Now Companies needn’t inform ROC about their conversion into LLP

LLP/INDIAN ACTS & RULES : Limited Liability Partnership (Amendment) Rules, 2015 – Amendment in Rules 33, 39, 40 & Form 2, Form 4, Form 16, Form 19 and Form 30

AO rightly rejected books of civil contractor as he failed to give details of excessive freight and

IT : Where assessee used trucks in contract business and could not furnish truck-wise details of huge freight and carriage expenses which were debited against contract income in profit and loss account in respect of said trucks, books of account was to be rejected

Trust claiming sec. 11 relief can't be slapped with disallowance for TDS default

IT : Where assessee was engaged in construction of temple and activities of assessee over years remained same, proviso to section 2(15) could not be applied on assessee to deny exemption under section 11

Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as

IT : Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as goodwill

Rule 8 applicable to FBI cases

IT: Where amount of expenditure incurred by assessee in extending fringe benefits to its employees was not solely for purpose of business and was also for purpose of agriculture, rule 8 of Income-tax Rules, 1962 was to be applied in valuation of fringe benefits

Sec. 44BB: Mobilisation charges includible in gross receipts as it was incidental activity for carry

IT/ILT: Where mobilisation was an incidental activity to main activity of carring out contract in india, same was to be included in gross receipts for determining income under section 44BB(1)

Additional time granted for setting-up of Central KYC records registry under PMLA

MONEY-LAUNDERING/INDIAN ACTS & RULES : Prevention of Money-Laundering (Maintenance of Records) Third Amendment Rules, 2015 – Amendment in Rule 9A

Now dealers of West Bengal can sale goods to Russian Diplomats without payment of tax

VAT/INDIAN ACTS & RULES : West Bengal Value Added Tax Rules, 2005 – Amendment in Rule 26F

West Bengal Govt. inserts new VAT Rule for deduction of turnover on goods sold to Exide Industries L

VAT/ INDIAN ACTS & RULES : West Bengal Value Added Tax Rules, 2005 – Insertion Of Rules 26KA and 26KB

Benefit of sec. 10A is available for entire year even if STPI registration is obtained in last month

IT: Assessee-company was entitled to deduction under section 10A in respect of profits attributable to export turnover for entire relevant year even though registration as an STPI unit was obtained only on 4-3-2000

SEZ units can claim ST-refund within one year from date of payment of ST; date of advance payment is

ST: Refund of service tax is to be claimed within one year from date of payment of service tax to service provider, and not from date of advance payment

Employees has locus to file winding up plea against employer-co. for unpaid salary and emoluments

CL: Employee of company has locus to file company petition under section 433 in respect of his unpaid wages/salary and emoluments, as having been filed by a creditor of company

Division bench of ITAT can’t examine legal issue while giving effect to majority view

IT : At time of giving effect to majority view, it cannot normally be open to Division Bench of Tribunal to go beyond exercise of giving effect to majority views, howsoever mechanical it may seem

Sec. 54F: Mother can’t be deemed as owner of house purchased by minor-daughter out of her own income

IT : Where Assessing Officer had passed cryptic, non-speaking order, Commissioner was justified in invoking jurisdiction under section 263

Assessee can’t opt for full rate of duty for one unit and SSI-exemption for another

Excise & Customs : Once assessee has exercised to keep out of SSI-exemption for Unit 1 and pay full rate of duty, it cannot claim benefit of SSI-exemption for Unit 2

SAT upheld penalty on appellant for failing to redress investor grievances after obtaining SCORES au

SEBI: Where appellant failed to redress investor grievances within stipulated time after obtaining SCORES authentication as per circular issued by SEBI, penalty was rightly imposed upon appellant under section 15C

AO gets flak from HC for non-supply of reasons indicating escapement of income

IT : It is absolutely necessary that reasons recorded for formation of belief that income of assessee has escaped assessment, are supplied to assessee so that he may be in position to question legality of re-assessment proceedings initiated on all available grounds

Disclosure of receipts during search against booking of housing project is eligible for sec. 80-IB r

IT: Where during course of search conducted under section 132, assessee, a builder, had offered a sum of Rs. 40 lakhs as undisclosed receipts against bookings from customers of prime plus project and subsequently declared same in return of income filed, it was entitled for deduction under section 80-IB(10) on such receipts

High Court rescues Liaison office of 'Columbia Sportswear' from being treated as PE in India

IT/ILT : Liaison Office of foreign MNC established in India for sourcing goods for exports to its overseas customers as per their requirements will not be treated as PE under the DTAA merely because it engages in activities necessary for purchase such as identifying a competent manufacturer, negotiating a competitive price, helping in choosing material to be used, ensuring compliance with quality of the material and getting material tested to ensure quality. Nor will the LO lose tax exemption

Co. can't refuse to register share transfer if transfer deed and succession certificate are furnishe

CL: Where respondent group had furnished succession certificate as well as transfer deed executed in their favour, they were clearly entitled to have rectification made by getting shares registered in their favour