Sunday, 15 February 2015

Co. is liable to DTT only on dividend approved in AGM and not on dividend proposed by board of direc

IT : Provision for dividend made in accounts or recommendation of board of director regarding proposed dividend can not be considered as declaration of dividend


No reassessment after 4 years if there was no failure of assessee to disclose material facts during

IT: Where reassessment notice for proportionate disallowance of interest and financial charges on ground of granting interest free loan was issued only on basis of reappreciation of same material, same was unjustifie


A specialized embedded software development service provide not comparable with other software devel

IT/ILT : A specialized embedded software development service provider cannot be compared with any other software development company


CLB rightly allowed compounding on Co's failure to obtain opinion of Govt. for payment of remunerati

CL : Where respondent No. 1 company and respondent No. 2 were charged for failure to obtain opinion of Central Government before payment of remuneration to one of its directors and for failure to electronically upload attachments to profit and loss account along with directors' report before Register of Companies, CLB was justified in allowing application filed by respondents for compounding offences by levying compounding fee and fine imposed under section 629A of 1956 Act


'CICO Tap Crete' was acrylic polymer and taxable at 4% under UP VAT Act

CST & VAT: U.P. VAT - Where assessee was engaged in manufacture of CICO Tap Crete, said product was acrylic polymers falling under Entry No. 162 of Part C of Schedule II to VAT Act and was liable to tax at rate of 4 per cent


[Indian Customs Non-Tariff Notification] : Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001