NBFCs/INDIAN ACTS & RULES : Non-Banking Financial Companies (Approval of Acquisition or Transfer of Control) Directions, 2015
Saturday, 11 July 2015
RBI notifies new annual returns forms for non-deposit taking NBFCs with assets size below 500 crores
NBFCs : Returns to Be Submitted by NBFCs (Asset Size below Rs.500 Crore)
CBDT upset with frivolous filing of appeals by officials; reiterates its stance of filing appeals in
IT : Filing of appeals on merits – Observation of courts – Instructions to it department to ensure optimal utilisation of available resources to obtain maximum benefit out of litigation
Govt. notifies manner of computing foreign holding in an Indian Insurance Company
INSURANCE/INDIAN ACTS & RULES : Indian Insurance Companies (Foreign Investment) Amendment Rules, 2015 – Amendment in Rule 2
CBDT announces guidelines for NGOs seeking Sec. 11 exemption on providing relief to earthquake victi
IT : Section 11, read with Section 12AA, of the Income-Tax Act, 1961 – Charitable or Religious Trust – Exemption of Income from Property Held under – Standard Operating Procedure (Sop) for Making Application for Claim of Tax Exemption under Section 11(1)(C) in Respect of Remittance of Money/relief Articles by Indian Ngos/charitable Organisations for Earthquake Hit People in Nepal
Govt. designates City Civil court no. 22, Mumbai for issuing order for seizure of book, records u/s
SEBI : Section 26A of the Securities & Exchange Board of India Act, 1992, Read with Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996 - Special Courts - Establishment of - Notified Special Court
CCI hikes lump sum monthly remuneration of experts and professionals including research associates
COMPETITION ACT/INDIAN ACTS & RULES : Competition Commission of India (Procedure for Engagement of Experts and Professionals) Amendment Regulations, 2015 – Amendment In Regulation 6 and Schedule III
NR entities can undertake single brand retail trading of specific brand through more than one Co. in
FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2015 – Clarification on FDI Policy on Single Brand Retail Trading1
CBEC releases new system for detailed manual scrutiny of service tax returns
ST LAWS : Return – Revised Guidelines for Scrutiny of ST-3 Returns
A matter can't be decided by relying on earlier decision of Tribunal which is challenged in High Cou
CST & VAT: Gujarat VAT - Where Tribunal had remanded matter to First Appellate Authority with direction to decide appeal of assessee following its decision rendered in case of ONGC Ltd., since appeal against decision in case of ONGC Ltd. was pending before High Court, Tribunal could not have insisted for disposing of appeal following its decision
Delay condoned as there was unintentional delay in filing of appeal
CST & VAT : Haryana VAT - Where against order of Commissioner, assessee filed appeal before Tribunal late by 155 days along with application seeking condonation of delay and submitted that due to different levels of decision making authorities, there was delay in taking final decision of filing appeal before Tribunal, there was sufficient cause for delay in filing appeal
AO gets flak from ITAT for making sec. 14A disallowance by giving retro-effect to Rule 8D
IT : Disallowance made by Assessing Officer under section 14A by applying rule 8D on exempt income earned by assessee for assessment year 2006-07, would not be sustainable as rule 8D applies from assessment year 2008-09 and it not being retrospective would have no application
Input credit of insurance services may be taken on basis of insurance policy
Cenvat Credit : Input service credit of marine insurance services meant for export goods may be taken on basis of insurance policy, if such policy contains all requisite particulars including registration number and component of service tax
Non-availability of ads of medical relief camps provided by trust won't lead to denial of its regist
IT: Where assessee-society was carrying out charitable activities by organizing medical relief camps for underprivileged sections of society, it could not be refused registration under section 12A on grounds that there was no evidence of holding such camps by way of advertising, etc., or that it did not have complete address of persons getting relief through such camps
Summon order issued under sec. 630 was quashed as board resolution by which complaint was filed was
CL : Where board resolution on basis of which a complaint under section 630 was filed against petitioner was itself under dispute, complaint was not to be dismissed but summoning order passed by trial Court in that complaint was to be quashed
Management/IT courses not recognized by law aren't vocational training courses; liable to service ta
Service Tax : Courses in field of Information Technology, Marketing, Personnel Management, Human Resources Development, etc. which were not recognized by law are liable to service tax and they are not eligible for exemption in respect of 'vocation training'
Case of co. was transferred for coordinated investigation at a place where director of Co. had purch
IT : Where during survey it was found that managing director of assessee-company, had purchased plots in his name and his wife's name in Hyderabad and paid consideration from account of assessee-company and from their individual accounts, assessment case of assessee was transferred to Hyderabad for coordinated investigation
Sum paid to check design/quality of Fire protection system wasn't 'FTS' as it didn't satisfy make av
IT/ILT : Where Finnish enterprise merely provided services to assesse-Indian company to ensure that HV AC, Electrical and Fire Protection systems to be installed by contractor at assessee's factory were of suitable design and quality, such services did not 'make available' any technical knowledge, skill or experience assessee nor was it consisted of development and transfer of a technical plan or technical design to assessee; thus, payments made to Finnish enterprise did not constitute FTS
Return of defective final goods in factory may be recorded as fresh inputs for taking credit thereof
Excise & Customs : Since rule 16 does not prescribe any records, return of defective final products may be accounted for as fresh inputs; and if assessee has shown issuance thereof, then, in absence of any evidence from revenue, they are deemed to have been subjected to re-manufacture
ITAT interprets Article 15 of India-Finland DTAA for supervisory services rendered by Finish enginee
IT/ILT : Where five Finnish engineers though belonging to a Finnish entity do not represent that entity in rendering supervisory services by the engineers for erection, commissioning of the plant in India and there is no agreement between the Indian Entity and the Finnish entity, the tests of taxability of IPS in Art 15(1)(a)(90 days or more presence in India in fiscal year and Art 15(1)(b)(fixed base regularly available to him in India) should be applied to each engineer individually. The perio
Construction of temporary shed to store materials for modernization and repairing of factory is elig
Cenvat Credit : Construction of temporary shed within factory premises for storing of cement and steel, etc. for set up, modernization, repair, etc. of factory, is eligible for input service credit
PIL filed against Insurance Co. by its ex-employee due to personal spat alleging violation of FDI no
CL : Where PIL filed by petitioner against insurance company and its executives for alleged violation of FDI regulation was coloured by personal prejudice of advocate of petitioner, petition was to be dismissed
Petty cash received from relatives couldn't be held as unexplained
IT : When credit was taken from family members, amount was petty and had been shown in books of account, then there was no occasion to make addition under section 68
Mere establishing identity of share applicants isn't sufficient to discharge onus under sec. 68
IT : Establishing identity of share applicant is not sufficient to discharge initial onus that lay on assessee under section 68; assessee has to further satisfy revenue as to genuineness of transaction and creditworthiness of share applicant or individual who is advancing amounts
AO doesn't have powers to change the margins set by TPO, unless specific direction is given by DRP
IT/ILT: Company mainly rendering high-end services involving specialized knowledge and domain expertise in field cannot be compared with assessee-company which was mainly engaged in providing low-end services
Maggi Noodles are still exempt under Gujarat VAT Act
CST & VAT : AP VAT : Where Tribunal had exempted 'Maggi Noodles' treating these as 'Sev' and such order wasn't challenged by Department and it proceeded to tax 'Noodles' by treating these as covered under 'Residuary Entry' and not under 'Sev', it could not take a view contrary to that of a Higher Forum, therefore, such order was liable to be quashed.
Advertisement exp. wasn't includible in transaction value if it was incurred by dealer out of genera
Excise & Customs : Clause in dealership agreements requiring dealers to 'make efforts for promoting sales' cannot be treated as a clause imposing legal obligation on dealers to incur certain level of expenses on advertisement; hence, advertisement expenses incurred and borne by dealers cannot form part of value
Delay condoned as there was unintentional delay in filing of appeal
CST & VAT : Haryana VAT - Where against order of Commissioner, assessee filed appeal before Tribunal late by 155 days along with application seeking condonation of delay and submitted that due to different levels of decision making authorities, there was delay in taking final decision of filing appeal before Tribunal, there was sufficient cause for delay in filing appeal
A matter can't be decided by relying on earlier decision of Tribunal which is challenged in High Cou
CST & VAT: Gujarat VAT - Where Tribunal had remanded matter to First Appellate Authority with direction to decide appeal of assessee following its decision rendered in case of ONGC Ltd., since appeal against decision in case of ONGC Ltd. was pending before High Court, Tribunal could not have insisted for disposing of appeal following its decision
Delay condoned as it unintentional delay in filing of appeal
CST & VAT : Haryana VAT - Where against order of Commissioner, assessee filed appeal before Tribunal late by 155 days along with application seeking condonation of delay and submitted that due to different levels of decision making authorities, there was delay in taking final decision of filing appeal before Tribunal, there was sufficient cause for delay in filing appeal
AO gets flak from ITAT for making sec. 14A disallowance by giving retro-effect to Rule 8D
IT : Disallowance made by Assessing Officer under section 14A by applying rule 8D on exempt income earned by assessee for assessment year 2006-07, would not be sustainable as rule 8D applies from assessment year 2008-09 and it not being retrospective would have no application
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