IT/ILT: While determining ALP of international transaction T.P.O. should not question necessity to pay sales commission for getting export orders particularly when assessee had produced agreement according to which commission was paid to its AE and there was increase in export sales during year
Tuesday 1 December 2015
Odisha VAT (Amendment) Act, 2015 is applicable from Oct 1, 2015
VAT/INDIAN ACTS & RULES : Section 1 Of The Odisha Value Added Tax (Amendment) Act, 2015 – Act – Enforcement Of – Notified Date On Which Said Act Shall Come Into Force
Sale of goods to another State is an inter-state sale even if goods are supplied to common godown of
CST & VAT : Central Sales Tax - Where assessee carrying on business in Tamil Nadu placed an order with a federation situated in Maharashtra for supply of specific number of goods and thereupon federation confirmed order of assessee and moved goods from Maharashtra to a godown in Tamil Nadu, which was in joint custody of assessee and federation, and thereafter federation delivered goods to assessee after receipt of payment, sale of goods in question was an inter-State sale
Limit for turnover tax in Odisha VAT is increased to 50 lacs from 40 lacs
VAT/INDIAN ACTS & RULES : Odisha Value Added Tax (Amendment) Act, 2015 – Amendment In Sections 9, 10, 11, 16, 20, 25, 27, 31, 32, 33, 39, 41, 42, 43, 50, 54, 57, 58, 59, 65 & 77; Omission of Section 30 and Insertion Of Section 42A
ITAT couldn't consider books of hospital being disapproved by HC to decide issue of unexplained mone
IT: Where High Court had already disapproved account and assessment order of hospital, same could not have been taken cognizance by Tribunal when matter was remanded to Tribunal for deciding issue of unexplained money paid to assessee-doctor by said hospital
Govt. notifies new DTAA with Thailand; old DTAA would cease to have effect from 1-4-2016
IT/ILT : Section 90 of The Income-Tax Act, 1961 – Double Taxation Agreement – Agreement For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Foreign Countries – Thailand
Apex Court denied SSI exemption on tobacco as it is cleared under own brand name
Central Excise : Once tobacco is sold under any brand name (brand name that belongs to assessee or third party), tobacco becomes 'branded tobacco' and is not 'specified goods' under Annexure to SSI-exemption notification and, therefore, ineligible for SSI-exemption
HC restored settlement application as it was discontinued due to wrong objections of income-tax Dept
IT : Where before Settlement Commission, assessee declared undisclosed income and sought adjustment of additional tax against refund due from revenue, merely because Commissioner recorded wrongly that no refund was due to assessee, settlement proceeding could not be discontinued
Interest on tax refund not covered by definition of interest under India-Italy DTAA; liable to TDS a
IT/ILT : Interest on refund of tax is not covered by definition of 'interest' mentioned under article 12(4) of India-Italy DTAA, and, therefore, Assessing Officer is justified in imposing TDS at higher rate while granting such interest to assessee
If notification was modified to deny credit from March 1, 2006, already accrued credit could be take
Service Tax : Where input service credit under abatement scheme was denied only from 1-3-2006, already accrued credit pertaining to input services received upto 28-2-2006 can be taken even on or after 1-3-2006
Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade
IT : Where intention of assessee at time of acquisition of land was to hold same as capital asset but subsequently land was transferred to developer as per development agreement, subsequent events mostly occurring after date of development agreement, cannot change nature and character of land into stock-in-trade
ECB framework revised with fewer restrictions on end uses of borrowings
FEMA/ILT : Revised Framework For External Commercial Borrowings (ECB) Policy
Settlement application can't be rejected due to non-payment of interest under a deleted provision
Excise & Customs : Where settlement provisions mandated prior payment of interest under section 28AB and at relevant time, section 28AB had been deleted and interest was payable only under section 28AA, assessee was right in not making payment of interest under deleted section 28AB and requesting Settlement Commission to issue appropriate directions as to payment of interest under section 28AA
SEBI issues additional requirement for sanction of arrangement scheme and availing exemption from li
SEBI : Schemes Of Arrangement By Listed Entities And Relaxation Under Sub-Rule (7) Of Rule 19 Of Securities Contracts (Regulation) Rules, 1957
SEBI lays Std. Operating Procedure for suspension and revocation of trading of specified securities
SEBI : Non-Compliance With Certain Provisions Of Sebi (Listing Obligations And Disclosure Requirements) Regulations, 2015 And Standard Operating Procedure For Suspension And Revocation Of Trading Of Specified Securities
Credit entry in bank couldn't be held as unexplained if it wasn't related to accommodation entry une
IT : Where Assessing Officer as a result of search conducted under section 132 on one 'F', who was engaged in providing accommodation book entries to assessee, passed block assessment order on assessee and added credit entries found in bank account of assessee on ground that said entries were not explained by assessee, impugned addition on above ground was not justified
Even revision notice has to be issued by Commissioner within time frame specified for issuing show c
Service Tax: Notice under section 84 for revision of adjudication order granting refund, must be issued within time-limit of section 73 viz. 1 year from date of grant of refund; time-limit of 2 years in section 84 is for passing of revisional order
SEBI releases format for disclosure of shareholding pattern under new listing norms
SEBI : Disclosure of Holding of Specified Securities and Holding of Specified Securities in Dematerialized Form
SEBI prescribes methods of achieving minimum public shareholding under new listing norm
SEBI : Manner of Achieving Minimum Public Shareholding
Validity of sec. 234E can't be challenged just because it doesn't have provision for condonation of
IT: Constitutional validity of unamended section 234E cannot be challenged on ground that it does not provide for condonation of delay and an appeal
SEBI prescribes format for publishing financial results
SEBI/AAA : Formats for Publishing Financial Results
ITAT invokes MFN clause of India-Dutch DTAA to import ‘make available’ clause from India-US treaty
IT/ILT : Ahmedabad ITAT interprets MFN clause of India-Dutch treaty; imports 'make available clause from India-US DTAA to decide taxability of 'Fee for Technical Services'.
SEBI nods to listing of stock exchanges, proposes norms for issuance of green bonds
SEBI : SEBI BOARD MEETING – Listing of Stock Exchanges, Committee on Clearing Corporations, Transfer of Profits by Depositories to Their Investor Protection Fund etc.
No reassessment to curtail sec. 80-IC relief as 'reason to believe' wasn't supported by tangible mat
IT: Though in case of section 143(1)(a), any argument of it being illegal because of change of opinion is not sustainable, however, there has to be some tangible material in possession of Assessing Officer to reopen such cases
No denial of fee continuity benefit just because few partners didn't continue as directors in new Co
SEBI : Whether where there were five partners, of which three partners subsequent to corporatization jointly held 40 % paid-up equity capital and were also the Whole-time Directors of the company, then the departure of the other two erstwhile partners would not deny the corporate entity the benefits of fee continuity under Paragraph I(4) of Schedule III of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992- Held – Yes
Fruit Juice and Fruit Juice Beverages aren't distinct products; both are classifiable under heading
Excise & Customs : There is no distinction between fruit juice and fruit juice beverages; hence, diluted fruit juice is also 'fruit juice' and classifiable as 'preparation of fruit' under Heading 20.01 and not under Heading 22.02 as 'non-fruit beverages'
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