Punjab VAT Rule providing availment of input credit at reduced rate is effective from Apr 1, 2014: H

CST & VAT: Punjab VAT - Provisions of rule 21(8) incorporated in VAT Rules to provide that goods that have already earned input tax credit would avail of input tax credit at reduced rate of taxation applicable on date of sale would come into effect from 1-4-2014

Receipt of share application in cash doesn't violate provisions of sec. 269SS

IT : Where assessee-company had received an amount of Rs. 35 lakhs from its directors towards share application money in cash, provisions of section 269SS were not applicable in instant case

Receiving duty paid goods from job worker treated as purchase in hands of principal manufacturer

Central Excise : Return of processed fabrics by job-workers is valued as if it is 'sold' by job-worker; once it is treated as 'sale' by job-worker, it would amount to 'purchase' by assessee and specified processed carried out by assessee subsequent to said 'purchase' would be exempt under Notification No. 38/2003-CE

Quotation of identical price by bidders in tenders floated by 'Western Coalfield' was anti-competiti

Competition Act: Where OPs, service providers in colliery areas, had quoted identical prices above estimated cost in tenders floated by informant for transportation of sand and coal, conduct of OPs was anti-competitive

Rule 10B doesn't prescribe minimum number of companies for comparability analysis

IT/ILT: Where in case of one comparable selected by TPO, there was amalgamation of another company and said extraordinary event resulted in earning of high operating margin of that company, it had to be excluded from list of comparables

A super profit making co. is excludible from comparables list particularly when it is functionally d

IT/ILT: A super profit making company cannot be selected as comparable particularly when it was functionally different

Govt. authorizes post offices to receive sovereign gold bond applications

IT/BANKING : Sovereign Gold Bond Scheme, 2015 – Notified Designated Post Offices for Said Scheme

AO couldn’t pass attachment order if assessee had filed appeal against such order alongwith stay app

IT : Where assessee filed an appeal challenging order of assessment within time period prescribed under section 246 alongwith a stay application, Assessing Officer could not pass an order of attachment in terms of section 281B during pendency of said appeal

There could be no motive in mis-declaration of value when goods were wholly exempt

Excise & Customs : Where, based on opinion of expert body, Tribunal found that : (a) goods were software and exempt from duty and (b) declared value thereof was not excessive, said findings, being findings of fact, were not to be interfered with

Union Cabinet 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

Prawns are non-agricultural produce; no excise exemption on gas compressors used for storage of praw

Central Excise : Shrimps/Prawns cannot be treated as agricultural produce; hence, goods meant for preservation, etc. of 'Shrimps/Prawns' cannot be exempted under Notification No. 6/2002-CE

Imported Wax used for coating can't be treated as consumable for availing concessional duty

Central Excise : Imported Wax used for 'wax coating' on cotton yarn, is a 'raw material' and not 'consumable'; therefore, owing to use of imported raw material, assessee-EOU cannot avail concessional rate of duty on DTA clearances under Notification 8/97-CE

Condition of recording satisfaction u/s 153C can't be bypassed even if AO of searched person and oth

IT: Recording of satisfaction by Assessing Officer having jurisdiction over person searched is an essential and prerequisite condition for bestowing jurisdiction to Assessing Officer of 'other person' under section 153C; even where Assessing Officer of searched person and such other person is same, Assessing Officer has to carry out dual exercise, first as Assessing Officer of person searched in which he has to record satisfaction and second as Assessing Officer of 'other person'

Sum paid to clear mortgage can't be held as exp. incurred in connection with transfer under sec. 48

IT: Amount spent a discharge of mortgage created by assessee after acquiring property, would not be deductible as expense under section 48(1)(i)

Refund of wrongly paid ST under reverse charge not hit by principle of unjust enrichment

Service Tax : Service tax wrongly paid by a sole-proprietorship under reverse charge on Goods Transport Agency's Services is refundable along with interest and bar of unjust enrichment would not apply thereto

Prior to 16-5-2008, services for starting of software couldn't be taxed as management consultancy se

Service Tax : Services relating to implementation of software cannot be taxed under Management Consultancy Services; it is taxable under Information Technology Software Services only from 16-5-2008

No rectification to disallow depreciation if it wasn't clear when asset was put to use

IT : In respect of rejecting assessee's claim for excessive depreciation, issue as to when assets were actually put to use during relevant year was a debatable issue and, thus, rectification order passed by Assessing Officer in respect of said issue was not sustainable

No input tax credit of VAT paid on coal which was used as fuel in manufacturing

CST & VAT : West Bengal VAT - Where assessee purchased coal after payment of VAT and used same both as raw material and fuel in manufacture of sponge iron, it was entitled to input tax credit only on that part of purchase price of coal which was utilised solely as raw material

Contract to build body of buses on chassis held as sale and not works contract

IT: Where assessee handed over chassises to fabricating agency on account of its expertise with an understanding that bus as a finished product would be delivered to assessee, said activity was a sale not works contract and assessee was not liable to TDS on payment to said agency

High Court rejects sec. 292C presumption for treating seized docs as true/correct; disallows exp.

IT : Section 292C provides that where any document is found in possession or control of any person in the course of search, then it may be presumed that the contents of such documents are true and correct. However, in the instant case, the documents (in respect of alleged expenditure) found during the course of the search did not indicate the name of payee and payer. Therefore, even if the presumption of Section 292C is to be applied and the documents are accepted as true, it would not lead to t

IRDA advices insurers to issue electric-motor insurance policies in e-form in State of Telangana

INSURANCE : Issues pertaining to issuance of Electronic Motor Policies

ROC to consider fast track exit of defunct-co. which doesn't have any outstanding dues: Kerala HC

CL: Where there was no amount outstanding in name of petitioner-company and there was no recovery proceedings were pending, it was proper for Registrar to consider application under scheme formulated by Central Government for fast track exit of defunct companies and till then prosecution was to be stayed

Now Govt. or RBI can permit Cos to issue debentures of 10 years or more term

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Share Capital and Debentures) Third Amendment Rules, 2015 – Amendment in rule 18

Govt. hikes excise duty on petrol and diesel by Rs 1.60 and Rs 0.40 per litre, respectively

EXCISE/NT : Omnibus general exemption to goods specified in chapters 1 to 98 of tariff – Amendment in Notification No. 12/2012-C.E., dated 17-3-2012

CIT could make revision when AO failed to follow directions of ITAT to verify docs for sec. 11 relie

IT : Where Assessing Officer failed to discharge his legal obligation under remand order passed by Tribunal to ascertain truth of statement furnished by assessee regarding its claim under section 11 by means of verification with account books, Commissioner rightly invoked section 263 and remanded case to Assessing Officer to pass a fresh order in accordance with said remand order

CIT(Exemptions) directed to strictly adhere to 6 months deadline while passing orders under Sec. 12A

IT : Section 12AA of the Income-tax Act, 1961 – Charitable or religious trust – Registration procedure – Strict adherence of prescribed time limit in passing order under section 12AA

Swachh Bharat Cess of 0.5% leviable from Nov. 15, 2015; Service tax rate raised to 14.5%

ST/N : Section 119 of the finance act, 2015 – Swachh Bharat Cess – Exemption to all taxable services from payment of such amount of Swachh Bharat Cess leviable under section 119(2) of said act, which is in excess of Swachh Bharat Cess calculated at rate of 0.5 per cent of value of taxable services

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

Pan Masala manufactures can claim abatement even if duty was paid belatedly

Central Excise : In case of production capacity based duty on Pan Masala, abatement of duty in case of closure of factory can be claimed even if : (a) separate abatement applications are filed for each continuous period of 15 days or more; and (b) duty was paid belatedly with interest

Only a newly formed entity through conversion from firm to LLC entitled to 'fee continuity'

SEBI: Only a newly formed entity through conversion from either a sole proprietorship or a partnership to a limited Company would be entitled to "fee continuity" or exemption from payment of fees as per clause 4 of Schedule III of the SEBI(Stock Brokers and Sub Brokers) Regulations, 1992

Tribunal has no jurisdiction to pass stay orders on proceedings not pending before it

IT : Every proceeding and each assessment year is separate and independent; where appeal for assessment year 2011-12 was not before Tribunal, Tribunal had no jurisdiction to pass stay orders on issue that pertained to said assessment year

Now total foreign investment to include both direct and indirect foreign investment under FEMA

FEMA/ILT/INDIAN ACTS & RULES : Fem (Transfer or Issue of Security by a Person Resident outside India) (Tenth Amendment) Regulations, 2015 – Amendment in Regulation 14 and Schedule I

SLP granted as HC had ordered addition on basis of statement made during search without scrutinizing

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

Amalgamation carried out only to claim fee continuity benefit isn't amalgamation under compulsion of

SEBI : Where to do business as a broker with NSE, a subsidiary of Vadodara Stock Exchange (a company limited by guarantee) is amalgamated with another subsidiary (company limited by shares) to meet the SEBI Policy that "only one subsidiary of a Stock Exchange can be member of another stock exchange and that subsidiary has to be a company limited by stocks" and the amalgamated company registered afresh with BSE, the amalgamated company is not entitled to "Fee Continuity benefit" under SEBI

No TDS on supplementary rent of Aircraft if no facilities or services were given by foreign lessor

IT/ILT: Under provisions of Section 10(15A) prior to 1st April 1996 payments made for acquisition of an aircraft or an aircraft engine on lease, were exempted from taxation but from 1st April 1996, the Legislature has excluded the payments made for providing spares, facilities or services in connection with the operation of the leased aircraft from the ambit of the exemption under Section 10(15A). Supplemental rent did not fall within the ambit of the exclusionary provisions of Section 10 (15A)

Sec. 11 relief available for investment in another capital assets even when such asset isn't held ti

IT : Where assessee disposed of investments being its capital assets held under Trust wholly for charitable purpose and net consideration from such disposal was utilized for acquiring other capital assets for charitable purpose, assessee's claim was to be allowed on capital gain arising from such disposal of original investments even though capital assets were not held till end of financial year

MCA issues list of Regional directors for discharging functions under Cos Act

COMPANIES ACT, 2013 : Section 396 Of The Companies Act, 2013 – Registration Offices – Notified Regional Directors For Purpose Of SectioN 396(1)

IRDA prescribes third-party motor insurance rates for e-carts and e-rickshaws

INSURANCE : Motor Third Party Premium Rates For E-Carts [A3/A4], E-Rickshaws (C1(B)]And Passenger Premium For Motorised Two Wheeler Carrying Passengers For Hire Or Reward [C4]

Unclaimed auction proceeds retained by warehouse can't be treated as warehousing charges

Service Tax : Unclaimed auction proceeds, retained by a warehouse from out of sale proceeds of auctioned goods, cannot be taxed under Storage & Warehousing services

Brokers who opted to be corporates before passing of broker norms eligible to fee continuity benefit

SEBI : Stock brokers who have converted their individual/partnership membership into a corporate entity prior to 1-4-1997 to Securities & Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 are entitled to fee continuity benefit in terms of paragraph 4 of Schedule III

Assessee isn’t expected to substantiate a question which wasn’t asked while recording statement duri

IT : Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA

No service-tax on course fee retained by franchisor just because it was referred in franchisee agree

Service Tax : Training/Course fee shared in ratio of 25:75 between assessee and centres providing training, is akin to revenue sharing model for training services and therefore, 25 per cent retained by assessee cannot be taxed under franchise services

DRP has to consider merits of assessee's objection against inclusion or exclusion of comparables

IT/ILT: DRP cannot be absolved from its duty without going into merits of contention of assessee as to whether a comparable company is comparable to it or not

HC nodded to capital reduction scheme as it neither affected normal operation of co. nor its ability

CL: Where reduction of share capital did not affect normal operation of company or its ability to honour commitments and to pay its debts in ordinary course of business, reduction of paid-up share capital was to be allowed

Panel on Bankruptcy laws proposes 180 days time-limit for completion of insolvency process

CORPORATE LAWS : Draft of Insolvency and Bankruptcy Bill, 2015

Bankruptcy Law panel recommends unified insolvency code for Cos, LLPs, firms and individuals

CORPORATE LAWS : Report of Bankruptcy Law Reforms Committee

Advance received by lawyers on legal matters can't be treated as income till completion of case

IT: In case of legal fees, only when legal matter is over and assessee advocate decides on quantum of fees, it becomes income in hands of advocate and entire advance amount that includes pocket payments would not bear any particular characterization for purpose of treating it as income

SEBI releases format for quarterly holding pattern of Indian Depository Receipts

SEBI : Format for Quarterly Holding Pattern, Disclosure Norms for Corporate Governance Report and Manner for Compliance with Two-Way Fungibility of Indian Depository Receipts (IDRS)

SEBI prescribes format of Business Responsibility Report under new listing norms

SEBI : Format for Business Responsibility Report (BRR)

Sum paid to foreign AE for secondment of high level managers is taxable as 'FTS'

IT/ILT : Where secondees under secondment agreement with foreign parent co are not ordinary employees but those in high level managerial/executive positions and draw salaries from foreign parent co, the amount paid to foreign parent under secondment agreement is FTS under Expalnation 2 to sec 9(1)(vii) in view of the fact that secondees were deputed because of their expertise and managerial skills in the field. Further, FTS or royalty paid to non-resident attracts tax u/s 44D on gross amount irr

Unclaimed auction proceeds retained by warehouse can't treated as warehousing charges

Service Tax : Unclaimed auction proceeds, retained by a warehouse from out of sale proceeds of auctioned goods, cannot be taxed under Storage & Warehousing services

Order passed against shipping Co. under sec. 172 is covered by Scheme of DRP provisions

IT/ILT : An order computing the taxable income is essentially an assessment order, therefore, any order passed under section 172(4) is also an assessment order. Since Assessing Officer failed to pass draft assessment order under section 172(4) as required under the DRP provisions contained under section 144C, Assessing Officers's order was null and void. Order under section 172(4) is an 'assessment order' so as to make DRP provisions under section 144C applicable.

Imported Catalyst can't be treated as raw material to deny benefit of concessional duty

Excise & Customs : Catalyst, which is not consumed in manufacture, cannot be regarded as 'raw material'; hence, concessional duty conditional upon use of 'domestic raw materials' cannot be denied merely because of use of imported catalyst

RBI issues operational guidelines for Sovereign Gold Bonds Scheme

IT/BANKING : Sovereign Gold Bonds, 2015-16 – Operational Guidelines

Accused convicted for cheque bouncing as he failed to rebut belief that cheque was issued for legall

Negotiable Instruments Act: Accused convicted for cheque bouncing as he failed to rebut belief that cheque was issued for legally enforceable debt

Payment made for taking legal advice for purchase of business division is a capital exp.

IT : Where assessee purchased business division of another concern which also included payment to non-compete fee restraining seller from carrying on similar business for three years, said payment was to be regarded as capital expenditure

Case remanded to larger bench to decide applicability of sec. 172 on demurrage charges paid to shipp

IT: In view of difference of opinion between orders passed by co-ordinate Benches of Tribunal regarding applicability of section 172 in respect of demurrage paid to non-resident shipping company, matter was to be referred to Larger Bench for consideration

Imported Catalyst can't be treated as raw material for availing benefit of concessional duty

Excise & Customs : Catalyst, which is not consumed in manufacture, cannot be regarded as 'raw material'; hence, concessional duty conditional upon use of 'domestic raw materials' cannot be denied merely because of use of imported catalyst

SEBI prescribes format of voting results of AGM under listing norms

SEBI : Format for Voting Results

IRDA advises insurers to timely comply with awards passed by Consumer Courts and insurance ombudsman

INSURANCE : Non-Compliance Of Award Of Insurance Ombudsman Or Order Of Mact Or Consumer Fora

No VAT on brand franchisee fee without transfer of effective control over Kingfisher brand

Karnataka VAT: Owner of 'Kingfisher Brand' entered into contracts with Contract Bottling Units (BUs) for manufacturing of beer. It had transferred know-how for manufacturing beer. BUs had the right to use the brand name only on behalf of assessee and they did not acquire any right over such brand name belonging to the assessee. Thus, sum received from BUs as brand franchise fees could not be treated as royalty and was not liable to sales tax

Capital gains couldn't be treated as business profits due to insertion sec. 111A providing for reduc

IT : Where assessee's claim of short term capital gain arising from sale of shares had been accepted in earlier years, mere fact that during relevant period certain benefits were given to investor in securities by insertion of provisions of section 111A, could not be a ground to treat assessee a trader in shares and thereby bring amount in question to tax as business income

Value of flats allotted under JDA to be computed on basis of construction cost and not on basis of t

IT: Value of flats allotted under JDA to be computed on basis of construction cost and not on basis of total project cost

Govt. issues common form for registering under ESIC, EPFO and other Labour Laws

CORPORATE LAWS : Unified Registration For 5 Labour Acts (ESIC, EPFO, BOCW, CLA & ISMW)

Commission earned by agents on sale of SIM cards/vouchers aren't liable to service-tax

Service Tax : Commission earned by authorised agents of BSNL on sale of SIM cards/vouchers of BSNL is not chargeable to service tax

PM to launch four Gold related schemes on November 5, 2015

IT : Prime Minister To Launch Gold Related Schemes On 5-11-2015

SSI can simultaneously avail exemption for unbranded clearances and pay duty on branded clearances

Central Excise : Clearances made with other's brand : (i) are governed by normal provisions of Act, (ii) are liable to duty with benefit of Cenvat credit; and (iii) are outside scope of SSI-exemption notification; and, therefore, mere taking of Cenvat Credit thereon cannot lead to denial of SSI-exemption on unbranded clearances

SSI can simultaneously avail exemption for unbranded clearances and pay duty on branded clearances w

Central Excise : Clearances made with other's brand : (i) are governed by normal provisions of Act, (ii) are liable to duty with benefit of Cenvat credit; and (iii) are outside scope of SSI-exemption notification; and, therefore, mere taking of Cenvat Credit thereon cannot lead to denial of SSI-exemption on unbranded clearances

No disallowance of interest if assessee had given interest free advances to AE out of its own funds

IT: Where no loan from any bank had been raised by assessee for advancing loans to its sister concerns as funds so advanced were generated from assessee's own revenues, interest could not be disallowed under section 36(1)(iii)

Mere supervising of movement of Coal from collieries to factory can't be held as C&F services

Service Tax : Merely supervising loading/handling of coal and movement from collieries to client's factories, without any role in clearance of coal from collieries, cannot amount to 'Clearing and Forwarding Services'; hence, not liable to service tax

A software product co. which comes under category of KPO isn't comparable to software development co

IT/ILT: Companies engaged in product engineering services or in KPO services having huge revenues from software products or in sale of software licenses or having extraordinary events which affected their performance could not be comparable to assessee a software development services company for purpose of TP study

Govt. has notified interest rate of 2.25% and 2.50% under Gold Monetization Scheme: RBI to banks

IT/BANKING : Gold Monetisation Scheme, 2015 – Interest Rate

No credit available for duty paid through DEPB Scrips, rules Madras HC

Cenvat Credit : Where DEBP scheme specifically barred taking of credit of CVD not paid in cash, assessee cannot take credit of CVD paid by debit to DEPB scrip

Payment of hoarding charges are liable to sec. 194C TDS and not sec. 194-I TDS

IT : Where assessee, engaged in business of advertising and marketing communication services, availed services of creative consultants, it was required to deduct tax at source under section 194J while making payments to them

SLP granted against HC's decision that Indian-subsidiary of E-Fund couldn't be treated as PE in Indi

IT/ILT : SLP granted against High Court's ruling that where an assessee does not have any branch office or factory or workshop in India and merely because it has a subsidiary in India that by itself does not create a fixed place of business/location PE within meaning of article 5, paragraph 2, sub-clauses (b) to(k) of India-US DTAA

Credit of EC and SHEC can be used to pay service tax: CBEC

ST/INDIAN ACTS & RULES : Cenvat Credit (Fifth Amendment) Rules, 2015 – Amendment in Rule 3

CIT(A) has to submit additional evidence to AO even if it is nature of clinching evidence

IT : Even if additional evidence produced by assessee are in nature of clinching evidence leaving no further room for any doubt or controversy, Commissioner (Appeals) is under statutory obligation to put additional material/evidence taken on record by him to Assessing Officer

SIT asks MCA to take action against persons holding directorship in more 20 companies

COMPANIES ACT, 2013 : Special Investigation Team (Sit) Calls For, among Others, Greater Vigilance by Law Enforcement and Intelligence Agencies in Cases of Persons Holding Directorship in More Than 20 Companies

Trust need not file any Form for accumulation of income upto 15% of receipts

IT: Assessee is entitled to flat deduction without any condition or formality of filing Form No. 10, if income is accumulated or set apart for application of objects of trust in India, to extent to which income so accumulated or set apart does not exceed 15 per cent of income

Co. rendering marketing support services can't be a comparable for co. providing agency services

IT/ILT : For a company rendering marketing support services for mineral processing equipment, a company providing agency service in metals and fertilizers or trading in chemical or engaged in air ticketing and selling holiday package or publishing newspaper, could not be comparable; company having more than 15 per cent related party transactions could also not be accepted as comparable

Trust entitled to sec. 11 relief on conducting trade fair outside India as Govt. grant was given for

IT: Where in support of its claim for exemption under section 11, assessee brought on record grant sanctioned letter of Ministry of Commerce and Industry showing that said amount of grant had to be spent outside India for some specific purposes such as trade fairs etc., matter was to be remanded back for reconsideration of assessee's claim