Bihar Govt. tweaks VAT Act; enhances maximum ceiling of taxable quantum from 5 lakhs to 10 lakhs

VAT/BIHAR/INDIAN ACTS & RULES : Bihar Value Added Tax (Amendment and Validation) Act, 2015 – Amendment in Sections 3, 3AA, 24, 25, 32 and 93

Sum received from son for marriage exp. couldn't be held as unexplained just because sum was withdra

IT : Assessee, a licenced document writer and engaged in sale of stamp, claimed 60 per cent of gross receipts as expenditure; in absence of any material available on record, Assessing Officer had rightly restricted expenditure to 40 per cent of gross receipts

Aluminium dross which arises as by-product while melting aluminium ingots isn't excisable

Excise & Customs : Aluminium dross/ash arising as a by-product in course of melting and die-casting of aluminium ingots, is not excisable and not liable to excise duty, as no manufacturing process is involved

Sec. 68 additions upheld as gift wasn't made out of natural love and creditworthiness of donor wasn'

IT : Mere identification of donor and showing movement of gift amount through banking channel is not enough to prove genuineness of gift for purpose of section 68

Embroidery work on Sari is manufacturing; machinery used for it eligible for additional depreciation

IT: Embroidery work performed on grey synthetic cloth i.e. sari amounted to manufacturing activity and, thus, machinary used in said activity was entitled to receive additional depreciation

Reassessment rightly made on receipt of cash gift which was actually an accommodation entry

IT : Where information that assessee received certain gift in cash which appeared to be an accommodation entry, initiation of reassessment proceedings was justified

Nilimesh Baruah appointed as Director in Serious Fraud Investigation Office

COMPANIES ACT, 2013 : Section 211 of the Companies Act, 2013 - Serious Fraud Investigation Office – Establishment of – Appointment of Notified Person as Director in Said Office

Construction of flats under a development agreement which are allotted to landowners are liable to s

Service Tax : Flats allotted to landowner under a development agreement are prima facie liable to service tax based on price charged by assessee builder on flats sold to other flat owners

Reimbursement of own share of software cost which is allotted among entities isn't taxable

IT/ILT: Where US company had purchased standard off shelves software to be used by assessee, Indian company, and allocated cost of software and, accordingly, assessee had reimbursed its share of cost to U.S. company, said reimbursement was not chargeable to tax in India

Interest received before commencement of business has to be set-off against pre-operative expenses

IT : Where assessee, engaged in business of developing, operating and maintenance of power projects, received certain interest on surplus funds, that were deposited in Government securities, prior to implementation of its projects, amount so received was to be treated as capital receipt

TeleCos can avail credit of input services used for erection and installation of towers

Cenvat Credit : Prima facie, telecom service providers : (a) cannot take input or capital goods credit of credit of tower parts and shelters; however, (b) may take credit of 'Erection, Installation and Commissioning' and 'Commercial or Industrial Construction' services used for erection and installation of towers and shelters

Payer couldn't be treated as assessee-in-default when its tax demand become nil on basis of revised

IT : Where assessee was treated as in default on account of short payment of TDS, but fact of filing of revised e-TDS return due to which tax demand had become nil, had not been considered by lower authorities, matter was to be remanded back

No revision by CIT to curtail sec. 14A disallowance as he failed to prove that view taken by AO was

IT : After amendment made by Finance Act, 2008 with effect from 1-4-2009, benefit of section 35D is also available to assessees who are not industrial undertakings; initiation of revision proceedings to deny claim of deduction to assessee for assessment year 2009-10 under section 35D towards public issue expense was unjustified

Assessee's failure to establish genuineness of liability leads to additions under sec. 41(1)

IT : Where assessee did not remit TDS on payment made to parent Greek company for international network support service charges before expiry of time limit, business disallowance by Assessing Officer was justified

No declaration can be made to AO if question of law pending in HC/SC isn't identical to that pending

CST & VAT : Tamil Nadu VAT - Where any question of law arising in case of assessee for an assessment year, which is pending before Assessing Authority is identical with question of law arising in his case for another assessment year, which is pending before High Court or Supreme Court, he may furnish declaration to Assessing Authority under section 23(1)

SEBI issues comprehensive risk management framework for national commodity derivatives exchanges

SEBI : Comprehensive Risk Management Framework for National Commodity Derivatives Exchanges

Govt. expands the scope of disclosure of beneficial interest to be made by presiding officer and mem

SEBI/INDIAN ACTS & RULES : Securities Appellate Tribunal (Salaries, allowances and other terms and conditions of presiding officer and other members) Amendment Rules, 2015 – Amendment in rules 2, 10 and 11

RBI relaxes micro finance norms for Scheduled Castes living below double poverty line

NBFCs : Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIS) – Modifications of directions

Marketing and selling expenses like trade discount aren't AMP expenses; ITAT follows ratio of Sony E

IT/ILT : Marketing and selling expenses like trade discount, etc., are not AMP expenses

Govt. notifies scheme for purpose of providing guarantee in respect of factoring loans

BANKING/INDIAN ACTS & RULES : Credit Guarantee Fund Scheme for Factoring (CGFSF)

Penalty couldn't be levied when additions were of such nature which couldn't be foreseen

IT: Where Tribunal deleted addition made by Assessing Officer in respect of certain amount and remanded matter in respect of other amount for verification, penalty levied by Assessing Officer relying on same could not be sustained

Delaying delivery of flat and non-disclosure of stage of completion to buyer was unfair trade practi

MRTP: Delay in delivery of possession of constructed apartment by builder and non-disclosure of progress of construction to buyer amounts to unfair trade practice

No additions on basis of disclosure made by director if AO and DR hadn’t pointed out any discrepancy

IT: Where client code modification up to 1 per cent of total order is absolutely normal, assessee's client code modification being only 0.94 per cent of total trading transactions, impugned addition was to be deleted

Penalty under Rule 69ZP isn't leviable in absence of intention to evade duty

Excise & Customs : As per section 37 read with rule 96ZP, there was minimum and maximum penalty subject to condition that there should be an intention to evade payment of duty; hence, where delay in payment of duty was due to bona fide reason, no penalty under rule 96ZP(3) could be levied without any intention to evade duty

Compensation paid to evacuate slum dwellers can't be held as payment of compulsory acquisition; No T

IT : Where to implement road widening scheme of Government, assessee evacuated illegal/unauthorised persons in form of squatters/hutments for which assessee paid certain compensation, provisions of sections 194L/194LA would not apply

Shikshantar school isn’t dominant player in presence of AMITY, DPS & G.D. Goenka Schools in Gurgaon

CL: Though Shikshantar School is one of the well-known schools in Gurgaon, there are number of other prominent schools such as Amity International School, Delhi Public School, G. D. Goenka Public School, etc, operating in Gurgaon. The presence of other comparable schools in Gurgaon indicates that the parents of the Informant had options to admit the Informant in other schools and they do not seem to be completely dependent on Shikshantar School for education services. Thus, Shikshantar School is

Embezzlement loss to be decided in view of results of civil and criminal proceedings initiated again

IT : Where issue of admissibility of deduction in respect of alleged embezzlement done by 'K' needed to be considered afresh in light of related legal development as a result of civil and criminal proceedings initiated by directors of assessee-company against 'K', matter was to be readjudicated

Govt. notifies provisions of FATCA entered with USA; effective from August 31, 2015

IT/ILT : Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Inter-Governmental Agreement and Memorandum of Understanding (MOU) between Government of India and Government of USA to improve International Tax Compliance and to implement Foreign Account Tax Compliance Act of USA

SAT upheld penalty imposed on promoter as it failed to disclose details of shares acquisition to sto

SEBI : Where a promoter of company, did not disclose about acquisition of shares of company to stock exchange in which shares of company were listed, there being violation of Regulation 13(4) of SEBI (Prohibition of Insider Trading) Regulations, 1992, SEBI was justified in imposing penalty on appellant

Customization of cars as per requirement of customer isn't manufacturing

Excise & Customs: Customization of duty-paid cars/vehicles by carrying out cosmetic changes or restyling inside/outside said cars/vehicles as per requirements of customers, does not amount to manufacture as per general meaning and also not as per Chapter Note 3 of Chapter 87 of Tariff

Income from shares trading was business receipt as average holding period of shares was for short du

IT : Where assessee carried out activities of trading in shares in systematic manner and its average holding period of different shares ranged from merely three days to three months, income from sale of shares was to be taxed as business income

Salary paid to son not disallowable for want for qualification if due to his efforts receipts of bus

IT: Salary paid to son not disallowable for want for qualification if due to his efforts receipts of business has increased

SEBI releases guidelines on overseas investment and clarifications for AIFs/VCFs

SEBI : Guidelines on overseas Investments and other Issues/Clarifications for AIFs/VCFs

SEBI erred in selecting self-regulator for MF distributors without hearing to unsuccessful applicant

SEBI : Regulation 3 of SEBI (SRO) Regulations, permits any group or association of intermediaries holding license under section 25(1) of Companies 1956 Act to submit application for being recognized as an SRO for distributors of mutual fund products

Service-tax isn’t includible in computing presumptive income under Sec. 44BB: Delhi High Court

IT : The service-tax is not an amount paid or payable, or received or deemed to be received by the assessee for the services rendered by it. The assessee is only collecting the service-tax for passing it on to the government. Thus, for the purpose of computing the presumptive income of the assessee under Section 44BB, the service-tax collected by the assessee on the amount paid for rendering services is not to be included in the gross receipt in terms of Section 44BB(2) read with Section 44BB(1)

Provision made for foreseeable losses by following AS-7 is allowable

IT : Where assessee is executing an infrastructure development fixed price contract, foreseeable losses of future years can be recognized following rationale of AS-7 issued by ICAI and such a provision is an allowable deduction

Govt. allows 100% FDI in White Label ATM Operations

FDI/FEMA/ILT : FDI Policy circular of 2015 effective from 12-5-2015 – FDI up to 100 per cent in white lable ATM operations under automatic route – Insertion of paragraph 6.2.18.8.3

Payment made to purchase negative rights of films on perpetual basis doesn't attract TDS under sec.

IT: Where assessee, a trader in films, purchased world negative rights from producers on perpetual and permanent basis, there was no liability to deduct tax at source under section 194J on payment made by assessee to producers and, accordingly, business disallowance was not justified

RBI issues regulation for regularization of foreign asset declared under Black Money Act

FEMA/ILT/INDIAN ACTS & RULES : FEM (Regularization of Assets Held Abroad by a Person Resident in India) Regulations, 2015

Assessee must be allowed to cross-examine witness on whose statement demand is based

Central Excise : When statements of witnesses are made basis of demand, not allowing assessee to cross-examine witnesses is a serious flaw which makes order nullity, as it amounts to violation of principles of natural justice

Sale of waste arising during production of Yarn can't be said to be clandestine removal of Yarn

Excise & Customs : Where partially wound bobbins of 1 Kg. or less yarn were treated as 'non-marketable' waste both by assessee and revenue and same was sold as 'waste', not 'yarn', same was not marketable and therefore, not liable to duty

No service-tax on entrance fee collected by club which doesn't confer any access to services

Service Tax : Where collection of entrance fee by club from its members : (a) did not confer members any access to services, facilities or advantages; and (b) was to meet expenses necessary for sustenance and survival of club and maintenance of its assets, then, entrance fee, not being a consideration, was not chargeable to service tax

After 1-4-1989 writing off of debts is sufficient to claim deduction without establishing that it be

IT: Where amount of bad debt or part thereof was written off as irrecoverable, it could be claimed as deduction without establishing that it became a bad debt in previous yea

A decree holder has right to file winding-up petition despite having option of enforcing decree agai

CL : Decree holder does not cease to be a creditor and has right to file winding up petition, despite having option of enforcing decree by filing an execution petition

AO couldn't deny sec. 80P relief to assessee without examining whether it was credit co-operative ba

IT: Where Assessing Officer did not examine that assessee was a credit co-operative bank or a credit co-operative society to decide section 80P exemption, matter was to be restored back to Assessing Officer for re-examination in light of decision of CIT v. Jafari Momin Vikas Co-op. Credit Society Ltd. [2014] 49 taxmann.com 571/227 Taxman 59 (Mag.)/362 ITR 331 (Guj.)

ITAT excludes companies with huge turnover in software development segment for TP study

IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services, since some comparables selected by TPO were inappropriate on account of their huge turnover in software development segment, impugned addition was to be set aside

No credit on Telecom towers; Bombay High Court follows its judgment in Bharti Airtel's case

Cenvat Credit : Telecom service providers are not entitled to credit of duty paid on towers (in CKD/SKD form), parts of towers, shelters/pre-fabricated buildings purchased by them used for erection of telecom tower

Unjust enrichment doesn't apply to refund order which was passed prior to introduction of such conce

Excise & Customs : Amendment of section 11B in 1991 introducing concept of unjust enrichment would not apply, if refund had already been ordered finally in 1989 and mere payment thereof was pending at time of amendment

ITAT deletes disallowance considering its tax neutral effect due to availability of sec. 10B relief

IT-I : Where assessee submitted various documents in support of its claim of exemption under section 10B, had shown sufficient cause which prevented assessee from poducing those documents before Assessing Officer and same were admitted under rule 46A(1), assessee was eligible for exemption under section 10B

Govt. receives above 3,000 crores under Compliance window of Black Money

IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Declarations Received and Amount Declared Under Compliance Window under the Black Money Act

Removal of goods to dummy unit amounts to suppression; extended period invocable

Excise & Customs : Where findings of fact show 'removal of goods in name of dummy unit' and 'unestablished purchases', it would amount to suppression of facts and fraud by assessee and, therefore, extended period was invocable

AO gets flak from ITAT for analyzing issue which wasn't in accordance with terms of revisional order

IT: Where Commissioner passed a revisional order directing Assessing Officer to examine assessee's claim of tax credit under section 90 afresh in respect of foreign income, Assessing Officer could not redetermine assessee's residential status and change it from resident to non-resident

Accused acquitted under NI Act as complainant didn't prove that cheque was issued for legally subsis

Negotiable Instruments Act: Where complainant filed a complaint against respondent on ground that cheque issued by respondent for discharge of legally subsisting liability had been dishonoured, however failed to prove that cheque was issued for discharging legally subsisting liability, respondent was rightly acquitted by Trial Court for alleged offence under section 138

Bombay HC also directs CBDT to extend due date for filing of return upto 31-10-2015

Bombay HC also directs CBDT to extend due date for filing of return upto 31-10-2015

No sec. 69 additions on basis of loose sheet found during search unless AO prove it as eligible info

IT: Matter remanded for fresh consideration where Commissioner (Appeals) deleted disallowance made by Assessing Officer on account of excess purchase shown by assessee in comparison to purchase reflected in profit and loss account entered in CPU found and impounded during course of survey, without recording any finding as to whether assessee had been able to explain such difference

Interest on overdraft facility availed for business couldn't be considered for sec. 14A disallowance

IT: Where assessee had written off debts in respect of trading transaction in its books of account, same had to be allowed

Investment of borrowed funds in shares would not show that assessee was carrying on business of inve

IT : Excess borrowed funds lying with assessee can always be invested in shares for earning higher returns or through professionally managed Portfolio Management Scheme; it would not mean that assessee was carrying on business of investment in shares

RBI issues framework for issuance of Rupee Denominated Bonds overseas

FEMA/ILT : External Commercial Borrowings (ECB) Policy – Issuance of Rupee Denominated Bonds Overseas

CBDT's instruction of 2014 fixing monetary limits for filing appeals is applicable to pending cases:

IT: CBDT's instruction of 2014 fixing monetary limits for filing appeals is applicable to pending cases: Mumbai ITAT

CBEC directs AOs to complete adjudication within prescribed time limits

EXCISE /M : Streamlining Process of Adjudication

No penalty when additional income was surrendered by assessee only to buy peace and avoid protracted

IT: When subsequent to search certain documents belonged to assessee's father were seized wherein assessee had no interest, and, assessee offered additional income in his own hand to avoid protracted litigation and to save his aged father from harassment, penalty levied by Assessing Officer under section 271(1)(c) was unjustified

Members of Commodity Derivatives Exchanges can become member of SEBI on satisfying certain condition

SEBI : Registration of members of commodity derivatives exchanges

RBI issues framework for issuance of Rupee Denominated Bonds overseas- ECB Policy

FEMA/ILT : External Commercial Borrowings (ECB) Policy – Issuance of Rupee Denominated Bonds Overseas

CBEC reminds its officers to ensure that cigerettes pack carry health warnings

EXCISE/M : IMPLEMENTATION OF PROVISIONS OF CIGARETTES AND OTHER TOBACCO PRODUCTS (PROHIBITION OF ADVERTISEMENT AND REGULATION OF TRADE AND COMMERCE, PRODUCTION, SUPPLY AND DISTRIBUTION) ACT, 2003 (COTPA) AND CIGARETTES AND OTHER TOBACCO PRODUCTS (PACKAGING AND LABELLING) RULES, 2008

Interest on FDRs made out of customer's advances wasn't income from other sources if same was reduce

IT : Where assessee, a construction company, received bank interest on FDRs which were made out of advances received from customers, even if construction was not complete during current year interest income could not be treated as income from other sources as same had been reduced from work-in-progress

CIT(A) wasn't empowered to decide an issue which did not arise out of order of any lower authority

IT : Where Commissioner (Appeals) adjudicated an issue which did not arise from orders of lower authorities appeal preferred by assessee for rectification under section 154 was to be allowed

Exp. incurred on issuance of shares to QIBs was preliminary exp. under sec. 35D

IT : Expenditure incurred by assessee on FCCB and debenture issues was allowable under section 35D

Gujarat HC directs for extension of due date for filing of return by one month subject to Sec. 234A

Gujarat HC directs for extension of due date for filing of return by one month subject to Sec. 234A interest

All directors liable for cheque dishonouring as they were involved in day-to-day management of accus

Negotiable Instruments Act: Where in complaint under section 138 there was an allegation that directors were involved in day-to-day business of accused company, High Court erred in quashing proceedings against all directors

CBDT releases its comments on queries relating to Black Money Act

IT/ILT : Departmental Clarifications on Black Money Act

No penalty for TDS default as sum paid for purchase of satellite rights didn't attract TDS

IT/ILT : Where assessee-company, involved in business of broadcasting and telecasting, paid a certain sum towards purchase of satellite rights said payment not being royalty, penalty could not be levied under section 271C for non-deduction of TDS on same

Prior to 1-6-2015 there was no enabling provision for levying sec. 234E fee at the time of processin

IT : Prior to 1-6-2015, there was no enabling provision in section 200A for raising a demand in respect of levy of fees under section 234E

Customs Dept can't reject FOB value of exports stating that declared value-addition can't be achieve

Customs : Whether value-addition has been made or whether same has been correctly shown, is a subject matter of examination by DGFT; Customs Department can merely examine FOB value and cannot reject declared FOB value on ground that value-addition shown by assessee could not have been achieved

Now Form 15G/15H can be e-filed; payee to specify number of Form15G/15H filed during the year

IT/ILT : Income-Tax (Fourteenth Amendment) Rules, 2015 – Substitution of Rule 29C and Form No.15G and Form No.15H

Govt. notifies twin fold hike in tax-free Transport Allowance for deaf and dumb employees

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Thirteenth Amendment) Rules, 2015 – Amendment in Rule 2BB

Dept. can't invoke extended period as assessee disclosed all facts at the time of registration

Excise & Customs : Where all facts/documents as to use of brand name were disclosed to department at time of registration, department cannot allege suppression of facts so as to invoke extend period to deny SSI-exemption

Corporate guarantee given to foreign AE couldn't be held as international transaction under transfer

IT/ILT : Corporate guarantee given by an assessee to its AEs does not involve any cost to assessee and, therefore, it has no bearing on profits, income, loss or assets of assessee and is outside ambit of international transaction

Custom Dept can't reject FOB value of exports stating that declared value-addition can't be achieved

Customs : Whether value-addition has been made or whether same has been correctly shown, is a subject matter of examination by DGFT; Customs Department can merely examine FOB value and cannot reject declared FOB value on ground that value-addition shown by assessee could not have been achieved

DLF isn't dominant player in Delhi in presence of developers like DDA, Ansal and API

Competition Act: Where there were many real estate developers in relevant market of provision of services relating to development and sale of residential apartment in Delhi, DLF was not dominant in relevant market

Delay in filing of appeal can't be condoned on ground that one of the partners of firm was ill

IT: Delay in filing of appeal cannot be condoned on ground that one of the partners of firm was ill

Even payment made under oral contract would attract TDS under sec. 194C

IT : Where assessee made payments on regular basis to owners of goods carrying vehicles though in terms of 'oral contract', assessee was liable to deduct TDS under section 194C

IRDA releases master circular on anti-money laundering or counter financing of terrorism

INSURANCE : ANTI MONEY LAUNDERING/COUNTER FINANCING OF TERRORISM (AML/CFT) GUIDELINES FOR LIFE INSURERS

Service provider promoting foreign brand isn't eligible for duty credit scrip under SFIS

FT (D&R) Act : Where petitioner-exporter applied for duty credit entitlement under SFIS but same was denied by impugned order, petitioner did not have vested right in seeking incentive as Duty Credit Scrip and, thus, impugned order of Central Govt. was to be upheld

Failure of assessee to show urgency of availing of cash loans above Rs. 20,000 leads to imposition o

IT : Where assessee-company accepted cash loan in contravention of provisions of section 269SS, in absence of any material to show that there was urgency for assessee to avail of loan in cash, such transaction would not come under exception clause of section 271D, and penalty levied was justified

Belief of partner that he wasn't liable for TDS on interest paid to firm wasn't a reasonable cause t

IT: Language of section 194A does not leave scope for any ambiguity on liability of a partner to deduct tax on interest paid by him to firm; therefore, belief of partner that he is not liable to deduct tax at source on interest paid to firm, cannot be considered as reasonable cause as contemplated under section 273B

Tax authorities can't take a stand different from Govt. so as to deny benefit to assessee

CST & VAT: Central Sales Tax - Once Cabinet took a policy decision to extend its 2004 Industrial policy in matter of central sales tax concession to eligible units beyond 31-3-2009 upto 31-3-2013 and notification dated 29-5-2009, accordingly, having been issued by Department of Industries, thereafter Excise and Taxation department could not take a different stand

Sec. 153C doesn't require that seized docs found during search must be incriminating ones

IT : In view of CBDT Instruction No. 5/2004, since total tax effect of all appeals filed by revenue before Tribunal was less than Rs. 4 lakhs, appeal was to be dismissed

No transfer of case as authorities didn't record independent findings that assessee was linked with

IT: Unless an independent finding is recorded by authorities that parties were linked in such a manner where there was major flow of finance from one side to other, transfer of assessment proceeding should not be permitted on ground of search conducted on one party

Officials with unsavory past and dubious reputation shouldn't be appointed as Tax Recovery officer:

IT : Implementation of Administrative Recommendations of Committee for Drafting New TRO Manual

Copy of doc proving ownership of premises is required for registration under Kerala VAT

VAT/KERALA/INDIAN ACTS & RULES : Kerala Value Added Tax (Amendment) Rules, 2015 – Amendment in Rule 17

No excise duty on sum received due to price escalation if it isn't known at or before time of remova

Central Excise : Duty is payable at place, price and time of clearance of goods; hence, price-escalation, which was not contemplated at or before time of removal, cannot form part of transaction value especially when there is no allegation of understatement of value

Ban on import of Palm Oil via Kerala ports is in interest of farmers growing Coconuts: Apex Court

FTDR: Sub-section (2) of section 3 of Foreign Trade (Development and Regulation) Act gives ample power to government to issue notifications in exceptional cases, thus, where decision to issue notifications prohibiting import of palm oil through all ports of Kerala had been taken in interest of farmers, more so for their survival, notifications so issued were to be upheld

Not affording opportunity to cross-examine witness is violation of natural justice

Service Tax/Excise/Customs : Where demand has been confirmed relying upon witnesses of certain witnesses but assessee has not been allowed cross-examination of said witnesses, there was violation of principles of natural justice and therefore, matter was to be remanded back for consideration afresh

Employees contribution to PF paid belatedly but before due date of filing return is deductible: Hyde

IT: Where assessee remitted employees' contribution to provident fund belatedly, but within due date of filing of return of income under section 139(1), in view of provisions of section 43B, business disallowance made by Assessing Officer was not justified

Dept. can't withheld refund or interest thereon unless higher authority stays order granting refund

Excise & Customs : Where Tribunal order granting refund with interest had not been stayed by Supreme Court, department could not withheld refund or interest thereon

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

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

Punjab and Haryana HC directs CBDT to extend due date of filing of return beyond Sept. 30, 2015

IT : The Punjab and Haryana High Court directed CBDT to extend due date of filing of income-tax returns from September 30, 2015 to October 31, 2015

CBDT directed to consider representation for extension of ITR due date peremptorily by 29-09-2015

IT : Karnataka High Court directs CBDT to consider representation for extension of date of filing of return (due by Sept. 30, 2015) peremptorily by Sept. 29, 2015

Presence of substantial number of venture capital firms in relevant market rules out dominance of op

Competition Act : Where there were substantial number of reality linked private equity/venture capital firms such as Kotak gp, HDFC etc. in relevant market of provision of services relating to management of investment in realty linked venture capital funds and reality linked private equity funds in India, OP with whom informant had invested a sum in a scheme, was not dominant in relevant market and, therefore, no case of abuse of dominant position was made out

One time upfront fee to be spread over term of agreement if it is refundable on termination of agree

IT : Where certain amount of upfront fee was received by assessee as advance fee for period of ten years and a portion of same was refundable to operator in case of termination of agreement within ten years, amount was to be spread over in ten years