No TDS on sum paid for repairing of aircraft as same was leased to foreign Co and running on interna

IT/ILT : Payment made by assessee, engaged in wet leasing of aircrafts to foreign companies on international routes only, for carrying out overhaul repairs to aircrafts was FTS under section 9(1)(vii); but it could not be taxed in India owing to exclusionary clause (b) of section 9

Delay in filing appeal against auction condoned as bank failed to publish and serve notice to joint

SARFAESI : Where respondent-bank had neither published an auction notice in newspaper in respect of auction of property of which petitioner was joint owner nor had bank served a personal notice on petitioner in respect of same, there was no occasion for petitioner to become aware about sale of property in auction and, therefore, application filed by petitioner for condonation of delay in filing appeal under section 17 was to be allowed

Date of serving of order can't be counted while computing time-limit to file appeal

Service Tax : In computing time-limit to file appeal under Act, date on which impugned order is served on assessee has to be excluded, as per provisions of section 35O of the Central Excise Act, 1944

International School, being run with A.C. class rooms on commercial lines isn't entitled to be regis

IT: Where assessee-trust was running posh school for children of non-resident Indians on commercial lines under guise of charitable purpose, it would not be entitled to claim exemption under section 12A

Govt. notifies 'Challan No. ITNS 284' for depositing taxes under Black Money Act

IT/ILT : Undisclosed Foreign Income and Assets Challan

IRDA issues master circular on Insurance Advertisements

INSURANCE : Master Circular on Insurance Advertisements

ITAT allows sec. 11 tax exemption to Tamil Nadu Cricket Association

IT : It is BCCI, the parent organization, which is organizing and conducting T-20, one-day matches or IPL matches. The role of the assessee-society(TNCA) is only to provide stadium for the matches conducted by BCCI. TNCA receives funds from BCCI for meeting the expenditure for hosting matches. It cannot be said that TNCA is conducting any business activity. Also, assessee is not providing any service to any trade, commerce or industry. The Assessing Officer got confused himself with the activity

Wharfage charges recovered by port authority weren't taxable under 'port services'

Service Tax : Wharfage charges and lease rent recovered by port authorities cannot be regarded as 'service' in relation to 'a vessel or goods' and cannot be said to be a service provided by 'port or person authorised by it'; hence, same is not liable to service tax under port services

Bogus purchases leads to cancellation of registration certificate of dealer

CST & VAT : Gujarat VAT - Where Assessing Authority cancelled registration certificates of assessee on ground that alleged purchases made by it from two dealers were bogus and not genuine and even assessee had indulged into billing activities only, registration certificates had been rightly cancelled

Assessee engaged in manufacturing black tea is eligible to claim deduction under section 80-IC

IT : Assessee, engaged in manufacturing black tea, is eligible to claim deduction under section 80-IC

Although clandestine removal is a finding of facts yet it can be challenged before Apex Court if it

Excise & Customs : Where assessee's employees had explained that there can be difference of 5 per cent (more or less) in manufacture, but, department had raised demand wrongly treating said explanation as 'admission of clandestine removal' and Tribunal/High Court had confirmed same, said demand based on perverse findings can be challenged before Supreme Court

Why 67/Dollar Is A Crucial Level For The Rupee

The Indian rupee, along with most other emerging market currencies, has come under sustained selling pressure since China devalued its yuan on August 11. The rupee has depreciated by 2.4 per cent (at a low of 65.43/dollar hit today) in a week since August 11. That compares with 0.5 per cent depreciation in the rupee since January 1, 2015.
 

The rupee's recent fall has pressured domestic markets as well, but a fall beyond 67 per dollar may create panic among investors, according to Anindya Banerjee of Kotak Securities. (Watch)
 

"Beyond 67 or so it will start hitting unhedged players in the bond market, and it can become a self-fulfilling trade. The more it will depreciate the more stop-losses will get triggered and it will fall further," Mr Banerjee added.
 

Despite a sharp fall, the rupee has outperformed other emerging market currencies. Mr Banerjee says India's better current account position and higher real interest rates (nominal interest rate minus inflation) is helping the rupee weather global turbulence.
 

According to Mr Banerjee, a breach of 67 per dollar may lead to capital outflows from domestic stock and debt markets. Foreign institutional investors who have unhedged positions in the bond market will first start liquidating their position and the outflow of dollar will happen triggering further fall in rupee, he added.
 

During 2008, India had a comfortable current position and the inflation was also low, still rupee depreciated by about 33 per cent in 15 months because of capital outflow from equity market, said Mr Banerjee.
 

The rupee, which fell to 65.43 per dollar in morning session, had recovered to 65.24 as of 1 p.m.

Source:- profit.ndtv.com

SAT directed 'PACL' to wind-up sham CIS and refund monies of investors

SEBI : Where in guise of running real estate business, PACL was running sham Collective Investment Schemes (CIS) which were detrimental to interest of investors, decision of SEBI directing PACL to wind up existing CIS and refund money collected from investors with promised return could not faulted

High Court has inherent power to review its own judgment, says Supreme Court

IT : Application of Code of Civil Procedure to appeals to High Court is not in any way restricted or curtailed by section 260A(7). Section 260A(7) only states that all the provisions that would apply qua appeals in the Code of Civil Procedure would apply to appeals under Section 260A. That does not in any manner suggest either that the other provisions of the Code of Civil Procedure are necessarily excluded or that the High Court's inherent jurisdiction is in any manner affected. High Courts

No personal penalty on directors where issue relates to interpretation of law and situation is reven

Excise & Customs : Personal penalty under rule 26(1) of Central Excise Rules, 2002 cannot be imposed on directors, when issue involved is one of interpretation of law and entire situation is revenue neutral (i.e., duty paid would have been eligible as credit)

Penalty couldn't be imposed more than once for same default of not complying with sec. 143(2)

IT: Penalty under section 271(1)(b) cannot be imposed for each and every notice issued under section 143(2), which remained not complied with on part of assessee, but it should be restricted to first default only

TP case to be decided afresh as assessee didn't bring any comparable case to justify charging of low

IT/ILT : Where neither assessee brought on record any comparable uncontrolled transaction to justify price charged from its AE nor authorities below could justify their viewpoint in making or deleting addition as per parameters of rule 10B, matter required readjudication

Interest is not allowable as deduction if borrowed funds were used for non-business purpose

IT : Where advances were made out of interest bearing funds for non-business purpose, interest attributable to such advance could not be allowed as deduction

Assessee couldn't demand notice for increasing penalty when he didn't appear in proceedings

Excise & Customs : Where assessee did not appear before Tribunal despite notice of revenue's appeal, assessee cannot complain of lack of further notice prior to enhancement of penalty

Compounding fee paid to Municipal Corporation is in nature of penalty; disallowable

IT : Compounding fee paid by assessee, a land developer to Municipal Corporation on account of deviations from original sanctioned plan was in nature of penalty and therefore would not be allowable as deduction in view of provisions of Explanation to section 37(1)

Refund claim exceeding 50,000 must be filed before Joint Commissioner under Bihar VAT Act

CST & VAT: Bihar VAT - In case amount of refund exceeded to Rs. 50,000, application for refund had to be made before Joint Commissioner and not before any lower authority

Now Kerala VAT shall be levied on goods sold by multi-level marketing entities

VAT/INDIAN ACTS & RULES : Kerala Finance Act, 2015 – Amendment in Kerala Value Added Tax Act, 2003 etc.