NBFCs : Early Recognition Of Financial Distress, Prompt Steps For Resolution And Fair Recovery Of Lenders : Framework For Revitalising Distressed Assets In Economy – Review Of Guidelines On Joint Lenders' Forum (JLF) And Corrective Action Plan (CAP)
Saturday 31 October 2015
SLP dismissed against HC's order which held that advances received for job work couldn't be held as
IT : SLP dismissed against High Court's ruling that advances received by assessee - shareholder under an agreement to do job work for company could not be treated as deemed dividend
Govt. to issue Sovereign Gold Bonds via designated post offices in Nov, 2015
BANKING : Sovereign Gold Bond 2015-16
No fresh permission/renewal for opening of liaison office of foreign law firms: Apex Court
FEMA/ILT : No Fresh Permission/Renewal Of Permission To Los Of Foreign Law Firms – Supereme Court's Directions
Land acquired under an agreement not to be held as compulsory acquisition under Sec. 194LA
IT : The question of compulsory acquisition will arise only where the compensation cannot be determined by agreement. In other words when the compensation is based on an agreement between State Government and owner of the land, no more can we say that it is a compulsory acquisition
Major setback for 'AAP Govt.' - High Court quashes directive of audit of discoms by CAG
CAG Act : Direction of Delhi Govt ordering tariff audit of discoms by CAG quashed as the opportunity given to discoms to represent against the proposal for audit was not a "reasonable opportunity" within the meaning of section 20(3) of the CAG Act as the opportunity was given without disclosing the public interest in which audit of DISCOMS by CAG was deemed expedient and as the opportunity to represent was given before consultation with CAG and before the terms and conditions for audit were agre
No deduction of customs duty and excise duty if their liability is contingent upon uncertain facts
IT : Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible
Gift couldn't be held as unexplained if made by relatives out of love/affection and they were income
IT : Where assessee claimed that during year his minor children had received gifts of Rs. 3.71 lakhs from four relatives and Assessing Officer rejected gifts and added amount in income of assessee, since all ingredients of valid gifts had been proved by assessee, impugned addition was not justified
Last date for filing of reconciliation return under DVAT further extended to Dec 15, 2015
VAT : Filing Of Reconciliation Return For Year 2014-15
SLP granted against HC's order in which sec. 80P relief was given to credit cooperative society
IT : SLP granted against High Court's order where it was held that since assessee was a credit co-operative society, engaged in providing credit facilities to its members only, it was entitled to claim deduction under section 80P(2)(a)(i)
No rectification if error relating to denial of credit on export services couldn't be discovered wit
Service Tax/Excise/Customs : An error, which has to be established by a long drawn process of reasoning on points where there may conceivably be two opinions does not amount to 'error apparent on face of record' and is not a rectifiable mistake
Official docs of girl remain valid even after her marriage if supported by marriage certificate
BANKING : Submission of Officially Valid Documents in Respect of Change of Name on Account of Marriage or Otherwise – Amendment in Prevention of Money-Laundering (Maintenance of Records) Rules, 2005
Appeal filed before ITAT to be restored when proceedings before SetCom is abated
IT: Where assessee had not paid requisite amount of taxes and interest on revised undisclosed income on or before specified date, settlement application filed by assessee stood abated
No search proceedings against client due to seizure of CA's hard disk containing ITR data of client
IT : Delhi HC lays down principles to avoid vexatious proceedings u/s 153C against person other than person searched
Gain arising to ESOP trust on transfer of shares to employees of setter-co. isn’t business receipt
IT : Where assessee was an 'ESOP Trust' created by settler-company for implementing its ESOP scheme the assessee was merely acting as 'Special Purpose Vehicle'. Shares held by the assessee were in fiduciary capacity and assessee did not have absolute rights over those, so these shares could not be categorised as business assets. Thus, gain arising to assessee on transfer of shares to employees of settlor-company was to be treated as capital gain and not as business profits
Assessee need not comply with supplementary instruction if main exemption notification doesn't manda
Excise & Customs : Since there was no condition stipulated in main exemption notification 42/01 that supplementary instruction to be issued by CBEC would be mandatory, assessee need not comply with such supplementary instruction so as to furnish bond to avail benefit of main exemption notification
No concealment penalty even if assessee had followed different system of accounting for particular e
IT: Penalty could not be levied under section 271(1)(c) on ground that assessee applied different system of accounting for interest expenses and interest received
SEBI's revised abridge prospectus - Improves readability and contains relevant info for investors
SEBI : Disclosures in Abridged Prospectus and Price Information of Past Issues Handled by Merchant Bankers
SC stayed IT proceedings as Kerala Govt. didn't take steps to amend provisions related to Court fees
IT : As section 52A of Kerala Court fees, Act specified court fee in appeal before High Court at 1% of income assessed by Assessing Officer, but in many cases such assessed income might not at all survive, State Government had to make required amendment; High Court opined that instant matter was to be stayed till information about steps taken by State Government was provided
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