IT : Section 35(1)(ii) of the Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/institutions - Academy of Scientific and Innovative Research (Acsir), New Delhi
Saturday, 21 February 2015
Services provided by clubs to its members weren't liable to ST prior in introduction of negative lis
Service Tax : Services provided by clubs to its members are not liable to service tax during period from 16-6-2005 to 30-6-2012
Initiation of search would provide sec. 153A jurisdiction even if no undisclosed income was unearthe
IT : Where expenses on renovation and cost of improvement of leased building were incurred only for purpose of carrying on day to day business and did not bring into existence of any capital assets, same would be allowable as revenue expenditure
HC deletes sec. 69B additions as AO failed to prove that purchases were made out of undisclosed inco
IT : Where Assessing Officer could not show that assessee had made purchases out of undisclosed income, addition was not justified under section 69B
Supply of electricity to affiliate under book adjustment amounts to sale of electricity; input credi
Cenvat Credit : Transfer of possession of electricity to sister concern to 'sale' within meaning of section 2(h), as Book adjustment is also a form of payment; hence, in case of such sale of electricity, assessee is liable to reverse pro rata credit of inputs used in generating said electricity
HC directed AO to analyse provisions of clubbing before making addition of gift in name of HUF
IT : Where assessee received cheques as gift in his individual name, but deposited same in HUF account, before making addition in hand of HUF matter to be readjudicated for in-depth analysis of section 52(2)(vii) and section 64(2)
Failure to file timely return of TCS isn't a technical mistake; HC upheld proceedings for such failu
IT : Where assessee, a State Government undertaking, did not furnish return in Form No. 27EC well in time, impugned penalty order passed under section 272A(2)(c) was to be upheld
Sec. 80P: Co-operative society not to be deemed as co-operative bank if it didn't accept deposits fr
IT: A co-operative society, not accepting deposits of money from non-members, cannot be regarded as primary co-operative bank and provisions of section 80P(4) would not be applicable in its case to deny deduction under section 80P(2)(a)(i) to it
No disallowance if trust was accumulating funds to pay on death of bank employees to fulfill its obj
IT: Where assessee-society constituted for welfare of employees of a bank, had accumulated a sum under heading 'Further utilization' for making payments to members or their legal representatives in case of their death, retirement or permanent disability, assessee had fulfilled its obligation as required under section 11(2) and no disallowance was called for
No limit on number of subscribers of NCDs issued by NBFCs via private placement with minimum subscri
NBFCs : Raising Money Through Private Placement Of Non-Convertible Debentures (NCDS) By NBFCs
No disallowance for cash payment for purchase of gold bars held as investment: ITAT
IT: Where assessee had shown purchase of gold as investment in balance sheet as well as in wealth-tax return and, further, purchases and sales were made at prevalent market price, loss incurred on sale of gold within a year was to be treated as short term capital loss
If Rule is stuck down as ultra vires, all demand and proceedings thereunder become futile
Excise & Customs : Where Rule under which demand is raised has been struck down, demand and consequential proceedings are academic and are to be set aside
Mere packing of various accessories to heart surgery to form ‘custom pack’ doesn’t amount to manufac
Excise & Customs : Process involving : (a) import of tubes, connectors, filters and caps, etc.; (b) cutting of tubes, (c) assembling tubes with connectors and blood filter/oxygen filter and (d) packing same in ready to use condition for heart surgery, does not amount to manufacture, as same is mere 'packaging of various accessories'
Govt. notifies norms for FDI in insurance companies
INSURANCE/INDIAN ACTS & RULES : Indian Insurance Companies (Foreign Investment) Rules, 2015
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