Bombay HC irked by delay in passing adjudication orders

Service Tax/Excise/Customs : High Court irked by delay in passing adjudication order after conclusion of hearing and huge pendency of cases in adjudication; asks Commissioner/Chief Commissioner to file affidavit listing pending cases along with time requisite to dispose them of

Gains arising on sale of shares out of investment portfolio are capital gains and not business profi

IT: Where assessee-company had maintained accounts with applicable accounting standards and revenue was unable to find fault with assessee's claim, capital gains arising out of investments portfolio was to be taxable under head 'Capital gain' and not as business income

Norms of Compromise/arrangements are applicable even in case of slump sale which is subjected to app

CL : Provisions of sections 391 to 394 attracted even in case of slump sale, which is subject to approval of court

Unaccounted income admitted during search must be co-related with docs found during search, says Raj

IT : Statements made during search, must be co-related with records, which are found, and if there is any ambiguity, explanation given by assessee should be taken into consideration, before making assessment

TPO can't compare profit to total cost ratio with profit to operating ratio of comparables

IT/ILT : TPO cannot calculate ALP of an international transaction by taking profit rate at total costs (both operating and non-operating) with profit rate of comparables on operating costs alone

Chennai ITAT still follows ratio of Merilyn Shipping; restricted disallowance to exp. payable at yea

IT: Chennai ITAT still follows ratio of Merilyn Shipping; restricted disallowance to exp. payable at year end

Block assessment under sec. 158BD set-aside as AO failed to record satisfaction in respect of other

IT : Material and evidence on basis of which Assessing Officer of searched person had reached to conclusion that undisclosed income belonged to any other person was not brought on record, pre-requisite of 'satisfaction' for initiation of block assessment proceeding in case of such other person was non-existent or absent

No coverage of liability towards pension scheme under sec. 43B where it didn't envisage regular cont

IT: Where assessee had charged a certain amount to profit and loss account, being liability towards pension scheme, and it submitted before Tribunal that pension scheme did not make any regular contribution to any fund or trust and, therefore, liability would not fall under provisions of section 43B, matter was sent back to Assessing Officer for proper verification and examination of claim of assessee

No penalty when borrowed funds were diverted to affiliate under bona fide belief that interest was d

IT: Where Assessing Officer levied penalty holding that assessee claimed deductions in respect of borrowed funds which were diverted to sister concern and not for business and assessee bona fide pleaded that its deduction was covered by a particular provision of law, penalty could not be levied

Exp. on replacement of damage part of windmill is revenue exp.

IT : Where assessee had replaced only damaged parts of windmill without there being substantial change in original performance and generation capacity of windmill, expenditure would be allowable

Govt. mandates electronic filing of applications for appeals and revisions under Chhattisgarh VAT

VAT/INDIAN ACTS & RULES : Chhatisgarh Value Added Tax Rules, 2006 – Amendment In Rules 57 And 63

Now Govt. can condone delay in filing Goa VAT returns beyond 60 days

VAT/INDIAN ACTS & RULES : Goa Value Added Tax (Tenth Amendment) Rules, 2015 – Amendment In Rules 23 And 25

No penalty due to difference of opinion on addition of remission of liability if all facts were duly

IT : Where assessee merely failed to consider section 41(1) in respect of benefit accruing to it vide Government Resolution to reduce liability towards purchase cost of electricity from State Electricity Board but assessee had placed all facts on record, penalty levied under section 271(1)(c) was unjustified

Govt. notifies Credit Guarantee Fund Scheme for education loans

CL/INDIAN ACTS & RULES : Credit Guarantee Fund Scheme For Education Loans (CGFSEL)

CBEC lays down procedure for clearing of specified goods from EOU to DTA without payment of duty

EXCISE : Export Of Manufactured Final Product Under Bond Without Payment Of Excise Duty Under Rule 19 Of The Central Excise Rules, 2002

RBI asks banks to keep vigil on operations of foreign currency a/c of Airline Cos; reiterates norms

FEMA/ILT : Opening Of Foreign Currency Accounts In India By Ship-Manning/Crew-Management Agencies

Principle of alter ego can't be applied in reverse direction to make directors liable for an offence

Prevention of Corruption Act : Principle of alter ego can only be applied to make company liable for an act committed by a person or group of persons who control affairs of company as they represent alter ego of company; however it cannot be applied in reverse direction to make directors of company liable for an offence committed by company

RBI asks banks to keep vigil on operations foreign currency accounts of Airline Cos; reiterates norm

FEMA/ILT : Opening Of Foreign Currency Accounts In India By Ship-Manning/Crew-Management Agencies

No transfer if facilities are leased out for less than 12 years without any right of sub-letting

IT : No "transfer" of capital asset takes place in the ordinary sense of the word 'transfer' or even within the extended meaning given to the term 'transfer in section 2(47)(vi) when the plant and machinery along with land and building is leased out for a limited period of 10 years giving limited right to the lessee to hold and possess the facilities leased to it with further restriction on sub-letting it or transferring any right or interest therein to anyone without the permission of the lesso

RBI allows AD Category-1 banks to process import related payments

FEMA/ILT : Processing And Settlement Of Import And Export Related Payments Facilitated By Online Payment Gateway Service Providers

Now banks can provide partial credit enhancement to corporate bonds

BANKING : Partial Credit Enhancement to Corporate Bonds

No rebate if assessee failed to prove that exported goods were those which were cleared on payment o

Excise & Customs : Where assessee could not prove duty-paid character of exported goods viz. exported goods were same as cleared earlier on payment of duty, export rebate cannot be allowed; said infraction cannot be regarded as minor procedural lapse

Even royalty payment for 10 years was revenue exp. as it didn't make assessee owner of technical kno

IT : Where for a period of 10 years assessee paid royalty to a foreign company for acquiring technical know-how in respect of construction management services, since in terms of agreement, assessee did not become owner of said technical know how, amount in question was to be allowed as revenue expenditure

ITAT allows sec. 10(23C) relief to educational institution

IT : Where assessee trust was running an educational institution and objects of assessee were charitable in nature, receipts would be exempt under section 10(23C)

No FEMA proceeding shall lie against persons declaring black money under Compliance Window

FEMA/ILT/IT : Regularisation of Assets Held Abroad by Person Resident in India Under Fema, 1999

Now banks get power to change ownership of errant entities before loans turns into an NPA

BANKING : Framework for Revitalising Distressed Assets in the Economy – Review of Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan (CAP)

Co. wherein extraordinary event of merger takes place can't be selected in list of comparables

IT/ILT : In case of assessee, engaged in import of medical devices from AE, a company in whose case an extraordinary event of merger took place which affected its financial results, could not be accepted as a valid comparable while determining ALP

Directors' act of taking out of substratum of co. into the co. owned by them was oppression

CL : Since a fiduciary duty was cast upon directors of company who were also directors and shareholders of R6 to see that no loss was caused to company, taking out substratum of company by respondent-director into company owned by them, was nothing but oppression and mismanagement against petitioner

AO was right in not making sec. 43B disallowance of unpaid excise duty as it pertained to earlier ye

IT : Where against order of Commissioner passed under section 263, assessee filed appeal before Tribunal and revenue raised objection that appeal was not maintainable for reason that assessee had participated in hearing of assessment proceedings in consequence to order passed under section 263, appeal was very much maintainable

Companies with high turnover and low employee cost to sales ratio can't be selected as comparables f

IT/ILT : In case of assessee, engaged in rendering software development services to its AE, companies having functional difference, high turnover difference and low employee cost to sale ratio, could not be accepted as comparables while determining ALP

No denial of SSI exemption to company due to change of its management

CENVAT: Brand names of a company belong to company itself; it cannot be transferred from old management to new management and on ground of transfer of brands to new management, SSI exemption cannot be denied

Transfer was void as letter DIT (Investigation) wasn't given to assessee on basis of which case was

IT : Where letter of Director (Investigation) was not made available to assessee even though impugned order to transfer assessee's case to other jurisdiction had been passed relying upon same, impugned order had been passed in breach of principles of natural justice; and same was to be set aside

MAT inapplicable on foreign Cos having no PE in India w.e.f. April 1, 2001; Govt. to amend IT Act

IT/ILT : Section 115JB of the Income-tax Act, 1961 – Minimum alternative tax – Government decided to amend Income-tax Act, 1961 so that with retrospective effect from 1-4-2001, provisions of section 115JB shall not be applicable to a foreign company if that foreign company is a resident of a country having DTAA with India and such foreign company does not have a permanent establishment within definition of that term in relevant DTAA

MAT shall not be on foreign Cos having no PE in India w.e.f. April 1, 2001; Govt. to amend IT Act

IT/ILT : Section 115JB of the Income-tax Act, 1961 – Minimum alternative tax – Government decided to amend Income-tax Act, 1961 so that with retrospective effect from 1-4-2001, provisions of section 115JB shall not be applicable to a foreign company if that foreign company is a resident of a country having DTAA with India and such foreign company does not have a permanent establishment within definition of that term in relevant DTAA

SEBI notifies format of compliance report on corporate governance

SEBI : Format for compliance report on corporate governance to be submitted to stock exchange(s) by listed entities

Loss on account of error trades conducted by broker while acting on behalf of clients is allowable a

IT: Where assessee-broker was merely collecting security transaction tax, section 40(a)(ib) did not apply

'Christian Medical College' established to benefit all persons of any caste and creed eligible for s

IT : Where assessee-society, established by Christian community, had been running medical colleges and its main aims were to train professionals in field of medical and health care and also to provide medical facilities in its hospitals to all persons of any caste, activities carried out by assessee were charitable in nature and it was entitled to exemption under section 80G

High Court directs ITAT to give clearer picture as to whether seized doc belonged to assessee

IT : Where Assessing Officer on basis of documents seized from possession of one 'M' issued on assessee a notice under section 153C and Tribunal accepting plea of assessee held that above documents could not be considered as documents belonging to it, matter was remitted back to Tribunal for reconsideration after rendering specific findings as to status of documents

RBI proposes to relax ECB norms

FEMA/ILT : RBI Seeks Feedback On Draft Framework On ECBs

SEBI cautious public to deal with only registered investment advisors and research analysts

SEBI : SEBI Cautions Public To Deal With Only Sebi Registered Investment Advisers And Research Analysts

When M&A scheme becomes effective it can't be challenged in absence of any suppression

CL : Where there was no suppression of any relevant/material fact by petitioner-company whilst obtaining sanction of scheme of arrangement in 2010 and in composite scheme of arrangement in 2011, application filed by SEBI pursuant to a complaint of a shareholder for setting aside sanctioning order of schemes was to be dismissed particularly when composite scheme had become effective and BSE & NSE had granted in principle approval for listing of shares of petitioner

Payment of ineligible credit along-with interest on writing off inputs doesn't call for penalty

Cenvat : Where audit party pointed out that Cenvat credit was not available on written off value of inputs, and accordingly, assessee suo moto calculated and paid amount equal to amount of Cenvat credit and interest thereon without any contest, no penalty could be imposed

No disallowance of interest as AO failed to establish that sum advanced to sister concern was out of

IT : Where assessee, a real estate company, had taken term loan and paid interest on it, since Assessing Officer failed to establish that loan amount advanced to sister concerns was out of interest bearing funds only, disallowance made was unjustified

Particulars of MAT credit can't be said to be particulars of income for levying concealment penalty

IT : Income contemplated under section 271(1)(c) is income on which taxes are to be computed and paid, particulars of MAT credit furnished in return of income cannot be said to be particulars of 'income' for purpose of levying penalty under section 271(1)(c)

HC couldn't dispose of appeal without going into its merits if SC directed it to entertain appeal on

Excise & Customs : Where, in a matter involving clandestine removal, Supreme Court had directed High Court to dispose of appeals on merits, High Court could not dispose of those appeals as not maintainable

Interest can't be levied for the period during which application is pending before Set Com

IT : Where assessee applied under section 245D(1) to Settlement Commission and deposited admitted tax and satisfied tax liability finally determined within time, recovery of interest from assessee under section 220(2) in terms of section 245D(2C) for period during pendency of application before Settlement Commission was unwarranted

Revenue consistently adopting TNM method in earlier years couldn't make adjustments using CUP method

IT/ILT : Where TPO made adjustment to assessee's ALP in respect of trading of coffee, cotton etc. with its AEs located abroad by adopting CUP method, in view of fact that revenue had been consistently adopting TNMM, same was to be adopted for assessment year in question

Govt. further extends validity of Industrial license for defence sector

FDI/FEMA/ILT : Streamlining Procedure For Grant Of Industrial Licenses – Extension Of Initial Validity Of Industrial Licence For Defence Sector

Mortgaged property can't be redeemed on part payment of mortgaged money

SARFAESI: Mortgaged property cannot be redeemed on payment of a part of mortgage money, except when mortgagee has acquired share of mortgagor, in whole or in part

Govt. notifies second ordinance for NI Act to sustain jurisdiction for trial of offence

BANKING/INDIAN ACTS & RULES : Negotiable Instruments (Amendment) Second Ordinance, 2015

Women MP can't plead that she signed loan docs on her husband's wish, unaware of forgery

CL : The appellant who is a Rajya Sabha MP and was a former Asstt Commissioner of Commercial taxes cannot be allowed to advance a remarkable plea that she had signed bank loan documents as co-applicant or guarantor showing deference to her late husband and was ignorant of forgery and that she had settled the dues and High Court's quashing of proceedings should not be disturbed .The assertions as regards the ignorance are a mere pretence and sans substance given the facts. Lack of awareness, know

No deeming provision in Central Excise to treat assessment as 'provisional' in case of price escalat

Excise & Customs : In absence of any request from assessee in this behalf and further, in absence of any such deeming provision under act/rules, assessment cannot be treated as provisional merely because of 'price escalation clause'

Govt. notifies second ordinance under NI Act to sustain jurisdiction for trail of offence

BANKING/INDIAN ACTS & RULES : Negotiable Instruments (Amendment) Second Ordinance, 2015

ITAT denied sec. 80-IB relief to assessee as it had filed return of income, belatedly

IT : Where assessee filed return belatedly, assessee was not entitled to deduction under section 80-IB

Tenancy rights of a notified person over flat were rightly disposed off due to existence of undisput

Special Courts Act: Where appellant was declared as notified party and its tenancy rights over a flat came to be attached and there was no dispute as to liabilities outstanding for statutory period, tenancy rights of appellant had been rightly disposed of

Compensation received by prospective employee on termination of employment contract isn’t taxable

IT : An amount received by a prospective employee 'as compensation for denial of employment' was not in nature of profits in lieu of salary. It was a capital receipt that could not be taxed as income under any other head

Amendment clarifying that seized assets can't be adjusted against advance tax liability is prospecti

IT : Explanation 2 to section 132B as inserted by Finance Act, 2013 with effect from 1-6-2013 is prospective

No reassessment when info on concealed income was already existing at time of assessment

IT : Where information regarding long-term capital gain on sale of shares was already existing on file of assessee and did not come up as an issue for first time during reassessment proceedings, said amount could not be treated as an escaped income chargeable to tax under section 147

DRP can't pass a non-speaking order without considering arguments raised by assessee

IT/ILT: Where assessee raised specific grounds before DRP against transfer pricing adjustment made by TPO, being first appellate authority it was duty of DRP of pass a reasoned order after meeting arguments raised by assessee

No need to take approval of inspecting Commissioner while making revision on directions of CIT

IT : Where Commissioner cancelled assessment order passed under section 143(1) and directed Assessing Officer to make assessment of assessee afresh, it was not necessary to seek previous approval of Inspecting Assistant Commissioner before issuing notice under sub-section (2) of section 143

Reassessment notice was void as it was issued by AO before recording of reasons for escapement of in

IT : In terms of section 148(2), reasons to believe must be recorded before issue of notice under section 148 and, therefore, notice issued under section 148 before recording reasons was not a legally valid notice

Sale proceeds of auctioned Airplane to be deposited in Court for recovery of service-tax dues of 'Ki

Service Tax : With a view to recover service tax dues pertaining to Kingfisher, Bombay High Court allowed auction of aircraft taken on 'finance lease' by Kingfisher but, in view of lessor's contention that aircraft is lessor's property, sale proceeds were directed to be deposited into Court

CPM is most appropriate method in case of contract manufacturers subject to satisfaction of Rule 10C

IT/ILT: As a general rule CPM would be MAM in case of contract manufacturers but that would be subject to satisfaction of parameters laid down in rule 10C(1) and (2) of Rules

HC denied to interfere with order of ITAT as revenue failed to point out any perversity in such orde

IT : Where Tribunal deleted addition on account of non-genuine gifts, jewellery etc. and revenue was unable to point out any perversity in order of Tribunal, finding of fact recorded by Tribunal could not be interfered with

No addition of unexplained investment on basis of high value shown in stock statements given to bank

IT : Where there was difference of certain amount between stock statement given by assessee to bank and stock statement filed by assessee before Assessing Officer and both statements were prepared on estimated basis and thereupon Assessing Officer added aforesaid amount in income of assessee under section 69 as unexplained investment in stock, statements could not be made basis of addition

Winding up plea dismissed as co. was commercially solvent and its indebtness was strongly disputable

CL : Where respondent-company was a going concern with sixty employees and it was also commercially solvent and indebtedness was vehemently disputed by respondent-company, an order of winding-up at instance of petitioning-creditor would not be maintainable

Suppression of facts as to provision of service and collection of service tax leads to evasion penal

Service Tax : Where assessee had suppressed facts as to provision of services as well as collection of service tax from clients, evasion penalty was rightly leviable and therefore, adjudication order could not be interfered with in writ jurisdiction

Delay in filing appeal due to marriage of son of proprietor of firm is condonable

Service Tax : Where assessee is a proprietary concern or partnership firm, decision to file appeal depends upon individual leadership; hence, marriage of son of proprietor/partner may be a valid ground of delay of 12 days

Issuance of debentures in lieu of interest dues couldn't be held as actual payment in terms of sec.

IT: Outstanding interest amount converted into a term-loan is not deemed to be 'actually paid' as contemplated under section 43B

No disallowance of sec. 80-IA relief without any proof that excess profits were shown due to arrange

IT/ILT: Where since Assessing Officer had not conclusively proved fact that there was an arrangement between assessee and its AE by which transactions were so arranged as to produce more than ordinary profits in hands of assessee, disallowance of part deduction under section 10A by applying provisions of section 80-IA(10), was not justified

Conveyance allowance paid to officers of LIC isn't exempt if it isn't reimbursement of exp.

IT: Where there was no evidence that amount of additional conveyance allowance paid to assessee, an officer of LIC, was reimbursement of expenditure, it was not eligible for deduction under section 10(14)(i)

Investment shown in dairy of assessee wasn't unexplained as AO failed to bring any other evidence

IT: Where no specific evidence had been brought on record by Assessing Officer to effect that impugned investment related to assessee, addition was to be deleted

No denial of reasons for reassessment just because assessee has asked for it only once: Bombay HC

IT : Revenue could not justify non-furnishing of reasons for reassessment on the ground that the assessee had asked for reasons recorded only once

Official liquidator doesn't have authority to ascertain claims filed by State Financial Corp. as sec

CL: State financial corporations as secured creditors are not required to prove their debt declared under State Financial Corporation Act before Official Liquidator or company court

Circulars contrary to Supreme Court's judgment need not be followed: CBEC

Clarification Regarding Binding Nature of Circular and Instructions

CBEC assigns additional powers to its Principal Commissioners

SERVICE TAX : Rule 3 of the Service Tax Rules, 1994 - Service Tax Authorities

Circulars contrary to Supreme Court's judgment need not be followed

Clarification Regarding Binding Nature of Circular and Instructions

Demand notice is valid as assessee hasn't obtained discharge certificate under VCES

Service Tax : Where assessee had made declaration/payments under Service Tax Voluntary Compliance Encouragement Scheme but discharge certificate had not been issued thereunder, notice demanding tax cannot be treated as invalid even if same would be adjudicated by distinct authority

Gold jewellery below 500 grams to be deemed as 'streedhan' of wife; couldn't be seized

IT : In view of CBDT Instruction No. 1916 of 11-05-1994, gold jewellery of 471 grams found during course of search could reasonably be treated as streedhan of assessee's wife and would not be treated as undisclosed money

HC disallowed depreciation as assessee failed to prove that windmill was actually installed at proje

IT: Where Tribunal disallowed depreciation on windmill by holding that certificates which were relied upon by Commissioner (Appeals) and site inspection did not remove essential discrepancy, since it was physically impossible for consignment to cover a distance of 800 kilometers to reach proposed site and project of this magnitude was unable to commission within a short span, order passed was justified

Madras HC counts limitation period of reassessment from the date of rectification order

IT: Section 149 does not relax restriction of four years prescribed in proviso to section 147 for issuance of a notice under section 147; rather it puts an additional time restriction even where there is no restriction of time for reopening of assessment on account of failure of assessee to disclose fully and truly all material facts

No question of law arises when Concurrent findings are recorded by appellate authorities on unaccoun

IT: Concurrent findings of three authorities in respect of addition on account of undisclosed income from sale of flat, would not give rise to any question of law

ITAT unhappy with AO for completing assessment against assessee after issuing notice to incorrect ad

IT : Where notice under section 143(2) was not served upon assessee within 6 months from end of financial year in which return was furnished and Assessing Officer had completed assessment without serving statutory notice which was mandatory for completing assessment, assessment was null and void

IRDA specifies percentage and terms and conditions for reinsurance cessions

INSURANCE : Section 101A Of The Insurance Act, 1938 - Re-Insurance With Indian Re-Insurers – Specified Percentage And Terms And Conditions For Reinsurance Cessions To Indian Reinsurer In Compliance With Said Section

AO directed to readjudicate whether sum paid by Dhampur Sugar Mills on failure to export sugar was p

IT : Where assessee changed its method of accounting for valuation of closing stock, since changed method of accounting was more scientific and did not result in any evasion of tax, addition made on account of closing stock was unjustified

Alternate remedy of appeal wasn't appropriate as writ against Tribunal's order was pending for long

FEMA: Where writ petition against order of Appellate Tribunal had been admitted and was pending for several years, petitioner could not be directed to avail alternate remedy provided under section 35

ICAI's opinion in guidance note can be used to compute taxable income even if it has persuasive valu

IT : Where assessee had maintained accounts as per guidance note on accounting for leases issued by ICAI and during year it claimed deduction of lease equalisation charges from lease rental income, method of accounting following by assessee could not be discarded and it was entitled for deduction

Sale of CNG from retail outlets isn't prima facie marketing services of CNG

Service Tax : Purchase of CNG and sale thereof from retail outlets would not, prima facie, amount to 'marketing services of CNG' and therefore, same is not liable to service tax under Business Auxiliary Services

No reassessment to disallow MODVAT credit if its computation was available with AO during assessment

IT: Where working pertaining to MODVAT credit was available with Assessing Officer at time of passing order under section 143(3), reassessment initiated to disallow excess claim made by assessee in respect of MODVAT credit was not justified

Sum paid for software development wasn't FTS as no technical services were made available to assesse

IT/ILT : Where assessee having secured an order from foreign company, parceled out a portion of work to its subsidiary located in USA, since subsidiary performed its operations outside India and no technical knowledge was made available to assessee, amount paid to subsidiary company was not taxable in India

Gift of shares to shareholders to be deemed as payment of dividend in kind which is prohibited

CL : Court cannot sanction a compromise or arrangement which involves declaration of dividend in violation of section 123 of the Companies Act, 2013. Where a company gifts to its shareholders shares held by it in another company, it is in substance distributing a "dividend" within the meaning of section 2(35) of the Companies Act, 2013 as also section 2(22A) of the Income-tax Act, 1961 since company could have sold those shares and distributed the proceeds. Allowing distribution of these shares

Usage of registered artistic work of other person doesn't lead to denial of SSI exemption

Central Excise : Mere registration of artistic work 'Sundar' under Copyright Act in name of another person does not prove that it was 'brand name' registered in name of such another person under Trade Marks Act; hence, SSI-exemption cannot be denied

Revenue could impose penalty without evidence if undisclosed income admitted again in post-search pr

IT : Where assessee himself admitted in presence of his Chartered Accountant that he had undisclosed income which was utilized for renovation of his bunglow, revenue authorities were not required to prove by bringing any positive evidence of existence of undisclosed income with assessee so as to levy penalty under section 271(1)(c)

Govt. urges black money hoarders to file declaration in time under compliance window

IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Persons Holding Undisclosed Foreign Assets are Advised to File their Declaration well in Time Under Compliance Window of Said Act

Where NP rate determined by Tribunal was based on comparables, order of tribunal was to be upheld

IT : Where Tribunal after referring to comparable cases applied net profit at 8 per cent, since estimation of net profit by Assessing Officer was on higher side, order passed by Tribunal was justified

Dept. can't insist assessee to file forms online for inter-state sales under Puducherry VAT Act

CST & VAT: Central Sales Tax - Where assessee claimed concessional rate of tax/exemption from tax on inter-State sales/consignment sales effected during year, department's insistence that declaration in forms 'C' and 'F' should be uploaded through online in website is not in consonance with any of rules either under Central Sales Tax Rules or Puducherry Value Added Tax Rules

Govt. urges black hoarders to file declaration in time under compliance window

IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Persons Holding Undisclosed Foreign Assets are Advised to File their Declaration well in Time Under Compliance Window of Said Act

Transfer of statutory liability in Slump Sale can't be deemed as actual payment under sec. 43B

IT: Statutory liability on account of bonus, gratuity and leave encashment does not stand discharged by assessee upon sale of its undertaking on 'as is where is' basis, so as to allow deduction under section 43B

Court can’t sanction a compromise or arrangement scheme which involves gift of shares to shareholder

CL : Court cannot sanction a compromise or arrangement which involves declaration of dividend in violation of section 123 of the Companies Act, 2013. Where a company gifts to its shareholders shares held by it in another company, it is in substance distributing a "dividend" within the meaning of section 2(35) of the Companies Act, 2013 as also section 2(22A) of the Income-tax Act, 1961 since company could have sold those shares and distributed the proceeds. Allowing distribution of these shares

Once accused admits issuance of cheque onus is on him to prove that cheque hasn't been issued for di

Negotiable Instruments Act: Once issuance of cheque has been admitted, complainant is entitled to invoke presumption under sections 118 and 139 that cheque has been issued for discharging legally subsisting liability, which is a rebuttable presumption and where accused has failed to rebut such presumption he is guilty of offence under section 138