Gift received by MLA from his NRI father via normal banking channels is outside the ambit of FCRA

FCRA : Gift received by MLA from his father who is NRI out of the latter's personal funds through normal banking channels is outside the purview of FCRA,1976/FCRA,2010 as the same cannot be said to be received from a "foreign source". Such a gift would be outside the realm of both these legislations as the transaction is between an Indian father and an Indian son. The contribution made by a citizen of India living in another country (Non-Resident Indian), from his personal savings, through the n

Exp. incurred on room cleaning to install machinery therein wasn't includible in value of machinery

[2015] 63 taxmann.com 273 (Mumbai - Trib.)

Stakeholders allowed to appear before Court as creditor didn't have absolute right to insist winding

CL: Where even though petitioning creditors had made a case for winding up of respondent company on ground of its inability to pay its debts, they had no absolute right to insist on winding up and Court in its discretion was justified in giving time to admit and advertise petitions, so that all stakeholders would be in a position to come before Company Court and be heard in matter before a final decision on winding up was taken

Even wrongly paid interest and penalty can be adjusted against tax dues payable under VCES

Service Tax : Where assessee had paid interest/penalty wrongly without any knowledge of VCES, then, on filing declaration under VCES, assessee could file application for correction of accounting codes and seek adjustment of wrongly paid interest/penalty against 'tax dues' under VCES

No exclusion of comparable due to related party transactions above 15% of turnover without any suppo

IT/ILT : No comparable can be excluded from TP study mere relying on legal proposition that companies having related party transactions of more than 15 per cent cannot be considered as comparable, without supporting evidence on record

Transport entity wouldn't fall outside ambit of charitable unit on receipt of fee from testing of au

IT : Where main object of assessee-association of state road transport undertakings, improving public transport system in country, merely because assessee received revenue from testing automobile parts and consultancy services, same could not be held for earning profits

No TP adjustment for corporate guarantee issued by parent-Co. on behalf of its subsidiary-Co.

IT/ILT : The issuance of corporate guarantees by holding company on behalf of its subsidiary where it is done to provide or compensate for lack of subsidiary's core strength to raise bank finances is in the nature of quasi capital or shareholder activity and does not amount to a service in respect of which arm's length adjustment can be done. This is a transaction which cannot happen in an arm's length situation. This is because no bank will ever issue a guarantee in favour of an entity which la

Revenue couldn't challenge order of SetCom if there was no irregularity or lack of jurisdiction in o

IT: Where department filed a writ petition praying for quashing of order passed by Settlement Commission admitting assessee's application for settlement, department was to be directed to raise all objections before Commission itself

Dept. couldn't pressurize assessee to disclose income during search by seizing demand draft above 30

IT: Where assessee offered a summary disclosure of an amount due to pressure of proceedings during search operations which were adversely affecting business and no incriminating material was discovered as a result of search operations and sole basis of additions was disclosure which was involuntary, additions were not justified

Amount paid pursuant to adjudication order is to be refunded when order is set-aside and matter rema

Excise & Customs : Once adjudication order has been set aside and matter remanded back for adjudication afresh, department has no authority in law to retain amounts deposited pursuant thereto; hence, assessee may filed refund claim

Embroidery machine used for carrying out embroidery work on fabric is entitled to additional depreci

IT: Where assessee was engaged in business of embroidery work on synthetic fabrics on job work basis, work of embroidery carried on by assessee would fall within ambit of definition of manufacture and thereby it was entitled to avail of additional depreciation on embroidery machine installed

Assessee proved genuineness of exp. by establishing identity of parties and producing payment detail

IT : Where assessee paid certain amount to sub-contractors for carrying out work by them and proved genuineness of payment by producing cogent evidence and sub-contractors also confirmed that they received payment by banking channel, expenditure was allowable as business expenditure

Commission earned on sale of goods of foreign co. in India not liable to service-tax for period prio

Service Tax : Commission on sale of goods of foreign company in India amounts to 'export', as service is provided to foreign service recipient to be used in their country though such services result in sale of product in India

ALP of info-technology cost allotted to AE can't be Nil if it is critical for functioning

IT/ILT : Where in course of business of manufacturing artificial flavours, food and non-food ingredients, assessee paid information technology cost to its AE for services such as internet charges, WAN site fee, SAP support fee etc., since said services were required for assessee's business, TPO could not determine ALP of same at nil

Due date for filing of Annual Return and Financial Statements further extended by one month

COMPANIES ACT, 2013 : Section 137 of the Companies Act, 2013 – Accounts of Companies – Copy of Financial Statement to Be Filed with Registrar - Relaxation of Additional Fees and Extension of Last Date of in Filing of Forms Mgt-7 (Annual Return) and Aoc-4 (Financial Statement)

ICSI releases revised edition of draft guidance notes on 'Annual Return'

COMPANIES ACT, 2013 : Draft of Guidance Note on Annual Return (Revised Edition)

Matters arising within Dadar and Nagar haveli are appealable in Bombay HC and not in Gujarat HC

Excise & Customs : In case of matters arising within Union Territory of Dadra and Nagar Haveli, appeals would lie to Bombay High Court and not Gujarat High Court, even if adjudicating and appellate authorities are located in Gujarat

Exp. incurred on overhauling of 'Bucket Wheel Excavator' used in mines was to be allowed as revenue

IT : Where assessee without giving any reasons changed its accounting policy and claimed amount spent on purchase of loose tools as revenue expenditure which had been capitalised in earlier years, Assessing Officer was justified in initiating reassessment proceedings

Govt. authorizes Central Registry of SARFAESI to act as Central KYC records registry under PMLA

MONEY-LAUNDERING : Section 73 of the Prevention of Money-Laundering Act, 2002, Read with Rules 2 and 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 – Power to Make Rules – Authorisation of Cersai to Perform Functions of, Central KYC Records Registry Under said Rules, Including Receiving, Storing, Safeguarding and Retrieving KYC Records in Digital Form of A Client