IRDA specifies additional norms for insurers on handling of the unclaimed funds of policy holders

INSURANCE : Handling of Unclaimed amounts Pertaining to Policyholders

IRDA unveils revised norms on safety of electronic data and issuance of e-insurance policies

INSURANCE : Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies

Refund of excise duty would be taxable u/s 41(1)

IT : Where excise duty refund received by assessee under section 41(1), same would be taxable

High Court debars co-operative society from carrying out banking business as it didn’t obtain licens

CL : A Cooperative Society registered under the Rajasthan Cooperative Societies Act, 2001 or a Multi-State Cooperative Society registered under the Multi-State Cooperative Societies Act, 2002 is not entitled to carry on banking business without obtaining licence from RBI.

Assessee engaged in manufacture of limestone powder in Himachal Pradesh is entitled to sec. 80-IC re

IT: Where assessee was engaged in business of manufacture of limestone powder and poultry grit claim of assessee under section 80-IC was to be allowed

Settlement under Bombay Sales Tax was denied to assessee as there was no statutory provision in this

CST & VAT : Maharashtra VAT - Where appellant, a partner in a firm, had addressed a letter to State Minister for Finance seeking settlement of sales tax dues payable by him as a partner of firm and said Minister accepted offer of settlement, in absence of any provision in Act and Rules, there could be no settlement with appellant so as to discharge him from his obligation to pay sales tax dues payable by firm

Sales commission and discounts aren't AMP exp.; ITAT directs adjudication in accordance with LG spec

IT/ILT: Sales Commission, discount, etc. are in nature of expenses directly connected with sales and, hence, would not be included within overall AMP expenses for processing under transfer pricing provisions; matter was to be decided following L.G. Electronics India (P.) Ltd. v. Asstt. CIT [2013] 140 ITD 41/29 taxmann.com 300 (Delhi – Trib.) (SB)

Indian Co. was AE of Singaporean Co. as their common director participated in their management and c

IT/ILT: Where assessee, an Indian company, made purchases of textiles, yarn etc. on commission basis for 'K', a Singapore based company, in view of fact that one 'G' was holding 99.9 per cent shares in assessee-company and he was also a common director in both companies who participated in management of both companies, condition of one enterprise participating directly or indirectly or through one or more intermediaries in its management or control or capital as prescribed under clause (a) and (

Sum paid to overseas liaisoning agent isn't 'FTS'

IT/ILT : Remuneration paid to overseas liaison agent is not 'consultancy fees' and is not FTS u/s 9(1)(vii)

High Court denied to interfere with discretionary powers of SEBI to order investigation into delisti

SEBI: The petitioner-company filed writ petition before the High Court for directing SEBI to investigate into and to stay the proposed delisting of equity shares of the respondent-company. The High Court held that power of SEBI to order investigation under Regulation 5 of SEBI (Prohibition of Fraudulent and Unfair Practice Relating to Securities Market) Regulations, 2003 was discretionary.

Now furnishing of Self-certified copy of PAN is mandatory to apply for registration under MP VAT Act

VAT/MADHYA PRADESH/INDIAN ACTS & RULES : Madhya Pradesh Value Added Tax Rules, 2006 – Amendment In Rules 11 and 75

MP VAT Rules specifies new maximum turnover limits to attract purchase tax

VAT/MADHYA PRADESH/INDIAN ACTS & RULES : Madhya Pradesh Value Added Tax Rules, 2006 – Substitution of Rule 5A

Jharkhand VAT: Now only Joint Commissioner can condone delay in filing of refund claim

VAT/JHARKHAND/Indian Acts & Rules : Jharkhand Value Added Tax Rules, 2006 – Amendment In Rule 19, Form Jvat 200, Jvat 204, Jvat 206 & Jvat 207

Input credit is available even if goods are sold at a price lower than their purchase cost

CST & VAT: Rajasthan VAT - Once a whole seller has issued VAT invoice to purchaser of goods, then input tax credit is allowable as per said invoice alone even if goods are sold at a price lower than their purchase cost

Contract of manufacturing goods as per specification without supply of material isn't a work contrac

IT: Where assessee entered into an agreement with PHL under which PHL had agreed to manufacture and sell to assessee certain pharmaceutical products as per specifications but assessee had not supplied any material to PHL, transaction could not be treated as contract for carrying out work liable to TDS under section 194C

Forced stay' in India due to invalid impounding of passport to be excluded for determining residenti

IT/ILT : Assessee will not lose non-resident status due to forced stay in India due to invalid impounding of passport

Loading of mined coal at pit-heads for transport to stockyards/crushing sites was 'Cargo Handling Se

Service Tax : Loading of 'Mined coal' at pit-heads for transport to stockyards or crushing sites from mine area was 'cargo' and liable to service tax under Cargo Handling Agency's Services

No sec. 36(1)(viii) deduction to co-operative bank as it failed to create special reserve in audited

IT : Where, assessee, a co-operative bank, failed to create a special reserve in its books of account out of eligible profits of relevant year, it was not eligible to claim benefit of deduction under section 36(1)(viii)