Negotiable Instruments Act : The amendments made to the Negotiable Instruments Act,1882 by the Second Ordinance of 2015, as regards territorial jurisdiction for filing cheque bounce complaints, retrospectively apply to pending cases filed before the Ordinance came into force. The words "….as if that sub-section has been in force at all material times…."used wrt new section 142(2) in new section 142A(1) gives retrospective effect to new section 142(2)
Thursday, 3 December 2015
Sec. 80-IB relief also available on disallowance of exp. due to TDS default
IT: Where Assessing Officer had disallowed certain expenditure under section 40(a)(ia) and added back same to income of assessee, deduction under section 80-IB(10) claimed by assessee needed to be allowed on entire gross total income of assessee
SEBI releases consultation paper on issuance of Green Bonds
SEBI : Concept Paper for Issuance of Green Bonds
SLP dismissed to decide whether rental income from commercial complex could be taxable as income fro
IT : SLP dismissed against High Court's ruling that where assessee was not engaged in any business activity, rental income earned from letting out commercial complex would be assessed as income from house property and not as business income
VCES benefit available even if SCN issued before March 3, 2013 but served after that date
Service Tax : Words 'issued to a person' in section 106 of Finance Act, 2013 have to be construed as 'served to a person'; hence, where a show-cause notice had been 'issued' prior to 1-3-2013 but not 'served' before 1-3-2013, assessee was eligible for Service Tax Voluntary Compliance Encouragement Scheme
A software developer can't be compared with a software development service provider for TP study
IT/ILT: A comparable which owns significant intangibles and is earning revenue from software products cannot be considered as a good comparable to software development service provider
Govt. notifies Rules to facilitate electronic communication with taxpayers
IT/ILT/INDIAN ACTS & RULES : Income-Tax (Eighteenth Amendment) Rules, 2015 – Insertion of Rule 127
Refund can't be adjusted against pending demand without giving hearing opportunity to assessee
IT: Where revenue seeks to set off refund due to assessee against tax demand pending for another assessment year under section 245, it must give an opportunity of hearing to assessee
Interest on interest having an element of default isn't permissible deduction under sec. 36(1)(iii)
IT: When principal amount borrowed stood repaid while interest remained payable, interest on interest, having an element of default, is not a permissible deduction as it cannot be said to be a benefit extended in carrying on business
No disallowance of cash payment above Rs. 20,000 if its genuineness wasn't questioned by revenue
IT: Where genuineness of transactions made in cash in excess of Rs. 20,000 was not disbelieved by authorities, same cannot be disallowed under section 40A(3)
Date of seizure is excludible for computing initial period of 6 months for seizure of goods
Excise & Customs : In computing initial time-period of 6 months for seizure under section 110, date of seizure would be excluded
HC directs AO to make re-assessment as notice of imposing concealment penalty wasn't served upon ass
IT : Where notice of hearing for imposing penalty under section 271(1)(c) was not served upon assessee, order passed by Tribunal setting aside penalty so imposed, was to be set aside and matter be remanded back to Assessing Officer to make assessment afresh
TNMM adopted by TPO in earlier year to be used in later years if facts remained unchanged
IT/ILT: Where assessee had followed TNMM in respect of its international transactions and no change had been proposed by TPO in earlier years as well as in subsequent years in said method, on similar facts, TNMM should be taken as most appropriate method
SAD is also a duty; interest is to be paid on delayed refund of SAD
Excise & Customs : Where refund of SAD duty under exemption Notification No. 102/2007-Cus. was granted belatedly, assessee was eligible for interest on belated refund under section 27A of Customs Act, 1962
Deduction of bad-debts would be allowed even if only part of debt is taken into account for computin
IT : Even if a part of debt is taken into account for computing profits of earlier assessment year, it would satisfy condition to claim deduction of debt in subsequent year
Prior to 1-3-2011, service-tax couldn't be charged on free SIM cards provided to dealers in lieu of
Service Tax : Prior to 1-3-2011, telecom operators are not liable to pay service tax on pre-paid SIMs and vouchers provided to dealers 'free of cost' in lieu of commission
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