FEMA/ILT : External Commercial Borrowings (ECB) for Civil Aviation Sector
Thursday, 11 June 2015
Scheme of raising ECBs for low cost affordable housing projects to continue during F.Y. 2015-16, say
FEMA/ILT : External Commercial Borrowings (ECB) for Low Cost Affordable Housing Projects
For computing sec. 234B interest terminal point is date of admission of application & not passing of
IT: Interest under section 234B would be computed upto date of admission of application by Settlement Commission under section 245D(1) and not up to date of order of Settlement Commission under section 245D(4)
Services consumed in course of export are eligible for refund irrespective of their classification b
Service Tax : If services are availed by an exporter for business of export and assessee has paid service tax thereon, classification by service provider need not be examined; hence, assessee-exporter was eligible for refund of service tax paid on Terminal Handling Charges, Customs House Agent's charges and banking charges
RBI pemits subscription to chit funds by NRIs on non-repatriation basis
FEMA/ILT : Subscription to Chit Funds by Non-Resident Indian on Non-Repatriation Basis
Shares held by relatives can't be considered to determine substantial interest of shareholder under
IT : In order to determine substantial interest of a shareholder for invoking provisions of section 2(22)(e), it is ownership of shareholder alone in company to which loan/advance has been made by assessee-company, and not his or her relative or family members, which is determinative factor
CBDT allows filing of revised return after expiry of time limit to enable refund of WT arising due t
IT : Section 10 of the Wealth-Tax Act, 1957 – Wealth-Tax Authorities – Instructions to Subordinate Authorities – Clarifications on Amendment Brought out by Finance Act, 2013, W.r.e.f. 1-4-1993 in Wealth-Tax Act for Purpose of Claiming Refund of Wealth-Tax Paid on Agricultural Land as Per Provisions of Said Act Prior to Finance Act, 2013
If Tribunal proceeded on wrong facts assessee had to file rectification application instead of appro
Excise & Customs : Where assessee disputes that Tribunal's observations on facts are incorrect and not arising from record, remedy is to approach Tribunal by way of rectification application and not appeal before Supreme Court
Orissa VAT: Officer involved in audit process is incompetent to conduct audit assessment under sec.
CST & VAT : Orissa VAT - Where Sales Tax Officer relying upon a letter of Deputy Commissioner prepared audit report in case of assessee and thereafter Deputy Commissioner on basis of said report passed assessment order on assessee, since Deputy Commissioner was involved in audit process, he was not competent to assess assessee under section 42
Co. whose nature of services wasn't clear in its annual report couldn't be chosen as comparable
IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to its AE, in view of fact that one comparable selected by TPO earned abnormal profits and, moreover, exact nature of services rendered by it was not available on record, impugned addition was to be set aside
CBDT releases 14 clarifications on rollback provisions of APA in Q&A format
IT/ILT : Section 92CC of the Income-Tax Act, 1961 - Transfer Pricing - Advance Pricing Agreement (Apa) - Clarificationsa on Rollback Provisions of Advance Pricing Agreement Scheme
HC accepts high gross profit rate determined by ITAT as purchase cost and sale price of assessee wer
IT : Where assessee could not substantiate its claim of gross profit rate of 8.7 per cent declared by it as purchase cost and sale price were unverifiable, gross profit rate of 11 per cent determined by Commissioner (Appeals) and Tribunal was justified
Quantum of additions made by AO wasn't relevant to decide hearing of appeal by Single Member Bench o
IT : Single Member Bench has powers to hear any case, which is otherwise in jurisdiction of this Bench, pertaining to an assessee whose total income as computed by Assessing Officer does not exceed Rs. five lakh irrespective of quantum of additions or disallowances impugned in appeal
Indian Rupee Opens Higher At 63.81 Per Dollar
The Indian rupee has opened higher at 63.81 per dollar on Thursday against previous day's closing value of 63.84 a dollar.
The dollar slipped to two-week lows against the yen yesterday after Japan's chief central banker said the yen was "very weak" and unlikely to fall further.
The dollar eased broadly and also fell against the euro, which benefited from a rise in benchmark german 10-year bund yields to more than 1 percent for the first time since september.
Mohan Shenoi of Kotak Mahindra Bank said, "Global currency markets are experiencing high levels of volatility with uncertainty in Greece continuing. The June 16 FOMC meeting is the next key trigger for the currency markets."
"The USD-INR pair is also trading in a range with Reserve Bank of India (RBI) intervention on both sides of the market. The USD-INR pair is expected to trade today in a range of 63.70-64/dollar," he added.
Source:moneycontrol.com
CBDT extends due date of filing return from July 31, 2015 to August 31, 2015
IT/ILT : Section 119 of the Income-Tax Act, 1961 - Income-Tax Authorities - Instructions to Subordinate Authorities – Extension of Due Date of Filing Return of Income for Assessment Year 2015-16
Co. which is outsourcing its major activities can't be chosen as comparable for Co. doing its busine
IT/ILT: A company mainly deriving revenue from medical transcription and consultancy services cannot be compared with ITES provider
HC gets flak from Apex Court for quashing criminal complaint of cheque dishonouring due to factual d
Negotiable Instrument Act : Where in a proceeding under section 482 of CrPC High Court quashed criminal complaint filed under section 138 on basis of disputed factual defences, High Court committed grave error of law and its order was to be set aside
Income from letting out shops in a complex without any incidental services is taxable as income from
IT : Where assessee having constructed commercial complex, let out shops to various parties, in view of fact that it was a case of renting simplicitor and services incidental to letting out did not constitute such complex character so as to render it as a business by itself, rental income in question was to be taxed as 'income from house property'
Co. providing software development support services can't be compared with a Co. developing its own
IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to group companies located abroad, in view of fact that some of comparables were improper on account of their huge turnover whereas one comparable was developing its own software products and, thus, there existed a functional difference, impugned addition was to be set aside
Warrant issued in name of any family member is valid to search a joint property without any demarcat
IT: Where warrant of authorisation indicated premises where search and seizure operation was to be conducted and said premises had not been partitioned by metes and bounds, while searching said premises, search of portions occupied by petitioners in said premises was valid and proper, even though their names were not mentioned in authorisation of search, in such case provisions of section 158BD would be attracted
CAT dismissed complaint against developer alleging abuse of dominance as it was made on false assert
Competition Act: Where appellant had filed complaint against respondent-builder on false assertion without any relevant document and respondent was not dominant in relevant market of Group Housing Project in Dharuhera, complaint against respondent for abuse of dominance was to be dismissed
A Co. developing software can't be comparable for a Co. rendering software development services
IT/ILT: A software development service provider is functionally different from a company which owns significant intangibles and has huge revenues from software products
Apex Court confirms one year's sentence against public servant for taking bribe for issuing registra
Prevention of Corruption Act : Where evidence on record showed that respondent, a public servant, had demanded and accepted bribe in lieu of registration certificate, respondent was to be convicted for offence under sections 7 and 13
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