COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Cost Records and Audit) (Amendment) Rules, 2015 – Substitution of Forms CRA-2 and CRA-4
Friday 12 June 2015
No revocation of trust's registration due to investment in shares if registration was granted after
IT : Where issue relating to investment in shares had already been examined by Director of Income-tax at time of granting registration and by Tribunal at time of considering claim of exemption, on same issue cancellation of registration of trust was invalid
Where 99% sale of goods was for 'external use', such goods can't claim exemption available for 'inte
Excise & Customs : Where 99 per cent sales of defibrillators was without paddles and, accordingly, for 'external use' only; merely because 1 per cent sales are made with optional paddles and can be used 'internally', entire 100 per cent sales cannot be regarded as 'for internal use' and, therefore, not exempt
Depriving shareholder of his shares with mala fide motive amounted to grave act of oppression by res
CL: Where petitioner had been deprived of his shares with mala fide motive and for no valid reason to gain control over affairs of company, it amounted to grave act of oppression
Even prior to introduction of works contract service, service portion in such contracts was chargeab
Service Tax : Service elements in a composite (works) contract (involving transfer of property in goods and rendition of services), are subject to levy of service tax even prior to 1-6-2007 where such services are classifiable under 'Commercial or Industrial Construction'; 'Construction of Complex' or 'Erection, Commissioning or Installation' (as defined)
Order of AO couldn't be held as erroneous if he had adopted one of possible views regarding TDS liab
IT : Where on scrutiny under CASS scheme, Assessing Officer allowed rent paid on mixture machine without deduction of tax at source, said view being one of possible view regarding TDS provisions, his order did not suffer from any error requiring revision
Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares
IT : Long-term capital loss of sale of equity shares attracting STT is allowed to be set off against long term capital gain on sale of land in accordance with section 70(3)
Mumbai ITAT allows set-off of long-term capital loss on sale of STT paid equity shares
IT : Long-term capital loss of sale of equity shares attracting STT is allowed to be set off against long term capital gain on sale of land in accordance with section 70(3)
Borrower should be allowed to be represented by an advocate to determine its status of wilful defaul
CL : Whether a borrower should be allowed to be represented by an advocate in proceedings conducted by bank to determine whether borrower is a wilful defaulter
Sec. 10B relief couldn't be denied on ground that machinery wasn't installed when authorities had du
IT : Where government authorities had certified installation of machinery and commencement of manufacturing activity of assessee-firm, deduction under section 10B could not be denied to assessee on ground that machinery was not installed
Fee paid to non-resident for arranging loan is neither interest nor 'FTS'; not liable to TDS
IT/ILT : No withholding tax on "arranger fee" u/s 195 as it is not "interest" as defined u/s 2(28A) nor is it FTS u/s 9(1)(vii)
License fee and management charges aren't head office expenses; can't be disallowed under Sec. 44C
IT/ILT : Neither the payment of "license fees" nor the "management charges", falls within the ambit and purview of section 44C and, accordingly, the nature of adjustment to the total income for the purpose of disallowance is not required. In the result, assessee's appeal allowed
RBI allows 'All-India Term Lending and Refinancing Institutions' to reverse excess provision on sale
BANKING/SARFAESI : Guidelines on Sale of Financial Assets to Securitisation Company (SC)/reconstruction Company (RC) and Related Issues
Reassessment made against 'ICICI Bank' as it claimed bad-debts without considering change in quantum
IT : Where petitioner-bank claimed bad debts on basis of deduction claimed in earlier assessment order without taking into account rectification made in quantum of provision created under section 36(1)(viia) in earlier year, initiation of reassessment proceedings was justified
Tiles consisting of 85% limestone are to be classified as 'stone tiles' rather than 'plastic tiles'
Excise & Customs : Where floor tiles consisted 85 per cent limestone and 13 per cent PVC and plastic was used merely as a binder, said tiles were to be regarded as 'stone tiles' (Heading 68.07) and not as 'plastic tiles' (Heading 3918.10)
RBI dispenses with reporting requirement of banks on On-site, Off-site and mobile ATMs
BANKING : Reporting Requirement on On-Site, Off-Site and Mobile ATMs
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