IT/ILT : Where Japanese company executed Engineering, Procurement, Construction and Commissioning contracts in India through Indian project office, income from offshore services, though chargeable under section 9(1)(vii) was exempt under DTAA and, hence, could not be charged to tax in light of section 90(2)
Saturday 21 November 2015
Amendment in SSI notification covering arms and ammunition parts isn't retrospective
Excise & Customs : Where, after several representations, Government amended SSI-extending exemption to 'parts of Chapter 93' only from 1-10-2001, said amendment could not be regarded as retrospective
Income of business run by assessee as Karta of HUF after his father's demise can't be taxed in his i
IT : Where father of assessee got registered HUF, doing lottery business two months before his death and thereafter, assessee carried on said lottery business as karta of HUF, undisclosed income related to said business declared on search was to be assessed in hands of HUF and not in hands of assessee in his individual capacity
Environmental impact assessment related consulting didn't cover under consulting engineer's service
Service Tax: Environmental studies being: (a) Environmental Biotechnology, (b) Environmental Impact Assessment, (c) Environmental Monitoring, (d) Environmental Policy Analysis and (e) Hazardous Waste Management, being in nature of scientific consultancy, are outside scope of consulting engineer
Vehicle comprising of auto track and semi-trailer is classifiable as tractor and not as light motor
Excise & Customs: In view of Chapter Note 2 to Chapter 87 of Tariff, vehicle comprising 'Auto Track/Hauling Unit and Semi-trailer' is classifiable as 'tractor' under Heading 8701, not as 'Light Motor Vehicle' under Heading 8704
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
IRDA asks intermediaries to file undertaking on compliance of 'Indian owned and controlled' requirem
INSURANCE : Guidelines on “Indian owned and controlled” for insurance intermediaries
No rectification if error relating to denial of credit on export services couldn't be discovered wit
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
Delhi Govt. mandates full reduction of tax-credit on stock transfer of Cigarettes outside Delhi
VAT/DELHI/NOTIFICATION/INDIAN ACTS & RULES : Delhi Value Added Tax (Amendment) Rules, 2015 – Amendment in rule 7 and DVAT form 16
Independent directors can exercise ESOPs if granted prior to commencement of new ESOP norms
SEBI : Frequently Asked Questions on SEBI (Share Based Employee Benefits) Regulations, 2014
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