Demand stayed against local authority as it wasn't taxed earlier and now it was taxed only via provi

IT: Where for prior period, income of assessee, a local authority constituted under provisions of Gujarat Town Planning and Urban Development Act, 1976, had been assessed at nil and it was sought to be brought into tax dragnet only by resorting to proviso to section 2(15), it should be granted stay of demand till disposal of appeal against assessment order by Commissioner (Appeals)

Income of an educational unit escaped assessment as it got exemption without getting approval under

IT: Where assessee has not received approval from prescribed authority under section 10(23C)(vi), it cannot be said that non-disposal of an application under section 10(23C)(vi) would result in deemed grant of approval to assessee, enabling it to claim deduction under section 10(23C)(vi)

Short-term capital loss can be set off from short-term capital gain as well as long-term capital gai

IT: In view of provisions of section 74(1)(a) loss arising from transfer of short-term capital asset, which are brought forward from earlier years, can be set-off against capital gain assessable for subsequent assessment year in respect of any other capital asset which could be either long-term capital gain and short-term capital gain

Delhi VAT authority isn't empowered to pass an order until power thereof is delegated by Commissione

CST & VAT: Delhi VAT - Where Tax Authority passed an order under section 36A(8) on assessee, it was only Commissioner who could pass an order under section 36A(8) unless and until power of Commissioner had been delegated under section 68 to Tax Authority

Revised monetary limit for filing appeal would also apply to pending references in High Court

IT : Revised monetary limit of tax effect of Rs.20 lacs in CBDT's Circular No. 21/2015 shall apply to pending references in High Courts u/s 256 as they apply to pending appeals u/s 260A as the objective of the Circular would stand fulfilled on application to references u/s 256 pending in HCs where tax effect is less than Rs.20 lacs. Accordingly, since tax effect less than Rs.20lacs, instant reference application returned unanswered and question of law raised left open to be considered ina n appr

SC admits SLP to decide whether objective of ICAI is charitable in nature

IT: SLP granted against order of High Court wherein it was held that since dominant objective of ICAI was to regulate profession of Chartered Accountancy in India, it was a charitable institution and conduction of coaching classes and campus placements for a fee by it could not be held to be business, trade or commerce

AO couldn't fix cost of used asset if assessee had no income to reduce tax by claiming depreciation

IT : SLP dismissed against High Court's ruling that where at time of transfer of assets, assessee had no income to reduce its tax liabilities by way of such transfer, Assessing Officer was in error in invoking Explanation 3 to section 43 for determining actual cost in said deal

SEBI reduces Daily price limits and Near month position limits for agricultural commodity derivative

SEBI : Reduction in daily price limits & near month position limits for agricultural commodity derivatives and suspension of forward segment

SEBI enhances position limit for stock brokers in currency derivative contracts

SEBI : Revised position limits for currency derivatives contracts

Prior to May 1, 2006, body corporates weren't liable to ST under Consulting Engineer's services

Service Tax: Body corporates were not liable to service tax under Consulting Engineer's services during period prior to 1-5-2006, as only 'firms' were covered under scope of said service