RBI invites comments on draft framework on issuance of Rupee linked bonds overseas

FEMA/ILT : Rbi Seeks Comments/feedback on Draft Framework on Issuance of Rupee Linked Bonds Overseas

Trust's registration denied to educational institution as it was collecting capitation fee for admis

IT: Where treasurer and secretary of a trust had admitted in their sworn statement that trust was collecting capitation fee over and above fee prescribed for admission of students which was shared amongst trustees, trust was not entitled for registration under section 12AA as it was running educational institution in a commercial manner for profit

Sec. 14A: No disallowance for interest incurred on specific project borrowings; disallowance to be a

IT : Where borrowed funds were used in particular project, no part of interest could be disallowed applying rule 8D

Interest earned by society on deposits made with banks was taxable on net basis after reducing admin

IT : Where assessee a co-operative society, earned interests on deposits kept with scheduled banks only net interest income, i.e., interest income reduced by administrative expenses and other proportionate expenses to earn said income had to be brought to tax under section 56

HC upholds validity of proviso specifying fixed period of condonation for filing appeal before Commi

Service Tax : Right to file an appeal is conferred by a statute and must, therefore, be availed along with all its impediments; hence, proviso to section 85(3)/(3A) restricting condonable period of Commissioner (Appeals) is valid

CBDT unveils new guidelines on condoning delay in filing returns involving refund claims or unabsorb

IT : Section 119 of the Income-Tax Act, 1961 - Income-Tax Authorities - Instructions to Subordinate Authorities – Condonation of Delay in Filing Refund Claim and Claim of Carry Forward Losses under Section 119(2)(b)

Non-AC restaurants are exempt from Service Tax, Govt. clarifies

ST LAWS/M : SECTION 66E(I) of the Finance Act, 1994, Read with Rule 2C of the Service Tax (Determination of Value) Rules, 2006 - Declared Services - Clarification Issued in Matter of Service Tax on Services Provided by Restaurants, Eating-Joints or Messes Which Have Facility of Air-Conditioning or Central Air-Heating in Any Part of Establishment

Assessee can't claim exemption by way of refund without challenging assessment order

Excise & Customs : Having not challenged order of assessment, assessee cannot, at a belated stage, claim refund by pressing into service a new exemption notification

High Court dismissed appeal as assessee didn't file appeal with complete documents

Service Tax : Where assessee's appeal before High Court against Tribunal order declining condonation of delay (CoD) was not supported by a copy of 'CoD application filed before Tribunal', High Court dismissed said appeal holding that assessee was not serious in pursuing matter and was trying to drag on proceedings

HC admitted winding up plea against respondent as it neglected to pay debt without a bona fide dispu

CL: Neglect in payment of debt due as statutorily defined without a bona fide dispute or substantial defence entails consequence of winding up of a company-in-default

Issuance of sec. 143(2) notice is mandatory even in case of reassessment proceedings

IT: Issue of a notice under section 143(2) is mandatory in reassessment proceedings and notices issued prior to reopening would not satisfy requirement specified under section 143(2)

Authorities rightly reduced sec. 221 penalty as assessee had no intension to delay payment of taxes:

IT: Where there was no intention on part of assessee to avoid or intentionally delay payment of taxes as admitted under section 140A and belated payment was made voluntarily without resort to any coercisve steps, authorities were justified in restricting penalty to 25 per cent

SC: Cost of packing/safety material meant for safe transport isn't includible in value of goods

Excise & Customs : Cost of boxes/containers and wooden packing meant for safe transport cannot be included in assessable value because it is not a requirement for sale at factory gate

Manufacturer of 'aluminium roofing panels' gets conditional exemption from excise registration

EXCISE LAWS : Rule 9 of The Central Excise Rules, 2002 – Registration – Exemption from Operation of Said Rule to Every Manufacturing Unit Engaged in Manufacture of Alumunium Roofing Panels

IRDA reconstitutes insurance advisory committee

INSURANCE : Section 25 of The Insurance Regulatory and Development Authority Act, 1999 – Insurance Advisory Committee – Establishment of - Reconstitution of Insurance Advisory Committee

No TP adjustment for interest free loans given to AE once loan was converted into equity

IT/ILT : Where assessee had given interest free loans to its wholly owned foreign subsidiaries and part of loan was subsequently converted into equity, no transfer pricing adjustment was required to extent of loan converted into equity with effect from date of such conversion

Now banks can get 51% stake in defaulting cos under a 'Strategic Debt Restructuring'

BANKING : Strategic Debt Restructuring Scheme

No need to issue show cause notice to recover interest if there is a delay in payment of admitted du

Excise & Customs : Where duty demand is admitted and delay in payment thereof is admitted, there may not be any need to issue SCN for recovery of interest and interest, in such cases, is payable automatically

No disqualification of director due to absence from board meetings as there was an implied leave of

CL : In case of a closely held company it can be presumed that there is an implied leave of absence granted to director who has abstained from board meetings and unless it is shown that director absented from three consecutive board meetings without obtaining leave of absence from board, he would not cease to be a director under section 283(1)(g) of Companies Act, 1956

TP : Provision for bad debts would form part of operating cost while computing operating margins of

IT/ILT: A software product company is not comparable to a software development company

Stringent action to be taken only in cases involving huge evasion of tax - CBDT's clarification on C

IT/ILT : Section 276C, read with section 276D, of the income-tax act, 1961 - offences and prosecution - wilful attempt to evade tax, etc. - clarification on prosecution of tax evaders

Ministry unveils assessment framework for State level reforms enabling ease of doing business

CL : OTHERS : Assessment Framework for State Level Reforms Enabling Ease of Doing Business (2015)