SEBI : Format for Quarterly Holding Pattern, Disclosure Norms for Corporate Governance Report and Manner for Compliance with Two-Way Fungibility of Indian Depository Receipts (IDRS)
Wednesday, 4 November 2015
SEBI prescribes format of Business Responsibility Report under new listing norms
SEBI : Format for Business Responsibility Report (BRR)
Sum paid to foreign AE for secondment of high level managers is taxable as 'FTS'
IT/ILT : Where secondees under secondment agreement with foreign parent co are not ordinary employees but those in high level managerial/executive positions and draw salaries from foreign parent co, the amount paid to foreign parent under secondment agreement is FTS under Expalnation 2 to sec 9(1)(vii) in view of the fact that secondees were deputed because of their expertise and managerial skills in the field. Further, FTS or royalty paid to non-resident attracts tax u/s 44D on gross amount irr
Unclaimed auction proceeds retained by warehouse can't treated as warehousing charges
Service Tax : Unclaimed auction proceeds, retained by a warehouse from out of sale proceeds of auctioned goods, cannot be taxed under Storage & Warehousing services
Order passed against shipping Co. under sec. 172 is covered by Scheme of DRP provisions
IT/ILT : An order computing the taxable income is essentially an assessment order, therefore, any order passed under section 172(4) is also an assessment order. Since Assessing Officer failed to pass draft assessment order under section 172(4) as required under the DRP provisions contained under section 144C, Assessing Officers's order was null and void. Order under section 172(4) is an 'assessment order' so as to make DRP provisions under section 144C applicable.
Imported Catalyst can't be treated as raw material to deny benefit of concessional duty
Excise & Customs : Catalyst, which is not consumed in manufacture, cannot be regarded as 'raw material'; hence, concessional duty conditional upon use of 'domestic raw materials' cannot be denied merely because of use of imported catalyst
RBI issues operational guidelines for Sovereign Gold Bonds Scheme
IT/BANKING : Sovereign Gold Bonds, 2015-16 – Operational Guidelines
Accused convicted for cheque bouncing as he failed to rebut belief that cheque was issued for legall
Negotiable Instruments Act: Accused convicted for cheque bouncing as he failed to rebut belief that cheque was issued for legally enforceable debt
Payment made for taking legal advice for purchase of business division is a capital exp.
IT : Where assessee purchased business division of another concern which also included payment to non-compete fee restraining seller from carrying on similar business for three years, said payment was to be regarded as capital expenditure
Case remanded to larger bench to decide applicability of sec. 172 on demurrage charges paid to shipp
IT: In view of difference of opinion between orders passed by co-ordinate Benches of Tribunal regarding applicability of section 172 in respect of demurrage paid to non-resident shipping company, matter was to be referred to Larger Bench for consideration
Imported Catalyst can't be treated as raw material for availing benefit of concessional duty
Excise & Customs : Catalyst, which is not consumed in manufacture, cannot be regarded as 'raw material'; hence, concessional duty conditional upon use of 'domestic raw materials' cannot be denied merely because of use of imported catalyst
SEBI prescribes format of voting results of AGM under listing norms
SEBI : Format for Voting Results
IRDA advises insurers to timely comply with awards passed by Consumer Courts and insurance ombudsman
INSURANCE : Non-Compliance Of Award Of Insurance Ombudsman Or Order Of Mact Or Consumer Fora
No VAT on brand franchisee fee without transfer of effective control over Kingfisher brand
Karnataka VAT: Owner of 'Kingfisher Brand' entered into contracts with Contract Bottling Units (BUs) for manufacturing of beer. It had transferred know-how for manufacturing beer. BUs had the right to use the brand name only on behalf of assessee and they did not acquire any right over such brand name belonging to the assessee. Thus, sum received from BUs as brand franchise fees could not be treated as royalty and was not liable to sales tax
Capital gains couldn't be treated as business profits due to insertion sec. 111A providing for reduc
IT : Where assessee's claim of short term capital gain arising from sale of shares had been accepted in earlier years, mere fact that during relevant period certain benefits were given to investor in securities by insertion of provisions of section 111A, could not be a ground to treat assessee a trader in shares and thereby bring amount in question to tax as business income
Value of flats allotted under JDA to be computed on basis of construction cost and not on basis of t
IT: Value of flats allotted under JDA to be computed on basis of construction cost and not on basis of total project cost
Govt. issues common form for registering under ESIC, EPFO and other Labour Laws
CORPORATE LAWS : Unified Registration For 5 Labour Acts (ESIC, EPFO, BOCW, CLA & ISMW)
Commission earned by agents on sale of SIM cards/vouchers aren't liable to service-tax
Service Tax : Commission earned by authorised agents of BSNL on sale of SIM cards/vouchers of BSNL is not chargeable to service tax
PM to launch four Gold related schemes on November 5, 2015
IT : Prime Minister To Launch Gold Related Schemes On 5-11-2015
SSI can simultaneously avail exemption for unbranded clearances and pay duty on branded clearances
Central Excise : Clearances made with other's brand : (i) are governed by normal provisions of Act, (ii) are liable to duty with benefit of Cenvat credit; and (iii) are outside scope of SSI-exemption notification; and, therefore, mere taking of Cenvat Credit thereon cannot lead to denial of SSI-exemption on unbranded clearances
SSI can simultaneously avail exemption for unbranded clearances and pay duty on branded clearances w
Central Excise : Clearances made with other's brand : (i) are governed by normal provisions of Act, (ii) are liable to duty with benefit of Cenvat credit; and (iii) are outside scope of SSI-exemption notification; and, therefore, mere taking of Cenvat Credit thereon cannot lead to denial of SSI-exemption on unbranded clearances
No disallowance of interest if assessee had given interest free advances to AE out of its own funds
IT: Where no loan from any bank had been raised by assessee for advancing loans to its sister concerns as funds so advanced were generated from assessee's own revenues, interest could not be disallowed under section 36(1)(iii)
Mere supervising of movement of Coal from collieries to factory can't be held as C&F services
Service Tax : Merely supervising loading/handling of coal and movement from collieries to client's factories, without any role in clearance of coal from collieries, cannot amount to 'Clearing and Forwarding Services'; hence, not liable to service tax
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