INSURANCE/INDIAN ACTS & RULES : Pension Fund and Development Authority (Central Record keeping Agency) Regulations, 2015
Wednesday 27 May 2015
Cost of Acquisition of land to partner would be deemed as its book value on date of transfer on diss
IT : In case of transfer of land on dissolution of partnership firm, book value of land as on date of transfer would be deemed as cost of acquisition of said land in hands of transferee
Assessee who pursued writ after appeal was time-barred couldn't seek condonation of delay before Com
Service Tax : Appeal filed beyond total 3 months from receipt of adjudication order is beyond condonable period of delay of Commissioner (Appeals) and is liable to be dismissed; and, in that regard, benefit of section 14 of Limitation Act cannot be availed by person who pursued writ remedy after appeal was time-barred
CCI negates abuse of dominance by opposite party as it wasn't dominant in the relevant market of e-g
Competition Act : Where opposite party was not dominant in relevant market for provision of e-services through CSC network in India, proceeding against it for contravention of section 4 were to be closed
Interest earned on sums kept in FD out of sums granted by Govt. for infra development wasn't taxable
IT: Where sum granted by State Government to assessee-government company acting as nodal agency for increasing export of horticultural produce, was kept in fixed deposit before utilisation, interest earned could not be treated as income of assessee
Non-refundable membership fee has to be apportioned and taxed during period of membership, rules Guj
IT: Where assessee-company was providing facility cards to members on payment of one-time fee, and services were rendered partially in a year, revenue earning was to be spread over period of membership
Construction of railway siding to transport ‘coal’ to captive power generating plant amounts to ‘inp
Cenvat Credit : Construction and related services availed for getting a railway siding constructed for transport of 'coal' to captive power plant for generation of electricity for use in manufacture, amounts to 'services used in or in relation to procurement of inputs' and eligible for input service credit
AO couldn't initiate reassessment again on same ground on which previous reassessment was cancelled
IT: Once first reassessment initiated on ground that assessee had availed deduction in respect of ceased liability without offering it to tax, was cancelled, second reassessment could not be initiated if no new information is available
A fraudulent company can't be chosen as comparable for TP study as its financial results aren't reli
IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering call centre services to its parent company located abroad, since comparables selected by TPO were involved in fraud on account of which their financial results could not be considered as correct and reliable, impugned addition was to be set aside
Delay of more than 90 days in filing appeal before Commissioner (A) cannot be condoned even by High
Excise & Customs : In case of delay beyond 90 days in filing of appeal before Commissioner (Appeals), no appeal can be entertained by Commissioner (Appeals) and even High Court cannot condone such delay
CLB grants 30 days’ time to ‘Unitech Ltd.’ for repayment of deposits; appoints committee to monitor
Companies Act: Where Unitech Ltd. failed to repay matured FDs despite making profits yet it wanted to reschedule payment thereof, it was to be directed to repay the deposits as rescheduling of deposits was not allowed under new Companies Act, 2013 and, accordingly, directed the 'Unitech Ltd' to repay deposits within 30 days.
Construction of railway siding for transportation of ‘coal’ to captive power generating plant amount
Cenvat Credit : Construction and related services availed for getting a railway siding constructed for transport of 'coal' to captive power plant for generation of electricity for use in manufacture, amounts to 'services used in or in relation to procurement of inputs' and eligible for input service credit
Sec. 80-IC relief couldn't be restricted on ad hoc basis to 50% as manufacturing was started in mid
IT : Certificate of Deputy Director of Industries showing date of commencement of commercial production is a positive proof that assessee was manufacturing/assembling unit, entitled to deduction under section 80-IC
Process of sterilization of 'syringes and needles' for medical purposes does not amount to manufactu
Central Excise : Sterilization does not produce a transformation in 'syringes and needles' and does not lead to any value addition in said product; it merely removes bacteria which settles on syringe's and needle's surface and therefore, process of sterilization of 'syringes and needles' for medical purposes does not amount to manufacture
Cessation of liability to repay loan wasn't taxable as revenue receipts as loan was raised to purcha
IT : Where assessee, a sick industrial unit, took loan from bank to purchase capital assets, subsequent waiver of said loan by bank in one time settlement did not result in revenue receipt which could be brought to tax in hands of assessee under section 28(iv)
No denial of sec. 11 relief to hospital just because it didn't provide concessional treatment to poo
IT: Where assessee-hospital was providing medical relief to people at large, merely because surplus was generated from hospital activities could not be ground to deny exemption under section 11 to assessee
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