New norms for granting of mining leases to Govt. Companies notified

CORPORATE LAWS/INDIAN ACTS & RULES : Mineral (Mining by Government Company) Rules, 2015

Bidder couldn't cry foul on terms of spot e-auction of Coal India as it didn't satisfy itself about

Competition Act: Where before participating in e-auctions, it is was duty of potential bidders to satisfy themselves about quality of coal being offered from a source; bidders not having done that could not now complain that conditions of spot e-auction scheme framed by Coal India Limited were arbitrary and unfair, no contravention of section 4 was made out

Investment in 'HDFC Retirement Saving Fund' eligible for Sec. 80C deduction from AY 2016-17

IT : Section 80C of The Income-Tax Act, 1961 – Deduction – in Respect of Insurance Premium, etc. - Notified Scheme Under Section 80C(2)(xiv)

Larger Bench to be constituted to decide levy of interest on differential excise duty: Apex Court

Central Excise: Assessee was public sector undertaking, manufacturing iron and steel products. It paid excise duty on clearance of goods and differential duty due to price escalation. Department demanded interest on late payment of differential duty. Apex Court observed that when goods were cleared, there was no certainty of price escalation. It was difficult to accept that price was understated on date of removal of goods. Hence, the larger bench should be constituted to decide the impugned iss

Question as to whether exp. on renovation of temple could be considered as CSR exp. referred to Spec

IT : Where assessee invested its own funds in shares resulting in earning of dividend income exempt from tax, impugned disallowance made by Assessing Officer by invoking provisions of section 14A, read with Rule 8D was not sustainable

Sec. 44BBA can't be applied to tax presumptive income of foreign Airlines if it has produced books r

IT : When there is no taxable income, section 44BBA cannot be applied to bring to tax presumptive income constituting 5 per cent of gross receipts

Commission paid to agent for services rendered outside India wasn't taxable if he didn't have any PE

IT/ILT: Assessee was not liable to deduct tax at source when non-resident selling agents provided services outside India on payment of commission

National Herald's case: 5 top office bearers of congress to face criminal proceedings

CL : Delhi HC orders 5 Top Office-bearers of Congress Party to face criminal proceedings for forming and misusing a section 25 company as SPV for clandestine acquisition of 99% stake in Old defunct real-estate rich newspaper publication company (AJL) and for misappropriating funds of Congress Party for the purpose

Attachment of property isn't restricted only in hands of accused involved in money laundering

Fema : There is no restriction in respect of person in possession of proceeds of crime. Section 5 of Money Laundering Act does not restrict that property in hands of persons involved in Money Laundering alone can be attached pending confiscation. Thus, provisional attachment of property is not restricted in hands of accused persons alone

Pre-deposit is to be made in cash if issue of utilization of Cenvat credit is challenged by dept.

Excise & Customs : Where department has challenged validity of utilization of credit balance for payment of duty, 7.5 per cent pre-deposit as a condition for filing appeal has to be made separately and 'disputed utilization' of credit cannot be regarded as sufficient pre-deposit for purpose of section 35F

Tribunal rightly ordered to check whether import duty was calculated on basis of identical goods: SC

Excise & Customs : Where revenue had submitted that goods in Chart D were identical to goods in Charts A and B and taken value of goods in Charts A and B as basis for valuation, Tribunal was right in remanding matter back for verification whether goods in Chart D were identical to goods in Charts A and B

No transfer on handing over possession of land on directions of Govt. if sales consideration wasn't

IT : Where assessee was directed to handover possession of its property to revenue, in absence of written contract between assessee and State regarding quantification of consideration to be paid by assessee it could not be held that there was a transfer in terms of section 2(47)(v)

ITAT doesn’t have powers to accept appeal against orders of DRP if it isn’t accompanied by a fee

IT : The Tribunal can exercise its discretion to accept the memorandum of appeal even if same is deficient in enclosures but not when appeal is not accompanied by fee

Leasing of factory along with employees under compromise scheme doesn't amount to man power services

Service Tax : Where assessee had leased its factory under compromise scheme, then, sums received from lessee towards reimbursement of salary payable to employees working in factory, could not be regarded as 'manpower supply services' to lessee and was, therefore, not liable to service tax

CBEC extends due date for payment of excise duty/ST and filing of excise returns in Tamil Nadu

EXCISE : Extension Of Date For Filing Of Central Excise Return And Payment Of Central Excise Duty And Service Tax

CBEC revises jurisdiction of Commissioners

EXCISE : Jurisdictions Of Principal Chief Commissioner, Chief Commissioner, Principal Commissioner And Commissioner – Amendment In Notification No.27/2014-C.E. (N.T.), Dated 16-9-2014

Tribunal allows credit of inputs which was used to manufacture capital goods aiding in manufacturing

Cenvat Credit: Since CENVAT Scheme is a beneficial legislation, 'input' should be given widest meaning to cover 'anything put into stream of manufacture'; therefore, inputs used for manufacture of capital goods viz. 'moulds' are eligible for credit