Service Tax : Letter from designated authority conveying decision to reject declaration under Service Tax Voluntary Compliance Encouragement Scheme amounts to an 'order' and is appealable before Commissioner (Appeals)
Thursday, 5 November 2015
Trust imparting spiritual education is religious trust; its anonymous donations aren't taxable
IT: Where assessee-trust was involved in imparting of spiritual education through lectures/samagam and in distribution of medicines and clothes to needy and destitute, said activities could be included in broad conspectus of Hindu religious activity and, thus, anonymous donations received by trust were exempt from tax
Govt. could refuse to extend telecom licence if it isn't in public interest: Apex Court
CL: Where Government is of opinion that grant of extension of Licence would not be in public interest, it is open to Government to refuse extension of licence
Share received from HUFs couldn't be taxed in hands of member if HUFs were being assessed by differe
IT : Where Assessing Officer made addition to assessee's income in respect of his share of income received from HUFs, since HUFs in question had filed their respective returns and those HUFs were being assessed, said HUFs could not be treated as AOP and impugned addition in hands of assessee-member of HUFs was to deleted
Pan Masala manufactures can claim abatement even if duty was paid belatedly
Central Excise : In case of production capacity based duty on Pan Masala, abatement of duty in case of closure of factory can be claimed even if : (a) separate abatement applications are filed for each continuous period of 15 days or more; and (b) duty was paid belatedly with interest
Only a newly formed entity through conversion from firm to LLC entitled to 'fee continuity'
SEBI: Only a newly formed entity through conversion from either a sole proprietorship or a partnership to a limited Company would be entitled to "fee continuity" or exemption from payment of fees as per clause 4 of Schedule III of the SEBI(Stock Brokers and Sub Brokers) Regulations, 1992
Tribunal has no jurisdiction to pass stay orders on proceedings not pending before it
IT : Every proceeding and each assessment year is separate and independent; where appeal for assessment year 2011-12 was not before Tribunal, Tribunal had no jurisdiction to pass stay orders on issue that pertained to said assessment year
Now total foreign investment to include both direct and indirect foreign investment under FEMA
FEMA/ILT/INDIAN ACTS & RULES : Fem (Transfer or Issue of Security by a Person Resident outside India) (Tenth Amendment) Regulations, 2015 – Amendment in Regulation 14 and Schedule I
SLP granted as HC had ordered addition on basis of statement made during search without scrutinizing
IT : SLP dismissed against High Court's order where it was held that since assessee himself had stated in sworn statement during search and seizure about his undisclosed income, tax was to be levied on basis of admission without scrutinizing documents
Amalgamation carried out only to claim fee continuity benefit isn't amalgamation under compulsion of
SEBI : Where to do business as a broker with NSE, a subsidiary of Vadodara Stock Exchange (a company limited by guarantee) is amalgamated with another subsidiary (company limited by shares) to meet the SEBI Policy that "only one subsidiary of a Stock Exchange can be member of another stock exchange and that subsidiary has to be a company limited by stocks" and the amalgamated company registered afresh with BSE, the amalgamated company is not entitled to "Fee Continuity benefit" under SEBI
No TDS on supplementary rent of Aircraft if no facilities or services were given by foreign lessor
IT/ILT: Under provisions of Section 10(15A) prior to 1st April 1996 payments made for acquisition of an aircraft or an aircraft engine on lease, were exempted from taxation but from 1st April 1996, the Legislature has excluded the payments made for providing spares, facilities or services in connection with the operation of the leased aircraft from the ambit of the exemption under Section 10(15A). Supplemental rent did not fall within the ambit of the exclusionary provisions of Section 10 (15A)
Sec. 11 relief available for investment in another capital assets even when such asset isn't held ti
IT : Where assessee disposed of investments being its capital assets held under Trust wholly for charitable purpose and net consideration from such disposal was utilized for acquiring other capital assets for charitable purpose, assessee's claim was to be allowed on capital gain arising from such disposal of original investments even though capital assets were not held till end of financial year
MCA issues list of Regional directors for discharging functions under Cos Act
COMPANIES ACT, 2013 : Section 396 Of The Companies Act, 2013 – Registration Offices – Notified Regional Directors For Purpose Of SectioN 396(1)
IRDA prescribes third-party motor insurance rates for e-carts and e-rickshaws
INSURANCE : Motor Third Party Premium Rates For E-Carts [A3/A4], E-Rickshaws (C1(B)]And Passenger Premium For Motorised Two Wheeler Carrying Passengers For Hire Or Reward [C4]
Unclaimed auction proceeds retained by warehouse can't be 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
Brokers who opted to be corporates before passing of broker norms eligible to fee continuity benefit
SEBI : Stock brokers who have converted their individual/partnership membership into a corporate entity prior to 1-4-1997 to Securities & Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 are entitled to fee continuity benefit in terms of paragraph 4 of Schedule III
Assessee isn’t expected to substantiate a question which wasn’t asked while recording statement duri
IT : Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA
No service-tax on course fee retained by franchisor just because it was referred in franchisee agree
Service Tax : Training/Course fee shared in ratio of 25:75 between assessee and centres providing training, is akin to revenue sharing model for training services and therefore, 25 per cent retained by assessee cannot be taxed under franchise services
DRP has to consider merits of assessee's objection against inclusion or exclusion of comparables
IT/ILT: DRP cannot be absolved from its duty without going into merits of contention of assessee as to whether a comparable company is comparable to it or not
HC nodded to capital reduction scheme as it neither affected normal operation of co. nor its ability
CL: Where reduction of share capital did not affect normal operation of company or its ability to honour commitments and to pay its debts in ordinary course of business, reduction of paid-up share capital was to be allowed
Panel on Bankruptcy laws proposes 180 days time-limit for completion of insolvency process
CORPORATE LAWS : Draft of Insolvency and Bankruptcy Bill, 2015
Bankruptcy Law panel recommends unified insolvency code for Cos, LLPs, firms and individuals
CORPORATE LAWS : Report of Bankruptcy Law Reforms Committee
Advance received by lawyers on legal matters can't be treated as income till completion of case
IT: In case of legal fees, only when legal matter is over and assessee advocate decides on quantum of fees, it becomes income in hands of advocate and entire advance amount that includes pocket payments would not bear any particular characterization for purpose of treating it as income
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