Govt. notifies norms for recruitment of Additional director in fraud investigation office of MCA

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Ministry Of Corporate Affairs, Serious Fraud Investigation Office, Additional Director (Capital Market)/Joint Director (Capital Market) And Additional Director (Financial Transactions)/Joint Director (Financial Transactions) Group 'A' Post Recruitment Rules, 2015

Delhi HC denies to interfere with de-merger of CA firm approved by ICAI

CL : Where de-merger of CA firm met the rules of merger/de-merger and satisfied criteria laid down by Council of ICAI, writ plea filed by petitioner-CA for quashing the de-merger of CA firm was to be quashed

Income of CA from shares trading wasn’t business income as revenue failed to prove it as regular act

IT : Where trading in shares by assessee - CA was not his regular business activity and income therefrom was treated as capital gain by revenue in preceding assessment years, same could not be treated as business income in relevant years on same facts and circumstances

Food cooked in restaurant classifiable as branded food if trade mark of restaurant is registered

CST & VAT: Tamil Nadu VAT - Where assessee, a restaurant, got registration under Trade Marks Act of name Zaitoon, in view of provisions of Trade Marks Act as well as Rules thereof, trade mark registration was meant for restaurant as well as goods manufactured by assessee and, therefore, food items prepared and served by assessee were branded foods taxable at 14.5 per cent

Money held in saving account on behalf of employer couldn't be held as unexplained

IT : Where assessee deposited certain sum in her bank accounts and explained that said amounts belonged to her employer company J, as assessee filed all details and books of account of J, bank statement, etc., first time before Tribunal, matter was to be readjudicated for detailed examination

"Council for Leather Exports" promoting export of leather and leather products is a charitable insti

IT : "Council for Leather Exports" promoting export of leather and leather products is a charitable institution

Depreciation on enhanced cost of asset after withdrawal of Govt. grant has to be computed from year

IT : Depreciation on enhanced cost of equipment due to grant withdrawn by CDEC was to be computed from year of withdraw

Joint committee's new report on GST prohibits revised return

ST : Report Of Joint Committee On Business Process For Gst On Gst Return

Duty is payable on combined MRP where goods subjected to MRP valuation are sold in combipack

Central Excise : Where 'face wash gel' was supplied free with 'Dandruff Shampoo' bound together with a sticker label and both products were covered under section 4A of Excise Act, payment of duty on basis of combined MRP is valid

Sec. 234E- levying fee for default in filing of TDS return isn't unconstitutional: P&H High Court

IT : Section 234E(Fee for defaults in furnishing TDS statements) is neither ultra vires nor unconstitutional . Section 234E is not punitive and is in the nature of fees and not a tax. It is levied as a fixed charge for extra services which are provided by the Department to the deductee in the form of extra work of revising deductee's assessment when deductor defaults in timely filing of TDS statements

Where assessee had plenty of own funds it would be presumed that advances were made out of own funds

IT: Where assessee had enough interest-free funds to advance interest-free sums to its sister concern, presumption would be that advances were out of interest-free funds and, therefore, interest expenses could not be disallowed under section 36(1)(iii)

CLB junks frivolous tactics of applicant to inspect records of co. by acquiring miniscule shares

CL: Where applicant filed frivolous application seeking inspection of statutory register and records of company by acquiring miniscule shares though statutory records of company were available on MCA portal and were open for inspection, application was to be dismissed

Appealibility of order of Comm (A) on issue of 'rebate of duty paid goods supplied to SEZ' referred

Service Tax : Issue whether order of Commissioner (Appeals) relating to 'rebate of duty paid on goods supplied to SEZ' is appealable before Tribunal or not, referred to Larger Bench of Tribunal

Supply to high seas vessel is liable to VAT if territorial connection exist in the State: Mumbai HC

CST &VAT: Maharashtra VAT- For levying tax it was not necessary that the sale should take place within the territorial limits of the State. The tax could be levied if all the ingredients of sale like the agreement to sale, the passing of title, delivery of goods have a territorial connection. In the instant case the goods were manufactured or refined within the State and the assessee was situated at Mumbai, thus, it means that place of business of assessee was in Mumbai. Therefore, there was

Carrying out printing work on paper makes it product of printing industry

Excise & Customs : Where assessee had merely carried out printing work on imported paper, assessee's product was classifiable as 'Products of printing industry' under heading 49.01 and not as 'Paper. . . printed in sheets' under heading 48.11

Co. having drastic fluctuation in operating margins is excludible from list of comparable for TP stu

IT/ILT : Where there is drastic fluctuation in operating margins of a company with extreme high in one year and extreme low in other year, said company be excluded from comparable list

Buyer couldn't be penalized when he was unaware of fact that supplier had disclosed lesser value of

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

Assessee couldn't sought rectification where findings of AO were susceptible to an appeal

IT : Where findings entered by Assessing Officer were based clearly on facts which were susceptible to an appeal, assessee was unjustified in invoking section 154 as same had nothing to do with rectification of any mistake apparent from record

SEBI constitutes additional departments for regulating commodity derivatives market

SEBI : Regulation Of Commodity Derivatives Market