CL : Since a fiduciary duty was cast upon directors of company who were also directors and shareholders of R6 to see that no loss was caused to company, taking out substratum of company by respondent-director into company owned by them, was nothing but oppression and mismanagement against petitioner
Thursday 24 September 2015
AO was right in not making sec. 43B disallowance of unpaid excise duty as it pertained to earlier ye
IT : Where against order of Commissioner passed under section 263, assessee filed appeal before Tribunal and revenue raised objection that appeal was not maintainable for reason that assessee had participated in hearing of assessment proceedings in consequence to order passed under section 263, appeal was very much maintainable
Companies with high turnover and low employee cost to sales ratio can't be selected as comparables f
IT/ILT : In case of assessee, engaged in rendering software development services to its AE, companies having functional difference, high turnover difference and low employee cost to sale ratio, could not be accepted as comparables while determining ALP
No denial of SSI exemption to company due to change of its management
CENVAT: Brand names of a company belong to company itself; it cannot be transferred from old management to new management and on ground of transfer of brands to new management, SSI exemption cannot be denied
Transfer was void as letter DIT (Investigation) wasn't given to assessee on basis of which case was
IT : Where letter of Director (Investigation) was not made available to assessee even though impugned order to transfer assessee's case to other jurisdiction had been passed relying upon same, impugned order had been passed in breach of principles of natural justice; and same was to be set aside
MAT inapplicable on foreign Cos having no PE in India w.e.f. April 1, 2001; Govt. to amend IT Act
IT/ILT : Section 115JB of the Income-tax Act, 1961 – Minimum alternative tax – Government decided to amend Income-tax Act, 1961 so that with retrospective effect from 1-4-2001, provisions of section 115JB shall not be applicable to a foreign company if that foreign company is a resident of a country having DTAA with India and such foreign company does not have a permanent establishment within definition of that term in relevant DTAA
MAT shall not be on foreign Cos having no PE in India w.e.f. April 1, 2001; Govt. to amend IT Act
IT/ILT : Section 115JB of the Income-tax Act, 1961 – Minimum alternative tax – Government decided to amend Income-tax Act, 1961 so that with retrospective effect from 1-4-2001, provisions of section 115JB shall not be applicable to a foreign company if that foreign company is a resident of a country having DTAA with India and such foreign company does not have a permanent establishment within definition of that term in relevant DTAA
SEBI notifies format of compliance report on corporate governance
SEBI : Format for compliance report on corporate governance to be submitted to stock exchange(s) by listed entities
Loss on account of error trades conducted by broker while acting on behalf of clients is allowable a
IT: Where assessee-broker was merely collecting security transaction tax, section 40(a)(ib) did not apply
'Christian Medical College' established to benefit all persons of any caste and creed eligible for s
IT : Where assessee-society, established by Christian community, had been running medical colleges and its main aims were to train professionals in field of medical and health care and also to provide medical facilities in its hospitals to all persons of any caste, activities carried out by assessee were charitable in nature and it was entitled to exemption under section 80G
High Court directs ITAT to give clearer picture as to whether seized doc belonged to assessee
IT : Where Assessing Officer on basis of documents seized from possession of one 'M' issued on assessee a notice under section 153C and Tribunal accepting plea of assessee held that above documents could not be considered as documents belonging to it, matter was remitted back to Tribunal for reconsideration after rendering specific findings as to status of documents
SEBI cautious public to deal with only registered investment advisors and research analysts
SEBI : SEBI Cautions Public To Deal With Only Sebi Registered Investment Advisers And Research Analysts
When M&A scheme becomes effective it can't be challenged in absence of any suppression
CL : Where there was no suppression of any relevant/material fact by petitioner-company whilst obtaining sanction of scheme of arrangement in 2010 and in composite scheme of arrangement in 2011, application filed by SEBI pursuant to a complaint of a shareholder for setting aside sanctioning order of schemes was to be dismissed particularly when composite scheme had become effective and BSE & NSE had granted in principle approval for listing of shares of petitioner
Payment of ineligible credit along-with interest on writing off inputs doesn't call for penalty
Cenvat : Where audit party pointed out that Cenvat credit was not available on written off value of inputs, and accordingly, assessee suo moto calculated and paid amount equal to amount of Cenvat credit and interest thereon without any contest, no penalty could be imposed
No disallowance of interest as AO failed to establish that sum advanced to sister concern was out of
IT : Where assessee, a real estate company, had taken term loan and paid interest on it, since Assessing Officer failed to establish that loan amount advanced to sister concerns was out of interest bearing funds only, disallowance made was unjustified
Particulars of MAT credit can't be said to be particulars of income for levying concealment penalty
IT : Income contemplated under section 271(1)(c) is income on which taxes are to be computed and paid, particulars of MAT credit furnished in return of income cannot be said to be particulars of 'income' for purpose of levying penalty under section 271(1)(c)
HC couldn't dispose of appeal without going into its merits if SC directed it to entertain appeal on
Excise & Customs : Where, in a matter involving clandestine removal, Supreme Court had directed High Court to dispose of appeals on merits, High Court could not dispose of those appeals as not maintainable
Interest can't be levied for the period during which application is pending before Set Com
IT : Where assessee applied under section 245D(1) to Settlement Commission and deposited admitted tax and satisfied tax liability finally determined within time, recovery of interest from assessee under section 220(2) in terms of section 245D(2C) for period during pendency of application before Settlement Commission was unwarranted
Revenue consistently adopting TNM method in earlier years couldn't make adjustments using CUP method
IT/ILT : Where TPO made adjustment to assessee's ALP in respect of trading of coffee, cotton etc. with its AEs located abroad by adopting CUP method, in view of fact that revenue had been consistently adopting TNMM, same was to be adopted for assessment year in question
Govt. further extends validity of Industrial license for defence sector
FDI/FEMA/ILT : Streamlining Procedure For Grant Of Industrial Licenses – Extension Of Initial Validity Of Industrial Licence For Defence Sector
Mortgaged property can't be redeemed on part payment of mortgaged money
SARFAESI: Mortgaged property cannot be redeemed on payment of a part of mortgage money, except when mortgagee has acquired share of mortgagor, in whole or in part
Govt. notifies second ordinance for NI Act to sustain jurisdiction for trial of offence
BANKING/INDIAN ACTS & RULES : Negotiable Instruments (Amendment) Second Ordinance, 2015
Women MP can't plead that she signed loan docs on her husband's wish, unaware of forgery
CL : The appellant who is a Rajya Sabha MP and was a former Asstt Commissioner of Commercial taxes cannot be allowed to advance a remarkable plea that she had signed bank loan documents as co-applicant or guarantor showing deference to her late husband and was ignorant of forgery and that she had settled the dues and High Court's quashing of proceedings should not be disturbed .The assertions as regards the ignorance are a mere pretence and sans substance given the facts. Lack of awareness, know
No deeming provision in Central Excise to treat assessment as 'provisional' in case of price escalat
Excise & Customs : In absence of any request from assessee in this behalf and further, in absence of any such deeming provision under act/rules, assessment cannot be treated as provisional merely because of 'price escalation clause'
Govt. notifies second ordinance under NI Act to sustain jurisdiction for trail of offence
BANKING/INDIAN ACTS & RULES : Negotiable Instruments (Amendment) Second Ordinance, 2015
ITAT denied sec. 80-IB relief to assessee as it had filed return of income, belatedly
IT : Where assessee filed return belatedly, assessee was not entitled to deduction under section 80-IB
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