FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2014 – Policy on Foreign Investment in Pension Sector – Insertion of Paragraph 6.2.17.9
Friday 24 April 2015
No reassessment on same ground for which reassessment was made in prior year which was quashed
IT : Reassessment was quashed which was initiated on ground that assessee bank, which was in liquidation due to cancellation of licence was not entitled to set off brought forward loss against income from other sources
A Co. having Financial Year different than that of assessee couldn’t be selected as comparables for
IT/ILT: Companies engaged in development of software products are not comparable with company providing software development services
Job worker of PSU can’t plead ignorance of law to avoid extended period of limitation
Excise & Customs : A job-worker of a public sector company can be expected to be aware of amendments/law through said public sector company; hence, such job-worker cannot plead ignorance of law to avoid 'extended period of limitation
Borrower can’t file FIR against authorities of financial institution with sole intent to avoid repay
SARFAESI: Where respondent filed criminal complaint against authorities of financial institution with sole intent to avoid payment of loan, FIR registered against those authorities was to be quashed
Appellate authorities to make enquiry on failure of AO to do so before deleting additions made by AO
IT : In case of unaccounted entries found in books of account of assessee, though it is obligation of Assessing Officer to conduct proper scrutiny of material, in event of Assessing Officer failing to discharge his functions properly, obligation to conduct proper inquiry shifts to Commissioner (Appeals) and Tribunal and they cannot simply delete addition made by Assessing Officer on ground of lack of inquiry
Internal accruals of trust which result in reduced disbursement of tax free govt. grants aren't taxa
IT: Where tax free government grant provided to assessee government undertaking was reduced by amount of income of assessee from internal sources, such income would be exempted; part of such internal income which was not adjusted by way of reduction would be taxable
HC dismissed writ against Sec. 40(a)(ia) disallowance as assessee had remedy of filing an appeal bef
IT: Where against disallowance made under section 40(a)(ia) remedy was available to assessee by way of appeal under section 260A, writ petition was not maintainable
Exp. incurred by educational trust to build infrastructure for imparting education would be exempt u
IT: Where capital expenditure incurred by assessee trust for building necessary infrastructure for imparting education in various field which was for attainment of charitable object of trust, exemption would be granted
No disallowance for short-deduction of TDS on basis of retro-amendment
IT : Where assessees made several transactions of purchase and sale of shares with high volume, frequency and regularity, it would partake of character of business activities, and profit earned therefrom was to be treated as business income
Income from business of nursery constitutes agricultural income; exempt from tax
IT : Where assessee had carried out operations such as tilling of land, weeding watering, etc. upon land owned by it and when plants were established in soil they were shifted in suitable containers for sale, sale proceeds would constitute income from agriculture
DRT couldn't coerce defendant to attend proceedings by issuing arrest warrant against it
RDDBFI : There is no power vested in Tribunal to compel or enforce attendance of defendant at stage of adjudication on claim under section 19, not least by issuing a warrant of arrest or for such duress process to be executed through agency of police
Now RBI recognizes transgender as third gender; directs banks to include column of third gender in f
BANKING : Rights of transgender persons – Changes in bank forms/applications etc.
RBI excludes non-whole time director from purview of wilful defaulter; denies such relief to promote
BANKING : Collection and dissemination of information on wilful defaulters
Banks to exclude non-whole time directors from list of wilful defaulters while disseminating info to
BANKING : Collection and dissemination of information on defaulters
FIIs claim of treaty benefit to be decided within one month of filing claim, CBDT's direction
IT/ILT : Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Claim of treaty benefits by FIIs under provisions of Double Taxation Avoidance Agreements
ITAT erred in passing ex-parte as it didn’t consider adjournment on medical grounds of assessee’s co
IT: Where Tribunal did not consider pray for adjournment sought on medical ground of assessee's advocate, order passed by Tribunal in absence of assessee was unjustified
No TDS on commission paid to NR agents for services rendered outside India in absence of their PE in
IT/ILT : Sales commission paid by assessee to non-resident commission agents for services rendered by them outside India was not chargeable to tax in India as commission agents did not have a permanent establishment in India, hence not liable to TDS
Assessee couldn’t challenge sec. 69 additions just because his statement during survey wasn’t on oat
IT : Even though statement by assessee during survey regarding undisclosed investment was not given on oath, same could not be retracted at whim and fancy of assessee
CIT(A) should adopt market rates in valuers directory/stamp duty reckoner in absence of sale instanc
IT: Where no sale instances was available of same area, Commissioner (Appeals) was right in working out Fair Market Value of land by relying upon rate mentioned in Indian Valuers Directory and Reference Book and Stamp Duty Ready Reckoner and by adopting annual rate of appreciation method
Entity working for ex-servicemen and enjoying exemption under Sec. 10(26BBB) gets immunity from TDS
IT : Section 10(26BBB) of the Income-tax Act, 1961 – Corporation established for welfare and economic upliftment of ex-servicemen – Requirement of tax deduction at source in case of corporations whose income is exempt under section 10(26BBB) – Exemption thereof
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