Excise & Customs : Where assessee has produced : (a) Chartered Accountant certificate certifying that burden of security deposit made by it was not transferred; and also, (b) Balance Sheet wherein amount was shown as recoverable as security deposit, bar of unjust enrichment stands satisfied
Friday 14 August 2015
Royalty/FTS arising to Russian defence export enterprise in pursuance of agreement with HAL will be
IT/ILT : Section 10(6C) of the Income-Tax Act, 1961 - Exemption – Foreign Company, Income Arising to, by Way of Fees for Technical Services – Notified Foreign Companies
Vehicles carrying goods couldn't be intercepted just because they were plying on a diversified route
CST & VAT : Tamil Nadu VAT - Where Commercial Tax Officer intercepted vehicles carrying goods of assessee and detained goods along with vehicles for reason that vehicles travelled in a diversified route, there is no provision in VAT Act that in case of taking a diversified route from regular route, Commercial Tax Officer was entitled to intercept vehicles
Govt. notifies 'Tax Information Exchange Agreement' with San Marino
IT/ILT : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – Agreement for Exchange of Information with Regard to Taxes with Foreign Countries – San Marino
CBDT asks Pr. CIT and Chief CIT to expedite disposal of pending rectification applications
IT : Section 154 of the Income-Tax Act, 1961 - Rectification of Mistake - Apparent from Records – List of Pending Rectifications under Section 154 in Demand Cases as on 22-7-2015
Govt. notifies certain entities for purposes of Sec. 10(46) exemption
IT : NOTIFICATION NO. 64/2015 [F.NO.196/12/2014-ITA-I], NOTIFICATION NO. 65/2015 [F.NO.196/03/2015-ITA-I], NOTIFICATION NO. 67/2015 [F.NO.196/31/2014-ITA-I], NOTIFICATION NO. 68/2015 [F.NO.196/18/2014-ITA-I], DATED 13-8-2015
Transferee-Co. can change its name as per Amalgamation Scheme without adhering to Companies Act
CL : Where scheme of amalgamation provided that name of transferee company would be deemed to have been changed to name of transferor company but Regional Director raised an objection that transferee company would follow Procedures and Rules laid down for such change of name, scheme being passed by requisite majority as laid down under section 391 there did not exist any necessity to have a repeated exercise of same in terms of section 21 of Companies Act, 1956 as amended by section 13 of Compan
Comparable in which extraordinary event of IPO took place was excludible for TP study
IT/ILT : Where TPO made addition to assessee's ALP for rendering software development services to its AE, since one comparable selected by him was a giant company in area of software development assuming all market risks leading to higher profit, impugned addition deserved to be set aside
Cord wires connecting main switch with an instrument are electronic goods
CST & VAT : Tamil Nadu VAT - Cord wire connecting main switch with instrument is an electronic goods and it can not be regarded as electrical goods
Revised monetary limit for filing appeal before ITAT is applicable to pending appeals, says Kolkata
IT : Where CBDT Instruction No. 5 of 2014 revising monetary limit to Rs. 4 lakhs for filing appeal before Tribunal apply to pending appeals also, as monetary limit of appeal filed by revenue was less than Rs. 4 lakhs, same was to be dismissed
Appellant held guilty for making stop payment request without proving that inferior quality goods we
Excise & Customs : Even in matter of concession by one party, Tribunal should record brief facts and reasoning to support its order; an order without mention of facts and reasoning is cryptic and has to be remanded back
Order wasn't time-barred as assessee had already found that order was ready to be served on his visi
IT : Where assessee visited Department's office and found assessment order was ready to be served upon him and also there was no indication that Assessing Officer revised his order, assessment order could not be treated as barred by limitation
Issue regarding taxability of sponsorship service under 'IPL' is appealable before Apex Court and no
Service Tax : Issue 'whether IPL is a sporting event and sponsorship therein is liable to service tax' relates to taxability/rate of service tax and is therefore, not appealable before High Court
TP addition deleted as authorities failed to apply related party filter of 15% while selecting compa
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 authorities below failed to apply RPT filter of 15 per cent of total revenue while selecting comparables whereas some other comparables were inappropriate on account of their huge turnover, impugned addition deserved to be set aside
Revised limitation period for making best judgment assessment under Punjab VAT Act has retro-effect
CST & VAT : Punjab VAT: Where limitation period for making best judgment assessment was increased from three years to six years vide an amendment; since by reading entire provision as a whole makes it clear that the provision will have retrospective effect, such revision in limitation period is constitutionally valid
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