CBDT specifies work jurisdiction and role of CIT(Judicial)

IT : Section 268 of the Income-tax Act, 1961 – Allocation of work amongst CIT (Judicial) and their jurisdiction – Supersession of Instruction No.4, dated 7-5.2002

Banks to use pre-restructuring interest rate to discount cash flows for determining diminution in fa

BANKING : Discount rate for computing present value of future cash flows

Re-insurance services availed by insurance companies are eligible for input service credit

Cenvat Credit : Since taking re-insurance is a statutory obligation, and same is co-terminus with main Insurance policy issued by assessee, transfer of a portion of risk by way of re-insurance has to be considered as having nexus with output service and therefore, re-insurance services are eligible for input service credit

Vacancy allowance could not be allowed for the property which was deemed to be let out during the ye

IT : Provisions of section 23(1)(c) cannot be invoked as same are clearly applicable where property is let out

Question as to whether accounts are correctly classified as NPA is a factual dispute: High Court

SARFAESI : Question whether a borrower has committed any default in repayment and whether account has been correctly classified as a NPA or not is a factual dispute which is not to be entertained in writ jurisdiction particularly when fora for adjudication thereof, i.e., DRT, in event of bank taking further action, is prescribed

Providing food/snacks in a factory canteen of clients amounts to 'outdoor catering' service

Service Tax : Providing food/snacks to employees of clients in factory canteen of such clients amounts to 'outdoor catering' services and is liable to service tax accordingly

CBDT's order on cadre restructuring in tax department wasn't discriminatory; it was constitutionally

IT : Where due to massive induction of information technology, restructing of cadres was done in tax department since there was no discrimination pointed out by employees, same was to be regarded as constitutionally valid

RBI releases master circular on appointment, delisting of brokers and payment of brokerage on relief

IT : Appointment and Delisting of Brokers, and Payment of Brokerage on Relief/savings Bonds

Time-limit to file refund claim doesn't apply to claim refund of amount paid under investigation

Service Tax/Excise/Customs : Time-limit of section 11B would not apply to amounts paid under investigation, which are considered by Tribunal as sufficient pre-deposit for purpose of filing of appeal

Sum received by land owner as per terms of development agreement wasn't cap gain as land was held as

IT: Where assessee-owner of a piece of agricultural land had undertaken a series of activities for commercially exploiting it such as conversion of user of land, appointment of architect and contractor, land in question being stock-in-trade, non-refundable deposit received from builder for constuction would not give rise to any capital gain

RBI asks banks to verify credit details of customers from CRILIC database before opening current acc

BANKING : Opening of Current Accounts by Banks – Need for Discipline

Banks can slot excess SLR securities and 'MSF' securities under Day-1 bucket in structural liquidity

BANKING : Bucketing of Excess SLR And MSf Securities in Structural Liquidity Statement

RBI clarifies credit concentration norms for NBFCs

NBFCs : Applicability of Credit Concentration Norms

Leasing of storage tanks for three years at monthly rentals doesn't fall under 'Banking/Financial Se

Service Tax : Lease of storage tanks for 3 years at monthly rentals would not get covered by 'Financial leasing including equipment leasing and hire-purchase' and hence, would not fall under Banking and other financial services

Compensation received on non-fulfilment of 'specific performance' in pursuance of oral contract is c

IT: Amount of damage awarded by Trial Court on account of failure of vendor to transfer its factory premises in pursuance of an oral agreement entered into between parties was to be regarded as 'capital receipt'

RBI releases master circular on collection of direct taxes through OLTAS

IT : Collection of Direct Taxes -OLTAS

Govt. explains substance of provisions relating to declaration of undisclosed foreign asset

IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Explanatory Notes on Provisions Relating to Tax Compliance for Undisclosed Foreign Income and Assets as Provided in Chapter VI of Said Act

ITAT directs AO to decide taxability of AMP exp. by following ratio of high Court in case of 'Sony E

IT/ILT : ITAT directs Assessing Officer to decide taxability of AMP expenses by following ratio of High Court in case of 'Sony Ericsson'

Mere sign of Commissioner on notes prepared by Inspector doesn't constitute valid review

Service Tax : Mere appending of signatures on a note drawn up by Inspector (Review) does not amount to application of mind and recording of opinion by Committee of Commissioners; hence, appeal filed consequent to such invalid review order cannot be maintained

High Court orders refund of duty as revenue had initiated garnishee proceedings without issuing any

IT : Where revenue initiated garnishee proceedings and recovered entire amounts from account of assessee without issuing any notice to it, revenue should refund said amount to assessee

CIT couldn't step into the shoes of AO and decide Sec. 80-IB eligibility while passing revisional or

IT : At time of passing of revisional order, Commissioner could not take over role of Assessing Officer by himself deciding assessee's eligibility to claim deduction under section 80-IB

RBI releases master circular on appointment, delisting of brokers and payment of brokerage on relief

IT : Collection of Direct Taxes -OLTAS

Govt. notifies Black Money Rules; releases 7 Forms including 'Form 6' for declaration of undisclosed

IT/ILT/INDIAN ACTS & RULES : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

RBI demands region-wise weekly reports from banks on implementation of 'Sukanya Samriddhi Account'

IT : Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account – Expeditious Implementation of Said Schemes

Now unsold rough diamonds can be re-exported from special notified zone without export declaration f

FEMA/ILT : Re-Export of Unsold Rough Diamonds from Special Notified Zone of Customs without Export Declaration Form (Edf) Formality

Now Indian Cos can issue ESOPs and sweat equity shares to NR employees/directors of its holding Co.

FEMA/ILT/INDIAN ACTS & RULES : Fem (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2015 – Amendment in Regulation 2 and Substitution of Regulation 8

Difference of amount in invoices raised and payment received isn't a ground to deny refund on export

Cenvat Credit : Export incentive, viz., refund of accumulated cenvat credit cannot be denied merely due to difference in value of exports invoiced and proceeds received during a half-year, when assessee explained that said difference was on account of time-gap in realizations and discounts allowed

CIT couldn't step info the shoes of AO and decide Sec. 80-IB eligibility while passing revisional or

IT : At time of passing of revisional order, Commissioner could not take over role of Assessing Officer by himself deciding assessee's eligibility to claim deduction under section 80-IB