SEBI issues master circular for stock exchange and clearing corporations

SEBI : Master Circular for Stock Exchange and Clearing Corporation

Even development of housing projects for DDA would provide sec. 80-IB relief to assessee

IT : Where assessee, after development of infrastructure facility project, transferred same to Government for which it was paid cost plus margin of income by Government, it would be entitled to deduction under section 80-IB

Karnataka VAT : Segregation of value of goods and labour of works contract isn't permissible in Comp

CST & VAT: Karnataka VAT - In a works contract involving transfer of goods and labour, composition tax is payable under section 15(1)(b) on total consideration of works contract and segregation of composite contract is not permissible under section 15(1)(b)

A software service provider can't be compared with a software developer for TP study

IT/ILT: Company engaged in rendering of provision of software services to its AEs is not comparable to a company engaged in development of software products

SEBI releases revised FAQs on FPIs

SEBI : FAQs on SEBI (Foreign Portfolio Investors) Regulations, 2014

Cutting of large plates into smaller size using gas cutting machines amounts to manufacture

Excise & Customs : Extended period cannot be invoked, if, even as per department, there were doubts as to whether process amounted to manufacture

Action of real estate Cos of legitimizing their illegal acts by using political links was outside th

Competition Act: Where informant was aggrieved by fact that real estate companies were using political connections to seek approvals from Government of Haryana to legitimise their otherwise illegal actions, same could not come within purview of section 3

Gifts couldn’t be held as unexplained if identity and relationship of donor were known

IT : Where identity and relationship of donor was known, amount received by assessee by way of gifts from said donor could not be treated as income from undisclosed source

High Court allows depreciation on goodwill following ratio laid down by Apex Court in case of Smifs

IT : Assessee was entitled to claim depreciation on consideration paid and accounted for as goodwill

Sum paid to AE for use of its trademark couldn't be disallowed even if assessee's own trademark was

IT/ILT : Where TPO disallowed payment of royalty made by assessee to its AE on sales, in view of fact that there were no comparable companies offering similar services comparison made by TPO on basis of transactions of assessee's subsidiary company much prior to year under consideration could not be considered as internal CUP and, consequently, impugned disallowance was to be deleted

Haryana VAT : Levy of interest through order other than assessment order is valid, however, such pra

CST & VAT: Haryana VAT - Where Assessing Authority issued on assessee a notice proposing to levy penalty and interest and after framing assessment he passed a separate order dropping penalty proceeding but levying interest, Assessing Authority should have decided question of penalty and interest along with assessment order, but his failure to do so did not render impugned order null and void

No cancellation of trust's registration on ground that it was covered under first proviso to sec. 2(

IT : If case of assessee falls in first proviso to section 2(15) and, therefore, benefit of registration under section 12A is not available, this is a matter to be considered by Assessing Officer but, registration cannot be cancelled on that ground

Time lost in pursuing remedy before wrong forum is excludible from time-limit for filing appeal befo

Excise & Customs : Application seeking exclusion of time spent in remedy before non-jurisdictional forum bona fide, amounts to invocation of section 14 of Limitation Act

A developer can change its method of accounting if there is uncertainty in ultimate collection of re

IT : Uncertainty in ultimate collectibility of revenue justifies change of method of accounting by property developer from percentage of completion to recognition of income based on registration of agreements for sale or completion of possession and consequential reversal of revenue on cancellations/legal cases. This is so especially where such uncertainty is evidenced by cancellations of property bookings and National Consumer Dispute Redressal Commission upholding cancellation and dismissal

Time-limit to install capital goods by EOU has to be reckoned on basis of validity period of letter

EXCISE LAWS/NT : Exemption to Specified Goods when Brought into 100% EOU/STP Complex – Amendment in Notification No.22/2003-C.e., Dated 31-3-2003

Govt. tweaks scheme for goods procured by EOUs

EXCISE LAWS/NT : Exemption to Specified Goods when Brought into 100% EOU/STP Complex – Amendment in Notification No.22/2003-C.E. & Notification No.23/2003-C.E., Both Dated 31-3-2003

No reassessment by AO to withdraw sec. 80-IB relief without bringing any new materials to justify su

IT : Where Assessing Officer allowed deduction under section 80-IB(10) assessee being small scale industrial unit but sought to reopen assessment for withdrawing same on ground that total value of plant and machinery exceeded limit of Rs. 1 crore but he had not brought any new material which came to his notice, initiation of reassessment was bad in law

Using initials of buyer's brand name amounts to use of brand/trade name; such clearances not eligibl

Excise & Customs : Usage of mark/initials of buyer's name (say, HM for Hindustan Motors) amounts to use of buyer's brand/trade name on goods and same is neither eligible for SSI-exemption, nor includible for purposes determining eligibility limit of SSI-turnover of previous year

Interest paid on borrowed funds used by dealer to buy property for his showroom was deductible

IT : Where assessee, a dealer of vehicles, having taken loan, used certain amount for booking of showroom, in view of fact that assessee had sufficient surplus funds for making said advance and, moreover, it was a commercial decision which could not have been gone into unless Assessing Officer had concrete material to contend that transaction was a sham, assessee's claim for interest on borrowed capital could not be rejected

Declaration of additional income pursuant to survey doesn’t invite penalty in absence of any conceal

IT : Where assessee, consequent to survey, declared additional income which was accepted by Assessing Officer, imposition of penalty under section 271(1)(c) was not justified

Clearances of intermediate parts by job-worker to its principal has to be valued as per general rule

Excise & Customs : Clearances of 'motor vehicles parts' manufactured by job-worker for use in manufacture of 'motor vehicles' by principals, would be valued as per rule 11 and valuation rules 8 and 9 cannot apply thereto

Jewellery can be released after furnishing bank guarantee even if its actual ownership is to be dete

IT : Seized jewellery could be released on furnishing of bank guarantee by Karta of HUFs even if it was not cleared whether jewellery belonged to HUFs or Karta