Maintenance charges collected by builders from prospective buyers aren't liable to service-tax

Service Tax : 'One-time maintenance charges' collected by builders from prospective purchasers of flats for interim period till housing society is formed are not liable to service tax under Management, Maintenance or Repair Services

Forex gain on receipt of consideration against services rendered to AE is part of operating revenue

IT/ILT: A company engaged in business of software products, software consultancy and design and development of software using latest technology, cannot be considered as comparable to a software development service provider

Repayment of interest by issuing equity shares amounts to actual payment under sec. 43B

IT: Where assessee-company reporting loss in earlier years and current year, unclaimed expenses of earlier years could not be allowed in current year

Madras HC upholds amendments in Excise Notifications to deny conditional exemptions on CVD payable b

Madras High Court upholds validity of amendments in 'No cenvat' condition in excise exemption notifications, which had

Receipt on compulsory acquisition of land isn't exempt as no agricultural activity carried out in pr

IT: Where assessee was not carrying on any agricultural activity in land in question in preceding two years prior to its compulsory acquisition, appellant would not be entitled to benefit of section 10(37)

Art work cost recovered on cancelled orders isn't includible in excisable value

Excise & Customs : Where artwork/plates were rendered unusable in case of cancelled orders, cost thereof recovered from customers cannot be included in excisable value

All existing STP units enjoying special economic benefits qualify to be existing SEZ units for Sec.

IT : "Existing SEZ unit" means every SEZ which was in existence on or before the commencement of the SEZ Act. As there was no definition of existing unit. Therefore, it could be concluded that all STP units enjoying special economic benefits would qualify to be "Existing Special Economic Units"

Payment made by United Breweries for using brand name on its beer held as 'royalty'

IT : Where assessee, a manufacturer of beer, paid trade discount to retail dealers through its del-credere agents depending upon quantity of beer lifted by each retailer, amount so paid did not fall in category of commission requiring deduction of tax at source under section 194H

Non-supply of import agreement suo moto by assessee can’t be regarded as suppression

Customs : Requirement of supply of contract/agreement would apply under section 17(3), read with rule 10(1)(b) of Import Valuation Rules, 1988, only on demand made by proper officer; therefore, non-supply of contract/agreement suo motu by assessee cannot be regarded as "suppression".

Royalty paid by ONGC above limit of Oilfield Act as per Govt's directive isn't infraction of law

IT: Where assessee paid royalty at rate 29 per cent to State Government which exceeded prescribed statutory limit of 20 per cent as per instructions and guidelines of Central Government, it could not be said to be a payment hit by Explanation to section 37

RBI permits FCR-INR swaps with International financial institutions to facilitate long-term forex bo

FEMA/ILT : Risk Management & Inter-Bank Dealings : Relaxation of Facilities for Residents for Hedging of Foreign Currency Borrowings

RBI decides to switch over from barter trade to normal trade at Indo-Myanmar border wef. Dec 1, 2015

FEMA/ILT : Switching from Barter Trade to Normal Trade at Indo-Myanmar Border

Tax to be levied without scrutinizing docs when clear admission, voluntarily made, by assessee durin

IT : SLP dismissed against High Court's order where it was held that since assessee himself had stated in sworn statement during search and seizure about his undisclosed income, tax was to be levied on basis of admission without scrutinizing documents

Commission on corporate guarantee given to AE benchmarked at 0.5% by Mumbai ITAT

IT/ILT: Arms length Interest rate charged by assessee-company on loan given to its AE should be LIBOR + 2 per cent

PM nods to protocol amending India-Turkmenistan DTAA

IT/ILT/INDIAN ACTS & RULES : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – Agreement fsor Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Protocol Amending Convention Between India and Turkmenistan

Now facility of bulk filing of declaration of off-site software exports extended to all software exp

FEMA/ILT : Further Liberalisation of Software Export – Filing of Bulk Softex

Letter of Authority rejecting declaration under VCES scheme is an appealable order

Service Tax : Letter from designated authority conveying decision to reject declaration under Service Tax Voluntary Compliance Encouragement Scheme amounts to an 'order' and is appealable before Commissioner (Appeals)

Trust imparting spiritual education is religious trust; its anonymous donations aren't taxable

IT: Where assessee-trust was involved in imparting of spiritual education through lectures/samagam and in distribution of medicines and clothes to needy and destitute, said activities could be included in broad conspectus of Hindu religious activity and, thus, anonymous donations received by trust were exempt from tax

Govt. could refuse to extend telecom licence if it isn't in public interest: Apex Court

CL: Where Government is of opinion that grant of extension of Licence would not be in public interest, it is open to Government to refuse extension of licence

Share received from HUFs couldn't be taxed in hands of member if HUFs were being assessed by differe

IT : Where Assessing Officer made addition to assessee's income in respect of his share of income received from HUFs, since HUFs in question had filed their respective returns and those HUFs were being assessed, said HUFs could not be treated as AOP and impugned addition in hands of assessee-member of HUFs was to deleted