IT: Institutions set-up to provide placement services to ex-army personnel, their widows and dependents, rather than to any trade, commerce or business would not be hit by first proviso to section 2(15). This activity of general public utility would be covered by definition of charitable purpose, thus, institution was eligible for registration under section 12A.
Saturday 24 January 2015
ITAT relies on retro-amendments for taxing inter-connect charges as royalty; rejects plea of treaty
IT/ILT : Consideration paid by assessee-company, engaged in providing ILD services to its subscribers, to non-resident telecom operators, for provision of international carriage and connectivity services would fall within ambit of royalty under section 9(1)(vi)
RBI eases norms for rescheduling of ECBs; allows changes in repayment schedules umpteen times
FEMA/ILT : External Commercial Borrowings (ECB) Policy - Simplification of Procedure
No addition of undisclosed investment if there was minor difference in report of DVO and assessee’s
IT : Where there was minor difference in valuation report of DVO and assessee's valuer regarding cost of construction, addition made as undisclosed investment could not be sustained
No Seizure of chassis alleging that it would be sold by evading tax it was taken out to build its bo
CST & VAT : U.P. VAT : Where Authorised Officer intercepted a new chassis and owner told that he was taking same from Jaipur to Moradabad for getting its body built, seizure of chassis on ground that it was being taken to Moradabad for sale by evading payment of tax was patently illegal
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