Removal of petitioners having 40% shareholding in EGM without prior notice was an act of oppression

CL: Though interest of respondent company was to be considered supreme for smooth functioning of company, at same time 40 per cent shareholding of petitioners in respondent company attracted principle of legitimate expectancy and hence, their removal in extraordinary general meeting without notice was oppressive act on part of respondents

MCA introduces new form for filing of consolidated financial statements

COMPANIES ACT, 2013/AAA/INDIAN ACTS & RULES : Companies (Accounts) Second Amendment Rules, 2015 – Amendment in Rules 2, 8 & 12; Substitution of Form AOC-4 and Insertion of Rule 4A

Compounding of offence guidelines under I-T Act aren't applicable to offences under Black Money Act

IT/ILT : Guidelines for Compounding of Offences under Income-Tax Act, 1961/Wealth-Tax Act, 1957 in Cases of Persons Holding Undisclosed Foreign Bank Accounts/assets

Provision made for losses due to non-completion of project within time-limit was ascertained liabili

IT : Where assessee made provision of supplies for possible loss due to deduction that could be made by Government for not keeping supplies to satisfaction of Government, same was an allowable expenditure

No denial of SSI-exemption when dept. failed to identify owners of brand name used by assessee

Excise & Customs : Where department failed to identify owners of brand name used on goods purchased/cleared by assessee, department could not allege that brand name of other persons had been used and therefore, SSI-exemption cannot be denieds

Education consultancy services provided by US based co. weren't taxable in absence of its PE in Indi

IT/ILT: Fees for education consultancy services rendered by assessee - non-resident not taxable in India

Acquisition of right to telecast a movie via satellite for 99 years held as sale; not liable to TDS

IT : Acquisition of right to telecast a movie via satellite for 99 years held as sale; not liable to TDS

Writ filed without furnishing reply to SCN is premature; liable to be dismissed

Service Tax : Writ petition filed challenging show-cause notice, without even furnishing reply thereto, is premature and is liable to dismissed on ground of availability of alternate remedy

Issue of clandestine removal isn't appealable to Supreme Court

Excise & Customs : On allegations of clandestine removal without payment of duty, appeal against order of Tribunal will lie to High Court and not to Supreme Court

Payment made to foreign service providers towards international toll free services is 'FTS'

IT/ILT : Where assessee, engaged in providing audio, video and web conferencing services, made payments to foreign service providers towards international toll free services, said payments being in nature of fee for technical services, required deduction of tax at source

CBDT changes procedures and standards for reporting of financial transactions under FATCA

IT/ILT : Section 285BA of the Income-Tax Act, 1961, Read with Rule 114G of the Income-Tax Rules, 1962 - Furnish Statement of Financial Transaction or Reportable Account - Obligation to - Procedure for Registration and Submission of Report as Per Clause (K) of Section 285Ba(1) – Withdrawal of Notification No.3/2015, Dated 25-8-2015

CVD isn't leviable on imported goods if such goods aren't subjected to excise duty

Excise & Customs : Once there is no excise duty on unbranded shawls/scarves produced domestically, question of levying CVD on import thereof does not arise at all

Registration as SSI undertaking with District Commissioner isn't a pre-condition to avail of sec. 80

IT : Registration of assessee as a Small Scale Industrial Undertaking (SSIU) with District Industries Commissioner is not a pre-condition to avail benefit of deduction under section 80-IA

A house is a joint property if it is constructed on a land owned by the husband with joint funds of

IT : Where valuation of property inherited by assessee by registered valuer was on higher side, there was no occasion for Assessing Officer to refer matter to valuation officer under section 55A

Amount used for buying car for trustee can't be allowed as exemption under sec. 11

IT: Where funds of assessee-trust were utilized for purchase of car in name of its trustee, there was violation of section 13(2)(b), read with section 13(3); denial of exemption under section 11 should be limited to amount which was diverted in violation of section 13(2)(b)

Tribunal can't release seized documents which are ordered to be retained by Magistrate

CST & VAT: West Bengal VAT - Where Assessing Authority had seized certain documents from custody of assessee on plea that it had evaded tax and thereafter a criminal case was registered against assessee for offences punishable under section 93(6) and 93(7) of VAT Act and further Investigation Officer had seized several documents from Assessing Authority and thereupon Chief Judicial Magistrate passed an order in that regard, Taxation Tribunal had no jurisdiction to allow release of seized documen

ITAT denies set-off of brought forward loss to co-operative bank as it failed to file return by due

IT : Where assessee, a co-operative bank, did not file return of income for earlier assessment year within time limit prescribed under section 139(1), in view of provisions of section 80, its claim for set off of brought forward loss was to be rejected

Refund of duty paid under protest is allowed if burden of duty wasn't passed on to buyer

Excise & Customs : Where Tribunal found that duty was paid under protest and burden of duty was not passed on, refund would be allowable to assessee and it is not necessary to go into question whether section 11B is applicable or not