Winding-up order to be set aside when company had adequate funds after paying off creditors

CL: Where appellant had deposited amount due to creditors in Court to meet his liabilities and company had adequate funds with it, application for setting aside of final winding up order passed against company was to be considered by Company Court on merits

LLPs receiving FDI shall submit 'Annual return on foreign liabilities and assets'

FEMA/ILT/INDIAN ACTS & RULES : Fem (Transfer or Issue of Security by a Person Resident outside India) (Seventh Amendment) Regulations, 2015 – Amendment in Schedule 9

Shortage of input due to application of accounting method doesn't attract penalty

CENVAT : No penalty is imposable on taking Cenvat credit in case where shortage of input/finished goods is within range of ±5 per cent or fact of taking Cenvat credit on debit note was not suppressed; on other hand penalty is to be imposed for availing Cenvat credit on inputs which was not received in manufacturing unit

High level committee on CSR unveils report suggesting measures for improved monitoring of CSR polici

COMPANIES ACT, 2013 : Section 135 of the Companies Act, 2013 – Corporate Social Responsibility – Report of High Level Committee to Suggest Measures for Improved Monitoring of Implementation of Corporate Social Responsibility Policies

Percentage of shareholding has to be checked at the time of availing loan for purpose of deemed divi

IT: Percentage of shareholding has to be checked at the time of availing loan for purpose of deemed dividend

Past year international transactions couldn't be referred to TPO whose assessment was already comple

IT/ILT: Assessing Officer cannot refer international transactions for determination of ALP that were carried on in any of past years and whose assessments had already been completed

Standard rent has to be computed as per the Rent Control Act even if same isn't fixed

IT: While determining annual letting value in respect of properties which are subject to rent control legislation and in cases where standard rent has not been fixed, Assessing Officer shall determine same in accordance with relevant rent control legislation

No TDS liability on publicity expenses if same were paid by distributor on behalf of assessee after

IT : No liability under section 201(1) could be fastened on assessee where payee had offered processing charges received by it from assessee as income and paid tax thereon

Book entry of lease equalization fund made to comply with ICAI's guidance note is not includible in

IT: Where lease equalisation fund was a mere book entry made to comply with Guidance Note issued by ICAI so as to meet Accounting Standards, assessee was justified in reducing amount credited in profit & loss account for purposes of determining income chargeable to tax

Assessee couldn't be said to be concealing income if only part of addition was confirmed by Tribunal

IT : Where in quantum appeal against addition made under section 68, Tribunal had accepted assessee's explanation in respect of part of deposit and partly confirmed addition stating that explanation given by assessee was not convincing, it could not be said that assessee had concealed his income or furnished any inaccurate particulars warranting levy of penalty under section 271(1)(c)

Foreign tax credit would be allowed even if income is exempt in India

IT/ILT : Income covered under section 10A is "chargeable to tax" under section 4 and is includible in total income under section 5 but no tax is charged because of the exemption given u/s10A only for a period of 10 years. The exemption u/s 10A does not make the income not leviable to income tax. Therefore, the case falls u/s 90(1)(a)(ii). Assessee is entitled to the said benefit by virtue of section 91 even where India has no agreement with the States where the tax is levied on the income of the

Customized printing on packing material doesn't make it a product of printing industry

Excise & Customs : 'Shrink sleeves' is a packing material and its main purpose is to provide shatter resistance, puncture resistance and tamper proof packing; printing thereon of details as per requirement of customer is merely incidental. Hence, it is classifiable as 'plastic and articles thereof' and not 'product of printing industry'

AO couldn't deny to apply mutuality principal on receipts of co-operative society without any cogent

IT : In absence of any cogent and satisfactory material being produced by revenue, amount received by assessee, a co-operative society, on account of transfer of flat and garage was exempted on ground of mutuality

Customized printing on packing material doesn't make if product of printing industry

Excise & Customs : 'Shrink sleeves' is a packing material and its main purpose is to provide shatter resistance, puncture resistance and tamper proof packing; printing thereon of details as per requirement of customer is merely incidental. Hence, it is classifiable as 'plastic and articles thereof' and not 'product of printing industry'

Bihar Govt. tweaks VAT Act; enhances maximum ceiling of taxable quantum from 5 lakhs to 10 lakhs

VAT/BIHAR/INDIAN ACTS & RULES : Bihar Value Added Tax (Amendment and Validation) Act, 2015 – Amendment in Sections 3, 3AA, 24, 25, 32 and 93

Sum received from son for marriage exp. couldn't be held as unexplained just because sum was withdra

IT : Assessee, a licenced document writer and engaged in sale of stamp, claimed 60 per cent of gross receipts as expenditure; in absence of any material available on record, Assessing Officer had rightly restricted expenditure to 40 per cent of gross receipts

Aluminium dross which arises as by-product while melting aluminium ingots isn't excisable

Excise & Customs : Aluminium dross/ash arising as a by-product in course of melting and die-casting of aluminium ingots, is not excisable and not liable to excise duty, as no manufacturing process is involved

Sec. 68 additions upheld as gift wasn't made out of natural love and creditworthiness of donor wasn'

IT : Mere identification of donor and showing movement of gift amount through banking channel is not enough to prove genuineness of gift for purpose of section 68

Embroidery work on Sari is manufacturing; machinery used for it eligible for additional depreciation

IT: Embroidery work performed on grey synthetic cloth i.e. sari amounted to manufacturing activity and, thus, machinary used in said activity was entitled to receive additional depreciation

Reassessment rightly made on receipt of cash gift which was actually an accommodation entry

IT : Where information that assessee received certain gift in cash which appeared to be an accommodation entry, initiation of reassessment proceedings was justified

Nilimesh Baruah appointed as Director in Serious Fraud Investigation Office

COMPANIES ACT, 2013 : Section 211 of the Companies Act, 2013 - Serious Fraud Investigation Office – Establishment of – Appointment of Notified Person as Director in Said Office

Construction of flats under a development agreement which are allotted to landowners are liable to s

Service Tax : Flats allotted to landowner under a development agreement are prima facie liable to service tax based on price charged by assessee builder on flats sold to other flat owners