RBI permits exchanges to offer three additional cross-currency pairs in exchange traded derivatives

FEMA/ILT : Guidelines on Trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges – Introduction of Cross Currency Futures and Exchange Traded Option Contracts

ITAT gets flak from HC for examining applicability of TDS provision though TDS was paid belatedly to

IT: In view of decision of Smt. J. Rama v. CIT [2012] 344 ITR 608/[2010] 194 Taxman 37 (Kar.), assessee was liable to deduct tax at source from payments made to taxi owner; matter was to be remitted back to find out whether TDS payments were made within time

Cenvat refund claim must be filed within 1 year from date of export and not from end of relevant qua

Excise & Customs : As per relevant notifications, read with section 11B, Cenvat refund claim must be filed 'quarterly' but within 1 year from 'date of export'

CBDT raises monetary limit for filing of appeal by revenue

IT/ILT : Section 268A of the Income-Tax Act, 1961 - Filing of Appeal or Application for Reference by Income-Tax Authority - Revision of Monetary Limits for Filing of Appeals by the Department Before Income Tax Appellate Tribunal, High Courts and Supreme Court

Money couldn't be said to have been diverted in interest of trustee when he had refunded advance alo

IT: Where assessee-trust was eligible for exemption under section 11, it was not entitled for depreciation under section 32

HC founds share exchange in Amalgamation Scheme as unfair; directs ROC to determine such ratio

Companies Act: Where Court in principle agreed to sanction scheme of amalgamation whereby entire undertaking of transferor company was proposed to be transferred to transferee company but found exchange ratio to be unfair and unjust and not based on market realities, Registrar of Companies was to be directed to examine matter through experts and determine a fair and just exchange ratio

Co. which earned profit in one of the last 3 years couldn't be considered as persistent loss making

IT/ILT: Persistent loss making means continuous loss making for more than 3 years; company which earned profit in one of last three years could not be considered as loss making entity so as to exclude same from comparability analysis

Refund can't be denied for late filing if refund was filed before wrong authority within time allowe

Excise & Customs : Even date of filing of refund claim before wrong authority could be taken as date of filing for purpose of determining limitation

Provisions of sec. 40(a)(ia) aren't attracted on deduction of depreciation

IT/ILT : Where assessee company reimbursed its foreign associate licence fees and charges for software used for report generation as said expenditure was incurred by foreign associate, there could be no TDS liability on assessee

Money couldn't be said to have been diverted in the interest of trustee when he had refunded advance

IT: Where assessee-trust was eligible for exemption under section 11, it was not entitled for depreciation under section 32

CIT can reject sec. 80G approval application if registration application under sec. 12A is pending f

IT : Filing of copy of registration under section 12AA along with application for grant of approval under section 80G is a condition precedent for consideration of request for grant of such approval

Design charges paid by buyer to affiliate to be included in excisable value if goods were produced u

Central Excise : Where assessee manufactured goods using design prepared by its sister concern and client paid separately to assessee and sister concern, charges for design prepared by sister concern were includible in value of goods manufactured

Co. formed under compulsion of law to takeover broker-Co. is entitled to fee continuity benefit

SEBI : Where in order to comply with direction of SEBI that a company getting trading membership of NSE could not carry on any other activity apart from broking, appellant - PGSL was incorporated for taking over membership card of PCMIL, transfer of membership from PCMIL to PGSL was due to compulsion of law and appellant would be entitled to benefit of fee continuity and, thus, would not be required to pay fresh registration fees

Sum paid by advisor for preparation of technical research report for its clients would be revenue ex

IT : Where assessee incurred expenditure for obtaining technical feasibility research reports, for further selling to its customers, said expenditure was allowable as revenue expenditure as it was for expansion of business

All person-in-charge of co. are vicariously liable under NI Act on dishonour of cheque issued by co.

Negotiable Instruments Act: Section 141 creates a legal fiction against defaulting company, so as to cover within its ambit all persons who have consented, connived or anyway attributed to commission of offence

No penalty on assessee who was collecting full CST but paying less amount to Govt. due to partial ex

CST & VAT : Central Sales Tax - Where assessee in terms of notification dated 6-5-1986 was allowed partial exemption from tax payable in respect of inter-State sales for assessment years 1999-2000 to 2001-02, reopening of impugned assessments subsequently on plea that partial exemption was wrongly retained by assessee, as full central sales tax was collected from consumers, was illegal

No sec. 14A disallowance if tax free investments were made out of own funds instead of interest bear

IT: Where assessee claimed that interest bearing borrowed funds were utilized entirely for purpose of business and investment in tax free bonds had been made out of its own funds and Assessing Officer having noticed that assessee had kept all funds in one common pool partly disallowed interest paid on borrowed funds applying section 14A, disallowance of interest paid not justified