completed under section 144 but assessee has not committed any such failure as is set out in section 144
Tribunal rightly dismissed appeal for non-prosecution as assessee's counsel didn't follow up matter
Central Excise : When assessee engaged an Advocate and even Advocate did not bother to follow up matter for 8 long years and when it reached hearing, none was present, Tribunal cannot be faulted for dismissing appeal for non-prosecution
ITAT remanded case as assessee didn't get hearing chance to prove that payment of royalty was made t
IT/ILT: Where assessee had not been afforded an effective opportunity of being heard to satisfy authorities that payment of royalty to associate enterprise was at arm's length, matter required readjudication
HC denied exemption from CST as assessee failed to produce Form 'C' on inter-State sales
CST & VAT : CST - Where assessee had not produced Form 'C' in respect of inter-State sale, it was not entitled for exemption from tax on inter-State sale
No denial of Sec. 35(2AB) relief due to delay in filing of approval report by prescribed authority t
IT : Assessee could not be denied deduction under section 35(2AB) merely on ground that prescribed authority did not submit Form No. 3CL for granting approval under section 35(24B) in time to income-tax department
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