IT: Where assessee-trust was carrying out sale activity of education during relevant year and its receipt from said activity was less than Rs. one crore, assessee's claim for exemption under section 10(23C) (iiiad) could not be rejected on ground that it had mentioned other objects also in trust deed
Wednesday, 16 December 2015
RBI is duty bound under RTI Act to share info. provided by Banks/FIs on loan defaulters
RTI ACT: RBI does not place itself in a fiduciary relationship with the Financial institutions (though, in word it puts itself to be in that position) because, the reports of the inspections, statements of the bank, information related to the business obtained by the RBI are not under the pretext of confidence or trust
EGM appointing petitioner as Chairman and MD held as invalid as notice of resolution wasn't issued t
CL : Where extraordinary general meeting appointing first petitioner as chairman and managing director of company was invalid as notices for same were not issued to all shareholders; holding of further EGM by respondents being majority shareholders for removing first petitioner from directorship could not be held as an act of oppression or mismanagement
Govt. hikes excise duty on petrol and diesel by Rs. 0.30 and 1.17 per litre respectively
EXCISE : Omnibus General Exemption to Goods Specified in Chapters 1 to 98 of Tariff – Amendment in Notification No. 12/2012-C.E., Dated 17-3-2012
Hiring of cabs can't be charged to service tax under 'rent-a-cab services'
Service Tax : Hiring is different from renting and therefore, hiring of cabs cannot be taxed under rent-a-cab services
Related party filter of 15% is appropriate threshold for selection of comparable for TP study
IT/ILT :15 per cent RPT filter is a proper threshold for selecting comparables for purpose of ALP study
No excise duty on 'Industrial dust' arising during course of manufacturing of brass and copper artic
Central Excise : 'Industrial dust' arising during course of manufacturing of brass and copper articles is not manufactured product; hence, same is not liable to excise duty
A.O. can't attach bank accounts for non-payment of tax dues during pendency of appeal & stay applica
CST & VAT : Gujarat VAT - Where against orders of assessment, assessee filed appeals together with stay applications and in meanwhile Assessing Authority issued on assessee a notice of demand and on same day he passed an order under section 44 attaching bank accounts of assessee, conduct of Assessing Authority in attaching bank accounts was not warranted, when appeals together with stay applications were pending consideration before First Appellate Authority
Demand has to be stayed if similar disputed issue has been decided in favour of assessee in earlier
IT : If demand in dispute related to issues that had been decided in another assessee's favour on similar facts by an appellate authority or Court earlier, demand will be stayed
No deduction for contingent liability arising out of single judge's order stayed by Division Bench
IT : In the case of a contractual dispute between the parties, liability of the assessee to pay arises only when the claimant against the assessee acquires some legal right to receive the amount
Assessee couldn't approach HC to claim interest if his dues against revenue were determined by SetCo
IT: Where dues of assessee towards department stood determined by Settlement Commission, in such a case, assessee had a right to claim interest on amount deposited with department in proceedings under section 245D(6) and High Court had no jurisdiction to entertain civil suit filed in that regard in view of specific bar contained in section 293
Collegiums of CCIT shall also consider withdrawal of frivolous appeals before HC: CBDT
IT/ILT : Section 260A of the Income-Tax Act, 1961 – High Court – Appeal to – Adoption of Collegium System to Consider Withdrawal of Appeals Before High Courts Where Same Are No Longer Considered Prosecutable
Whether supply of food in train amounts to 'outdoor catering service' is a debatable issue; HC reduc
Service Tax : In view of conflicting view of various High Court, issue 'whether supply of food and beverages in trains amount to outdoor catering services' is debatable and further, extended period could not be invoked prima facie; therefore, pre-deposit was reduced
After sales service charges borne by dealer out of its margin aren't includible in excisable value
Central Excise : Cost of Pre-delivery inspection (PDI) and free after-sales service (ASS) borne by dealers from their margin would not be included in assessable value of manufacturer for purposes of paying excise duty. In other words, —
India's Sugar Stockpile To Deplete By A Quarter On Rising Exports: Trade Body
NEW DELHU: India is likely to start the 2016/17 marketing year with 6.7 million tonnes of sugar, down 26.4 percent from the current year, as rising exports will help the world's second biggest producer to bring down the inventory, the chief of a leading trade body said on Wednesday.
Higher Indian exports would put pressure on global prices , but harden local prices and help mills in paying farmers state-fixed support price for sugar cane.
"The main markets for Indian sugar are Sri Lanka, Middle East and African countries. We can certainly exports 1.0 to 1.2 million tonnes of white sugar," said A Vellayan, president of the Indian Sugar Mills Association.
"We can also export up to 2 million tonnes of raw sugar."
India started the 2015/16 marketing year on Oct. 1 with 9.1 million tonnes carry-forward stocks.
Source :economictimes.indiatimes.com
Winding-up plea dismissed as overdue sum could be set-off against sum receivable from group concern
CL: Winding-up plea dismissed as overdue sum could be set-off against sum receivable from group concern of debtor company
No separate suit maintainable in Civil Court alleging illegal search by revenue, rules High Court
IT: Income-tax Act is a complete code and no separate suit is maintainable against finding of fact in such proceeding
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