Commission paid to NR for advising on product trend in USA isn't taxable as services were rendered o

IT/ILT: Remuneration paid in foreign currency by assessee-company, for services rendered outside India to a US-resident for product designing services, was not liable to be taxed in India

Interest-free sum given to affiliate to purchase land due to restrictions imposed by Land Act held a

IT: Where due to restrictions imposed by Land Acquisition Act, assessee had given interest-free advances to group companies for development of land, in absence of any finding recorded by Assessing Officer that said advances were not for business purposes, matter was to be readjudicated

Govt. allows deduction for treatment of disease on basis of certificate of private hospitals

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Fifteenth Amendment) Rules, 2015 – Amendment In Rule 11DD And Omission Of Form 10-I

Sale of property of liquidating co. without proper publicity or fixing of reserve price of assets is

CL : Sale of property of company-in-liquidation in auction without proper publicity through advertisement or fixing any reserve price for assets could not be sustained particularly when property put in auction was of much higher valuation than price at which it was sold

ITAT rejects sec. 50C value on basis of sub-registrar's records; directs AO to re-fix value after he

IT : Where assessee sold a plot and Assessing Officer for purpose of computing capital gains under section 50C adopted valuation of plot as per SRO records and Commissioner (Appeals) after considering objections of assessee concluded that there was no need for adopting valuation as per SRO, matter required to be sent back to Assessing Officer for de novo assessment

Civil court has no jurisdiction to entertain suit against I-T department without any allegation of f

IT: Where Income-tax department appropriated amount deposited by assessee with a firm towards income-tax dues of firm, in absence of any allegation of fraud against Income-tax department, civil court had no jurisdictions to entertain recovery suit filed by assessee against Income-tax department

Sale to related party can't be valued at cost plus method when entire sales is at below cost

Excise & Customs : Where assessee's entire sales are below cost owing to international market prices being very low, sales to related parties cannot be value on basis of 'cost plus method' and are to be valued as per best judgment principle at 'price charged from unrelated parties'

Sec. 41(1) additions made as assessee failed to explain reasons for non-payment of liabilities in no

IT : Where interest or borrowed capital to invest in shares, for period prior to financial year 1997-98, was claimed and allowed as revenue expenditure, it could not transform its character from financial year 1997-98 onwards to become a capital cost without any change in underlying facts, and hence, same could not be treated as cost of acquisition and/or improvement in computation of capital gains

HC directed advertisement of winding up plea against co. on its failure to pay agreed overdue sum

CL : Where company had admitted its indebtedness to petitioner to extent of Rs. 119 lakh, company was to be directed to pay that amount with interest and on its failure to do so winding up petition would be advertised

80% of staff member of COMPAT have working knowledge of Hindi, says MCA

COMPETION ACT : Rule 10 Of The Official Language (Use For Official Purposes Of The Union) Rules, 1976 – Working Knowledge Of Hindi - More Than Eighty Per Cent Staff Members Of Competition Appellate Tribunal Under Ministry Of Corporate Affairs Acquired Working Knowledge Of Hindi

S.K. Mohanty appointed as Executive Director in SEBI

SEBI : Appointment of New Executive Director of Sebi

Service tax on railway tickets for AC coaches increased to 4.2% from 3.708% w.e.f. June 1, 2015

ST : Levy of Service Tax on Transportation of Passengers by Rail

Now, coconut oil packed in small bottles isn’t classifiable as hair oil: CBEC

EXCISE : Withdrawal of Order Under Section 37B of Central Excise Act, 1944 on Classification of Coconut Oil Packed in Small Containers

Service Tax Commissioner of Chennai laid down procedure for electronic transfer of refund claims

ST : Introduction of Facility of Payment of Rebate/Refund Claims Amount Directly to Assessee/Exporters' Bank Account

No reassessment to deny benefit of MAP to US based Co. if earlier it was given by AO after detailed

IT/ILT : Where Assessing Officer formed opinion that taxation of advertisement and distribution revenue of US company was to be governed by MAP resolution and 10 per cent of total revenue generated would be treated or business income and he completed assessment after verifying detailed reply to huge questionnaire and all supporting documents, reopening of assessment on basis of same material, taking plea of taxing total revenue at 10 per cent as per section 115A, would not be permissible

Reassessment notice, being issued after obtaining sanction of Commissioner instead of Joint Commissi

IT: Where notice under section 148 was issued after obtaining sanction from Commissioner instead of Joint Commissioner who is competent authority to approve issuance of notice, assessment framed consequent thereto was not valid and same was void ab initio

No TP adjustment of depreciation on account of assets which are held by AE but not assessee

IT/ILT : While computing margins of comparable companies, no adjustment for differential rate of depreciation is to be made on account of uncommon assets between assessee and comparables

Default period of assessee-in-default shall be counted as per British Calendar month

IT: Levy of interest under section 201(1A) is compensatory in nature and thus gap of time between point of time when tax ought to have been deducted at source vis-à-vis point of time when tax was actually deducted are to be seen and it is in this context that connotation of expression 'month' is to be examined

Capital gains on gifted asset shall be computed by taking CII of year in which asset held by previou

IT : In case of gains arising on transfer of a capital asset acquired under a gift or will, capital gains liability has to be computed by considering that assessee held said asset from date it was held by previous owner and on same analogy, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset

No denial of sec. 80G relief requiring amendment in trust-deed through Civil Court as trustees were

Where trust deed of assessee-trust provided that trustees were empowered to make amendment to trust deed, there was no need for assessee to approach civil court for amending trust deed