Losses under the head capital gains won't be set-off and carry forward in case of amalgamation and d

IT : Benefit of set-off and carry forward of losses under head 'capital gains' is not available in case of amalgamation and demerger

Sec. 54: Booking of unconstructed flat in housing project to be deemed as investment for constructio

IT : Booking of a flat which is going to be constructed by a builder has to be considered as a case of 'construction of flat' and not purchase of flat for purpose of section 54

Govt. allows 100% FDI in sectors relating to construction of residential premises and roads/bridges

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2014 - Amendment in Schedule 1

Now any proprietorship/unregistered partnership firm in India can acquire WOS outside India subject

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014 - Substitution of Regulation 19A and Omission of Schedule II

RBI allows AD-1 banks to make payment for import of goods/software to third party with a rider

FEMA/ILT/INDIAN ACTS & RULES : FEM (Manner of Receipt & Payment) (Second Amendment) Regulations, 2014 - Amendment in Regulations 3 and 5

RBI requires exporters to declare realization of export proceeds of goods/software from third party

FEMA/ILT/INDIAN ACTS & RULES : FEM (Export of Goods & Services) (Fourth Amendment) Regulations, 2014 - Amendment in Regulations 3 and 16

HC directs ITAT to examine docs produced by assessee to substantiate his claim of advertisement exp.

IT : Where documents and data produced by assessee to claim advertisement expenses under section 37(3) was not taken into consideration by Tribunal, matter was to be remanded back

Development exp. to upgrade optical products was revenue exp. as stiff competition required continua

IT : Where assessee company claimed product development expenses for upgrading existing products, same was to be treated as revenue expenditure as due to severe competition, constant upgradation was required

Receipt of arbitration award won't change status of creditor; hypothecation deed to continue even th

CL : Where financial institution initiated arbitration proceeding and an award had been passed on consent which was a simple money decree, deed of hypothecation would continue in spite of arbitration award and status of appellant would not change as a secured creditor to an unsecured creditor and it was not permissible for said institution to put forth a stand that it would not be bound by Scheme of arrangement approved by Company Judge

Govt. relaxes SEZ norms; allows developers to carry on infra-related work in tax free enclaves

SEZ/INDIAN ACTS & RULES : Special Economic Zones (Amendment) Rules, 2014 - Insertion of Rule 11A

Royalty or FTS should be effectively connected with PE of NR in India to invoke provisions of sec. 4

IT/ILT : Amount received by assessee from ONGC on account of mobilization fee in terms of contracts for hire of vessel for 3D Seismic Data Acquisition was taxable under section 44BB

Security deposit received from lessee isn't deductible as 'debt owed' for computation of net wealth

WT : Security deposit received from lessee is not deductible as 'debt owed' for computing net worth

Rule 8(3A) of Excise barring use of credit in case of default in payment of duty is ultra vires, say

Excise & Customs : Expression "without utilising cenvat credit" in rule 8(3A) providing that assessee would clear goods on payment of excise duty without utilising cenvat credit is ultra vires; hence, proceedings were quashed

No reassessment to tax NR at higher rate when he had claimed benefits of India-Australia DTAA during

IT/ILT : Where assessee-Australian company had fully disclosed income and applied tax rate of 15 per cent taking benefit of article 11(2) of India-Australia DTAA, initiation of reassessment after 4 years on ground that tax rate should be 40 per cent would be quashed

HC directs Tribunal to re-consider stay after considering levy of VAT on installation charges of set

CST & VAT: UP VAT - Where assessee's prima facie case that no VAT was chargeable on charges realised on installation of set top boxes, was not considered in stay proceeding, matter was to be decided afresh

CAG isn't authorized to conduct service-tax audit of private service providers, says Gujarat High Co

Service-tax : Prima facie, outside agency like C&AG is not authorised to conduct service tax audit of assessee's; hence, High Court granted interim stay over department's direction of audit by C&AG party