IRDA permits insurers to adopt existing General Micro Insurance Products for implementation of new r

INSURANCE : Filing of Micro Insurance Products Subsequent to Implementation of IRDAI (Micro Insurance) Regulations, 2015

Delhi Govt. revises conditions for auto-downloading of statutory DVAT forms

VAT/INDIAN ACTS & RULES : Notified Conditions for Downloading Central Statutory Forms Online

Delhi Govt. mandates production of Sugam-2 before check-post incharge for bringing goods into Delhi

VAT/INDIAN ACTS & RULES : Delhi Sugam-2 (DS2) – DS2 to be One of Documents to be Carried by Owner, Driver or Person in-Charge of Goods Vehicle who is Bringing Goods Into Delhi

Lumpsum contract for 'Hamali Work' isn't taxable under manpower supply services

Service Tax: Lumpsum contract for doing 'hamali work' cannot be regarded as contract of 'manpower supply services', as there is no supply of labour per se and it is only a contract for doing 'work'

Self-serving certificate of payer didn't show that it was Govt. undertaking; TDS liability arise on

IT : Where assessee failed to prove that interest paid by it to a cooperation was a payment to Government and would fall under section 196(i), it was liable to deduct tax at source on such interest at applicable rate

Holding period of property isn't reckoned from date of registration of GPA if possession has already

IT: Where assessee had acquired substantial domain over ownership of property since 2004, however there being a dispute could get it registered in its favour only in 2007; having held property for more than 36 months it will be entitled for deduction under section 54F on sale of property as claimed by it

Value ascertained by DVO can't be deemed as fair value of an immovable property if it exceeds stamp

IT: In terms of section 50C, in case assessee challenges valuation before Assessing Officer and Assessing Officer calls for valuation report from Valuation Officer and valuation adopted by Valuation Officer exceeds value adopted by State Stamp Duty Authority, it would be valuation of such stamp duty authority which would prevail for purpose of computing capital gain

Non-consideration of contentions raised by assessee would be deemed as mistake apparent from record

Excise & Customs: Non-consideration of issue of time-bar raised by assessee would amount to a mistake apparent from record and same can be rectified by Tribunal and would not amount to 're-appreciation of evidence'

Encashment of guarantee for deficiency in coverage of Commonwealth Games wasn't in nature of penalty

IT: In case of order passed by DRP, right to file an appeal by department does not extend to a point decided either way by Assessing Officer/TPO himself, which remains intact even after direction given by DRP

Timely filed refund claim couldn't be rejected due to confusion prevailing on jurisdiction

Excise & Customs: Where assessee's refund claim filed within period of limitation was rejected by both probable jurisdictional Commissionerates, such rejection was unsustainable

Deeming fiction of sec. 50C meant for seller and not for buyer of a property

IT : In case of purchase of property by assessee, in absence of any positive material on record, mere higher value of property estimated by DVO or Registered valuer could not form basis for making addition under section 69B

President clears ordinance to amend Enemy Property Act

CORPORATE LAWS/INDIAN ACTS & RULES : Enemy Property (Amendment and Validation) Ordinance, 2016

Sec. 194A doesn't make a distinction between Co-operative Bank and Co-operative society engaged in b

IT : None of the State or Central enactments make any distinction between a co-operative society engaged in carrying on banking business and a co-operative bank. Section 7(1) of the Banking Regulation Act,1949 which obliges co-operative society carrying on the business of banking to use the words "bank", "banker" or "banking" as part of its name clinches the issue. Therefore, a co-operative bank will be covered under the category "co-operative society engaged in carrying on banking business" and

Stock exchange couldn't plead to summon business records of creditor in response to a recovery suit

SCRA: Where in a money suit filed by respondent company, petitioner stock exchange filed application seeking to summon record of business transactions of respondent-company, application was to be dismissed as documents were not relevant having regard to nature of suit

Mark-up earned on currency conversion for credit card transactions wasn't liable to service-tax prio

Service Tax : Mark-up earned by credit card companies on foreign currency conversion in case of cardholders visiting outside India, is not taxable under Banking and Other Financial Services. Moreover, same is a service received, rendered and consumed abroad and accordingly, outside scope of service tax in India

Advance money illegally retained by seller couldn't be treated as interest free loan granted by buye

IT: Where assessee advanced money to unrelated company 'V' for purchase of a property and money was retained by company 'V' till legal notice was sent, same could not be said to be an interest free loan or advance for disallowing interest under section 36(1)(iii)

Interest earned on application money deposited in bank is taxable in year of allotment of shares

IT : Interest earned on application money deposited in bank is taxable in year of allotment of shares