SEBI : Format of Uniform Listing Agreement
Tuesday 13 October 2015
Petition for transfer of shares filed under oppression plea couldn't be rejected on mere non-complia
CL: Mere non-compliance with section 108 could not be a ground to set aside transfer of shares in petition under sections 397 and 398
'Nizral shampoo' meant to cure dandruff is a medicament and not cosmetic
Excise & Customs : 'Nizral Shampoo' meant to 'cure' disease of 'dandruff' is a 'medicament' classifiable under Heading 3003.10 (duty 16 per cent) and not a 'cosmetic preparation for use on hair' classifiable under Heading 3305.99 (duty 24 per cent)
No ad-hoc addition by AO on rice-dealer if his yield was incommensurate with industrial rate of gros
IT : Where assessee's yield from trading of rice was commensurate to industrial gross profit, ad hoc addition made was unjustified
Sum paid on purchase of internet connection isn't 'FTS'; not liable to TDS under sec. 194J
: Internet charges could not be regarded as fees for technical services and, hence, assessee was not bound to deduct tax at source under section 194J in respect of leased line expenses
AO couldn't prove suppressed production on basis of sample of electricity consumed in one hour
IT: AO couldn't prove suppressed production on basis of sample of electricity consumed in one hour
Parties can't file additional evidence on their own except on demand of ITAT
IT: Parties to appeal cannot produce additional evidence of their own but if Tribunal so requires, same can be produced on recording of reasons by Tribunal
No credit can be taken on basis of invoices neither addressed to assessee nor endorsed in his favour
Cenvat Credit : Credit of duty-paid returned goods can be allowed only if invoice is in name of person availing credit or invoice is endorsed in favour of assessee; credit cannot be taken on invoice in name of a third party
HC allowed sec. 80-IB relief for entire housing project though completion certificate wasn't granted
IT: Where assessee had completed construction of its entire housing project and applied for Building use permission/completion certificate within prescribed time-limit, it would be entitled to deduction under section 80-IB(10) notwithstanding fact that it could not receive permission for its entire project
Tribunal didn't examine facts to determine place of removal; matter remanded
Excise & Customs : Transit freight/insurance is includible in value only upto 'place of removal' and 'Place of removal' is dependent upon facts and where said place of removal was not examined by Tribunal on facts, matter was remanded back
Commission paid to NR for advising on product trend in USA isn't taxable as services were rendered o
IT/ILT: Remuneration paid in foreign currency by assessee-company, for services rendered outside India to a US-resident for product designing services, was not liable to be taxed in India
Interest-free sum given to affiliate to purchase land due to restrictions imposed by Land Act held a
IT: Where due to restrictions imposed by Land Acquisition Act, assessee had given interest-free advances to group companies for development of land, in absence of any finding recorded by Assessing Officer that said advances were not for business purposes, matter was to be readjudicated
Govt. allows deduction for treatment of disease on basis of certificate of private hospitals
IT/ILT/INDIAN ACTS & RULES : Income-Tax (Fifteenth Amendment) Rules, 2015 – Amendment In Rule 11DD And Omission Of Form 10-I
Sale of property of liquidating co. without proper publicity or fixing of reserve price of assets is
CL : Sale of property of company-in-liquidation in auction without proper publicity through advertisement or fixing any reserve price for assets could not be sustained particularly when property put in auction was of much higher valuation than price at which it was sold
ITAT rejects sec. 50C value on basis of sub-registrar's records; directs AO to re-fix value after he
IT : Where assessee sold a plot and Assessing Officer for purpose of computing capital gains under section 50C adopted valuation of plot as per SRO records and Commissioner (Appeals) after considering objections of assessee concluded that there was no need for adopting valuation as per SRO, matter required to be sent back to Assessing Officer for de novo assessment
Civil court has no jurisdiction to entertain suit against I-T department without any allegation of f
IT: Where Income-tax department appropriated amount deposited by assessee with a firm towards income-tax dues of firm, in absence of any allegation of fraud against Income-tax department, civil court had no jurisdictions to entertain recovery suit filed by assessee against Income-tax department
Sale to related party can't be valued at cost plus method when entire sales is at below cost
Excise & Customs : Where assessee's entire sales are below cost owing to international market prices being very low, sales to related parties cannot be value on basis of 'cost plus method' and are to be valued as per best judgment principle at 'price charged from unrelated parties'
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