OMNIBUS GENERAL EXEMPTION TO GOODS SPECIFIED IN CHAPTERS 1 TO 98 OF TARIFF – AMENDMENT IN NOTIFICATION NO.12/2012-C.E., DATED 17-3-2012
Tuesday 20 October 2015
New Rule notified to compute ALP when more than one price is determined by Most Appropriate Method
INCOME-TAX (SIXTEENTH AMENDMENT) RULES, 2015 – AMENDMENT IN RULE 10B AND INSERTION OF RULE 10CA
0.5% of average tax free investment should be considered to work out sec. 14A disallowance and not t
IT : For purpose of section 14A, instead of taking into account total investment, investment attributable to dividend was required to be adopted an thereafter disallowance was to be arrived
Donations weren't unexplained as name and address of donor was available and donations were received
IT : Where assessee-society received corpus donations and donor's receipts contained names, addresses and PAN of donors along with details of mode of donations, impugned addition made by Assessing Officer could not be sustained
Losses already set-off prior to beginning of initial AY of sec. 80-IA relief can’t be notionally bro
IT : Where loss of business undertaking in earlier year was already absorbed against profit of other business, enterprises, assessee was entitled to claim deduction under section 80-IA
Tower/Blades to be deemed as parts of Wind Operated Electricity Generator; eligible for exemption
EXCISE : Clarification As To Whether Exemption Notification No.12/2012-c.e., dated 17-3-2012 Covers Part/Components Of Wind Operated Electricity Generators (WOEG)
IRDA unveils guidelines on 'Indian owned and Controlled entities'
INSURANCE : Guidelines On Indian Owned And Controlled Requirement For An Indian Insurance Company
High Court quashed adjudication order due to unexplained delay of 22 months in passing order
Excise & Customs : Inordinate and unexplained delay of 22 months in passing adjudication order after conclusion of hearing, itself vitiates said order; hence, same was set aside and matter was remanded back for re-adjudication
Advance received to do job work not to be held as income if wrongly shown as transportation charges
IT : Where assessee entered into an agreement with one 'B' to do job work for 'B' and 'B' provided certain adjustable advances/deposits to assessee, merely because in TDS certificate, it was wrongly mentioned as "transportation charges", it could not be said that income had accrued to assessee
HC condoned delay of 76 days in filing appeal before Tribunal on payment of cost of Rs. 2,000
Excise & Customs : Despite Tribunal's findings that no evidence was furnished by assessee in support of ground seeking condonation of delay, High Court condoned delay of 76 days in filing appeal before Tribunal on payment of costs of Rs. 2000 so that appeal may be heard on merits
Rule 8 applicable to FBT cases
IT: Where amount of expenditure incurred by assessee in extending fringe benefits to its employees was not solely for purpose of business and was also for purpose of agriculture, rule 8 of Income-tax Rules, 1962 was to be applied in valuation of fringe benefits
SAT affirms penalty on acquirer as it made public announcement with delay of 89 days under Takeover
SEBI: Time limit of 4 days prescribed in Regulation 14(1) of Takeover Regulations is crucial and important as time is of essence in such acquisitions and consequent open offer under regulations 10 and 12
No denial of sec. 10A relief just because certain on-site development work was sub-contracted to AE
IT: Even if export of computer software had not been executed by assessee itself entirely but part of 'on-site' work was sub-contracted to Associate Enterprise(AE), assessee would be eligible for deduction under section 10A
No tax on sum received on family settlement
IT: Where assessee received certain sum out of family settlement, same was not taxable as under section 56(2)(v)
No tax on sum received on family settlement u/s 56(2)(v) wherein only respective shares of family me
IT: Where assessee received certain sum out of family settlement, same was not taxable as under section 56(2)(v)
Writ not maintainable due to existence of disputed questions of fact and there is no denial of natur
Excise & Customs : Where disputed questions of fact are involved and there is no violation of principles of natural justice and no challenge to vires of provisions of Act, writ cannot be maintained against seizure of goods on allegation of smuggling, as there is effective alternate remedy of appeal in said matter
Trial Court rightly acquitted accused as cheque was issued as security and not to discharge financia
Negotiable Instruments Act : Trial Court rightly acquitted accused as cheque was issued as security and not to discharge financial liability
Govt. notifies new transfer pricing guidelines for reducing litigation
IT/ILT : Section 92C, Read With Section 92CA, Of The Income-Tax Act, 1961 - Transfer Pricing - Computation Of Arm’s Length Price – Revised And Updated Guidance For Implementation Of Transfer Pricing Provisions
CBDT to initiate email based correspondence with taxpayers for paperless assessments
IT/ILT : Section 143 Of The Income-Tax Act, 1961 – Assessment – General – Use Of Email Based Communication For Paperless Assessment Proceedings
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