SEBI : Consultation paper on primary market debt offering through private placement on electronic book
Friday 4 December 2015
High Court unhappy with revenue authorities for rejecting stay application by passing a perfunctory
IT : Where assessee filed an application seeking stay of tax demand, in view of fact that revenue authorities did not consider relevant factors while disposing of said application, impugned order passed in perfunctory manner directing assessee to pay amount demanded in monthly instalments was not sustainable
RBI lays down operational procedure for banks to pass on benefit of interest equalization to exporte
BANKING : Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit
Pre-emptive rights relating to transfer of shares can't be enforced in case of duly sanctioned Amalg
CL: The pre-emptive provisions of Article of Association with respect to transfer of shares cannot be enforced in case of amalgamation
Committee headed by Dr. Subramanian recommends GST rate between 15% and 15.5%
VAT : Chief Economic Adviser submits his report to Finance Minister on possible tax rates under GST
Rule 58(1B) of Maharashtra VAT on works contract isn't unconstitutional; HC
CST & VAT: Maharashtra VAT: Where by notification dated 29-1-2014, a proviso was added to sub-rule (1A) of rule 58 and a new sub-rule (1B) was inserted into rule 58 and simultaneously Commissioner had issued two circulars dated 21-2-2014 and 17-4-2014, since rule 58(1A) and (1B) had link and nexus with essential character of tax being levied and circulars were clarificatory in nature, it could not be said that impugned rule and circulars were bad or illegal or unconstitutional
Dept. can't look beyond declared MRP alleging extra collections by manufacturer: SC
Excise & Customs : In absence of any specific provision in exemption Notification providing concessional rate of duty based on MRP, department cannot look beyond MRP to re-determine MRP by adding alleged extra collections made by manufacturer
A co. providing engineering design and information technology services isn't comparable with ITES
IT/ILT : A company in which extraordinary events took place during previous year cannot be considered as comparable
CBDT directs AOs to speed up refunds below Rs. 50,000
IT : Section 237 of the Income-Tax Act, 1961 – Refunds - Expeditious Issue of Refunds Below Rs.50,000 in Non-Cass Cases for Assessment Years 2013-14 and 2014-15
No reassessment to treat rent receipt as house property income as flats weren't owned by assessee
IT: Where assessee-company took flats on tenancy basis, income earned from flats was to be treated as business income and not income from house property
Now RBI can prescribe norms on borrowing or lending foreign exchange under automatic route and appro
FEMA/ILT/INDIAN ACTS & RULES : FEM (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2015 – Amendment in Schedule I & II
Transfer of shareholding on basis of disputed MOU was clear act of oppression by respondent
CL: Where respondent group on basis of a disputed MOU with appellant group had held board meeting, issued duplicate shares and transferred shareholding of appellant group in its favour at valuation which was not acceptable to appellant group, action of respondent group was a clear calculated act of grossest oppression
Milk Shake Mix and Soft Serve doesn't cease to be dairy products due to addition of stabilizers
Excise & Customs : Milk Shake Mix and Soft Serve Mix are classifiable as 'dairy products' and mere addition of stabilizers to improve their shelf-life does not mean that said products cease to be dairy produce
Now RBI can prescribe or amend norms for issuance of FCCBs and FCEBs
FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015 – Amendment in Regulation 21
No exclusion of leasing income on detection of bogus lease transaction as actually it was a financia
IT : Where pursuant to search proceedings, Assessing Officer rejected assessee's claim for depreciation on a leased out assets on ground that leasing transaction was bogus, rectification application filed by assessee raising a plea that income from leasing of said equipment should also be excluded from taxable income, could not be allowed
Clearing and forwarding charges excludible from total turnover to compute sec. 10B relief
IT : Where assessee claimed deduction under section 10B in respect of port handling/clearing and forwarding charges and lorry freight charges, said charges should be excluded from export turnover as well as from total turnover while computing deduction
Disallowance made under sec. 14A has to be added back to book profit to compute MAT
IT: In terms of clause (f) to Explanation 1 to section 115JB(2), disallowance made by Assessing Officer under section 14A, read with rule 8D of Income-tax Rules 1962, has to be added back for purpose of arriving at figure of book profit
Banking companies are liable to pay MAT only w.e.f 1/4/2013
IT : Amendment brought about in section 115JB vide Finance Act 2012, to bring all companies (Including Banking Companies) within its ambit with effect from 1-4-2013 is applicable only with effect from Assessment year 2013-14 onwards.
SLP granted to decide whether co-operative society, claiming sec. 80P relief, could be treated as co
IT : SLP granted against High Court's order where it was held that assessee-co-operative society could not be regarded as 'Co-operative Bank' on, mere fact that an insignificant proportion of revenue was coming from non-members, and thus, was entitled for deduction under section 80P(2)(a)(i)
Sec. 50C can't be invoked on transfer of 'Kashtkari' right in land
IT : Where assessee held mere 'Kashtkar' right in a land allotted by State Government, it could not be equated with ownership of land and, thus, in case of sale of said piece of, land, long term capital gain could not be calculated by invoking deeming provisions of section 50C
No penalty due to non-supply of docs without establishing that they had any revenue implication
Service Tax: Before levying penalty for non-supply of documents, department must show that: (a) specific documents were demanded; (b) said documents were relevant or had revenue implication; and (c) assessee failed to supply same
Subscribe to:
Posts (Atom)