Govt. raised monetary limits for arrest and prosecution under Excise and Service-tax

ST/EXCISE : Revised Monetary Limits For Launching Prosecution Under Central Excise Act, 1944 And Finance Act, 1994

Govt. unveils consolidated guidelines for prosecution under Excise and Service-tax

ST/EXCISE : Consolidated Guidelines For Launching Prosecution Under Central Excise Act, 1944 And Finance Act, 1994

On failing to provide sufficient reason for waiver of deposit fee, DRAT's order to deposit 50% fee w

RDDBFI Act : For ordering waiver or reduction of amount to be deposited under section 21 of RDB Act, sufficient/special reasons/necessary materials ought to be placed before Appellate Tribunal ; no such grounds having been made by petitioner, order of DRAT directing petitioner to deposit 50 per cent of amount due to bank was justified

Case can't be reopened solely on basis of audit objections, says Gujarat HC

Excise & Customs : Where suppliers were disclosing lesser value and said fact was not known to assessee, assessee cannot be faulted for disclosing value of its products based on price shown by suppliers; hence, extended period cannot be invoked against assessee

Delhi HC examines test of "related party" for deciding maintainability of application before SetCom

IT : A company would not qualify as "related party" of specified person for making application to Settlement Commission merely because one of its directors has a substantial interest in the specified person

DRP should consider every point of dispute and pass speaking order, says Chennai ITAT

IT/ILT: DRP should consider every point of dispute and pass a speaking order and should not merely uphold order of TPO

Sum paid to forest department to carry on mining business over forest land is revenue exp.

IT : Net present value paid by assessee-company to Forest Department to enable assessee to carry on its mining business on forest land was revenue in nature

No depreciation on asset if its consideration is paid by taking over liability of purchaser

IT: Where assessee acquired fixed assets like land, building and also plant and machinery by paying price partly in cash and partly by way of taking over accrued liability in respect of gratuity and leave salary payable to workers, no depreciation could be allowed in respect of such accrued liability

Last date for filing of Form DP-1 of DVAT further extended to Nov 23, 2015

VAT/DELHI/NOTIFICATION : Submission of information online in Form DP-1 – Amendment in notification No.F.3(352)/Policy/VAT/2013/818-829, dated 30-9-2015

Govt. requires Coal miners to make contribution to 'District Mineral Fund'

CORPORATE LAWS/INDIAN ACTS & RULES : Mines and Minerals (Contribution to District Mineral Foundation) Rules, 2015

Sec. 35(2AB) nowhere suggests that purchased machinery should be installed before expiry of previous

IT: In case of allowance of weighted deduction, provision of section 35(2AB) nowhere suggests or implies that machinery is required to be installed and commissioned before expiry of relevant previous year

Sec. 35(2AB) nowhere suggests that purchased machinery should be installed before expiry of previous

IT: In case of allowance of weighted deduction, provision of section 35(2AB) nowhere suggests or implies that machinery is required to be installed and commissioned before expiry of relevant previous year

No reassessment for disallowing excess claim of depreciation if AO had such details during assessmen

IT: Where information regarding assessee's claim of enhanced depreciation in view of re-estimation of written down value of its assets over remaining useful life was with Assessing Officer at time of passing assessment order, reopening of assessment beyond four years from relevant assessment year on ground that claim of additional depreciation had reduced book profit under section 115JB was without jurisdiction

ITAT allows 50% road leveling charges incurred by real estate agent to sell property

IT: Provisions of section 40(a)(ia) would not be applicable where assessee paid architect's fee before end of accounting year

Reassessment made to tax royalty by invoking 'Force of Attraction Rule' quashed by Delhi HC

IT/ILT : Where during assessment under section 143(3), receipts by assessee-US company was treated as royalty and taxed on gross basis at rate of 15 per cent, but Assessing Officer initiated reassessment contending that, since assessee had a PE in India, said receipt was to be attributed to Indian PE and said amount was to be taxed at 20 per cent, since Assessing Officer had earlier examined entire issue of royalty and its taxability in its entirety and all relevant facts were fully and truly di

Lease equalization charge isn't in nature of reserve; to be added back while computing book profit f

IT : 'Lease equalization charges' is not in nature of a reserve and, therefore, same cannot be added back while computing book profits as per Explanation under section 115JA(2)

Freight to C&F agent wasn't reimbursement and liable to TDS as agent didn't made TDS while making pa

IT : Where assessee could not adduce any evidence that C & F agent deducted tax at source while making payment to carrier so as to prove that amount which was paid by assessee to C & F agent represented reimbursement of freight paid by C & F agent on behalf of assessee to airlines, provisions of section 194C were applicable

Filing of petition against mismanagement by shareholder exited from co. 15 years back is abuse of pr

CL: Where petitioners exited from company fifteen years back, filing petition by invoking jurisdiction of Bench under section 397/398, by alleging purported acts of oppression and mismanagement appeared to be a mala fide intention and was an abuse of process of law

SEBI issues additional risk management norms for Regional commodity derivatives exchanges

SEBI : Risk Management For Regional Commodity Derivatives Exchanges

Now LLPs have to furnish Annual Return of foreign assets and liabilities to RBI

FEMA/ILT : Annual Return on Foreign Liabilities And Assets (FLA Return) – Reporting by Limited Liability Partnerships

Apex Court dismissed appeal against order of Tribunal based on earlier order already accepted by CBE

Excise & Customs : Where Tribunal had merely followed its earlier judgment, which was approved by Supreme Court and accepted by CBEC Circular of 2001, filing of appeal by revenue against said Tribunal order in year 2006 was a total mindless exercise and abuse of process of law; hence, appeal was dismissed

Corporate guarantee given to AE by charging 0.5% as service fee doesn't call for TP adjustment

IT/ILT: Where assessee had entered into a long-term contract with its AE for procuring copper concentrates for life time of mines, price paid to its AE should be compared with comparable having similar features

No sec. 263 revision if AO had allowed set-off of unabsorbed loss against surrendered income after d

IT: Where issues in respect of set off of unabsorbed losses fall in gross profit rate and depreciation had been examined by Assessing Officer in detail at assessment stage, jurisdiction under section 263 would not be invoked