SARFAESI Act: A tenant cannot be arbitrarily evicted by using the provisions of the SARFAESI Act as that would amount to stultifying the statutory rights of protection given to the tenant. A non obstante clause (Section 35 of the SARFAESI Act) cannot be used to bulldoze the statutory rights vested on the tenants under the Rent Control Act. The expression 'any other law for the time being in force' as appearing in Section 35 of the SARFAESI Act cannot mean to extend to each and every law enacted
Friday 22 January 2016
Wheeling charges paid to 'Power Grid Corporation' couldn't be deemed as 'FTS'; liable to TDS under s
IT: Where assessee-company paid wheeling charges for transportation of electricity, said charges paid could not be characterized as fee for technical service and no deduction under section 194J could be made
New percentage based pre-deposit scheme wasn't applicable on appeals pending on Aug 8, 2014
Service Tax : New percentage-based pre-deposit law is applicable to appeals filed on or after 6-8-2014 and all pending appeals/stay applications filed prior to 6-8-2014 shall be governed by erstwhile law
Amount mentioned in pay order held as unexplained as assessee failed to establish that it wasn't in
IT: Where Authorised Officer during search seized a letter dated 12-4-1999 from a colleague of assessee, which was written by Chief Manager of Union Bank of Switzerland to assessee stating that pay order in favour of assessee payable in India had expired its encashment period and fresh pay order was in process of being issued and thereafter Assessing Officer assessed assessee for assessment year 2000-01 and on basis of above letter made certain addition to his income, since assessee had not esta
Composite scheme involving more than one independent scheme of arrangement is maintainable: HC
CL: Composite scheme involving more than one independent scheme of arrangement is maintainable
No TP adjustment due to delay in realization of sale proceeds from AE if sales is made at ALP
IT/ILT : Where transactions relating to purchase and sale entered into by assessee with its AE were found to be at arm's length, since early or late realization of sale proceeds was integral part of main transaction of sale made to AE, impugned addition made by TPO on account of delay in realisation of dues from AE was to be set aside
TP adjustment to be made only in respect of international transaction with AE and not at entity leve
IT/ILT : TP adjustment towards ALP, if any, is required to be made only in respect of international transactions entered into by assessee with its AEs and not at entity level of assessee
No TCS on usable product obtained in course of ship breaking activity as same can't be treated as 'S
IT: Where products obtained in course of ship breaking activity are usable as such, they do not fall within definition of scrap for purposes of tax collection at source on their sale
SEBI clarifies issues relating to streamlining the process of public issue of equity shares and conv
SEBI : Clarificatory Circular On Streamlining Process Of Public Issue Of Equity Shares And Convertibles
RBI permits designated banks to sell 'India Gold Coin' minted by 'Metals and Minerals Trading Corpor
BANKING : Sale Of India Gold Coin (IGC)
Co. having significant intangibles and brand value than test party couldn't be chosen as comparable
IT/ILT : In case of assessee rendering software development services to its AE, company in respect of which segmental data relating to software development and IT enabled services was not available, and another company having significant intangibles and brand value, could not be accepted as comparables while determining ALP
Now Gold Monetization Scheme also available for Proprietorship and Partnership Firms
BANKING : Gold Monetisation Scheme, 2015 – Amendment In Master Direction DBR.IBD.NO. 45/23.67.003/2015-16, Dated 22-10-2015
Services provided by Stock exchanges and Depositories included under term Infra Sector: SEBI
SEBI/INDIAN ACTS & RULES : SEBI (Issue Of Capital And Disclosure Requirements) (Amendment) Regulations, 2016 – Amendment In Schedule X
Extended period couldn't be invoked if Commissioner didn't object to information provided by assesse
Excise & Customs: Where assessee vide letter dated 23-6-2001 gave reply to letter of Commissioner and Commissioner had not communicated any objection to information provided by assessee and later on 29-5-2006 he issued on assessee a show cause notice for period June, 2001 to February, 2002 by invoking extended time period, extended period was not applicable in instant case
Lessee wasn't entitled to notice u/s 14 of SARFAESI if rental agreement with owner-borrower was unre
SARFAESI : At time of taking possession of property by bank on owner's failure to repay bank debt, tenants with whom there were no registered lease deeds, were not entitled to notice under section 14
No VCES for matters already noticed in departmental audit
Service Tax : Where departmental audit had been initiated in February 2013 and non-payment of service tax on renting services had been noticed in course of said audit and matter was under consideration on 1-3-2013, then, as per section 106(2), assessee was disqualified from filing VCES declaration in respect of renting services
Tribunal dismissed pending appeal of revenue considering new monetary limit of 10 lakhs
IT : Where department against order of First Appellate Authority filed appeals before Tribunal and tax effect in appeals was below monetary limit of Rs. 10 lakhs, specified in CBDT Circular No. 21/2015, dated 10-12-2015, applying said circular, instant appeals were liable to be dismissed as withdrawn/not pressed
CIT(A) can't pass orders after considering additional evidence without bringing same to notice of AO
IT: Where Assessing Officer had disallowed assessee's claim for exemption under section 10A and, on appeal, assessee, in support of its claim, furnished various documents and Commissioner (Appeals) after considering said documents and without bringing same to notice of Assessing Officer allowed claim for exemption, matter required to be remanded to Commissioner (Appeals) for passing a fresh order after providing said documents to Assessing Officer
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